Document:

Exhibit
10.16

 

PLEASE
NOTE: CERTAIN INFORMATION INDICATED WITH [***] IN THIS DOCUMENT HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT
MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

March
5, 2019

 

Mr.
Rod Keller, CEO

Austin
EV, Inc.

21
Cypress Blvd, Suite 1080

Round
Rock, TX 78665

 

RE:
MASTER PROCUREMENT AGREEMENT

 

Dear
Mr. Keller:

 

Club
Car LLC (“Buyer”) and Austin E-V, Inc. (“‘Seller”) have entered or anticipate entering into one
or more transactions (each a “Transaction”).

 

	●	Schedules:
    Each schedule A to this Master Procurement Agreement (“Schedule A”) shall constitute a separate Purchase Agreement,
    as defined more specifically by the Purchase Order Terms and Conditions (“Terms’’), incorporating by this
    reference: i) this Master Procurement Agreement; ii) the Terms; iii) the Non-Binding Memorandum of Intent between Club Car
    LLC and Austin EV, Inc.; and iii) all related purchase orders and releases, as applicable. Each Schedule A will describe the
    products and/or services, pricing, estimated annual volume, identify the Buyer (if different than above) and provide other
    details about the applicable Transaction(s). Schedule A’s may only be added if the Schedule A is mutually executed by
    both parties. Prices in a Purchase Agreement are maximum prices. Without express written agreement from Buyer, which shall
    not be unreasonably withheld, Seller shall not be entitled to any price increase for any reason including changes in exchange
    rates, increases in costs of materials, labor or other cost increases or surcharges.
	 	 
	●	Orders:
    Products ordered under a Schedule A shall be ordered by Buyer by means of purchase orders or releases. as applicable,
    subject to the terms and conditions of such Schedule A. Any volumes provided by Buyer(s) outside of purchase orders or releases
    are only estimates and not commitments to purchase.
	 	 
	●	Terms:
    SUBJECT TO THE ORDER OF PRECEDENCE SET FORTH IN THE FOLLOWING PARAGRAPH, THE TERMS AND CONDITIONS OF PURCHASE ORDER
    ATTACHED HERETO ARE EXPRESSLY INCORPORATED INTO THIS MASTER PROCUREMENT AGREEMENT BY REFERENCE. BY SIGNING BELOW, SELLER CONFIRMS
    THAT IT HAS READ THE TERMS AND AGREES TO BE BOUND BY THE TERMS. Capitalized term used but not defined herein shall have
    the meanings provided in the Terms.
	 	 
	●	Conflicts:
    In the event of any conflict or inconsistency between the various documents (including electronic documents) constituting
    a Purchase Agreement, unless the parties agree otherwise in writing, the various components of the Purchase Agreement shall
    be given the following precedence (in descending order of precedence): 1) this Master Procurement Agreement (exclusive of
    any Schedules A and the Terms); 2) an applicable Schedule A; 3) the Terms; 4) a purchase order or release issued under the
    Purchase Agreement; 5) the Non-Binding Memorandum of Intent dated December 7, 2018 between Club Car LLC and Austin EV. Inc.

 

    	 	1	 

     

    

 

We
look forward to continuing our mutually beneficial relationship.

 

	Sincerely,	 	Acknowledged
    and Accepted By,
	 	 	 
	/s/ Eric Powell 	3/13/2019	 	/s/ Rod Keller 	3/11/19
	Buyer	 	Rod
    Keller, CEO

 

    	 	2	 

     

    

 

SCHEDULE
A

#1

 

Upon
execution by the Parties below, the Transaction(s) specified herein shall be awarded and performed in accordance with the Master
Procurement Agreement dated December 20, 2018 and the Terms (which are hereby incorporated herein by reference in their entirety)
among Austin EV, Inc. (“Seller”) and Club Car LLC (“Buyer”).

 

Description
of Products

 

	Part
    Number	 	Products

                                         Description

        

        See
        Schedule B
	 	Currency	 	Price	 	Forecast

    (Estimated

 Annual

 Volume)	 	Lead
    Time	 	Quantity	 
	[***]	 	Club
    Car Branded-Truck with Flat Bed	 	USD	 	[***]	 	 	 	[***]	 	as
    ordered	 
	[***]	 	Club
    Car Branded-Truck with Pickup Bed	 	USD	 	[***]	 	 	 	[***]	 	as
    ordered	 
	[***]	 	Club
    Car Branded-Truck with Van Box	 	USD	 	[***]	 	 	 	[***]	 	as
    ordered	 

 

Product
specifications are set forth in Schedule B and are incorporated herein by reference.

 

Buyer
and Seller shall continue to collaborate on new products or improvements to existing Products during the Term. Buyer shall have
a right of first refusal on similar commercial utility electric vehicles developed by Seller during the Term as outlined in Schedule
B. Buyer would be required to exercise its right of first refusal within thirty (30) days of notification of any such new products.
In the event Buyer exercises its right, Buyer and Seller will execute schedule(s) adding the new products to the Master Purchase
Agreement.

 

Buyer
Legal Entity purchasing under this Schedule: Club Car LLC

 

Seller
Legal Entity supplying under this Schedule: Austin EV, Inc.

 

The
terms “Buyer” and “Seller” under the Purchase Agreement shall mean the above entities for the purposes
of this Schedule A.

 

Unless
terminated earlier pursuant to the Terms, the duration/term of this Schedule is 5 year(s) commencing January 1, 2019. Buyer
may renew this agreement for subsequent one year periods by delivering notice to Seller at least 60 days prior to the end of the
then current Term.

 

Buyer
and Seller agree to review annual volume forecasts and any minimum volume commitments for purchase by Buyer not less than sixty
(60) days prior to each subsequent twelve (12) month subsequent term of this Schedule A. Subsequently, not less than thirty (30)
days prior to each subsequent twelve (12) month term of this Schedule A, Seller will update pricing for products using commercially
reasonable efforts to integrate any agreed to price modifications.

 

    	 	3	 

     

    

 

Seller
agrees to use its good faith efforts to utilize Minority, Women, and Veteran-owned Business Enterprises (MWVBEs) in support of
this Purchase Agreement and strive to achieve the portion of total expenditures purchased from MWVBEs equal to 10% of the value
of Buyer’s purchases from Seller.

 

Other
than bailment, consignment and joint development agreements, if any, the only other agreements related to the above that are not
superseded by this Purchase Agreement are listed here: None

 

Exclusivity:
Seller warrants and represents that it has the exclusive right to sell, license, or distribute the Products to Buyer in North
America. Notwithstanding the Seller’s right to terminate in the Right of First Refusal paragraph, in exchange for Buyer’s
obligations under the Purchase Agreement and as agreed to in Schedule B, during the Term (including any renewal term) and for
a period of three months after termination or expiration of the Term, Seller shall not, directly or indirectly, sell, lease, rent,
distribute, manufacture, or license those products expressly described on this Schedule A (“Products”) or substantially
similar products to any Competitor, as such term is defined herein below, of Buyer. For the purposes of this Schedule, a “Competitor”
will mean any dealer, distributor, manufacturer, rental company, or lessor of electric vehicles or any parent, subsidiary, or
affiliate thereof located in North America, excepting only Buyer or entities expressly designed in writing by Buyer including
(but not limited to) EZ Go, Textron, Cushman, Yamaha, Polaris, John Deere, and Toro. Buyer agrees to not buy any substantially
similar product(s) from a third party during the term of the Agreement; provided. however, that nothing in this agreement
shall prohibit Buyer from internally developing, designing, or manufacturing a substantially similar product.

 

Right
of First Refusal: If during the Term Seller receives an offer to directly or indirectly acquire at least 51% of the assets
or equity interests of Seller, including but not limited to the intellectual property rights in the Products (the “Rights’’),
whether by license purchase of assets, or purchase of the issued and outstanding equity or membership interests of Seller (collectively,
“Transfer”) from a third party, as such term is defined herein below, unless otherwise prohibited by law and subject
to execution of a confidentiality or nondisclosure agreement, Seller will promptly notify Buyer and provide Buyer with the terms
of such offer (‘‘Acquisition Notice”).

 

During
the forty-five (45) days following its receipt of an Acquisition Notice from Seller, Buyer will have a first right of refusal
to match or beat the terms of the offer described in such Acquisition Notice (a “Competitive Offer”) by giving notice
to Seller of its intent to match such price in writing. In the event Buyer matches or beats the Competitive Offer, Seller shall
Transfer the Rights to Buyer on the terms specified in the Acquisition Notice. Only after Seller provides an Acquisition Notice
to Buyer and Buyer’s failure to exercise its right of first refusal during the forty-five (45) day period, will Seller be
allowed to accept such Competitive Offer. In the event Seller consummates a Transfer with a Competitor of Buyer in accordance
with the terms of this clause from a Competitor of Buyer, Buyer shall for thirty days following receipt of written notice of consummation
of such Transfer have the right to immediately terminate the Purchase Agreement upon providing Seller with written notice of its
intent to so terminate. If Buyer does not exercise its right of first refusal and match or beat the terms of the offer from a
Competitor described in such Acquisition Notice (a “Competitive Offer”), Seller may, with 15 months’ notice
(the “Notice Period”), terminate this Master Procurement Agreement. During the Notice Period, Buyer may order, and
Seller shall manufacture, Products pursuant to the terms of this Master Purchase Agreement.

 

    	 	4	 

     

    

 

Notice
Addresses (Each party may change its notice address by written notice to the other party):

 

	If
    to Buyer:	If
    to Seller:
	 	 
	Club
    Car LLC	Austin
    EV, Inc.
	Attention:
    Sourcing	Attention:
    CEO
	4125
    Washington Road	21
    Cypress Blvd., Suite 1080
	Evans,
    GA 30809	Round
    Rock, TX 78665
	 	 
	with
    a copy to:	 
	 	 
	Club
    Car LLC	 
	Attn:
    Legal Department	 
	4125
    Washington Road	 
	Evans,
    GA 30809 USA	 
	 	 

 

	Buyer: Club Car LLC	 	Seller: Austin EV, Inc.
	 	 	 	 	 
	By:
    	/s/
    Eric Powell	 	By:
    	/s/
    Rod Keller
	Name:
    	Eric
    Powell	 	Name:	Rod
    Keller
	Title:
    	VP
    Sourcing	 	Title:	CEO

 

    	 	5	 

     

    

 

SCHEDULE
B

SPECIFICATIONS

 

[***]

 

    	 	6	 

     

    

 

PURCHASE
ORDER TERMS AND CONDITIONS

 

“Buyer”
means Club Car LLC or its affiliated companies. “Seller” means the party selling the applicable products or services
to Buyer. By selling products or services to Buyer, Seller confirms that the following terms and conditions apply to Buyer’s
purchases. Any modifications must be in writing and signed by Buyer. References to “products” include items specifically
provided for in that certain Master Purchase Agreement between Buyer and Seller, as amended from time to time (the “Master
Purchase Agreement”) or incorporated in services Buyer purchases from Seller. References to “Specifications”
refer to the technical specifications incorporated into the Master Purchase Agreement.

 

1.
TERMS AND CONDITIONS OF PURCHASE.
(a) Any products or services Buyer purchases from Seller by electronic, phone, paper or
any other form of transmission, are purchased subject to the following: (i) if Seller already has a fully signed purchase agreement
currently in effect with Buyer, then the terms of that agreement, together with any terms and conditions of this purchase order
and any subsequent purchase orders issued hereunder not in conflict with that agreement, constitute the complete agreement; and
(ii) if Seller does not already have a fully signed purchase agreement with Buyer, then the terms and conditions of this purchase
order and any subsequent purchase orders issued hereunder constitute the complete agreement. The complete agreement as stated
hereinabove shall be referred to as the “Purchase Agreement”. No other terms or conditions including, without limitation,
Supplier’s standard printed terms and conditions, whether printed on Supplier’s proposal, order acknowledgement, invoice
or otherwise, will have any application to any purchase between Buyer and Supplier unless specifically accepted in writing by
Buyer.

 

(b)
Seller may not assign or subcontract its obligations
under the Purchase Agreement without the prior written consent of Buyer, and if Seller does so, the assignment or subcontract
will be void.

 

(c)
The Purchase Agreement shall be governed by,
and interpreted under, the substantive laws of the State of Georgia.

 

(d)
[***]

 

(e)
Spare and Replacement Parts. In return
for Buyer agreeing to enter into the Purchase Agreement, Seller grants to Buyer an option during the term of such Purchase Agreement
and for seven (7) years thereafter to purchase component parts of any Deliverables, including those which become obsolete during
the term of such Purchase Agreement, at the lowest price at which Seller sells such parts. Prices for such parts shall be firm,
at the last pre-termination price, for the first five (5) years following the termination of such Purchase Agreement or obsolescence
of such Deliverable, as applicable, except for and only to the extent changes are required by cost differences in packaging.

 

2.
PRICING; PAYMENT.
(a) Unless otherwise provided elsewhere in the Purchase Agreement, prices are: (i) stated
in U.S. dollars; (ii) not subject to increase for the duration of the Purchase Agreement, (iii) FOB, Seller’s Round Rock,
TX assembly facility (INCOTERMS 2010). Buyer is responsible for all freight, insurance and related transportation costs from Seller’s
facility in Round Rock, Texas to Buyer’s specified destination; and (iv) for a fully assembled vehicle meeting the Specifications
prior to shipment. No extra charges of any kind will be allowed unless specifically agreed to by Buyer in writing. In the event
of material industry cost changes in Product components and parts, Buyer agrees to work in good faith with Seller to mitigate
such cost changes and/or share in material cost increases.

 

    	 	7	 

     

    

 

(b)
Unless prohibited by law, Seller will separately
indicate on its invoices any taxes imposed on the sale or delivery of products or services.

 

(c)
Unless otherwise provided elsewhere in the Purchase
Agreement, Payment terms shall be [***].

 

(d)
Seller warrants that it is selling at the lowest
prices and upon the most favorable terms (including, without limitation, volume, quality and/or payment terms) that it offers
any buyer for products or services of the same or similar quality to that provided for in the Purchase Agreement. If, during the
term of the Purchase Agreement, Seller makes an offer to sell any such products or services to a third party at a lower price
or upon one or more terms that are more favorable than the price or terms then applicable under the Purchase Agreement, then an
equivalent reduction or modification of terms will apply to all products or services purchased thereafter for the balance of the
term of the Purchase Agreement.

 

(e)
Buyer will be responsible for all sales, use,
and similar taxes (excluding taxes based on or measured by the net Income, net worth or gross receipts of Seller) imposed as a
result of the sale of products or services. With notice to Seller, Buyer may pay such taxes directly to the taxing authority where
allowed by law. Seller shall remit all taxes paid by Buyer to the appropriate taxing authority. Upon Buyer’s request, Seller
will provide written evidence that Seller is properly licensed to collect the taxes paid by Buyer.

 

3.
TRANSPORTATION; DELIVERY.
(a) Shipment dates are firm and TIME IS OF THE ESSENCE WITH RESPECT TO DELIVERY. Buyer
is to request targeted shipping dates in each Purchase Order for Products. Seller will exercise commercially reasonable efforts
in scheduling the shipping date requested with either external third party carriers or Buyer’s designated carrier. Seller
will promptly notify Buyer in writing if Seller anticipates difficulty in complying with a mutually agreed to shipment date and
will use all commercially reasonable efforts to meet the required shipping date.

 

(b)
Unless otherwise provided elsewhere in the Purchase
Agreement, products are shipped FOB Round Rock, Texas, and delivery will occur, and title and risk of loss will transfer, when:
(i) with respect to product not incorporated into services, upon delivery to Buyer’s carrier or designated carrier and (ii)
with respect to product incorporated into services, the completed services have been accepted by Buyer.

 

(c)
Seller shall provide Buyer all documentation,
information and other materials, including, without limitation, user instructions, warranty statements, manuals, including owner’s
manuals, on the execution date of the Master Procurement Agreement by the Parties. Seller shall provide updated documentation
and information as they become available. Seller will provide a manufacturer statement of origin for each Product within five
(5) days of shipment.

 

    	 	8	 

     

    

 

4.
INSPECTION.
With commercially reasonable advance notification to Seller, Buyer or its authorized dealer or distributor may inspect and test
all products and services and all materials, equipment and facilities utilized by Seller in producing products or providing services
for Buyer. Seller will maintain an inspection and testing system for the same that is acceptable to Buyer and will keep records
of all inspection and testing data

 

5.
WARRANTIES.
(a) Seller warrants that all products and services will be: (i) free of any claims by third
parties; (ii) in strict accordance with the specifications, samples, drawings or other descriptions approved by Buyer; (iii) free
from defects. Seller further warrants that all services will be performed in accordance with the standards of care and diligence
normally practiced by persons performing similar services and in a good and workmanlike manner. The above warranties will be in
effect for the duration of any warranty provided by Buyer in connection with Buyer’s sale of the final product, which durations
are publicly available and will be provided by Buyer upon written request and are INCORPORATED HEREIN BY REFERENCE. If any products
or services fail to conform to the above warranties Seller will: (i) with respect to products, replace or repair the nonconforming
products with any installation required to return the product to operating condition at Seller’s cost calculated at published
labor rates and estimated time to perform installation; or, (ii) with respect to services, re-perform all services necessary to
correct any such nonconformity at Seller’s cost. Any replacement products or services also will be subject to the above
warranties and warranty period. If Seller does not replace, repair or re-perform, as applicable, within sixty (60) days after
notice, Buyer may do so at Seller’s published expense.

 

(b)
Any rights or remedies of Buyer set forth in
the Purchase Agreement are not exclusive and Buyer also has all rights and remedies available under applicable law. All warranties
by Seller may be assigned by Buyer to Buyer’s customers and dealers or distributors.

 

(c)
Recalls and Field Fix Programs. If at
any time a governmental agency of any country, state, province or municipality requires Buyer to conduct a product safety recall
or a field fix program, or Buyer voluntarily undertakes such an action, related to the Deliverables, Buyer will notify Supplier
within thirty (30) days of the initiation any such action and Supplier shall, at Buyer’s option, either repair or replace
the related Deliverables, and reimburse Buyer for any out-of-pocket costs or expenses related directly to the repair or replacement
of the Deliverables.

 

(d)
Disclaimer. EXCEPT AS EXPRESSLY STATED
(i) IN THESE TERMS AND CONDITIONS, OR (ii) IN CONNECTION WITH SUCH WRITTEN LIMITED WARRANTY DELIVERED WITH THE PRODUCTS, AEV DISCLAIMS
All OTHER WARRANTIES, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PRODUCTS, INCLUDING WITHOUT LIMITATION, All WARRANTIES OF MERCHANTABILITY,
and FITNESS FOR A PARTICULAR PURPOSE.

 

6.
QUANTITY TERMINATION; ORDER CHANGES.
(a) Buyer may, by written notice to Seller, terminate its purchase of any quantity of products
or services (i) for convenience, (ii) if Seller fails to complete or deliver any part thereof when scheduled based on mutual agreement,
or (iii) if Seller is in breach of any material term of the Purchase Agreement, including, without limitation, any provision of
Sections 7, 8 or 9 below, immediately prior to the delivery thereof. If terminating for convenience, Buyer will pay Seller termination
charges equal to the cost of materials and labor incurred (and not otherwise mitigated) on ordered products or services prior
to the date of Buyer’s termination notice; provided Seller takes all steps reasonably necessary to mitigate such costs.
Seller will notify Buyer of the actual termination charges within thirty (30) days after termination. If termination is due to
a failure of completion or delivery or breach of any material term of the Purchase Agreement, no termination charges will apply
and Buyer may procure substitute products or services and Seller will be liable to Buyer for reasonable excess costs actually
incurred by Buyer in connection therewith.

 

    	 	9	 

     

    

 

(b)
Prior to shipment or completion, Buyer may request
changes with respect to the products or services to be provided, including, changes in method of shipping or packing, time or
place of delivery and increases in delivered quantity. Seller will promptly notify Buyer of any resulting increase or decrease
in cost and Buyer and Seller will agree on any price adjustment before implementing any change.

 

7.
COMPLIANCE WITH LAWS.
General. All Deliverables supplied to Buyer shall comply with, and Seller agrees to be bound by, all applicable foreign,
United States federal, state and local laws, orders, rules, regulations, guidelines, standards, limitations, controls, prohibitions,
or other requirements contained in, issued under, or adopted pursuant to such laws, including, without limitation, product content
and labeling, including, without limitation, the U.S. Toxic Substances Control Act and applicable RoHS and REACH regulations,
anti-bribery, anti-corruption laws, Conflict Mineral prohibition and Conflict Mineral disclosure requirements. Seller further
agrees that neither it nor any of its subcontractors will utilize child, slave, prisoner or any other form of forced or involuntary
labor, or engage in abusive employment or corrupt business practices, in the production or provision of Deliverables. Delivery
of any Deliverables shall constitute Seller’s representation to Buyer to the best of its knowledge that there has been and
will be full compliance with all applicable laws and, at Buyer’s request, Seller shall certify in writing its compliance
with the foregoing:

 

(a)
Environmental Compliance. Seller shall
comply with 1) all applicable environmental laws and regulations, and 2) the environmental compliance guidelines set forth on
Buyer’s website at http://www.ingersollrand.com/supplier/environmental, as it may be amended by Buyer from time to time.
THESE COMPLIANCE GUIDELINES ARE INCORPORATED HEREIN BY REFERENCE. At Seller’s request Buyer will mail Seller a hard copy.

 

(b)
Equal Employment Opportunity. The parties
shall comply with all Federal equal employment opportunity obligations under 41 CFR 60-1.4(a), 60-300.5(a), 60-741.5(a) and federal
labor law obligations under 29 CFR part 471, appendix A to subpart A. THE FOLLOWING PROVISIONS ARE INCORPORATED HEREIN BY REFERENCE:
Executive Order 11246 and 41 CFR § 60-4.3(a); Executive Order 11701 and 41 CFR §§ 60-250.5(a), 60-300.5; Executive
Order 11758 and 41 CFR § 60-741.5(a); U.S. immigration laws, including the L-1 Visa Reform Act of 2004 and the H-1B Visa
Reform Act of 2004; and Executive Order 13496.

 

The
parties shall abide by the requirements of 41 CFR 60-1.4(a), 60-300.5(a) and 60-741.5(a). These regulations prohibit discrimination
against qualified individuals based on their status as protected veterans or individuals with disabilities, and prohibit discrimination
against all individuals based on their race, color, religion, sex, sexual orientation, gender identity or national origin. Moreover,
these regulations require that covered prime contractors and subcontractors take affirmative action to employ and advance in employment
individuals without regard to race, color, religion, sex, national origin, protected veteran status or disability.

 

    	 	10	 

     

    

 

(c)
Low Speed Vehicle Compliance. In addition
to the foregoing compliance requirements, Seller shall ensure the Products comply with federal, state, and local regulations concerning
Low Speed Vehicles, including but not limited to SAE J2358 requirements for Low Speed Vehicles. Seller will ship Products based
on a speed rating of twenty-five (25) mph. Buyer or Buyer’s dealer is responsible for modifying speed via software tools
provided by Seller to regulate speed in the designated end-user jurisdictions to meet the applicable Low Speed Vehicle statute.
Seller shall be considered the registered Vehicle Manufacturer for purposes of the National Highway Transportation Safety Administration,
including but not limited to any duties for early warning reporting to NHTSA.

 

(d)
From time to time, at Buyer’s request,
Seller shall provide certificates to Buyer relating to compliance with any applicable legal requirements, including those listed
in Section 7 above.

 

8.
CONFIDENTIAL INFORMATION; OWNERSHIP OF
DOCUMENTS AND MATERIALS. (a)
Seller and Buyer will treat as confidential and not disclose any proprietary or confidential information received from
the other party in connection with the business relationship contemplated under the Purchase Agreement, to any person not authorized
by Discloser in writing to receive it. The party disclosing such information is referred to herein as the “Discloser”
and the party receiving such information is referred to herein as the “Recipient”. Recipient will use such information
only as necessary to fulfill its obligations under the Purchase Agreement. Upon termination of the Purchase Agreement, all such
disclosed information will be returned to Discloser, or at Discloser’s option, destroyed by Recipient. Recipient will not
make any announcement or release any information concerning the Purchase Agreement to any other person or entity, including the
press or any official body, except as required by law, unless prior written consent is obtained from Discloser.

 

(b)
If a purchase order includes development services,
such as the design of a unique product or modification of an existing Seller product, and is specifically identified on the Purchase
Order accepted by Seller, then upon payment in full to Seller for such development services, Seller grants to Buyer and its affiliates
a perpetual, worldwide, paid-up, royalty free, nonexclusive license, with the right to sublicense, to make, have made, use, offer
to sell, sell, export, and import all inventions or other results of Seller’s development work that Seller conceives, develops,
acquires, or reduces to practice in the course of performing work under the purchase order. Seller shall provide Buyer all documentation,
information and other materials, including, without limitation, all drawings, prints, specifications, data, instructions and manuals
related to such inventions or other results of Seller’s development work, necessary for Buyer to receive the full benefit
of the license.

 

(d)
Other than development services specifically
contracted in 8(b) above, all drawings, models, specifications and other documents, manuals, know-how, and designs prepared by
Seller whether in connection with the Purchase Agreement constitutes the Seller’s intellectual property. Seller retains
full right, title and interest in such intellectual property.

 

    	 	11	 

     

    

 

9.
INTELLECTUAL PROPERTY INFRINGEMENT.
Seller represents and warrants that the sale or use of the products or services provided to Buyer will not infringe or contribute
to the infringement of any patents, trademarks, or copyrights. If any product, service, or part thereof is held to constitute
an infringement, Seller will, at its expense, obtain for Buyer a license to use the item or service, or replace or modify the
same, in a manner satisfactory to Buyer, so as to avoid the infringement. Seller shall not assert any of its patents or other
intellectual property rights against Buyer or Buyer’s affiliates or customers worldwide in connection with any use of products
or services provided to Buyer in the production, use, preparation, sale, or delivery of, or other action with respect to, the
products or services of Buyer or Buyer’s affiliates or customers.

 

10.
QUALITY.
(a) Seller will not change the manufacturing location, manufacturing process, raw materials
or proportions of raw materials used in products delivered to Buyer under the Purchase Agreement unless Seller notifies Buyer
in writing of the change at least ninety (90) days before its implementation and Buyer agrees to the change in writing, with such
approval not to be unreasonably withheld. Seller will be liable for all losses and damages that Buyer may suffer if Seller does
not comply with the requirements of the preceding sentence. At Buyer’s request, Seller will provide samples of product produced
with the proposed change to test in Buyer’s manufacturing process.

 

(b)
Seller will review and assess and provide feedback
to Buyer on timing and potential cost impacts for Seller to participate in programs implemented by Buyer with respect to quality
in manufacturing and delivery of products and services.

 

(c)
Quality Standards. Supplier shall comply with
the quality standards, which are contained in the Buyer’s global supplier quality manual which is available at http://www.ingersollrand.com/supplier/quality,
as the manual may be amended by Buyer from time to time (the “Quality Standards”). THE QUALITY STANDARDS ARE INCORPORATED
HEREIN BY REFERENCE. At Supplier’s request Buyer will mail Supplier a hard copy. Buyer alone shall decide whether Quality
Standards are being met. Supplier shall maintain and enforce all measures necessary to secure the quality of products and services
and the manufacturing process thereof, including but not limited to quality control standards, inspection standards and specifications.

 

11.
CUSTOMS AND TRADE.
(a) Unless otherwise agreed by Buyer in writing, Buyer will not be a party to the importation
of products. All purchases under the Purchase Agreement will be consummated subsequent to importation, prices will be inclusive
of all duties and other costs of customs clearance and Seller will not cause or permit Buyer’s name to be shown as “importer
of record” on any customs declaration. In any case where Buyer agrees to be the importer of record, Seller will provide
all information needed to effect customs entry into each country into which the products are to be imported.

 

(b)
Buyer shall have all rights to drawback of duty
or taxes paid by Seller in its own country or in any third country where all or part of the work is executed. Seller waives any
interest in or rights to such drawback and agrees to provide, at no cost to Buyer, proof of importation and/or re-exportation
as the case may be, satisfactory to Buyer and the customs administration, tax collection agency, or other government agency in
any country where taxes or duties are paid, as well as to provide any other supporting documentation to enable Buyer to claim
drawback of duties and taxes on products or articles manufactured from products provided under the Purchase Agreement.

 

    	 	12	 

     

    

 

(c)
Seller will accurately indicate the country of
origin of the products provided under the Purchase Agreement on the customs invoice and other applicable documentation. Seller
will provide certificates of origin relating to such products within the meaning of the rules of origin of the NAFTA preferential
duty provisions and execute such other documents as may be necessary for Buyer to claim duty preference under any applicable programs.

 

12.
SERVICES/LIENS; SITE RULES; INSURANCE;
LIABILITY. Supplier shall provide and maintain throughout the
term of the Purchase Agreement the following insurance in US Dollars (or such other currency as specified in the Purchase Agreement):
1) Workers Compensation/Work-related Injury Insurance: Statutory in accordance with the state in which the products are being
manufactured or assembled; 2) Employers liability in the amount of $1 million each occurrence; 3) Commercial General Liability
with limits of $1 million each occurrence, $2 million aggregate, for bodily injury and property damage combined, including the
following coverage features: i) blanket contractual liability, ii) Products, iii) completed operations, and iv) independent contractors
coverage; 4) Automobile Liability with limits of $2 million each occurrence for bodily injury and property damage combined, covering
all “owned,” “hired” and “non owned” automobiles and including contractual liability coverage;
and 5) Umbrella or Excess Liability with limits of $5 million each occurrence and aggregate for bodily injury and property damage
with such policy “following form” to all primary policies listed above with the exception of Workers Compensation;
All insurance required a hove will be written with insurers rated A or better by the latest “ A.M. Best” Guide. Where
allowable under law, a waiver of subrogation from Supplier (including affiliates, directors and officers) and its insurers will
be provided in favor of Buyer. If applicable, all policies, with the exception of Workers Compensation, will identify Buyer as
an additional insured and require that the Buyer receive at least thirty (30) days’ notice prior to cancellation or termination.
Supplier’s insurance will be primary and noncontributory to that maintained by Buyer. Such insurance shall not be subject
to any self-insured retentions without the prior written consent of Buyer. All self-insured retentions and deductibles for such
insurance shall be the responsibility of Supplier. The insurance coverages under this section, including, without limitation,
the additional insured coverage provided to Buyer, shall be independent of the indemnity obligations of the Purchase Agreement,
and are not designed solely to guarantee payment of Supplier’s indemnity obligations. Supplier shall, at the request of
Buyer, provide Buyer with copies of all policies and/or a certificate, satisfactory to Buyer, of the insurance coverages and endorsements
set forth in this section and shall specify all self-insured retentions. Supplier’s insurance coverage will not be Buyer’s
exclusive remedy; instead Buyer will be entitled to all remedies available to it under equity or the law. No insurance will be
deemed to be in effect until satisfactory certificates thereof are delivered to Buyer, containing provisions requiring the insurance
carrier to notify Buyer at least thirty (30) days prior to any expiration or termination of, or material change to, the policy.
In addition, all such policies shall name Buyer as an additional insured, and contain a waiver of subrogation against Buyer. Seller
will also require insurance from all of its subcontractors with the same coverages and limits.

 

(d)
It is agreed that Seller, in rendering any services
on Buyer’s premises, will be an independent contractor and that neither Seller nor any principal, partner, agent or employee
of Seller is the legal representative of Buyer for any purpose whatsoever and has no right or authority to assume or create, by
action, in writing or otherwise, any obligation of any kind, express or implied, in the name of or on behalf of Buyer and neither
Seller nor any principal, agent or employee of Seller shall be entitled to or be eligible to participate in any benefit program
extended by Buyer to its employees.

 

    	 	13	 

     

    

 

All
Seller’s employees providing services under the Purchase Agreement must be authorized to work in the jurisdiction where
the services are performed.

 

(e)
Limitation of Liability for consequential damages.
In no event shall either party’s liability to the other of any kind include any special, indirect, incidental, or consequential
losses or damages, even if the breaching party is advised of the possibility of such potential loss or damage.

 

13.
INDEMNIFICATION.
Seller will fully defend, indemnify, hold harmless and reimburse Buyer, its officers, directors, shareholders, affiliates, subsidiaries,
employees, agents, customers and assigns from and against all claims, suits, actions, proceedings, damages, losses and expenses,
including attorneys’ fees, arising out of, related to, or resulting from: (a) any breach of any representation, warranty,
certification, covenant or agreement made by Seller in the Purchase Agreement; (b) any negligence or willful misconduct of Seller
or its agents or subcontractors in connection with performance under the Purchase Agreement; (c) any litigation, proceeding or
claim by any third party relating to the obligations of Seller under the Purchase Agreement; (d) any violation of law by Seller,
its employees, agents, affiliates, contractors or subcontractors and (e) Seller’s use, control, ownership, or operation
of its business and facilities, except to the extent caused by the negligence of Buyer. Seller agrees to include this Indemnification
provision in any subcontracts issued hereunder.

 

14.
BUYER’S AND SELLER’S PROPERTY.
Unless Buyer and Seller otherwise agrees in writing, all tools, equipment or other materials furnished by one party to the other
are the personal property of the furnishing party. Whenever practical, each party will adequately identify the other party’s
property and safely store it separate and apart from its own property. Party B will not substitute any property for Party A’s
property and will use such property only in fulfilling its obligations under the Purchase Agreement. While·in Party B’s
custody or control, Party A’s property will be held at Party B’s risk, kept insured by Party B at Party B’s
expense, and subject to removal at Party A’s request.

 

15.
SET-OFF.
Buyer may set off any invoiced amount owing at any time from Seller to Buyer or any of its affiliated companies, where Buyer maintains
a greater-than-51% ownership, against any amount payable at any time by Buyer under the Purchase Agreement.

 

16.
FORCE MAJEURE.
(a) Any non-performance or delay in performance of any obligation of Seller or Buyer under
the Purchase Agreement will be excused to the extent such failure or non-performance is caused by “Force Majeure.”
“Force Majeure” means any cause preventing performance of an obligation under the Purchase Agreement which is beyond
the reasonable control of the Seller or Buyer, and which, by the exercise of due diligence, could not be overcome, including without
limitation, fire, flood, sabotage, shipwreck, embargo, explosion, accident, riot, acts of a governmental authority, and acts of
God. In no event shall Seller’s ability to sell products or services at a better price or Seller’s economic hardship
in buying raw materials necessary to manufacture products at a commercially reasonable price constitute Force Majeure.

 

    	 	14	 

     

    

 

(b)
If Buyer or Seller is affected by Force Majeure,
it will (i) promptly provide notice to the other party, explaining the full particulars and the expected duration of the Force
Majeure and (ii) use its best efforts to remedy the interruption or delay if it is reasonably capable of being remedied. In the
event of Force Majeure, deliveries or acceptance of deliveries of products or services which have been suspended will not be required
to be made up on the resumption of performance and, to the extent not otherwise permitted under the Purchase Agreement, Buyer
will have the right to purchase products and services from other sources during the period of Force Majeure. If a Force Majeure
extends for more than sixty (60) days, the Purchase Agreement may be terminated upon written notice by the party not declaring
Force Majeure without any liability on its part.

 

(c)
If a Force Majeure compels Seller to allocate
deliveries of products or services, Seller will make such allocation in a manner that ensures Buyer at least the same proportion
of the Seller’s total output as was purchased by Buyer prior to the Force Majeure. Seller will use best efforts to source
products or other items, at Seller’s expense, from its own or its affiliates’ global operations or the market in order
to meet Buyer’s required delivery dates.

 

17.
TERMINATION.
(a) Buyer or Seller may terminate the Purchase Agreement upon thirty (30) days’ prior
written notice if the other party breaches any material term thereof or files for bankruptcy; provided, however that during
such notice period, the party in default may cure its default and thereby abate the termination. In the event Seller has not complied
in any respect with Sections 7, 8 or 9 above, Buyer shall have the right to immediately terminate the Purchase Agreement, without
further compensation to the Seller and without Seller’s ability to abate the termination. In addition, Seller shall compensate
Buyer for any actual out of pocket damages suffered by Buyer as a result of Seller’s breach of Sections 7, 8 or 9 above.
After receipt of a notice of termination, the Seller shall immediately: (i) stop work as directed in the notice; (ii) place no
further subcontracts or purchase orders for materials, services or facilities, except as necessary to complete the continued portion
of the Purchase Agreement; and (iii) terminate all subcontracts to the extent that they relate to the work terminated.

 

(b)
Notwithstanding paragraph 17(a) Seller may only
terminate a purchase order after giving Buyer reasonable notice of such termination, as well as an opportunity to identify and
set up an alternate supplier.

 

18.
ACCESS AND AUDIT.
In order to assess Seller’s work quality and compliance with the Purchase Agreement, Seller will permit Buyer reasonable
access to (i) all locations where work is performed in connection with the products or services provided for in the Purchase Agreement,
and (ii) Seller’s books and records relating to the Purchase Agreement.

 

19.
PERSONAL DATA PROTECTION.
(a) “Personal Data” includes any information relating to an identified or identifiable
natural person; “Personal Data” includes any Personal Data given by one party to another “Discloser” and
“Recipient”, respectively, any Personal Data being Processed by Recipient on behalf of Discloser, and any Personal
Data pertaining to any Discloser personnel; and “Processing” includes any operation or set of operations performed
upon Personal Data, such as collection, recording, organization, storage, adaptation or alteration, retrieval, accessing, consultation,
use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, blocking, erasure or destruction.

 

    	 	15	 

     

    

 

(b)
Recipient, including its staff, shall view and
Process Discloser Personal Data only on a need-to-know basis and only to the extent necessary to perform this Purchase Agreement
or Discloser’s further written instructions.

 

(c)
Recipient agrees to keep Discloser Personal Data
confidential and not to disclose Discloser Personal Data to third parties without prior express written consent from Discloser.
Recipient further agrees to use technical and organizational measures, commensurate with the risk associated with a breach of
such Data and in compliance with applicable data protection regulation(s), to ensure the security and confidentiality of Discloser
Personal Data in order to prevent, among other things, accidental, unauthorized or unlawful destruction, modification, disclosure,
access or loss of such Data. Recipient shall immediately inform Discloser of any Security Breach, where “Security Breach”
is defined as any event involving an actual, potential or threatened compromise of the security, confidentiality or integrity
of Discloser Personal Data, including but not limited to any unauthorized access or use, or any broader circumstances as defined
in any applicable local law. Recipient shall also provide Discloser with a detailed description of the Security Breach, the type
of data that was the subject of the Security Breach, the identity of each affected person, and any other information Discloser
may request concerning such affected persons and the details of the breach. Recipient agrees to take action immediately, at its
own expense, to investigate the Security Breach and to identify, prevent and mitigate the effects of any such Security Breach,
and to carry out any recovery or other action (e.g., mailing statutory notices) necessary to remedy the Security Breach. The content
of any filings, communications, notices, press releases, or reports related to any Security Breach (“Notices”) must
first be approved by Discloser prior to any publication or communication thereof to any third party. Recipient shall pay for or
reimburse Discloser for all costs, losses and expenses relating to any Security Breach, including without limitation, the cost
of Notices.

 

(d)
Recipient shall comply with all applicable laws
and regulation pertaining to Personal Data protection and will process employment data consistent with Discloser’s employment
data protection standards. In particular, where Personal Data is collected by the Recipient from a data subject directly, Recipient
shall provide such data subject with the information required by applicable laws and regulation, permit access by the data subject
to the Personal Data collected about him/her and, when necessary, obtain such data subject’s consent.

 

(e)
Discloser reserves the right to conduct an on-site
verification, with prior written reasonable notice, of Recipient’s compliance with obligations relating to Discloser Personal
Data at any time, even after termination of this Agreement, and Recipient agrees to provide access to all concerned facilities,
equipment and records necessary to conduct such verification.

 

(f)
Upon termination of this Purchase Agreement,
for whatever reason, Recipient shall stop the Processing of Discloser Personal Data, unless instructed otherwise by Discloser,
and these undertakings shall remain in force until such time as Recipient no longer possesses Discloser Personal Data.

 

    	 	16	 

     

    

 

(g)
Recipient understands and agrees that Discloser
may require Recipient to provide certain Personal Data (“Recipient Personal Data”) such as the name, address, telephone
number, and e-mail address of Recipient’s representatives in transactions, and that Discloser and its affiliates and their
contractors may store such data in databases located and accessible globally by their personnel and use it for purposes reasonably
related to the performance of this Purchase Agreement, including but not limited to supplier and payment administration. Recipient
agrees that it will comply with all legal requirements associated with transferring any Recipient Personal Data to Discloser.
Discloser will be the “Controller” of this data for legal purposes, and agrees not to share Recipient Personal Data
beyond Discloser, its affiliates and their contractors, and to use reasonable technical and organizational measures to ensure
that Recipient Personal Data is processed in conformity with applicable data protection laws. Recipient may obtain a copy of the
Recipient Personal Data and submit updates and corrections to it by sending Discloser a written notice.

 

20.
SUPPLIER SECURITY AND CRISIS MANAGEMENT
POLICY. Seller will have and shall comply with, and at Buyer’s
request provide Buyer with a copy of, Seller’s security and crisis management that, at a minimum, provides for measures
that ensure the physical integrity and security of all shipments against the unauthorized introduction of harmful or dangerous
materials. Buyer reserves the right to request information in connection with such policy, conduct on-site audits of Seller’s
facility and practices to determine whether such policy and Seller’s implementation of such policy are reasonably sufficient
to protect Buyer’s interests. If Buyer reasonably determines that Seller’s security and crisis management policy and/or
such policy implementation is/are insufficient to protect Buyer’s property and interests, Buyer may give Seller notice of
such determination. Upon receiving such notice, Seller shall have forty-five (45) days thereafter to make such policy changes
and take the implementation actions reasonably requested by Buyer. All costs associated with development and implementation of
Seller’s security and crisis management plan and Buyer’s recommendations thereto shall be borne by Seller. In addition,
Seller agrees that it will review the requirements of applicable national security programs, including but not limited to the
Customs-Trade Partnership Against Terrorism (“C-TPAT”) program of the United States (if applicable) and will (i) maintain
a written plan for security procedures in accordance with the recommendations of such programs; and (ii) inform Buyer of its membership
status and any changes thereto, relative to such programs.

 

21.
ETHICAL BUSINESS CONDUCT.
Supplier shall adopt and comply with Buyer’s Business Partner Code of Conduct (“BPCOC”), which is located at:
http://www.ingersollrand.com/supplier/BPCOC. THE BPCOC IS INCORPORATED HEREIN BY REFERENCE. Additionally, Supplier shall take
all reasonable steps necessary to ensure that its sub-suppliers and subcontractors comply with the BPCOC. At Supplier’s
request Buyer will mail Supplier a hard copy. The BPCOC may be amended by Buyer from time to time.

 

22.
INTELLECTUAL PROPERTY RIGHTS.
Except as otherwise addressed in any separate contract between the parties, and subject to Section 8(b) above, Buyer and Seller
agrees that, where it undertakes, whether alone or jointly with Buyer, any research, development and/or design activities relating
to Deliverables 1) as requested by Buyer in connection with any purchase agreement and/or 2) using or derived from Confidential
Information provided by Buyer, Buyer shall own all rights in any resulting intellectual property and grants Seller a worldwide,
perpetual, non-exclusive, royalty-free license to use such intellectual property outside the field of small motor recreational
and utility vehicles. Seller shall be solely responsible for any compensation payable, by law or by contract, if any, to individual
inventors of Seller. Buyer shall have the exclusive right to apply for or register any patents, mask work rights, copyrights,
and such other proprietary protections, with respect to such intellectual property, on a worldwide basis., and to require the
incorporation of such intellectual property into the Deliverables at no additional charge. Seiter shall execute such documents,
render such assistance, and take such other actions as Seller may reasonably request to apply for, register, perfect, confirm,
and protect Buyer’s intellectual property rights under this section.

 

23.
MEDIA.
Seller shall not engage in (a) any external communications, media interviews, press releases, trade shows, or external engagements
or (b) issue or prepare any marketing, social media, or advertising materials regarding the products without Buyer’s prior
written consent.

 

    	 	17Exhibit 10.17

 

AUSTIN
EV, INC.

 

2017
LONG TERM INCENTIVE PLAN

 

     

     

    

 

TABLE
OF CONTENTS

 

	1.	Purpose	1
	2.	Definitions	1
	3.	Administration	5
	 	(a)	Authority
    of the Committee	5
	 	(b)	Manner
    of Exercise of Committee Authority	6
	 	(c)	Limitation
    of Liability	6
	4.	Stock Subject to Plan	6
	 	(a)	Overall
    Number of Shares Available for Delivery	6
	 	(b)	Application
    of Limitation to Grants of Awards	7
	 	(c)	Availability
    of Shares Not Issued under Awards	7
	 	(d)	Stock
    Offered	7
	5.	Eligibility; Per Person Award Limitations	7
	6.	Specific Terms of Awards	7
	 	(a)	General	7
	 	(b)	Options	8
	 	(c)	Stock
    Appreciation Rights	9
	 	(d)	Restricted
    Stock	10
	 	(e)	Restricted
    Stock Units	11
	 	(f)	Bonus
    Stock and Awards in Lieu of Obligations	11
	 	(g)	Dividend
    Equivalents	11
	 	(h)	Other
    Stock-Based Awards	12
	7.	Certain Provisions Applicable to Awards	12
	 	(a)	Termination
    of Employment	12
	 	(b)	Stand-Alone,
    Additional, Tandem, and Substitute Awards	12
	 	(c)	Term
    of Awards	12
	 	(d)	Form
    and Timing of Payment under Awards; Deferrals	13
	 	(e)	Exemptions
    from Section 16(b) Liability	13
	 	(f)	Non-Competition
    Agreement	13
	8.	Performance and Annual Incentive Awards	13
	 	(a)	Performance
    Conditions	13
	 	(b)	Performance
    Awards Granted to Designated Covered Employees	13
	 	(c)	Annual
    Incentive Awards Granted to Designated Covered Employees	15
	 	(d)	Written
    Determinations	16
	 	(e)	Status
    of Subsection 8(b) and Subsection 8(c) Awards under Section 162(m) of the Code	17
	9.	Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization	17
	 	(a)	Existence
    of Plans and Awards	17
	 	(b)	Subdivision
    or Consolidation of Shares	17
	 	(c)	Corporate
    Recapitalization	18
	 	(d)	Additional
    Issuances	18
	 	(e)	Change
    in Control	19
	 	(f)	Change
    in Control Price	19
	10.	General Provisions	20
	 	(a)	Restricted
    Securities	20
	 	(b)	Transferability	20
	 	(c)	Right
    of First Refusal	21
	 	(d)	Purchase
    Option	24
	 	(e)	Taxes	25
	 	(f)	Changes
    to this Plan and Awards	25
	 	(g)	Limitation
    on Rights Conferred under Plan	25
	 	(h)	Unfunded
    Status of Awards	26
	 	(i)	Nonexclusivity
    of this Plan	26
	 	(j)	Fractional
    Shares	26
	 	(k)	Severability	26
	 	(l)	Governing
    Law	26
	 	(m)	Conditions
    to Delivery of Stock	27
	 	(n)	Section
    409A of the Code	27
	 	(o)	Plan
    Effectiveness	27

 

    	 	i	 

     

    

 

AUSTIN
EV, INC.

2017
LONG TERM INCENTIVE PLAN

 

1.
Purpose. The purpose of the AUSTIN EV, INC. 2017 LONG TERM INCENTIVE PLAN (the “Plan”) is to provide a means
through which AUSTIN EV, INC., a Texas corporation (the “Company”), and its Subsidiaries may attract and retain able
persons as employees, nonemployee directors and consultants of the Company and its Subsidiaries and to provide a means whereby
those persons upon whom the responsibilities of the successful administration and management of the Company and its Subsidiaries
rest, and whose present and potential contributions to the welfare of the Company and its Subsidiaries are of importance, can
acquire and maintain stock ownership, or awards the value of which is tied to the performance of the Company, thereby strengthening
their concern for the welfare of the Company and its Subsidiaries, and their desire to remain employed. A further purpose of this
Plan is to provide such employees, nonemployee directors and consultants with additional incentive and reward opportunities designed
to enhance the profitable growth of the Company. Accordingly, this Plan primarily provides for the granting of Incentive Stock
Options, Nonqualified Stock Options, Restricted Stock Awards, Restricted Stock Units, Stock Appreciation Rights or any combination
of the foregoing, as is best suited to the circumstances of the particular individual as provided herein.

 

2.
Definitions. For purposes of this Plan, the following terms shall be defined as set forth below, in addition to such terms
defined in Section 1 hereof:

 

(a)
“Annual Incentive Award” means a conditional right granted to a Participant under Subsection 8(c) hereof to
receive a cash payment, Stock or other Award, unless otherwise determined by the Committee, after the end of a specified year.

 

(b)
“Award” means any Option, SAR (including Limited SAR), Restricted Stock Award, Restricted Stock Unit, Bonus
Stock, Dividend Equivalent, Other Stock-Based Award, Performance Award or Annual Incentive Award, together with any other right
or interest granted to a Participant under this Plan.

 

(c)
“Beneficiary” means one or more persons, trusts or other entities which have been designated by a Participant,
in his or her most recent written beneficiary designation filed with the Committee, to receive the benefits specified under this
Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under
Subsection 10(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary,
then the term Beneficiary means the persons, trusts or other entities entitled by will or the laws of descent and distribution
to receive such benefits.

 

(d)
“Board” means the Company’s Board of Directors.

 

(e)
“Business Day” means any day other than a Saturday, a Sunday, or a day on which banking institutions in the
State of Texas are authorized or obligated by law or executive order to close.

 

    	 	1	 

     

    

 

(f)
“Change in Control” means, unless otherwise defined in an Award agreement, the occurrence of any of the following
events:

 

(i)
A “change in the ownership of the Company” which shall occur on the date that any one person, or more than one person
acting as a group, acquires ownership of stock in the Company that, together with stock held by such person or group, constitutes
more than 50% of the total fair market value or total voting power of the stock of the Company; provided, however, that
if any one person or more than one person acting as a group, is considered to own more than 50% of the total fair market value
or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons will not
be considered a “change in the ownership of the Company” (or to cause a “change in the effective control of
the Company” within the meaning of Subsection 2(f)(ii) below) and an increase of the effective percentage of stock owned
by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange
for property will be treated as an acquisition of stock for purposes of this paragraph; provided, further, however,
that for purposes of this Subsection 2(f)(i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company,
or (B) any acquisition by investors (immediately prior to such acquisition) in the Company for financing purposes, as determined
by the Committee in its sole discretion. This Subsection 2(f)(i) applies only when there is a transfer of the stock of the Company
(or issuance of stock) and stock in the Company remains outstanding after the transaction.

 

(ii)
A “change in the effective control of the Company” which shall occur on the date that either (A) any one person, or
more than one person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most
recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power
of the stock of the Company, except for (1) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any entity controlled by the Company, or (2) any acquisition by investors (immediately prior to such acquisition)
in the Company for financing purposes, as determined by the Committee in its sole discretion; or (B) a majority of the members
of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority
of the members of the Board prior to the date of the appointment or election. For purposes of a “change in the effective
control of the Company,” if any one person, or more than one person acting as a group, is considered to effectively control
the Company within the meaning of this Subsection 2(f)(ii), the acquisition of additional control of the Company by the same person
or persons is not considered a “change in the effective control of the Company,” or to cause a “change in the
ownership of the Company” within the meaning of Subsection 2(f)(i) above.

 

(iii)
A “change in the ownership of a substantial portion of the Company’s assets” which shall occur on the date that
any one person, or more than one person acting as a group, acquires (or has acquired during the twelve month period ending on
the date of the most recent acquisition by such person or persons) assets of the Company that have a total gross fair market value
equal to or more than 40% of the total gross fair market value of all the assets of the Company immediately prior to such acquisition
or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets. Any transfer of assets to an entity
that is controlled by the shareholders of the Company immediately after the transfer, as provided in Treasury Regulation §
1.409A-3(i)(5)(vii), shall not constitute a Change in Control.

 

    	 	2	 

     

    

 

For
purposes of this Subsection 2(f), the provisions of Section 318(a) of the Code regarding the constructive ownership of stock will
apply to determine stock ownership; provided, however, that, stock underlying unvested options (including options exercisable
for stock that is not substantially vested) will not be treated as owned by the individual who holds the option. In addition,
for purposes of this Subsection 2(f) and except as otherwise provided in an Award agreement, “Company” includes (x)
the Company, (y) the entity for whom a Participant performs the services for which an Award is granted, and (z) an entity that
is a shareholder owning more than 50% of the total fair market value and total voting power (a “Majority Shareholder”)
of the Company or the entity identified in (y) above, or any entity in a chain of entities in which each entity is a Majority
Shareholder of another entity in the chain, ending in the Company or the entity identified in (y) above.

 

(g)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder
and successor provisions and regulations thereto.

 

(h)
“Committee” means a committee of two or more directors designated by the Board to administer this Plan; provided,
however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more directors, each
of whom shall be (i) a “nonemployee director” within the meaning of Rule 16b-3, and (ii) an “outside director”
as defined under section 162(m) of the Code unless administration of this Plan by “outside directors” is not then
required in order to qualify for tax deductibility under section 162(m) of the Code.

 

(i)
“Covered Employee” means an Eligible Person who is a Covered Employee as specified in Subsection 8(e) of this
Plan.

 

(j)
“Dividend Equivalent” means a right, granted to a Participant under Subsection 6(g), to receive cash, Stock,
other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other
periodic payments.

 

(k)
“Effective Date” means January 1, 2017.

 

(l)
“Eligible Person” means all officers and employees of the Company or of any Subsidiary, and other persons who
provide services to the Company or any of its Subsidiaries, including directors of the Company. An employee on leave of absence
may be considered as still in the employ of the Company or a Subsidiary for purposes of eligibility for participation in this
Plan.

 

(m)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder
and successor provisions and rules thereto.

 

    	 	3	 

     

    

 

(n)
“Fair Market Value” means (A) as of any specified date other than the date of a Qualifying Public Offering,
(i) if the Stock is listed on a national securities exchange, then the closing sales price per share of the Stock, as reported
on the consolidated transaction reporting system for the principal national securities exchange on which shares of Stock are listed,
on that date (or if no sale is reported on that date, on the last preceding date on which such sale of the Stock are so reported),
(ii) if the Stock is not listed on a national securities exchange, but is traded over the counter, then the average of the closing
bid and asked price on that date (or if there are no quotations available for such date, on the last preceding date on which such
quotations shall be available, as reported by an inter-dealer quotation system), or (iii) if the Stock is not so listed on a national
securities exchange or traded over the counter, then the fair market value of a share of Stock as determined by the Committee,
in its discretion in good faith, in such manner as it deems appropriate; or (B) on the date of a Qualifying Public Offering of
Stock, the offering price under such public offering.

 

(o)
“Incentive Stock Option” or “ISO” means any Option intended to be and designated as an incentive
stock option within the meaning of section 422 of the Code or any successor provision thereto.

 

(p)
“Nonqualified Stock Option” means any Option that does not meet the requirements of an Incentive Stock Option.

 

(q)
“Option” means a right, granted to a Participant under Subsection 6(b) hereof, to purchase Stock or
other Awards at a specified price during specified time periods.

 

(r)
“Other Stock-Based Awards” means Awards granted to a Participant under Subsection 6(i) hereof.

 

(s)
“Participant” means a person who has been granted an Award under this Plan which remains outstanding, including
a person who is no longer an Eligible Person.

 

(t)
“Performance Unit” means a right, granted to a Participant under Section 8 hereof, to receive Awards based
upon performance criteria specified by the Committee.

 

(u)
“Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm,
a company, a corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s
Affiliates and Associates (as those terms are defined in Rule 12b-2 under the Exchange Act), and any Persons acting as a partnership,
limited partnership, joint venture, association, syndicate or other group (whether or not formally organized), or otherwise acting
jointly or in concert or in a coordinated or consciously parallel manner (whether or not pursuant to any express agreement), for
the purpose of acquiring, holding, voting or disposing of securities of the Company with such Person, shall be deemed a single
“Person.”

 

(v)
“Qualifying Public Offering” shall mean a firm commitment underwritten public offering of Stock for cash where
the shares of Stock registered under the Securities Act are listed on a national securities exchange.

 

(w)
“Qualified Member” means a member of the Committee who is a “nonemployee Director” within the meaning
of Rule 16b-3(b)(3) and an “outside director” within the meaning of Treasury Regulation § 1.162-27 under section
162(m) of the Code.

 

    	 	4	 

     

    

 

(x)
“Restricted Stock” means Stock granted to a Participant under Subsection 6(d) hereof, that is subject to certain
restrictions and to a risk of forfeiture.

 

(y)
“Restricted Stock Unit” means a right, granted to a Participant under Subsection 6(e) hereof, to receive Stock,
cash or a combination thereof at the end of a specified deferral period.

 

(z)
“Rule 16b-3” means Rule 16b-3, promulgated by the Securities and Exchange Commission under section 16 of the
Exchange Act, as from time to time in effect and applicable to this Plan and Participants.

 

(aa)
“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder, or
any successor law, as it may be amended from time to time.

 

(bb)
“Stock” means the Company’s Common Stock, par value $0.001 per share, and such other securities as may
be substituted (or resubstituted) for Stock pursuant to Section 9.

 

(cc)
“Stock Appreciation Rights” or “SAR” means a right granted to a Participant under Subsection
6(c) hereof.

 

(dd)
“Subsidiary” means with respect to the Company, any corporation or other entity of which a majority of the
voting power of the voting equity securities or equity interest is owned, directly or indirectly, by the Company.

 

3.
Administration.

 

(a)
Authority of the Committee. This Plan shall be administered by the Committee except to the extent the Board elects to administer
this Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.”
Subject to the express provisions of the Plan and Rule 16b-3, the Committee shall have the authority, in its sole and absolute
discretion, to (i) adopt, amend, and rescind administrative and interpretive rules and regulations relating to the Plan; (ii)
determine the Eligible Persons to whom, and the time or times at which, Awards shall be granted; (iii) determine the amount of
cash and the number of shares of Stock, Stock Appreciation Rights, Restricted Stock Units or Restricted Stock Awards, or any combination
thereof, that shall be the subject of each Award; (iv) determine the terms and provisions of each Award agreement (which need
not be identical), including provisions defining or otherwise relating to (A) the term and the period or periods and extent of
exercisability of the Options, (B) the extent to which the transferability of shares of Stock issued or transferred pursuant to
any Award is restricted, (C) except as otherwise provided herein, the effect of termination of employment, or the service relationship
with the Company, of a Participant on the Award, and (D) the effect of approved leaves of absence (consistent with any applicable
regulations of the Internal Revenue Service); (v) accelerate the time of exercisability of any Award that has been granted; (vi)
construe the respective Award agreements and the Plan; (vii) make determinations of the Fair Market Value of the Stock pursuant
to the Plan; (viii) delegate its duties under the Plan to such agents as it may appoint from time to time, provided that
the Committee may not delegate its duties with respect to making Awards to, or otherwise with respect to Awards granted to, Eligible
Persons who are subject to section 16(b) of the Exchange Act or section 162(m) of the Code; and (ix) make all other determinations,
perform all other acts, and exercise all other powers and authority necessary or advisable for administering the Plan, including
the delegation of those ministerial acts and responsibilities as the Committee deems appropriate. Subject to Rule 16b-3 and section
162(m) of the Code, the Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan, in
any Award, or in any Award agreement in the manner and to the extent it deems necessary or desirable to carry the Plan into effect,
and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on
the matters referred to in this Subsection 3(a) shall be final and conclusive.

 

    	 	5	 

     

    

 

(b)
Manner of Exercise of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action
of the Committee relating to an Award granted or to be granted to a Participant who is then subject to section 16 of the Exchange
Act in respect of the Company, or relating to an Award intended by the Committee to qualify as “performance-based compensation”
within the meaning of section 162(m) of the Code and regulations thereunder, may be taken either (i) by a subcommittee, designated
by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is
not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that, upon such abstention
or recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee
or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes
of this Plan. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Subsidiaries,
shareholders, Participants, Beneficiaries, and transferees under Subsection 10(b) hereof or other persons claiming rights from
or through a Participant. The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers
of the Company or any Subsidiary, or committees thereof, the authority, subject to such terms as the Committee shall determine,
to perform such functions, including administrative functions, as the Committee may determine, to the extent that such delegation
will not result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to section 16 of
the Exchange Act in respect of the Company and will not cause Awards intended to qualify as “performance-based compensation”
under section 162(m) of the Code to fail to so qualify.

 

(c)
Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any
report or other information furnished to him or her by any officer or employee of the Company or a Subsidiary, the Company’s
legal counsel, independent auditors, consultants or any other agents assisting in the administration of this Plan. Members of
the Committee and any officer or employee of the Company or a Subsidiary acting at the direction or on behalf of the Committee
shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and shall,
to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination.

 

4.
Stock Subject to Plan.

 

(a)
Overall Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with any adjustment made
pursuant to Section 9, the total number of shares of Stock reserved and available for issuance in connection with Awards under
this Plan shall not exceed 125,000 shares (all of which shares are available for ISOs).

 

    	 	6	 

     

    

 

(b)
Application of Limitation to Grants of Awards. No Award may be granted if the number of shares of Stock to be delivered
in connection with such Award exceeds the number of shares of Stock remaining available under this Plan minus the number of shares
of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting procedures
to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments
if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an
Award.

 

(c)
Availability of Shares Not Issued under Awards. Shares of Stock subject to an Award under this Plan that expire or are
canceled, forfeited, settled in cash or otherwise terminated without an issuance of shares to the Participant, including (i) the
number of shares withheld in payment of any exercise or purchase price of an Award or taxes relating to Awards, and (ii) the number
of shares surrendered in payment of any exercise or purchase price of an Award or taxes relating to any Award, will again be available
for Awards under this Plan, except that if any such shares could not again be available for Awards to a particular Participant
under any applicable law or regulation, such shares shall be available exclusively for Awards to Participants who are not subject
to such limitation.

 

(d)
Stock Offered. The shares to be delivered under the Plan shall be made available from (i) authorized but unissued shares
of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company,
including shares purchased on the open market.

 

5.
Eligibility; Per Person Award Limitations. Awards may be granted under this Plan only to Persons who are Eligible Persons
at the time of grant thereof or in connection with the severance or retirement of Eligible Individuals. In each calendar year,
during any part of which this Plan is in effect, a Covered Employee may not be granted (a) Awards (other than Awards designated
to be paid only in cash or the settlement of which is not based on a number of shares of Stock) relating to more than 200,000
shares of Stock, subject to adjustment in a manner consistent with any adjustment made pursuant to Section 9 and (b) Awards designated
to be paid only in cash, or the settlement of which is not based on a number of shares of Stock, having a value determined on
the date of grant in excess of $1,000,000.

 

6.
Specific Terms of Awards.

 

(a)
General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee
may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Subsection 10(f)), such additional
terms and conditions, not inconsistent with the provisions of this Plan, as the Committee shall determine, including terms requiring
forfeiture of Awards in the event of termination of employment by the Participant, or termination of the Participant’s service
relationship with the Company, and terms permitting a Participant to make elections relating to his or her Award. The Committee
shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is
not mandatory under this Plan; provided, however, that the Committee shall not have any discretion to accelerate, waive
or modify any term or condition of an Award that is intended to qualify as “performance-based compensation” for purposes
of section 162(m) of the Code if such discretion would cause the Award to not so qualify.

 

    	 	7	 

     

    

 

(b)
Options. The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(i)
Exercise Price. Each Option agreement shall state the exercise price per share of Stock (the “Exercise Price”);
provided, however, that the Exercise Price per share of Stock subject to an Option shall not be less than the greater
of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant
of the Option (or, with respect to an ISO, in the case of an individual who owns stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or its parent or any subsidiary, 110% of the Fair Market Value per share of
the Stock on the date of grant).

 

(ii)
Time and Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which
an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements),
the methods by which such exercise price may be paid or deemed to be paid, the form of such payment, including without limitation
cash, Stock, other Awards or awards granted under other plans of the Company or any Subsidiary, or other property (including notes
or other contractual obligations of Participants to make payment on a deferred basis), and the methods by or forms in which Stock
will be delivered or deemed to be delivered to Participants, including, but not limited to, the delivery of Restricted Stock subject
to Subsection 6(d). In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued as of
the date of exercise.

 

(iii)
ISOs. The terms of any ISO granted under this Plan shall comply in all respects with the provisions of section 422 of the Code.
Anything in this Plan to the contrary notwithstanding, no term of this Plan relating to ISOs (including any SAR in tandem therewith)
shall be interpreted, amended or altered, nor shall any discretion or authority granted under this Plan be exercised, so as to
disqualify either this Plan or any ISO under section 422 of the Code, unless the Participant has first requested the change that
will result in such disqualification. ISOs shall not be granted more than ten (10) years after the earlier of the adoption of
this Plan or the approval of this Plan by the Company’s shareholders. Notwithstanding the foregoing, the Fair Market Value
of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any parent or Subsidiary corporation
(within the meaning of sections 424(e) and (f) of the Code) subject to any other ISO (within the meaning of section 422 of the
Code)) of the Company or a parent or Subsidiary corporation (within the meaning of sections 424(e) and (f) of the Code) that first
becomes purchasable by a Participant in any calendar year may not (with respect to that Participant) exceed $100,000, or such
other amount as may be prescribed under section 422 of the Code or applicable regulations or rulings from time to time. As used
in the previous sentence, Fair Market Value shall be determined as of the date the ISOs are granted. Failure to comply with this
provision shall not impair the enforceability or exercisability of any Option but shall cause the excess amount of shares to be
reclassified in accordance with the Code.

 

    	 	8	 

     

    

 

(c)
Stock Appreciation Rights. The Committee is authorized to grant SARs to Participants on the following terms and conditions:

 

(i)
Right to Payment. An SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof,
the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR as determined
by the Committee.

 

(ii)
Rights Related to Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender
that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Subsection
6(c)(ii)(B). That Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option
shall be subject to the terms of the Award agreement governing the Option, which shall comply with the following provisions in
addition to those applicable to Options:

 

(A)
An SAR granted in connection with an Option shall be exercisable only at such time or times and only to the extent that the related
Option is exercisable.

 

(B)
Upon the exercise of an SAR related to an Option, a Participant shall be entitled to receive payment from the Company of an amount
determined by multiplying:

 

(1)
the difference obtained by subtracting the exercise price of a share of Stock specified in the related Option from the Fair Market
Value of a share of Stock on the date of exercise of the SAR, by

 

(2)
the number of shares as to which that SAR has been exercised.

 

(iii)
Right Without Option. An SAR granted independent of an Option shall be exercisable as determined by the Committee and set
forth in the Award agreement governing the SAR, which Award agreement shall comply with the following provisions:

 

(A)
Each Award agreement shall state the total number of shares of Stock to which the SAR relates.

 

(B)
Each Award agreement shall state the time or periods in which the right to exercise the SAR or a portion thereof shall vest and
the number of shares of Stock for which the right to exercise the SAR shall vest at each such time or period.

 

(C)
Each Award agreement shall state the date at which the SARs shall expire if not previously exercised.

 

    	 	9	 

     

    

 

(D)
Each SAR shall entitle a participant, upon exercise thereof, to receive payment of an amount determined by multiplying:

 

(1)
the difference obtained by subtracting the Fair Market Value of a share of Stock on the date of grant of the SAR from the Fair
Market Value of a share of Stock on the date of exercise of that SAR, by

 

(2)
the number of shares as to which the SAR has been exercised.

 

(iv)
Terms. Except as otherwise provided herein, the Committee shall determine at the date of grant or thereafter, the time
or times at which and the circumstances under which an SAR may be exercised in whole or in part (including based on achievement
of performance goals and/or future service requirements), the method of exercise, method of settlement, form of consideration
payable in settlement, method by or forms in which Stock will be delivered or deemed to be delivered to Participants, whether
or not an SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. SARs may
be either freestanding or in tandem with other Awards.

 

(d)
Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants on the following terms and conditions:

 

(i)
Grant and Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and
other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times,
under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments
or otherwise, as the Committee may determine at the date of grant or thereafter. During the restricted period applicable to the
Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by
the Participant.

 

(ii)
Certificates for Stock. Restricted Stock granted under this Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require
that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted
Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the
Company, endorsed in blank, relating to the Restricted Stock.

 

(iii)
Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may require or permit
a Participant to elect that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares
of Restricted Stock or applied to the purchase of additional Awards under this Plan. Unless otherwise determined by the Committee,
Stock distributed in connection with a Stock split or Stock dividend, and other property distributed as a dividend, shall be subject
to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other
property has been distributed.

 

    	 	10	 

     

    

 

(e)
Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Participants, which are rights to
receive Stock or cash, as determined by the Committee, at the end of a specified deferral period, subject to the following terms
and conditions:

 

(i)
Award and Restrictions. Settlement of an Award of Restricted Stock Units shall occur upon expiration of the deferral period
specified for such Restricted Stock Unit by the Committee (or, if permitted by the Committee, as elected by the Participant).
In addition, Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee
may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including
based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or
otherwise, as the Committee may determine. Restricted Stock Units shall be satisfied by the delivery of cash or Stock in the amount
equal to the Fair Market Value of the specified number of shares of Stock covered by the Restricted Stock Units, or a combination
thereof, as determined by the Committee at the date of grant or thereafter.

 

(ii)
Dividend Equivalents. Unless otherwise determined by the Committee at date of grant, Dividend Equivalents on the specified
number of shares of Stock covered by an Award of Restricted Stock Units shall be either (A) paid with respect to such Restricted
Stock Units on the dividend payment date in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount
of such dividends, or (B) deferred with respect to such Restricted Stock Units and the amount or value thereof automatically deemed
reinvested in additional Restricted Stock Units, other Awards or other investment vehicles, as the Committee shall determine or
permit the Participant to elect.

 

(f)
Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant Stock as a bonus, or to grant Stock
or other Awards in lieu of obligations to pay cash or deliver other property under this Plan or under other plans or compensatory
arrangements, provided that, in the case of Participants subject to section 16 of the Exchange Act, the amount of such
grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Stock or other Awards
are exempt from liability under section 16(b) of the Exchange Act. Stock or Awards granted hereunder shall be subject to such
other terms as shall be determined by the Committee. In the case of any grant of Stock to an officer of the Company or a Subsidiary
in lieu of salary or other cash compensation, the number of shares granted in place of such compensation shall be reasonable,
as determined by the Committee.

 

(g)
Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to a Participant, entitling the Participant
to receive cash, Stock, other Awards, or other property equal in value to dividends paid with respect to a specified number of
shares of Stock, or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection with
another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed
to have been reinvested in additional Stock, Awards, or other investment vehicles, and subject to such restrictions on transferability
and risks of forfeiture, as the Committee may specify.

 

    	 	11	 

     

    

 

(h)
Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants
such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or
related to, Stock, as deemed by the Committee to be consistent with the purposes of this Plan, including without limitation convertible
or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value
and payment contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by
reference to the book value of Stock or the value of securities of or the performance of specified Subsidiaries. The Committee
shall determine the terms and conditions of such Awards. Stock delivered pursuant to an Award in the nature of a purchase right
granted under this Subsection 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in
such forms, including, without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine. Cash
awards, as an element of or supplement to any other Award under this Plan, may also be granted pursuant to this Subsection 6(h).

 

7.
Certain Provisions Applicable to Awards.

 

(a)
Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or any
other service relationship by and between a Participant and the Company or any Subsidiary shall be specified in the agreement
controlling such Award.

 

(b)
Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under this Plan may, in the discretion of the Committee,
be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted
under another plan of the Company, any Subsidiary, or any business entity to be acquired by the Company or a Subsidiary, or any
other right of a Participant to receive payment from the Company or any Subsidiary. Such additional, tandem and substitute or
exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Committee
shall require the surrender of such other Award in consideration for the grant of the new Award. In addition, Awards may be granted
in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Subsidiary, in
which the value of Stock subject to the Award is equivalent in value to the cash compensation, or in which the exercise price,
grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of
the underlying Stock minus the value of the cash compensation surrendered.

 

(c)
Term of Awards. Except as specified herein, the term of each Award shall be for such period as may be determined by the
Committee; provided, however, that in no event shall the term of any Option or SAR exceed a period of ten (10) years (or
such shorter term as may be required in respect of an ISO under section 422 of the Code).

 

    	 	12	 

     

    

 

(d)
Form and Timing of Payment under Awards; Deferrals. Subject to the terms of this Plan and any applicable Award agreement,
payments to be made by the Company or a Subsidiary upon the exercise of an Option or other Award or settlement of an Award may
be made in such forms as the Committee shall determine, including without limitation cash, Stock, other Awards or other property,
and may be made in a single payment or transfer, in installments, or on a deferred basis. Except as otherwise provided herein,
the settlement of any Award may be accelerated, and cash paid in lieu of Stock in connection with such settlement, in the discretion
of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Installment or deferred
payments may be required by the Committee (subject to Subsection 10(f) of this Plan, including the consent provisions thereof
in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election
of the Participant on terms and conditions established by the Committee. Payments may include, without limitation, provisions
for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend
Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. Any deferral shall only be allowed
as is provided in a separate deferred compensation plan adopted by the Company. This Plan shall not constitute an “employee
benefit plan” for purposes of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.

 

(e)
Exemptions from Section 16(b) Liability. It is the intent of the Company that the grant of any Awards to or other transaction
by a Participant who is subject to section 16 of the Exchange Act shall be exempt from such section pursuant to an applicable
exemption (except for transactions acknowledged in writing to be non-exempt by such Participant). Accordingly, if any provision
of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction,
such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule
16b-3 so that such Participant shall avoid liability under section 16(b) of the Exchange Act.

 

(f)
Non-Competition Agreement. Each Participant to whom an Award is granted under this Plan may be required to agree in writing
as a condition to the granting of such Award not to engage in conduct in competition with the Company or any of its Subsidiaries
for a period after the termination of such Participant’s employment with the Company and its Subsidiaries as determined
by the Committee.

 

8.
Performance and Annual Incentive Awards.

 

(a)
Performance Conditions. The right of a Participant to exercise or receive a grant or settlement of any Award, and the timing
thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business
criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise
its discretion to reduce or increase the amounts payable under any Award subject to performance conditions, except as limited
under Subsections 8(b) and 8(c) hereof in the case of a Performance Award or Annual Incentive Award intended to qualify under
section 162(m) of the Code.

 

(b)
Performance Awards Granted to Designated Covered Employees. If the Committee determines that a Performance Award to be
granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based
compensation” for purposes of section 162(m) of the Code, the grant, exercise and/or settlement of such Performance Award
may be contingent upon achievement of preestablished performance goals and other terms set forth in this Subsection 8(b).

 

    	 	13	 

     

    

 

(i)
Performance Goals Generally. The performance goals for such Performance Awards shall consist of one or more business criteria
or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified
by the Committee consistent with this Subsection 8(b). Performance goals shall be objective and shall otherwise meet the requirements
of section 162(m) of the Code and regulations thereunder (including Treasury Regulation § 1.162-27 and successor regulations
thereto), including the requirement that the level or levels of performance targeted by the Committee result in the achievement
of performance goals being “substantially uncertain.” The Committee may determine that such Performance Awards shall
be granted, exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals
must be achieved as a condition to grant, exercise and/or settlement of such Performance Awards. Performance goals may differ
for Performance Awards granted to any one Participant or to different Participants.

 

(ii)
Business and Individual Performance Criteria.

 

(A)
Business Criteria. One or more of the following business criteria for the Company, on a consolidated basis, and/or for
specified Subsidiaries or business or geographical units of the Company (except with respect to the total shareholder return criteria),
shall be used by the Committee in establishing performance goals for such Performance Awards: (1) earnings per share; (2) revenues,
(3) increase in revenues; (4) increase in cash flow; (5) increase in cash flow return; (6) return on net assets; (7) return on
assets; (8) return on investment; (9) return on capital; (10) return on equity; (11) economic value added; (12) operating margin;
(13) contribution margin; (14) net income before taxes; (15) net income after taxes; (16) pretax earnings; (17) pretax earnings
before interest, depreciation and amortization; (18) pretax operating earnings after interest expense and before incentives, service
fees, and extraordinary or special items; (19) total shareholder return; (20) debt reduction; (21) market share; (22) change in
the Fair Market Value of the Stock; (23) productivity measures; and (24) any of the above goals determined on an absolute or relative
basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not
limited to, the Standard & Poor’s 500 Stock Index or a group of comparable companies. One or more of the foregoing business
criteria shall also be exclusively used in establishing performance goals for Annual Incentive Awards granted to a Covered Employee
under Subsection 8(c) hereof.

 

(B)
Individual Performance Criteria. The grant, exercise and/or settlement of Performance Awards may also be contingent upon
individual performance goals established by the Committee. If required for compliance with section 162(m) of the Code, such criteria
shall be approved by the shareholders of the Company.

 

    	 	14	 

     

    

 

(iii)
Performance Period; Timing for Establishing Performance Goals. Achievement of performance goals in respect of such Performance
Awards shall be measured over a performance period of up to ten (10) years, as specified by the Committee. Performance goals shall
be established not later than 90 days after the beginning of any performance period applicable to such Performance Awards, or
at such other date as may be required or permitted for “performance-based compensation” under section 162(m) of the
Code.

 

(iv)
Performance Award Pool. The Committee may establish a Performance Award pool, which shall be an unfunded pool, for purposes
of measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall
be based upon the achievement of a performance goal or goals based on one or more of the criteria set forth in Subsection 8(b)(ii)
hereof during the given performance period, as specified by the Committee in accordance with Subsection 8(b)(iii) hereof. The
Committee may specify the amount of the Performance Award pool as a percentage of any of such criteria, a percentage thereof in
excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such criteria.

 

(v)
Settlement of Performance Awards; Other Terms. After the end of each performance period, the Committee shall determine
the amount, if any, of (A) the Performance Award pool, and the maximum amount of the potential Performance Award payable to each
Participant in the Performance Award pool, or (B) the amount of the potential Performance Award otherwise payable to each Participant.
Settlement of such Performance Awards shall be in cash, Stock, other Awards or other property, in the discretion of the Committee.
The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance
Awards, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance
Award subject to this Subsection 8(b). The Committee shall specify the circumstances in which such Performance Awards shall be
paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement
of Performance Awards.

 

(c)
Annual Incentive Awards Granted to Designated Covered Employees. If the Committee determines that an Annual Incentive Award
to be granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based
compensation” for purposes of section 162(m) of the Code, the grant, exercise and/or settlement of such Annual Incentive
Award shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Subsection 8(c).

 

(i)
Potential Annual Incentive Awards. Not later than the end of the 90th day of each applicable year, or at such other date
as may be required or permitted in the case of Awards intended to be “performance-based compensation” under section
162(m) of the Code, the Committee shall determine the Eligible Persons who will potentially receive Annual Incentive Awards, and
the amounts potentially payable thereunder, for that fiscal year, either out of an Annual Incentive Award pool established by
such date under Subsection 8(c)(i) hereof or as individual Annual Incentive Awards. The amount potentially payable, with respect
to Annual Incentive Awards, shall be based upon the achievement of a performance goal or goals based on one or more of the business
criteria set forth in Subsection 8(b)(ii) hereof in the given performance year, as specified by the Committee.

 

    	 	15	 

     

    

 

(ii)
Annual Incentive Award Pool. The Committee may establish an Annual Incentive Award pool, which shall be an unfunded pool,
for purposes of measuring performance of the Company in connection with Annual Incentive Awards. The amount of such Annual Incentive
Award pool shall be based upon the achievement of a performance goal or goals based on one or more of the business criteria set
forth in Subsection 8(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with Subsection
8(b)(iii) hereof. The Committee may specify the amount of the Annual Incentive Award pool as a percentage of any of such business
criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical
relationship to such business criteria.

 

(iii)
Payout of Annual Incentive Awards. After the end of each applicable year, the Committee shall determine the amount, if
any, of (A) the Annual Incentive Award pool, and the maximum amount of the potential Annual Incentive Award payable to each Participant
in the Annual Incentive Award pool, or (B) the amount of the potential Annual Incentive Award otherwise payable to each Participant.
The Committee may, in its discretion, determine that the amount payable to any Participant as a final Annual Incentive Award shall
be reduced from the amount of his or her potential Annual Incentive Award, including a determination to make no final Award whatsoever,
but may not exercise discretion to increase any such amount in the case of an Annual Incentive Award intended to qualify under
section 162(m) of the Code. The Committee shall specify the circumstances in which an Annual Incentive Award shall be paid or
forfeited in the event of termination of employment by the Participant prior to the end of the applicable year or settlement of
such Annual Incentive Award.

 

(d)
Written Determinations. All determinations by the Committee as to the establishment of performance goals, the amount of
any Performance Award pool or potential individual Performance Awards, the achievement of performance goals relating to Performance
Awards under Subsection 8(b), the amount of any Annual Incentive Award pool or potential individual Annual Incentive Awards, the
achievement of performance goals relating to Annual Incentive Awards under Subsection 8(c) shall be made in writing in the case
of any Award intended to qualify under section 162(m) of the Code. The Committee may not delegate any responsibility relating
to such Performance Awards or Annual Incentive Awards.

 

    	 	16	 

     

    

 

(e)
Status of Subsection 8(b) and Subsection 8(c) Awards under Section 162(m) of the Code. It is the intent of the Company
that Performance Awards and Annual Incentive Awards under Subsections 8(b) and 8(c) hereof granted to persons who are designated
by the Committee as likely to be Covered Employees within the meaning of section 162(m) of the Code and regulations thereunder
(including Treasury Regulation § 1.162-27 and successor regulations thereto) shall, if so designated by the Committee, constitute
“performance-based compensation” within the meaning of section 162(m) of the Code and regulations thereunder. Accordingly,
the terms of Subsections 8(b), (c), (d) and (e), including the definitions of Covered Employee and other terms used therein, shall
be interpreted in a manner consistent with section 162(m) of the Code and regulations thereunder. The foregoing notwithstanding,
because the Committee cannot determine with certainty whether a given Participant will be a Covered Employee with respect to a
fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a person designated by the
Committee, at the time of grant of Performance Awards or an Annual Incentive Award, who is likely to be a Covered Employee with
respect to that fiscal year. If any provision of this Plan as in effect on the date of adoption or any agreements relating to
Performance Awards or Annual Incentive Awards that are designated as intended to comply with section 162(m) of the Code does not
comply or is inconsistent with the requirements of section 162(m) of the Code or regulations thereunder, such provision shall
be construed or deemed amended to the extent necessary to conform to such requirements.

 

9.
Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.

 

(a)
Existence of Plans and Awards. The existence of this Plan and the Awards granted hereunder shall not affect in any way
the right or power of the Board or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization
or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue
of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company
or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

 

(b)
Subdivision or Consolidation of Shares. The terms of an Award and the number of shares of Stock authorized pursuant to
Section 4 for issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions:

 

(i)
If at any time, or from time to time, the Company shall subdivide as a whole (by a Stock split, by the issuance of a distribution
on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock,
then (A) the maximum number of shares of Stock available in connection with the Plan or Awards as provided in Sections 4 and 5
shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted,
(B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any Award shall be increased
proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities)
subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as
to which outstanding Awards remain exercisable or subject to restrictions.

 

(ii)
If at any time, or from time to time, the Company shall consolidate as a whole (by reverse Stock split, or otherwise) the number
of shares of Stock then outstanding into a lesser number of shares of Stock, (A) the maximum number of shares of Stock available
in connection with the Plan or Awards as provided in Sections 4 and 5 shall be decreased proportionately, and the kind of shares
or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of
shares or securities) that may be acquired under any Award shall be decreased proportionately, and (C) the price (including the
exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased
proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject
to restrictions.

 

    	 	17	 

     

    

 

(iii)
Whenever the number of shares of Stock subject to outstanding Awards and the price for each share of Stock subject to outstanding
Awards are required to be adjusted as provided in this Subsection 9(b), the Committee shall promptly prepare, and deliver to each
Participant, a notice setting forth, in reasonable detail, the event requiring adjustment, the amount of the adjustment, the method
by which such adjustment was calculated, and the change in price and the number of shares of Stock, other securities, cash, or
property purchasable subject to each Award after giving effect to the adjustments.

 

(iv)
Adjustments under Subsections 9(b)(i) and (ii) shall be made by the Committee, and its determination as to what adjustments shall
be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan
on account of any such adjustments.

 

(c)
Corporate Recapitalization.

 

(i)
If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure (a “recapitalization”),
the number and class of shares of Stock covered by an Option or an SAR theretofore granted shall be adjusted so that such Option
or SAR shall thereafter cover the number and class of shares of stock and securities to which the holder would have been entitled
pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of
record of the number of shares of Stock then covered by such Option or SAR and the share limitations provided in Sections 4 and
5 shall be adjusted in a manner consistent with the recapitalization.

 

(ii)
In the event of changes in the outstanding Stock by reason of recapitalization, reorganizations, mergers, consolidations, combinations,
exchanges or other relevant changes in capitalization occurring after the date of the grant of any Award and not otherwise provided
for by this Section 9, any outstanding Awards and any agreements evidencing such Awards shall be subject to adjustment by the
Committee at its discretion as to the number and price of shares of Stock or other consideration subject to such Awards. In the
event of any such change in the outstanding Stock, the share limitations provided in Sections 4 and 5 may be appropriately adjusted
by the Committee, whose determination shall be conclusive.

 

(d)
Additional Issuances. Except as hereinbefore expressly provided, the issuance by the Company of shares of stock of any
class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon
the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible
into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price
per share, if applicable.

 

    	 	18	 

     

    

 

(e)
Change in Control. Upon a Change in Control the Committee, acting in its sole discretion without the consent or approval
of any holder, shall affect one or more of the following alternatives, which may vary among individual holders and which may vary
among Options or SARs (collectively “Grants”) held by any individual holder: (i) accelerate the time at which Grants
then outstanding may be exercised so that such Grants may be exercised in full for a limited period of time on or before a specified
date (before or after such Change in Control) fixed by the Committee, after which specified date all unexercised Grants and all
rights of holders thereunder shall terminate, (ii) require the mandatory surrender to the Company by selected holders of some
or all of the outstanding Grants held by such holders (irrespective of whether such Grants are then exercisable under the provisions
of this Plan) as of a date, before or after such Change in Control, specified by the Committee, in which event the Committee shall
thereupon cancel such Grants and pay to each holder an amount of cash per share equal to the excess, if any, of the amount calculated
in Subsection 9(f) (the “Change in Control Price”) of the shares subject to such Grants over the exercise price(s)
under such Grants for such shares, or (iii) make such adjustments to Grants then outstanding as the Committee deems appropriate
to reflect such Change in Control; provided, however, that the Committee may determine in its sole discretion that no adjustment
is necessary to Grants then outstanding; provided, further, however, that the right to make such adjustments shall include,
but not be limited to, the modification of Grants such that the holder of the Grant shall be entitled to purchase or receive (in
lieu of the total shares or other consideration that the holder would otherwise be entitled to purchase or receive under the Grant
(the “Total Consideration”)), the number of shares of stock, other securities, cash or property to which the Total
Consideration would have been entitled to in connection with the Change in Control (A) (in the case of Options), at an aggregate
exercise price equal to the exercise price that would have been payable if the total shares had been purchased upon the exercise
of the Grant immediately before the consummation of the Change in Control and (B) (in the case of SARs) if the SARs had been exercised
immediately before the consummation of the Change in Control.

 

(f)
Change in Control Price. The “Change in Control Price” shall equal the amount determined in clause (i), (ii),
(iii), (iv) or (v), whichever is applicable, as follows: (i) the per share price offered to holders of Stock in any merger or
consolidation, (ii) the per share value of the Stock immediately before the Change in Control without regard to assets sold in
the Change in Control and assuming the Company has received the consideration paid for the assets in the case of a sale of the
assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders
of Stock in any tender offer or exchange offer whereby a Change in Control takes place, or (v) if such Change in Control occurs
other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Subsection 9(f), the Fair Market Value
per share of the shares that may otherwise be obtained with respect to such Grants or to which such Grants track, as determined
by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Grants. In the
event that the consideration offered to shareholders of the Company in any transaction described in this Subsection 9(f) or Subsection
9(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration
offered which is other than cash.

 

    	 	19	 

     

    

 

10.
General Provisions.

 

(a)
Restricted Securities. Prior to a Qualifying Public Offering, the Stock to be issued under this Plan, which is issued in
reliance on the exemption from registration set forth in Rule 701, shall be deemed to be “restricted securities” as
defined in Rule 144, promulgated by the Securities and Exchange Commission under the Securities Act as from time to time in effect
and applicable to the Plan and Participants. Resales of such Stock by the holder thereof shall be in compliance with the Securities
Act or an exemption therefrom. Such Stock may bear a legend if determined necessary by the Committee in substantially the following
form:

 

“THE
SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNTIL THE
HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO AUSTIN EV, INC. (THE “CORPORATION”) (WHICH, IN THE DISCRETION OF THE
CORPORATION, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER, OR OTHER
DISPOSITION WILL NOT VIOLATE APPLICABLE FEDERAL OR STATE LAWS.”

 

(b)
Transferability.

 

(i)
Permitted Transferees. The Committee may, in its discretion, permit a Participant to transfer all or any portion of an
Option, or authorize all or a portion of an Option to be granted to an Eligible Person to be on terms which permit transfer by
such Participant; provided that, in either case the transferee or transferees must be any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, in each case with respect to the Participant, any person sharing
the Participant’s household (other than a tenant or employee of the Company), a trust in which these persons have more than
50% of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, or
any other entity in which these persons (or the Participant) own more than 50% of the voting interests (collectively, “Permitted
Transferees”); provided further that, (X) there may be no consideration for any such transfer and (Y) subsequent
transfers of Options transferred as provided above shall be prohibited except subsequent transfers back to the original holder
of the Option and transfers to other Permitted Transferees of the original holder. Agreements evidencing Options with respect
to which such transferability is authorized at the time of grant must be approved by the Committee, and must expressly provide
for transferability in a manner consistent with this Subsection 10(b)(i).

 

(ii)
Qualified Domestic Relations Orders. An Option, Stock Appreciation Right, Restricted Stock Unit Award, Restricted Stock
Award or other Award may be transferred, to a Permitted Transferee, pursuant to a domestic relations order entered or approved
by a court of competent jurisdiction upon delivery to the Company of written notice of such transfer and a certified copy of such
order.

 

    	 	20	 

     

    

 

(iii)
Other Transfers. Except as expressly permitted by Subsections 10(b)(i) and 10(b)(ii), Awards shall not be transferable
other than by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 10, an Incentive
Stock Option shall not be transferable other than by will or the laws of descent and distribution.

 

(iv)
Effect of Transfer. Following the transfer of any Award as contemplated by Subsections 10(b)(i), 10(b)(ii) and 10(b)(iii),
(A) such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer,
provided that the term “Participant” shall be deemed to refer to the Permitted Transferee, the recipient under a qualified
domestic relations order, or the estate or heirs of a deceased Participant, as applicable, to the extent appropriate to enable
the Participant to exercise the transferred Award in accordance with the terms of this Plan and applicable law and (B) the provisions
of the Award relating to exercisability shall continue to be applied with respect to the original Participant and, following the
occurrence of any applicable events described therein the Awards shall be exercisable by the Permitted Transferee, the recipient
under a qualified domestic relations order, or the estate or heirs of a deceased Participant, as applicable, only to the extent
and for the periods that would have been applicable in the absence of the transfer.

 

(v)
Procedures and Restrictions. Any Participant desiring to transfer an Award as permitted under Subsections 10(b)(i), 10(b)(ii)
or 10(b)(iii) shall make application therefor in the manner and time specified by the Committee and shall comply with such other
requirements as the Committee may require to assure compliance with all applicable securities laws. The Committee shall not give
permission for such a transfer if (A) it would give rise to short swing liability under section 16(b) of the Exchange Act or (B)
it may not be made in compliance with all applicable federal, state and foreign securities laws.

 

(vi)
Registration. To the extent the issuance to any Permitted Transferee of any shares of Stock issuable pursuant to Awards
transferred as permitted in this Subsection 10(b) is not registered pursuant to the effective registration statement of the Company
generally covering the shares to be issued pursuant to this Plan to initial holders of Awards, the Company shall not have any
obligation to register the issuance of any such shares of Stock to any such transferee.

 

(c)
Right of First Refusal. If any Participant (“Transferor”), regardless of whether such Participant is the original
holder of the Award contemplated in this Subsection 10(c), proposes to sell, transfer, assign, hypothecate, make gifts of or in
any manner dispose of, encumber, or alienate (each individually constituting a “Transfer”) to a transferee, any Stock,
obtained in connection with any Award held by such Transferor, either pursuant to a bona fide offer (“Offer”) from
a potential transferee (“Offeror”) or by effecting a gift of the Stock (“Gift”) to a donee (“Donee”)
without consideration, then the Transferor must comply with the provisions of this Subsection 10(c), including, without limitation,
acknowledging and allowing the applicable time periods to lapse with respect to the rights of the Company as provided herein,
before accepting any such Offer or otherwise affecting the Transfer of any Stock pursuant to such Offer, or affecting any such
Gift.

 

    	 	21	 

     

    

 

(i)
Statement of Offer. Before accepting any Offer or affecting any Gift, the Transferor shall obtain from the Offeror or Donee,
as the case may be, a statement (“Statement”) in writing addressed to the Transferor and signed by the Offeror or
Donee, setting forth: (i) the date of the Statement (the “Statement Date”); (ii) the number of shares of Stock covered
by the Offer or Gift and, in the case of an Offer, the price per share to be paid by the Offeror and the terms of payment of such
price; (iii) the Offeror’s or Donee’s willingness to be bound by the terms of this Subsection 10(c) and execute and
deliver to the Company such documentation as required under this Subsection 10(c); (iv) the Offeror’s or Donee’s name,
address and telephone number; and (v) the Offeror’s or Donee’s willingness to supply any additional information about
himself or herself as may be reasonably requested by the Company. Promptly upon receipt of a Statement, and before accepting the
Offer or affecting the Gift to which the Statement relates, the Transferor shall deliver to the Company (1) a copy of the Statement,
and (2) in the case of an Offer, evidence reasonably satisfactory to the Company as to the Offeror’s financial ability to
consummate the proposed purchase.

 

(ii)
Company Rights. Subject to the provisions of Subsection 10(c)(i), upon receipt of a copy of the Statement, the Company
shall have the exclusive right and option (the “Right”), but not the obligation, to purchase all of the shares of
Stock that the Offeror proposes to purchase from the Transferor or, in the case of a Gift, that the Transferor proposes to give
to the Donee (collectively, “Subject Securities”) (A) in the case of an Offer, for the per share price and on the
terms as set forth in the Statement; provided, however, that if the purchase price is payable in whole or in part in property
(which term shall include the securities of any issuer other than the Company) other than cash, the Company may pay, in lieu of
such property, a sum of cash equal to the fair market value of such property as determined by the Transferor and the Company in
good faith or, if the Transferor and the Company do not agree on the fair market value of such property within five days after
the Company delivers written notice (as described below) of its intention to exercise the Right, then the Transferor and the Company
shall select one independent appraiser (with each of the Transferor and the Company jointly bearing one-half of the expense of
the appraiser) to determine the fair market value of that property and the appraised fair market value of that property as determined
by such appraiser shall be deemed the fair market value of that property for purposes of this Subsection 10(c)(ii), or (B) in
the case of a Gift, the Fair Market Value of the Subject Securities, as determined in good faith by the Company; provided
that the Transferor may elect to retain the Subject Securities rather than sell the Subject Securities at the Fair Market Value
as determined by the Company by giving written notice thereof to the Company within five days after such determination by the
Company is received in writing by the Transferor. The Company shall exercise the Right by giving written notice thereof to the
Transferor. Upon exercising the Right, the Company shall have the obligation, to the extent it lawfully may do so, to purchase
the Subject Securities within 30 days after the date of the Company’s receipt of its copy of the Statement on and subject
to the terms and conditions hereof. If the terms of the purchase include the Transferor’s release of any pledge or encumbrance
on the Subject Securities and the Transferor shall have failed to obtain the release of the pledge or encumbrance by the purchase
date, at the Company’s option the purchase shall occur on the scheduled date with the purchase price reduced to the extent
of all unpaid indebtedness for which the Subject Securities are then pledged or encumbered. Failure by the Company to exercise
the Right, or failure by the Company to otherwise perform its obligations under this Subsection 10(c)(ii), within the 30 day period
herein prescribed shall be deemed an election by the Company not to exercise the Right. If the Company exercises the Right and
is unable for any reason to perform its obligations thereunder in accordance with this Subsection 10(c), the Company may assign
all or a portion of its rights under the Right to any one or more of the Company’s shareholders (other than the Transferor)
(“Assignee Shareholder”), as the Board shall determine, in its sole and absolute discretion.

 

    	 	22	 

     

    

 

(iii)
Purchase of Less Than All Shares. Anything in Subsection 10(c) to the contrary notwithstanding, the Company and any Assignee
Shareholder individually may, pursuant to the exercise of the Right, purchase fewer than all of the Subject Securities provided
that such Persons in the aggregate purchase all, and not less than all, of the Subject Securities, and it shall be a condition
precedent to the obligation of any of such Persons to purchase any Subject Securities, that all, and not less than all, of the
Subject Securities have been elected to be purchased pursuant to the exercise of the Right.

 

(iv)
Failure to Exercise Right or Consummate Transaction. If the Company elects not to exercise the Right, or if the Right is
exercised and the obligations to be performed thereunder by the Company are not performed in accordance with this Subsection 10(c),
or if the Company’s rights are assigned to an Assignee Shareholder and such Assignee Shareholder fails to perform his or
her obligations under the assigned Right in accordance with this Subsection 10(c), then, subject to the application of any applicable
state or federal securities laws, the Transferor may dispose of all of the Subject Securities within 90 days after the date of
the Statement at the per share price and on the terms, if any, as set forth in the Statement free and clear of the terms of this
Subsection 10(c); provided, however, that (A) any subsequent transfer by the Offeror or Donee, as applicable, shall once
again be subject to this Subsection 10(c) and (B) if the sale or gift of the Subject Securities is not consummated within such
90-day period, then the Transfer of any such Stock shall once again be subject to the terms of this Subsection 10(c).

 

(v)
Legend. To assure the enforceability of the Company’s rights under this Subsection 10(c), until the date of a Qualifying
Public Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s
discretion, bear a conspicuous legend in substantially the following form:

 

“THE
SHARES [REPRESENTED BY THIS CERTIFICATE] [ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST
REFUSAL IN THE CASE OF A TRANSFER AS PROVIDED UNDER THE COMPANY’S 2017 LONG TERM INCENTIVE PLAN AND/OR AN AWARD AGREEMENT
ENTERED INTO PURSUANT THERETO. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS
PRINCIPAL EXECUTIVE OFFICES.”

 

    	 	23	 

     

    

 

(vi)
Expiration. The rights and obligations pursuant to this Subsection 10(c) hereof will terminate upon the date of a Qualifying
Public Offering.

 

(d)
Purchase Option.

 

(i)
Except as otherwise expressly provided in any particular Award, (A) if a Participant ceases to be employed by or perform services
for the Company or its Subsidiaries for any reason at any time or (B) upon the occurrence of a Change in Control, the Company
(and/or its designee(s)) shall have the option (the “Purchase Option”) to purchase, and the Participant (or the Participant’s
executor or the administrator of the Participant’s estate in the event of the Participant’s death, or the transferee
of the Stock or Award in the case of any disposition, or the Participant’s legal representative in the event of the Participant’s
incapacity) (hereinafter, collectively with such Participant, the “Grantor”) shall sell to the Company and/or its
designee(s), all or any portion (at the Company’s option) of the shares of Stock issued pursuant to this Plan and held by
the Grantor (such shares of Stock herein referred to as the “Purchasable Shares”).

 

(ii)
The Company shall give notice in writing to the Grantor of the exercise of the Purchase Option within one year of the date of
the termination of the Participant’s employment or service relationship or the date of the Change in Control. Such notice
shall state the number of Purchasable Shares to be purchased and the determination of the Board of the Fair Market Value per share
of such Purchasable Shares, or the Change in Control Price as defined in Subsection 9(f), if applicable. If no notice is given
within the time limit specified above, the Purchase Option shall terminate.

 

(iii)
The purchase price to be paid for the Purchasable Shares purchased pursuant to the Purchase Option shall be, the Fair Market Value
per share, or the Change in Control Price if applicable, as of the date of the notice of exercise of the Purchase Option times
the number of shares being purchased. The purchase price shall be paid in cash. The closing of such purchase shall take place
at the Company’s principal executive offices within ten (10) days after the purchase price has been determined. At such
closing, the Grantor shall deliver to the purchasers the certificates or instruments evidencing the Purchasable Shares being purchased
free and clear of all liens and encumbrances (if any), duly endorsed (or accompanied by duly executed stock powers) and otherwise
in good form for delivery, against payment of the purchase price by check of the purchasers. In the event that, notwithstanding
the foregoing, the Grantor shall have failed to obtain the release of any pledge or other encumbrance on any Purchasable Shares
by the scheduled closing date, at the option of the purchasers, the closing shall nevertheless occur on such scheduled closing
date, with the cash purchase price being reduced to the extent of all unpaid indebtedness for which such Purchasable Shares are
then pledged or encumbered.

 

    	 	24	 

     

    

 

(iv)
To assure the enforceability of the Company’s rights under this Subsection 10(d), until the date of a Qualifying Public
Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s
discretion, bear a conspicuous legend in substantially the following form:

 

“THE
SHARES [REPRESENTED BY THIS CERTIFICATE] [ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO AN OPTION TO REPURCHASE PROVIDED
UNDER THE PROVISIONS OF THE COMPANY’S 2017 LONG TERM INCENTIVE PLAN AND/OR AN AWARD AGREEMENT ENTERED INTO PURSUANT THERETO.
COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 

(v)
The Company’s rights under this Subsection 10(d) shall terminate upon the date of a Qualifying Public Offering.

 

(e)
Taxes. The Company and any Subsidiary is authorized to withhold from any Award granted, or any payment relating to an Award
under this Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially payable in
connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable
the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to
any Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in
respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or elective basis in the discretion
of the Committee.

 

(f)
Changes to this Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate this Plan or the Committee’s
authority to grant Awards under this Plan without the consent of shareholders or Participants, except that any amendment or alteration
to this Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s shareholders
not later than the annual meeting next following such Board action if such shareholder approval is required by any federal or
state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed
or quoted, and the Board may otherwise, in its discretion, determine to submit other such changes to this Plan to shareholders
for approval; provided, however, that, without the consent of an affected Participant, no such Board action may materially
and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Committee may waive
any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award
agreement relating thereto, except as otherwise provided in this Plan; provided, however, that, without the consent of
an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under such
Award.

 

(g)
Limitation on Rights Conferred under Plan. Neither this Plan nor any action taken hereunder shall be construed as (i) giving
any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the
Company or a Subsidiary, (ii) interfering in any way with the right of the Company or a Subsidiary to terminate any Eligible Person’s
or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim
to be granted any Award under this Plan or to be treated uniformly with other Participants or employees or other service providers,
or (iv) conferring on a Participant any of the rights of a shareholder of the Company unless and until the Participant is duly
issued or transferred shares of Stock in accordance with the terms of an Award.

 

    	 	25	 

     

    

 

(h)
Unfunded Status of Awards. This Plan is intended to constitute an “unfunded” plan for certain incentive awards.

 

(i)
Nonexclusivity of this Plan. Neither the adoption of this Plan by the Board nor its submission to the shareholders of the
Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt
such other incentive arrangements as it may deem desirable, including incentive arrangements and awards which do not qualify under
section 162(m) of the Code. Nothing contained in this Plan shall be construed to prevent the Company or any Subsidiary from taking
any corporate action which is deemed by the Company or such Subsidiary to be appropriate or in its best interest, whether or not
such action would have an adverse effect on this Plan or any Award made under this Plan. No employee, beneficiary or other person
shall have any claim against the Company or any Subsidiary as a result of any such action.

 

(j)
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to this Plan or any Award. The Committee
shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

(k)
Severability. If any provision of this Plan is held to be illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed
and enforced as if the illegal or invalid provision had never been included herein. If any of the terms or provisions of this
Plan or any Award agreement conflict with the requirements of Rule 16b3 (as those terms or provisions are applied to Eligible
Persons who are subject to section 16(b) of the Exchange Act) or section 422 of the Code (with respect to Incentive Stock Options),
then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of
Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not
comply with Rule 16b-3) or section 422 of the Code. With respect to Incentive Stock Options, if this Plan does not contain any
provision required to be included herein under section 422 of the Code, that provision shall be deemed to be incorporated herein
with the same force and effect as if that provision had been set out at length herein; provided, further, that, to the
extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to that extent) shall
be deemed an Option not subject to section 422 of the Code for all purposes of the Plan.

 

(l)
Governing Law. All questions arising with respect to the provisions of the Plan and Awards shall be determined by application
of the laws of the State of Texas, without giving effect to any conflict of law provisions thereof, except to the extent Texas
law is preempted by federal law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable federal
and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale,
or delivery of such Stock.

 

    	 	26	 

     

    

 

(m)
Conditions to Delivery of Stock. Nothing herein or in any Award granted hereunder or any Award agreement shall require
the Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute
a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable statute or regulation,
or the rules of any applicable securities exchange or securities association, as then in effect. At the time of any exercise of
an Option or Stock Appreciation Right, or at the time of any grant of a Restricted Stock Award, Restricted Stock Unit, or other
Award the Company may, as a condition precedent to the exercise of such Option or Stock Appreciation Right or settlement of any
Restricted Stock Award, Restricted Stock Unit or other Award, require from the Participant (or in the event of his or her death,
his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s
intentions with regard to the retention or disposition of the shares of Stock being acquired pursuant to the Award and such written
covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may
be necessary to ensure that any disposition by that holder (or in the event of the holder’s death, his or her legal representatives,
heirs, legatees, or distributees) will not involve a violation of the Securities Act or any similar or superseding statute or
statutes, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities
association, as then in effect.

 

(n)
Section 409A of the Code. It is intended that any Awards under this Plan that are subject to section 409A of the Code satisfy
the requirements of section 409A of the Code and related regulations and Internal Revenue Service and Department of Treasury pronouncements
to avoid imposition of applicable taxes thereunder. Accordingly, notwithstanding anything in this Plan to the contrary, if any
Plan provision or Award under this Plan would result in the imposition of an applicable tax under section 409A of the Code and
related regulations and Internal Revenue Service and Department of Treasury pronouncements, that Plan provision or Award will
be reformed to the extent permissible under section 409A of the Code with the intent to avoid imposition of the applicable tax
and no action taken to comply with Section 409A of the Code shall be deemed to adversely affect the Participant’s rights
to an Award. Moreover, notwithstanding any provision in Section 9 to the contrary, no adjustment or substitution pursuant to Section
9 shall be made in a manner that results in noncompliance with the requirements of section 409A of the Code, to the extent applicable.

 

(o)
Plan Effectiveness. This Plan has been adopted by the Board effective as of the Effective Date. No new Awards shall be
granted under the Plan after the tenth (10th) anniversary of the Effective Date.

 

    	 	27

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