Document:

Exhibit 10.6

 

COMMODITY
SUB-ADVISERY AGREEMENT

 

AGREEMENT
dated as of the                         ,
between Volatility Shares, LLC, a limited liability company with its principal place of business in New York (herein called the
“Sponsor”), and Milliman Financial Risk Management LLC a Delaware limited liability company with its principal place
of business at 71 S. Wacker Dr., Chicago, IL 60606 (herein called the “Commodity Sub-Adviser”) (the “Agreement”).

 

WHEREAS,
the Sponsor is the sponsor of VS Trust, a Delaware statutory trust (herein called the “Trust”), a trust that will
issues publicly offered shares in exchange-traded investment products;

 

WHEREAS,
the Sponsor wishes to retain the Commodity Sub-Adviser to assist the Sponsor in providing advisory services in connection with
such series of the Trust as now or hereafter may be identified on Exhibit B hereto as such schedule may be amended from time to
time with the consent of the parties hereto (each herein called a “Fund”); and

 

WHEREAS,
the Commodity Sub-Adviser is willing to provide such services to the Sponsor upon the terms and conditions and for the compensation
set forth below.

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, it
is agreed between the parties hereto as follows:

 

1.
Appointment. Sponsor hereby appoints Commodity Sub-Adviser to provide Commodity Sub-Advisory services to each Fund identified
in Exhibit B in the management of each Fund’s commodity investments for the period commencing on the Effective Date and
Time (as defined in Section 13 below) and on the terms set forth in this Agreement. Commodity Sub-Adviser accepts such appointment
and agrees to furnish the services herein set forth for the compensation herein provided.

 

2.
Services to be Performed. Subject always to the supervision of Sponsor, Commodity Sub-Adviser will furnish an investment
program in respect of, make investment decisions for, and place all orders for the purchase and sale of futures contracts, forward
contracts, options contracts, swap contracts and other commodity interests (“Commodity Interests”), all on
behalf of the Fund and as described in the Fund’s effective registration statement (the “Registration Statement”),
consistent with the investment objectives and restrictions of the Fund described therein. In the performance of its duties, Commodity
Sub-Adviser will satisfy its fiduciary duties to the Fund, will select and monitor the Fund’s investments in Commodity Interests
and will comply with the provisions of the Fund’s Trust Agreement (the “Trust Agreement”) as filed with
the Registration Statement, as the Trust Agreement may be amended from time to time (to the extent Commodity Sub-Adviser has been
notified in writing of such amendments at least 90 days prior to effectiveness), and the Fund’s investment objectives, policies
and restrictions as disclosed in the Registration Statement, as such investment objectives, policies and restrictions may be amended
from time to time (to the extent Commodity Sub-Adviser has been notified in writing of such amendments at least 90 days prior
to effectiveness). Sponsor will provide Commodity Sub-Adviser with current copies of the Fund’s organizational documents,
prospectus and any amendments thereto, and any written objectives (as contained in the investment guidelines, if any), policies,
procedures or limitations not appearing therein as they may be relevant to Commodity Sub-Adviser’s performance under this
Agreement, all of which will be binding on Commodity Sub-Adviser upon receipt thereof from Sponsor at least 90 days prior to effectiveness.
Commodity Sub-Adviser and Sponsor will each make its officers and employees available to the other from time to time at reasonable
times to review investment policies of the Fund and to consult with each other regarding the investment affairs of the Fund. Commodity
Sub-Adviser will report to Sponsor with respect to Commodity Sub-Adviser’s services hereunder.

 

     

     

    

 

All
commissions and expenses arising from the trading of Commodity Interests, or other transactions in the course of the administration
of the Fund’s account, shall be charged to the Fund’s account with its clearing broker(s). If requested by Commodity
Sub-Adviser, Sponsor shall deliver to Commodity Sub-Adviser, and renew when necessary, a commodity trading authorization appointing
Commodity Sub-Adviser as the Fund’s agent and attorney-in-fact for the purpose of trading Commodity Interests on behalf
of the Fund. All trades for the account of the Fund directed by Commodity Sub-Adviser shall be made through such clearing broker
or brokers as agreed between Sponsor and Commodity Sub-Adviser (each, a “clearing broker”). Notwithstanding
the foregoing, Commodity Sub-Adviser may place orders for Commodity Interest transactions for the Fund through executing brokers
or floor brokers selected by Commodity Sub-Adviser and may execute on behalf of the Fund “give-up” agreements with
such executing brokers or floor brokers where necessary; provided that Commodity Sub-Adviser will provide Sponsor and the Fund
on a quarterly basis with a list of the executing brokers or floor brokers Commodity Sub-Adviser is then using, and Sponsor may,
within 5 days of receiving such list after consultation with Commodity Sub-Adviser, object to the use of an executing broker or
floor broker because the Sponsor reasonably believes the use of such executing broker or floor broker would be detrimental to
the Fund and its investors, and Commodity Sub-Adviser shall cease using such broker on behalf of the Fund. Any over-the-counter
contracts in Commodity Interests transacted for the Fund’s account will be effected through the clearing broker or its affiliates,
as agreed upon between Commodity Sub-Adviser and Sponsor. Commodity Sub-Adviser from time to time may select other dealers through
which any such contracts will be traded, with the prior written consent of Sponsor.

 

Commodity
Sub-Adviser further agrees that it:

 

		(a)	will
use the same degree of skill and care in providing such services as it uses in providing services to fiduciary accounts for which
it has investment responsibilities;

 

		(b)	will
conform to all applicable rules and regulations of the United States Commodity Futures Trading Commission (the “CFTC”)
in all material respects and in addition will conduct its activities under this Agreement in accordance with any applicable regulations
of any governmental or self-regulatory authority pertaining to its commodity trading advisory activities;

 

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		(c)	will
report regularly to Sponsor and will make appropriate persons available for the purpose of reviewing with representatives of Sponsor
on a regular basis the management of the Fund’s Commodity Interests, including, without limitation, review of the general
investment strategies of the Fund with respect to Commodity Sub-Adviser’s management of the Fund’s Commodity Interests
and the performance of the Fund’s Commodity Interests in relation to standard industry indices and passively managed commodity
index tracking funds and general conditions affecting the marketplace, and will provide various other reports from time to time
as reasonably requested by Sponsor;

 

		(d)	will
not, without the prior written approval of Sponsor, materially deviate or change the Fund’s guidelines governing diversification,
concentration and portfolio rebalancing of the Fund’s investments in individual commodities and commodity groups;

 

		(e)	will
monitor the pricing of the Fund’s Commodity Interests, and events relating to the commodity markets in which the Fund trades,
and will notify Sponsor as soon as it is reasonably able of any market events or other situations that come to its attention (particularly
those that may occur after the close of a foreign market in which the Fund’s Commodity Interests may primarily trade but
before the time at which the Fund’s Commodity Interests are priced on a given day) that may materially impact the pricing
of one or more of the Fund’s Commodity Interests. In addition, Commodity Sub-Adviser will assist Sponsor in evaluating the
impact that such an event may have on the net asset value of the Fund and in determining a recommended fair value of the affected
asset or assets; and

 

		(f)	will
prepare such books and records with respect to the Fund’s Commodity Interests as reasonably requested by Sponsor and will
furnish Sponsor such periodic and special reports as Sponsor may reasonably request.

 

3.
Preparation of Materials. Commodity Sub-Adviser will cooperate with the Fund in the Fund’s endeavors to prepare and
update, or cause to be prepared and updated, if necessary, the Registration Statement and a prospectus and disclosure document
included therein (the “Prospectus”), promotional brochures or other marketing materials as well as any other
materials reasonably requested or required by Sponsor in connection with the organization, operation, or marketing of the Fund
or the registration or renewal of registration of the Shares (as defined in the Prospectus) for sale to the public in all applicable
jurisdictions (collectively, with the Registration Statement and Prospectus, the “Materials”). In this regard,
Commodity Sub-Adviser will furnish to Sponsor such information as may be reasonably requested for inclusion in such Materials.
Moreover, Commodity Sub-Adviser agrees to provide to Sponsor such information as Sponsor requests in order for Sponsor to make
all necessary disclosures regarding Commodity Sub-Adviser, its principals, its trading performance, and otherwise as are required
in the reasonable judgment of Sponsor to be made in such Materials.

 

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4.
Representations and Warranties of Sponsor. Sponsor hereby represents and warrants to Commodity Sub-Adviser that:

 

		(a)	Sponsor
is duly formed and validly existing as a Delaware limited liability company, with full power to carry out its obligations under
this Agreement and the Trust Agreement.

 

		(b)	This
Agreement has been duly and validly authorized, executed and delivered by, and is a valid and binding contract of, Sponsor, enforceable
in accordance with its terms.

 

		(c)	Sponsor
has met, and will continue to meet for so long as this Agreement remains in effect, any applicable federal or state requirements,
or the applicable requirements of any regulatory agency or self-regulatory organization, necessary to be met in order to perform
services for the Fund pursuant to this Agreement.

 

		(d)	Sponsor
is a commodity pool operator duly registered with the CFTC and is a member in good standing of the National Futures Association
(“NFA”). Sponsor shall maintain such registration and membership in good standing during the term of this Agreement.

 

		(e)	The
Materials do not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances in which they are made, not misleading,
or omit to state any material information required to be disclosed therein under the Commodity Exchange Act of 1936 (“CEA”),
the Securities Act of 1933, and the rules promulgated thereunder; provided, however, that this representation and warranty shall
not apply to any statements or omissions made in reliance upon and in conformity with information furnished to Sponsor by or on
behalf of Commodity Sub-Adviser as to it, including, without limitation, all references to Commodity Sub-Adviser and its affiliates,
controlling persons, members, directors, officers and employees, as well as to Commodity Sub-Adviser’s trading approach
and past performance record, which has been or may be provided by Commodity Sub-Adviser for inclusion in the Materials.

 

		(f)	Shares
of the Fund will be offered and sold in compliance with the requirements set forth in the Registration Statement, the Prospectus,
the Trust Agreement and CFTC Regulation 4.12(c) (“Rule 4.12(c)”). In connection with the offer and sale of
the Shares, Sponsor will, and Sponsor will use its reasonable efforts to ensure that any third party selling agents will, comply
fully at all times with all federal, state and foreign securities laws, the CEA, Rule 4.12(c), and all rules and regulations applicable
to the offer and sale of the Shares to the public.

 

		(g)	The
representations and warranties made in this Agreement by Sponsor shall be continuing during the term of this Agreement, and if
at any time any event has occurred which would make or tend to make any of the foregoing not true, Sponsor will promptly notify
Commodity Sub-Adviser.

 

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		(h)	Commodity
Sub-Adviser’s failure to perform any of its obligations under the Agreement will be excused in the event such failure results
from the failure by Sponsor to perform its responsibilities under this Agreement, provided that Commodity Sub-Adviser shall notify
Sponsor of its nonperformance and shall use commercially reasonable efforts to provide Services under this Agreement notwithstanding
such failure.

 

5.
Representations and Warranties of Commodity Sub-Adviser. Commodity Sub-Adviser hereby represents and warrants to the Sponsor
that:

 

		(a)	The
information and materials relating to Commodity Sub-Adviser, its businesses, principals, and past performance record that has
been requested by Sponsor, has been delivered to Sponsor and is current, accurate and complete in all material respects, and the
Commodity Sub-Adviser is in compliance with all federal and state applicable laws, rules and regulations. Commodity Sub-Adviser
will provide Sponsor with updated or amended copies of any such materials when and if such materials are updated or amended.

 

		(b)	Commodity
Sub-Adviser has met, and will continue to meet for so long as this Agreement remains in effect, any applicable federal or state
requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization, necessary to be
met in order to perform services for the Fund pursuant to this Agreement.

 

		(c)	Commodity
Sub-Adviser is registered as a commodity trading advisor with the CFTC and as a member of the NFA. Commodity Sub-Adviser shall
maintain such registration and membership in good standing during the term of this Agreement. Further, Commodity Sub-Adviser agrees
to notify Sponsor promptly upon (i) a statutory disqualification of Commodity Sub-Adviser under Sections 8a(2) or 8a(3) of
the CEA, (ii) a suspension, revocation or limitation of Consultant’s commodity trading advisor or commodity pool operator
registration or NFA membership, or (iii) the institution of an action or proceeding that could lead to a statutory disqualification
under the CEA or an investigation by any governmental agency or self-regulatory organization of which Commodity Sub-Adviser is
subject or has been advised it is a target (which investigation shall not include routine compliance examinations).

 

		(d)	There
are no material actions that are required to be disclosed pursuant to CFTC Rule 4.24(l), except for the actions identified on Exhibit
A hereto.

 

		(e)	Commodity
Sub-Adviser has valid fidelity bond and errors and omissions insurance covering its obligations under this Agreement.

 

		(f)	Commodity
Sub-Adviser is a Delaware limited liability company with full power and authority to enter into this Agreement.

 

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		(g)	This
Agreement has been duly and validly authorized, executed and delivered by, and is a valid and binding contract of, Commodity Sub-Adviser
enforceable in accordance with its terms.

 

		(h)	The
representations and warranties made in this Agreement by Commodity Sub-Adviser shall be continuing during the term of this Agreement,
and if at any time any event has occurred which would make or tend to make any of the representations and warranties in this Agreement
not true, Commodity Sub-Adviser will promptly notify Sponsor.

 

6.
Expenses. During the term of this Agreement, Commodity Sub-Adviser will pay all expenses incurred by it in connection with
its activities under this Agreement other than the cost of investments (including brokerage commissions and other related expenses)
purchased or sold for the Fund.

 

7.
Compensation. For the services provided and the expenses assumed pursuant to this Agreement, Sponsor will pay Commodity
Sub-Adviser, and Commodity Sub-Adviser agrees to accept as full compensation therefor, an annual management fee based on the Fund’s
average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities) calculated as follows:

 

	Fund
(Ticker)	 	Annual Management Fee
	-1x
Short VIX Futures ETF (SVIX)	 	0.10%
	 	 	 
	 	 	 
	 	 	 

 

Sponsor
shall pay the annual management fee, waived for the first 6 months of the Fund’s operations or until the Fund reaches $35m
in Average Daily Net Assets.

 

The
management fee shall accrue on each calendar day, and shall be payable monthly in arrears on the first business day of the next
succeeding calendar month. The daily fee accrual shall be computed by multiplying the fraction of one divided by the number of
days in the calendar year by the applicable annual rate of fee, and multiplying this product by the net assets of the Fund (not
reduced by its cash reserves) as of the close of business on the last preceding business day on which the Fund’s net asset
value was determined. The Fund’s net asset value for this purpose shall be calculated as provided in the Fund’s prospectus
then in effect.

 

For
the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration on the basis
of the number of days that the Agreement is in effect during the month and year, respectively.

 

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8.
Independence of Commodity Sub-Adviser. Commodity Sub-Adviser shall for all purposes herein be deemed to be an independent
contractor and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent Sponsor
or the Fund in any way or otherwise be deemed an agent of Sponsor or the Fund. Commodity Sub-Adviser shall not offer or sell or
solicit any offers to purchase the Shares. However, when requested by Sponsor at such reasonable times and upon adequate notice
as mutually agreed to, Commodity Sub-Adviser will assist in the general explanation and presentation of Commodity Sub-Adviser’s
trading strategies and methods solely as it relates to the Fund, to the employees of Sponsor or its affiliates and to the Fund’s
selling agents or to other agents of Sponsor; provided, however, that nothing in this section will require Commodity Sub-Adviser
to disclose confidential and proprietary information concerning its trading strategies and methods. The parties acknowledge that
Commodity Sub-Adviser, individually or in conjunction with Sponsor, has not been an organizer or promoter of the Fund. Nothing
herein contained shall be deemed to require the Fund to take any action contrary to the Trust Agreement, Rule 4.12(c), or any
applicable statute, regulation or exchange rule.

 

9.
Right to Advise Others; Position Limits.

 

		(a)	Commodity
Sub-Adviser’s present business is advising with respect to the purchase and sale of Commodity Interests. The services provided
by Commodity Sub-Adviser under this Agreement are not to be deemed exclusive. Sponsor acknowledges that, subject to the terms
of this Agreement, Commodity Sub-Adviser may render advisory, consulting and management services to other clients. Commodity Sub-Adviser
shall be free to advise others and manage other Commodity Interest trading accounts, including accounts owned by it or its principals,
during the term of this Agreement and to use the same or different information, computer programs and trading strategy which it
obtains, produces or utilizes in the performance of services for the Fund. In that connection, however, Commodity Sub-Adviser
represents and warrants that: (i) in rendering consulting, advisory and management services to other Commodity Interest trading
accounts and entities, it will use its best efforts to achieve an equitable treatment of all accounts and will use a fair and
reasonable system of order entry for all accounts, and (ii) it will not deliberately use any investment strategies for the
Fund which it or its principals know are inferior to those currently offered by Commodity Sub-Adviser and employed by Commodity
Sub-Adviser for other accounts. In respect of the preceding sentence, the Sponsor recognizes that the Commodity Sub-Adviser employs
other investment strategies not utilized by the Fund that may have different return characteristics but with different fees, volatility,
or risk.

 

		(b)	Commodity
Sub-Adviser agrees to comply with the position limits imposed on certain Commodity Interest contracts by the CFTC or applicable
contract market. If, at any time during the term of this Agreement, Commodity Sub-Adviser is required to aggregate the Fund’s
Commodity Interest positions with the positions of any other person for purposes of applying the CFTC or exchange imposed speculative
position limits, Commodity Sub-Adviser will promptly notify Sponsor if the Fund’s positions are included in an aggregate
amount which exceeds the applicable speculative position limit. Commodity Sub-Adviser represents that, if speculative position
limits are reached in any Commodity Interest contract, it will modify the trading instructions to the Fund’s account in
a reasonable and good faith effort to achieve an equitable treatment. Commodity Sub-Adviser currently believes and represents
that such speculative limits will not materially affect its investment recommendations or strategy for the Fund given Commodity
Sub-Adviser’s current accounts and all proposed accounts for which Commodity Sub-Adviser has a contract to act as a commodity
trading advisor and its ability to rely on the CFTC’s independent account controller exemption from aggregation in Part
150 of the CFTC regulations.

 

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10.
Records of the Fund. Sponsor will instruct the Fund’s clearing broker(s) to furnish copies of all trade confirmations
and monthly trading reports to Commodity Sub-Adviser. Commodity Sub-Adviser will maintain a record of all trading orders for the
Fund’s account that have been filled and will monitor the Fund’s open positions. Upon the request of Sponsor, Commodity
Sub-Adviser shall permit Sponsor or its agents to inspect such information as Sponsor may reasonably request. With respect to
the principals, Commodity Sub-Adviser will provide records indicating whether its principals have proprietary accounts with a
long/short strategy

 

11.
Indemnity and Liability.

 

		(a)	In
any threatened, pending or completed action, suit, or proceeding to which Commodity Sub-Adviser, its members, officers, directors,
employees or associated persons (collectively, “its affiliates”) was or is a party or is threatened to be made
a party by reason of the fact that Commodity Sub-Adviser is or was a commodity trading advisor of the Fund or otherwise, the Fund
and the Sponsor, jointly and severally, shall indemnify and hold harmless, subject to subsection (d) below, Commodity Sub-Adviser
and its affiliates against any loss, liability, damage, cost, expenses (including attorneys’ fees and accountants’
fees), judgments and amounts paid in settlement actually and reasonably incurred by it or its affiliates in connection with any
action, suit or proceeding if Commodity Sub-Adviser acted in good faith and in a manner it reasonably believed to be in or not
opposed to the best interests of the Fund, and provided that its conduct does not constitute willful misfeasance, bad faith, gross
negligence or reckless disregard of its obligations and duties under this Agreement. The termination of any action, suit or proceeding
by judgment, order or settlement shall not, of itself, create a presumption that Commodity Sub-Adviser did not act in good faith
or in a manner which it reasonably believed to be in or not opposed to the best interests of the Fund.

 

		(b)	Expenses
incurred in defending a threatened or pending civil, administrative or criminal action, suit or proceeding against Commodity Sub-Adviser
or its affiliates may, in the sole discretion of Sponsor, be paid by the Fund in advance of the final disposition of such action,
suit or proceeding, if and to the extent that the person on whose behalf such expenses are paid shall agree to reimburse the Fund
in the event indemnification is not permitted under this Section.

 

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		(c)	Subject
to 11(h), Commodity Sub-Adviser agrees to indemnify, defend and hold harmless the Fund, Sponsor and its affiliates (as defined
above) against any loss, liability, damage, cost, expenses (including attorneys’ fees and accountants’ fees), judgments
and amounts paid in settlement actually and reasonably incurred by it or its affiliates by reason of any act or omission of Commodity
Sub-Adviser relating to the Fund (including costs and expenses of investigating and defending any claims, demand or suit and attorneys’
and accountants’ fees) if such act involved willful misfeasance, bad faith or gross negligence on the part of Commodity
Sub-Adviser in the performance of its duties under this Agreement, or by reason of its reckless disregard of its obligations and
duties under this Agreement.

 

		(d)	The
foregoing provisions for indemnification shall survive the termination of this Agreement.

 

		(e)	Commodity
Sub-Adviser acknowledges as to it that the indemnities provided in this Agreement by Sponsor and the Fund to Commodity Sub-Adviser
shall be inapplicable in the event of any liability accruing to the extent, if any, caused by or based upon Commodity Sub-Adviser’s
misrepresentations, omissions or breach of any warranty in this Agreement.

 

		(f)	The
Fund and Sponsor acknowledge as to each of them that the indemnities provided in this Agreement by the Commodity Sub-Adviser to
the Fund and Sponsor shall be inapplicable in the event of any liability accruing to the extent, if any, caused by or based upon
the Fund’s or Sponsor’s misrepresentations, omissions or breach of any warranty in this Agreement.

 

		(g)	Notwithstanding
anything in this Agreement to the contrary, all securities laws impose liabilities under certain circumstances on persons who
act in good faith, and, therefore, nothing in this Agreement shall constitute a waiver or limitation of liability under such laws
to the extent (but only to the extent) such liability may not be waived, modified or limited.

 

		(h)	Commodity
Sub-Adviser will perform all Services in accordance with applicable professional standards. In the event of any claim arising
from services provided by Commodity Sub-Adviser at any time, the total liability of Commodity Sub-Adviser, its officers, directors,
agents and employees to Sponsor or any Fund shall not exceed three million dollars ($3,000,000). This limit applies regardless
of the theory of law under which a claim is brought, including negligence, tort, contract or otherwise.   In no event
shall Commodity Sub-Adviser be liable for lost profits of Sponsor or any other type of incidental or consequential damages. The
foregoing limitations shall not apply in the event of the intentional fraud or willful malfeasance of Commodity Sub-Adviser. This
Section 11(h) shall survive termination of the Agreement.

 

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12.
Term; Termination; Amendment. This Agreement shall become effective with respect to the Fund as of the day and time the
initial public offering of the Fund’s shares pursuant to the Registration Statement closes and shall remain in effect until
otherwise terminated pursuant to this Section.

 

This
Agreement may be terminated at any time, without penalty, by either Sponsor or Commodity Sub-Adviser upon 120 days written notice.

 

This
Agreement may be terminated, without penalty, by Commodity Sub-Adviser upon 90 days written notice to Sponsor in the event either
(i) there are amendments to the Fund’s Amended and Restated Trust Agreement or to the Fund’s investment objectives,
policies and restrictions that are not reasonably acceptable to Commodity Sub-Adviser, or (ii) Sponsor objects to the use
of an executing broker or floor broker that the Commodity Sub-Adviser represents to Sponsor is critical to implement the Fund’s
investment program and whose brokerage commission rates are competitive with other recognized and experienced executing brokers
or floor brokers.

 

Termination
of this Agreement shall not affect the right of Commodity Sub-Adviser to receive payments on any unpaid balance of the compensation
described in Section 7 earned prior to the effective date of such termination.

 

13.
Notice. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, using overnight delivery
service with a trackable service, to the other party

 

	If
        to Sponsor:

         

        Justin
Young

        Volatility
Shares LLC

        100
S. Bedford Road, Suite 340

        Mt.
        Kisco, NY 10549
	If
        to Commodity Sub-Adviser:

         

        Attention:
Legal

        Milliman
Financial Risk Management

        71
S. Wacker Drive, 31st Floor

        Chicago,
        IL 60606

 

or
such address as each such party may later designate for the receipt of such notice. 

 

14.
Assignment and Successors. This Agreement may not be assigned nor the duties hereunder delegated by either party without
the express written consent of the other party. This Agreement is made solely for the benefit of, and shall be binding upon, the
parties and their respective successors and assigns, and no other person shall have any right or obligation under it.

 

15.
Notice of Threatened, Pending or Completed Actions, Suits or Proceedings.

 

		(a)	Sponsor
will promptly give written notice to Commodity Sub-Adviser of: (i) any threatened, pending or completed action, suit or proceedings
(including without limitation any reparations or administrative proceeding threatened or instituted under the CEA) to which Sponsor
or the Fund was or is a party or is threatened to be a party; and (ii) any judgments or amounts paid by Sponsor or the Fund
in settlement in connection with any such threatened, pending or completed action, suit or proceeding.

 

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		(c)	Written
notices required to be given pursuant to this Section 16 shall contain all pertinent information concerning the threatened,
pending or completed action, suit or proceeding and, in the case of any pending or completed action suit or proceeding, shall
include a copy of the complaint, petition or similar documents asserting a claim.

 

		(d)	Sponsor
and Commodity Sub-Adviser agree to use their best efforts to maintain the confidentiality of notices received pursuant to this
Section 16 and agree not to disclose the contents of such notices to persons other than their affiliates and advisors, or
except as may be required, in their good faith judgment, by any applicable law or regulation.

 

16.
Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement is held or made
invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby.

 

		(a)	Except
as necessary to meet legal or regulatory requirements (e.g., reporting requirements set forth by the Securities and Exchange Commission),
neither Party shall use the other Party’s name, trademark, service mark, logo, or refer to the other Party directly or indirectly
in any media release, public announcement, or public disclosure relating to this Agreement or its subject matter, including in
any promotional or marketing materials, customer lists or business presentations without the prior written consent from the other
Party.

 

17.
Applicable Law, Entire Agreement, Amendments, Arbitration. This Agreement shall be construed in accordance with applicable
federal law and the laws of the State of New York. This Agreement is the entire agreement of the parties in respect of the subject
matter and may be amended only by a writing signed by the parties. In the event of any dispute arising out of or relating to this
Agreement, the Parties agree that the dispute will be resolved by final and binding arbitration under the Commercial Arbitration
Rules of the American Arbitration Association. The arbitration shall take place before a panel of three arbitrators. Within 30
days after the commencement of the arbitration, each party shall designate in writing a single independent arbitrator. The two
arbitrators designated by the Parties shall then select a third arbitrator. Each arbitrator shall have a background in either
investment management, actuarial science or law. The arbitrators shall have the authority to permit limited discovery, including
depositions, prior to the arbitration hearing, and such discovery shall be conducted consistent with the Federal Rules of Civil
Procedure. The arbitrators shall have no power or authority to award damages in excess of the limitation of liability set forth
herein or otherwise award damages disclaimed under this Agreement. The arbitrators may, in their discretion, award the cost of
the arbitration, including reasonable attorney fees, to the prevailing party. Any award made may be confirmed in any court having
jurisdiction. Any arbitration shall be confidential, and except as required by law, neither Party may disclose the content or
results of any arbitration hereunder without the prior written consent of the other Party, except that disclosure is permitted
to a Party’s auditors, legal advisors, regulators and financial advisors.

 

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18.
Obligations of Fund Only. This Agreement is executed on behalf of the Fund by officers of the Sponsor as officers and not
individually and the obligations imposed upon the Fund by this Agreement are not binding upon any of the Trust’s officers
individually, the Fund’s shareholders individually or any other Fund, but are binding only upon the assets and property
of each Fund separately.

 

19.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but such counterparts shall, together, constitute only one instrument.

 

20.
Force Majeure. Neither Party will be liable for any default or delay in the performance of its obligations under this Agreement
if and to the extent: (i) the default or delay is caused, directly or indirectly, by fire, flood, pandemic, elements of nature
or acts of God, or any other cause beyond the reasonable control of the Party; and (ii) the non-performing Party is without fault
and the default or delay could not have been prevented by reasonable precautions (“Force Majeure Event”). The non-performing
Party is excused from further performance for as long as such circumstances prevail and the Party continues to use reasonable
efforts to recommence performance. Any Party so delayed will promptly notify the Party to whom performance is due and describe
the circumstances causing the delay.

 

[SIGNATURES
ON THE FOLLOWING PAGE]

 

    12

     

    

 

IN
WITNESS WHEREOF, Sponsor and Commodity Sub-Adviser have caused this Agreement to be executed as of the day and year first above
written.

 

	Volatility Shares, LLC, a Delaware
    limited liability company	 	Milliman Financial Risk Management
    LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	 
	 	 	 
	Name: 	Justin P. Young	 	Name: 	                 
	Title:	President	 	Title:	 

 

 

 

 

[Signature
page to Commodity Sub-Advisory Agreement]

 

     

     

    

 

EXHIBIT
A

 

(Section
5e)

(List Administrative, Civil or Criminal Actions, Pending or Concluded, or Indicate “None”)

 

    A-1

     

    

 

EXHIBIT
B

 

Fund
(ticker symbol)

 

-1x
Short VIX Futures ETF (SVIX)

 

 

B-1EXHIBIT 4.3

  

   

  

   

  

  
    

    

    Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan

    1.
        Purpose and History. The Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan (the "Plan") is
      intended to help Virtu Financial, Inc., a Delaware corporation (including any successor thereto, the "Company") and its
      Affiliates (i) attract and retain key personnel by providing them the opportunity to acquire an equity interest in the Company or other incentive compensation measured by reference to the value of Common Stock and (ii) align the interests of key
      personnel with those of the Company's shareholders. The Virtu Financial, Inc. 2015 Management Incentive Plan was originally adopted by the Board on April 3, 2015.

    2.
        Effective Date; Duration. The Plan shall be effective as of June 30, 2017 (the "Effective Date"). The expiration date
      of the Plan, on and after which date no Awards may be granted, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such
      Awards.

    3.
        Definitions. The following definitions shall apply throughout the Plan.

    (a) "Affiliate" means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the
      Company has a significant interest. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any person or entity, means the possession, directly or indirectly, of the power to
      direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

    (b) "Award" means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award and/or Performance Compensation Award
      granted under the Plan.

    (c) "Beneficial Ownership" has the meaning set forth in Rule 13d-3 promulgated under Section 13 of the Exchange Act.

    (d) "Board" means the Board of Directors of the Company.

    (e) "Cause" means, in the case of a particular Award, unless the applicable Award agreement states otherwise, the Company or an Affiliate having "cause" to terminate the Participant's employment or service, (i) as such term is defined in
      any employment, consulting, change-in-control, severance or any other agreement between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment, consulting,
      change-in-control, severance or other agreement (or the absence of any definition of "cause" or term of similar import therein), due to the Participant's (A) willful misconduct or gross neglect of his duties; (B) having engaged in conduct harmful
      (whether financially, reputationally or otherwise) to the Company or an Affiliate; (C) failure or refusal to perform his duties; (D) conviction of, or guilty or no contest plea to, a felony or any crime involving dishonesty or moral turpitude; (E)
      willful violation of the written policies of the Company or an Affiliate; (F) misappropriation or misuse of Company or Affiliate funds or property or other act of personal dishonesty in connection with his employment; or (G) willful breach of
      fiduciary duty. The determination of whether Cause exists shall be made by the Committee in its sole discretion.

    (f) "Change in Control" shall, in the case of a particular Award, unless the applicable Award agreement (or any employment, consulting, change-in-control, severance or other agreement between the

    
      
        

    

    
    Participant and the Company or an Affiliate) states otherwise, be deemed to occur upon any of the following events:

    (i) the acquisition by any Person of Beneficial Ownership of 30% or more (on a
      fully diluted basis) of either (A) the then outstanding shares of Common Stock, including Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire
      such Common Stock (including, but not limited, to the exercise of any rights to exchange non-voting common interest units of Virtu Financial LLC and paired shares of Class C common stock or Class D common stock for shares of Class A Common Stock or
      Class B common stock, and any rights to exchange or convert Class B common stock for Class A Common Stock); or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote in the election of directors (the "Outstanding Company Voting Securities"); but excluding any acquisition by the Company or any of its Affiliates, or by Vincent
      Viola, his Permitted Transferees or any of their respective Affiliates or by any employee benefit plan sponsored or maintained by the Company or any of its Affiliates;

    (ii) a change in the composition of the Board such that members of the Board
      during any consecutive 12-month period (the "Incumbent Directors") cease to constitute a majority of the Board. Any person
      becoming a director through election or nomination for election approved by a valid vote of at least two-thirds of the Incumbent Directors shall be deemed an Incumbent Director; provided, however, that no individual becoming a director as a result of an actual or threatened election
      contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be
      deemed to be an Incumbent Director;

    (iii) the approval by the shareholders of the Company of a plan of complete
      dissolution or liquidation of the Company; or

    (iv) the consummation of a reorganization, recapitalization, merger,
      consolidation, statutory share exchange or similar form of corporate transaction involving the Company (a "Business Combination"),
      or sale, transfer or other disposition of all or substantially all of the business or assets of the Company to an entity that is not an Affiliate of the Company (a "Sale"), unless immediately following such Business Combination or Sale: (A) more than 50% of the total voting power of the entity resulting from such Business Combination or the entity that acquired
      all or substantially all of the business or assets of the Company in such Sale (in either case, the "Surviving Company"), or
      the ultimate parent entity that has Beneficial Ownership of sufficient voting power to elect a majority of the board of directors (or analogous governing body) of the Surviving Company (the "Parent Company"), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination or Sale (or, if applicable, is
      represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of
      the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination or Sale, (B) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is
      or becomes the beneficial owner, directly or indirectly, of 30% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors (or the analogous governing body) of the Parent Company (or, if
      there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the
      consummation of the Business Combination or Sale were Board members at the time of

    
      2

      
        

    

    the Board's approval of the execution of the initial agreement providing for such Business Combination or Sale.

    (g) "Class A Common Stock" means the Class A common stock of the Company, par value $0.00001 per share (and any stock or other securities into which such common shares may be converted or into which it may be exchanged).

    (h) "Class B Common Stock" means the Class B common stock of the Company, par value $0.00001 per share.

    (i) "Class C Common Stock" means the Class C common stock of the Company, par value $0.00001 per share.

    (j) "Class D Common Stock" means the Class D common stock of the Company, par value $0.00001 per share.

    (k) "Code" means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto. References to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any
      amendments or successors thereto.

    (l) "Committee" means the Compensation Committee of the Board or subcommittee thereof if required with respect to actions taken to obtain the exception for performance-based compensation under Section 162(m) of the Code or to comply with
      Rule 16b-3 promulgated under the Exchange Act in respect of Awards or, if no such Compensation Committee or subcommittee thereof exists, the Board.

    (m) "Common Stock" means collectively or individually the Class A Common Stock.

    (n) "Disability" means cause for termination of the Participant's employment or service due to a determination that the Participant is disabled in accordance with a long-term disability insurance program maintained by the Company or a
      determination by the U.S. Social Security Administration that the Participant is totally disabled.

    (o) "Eligible Person" means any (i) individual employed by the Company or an Affiliate; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person; (ii) director or officer of the Company or an Affiliate; (iii)
      consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employee, director, officer, consultant or advisor who has accepted an offer of employment or
      consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he begins employment with or providing services to the Company or its Affiliates.

    (p) "Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto. References to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or
      other interpretative guidance under such section or rule, and any amendments or successors thereto.

    (q) "Fair Market Value" means, on a given date, (i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on such exchange on such date, or, if there is no such sale on that
      date, then on the last preceding date on which such a sale was reported; or (ii) if the Common Stock is not listed on any national securities exchange, the amount determined by the Committee in good faith to be the fair market value of the Common
      Stock.

    
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     (r) "Incentive Stock Option" means
      an Option which is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

    (s) "NASDAQ" means The Nasdaq Global Market.

    (t) "Nonqualified Stock Option" means an Option which is not designated by the Committee as an Incentive Stock Option.

    (u) "Option" means an Award granted under Section 7 of the Plan.

    (v) "Performance Compensation Award" means an Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

    (w) "Performance Criteria" shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the
      Plan.

    (x) "Performance Formula" shall mean, for a Performance Period, the one or more objective formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant,
      whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period.

    (y) "Performance Goals" shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria.

    (z) "Performance Period" shall mean the one or more periods of time as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining the Participant's right to, and
      the payment of, a Performance Compensation Award.

    (aa) "Person" has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or
      other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or
      indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company.

    (bb) "Restricted Stock" means an Award of Common Stock, subject to certain specified restrictions, granted under Section 9 of the Plan.

    (cc) "Restricted Stock Unit" means an Award of an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain specified restrictions, granted under Section 9 of the Plan.

    (dd) "Securities Act" means the U.S. Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations
      or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

    (ee) "Stock Appreciation Right" or "SAR" means an Award granted under Section 8 of the Plan.

    
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    4. Administration.

    (a) The Committee shall administer the Plan, and shall have the sole and plenary authority to: (i)
      designate Participants; (ii) determine the type, size, and terms and conditions of Awards to be granted; (iii) determine the method by which an Award may be settled, exercised, canceled, forfeited, or suspended; (iv) determine the circumstances under
      which the delivery of cash, property or other amounts payable with respect to an Award may be deferred either automatically or at the Participant's or Committee's election; (v) interpret and administer, reconcile any inconsistency in, correct any
      defect in and/or supply any omission in the Plan and any Award granted under, the Plan; (vi) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration
      of the Plan; (vii) accelerate the vesting, delivery or exercisability of, payment for or lapse of restrictions on, or waive any condition in respect of, Awards; and (viii) make any other determination and take any other action that the Committee
      deems necessary or desirable for the administration of the Plan or to comply with any applicable law, including Section 162(m) of the Code. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if
      applicable and if the Board is not acting as the Committee under the Plan) or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, or any exception or exemption under the rules of NASDAQ or any other
      securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, as applicable, it is intended that each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be
      (i) a "non-employee director" within the meaning of Rule 16b-3 promulgated under the Exchange Act and (ii) an "outside director" within the meaning of Section 162(m) of the Code and/or (iii) an "independent director" under the rules of NASDAQ or any
      other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted ("Eligible Director").
      However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted or action taken by the Committee that is otherwise validly granted or taken under the Plan.

    (b) The Committee may allocate all or any portion of its responsibilities and powers to any one or
      more of its members and may delegate all or any part of its responsibilities and powers to any person(s) selected by it, except for grants of Awards to persons (i) who are non-employee members of the Board or otherwise are subject to Section 16 of
      the Exchange Act or (ii) who are or may reasonably be expected to be "covered employees" for purposes of Section 162(m) of the Code. Any such allocation or delegation may be revoked by the Committee at any time.

    (c) As further set forth in Section 15(f) of the Plan, the Committee shall have the authority to
      amend the Plan and Awards to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on terms and conditions comparable to those afforded to Eligible Persons located within the United
      States; provided, however, that no such
      action shall be taken without shareholder approval if such approval is required by applicable law or regulation.

    (d) Unless otherwise expressly provided in the Plan, all designations, determinations,
      interpretations, and other decisions regarding the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and
      binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.

    (e) No member of the Board, the Committee or any employee or agent of the Company (each such person,
      an "Indemnifiable Person") shall be liable for any action taken or omitted to be taken or any determination made with respect
      to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including
      attorneys' fees) that may be imposed upon or incurred by such Indemnifiable

    
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    Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be involved as a party,
      witness or otherwise by reason of any action taken or omitted to be taken or determination made under the Plan or any Award agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company's approval (not to be
      unreasonably withheld), in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person
      any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined as provided below that the Indemnifiable Person is not
      entitled to be indemnified); provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or
      proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of recognized standing of the Company's choice. The foregoing right of indemnification shall not be
      available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of such
      Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person's fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's Certificate of
      Incorporation or By-laws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company's Certificate of Incorporation
      or By-laws, as a matter of law, individual indemnification agreement or contract or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

    (f) The Board may at any time and from time to time, grant Awards and administer the Plan with
      respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

    5.
        Grant of Awards; Shares Subject to the Plan; Limitations.

    (a) The Committee may grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
      Units, Other Stock-Based Awards and/or Performance Compensation Awards to one or more Eligible Persons.

    (b) Subject to Section 12 of the Plan and subsection (e) below, the following limitations apply to
      the grant of Awards: (i) no more than 16,000,000 shares of Class A Common Stock may be delivered in the aggregate pursuant to Awards granted under the Plan; (ii) no more than 1,000,000 shares of Class A Common Stock may be subject to grants of
      Options or SARs under the Plan to any single Participant during any 12-month period; provided, however, that the limitation set forth in this clause (ii) shall not apply to the initial grant of Options to Vincent Viola in connection with the Company's initial public offering; (iii) no
      more than 16,000,000 shares of Class A Common Stock may be delivered pursuant to the exercise of Incentive Stock Options granted under the Plan; (iv) no more than 1,000,000 shares of Class A Common Stock may be delivered in respect of Performance
      Compensation Awards denominated in shares of Common Stock granted pursuant to Section 11 of the Plan to any Participant for a single Performance Period (or with respect to each single fiscal year in the event a Performance Period extends beyond a
      single fiscal year), or in the event such Performance Compensation Award is paid in cash, other securities, other Awards or other property, no more than the Fair Market Value of 1,000,000 shares of Class A Common Stock on the last day of the
      Performance Period to which such Award relates; (v) the maximum amount that can be paid to any individual Participant for a single fiscal year during a Performance Period (or with respect to each single year in the event a Performance Period extends
      beyond a single year) pursuant to a Performance Compensation Award denominated in cash described in Section 11(a) of the Plan shall be $10,000,000; and (vi) the maximum amount (based on the Fair Market Value of shares of Common Stock on the date of
      grant as determined in accordance with applicable financial accounting rules) of Awards that may

    
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    be granted in any single fiscal year to any non-employee director shall be $300,000; provided, that the foregoing limitation shall not apply in respect of any Restricted Stock Units issued to a non-employee director in lieu of payment of cash director compensation or board or
      committee fees or in respect of any one-time initial equity grant upon a non-employee director's appointment to the Board.

    (c) Shares of Common Stock shall be deemed to have been used in settlement of Awards whether or not
      they are actually delivered or the Fair Market Value equivalent of such shares is paid in cash; provided, however, that if shares of Common Stock issued upon exercise, vesting or settlement of an Award, or shares of Common Stock owned by the Participant are surrendered or
      tendered to the Company in payment of the Exercise Price or any taxes required to be withheld in respect of an Award, in each case, in accordance with the terms and conditions of the Plan and any applicable Award agreement, such surrendered or
      tendered shares shall again become available for other Awards; provided, further, that in no event shall such shares increase the number of shares of Common Stock that may be delivered pursuant to Incentive Stock Options. If and to the extent all or any portion of an Award expires,
      terminates or is canceled or forfeited for any reason without the Participant having received any benefit therefrom, the shares covered by such Award or portion thereof shall again become available for other Awards. For purposes of the foregoing
      sentence, the Participant shall not be deemed to have received any "benefit" (i) in the case of forfeited Restricted Stock by reason of having enjoyed voting rights and dividend rights prior to the date of forfeiture or (ii) in the case of an Award
      canceled by reason of a new Award being granted in substitution therefor.

    (d) Shares of Common Stock delivered by the Company in settlement of Awards may be authorized and
      unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

    (e) The Committee may grant Awards in assumption of, or in substitution for, outstanding awards
      previously granted by the Company or any Affiliate or an entity directly or indirectly acquired by the Company or with which the Company combines ("Substitute Awards"), and such Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available for Awards; provided, that Substitute Awards issued or intended as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of Incentive Stock Options available
      under the Plan.

    6.
        Eligibility. Participation shall be limited to Eligible Persons who have been selected by the Committee and who have entered into an Award agreement with respect to an Award granted to them under the Plan (each such Eligible Person, a "Participant").

    7.
        Options.

    (a)
        Generally. Each Option shall be subject to the conditions set forth in the Plan and in the Award agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the Award agreement expressly states otherwise.
      Incentive Stock Options shall be granted only subject to and in compliance with Section 422 of the Code, and only to Eligible Persons who are employees of the Company and its Affiliates and who are eligible to receive an Incentive Stock Option under
      the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as
      a Nonqualified Stock Option appropriately granted under the Plan.

    (b)
        Exercise Price. The exercise price ("Exercise Price") per share of Common Stock for each Option shall not be less than
      100% of the Fair Market Value of such share, determined as of the date of grant. Any modification to the Exercise Price of an outstanding Option shall be subject to the prohibition on repricing set forth in Section 14(b).

    
      7

      
        

    

     (c) Vesting, Exercise and Expiration.
      The Committee shall determine the manner and timing of vesting, exercise and expiration of Options. The period between date of grant and the scheduled expiration date of the Option ("Option Period") shall not exceed ten years, unless the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common
      Stock is prohibited by the Company's securities trading policy or a Company-imposed "blackout period", in which case the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition (so long as such
      extension shall not violate Section 409A of the Code). The Committee may accelerate the vesting and/or exercisability of any Option, which acceleration shall not affect any other terms and conditions of such Option.

    (d)
        Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until the Participant has made payment in full to the Company of the Exercise Price and an amount equal to any U.S.
      Federal, state and local income and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. Options may be exercised by delivery of written or electronic notice of
      exercise to the Company or its designee (including a third party administrator) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price and all applicable required withholding taxes shall be payable
      (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient
      number of shares of Common Stock in lieu of actual delivery of such shares to the Company); provided, that such shares of Common Stock are not
      subject to any pledge or other security interest; or (ii) by such other method as the Committee may permit, including without limitation: (A) in other property having a Fair Market Value on the date of exercise equal to the Exercise Price and all
      applicable required withholding taxes; (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted "cashless exercise" pursuant to which the Company is delivered a copy of irrevocable instructions to a
      stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price and all applicable required withholding taxes; or (C) by means of a "net
      exercise" procedure effected by withholding the minimum number of shares of Common Stock otherwise deliverable in respect of an Option that are needed to pay for the Exercise Price and all applicable required withholding taxes. Notwithstanding the
      foregoing, unless otherwise determined by the Committee, if on the last day of the Option Period, the Fair Market Value exceeds the Exercise Price, the Participant has not exercised the Option, and the Option has not expired, such Option shall be
      deemed to have been exercised by the Participant on such last day by means of a "net exercise" procedure described above. Any fractional shares of Common Stock shall be settled in cash.

    (e)
        Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition
      of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (A) two years after the date of
      grant of the Incentive Stock Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession, as agent
      for the applicable Participant, of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any instruction from such Participant as to
      the sale of such Common Stock.

    (f)
        Compliance with Laws, etc. Notwithstanding the foregoing, in no event shall the Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable
      law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any

    
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    securities exchange or inter-dealer quotation service on which the Common Stock of the Company is listed or quoted.

    (g)
        Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of
      all classes of stock of the Company or of a subsidiary or a parent of the Company, the Option Period shall not exceed five years from the date of grant of such Option and the Option Price shall be at least 110% of the Fair Market Value (on the date
      of grant) of the shares subject to the Option.

    (h)
        $100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined as of the date of grant) of shares of Common Stock for which Incentive Stock Options are exercisable for the first time by
      any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options.

    8.
        Stock Appreciation Rights (SARs).

    (a)
        Generally. Each SAR shall be subject to the conditions set forth in the Plan and the Award agreement. Any Option granted under the Plan may include a tandem SAR. The Committee also may award SARs independent of any Option.

    (b)
        Strike Price. The strike price ("Strike Price") per share of Common Stock for each SAR shall not be less than 100% of
      the Fair Market Value of such share (determined as of the date of grant); provided, however, that a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. Any modification
      to the Strike Price of an outstanding SAR shall be subject to the prohibition on repricing set forth in Section 14(b).

    (c)
        Vesting and Expiration. A SAR granted in tandem with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independently of an Option
      shall vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the "SAR Period"); provided, however, that notwithstanding any vesting or exercisability dates set by the Committee, the Committee may accelerate the vesting and/or exercisability
      of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to vesting and/or exercisability. If the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the
      Company's securities trading policy or a Company-imposed "blackout period", the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition (so long as such extension shall not violate Section 409A of
      the Code).

    (d)
        Method of Exercise. SARs may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third party administrator) in accordance with the terms of the Award, specifying the number of SARs
      to be exercised and the date on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an Option, the SAR Period), the Fair Market Value exceeds the Strike Price,
      the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such last day
      and the Company shall make the appropriate payment therefor.

    (e)
        Payment. Upon the exercise of a SAR, the Company shall pay to the holder thereof an amount equal to the number of shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of
      Common Stock on the exercise date

    
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    over the Strike Price, less an amount equal to any U.S. Federal, state and local income and employment taxes and non-U.S. income and
      employment taxes, social contributions and any other tax-related items required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the
      Committee. Any fractional shares of Common Stock shall be settled in cash.

    9.
        Restricted Stock and Restricted Stock Units.

    (a)
        Generally. Each Restricted Stock and Restricted Stock Unit grant shall be subject to the conditions set forth in the Plan and the Award agreement. The Committee shall establish restrictions applicable to such Restricted Stock and Restricted
      Stock Units, including the period over which the restrictions shall apply (the "Restricted Period"), and the time or times at
      which Restricted Stock or Restricted Stock Units shall become vested. The Committee may accelerate the vesting and/or the lapse of any or all of the restrictions on the Restricted Stock and Restricted Stock Units, which acceleration shall not affect
      any other terms and conditions of such Awards. No shares shall be issued at the time an Award of Restricted Stock Units is made, and the Company will not be required to set aside a fund for the payment of any such Award.

    (b)
        Stock Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company's
      directions. The Committee also may cause a stock certificate registered in the name of the Participant to be issued. In such event, the Committee may provide that such certificates shall be held by the Company or in escrow rather than delivered to
      the Participant pending vesting and release of restrictions, in which case the Committee may require the Participant to execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate
      stock power (endorsed in blank) with respect to the Restricted Stock. If the Participant shall fail to execute and deliver the escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall be null and
      void. Subject to the restrictions set forth in this Section 9 and the Award agreement, the Participant shall have the rights and privileges of a shareholder as to such Restricted Stock, including without limitation the right to vote such Restricted
      Stock.

    (c)
        Restrictions; Forfeiture. Restricted Stock and Restricted Stock Units awarded to the Participant shall be subject to forfeiture until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the
      Committee, and shall be subject to the restrictions on transferability set forth in the Award agreement. In the event of any forfeiture, all rights of the Participant to such Restricted Stock (or as a shareholder with respect thereto), and/or to such
      Restricted Stock Units, as applicable, including to any dividends and/or dividend equivalents that may have been accumulated and withheld during the Restricted Period in respect thereof, shall terminate without further action or obligation on the
      part of the Company. The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in
      circumstances arising after the date of the Restricted Stock Award or Restricted Stock Unit Award, such action is appropriate.

    (d)
        Delivery of Restricted Stock and Settlement of Restricted Stock Units.

    (i) Upon the expiration of the Restricted Period with respect to any shares of
      Restricted Stock and the attainment of any other vesting criteria, the restrictions set forth in the applicable Award agreement shall be of no further force or effect, except as set forth in the Award agreement. If an escrow arrangement is used, upon
      such expiration the Company shall deliver to the Participant or his beneficiary (via book entry notation or, if applicable, in stock certificate form) the shares of Restricted Stock with respect to which the Restricted Period has expired (rounded
      down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to the Restricted Stock shall be distributed to the Participant in cash or in shares of Common Stock having

    
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    a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of
      restrictions on such share.

    (ii) Unless otherwise provided by the Committee in an Award agreement, upon the
      expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary (via book
      entry notation or, if applicable, in stock certificate form), one share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit which has not then been forfeited and with respect to which
      the Restricted Period has expired and any other such vesting criteria are attained ("Released Unit"); provided, however, that the Committee may elect to (i) pay cash
      or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Released Units or (ii) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration
      of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market
      Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. To the extent provided in an Award agreement, the holder of outstanding Restricted Stock Units shall be entitled to be
      credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, if determined by the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such
      dividends (and interest may, if determined by the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee), which accumulated dividend equivalents (and interest thereon, if
      applicable) shall be payable at the same time as the underlying Restricted Stock Units are settled following the release of restrictions on such Restricted Stock Units, and, if such Restricted Stock Units are forfeited, the holder thereof shall have
      no right to such dividend equivalent payments.

    (e)
        Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan, if any, shall bear a legend substantially in the form of the following in addition to any other information the Company deems appropriate
      until the lapse of all restrictions with respect to such Common Stock:

    TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED
      PURSUANT TO THE TERMS OF THE VIRTU FINANCIAL, INC.AMENDED AND RESTATED 2015 MANAGEMENT INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF , BETWEEN VIRTU FINANCIAL, INC. AND . A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE
      PRINCIPAL EXECUTIVE OFFICES OF VIRTU FINANCIAL, INC.

    10.
        Other Stock-Based Awards. The Committee may issue unrestricted Common Stock, rights to receive future grants of Awards, or other Awards denominated in Common Stock (including performance shares or performance units), or Awards that provide
      for cash payments based in whole or in part on the value or future value of shares of Common Stock under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts as the Committee shall from time to time determine ("Other Stock-Based Awards"). Each Other Stock-Based Award shall be evidenced by an Award agreement which may include conditions
      including without limitation the payment by the Participant of the Fair Market Value of such shares of Common Stock on the date of grant.

    
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    11.
        Performance Compensation Awards.

     (a) Generally. The Committee shall
      have the authority, at or before the time of grant of any Award described in Sections 7 through 10 of the Plan, to designate such Award as a Performance Compensation Award intended to qualify as "performance-based compensation" under Section 162(m)
      of the Code. In addition, the Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award intended to qualify as "performance based compensation" under Section
      162(m). Notwithstanding the foregoing, (i) any Award to a Participant who is a "covered employee" within the meaning of Section 162(m) for a fiscal year that satisfies the requirements of this Section 11 may be treated as a Performance Compensation
      Award in the absence of any such Committee designation and (ii) if the Company determines that a Participant who has been granted an Award designated as a Performance Compensation Award is not (or is no longer) a "covered employee" within the meaning
      of Section 162(m), the terms and conditions of such Award may be modified without regard to any restrictions or limitations set forth in this Section 11 (but subject otherwise to the provisions of Section 14 of the Plan).

    (b)
        Discretion of Committee with Respect to Performance Compensation Awards. The Committee may select the length of a Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria used to establish the
      Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) and the Performance Formula. Within the first 90 days of a Performance Period (or the maximum period allowed under Section 162(m) of the Code), the Committee shall, with
      regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing (which may be in the
      form of minutes of a meeting of the Committee).

    (c)
        Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) may be based on the attainment of specific levels of performance of the Company (and/or one or more Affiliates, divisions or operational
      and/or business units, product lines, brands, business segments, administrative departments, units, or any combination of the foregoing) and shall be limited to the following: (i) net earnings or net income (before or after taxes); (ii) basic or
      diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures
      (including, but not limited to, return on investment, assets, capital, gross revenue or gross revenue growth, invested capital, equity or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow and cash
      flow return on capital), which may but are not required to be measured on a per-share basis; (viii) earnings before or after taxes, interest, depreciation, and amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x)
      productivity ratios; (xi) share price (including, but not limited to, growth measures and total shareholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency; (xiv)
      objective measures of customer satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other "value creation" metrics; (xvii) enterprise value; (xviii) stockholder return; (xix) client retention; (xx) competitive market
      metrics; (xxi) employee retention; (xxii) objective measures of personal targets, goals or completion of projects (including but not limited to succession and hiring projects, completion of specific acquisitions, reorganizations or other corporate
      transactions or capital-raising transactions, expansions of specific business operations and meeting divisional or project budgets); (xxiii) system-wide revenues; (xxiv) cost of capital, debt leverage year-end cash position or book value; (xxv)
      strategic objectives, development of new product lines and related revenue, sales and margin targets, or international operations; or (xxvi) any combination of the foregoing. Any one or more of the Performance Criteria may be stated as a percentage
      of another Performance Criteria, or a percentage of a prior period's Performance Criteria, or used on an absolute, relative or adjusted basis to measure the performance of the Company and/or one or more Affiliates as a whole or any divisions or
      operational and/or business units, product lines, brands, business segments, administrative departments of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance
      Criteria may be compared to

    
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    the performance of a group of comparator companies, or a published or special index that the Committee deems appropriate, or as compared to
      various stock market indices. The Committee also has the authority to provide for accelerated vesting, delivery and exercisability of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this
      paragraph. To the extent required under Section 162(m) of the Code, the Committee shall, within the first 90 days of a Performance Period (or within the maximum period allowed under Section 162(m) of the Code), define in an objective fashion the
      manner of calculating the Performance Criteria it selects to use for such Performance Period.

    (d)
        Modification of Performance Goal(s). The Committee may alter Performance Criteria without obtaining shareholder approval if applicable tax and/or securities laws so permit. The Committee may modify the calculation of a Performance Goal
      during the first 90 days of a Performance Period (or within the maximum period allowed under Section 162(m) of the Code), or at any time thereafter if the change would not cause any Performance Compensation Award to fail to qualify as
      "performance-based compensation" under Section 162(m), to reflect any of the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or
      regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Standards Codification Topic 225-20 (or any successor pronouncement thereto) and/or in
      management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to shareholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific unusual or
      nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Company's fiscal year.

    (e)
        Payment of Performance Compensation Awards.

    (i) Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement or any employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or an
      Affiliate, the Participant must be employed by or rendering services for the Company or an Affiliate on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period.

    (ii) Limitation. Unless otherwise provided in the applicable Award agreement, or any employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, the
      Participant shall be eligible to receive payment or delivery, as applicable, in respect of a Performance Compensation Award only to the extent the Committee determines that: (A) the Performance Goals for such period are achieved, as determined by the
      Committee; and (B) all or some of the portion of such Participant's Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals, as determined by the
      Committee; provided, however, that if so
      provided by the Committee in its sole discretion, in the event of (x) the termination of the Participant's employment or service by the Company other than for Cause (and other than due to death or Disability), in each case within 12 months following
      a Change in Control, or (y) the termination of a Participant's employment or service due to the Participant's death or Disability, the Participant shall receive payment in respect of a Performance Compensation Award based on (1) actual performance
      through the date of termination as determined by the Committee, or (2) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the assumed achievement of target performance as determined by the Committee (but
      not to the extent that application of this clause (2) would cause Section 162(m) of the Code to result in the loss of the deduction of the compensation payable in respect of such Performance Compensation Award for any Participant reasonably expected
      to be a "covered

    
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    employee" within the meaning of Section 162(m) of the Code), in each case prorated based on the time elapsed from the
      date of grant to the date of termination of employment or service.

    (iii) Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing (which may be in the form of minutes of a meeting of the Committee) whether, and to what extent, the
      Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing (which may be in the form of minutes of a meeting of the Committee) that amount of the Performance Compensation Awards earned for the period
      based upon the Performance Formula. The Committee shall then determine the amount of each Participant's Performance Compensation Award actually payable for the Performance Period and, in so doing, may apply discretion to eliminate or reduce the size
      of a Performance Compensation Award consistent with Section 162(m) of the Code. Unless otherwise provided in the applicable Award agreement, the Committee shall not have the discretion to (A) provide payment or delivery in respect of Performance
      Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable limitations set forth in Section 5 of the Plan.

    (f)
        Timing of Award Payments. Unless otherwise provided in the applicable Award agreement, Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following
      completion of the certifications required by this Section 11. Any Performance Compensation Award that has been deferred shall not (between the date as of which the Award is deferred and the payment date) increase (i) with respect to a Performance
      Compensation Award that is payable in cash, by a measuring factor for each fiscal year greater than a reasonable rate of interest set by the Committee or (ii) with respect to a Performance Compensation Award that is payable in shares of Common Stock,
      by an amount greater than the appreciation of a share of Common Stock from the date such Award is deferred to the payment date. Unless otherwise provided in an Award agreement, any Performance Compensation Award that is deferred and is otherwise
      payable in shares of Common Stock shall be credited (during the period between the date as of which the Award is deferred and the payment date) with dividend equivalents (in a manner consistent with the methodology set forth in the last sentence of
      Section 9(d)(ii)).

    12.
        Changes in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property),
      recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other
      rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the shares of Common Stock, or (b) unusual or nonrecurring
      events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any
      governmental body or securities exchange or inter-dealer quotation service, accounting principles or law, such that in any case an adjustment is determined by the Committee to be necessary or appropriate, then the Committee shall make any such
      adjustments in such manner as it may deem equitable, including without limitation any or all of the following: (i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and kind of other
      securities or other property) which may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the
      terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which
      outstanding Awards relate, (2) the

    
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    Exercise Price or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation,
      Performance Criteria, Performance Formula and Performance Goals); (ii) providing for a substitution or assumption of Awards (or awards of an acquiring company), accelerating the delivery, vesting and/or exercisability of, lapse of restrictions and/or
      other conditions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than ten (10) days) for Participants to exercise outstanding Awards prior to the occurrence of such event (and any such Award not
      so exercised shall terminate upon the occurrence of such event); and (iii) cancelling any one or more outstanding Awards (or awards of an acquiring company) and causing to be paid to the holders thereof, in cash, shares of Common Stock, other
      securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock received or to be received by other shareholders of
      the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common
      Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in
      excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor); provided, however, that the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect any
      "equity restructuring" (within the meaning of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Except as otherwise determined by the Committee, any adjustment in Incentive Stock Options under this
      Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a "modification" within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall be made in a
      manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 promulgated under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive
      and binding for all purposes.

    13.
        Effect of Change in Control. Except to the extent otherwise provided in an Award agreement, or any applicable employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, in
      the event of a Change in Control, notwithstanding any provision of the Plan to the contrary:

    (a) In the event the Participant's employment with the Company or an Affiliate is terminated by the
      Company or Affiliate without Cause (and other than due to death or Disability) on or within 12 months following a Change in Control, the Committee may provide that all Options and SARs held by such Participant shall become immediately exercisable
      with respect to 100% of the shares subject to such Options and SARs, and that the Restricted Period (and any other conditions) shall expire immediately with respect to 100% of the shares of Restricted Stock and Restricted Stock Units and any other
      Awards held by such Participant (including a waiver of any applicable Performance Goals); provided, that in the event the vesting or
      exercisability of any Award would otherwise be subject to the achievement of performance conditions, the portion of such Award that shall become fully vested and immediately exercisable shall be based on the assumed achievement of target performance
      as determined by the Committee and prorated for the number of days elapsed from the grant date of such Award through the date of termination.

    (b) In addition, the Committee may upon at least ten (10) days' advance notice to the affected
      persons, cancel any outstanding Award and pay to the holders thereof, in cash, securities or other property (including of the acquiring or successor company), or any combination thereof, the value of such Awards based upon the price per share of
      Common Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the above, the Committee shall exercise such discretion over any Award subject to Code Section 409A at the time such Award is granted.

    
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    To the extent practicable, the provisions of this Section 13 shall occur in a manner and at a time which allows affected Participants the
      ability to participate in the Change in Control transaction with respect to the Common Stock subject to their Awards.

    14.
        Amendments and Termination.

    (a)
        Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the
      Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation service on which the shares of Common Stock may be listed or quoted, for changes in GAAP to new accounting
      standards, or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code); provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any
      holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary, unless the Committee determines that such amendment, alteration, suspension,
      discontinuance or termination either is required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation. Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 14(b)
      without shareholder approval.

    (b)
        Amendment of Award Agreements. The Committee may, to the extent not inconsistent with the terms of any applicable Award agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate,
      any Award theretofore granted or the associated Award agreement, prospectively or retroactively (including after the Participant's termination of employment or service with the Company); provided, that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any
      Award theretofore granted shall not to that extent be effective without the consent of the affected Participant unless the Committee determines that such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination either is
      required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation; provided, further, that except as otherwise permitted under Section 12 of the Plan, if (i) the Committee reduces the Exercise Price of any Option or the Strike
      Price of any SAR, (ii) the Committee cancels any outstanding Option or SAR and replaces it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash in a manner which would either (A) be
      reportable on the Company's proxy statement or Form 10-K (if applicable) as Options which have been "repriced" (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B) result in any "repricing" for financial
      statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment) or (iii) the Committee takes any other action which is considered a "repricing" for purposes of the shareholder approval rules of the
      applicable securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, then, in the case of the immediately preceding clauses (i) through (iii), any such action shall not be effective without shareholder
      approval.

    15.
        General.

    (a)
        Award Agreements; Other Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. An
      Award agreement may be in written or electronic form and shall be signed (either in written or electronic form) by the Participant and a duly authorized representative of the Company. The terms of any Award agreement, or any employment,
      change-in-control, severance or other agreement in effect with the Participant, may have terms or features different from and/or additional to those set forth in the Plan, and, unless

    
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    expressly provided otherwise in such Award or other agreement, shall control in the event of any conflict with the terms of the Plan.

    (b)
        Nontransferability.

    (i) Each Award shall be exercisable only by the Participant during the
      Participant's lifetime, or, if permissible under applicable law, by the Participant's legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than
      by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

    (ii) Notwithstanding the foregoing, the Committee may permit Awards (other than
      Incentive Stock Options) to be transferred by the Participant, without consideration, subject to such rules as the Committee may adopt, to: (A) any person who is a "family member" of the Participant, as such term is used in the instructions to Form
      S-8 under the Securities Act or any successor form of registration statements promulgated by the Securities and Exchange Commission (collectively, the "Immediate Family Members"); (B) a trust solely for the benefit of the Participant and his Immediate Family Members; (C) a partnership or limited liability company whose only partners or shareholders are the Participant
      and his Immediate Family Members; or (D) any other transferee as may be approved either (1) by the Board or the Committee, or (2) as provided in the applicable Award agreement; (each transferee described in clauses (A), (B), (C) and (D) above is
      hereinafter referred to as a "Permitted Transferee"); provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer
      would comply with the requirements of the Plan.

    (iii) The terms of any Award transferred in accordance with the immediately
      preceding sentence shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award agreement, to the Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not
      be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an
      appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award agreement, that such a registration statement is necessary or appropriate;
      (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the
      consequences of the termination of the Participant's employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the transferred Award,
      including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award agreement.

    (c)
        Dividends and Dividend Equivalents. The Committee may provide the Participant as part of an Award with dividends or dividend equivalents, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current
      or deferred basis, on such terms and conditions as may be determined by the Committee, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in
      additional shares of Common Stock, Restricted Stock or other Awards; provided, that no dividends or dividend equivalents shall be payable in
      respect of outstanding (i)

    
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    Options or SARs or (ii) unearned Performance Compensation Awards or other unearned Awards subject to performance conditions (other than or
      in addition to the passage of time); provided, further,
      that dividend equivalents may be accumulated in respect of unearned Awards and paid as soon as administratively practicable, but no more than 60 days, after such Awards are earned and become payable or distributable (and the right to any such
      accumulated dividends or dividend equivalents shall be forfeited upon the forfeiture of the Award to which such dividends or dividend equivalents relate).

    (d)
        Tax Withholding.

    (i) The Participant shall be required to pay to the Company or any Affiliate, and
      the Company or any Affiliate shall have the right (but not the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from any compensation or other
      amounts owing to the Participant, the amount (in cash, Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take
      such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes.

    (ii) Without limiting the generality of clause (i) above, the Committee may
      permit the Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) payment in cash; (B) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) owned by the Participant
      having a Fair Market Value equal to such withholding liability or (C) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with
      a Fair Market Value equal to such withholding liability.

    (e)
        No Claim to Awards; No Rights to Continued Employment. No employee of the Company or an Affiliate, or other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be
      selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee's determinations and interpretations with respect
      thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any
      Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board.

    (f)
        International Participants. With respect to Participants who reside or work outside of the United States and who are not (and who are not expected to be) "covered employees" within the meaning of Section 162(m) of the Code, the Committee may
      amend the terms of the Plan or appendices thereto, or outstanding Awards, with respect to such Participants, in order to conform such terms with or accommodate the requirements of local laws, procedures or practices or to obtain more favorable tax or
      other treatment for the Participant, the Company or its Affiliates. Without limiting the generality of this subsection, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on
      death, disability, retirement or other terminations of employment, available methods of exercise or settlement of an Award, payment of income, social insurance contributions or payroll taxes, withholding procedures and handling of any stock
      certificates or other indicia of ownership which vary with local requirements. The Committee may also adopt rules, procedures or sub-plans applicable to particular Affiliates or locations.

    (g)
        Beneficiary Designation. The Participant's beneficiary shall be deemed to be his spouse (or domestic partner if such status is recognized by the Company and in such jurisdiction), or if the

    
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    Participant is otherwise unmarried at the time of death, his estate, except to the extent a different beneficiary is designated in
      accordance with procedures that may be established by the Committee from time to time for such purpose. Notwithstanding the foregoing, in the absence of a beneficiary validly designated under such Committee-established procedures and/or applicable
      law who is living (or in existence) at the time of death of a Participant residing or working outside the United States, any required distribution under the Plan shall be made to the executor or administrator of the estate of the Participant, or to
      such other individual as may be prescribed by applicable law.

    (h)
        Termination of Employment or Service. Except as otherwise provided in an Award agreement, or any employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, unless
      determined otherwise by the Committee: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National
      guard unit) nor a transfer from employment or service with the Company to employment or service with an Affiliate (or vice versa) shall be considered a termination of employment or service with the Company or an Affiliate; and (ii) if the
      Participant's employment with the Company or its Affiliates terminates, but such Participant continues to provide services with the Company or its Affiliates in a non-employee capacity (including as a Non-Employee Director) (or vice versa), such
      change in status shall not be considered a termination of employment or service with the Company or an Affiliate for purposes of the Plan.

    (i)
        No Rights as a Shareholder. Except as otherwise specifically provided in the Plan or any Award agreement, no person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder
      until such shares have been issued or delivered to that person.

    (j)
        Government and Other Regulations.

    (i) Nothing in the Plan shall be deemed to authorize the Committee or Board or
      any members thereof to take any action contrary to applicable law or regulation, or rules of NASDAQ or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted.

    (ii) The obligation of the Company to settle Awards in Common Stock or other
      consideration shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no
      obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the
      Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to and in compliance with the terms of an available
      exemption. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common
      Stock or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award agreement, the U.S.
      Federal securities laws, or the rules, regulations and other requirements of the U.S. Securities and Exchange Commission, any securities exchange or inter-dealer quotation service upon which such shares or other securities of the Company are then
      listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any
      such certificates of Common Stock or other securities of the Company or any Affiliate

    
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    delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other
      securities of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company's instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the
      Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental
      entity to whose jurisdiction the Award is subject.

    (iii) The Committee may cancel an Award or any portion thereof if it determines
      that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of shares of Common Stock from the public markets, the Company's issuance of Common Stock to the Participant, the
      Participant's acquisition of Common Stock from the Company and/or the Participant's sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance
      with the foregoing, unless prevented by applicable laws, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled
      (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount
      payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof.

    (k)
        No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award agreement or by action of the
      Committee in writing prior to the making of such election. If the Participant, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the
      election, the Participant shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to
      Section 83(b) of the Code or other applicable provision.

    (l)
        Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any
      payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative or a beneficiary designation form has been filed with the Company) may, if the Committee so directs the Company, be paid to
      his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a
      complete discharge of the liability of the Committee and the Company therefor.

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

    (n)
        No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and the Participant or
      other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to

    
      20

      
        

    

    which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or
      other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company.

    (o)
        Reliance on Reports. Each member of the Committee and each member of the Board (and their respective designees) shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed
      to act in good faith, in reliance upon any report made by the independent registered public accounting firm of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of the Company or the
      Committee or the Board, other than himself.

    (p)
        Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise
      specifically provided in such other plan.

    (q)
        Purchase for Investment. Whether or not the Options and shares covered by the Plan have been registered under the Securities Act, each person exercising an Option under the Plan or acquiring shares under the Plan, may be required by the
      Company to give a representation in writing that such person is acquiring such shares for investment and not with a view to, or for sale in connection with, the distribution of any part thereof. The Company will endorse any necessary legend referring
      to the foregoing restriction upon the certificate or certificates representing any shares issued or transferred to the Participant upon the exercise of any Option granted under the Plan.

    (r)
        Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which
      could cause the application of the laws of any jurisdiction other than the State of Delaware.

    (s)
        Severability. If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any
      Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially
      altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

    (t)
        Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any
      successor corporation or organization succeeding to all or substantially all of the assets and business of the Company.

    (u)
        409A of the Code.

    (i) It is intended that the Plan comply with Section 409A of the Code, and all
      provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes
      and penalties that may be imposed on or in respect of such Participant in connection with the Plan or any other plan maintained by the Company, including any taxes and penalties under Section 409A of the Code, and neither the Company nor any
      Affiliate shall have any obligation to indemnify or otherwise hold such Participant or any beneficiary harmless from any or all of such taxes or penalties. With respect to any Award that is considered "deferred compensation" subject to Section 409A
      of the Code, references in the Plan to "termination of

    
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    employment" (and substantially similar phrases) shall mean "separation from service" within the meaning of Section 409A
      of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment.

    (ii) Notwithstanding anything in the Plan to the contrary, if the Participant is
      a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments or deliveries in respect of any Awards that are "deferred compensation" subject to Section 409A of the Code shall be made to such Participant prior to the
      date that is six months after the date of such Participant's "separation from service" within the meaning of Section 409A of the Code or, if earlier, the Participant's date of death. All such delayed payments or deliveries will be paid or delivered
      (without interest) in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.

    (iii) In the event that the timing of payments in respect of any Award that would
      otherwise be considered "deferred compensation" subject to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control
      satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code and any Treasury Regulations
      promulgated thereunder or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of "Disability" pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder.

    (v)
        Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, an Award agreement may provide that the Committee may cancel such Award if the Participant, without the consent of the Company, has engaged in or engages in
      activity that is in conflict with or adverse to the interest of the Company or any Affiliate while employed by or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or
      irregularities, or violates a non-competition, non-solicitation, non-disparagement or non-disclosure covenant or agreement with the Company or any Affiliate, as determined by the Committee. The Committee may also provide in an Award agreement that in
      such event, the Participant will forfeit any compensation, gain or other value realized thereafter on the vesting, exercise or settlement of such Award, the sale or other transfer of such Award, or the sale of shares of Common Stock acquired in
      respect of such Award, and must promptly repay such amounts to the Company. The Committee may also provide in an Award agreement that if the Participant receives any amount in excess of what the Participant should have received under the terms of the
      Award for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as determined by the Committee, then the Participant shall be required to promptly repay any such
      excess amount to the Company. To the extent required by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and/or the rules and
      regulations of NASDAQ or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company, Awards shall be subject (including on a
      retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into all outstanding Award agreements).

    (w)
        No Representations or Covenants With Respect to Tax Qualification. Although the Company may endeavor to (i) qualify an Award for favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no
      representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders
      of Awards under the Plan.

    
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    (x) Code Section 162(m) Re-approval.
      If the Company becomes subject to the provisions of Section 162(m) of the Code, the Committee may, for purposes of exempting certain Awards granted after such time from the deduction limitations of Section 162(m) of the Code, submit the provisions of
      the Plan regarding Performance Compensation Awards for re-approval by the shareholders of the Company (i) prior to the first shareholder meeting at which directors are to be elected that occurs in calendar year 2019, or such earlier time as required
      under applicable Treasury Regulations, and (ii) thereafter not later than every five years in accordance with applicable Treasury Regulations. Nothing in this subsection, however, shall affect the validity of Awards granted after such time if such
      shareholder approval has not been obtained.

    (y)
        Expenses; Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings
      of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control.

    * * *

    As adopted by the Board of Directors of the Company on May 18, 2017, and as amended on April 23,
      2020.

    As approved by the shareholders of the Company on June 30, 2017 and June 5, 2020.

  

   

  

   

  

   

  

  

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