Document:

Exhibit 10.1

 

BABCOCK & WILCOX ENTERPRISES, INC.

 

2021 LONG-TERM INCENTIVE PLAN

 

Babcock & Wilcox Enterprises, Inc.,
a Delaware corporation, sets forth herein the terms of its 2021 Long-Term Incentive Plan, as follows:

 

1.            PURPOSE

 

The Plan is intended to enhance the Company’s
and its Affiliates’ ability to attract and retain highly qualified employees, officers, Non-Employee Directors, and Consultants,
and to motivate such employees, officers, Non-Employee Directors, and Consultants to serve the Company and its Affiliates and to expend
maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or
increase a direct proprietary interest in the operations and future success of the Company. To this end, the Plan provides for the grant
of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, and Other Stock-based Awards. Any of these Awards may,
but need not, be made as performance incentives to reward attainment of performance goals in accordance with the terms hereof. Options
may be Non-qualified Stock Options or Incentive Stock Options. Upon becoming effective, the Plan replaces, and no further awards shall
be made under, the Predecessor Plan.

 

2.            DEFINITIONS

 

For purposes of interpreting the Plan and related
documents (including Award Agreements), the following definitions shall apply:

 

2.1.            “Affiliate”
means any company or other trade or business that “controls,” is “controlled by” or is “under
common control” with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without
limitation, any Subsidiary.

 

2.2.            “Award”
means a grant of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Other Stock-based Award under
the Plan.

 

2.3.            “Award
Agreement” means a written agreement between the Company and a Participant, or notice from the Company or an Affiliate
to a Participant, that evidences and sets out the terms and conditions of an Award.

 

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

 

2.5.            “Change in Control”
shall have the meaning set forth in Section  15.3.2.

 

2.6.            “Code”
means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. References to the Code shall include the
valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder.

 

2.7.            “Committee” means
the Compensation Committee, any successor committee or any committee or other person or persons designated by the Board to
administer the Plan. The Board will cause the Committee to satisfy the applicable requirements of any stock exchange on which the
Common Stock may then be listed. For purposes of Awards to Participants who are subject to Section 16 of the Exchange Act,
Committee means all of the members of the Committee who are “non-employee directors” within the meaning of
Rule 16b-3 adopted under the Exchange Act. All references in the Plan to the Board shall mean such Committee or the
Board.

 

    

    

    

 

2.8.            “Common
Stock,” “Stock” or “Share” means a share of common stock of the Company, par value $0.01
per share.

 

2.9.            “Company”
means Babcock & Wilcox Enterprises, Inc., a Delaware corporation, or any successor corporation.

 

2.10.            “Consultant”
means a natural person (qualifying as an “employee” for purposes of Form S-8) who is neither an employee
nor a Non-Employee Director and who performs services for the Company or an Affiliate pursuant to a contract, provided that those services
are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote
or maintain a market for the Company’s securities..

 

2.11.            “Effective
Date” means May 20, 2021, the date the Plan was approved by the Company’s shareholders.

 

2.12.            “Exchange
Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 

2.13.            “Fair
Market Value” of a share of Common Stock as of a particular date means (i) if the Common Stock is listed on a national
securities exchange, the closing or last price of the Common Stock on the composite tape or other comparable reporting system for the
applicable date, or if the applicable date is not a trading day, the trading day immediately preceding the applicable date, or (ii) if
the shares of Common Stock are not then listed on a national securities exchange, the closing or last price of the Common Stock quoted
by an established quotation service for over-the-counter securities, or (iii) if the shares of Common Stock are not then listed on
a national securities exchange or quoted by an established quotation service for over-the-counter securities, or the value of such shares
is not otherwise determinable, such value as de-termined by the Board in good faith in its sole discretion.

 

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

 

2.15.            “Grant
Date” means, as determined by the Board, the latest to occur of (i) the date as of which the Board approves an Award,
(ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section  6 hereof,
or (iii) such other date as may be specified by the Board in the Award Agreement

 

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2.16.            “Incentive Stock
Option” means an “incentive stock option” within the meaning of Section 422 of the Code, or the corresponding
provision of any subsequently enacted tax statute, as amended from time to time.

 

2.17.            “Non-Employee
Director” means a member of the Board who is not an officer or employee of the Company or any Subsidiary.

 

 2.18.             “Non-qualified Stock Option” means an Option that is not an Incentive Stock Option.

 

2.19.            “Option”
means an option to purchase one or more shares of Stock pursuant to the Plan.

 

 2.20.             “Option Price” means the exercise price for each share of Stock subject to an Option.

 

2.21.            “Other
Stock-based Awards” means Awards consisting of Stock units, or other Awards, valued in whole or in part by reference
to, or otherwise based on, Common Stock, other than Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units.

 

2.22.            “Participant”
means a person who receives or holds an Award under the Plan.

 

2.23.            “Performance
Award” means an Award made subject to the attainment of performance goals (as described
in Section  12) over a performance period established by the Committee.

 

2.24.            “Plan”
means this Babcock & Wilcox Enterprises, Inc. 2021 Long-Term Incentive Plan, as amended from time to time.

 

2.25.            “Predecessor
Plan” means the Babcock & Wilcox Enterprises, Inc. Amended and Restated 2015 Long-Term Incentive Plan (Amended
and Restated as of June 16, 2020).

 

2.26.            “Purchase
Price” means the purchase price for each share of Stock pursuant to a grant of Restricted Stock.

 

2.27.            “Restricted
Period” shall have the meaning set forth in Section  10.1.

 

2.28.            “Restricted
Stock” means shares of Stock, awarded to a Participant pursuant to Section 10
hereof.

 

2.29.            “Restricted
Stock Unit” means a bookkeeping entry representing the equivalent of shares of Stock, awarded to a Participant pursuant
to Section  10 hereof.

 

2.30.            “SAR
Exercise Price” means the per share exercise price of a SAR granted to a Participant under Section  9 hereof.

 

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

 

2.32.            “Section 409A”
means Section 409A of the Code.

 

2.33.            “Securities
Act” means the Securities Act of 1933, as now in effect or as hereafter amended.

 

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2.34.            “Separation
from Service” means a termination of Service by a Service Provider, as determined by the Board, which determination shall
be final, binding and conclusive; provided if any Award governed by Section 409A is to be distributed on a Separation from Service,
then the definition of Separation from Service for such purposes shall comply with the definition provided in Section 409A.

 

2.35.            “Service”
means service as a Service Provider to the Company or an Affiliate. Unless otherwise stated in the applicable Award Agreement,
a Participant’s change in position or duties shall not result in interrupted or terminated Service, so long as such Participant
continues to be a Service Provider to the Company or an Affiliate.

 

2.36.            “Service
Provider” means an employee, officer, Non-Employee Director, or Consultant of the Company or an Affiliate.

 

2.37.            “Stock
Appreciation Right” or “SAR” means a right granted to a Participant under Section 
9 hereof.

 

2.38.            “Subsidiary”
means any “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code.

 

2.39.            “Substitute
Award” means any Award granted in assumption of or in substitution for an award of a company or business acquired by
the Company or an Affiliate or with which the Company or an Affiliate combines.

 

2.40.            “Ten
Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined voting power of all
classes of outstanding stock of the Company, its parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of
Section 424(d) of the Code shall be applied.

 

2.41.            “Termination
Date” means the date that is ten (10) years after the Effective Date, unless the Plan is earlier terminated by the
Board under Section  5.2 hereof.

 

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		3.	ADMINISTRATION OF THE PLAN

 

		3.1.	General.

 

The Board shall have such powers and
authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and
bylaws and applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee,
which shall have full authority to act in accordance with its charter, and with respect to the authority of the Board to act
hereunder, all references to the Board shall be deemed to include a reference to the Committee, to the extent such power or
responsibilities have been delegated. Except as otherwise may be required by applicable law, regulatory requirement or the
certificate of incorporation or the bylaws of the Company, the Board shall have full power and authority to take all actions and to
make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and
authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and
provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan. The Committee shall
administer the Plan; provided that, the Board shall retain the right to exercise the authority of the Committee to the extent
consistent with applicable law and the applicable requirements of any securities exchange on which the Common Stock may then be
listed. The interpretation and construction by the Board of any provision of the Plan, any Award or any Award Agreement shall be
final, binding and conclusive. Without limitation, the Board shall have full and final authority, subject to the other terms and
conditions of the Plan, to:

 

 (i) designate Participants;

 

 (ii) determine the type or types of Awards to be made to a Participant;

 

 (iii) determine the number of shares of Stock to be subject to an Award;

 

(iv) establish
the terms and conditions of each Award (including, but not limited to, the Option Price of any Option, the nature and duration of any
restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the
shares of Stock subject thereto, and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options);

 

 (v) prescribe the form of each Award Agreement; and

 

(vi) amend,
modify, or supplement the terms of any outstanding Award including the authority, in order to effectuate the purposes of the Plan, to
modify Awards to foreign nationals or individuals who are employed outside the United States to recognize differences in local law, tax
policy, or custom.

 

To the extent permitted by applicable law,
the Board may delegate its authority as identified herein to any individual or committee of individuals (who need not be directors),
including without limitation the authority to make Awards to Participants who are not subject to Section 16 of the Exchange Act
To the extent that the Board delegates its authority to make Awards as provided by this Section 
3.1, all references in the Plan to the Board’s authority to make Awards and determinations with respect thereto
shall be deemed to include the Board’s delegate. Any such delegate shall serve at the pleasure of, and may be removed at any
time by, the Board.

 

		3.2.	No
Repricing; No Reload Grants.

 

Notwithstanding any
provision herein to the contrary, the repricing of Options or SARs is prohibited without prior approval of the Company’s shareholders.
For this purpose, a “repricing” means any of the following (or any other action that has the same effect as any of the following):
(i) changing the terms of an Option or SAR to lower its Option Price or SAR Exercise Price; (ii) any other action that is treated
as a “repricing” under generally accepted accounting principles; and (iii) repurchasing for cash or canceling an Option
or SAR at a time when its Option Price or SAR Exercise Price is greater than the Fair Market Value of the underlying shares in exchange
for another Award, unless the cancellation and exchange occurs in connection with a change in capitalization or similar change under Section 
15. A cancellation and exchange under clause (iii) would be considered a “repricing” regardless of whether it is
treated as a “repricing” under generally accepted accounting principles and regardless of whether it is voluntary on the part
of the Participant. Notwithstanding any provision herein to the contrary, the Company shall not grant Options or SARs that include a “reload”
feature.

 

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		3.3.	Clawbacks.

 

Any Award Agreement may reference a clawback policy
of the Company or provide for the cancellation or forfeiture of an Award or the forfeiture and repayment to the Company of any gain related
to an Award, or other provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee
from time to time, if a Participant, either during employment or service with the Company or its Subsidiaries, or within a specified period
after termination of such employment or service, shall engage in any detrimental activity (as described in the applicable Award Agreement
or such clawback policy). In addition, notwithstanding anything in this Plan to the contrary, any Award Agreement or such clawback policy
may also provide for the cancellation or forfeiture of an Award or the forfeiture and repayment to the Company of any Shares issued under
and/or any other benefit related to an Award, or other provisions intended to have a similar effect, upon such terms and conditions as
may be required by the Committee or under Section 10D of the Exchange Act and any applicable rules or regulations promulgated
by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Shares may
be traded.

 

		3.4.	Deferral
Arrangement.

 

The Board may permit or require the deferral of
any Award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in accordance
with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting
such credits into deferred Stock units.

 

		3.5.	No
Liability.

 

No member of the Board or of the Committee shall
be liable for any action or determination made in good faith with respect to the Plan, any Award, or Award Agreement.

 

		3.6.	Book
Entry.

 

Notwithstanding any other
provision of this Plan to the contrary, the Company may elect to satisfy any requirement under this Plan for the delivery of stock certificates
through the use of book-entry.

 

		4.	STOCK SUBJECT TO THE PLAN

 

		4.1.	Authorized Number of Shares.

 

Subject to adjustment
under Section  15, the total number of shares of Common Stock authorized to be awarded under the Plan shall
not exceed 1,250,000 shares. In addition, shares of Common Stock underlying any outstanding award granted under the Predecessor Plan that,
following the Effective Date, expires, or is terminated, surrendered, or forfeited for any reason without issuance of such shares (including
for outstanding performance share awards to the extent they are earned at less than maximum) shall be available for the grant of new Awards
under this Plan. As provided in Section 1, no new awards shall be granted under the Predecessor Plan following the Effective
Date. Shares issued under the Plan may consist in whole or in part of authorized but unissued shares, treasury shares, or shares purchased
on the open market or otherwise, all as determined by the Company from time to time.

 

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		4.2.	Share
Counting.

 

		4.2.1.	General.

 

Each share of Common
Stock granted in connection with an Award shall be counted as one share against the limit in Section  4.1, subject
to the provisions of this Section 4.2.

 

		4.2.2.	Cash-Settled
Awards.

 

Any Award settled in cash shall not be counted
as shares of Common Stock for any purpose under this Plan.

 

		4.2.3.	Expired
or Terminated Awards.

 

If any Award under the Plan expires, or is terminated,
surrendered, or forfeited, in whole or in part, the unissued Common Stock covered by such Award shall again be available for the grant
of Awards under the Plan.

 

		4.2.4.	Payment
of Option Price or Tax Withholding in Shares.

 

If shares of Common
Stock issuable upon exercise, vesting or settlement of an Award, or shares of Common Stock owned by a Participant (which are not subject
to any pledge or other security interest), are surrendered or tendered to the Company in payment of the Option Price or Purchase Price
of an Award or any taxes required to be withheld in respect of an Award, in each case, in accordance with the terms and conditions of
the Plan and any applicable Award Agreement, such surrendered or tendered shares of Common Stock shall again be available for the grant
of Awards under the Plan. For a share-settled SAR, only the net shares actually issued upon exercise of the SAR shall be counted against
the limit in Section  4.1.

 

		4.2.5.	Substitute
Awards.

 

In the case of any Substitute Award, such Substitute
Award shall not be counted against the number of shares reserved under the Plan.

 

		4.3.	Award
Limits.

 

		4.3.1.	Incentive
Stock Options.

 

Subject to adjustment under Section 15, 1,250,000
shares of Common Stock available for issuance under the Plan shall be available for issuance under Incentive Stock Options.

 

		4.3.2.	Non-Employee
Director Compensation.

 

No Awards may be granted under the Plan during
any one calendar year to a Participant who is a Non-Employee Director that exceed, together with any cash compensation received for such
service during the applicable year (based on the Fair Market Value of the shares of Common Stock underlying the Award as of the applicable
Grant Date in the case of Awards other than Options and SARs, and based on the applicable grant date fair value for accounting purposes
in the case of Options or SARs): (i) for any Non-Employee Director not serving as Chairman of the Board, $500,000; and (ii) for
any Non-Employee Director serving as Chairman of the Board, $750,000. The Board may make exceptions to this limit in extraordinary circumstances
for individual Non-Employee Directors, as the Board may determine in its discretion, provided that the Non-Employee Director receiving
such additional compensation may not participate in the decision to award such compensation.

 

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		5.	EFFECTIVE DATE, DURATION AND AMENDMENTS

 

		5.1.	Term.

 

The Plan shall be
effective as of the Effective Date, provided that it has been approved by the Company’s shareholders. The Plan shall terminate automatically
on the ten (10) year anniversary of the Effective Date and may be terminated on any earlier date as provided in Section 
5.2.

 

		5.2.	Amendment
and Termination of the Plan.

 

The Board may, at any time and from time to
time, amend, suspend, or terminate the Plan as to any Awards which have not been made. An amendment shall be contingent on approval
of the Company’s shareholders to the extent stated by the Board, required by applicable law, or required by applicable stock
exchange listing requirements. Notwithstanding the foregoing, any amendment to Section 
3.2 shall be contingent upon the approval of the Company’s shareholders. No Awards shall be made after the Termination
Date. The applicable terms of the Plan, and any terms and conditions applicable to Awards granted prior to the Termination Date
shall survive the termination of the Plan and continue to apply to such Awards. No amendment, suspension, or termination of the Plan
shall, without the consent of the Participant, materially impair rights or obligations under any Award theretofore awarded.

 

		6.	AWARD
ELIGIBILITY AND LIMITATIONS

 

		6.1.	Service
Providers.

 

Subject to this Section 
6.1, Awards may be made to any Service Provider as the Board shall determine and designate from time to time in its discretion, provided
that Incentive Stock Options may be granted only to employees of the Company or any Subsidiary.

 

		6.2.	Successive
Awards.

 

An eligible person may receive more than one Award,
subject to such restrictions as are provided herein.

 

		6.3.	Stand-Alone,
Additional, Tandem, and Substitute Awards.

 

Awards may, in
the discretion of the Board, 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 Affiliate, or any business entity to be acquired by the
Company or an Affiliate, or any other right of a Participant to receive payment from the Company or any Affiliate. 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 Board shall have the right to require the surrender of such other Award in consideration for the grant of the new Award.
Subject to Section  3.2, the Board shall have the right, in its discretion, to make Awards in substitution
or exchange for any other award under another plan of the Company, any Affiliate, or any business entity to be acquired by the
Company or an Affiliate. 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 Affiliate, in which the value of Stock subject to the Award is equivalent in value to the
cash compensation (for example, Restricted Stock Units or Restricted Stock).

 

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		7.	AWARD
AGREEMENT

 

Each Award shall be evidenced by an Award Agreement,
in such form or forms as the Board shall from time to time determine, not inconsistent with the terms of the Plan. Without limiting the
foregoing, an Award Agreement may be provided in the form of a notice which provides that acceptance of the Award constitutes acceptance
of all terms of the Plan and the notice. Award Agreements granted from time to time or at the same time need not contain similar provisions
but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options
are intended to be Non-qualified Stock Options or Incentive Stock Options, and in the absence of such specification such Options shall
be deemed Non-qualified Stock Options.

 

		8.	TERMS AND CONDITIONS OF OPTIONS 

 

		8.1.	Option Price.

 

The Option Price of each Option shall be fixed
by the Board and stated in the related Award Agreement. The Option Price of each Option (except those that constitute Substitute Awards)
shall be at least the Fair Market Value on the Grant Date of a share of Stock; provided, however, that in the event that a Participant
is a Ten Percent Shareholder as of the Grant Date, the Option Price of an Option granted to such Participant that is intended to be an
Incentive Stock Option shall be not less than 110 percent of the Fair Market Value of a share of Stock on the Grant Date. In no case shall
the Option Price of any Option be less than the par value of a share of Stock.

 

		8.2.	Vesting.

 

Subject to Section 
8.3 hereof, each Option shall become exercisable at such times and under such conditions (including, without limitation, performance
requirements) as shall be determined by the Board and stated in the Award Agreement.

 

		8.3.	Term.

 

Each Option shall terminate, and all rights to
purchase shares of Stock thereunder shall cease, upon the expiration of ten (10) years from the Grant Date, or under such circumstances
and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the related Award Agreement;
provided, however, that in the event that the Participant is a Ten Percent Shareholder, an Option granted to such Participant that is
intended to be an Incentive Stock Option at the Grant Date shall not be exercisable after the expiration of five (5) years from its
Grant Date.

 

		8.4.	Limitations
on Exercise of Option.

 

Notwithstanding any other provision of the Plan,
in no event may any Option be exercised, in whole or in part, (i) prior to the date the Plan is approved by the shareholders of the
Company as provided herein, or (ii) after the occurrence of an event which results in termination of the Option.

 

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		8.5.	Method
of Exercise.

 

An Option that is exercisable may be exercised
by the Participant’s delivery of a notice of exercise to the Company, setting forth the number of shares of Stock with respect to
which the Option is to be exercised, accompanied by full payment for the shares. To be effective, notice of exercise must be made in accordance
with procedures established by the Company from time to time.

 

		8.6.	Rights
of Holders of Options.

 

Unless otherwise
stated in the related Award Agreement, an individual holding or exercising an Option shall have none of the rights of a shareholder (for
example, the right to receive cash or dividend payments or distributions attributable to the subject shares of Stock or to direct the
voting of the subject shares of Stock) until the shares of Stock covered thereby are fully paid and issued to him. Except as provided
in Section  15 hereof or the related Award Agreement, no adjustment shall be made for dividends, distributions,
or other rights for which the record date is prior to the date of such issuance.

 

		8.7.	Delivery
of Stock Certificates.

 

Promptly after the exercise of an Option by a Participant
and the payment in full of the Option Price, such Participant shall be entitled to the issuance of a stock certificate or certificates
evidencing the Participant’s ownership of the shares of Stock subject to the Option.

 

		8.8.	Limitations
on Incentive Stock Options.

 

An Option shall constitute an Incentive Stock Option
only (i) if the Participant of such Option is an employee of the Company or any Subsidiary of the Company, (ii) to the extent
specifically provided in the related Award Agreement, and (iii) to the extent that the aggregate Fair Market Value (determined at
the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Participant become
exercisable for the first time during any calendar year (under the Plan and all other plans of the Participant’s employer and its
Affiliates) does not exceed $100,000.

 

This limitation shall be applied by taking Options into account in
the order in which they were granted.

 

		9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 

		9.1.	Right to Payment.

 

A SAR shall confer on the Participant a right to
receive, upon exercise thereof, the excess of (i) the Fair Market Value of one share of Stock on the date of exercise over
(ii) the SAR Exercise Price, as determined by the Board. The Award Agreement for a SAR (except those that constitute Substitute
Awards) shall specify the SAR Exercise Price, which shall be fixed on the Grant Date as not less than the Fair Market Value of a
share of Stock on that date. SARs may be granted alone or in conjunction with all or part of an Option or at any subsequent time
during the term of such Option or in conjunction with all or part of any other Award. A SAR granted in tandem with an outstanding
Option following the Grant Date of such Option shall have a grant price that is equal to the Option Price; provided, however, that
the SAR’s grant price may not be less than the Fair Market Value of a share of Stock on the Grant Date of the SAR to the
extent required by Section 409A.

 

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		9.2.	Other
Terms.

 

The Board shall determine at the Grant Date the
time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of
performance goals and/or future Service requirements), the time or times at which SARs shall cease to be or become exercisable following
Separation from Service or upon other conditions, the method of exercise, whether or not a SAR shall be in tandem or in combination with
any other Award, and any other terms and conditions of any SAR.

 

		9.3.	Term
of SARs.

 

The term of a SAR granted under the Plan shall
be determined by the Board, in its sole discretion; provided, however, that such term shall not exceed ten (10) years.

 

		9.4.	Payment
of SAR Amount.

 

Upon exercise of a SAR, a Participant shall be
entitled to receive payment from the Company (in cash or Stock, as determined by the Board) in an amount determined by multiplying:

 

		(i)	the difference between the Fair Market Value of a share of Stock on the date of exercise over the SAR
Exercise Price; by

 

		(ii)	the number of shares of Stock with respect to which the SAR is exercised.

 

		10.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

		10.1.	Restrictions.

 

At the time of grant, the Board may, in its sole
discretion, establish a period of time (a “Restricted Period”) and any additional restrictions including the
satisfaction of corporate or individual performance objectives applicable to an Award of Restricted Stock or Restricted Stock Units
in accordance with Section  12.1 and 12.2. Each Award of Restricted Stock or Restricted Stock Units may be
subject to a different Restricted Period and additional restrictions. Neither Restricted Stock nor Restricted Stock Units may be
sold, transferred, assigned, pledged, or otherwise encumbered or disposed of during the Restricted Period or prior to the
satisfaction of any other applicable restrictions.

 

		10.2.	Restricted
Stock Certificates.

 

The Company shall issue Stock, in the name of
each Participant to whom Restricted Stock has been granted, stock certificates or other evidence of ownership representing the total
number of shares of Restricted Stock granted to the Participant, as soon as reasonably practicable after the Grant Date. The Board
may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the
Participant’s benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or
(ii) such certificates shall be delivered to the Participant; provided, however, that such certificates shall bear a legend or
legends that comply with the applicable securities laws and regulations and make appropriate reference to the restrictions imposed
under the Plan and the Award Agreement.

 

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		10.3.	Rights
of Holders of Restricted Stock.

 

Unless
the Board otherwise provides in an Award Agreement and subject to Section  17.12, holders of Restricted Stock
shall have rights as shareholders of the Company, including voting and dividend rights.

 

		10.4.	Rights of Holders of Restricted Stock Units.

 

		10.4.1.	Settlement of Restricted Stock Units.

 

Restricted Stock Units may be settled in cash
or Stock, as determined by the Board and set forth in the Award Agreement. The Award Agreement shall also set forth whether the
Restricted Stock Units shall be settled (i) within the time period specified for “short term deferrals” under
Section 409A or (ii) otherwise within the requirements of Section 409A, in which case the Award Agreement shall
specify upon which events such Restricted Stock Units shall be settled.

 

		10.4.2.	Voting
and Dividend Rights.

 

Unless otherwise
stated in the applicable Award Agreement and subject to Section  17.12, holders of Restricted Stock Units shall
not have rights as shareholders of the Company, including no voting or dividend or dividend equivalents rights.

 

		10.4.3.	Creditor’s
Rights.

 

A holder of Restricted Stock
Units shall have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured
obligation of the Company, subject to the terms and conditions of the applicable Award Agreement.

 

		10.5.	Purchase
of Restricted Stock.

 

Unless otherwise
specified in the Award Agreement, past Services provided by the Participant shall be considered adequate consideration for the Restricted
Stock awarded to the Participant or Stock issued in settlement of Restricted Stock Units awarded to the Participant. Notwithstanding the
foregoing, if specified in the Award Agreement, the Company may require a Participant to purchase Restricted Stock or shares of Stock
issued in settlement of Restricted Stock Units at a Purchase Price specified in the Award Agreement. Any such Purchase Price shall be
payable in a form described in Section  11 or, in the discretion of the Board, in consideration for future Services
to be rendered.

 

		10.6.	Delivery
of Stock.

 

Upon the expiration or termination of any Restricted
Period and the satisfaction of any other conditions prescribed by the Board, the restrictions applicable to shares of Restricted Stock
or Restricted Stock Units settled in Stock shall lapse, and, unless otherwise provided in the Award Agreement, a stock certificate or
certificates evidencing the Participant’s ownership of the shares of Stock shall be delivered, free of all such restrictions, to
the Participant or the Participant’s beneficiary or estate, as the case may be.

 

    12

    

    

 

		11.	FORM OF
PAYMENT FOR OPTIONS AND RESTRICTED STOCK

 

		11.1.	General
Rule.

 

Payment of the Option
Price for the shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash
or in cash equivalents acceptable to the Company, except as provided in this Section  11.

 

		11.2.	Surrender
of Stock.

 

To the extent the Award Agreement so provides,
payment of the Option Price for shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock may
be made all or in part through the tender to the Company of shares of Stock, which shares shall be valued, for purposes of determining
the extent to which the Option Price or Purchase Price for Restricted Stock has been paid thereby, at their Fair Market Value on the date
of exercise or surrender. Notwithstanding the foregoing, in the case of an Incentive Stock Option, the right to make payment in the form
of already owned shares of Stock may be authorized only at the time of grant.

 

		11.3.	Cashless
Exercise.

 

With respect to an
Option only (and not with respect to Restricted Stock), to the extent permitted by law and to the extent the Award Agreement so provides,
payment of the Option Price may be made all or in part by delivery (on a form acceptable to the Company) of an irrevocable direction to
a licensed securities broker acceptable to the Company to sell shares of Stock and to deliver all or part of the sales proceeds to the
Company in payment of the Option Price and any withholding taxes described in Section  17.3.

 

		11.4.	Other
Forms of Payment.

 

To the extent the Award Agreement so provides,
payment of the Option Price or the Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable
laws, regulations, and rules, including, but not limited to, the Company’s withholding of shares of Stock otherwise due to the exercising
Participant.

 

		12.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS 

 

		12.1.	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. Such Awards are referred to as “Performance Awards.”

 

		12.2.	Performance
Goals Generally.

 

The performance goals
for Performance Awards shall consist of one or more business or other criteria and a targeted level or levels of performance with
respect to each of such criteria, as specified by the Committee consistent with this Section 12.2. 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, in the discretion of the Committee, be established on a Company-wide basis, or with respect to one or
more business units, divisions, subsidiaries, or business segments, as applicable. Performance goals may be absolute or relative (to
the performance of one or more comparable companies or indices). The Committee may determine the extent to which measurement of
performance goals may exclude the impact of charges for restructuring, discontinued operations, extraordinary items, debt redemption
or retirement, asset write downs, litigation or claim judgments or settlements, acquisitions or divestitures, foreign exchange gains
and losses, and other unusual non-recurring items, and the cumulative effects of tax or accounting changes (each as defined by
generally accepted accounting principles and as identified in the Company’s financial statements or other SEC filings).
Performance goals may differ for Performance Awards granted to any one Participant or to different Participants.

 

    13

    

    

 

		12.3.	Business
Criteria.

 

For purposes of Performance Awards, the Committee
may select any business criteria for the Company, on a consolidated basis, and/or specified subsidiaries or business units of the Company
(except with respect to the total shareholder return and earnings per share criteria), including any of the following: (i) total
sales, (ii) sales growth (with or excluding acquisitions), (iii) revenue-based measures for particular products, product lines,
or product groups, (iv) income, (v) earnings per share of Common Stock, (vi) earnings before interest and taxes, (vii) earnings
before interest, taxes, depreciation, and amortization, (viii) free cash flow, (ix) return on equity, assets, investment, invested
capital, capital, total or net capital employed, or sales (pre or post-tax), (x) cash flow return on investment, (xi) total
shareholder return, (xii) Stock price increases, (xiii) total business return, (xiv) economic value added or similar “after
cost of capital” measures, (xv) return on sales or margin rate, in total or for a particular product, product line, or product
group, (xvi) working capital (or any of its components or related metrics), (xvii) working capital improvement, (xviii) market
share, (xix) measures of customer satisfaction (including survey results or other measures of satisfaction), (xx) safety (determined
by reference to recordable or lost time rates, first aids, near misses, or a combination of two or more such measures or other measures),
(xxi) measures of operating efficiency such as productivity, cost of non-conformance, cost of quality, on time delivery, and efficiency
ratio, and (xxii) strategic objectives with specifically identified areas of emphasis such as cost reduction, acquisition assimilation
synergies, acquisitions, or organization restructuring; provided, however, that such business criteria shall include any derivations of
business criteria listed above (e.g., income shall include pre-tax income, net income, operating income, etc.).

 

		13.	OTHER STOCK-BASED AWARDS

 

		13.1.	Grant of Other Stock-based Awards.

 

Other Stock-based Awards may be granted
either alone or in addition to or in conjunction with other Awards under the Plan. Other Stock-based Awards may be granted in lieu
of other cash or other compensation to which a Service Provider is entitled from the Company or may be used in the settlement of
amounts payable in shares of Common Stock under any other compensation plan or arrangement of the Company. Subject to the provisions
of the Plan, the Committee shall have the sole and complete authority to determine the persons to whom and the time or times at
which such Awards shall be made, the number of shares of Common Stock to be granted pursuant to such Awards, and all other
conditions of such Awards. Unless the Committee determines otherwise, any such Award shall be confirmed by an Award Agreement, which
shall contain such provisions as the Committee determines to be necessary or appropriate to carry out the intent of this Plan with
respect to such Award.

 

    14

    

    

 

		13.2.	Terms
of Other Stock-based Awards.

 

Any Common Stock subject to
Awards made under this Section  13 may not be sold, assigned, transferred, pledged, or otherwise encumbered prior to the date
on which the shares are issued, or, if later, the date on which any applicable restriction, performance, or deferral period lapses.

 

		14.	REQUIREMENTS OF LAW

 

		14.1.	General.

 

The Company shall not be required to sell or issue
any shares of Stock under any Award if the sale or issuance of such shares would constitute a violation by the Participant, any other
individual exercising an Option, or the Company of any provision of any law or regulation of any governmental authority, including without
limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the
listing, registration or qualification of any shares subject to an Award upon any securities exchange or under any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares hereunder, no shares of Stock
may be issued or sold to the Participant or any other individual exercising an Option pursuant to such Award unless such listing, registration,
qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any
delay caused thereby shall in no way affect the date of termination of the Award. Specifically, in connection with the Securities Act,
upon the exercise of any Option or the delivery of any shares of Stock underlying an Award, unless a registration statement under the
Securities Act is in effect with respect to the shares of Stock covered by such Award, the Company shall not be required to sell or issue
such shares unless the Board has received evidence satisfactory to it that the Participant or any other individual exercising an Option
may acquire such shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the
Board shall be final, binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities covered
hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise
of an Option or the issuance of shares of Stock pursuant to the Plan to comply with any law or regulation of any governmental authority.
As to any jurisdiction that expressly imposes the requirement that an Option shall not be exercisable until the shares of Stock covered
by such Option are registered or are exempt from registration, the exercise of such Option (under circumstances in which the laws of such
jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.

 

		14.2.	Rule 16b-3.

 

During any time when the Company has a class
of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards and the
exercise of Options granted to officers and directors hereunder will qualify for the exemption provided by Rule 16b-3 under the
Exchange Act. To the extent that any provision of the Plan or action by the Board or Committee does not comply with the requirements
of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not
affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to
modify this Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised
exemption or its replacement.

 

    15

    

    

 

		15.	EFFECT
OF CHANGES IN CAPITALIZATION

 

		15.1.	Changes
in Stock.

 

In the event of any corporate event or transaction
(including, but not limited to, a change in the Common Stock or the capitalization of the Company), such as any merger, consolidation,
reorganization, recapitalization, separation, partial or complete liquidation, stock dividend, stock split, reverse stock split, split
up, spin off, or other distribution of stock or property of the Company, a combination or exchange of Common Stock, dividend in kind,
or other like change in capital structure, number of outstanding shares of Common Stock, distribution (other than normal cash dividends)
to shareholders of the Company, or any similar corporate event or transaction, the Committee or the Board, in order to prevent dilution
or enlargement of participants’ rights under the Plan, shall make equitable and appropriate adjustments and substitutions, as applicable,
to or of the number and kind of shares subject to outstanding Awards, the purchase price for such shares, the number and kind of shares
available for future issuance under the Plan, and other determinations applicable to outstanding Awards. The Committee shall have the
power and sole discretion to determine the amount of the adjustment to be made in each case.

 

		15.2.	Effect
of Certain Transactions.

 

If the Company is a party to a merger, reorganization,
consolidation, share exchange, transfer of assets or other transaction having similar effect involving the Company, outstanding Awards
shall be subject to the agreement governing the transaction. Such agreement may provide, without limitation, for the continuation of outstanding
awards by the Company (if the Company is a surviving corporation), for their assumption by the surviving corporation or its parent or
subsidiary, for the substitution by the surviving corporation or its parent or subsidiary of its own awards for such outstanding awards,
for accelerated vesting and accelerated expiration, or for settlement in cash or cash equivalents.

 

		15.3.	Change in Control

 

		15.3.1.	Consequences of a Change in Control

 

The treatment of outstanding Awards upon the occurrence
of a Change in Control, unless otherwise specifically prohibited under applicable laws, or by the rules and regulations of any governing
governmental agencies or national securities exchanges, shall be determined in the sole discretion of the Board in accordance with the
terms of this Plan and shall be described in the Award Agreements and need not be uniform among all Participants or Awards granted pursuant
to this Plan.

 

		15.3.2.	Change
in Control Defined

 

Except as may otherwise be defined in an Award
Agreement, a “Change in Control” shall mean the occurrence of any of the following events:

 

		(i)	30% Ownership Change: Any Person, other than an ERISA-regulated pension plan established by the Company, makes an
                                                               acquisition of Outstanding Voting Stock and is, immediately thereafter, the beneficial owner of 30% or more of the then Outstanding Voting Stock, unless such acquisition is made directly from
the Company in a transaction approved by a majority of the Incumbent Directors; or any group is formed that is the beneficial owner of
30% or more of the Outstanding Voting Stock (other than a group formation for the purpose of making an acquisition directly from the Company
and approved (prior to such group formation) by a majority of the Incumbent Directors); or

 

    16

    

    

 

		(ii)	Board Majority Change: Individuals who are Incumbent Directors cease for any reason to constitute
a majority of the members of the Board; or

 

		(iii)	Major Mergers and Acquisitions: Consummation of a Business Combination unless, immediately following such Business Combination,
(i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Voting Stock immediately
before such Business Combination beneficially own, directly or indirectly, more than 51% of the then outstanding shares of voting stock
of the parent corporation resulting from such Business Combination in substantially the same relative proportions as their ownership,
immediately before such Business Combination, of the Outstanding Voting Stock, (ii) if the Business Combination involves the issuance
or payment by the Company of consideration to another entity or its shareholders, the total fair market value of such consideration plus
the principal amount of the consolidated long-term debt of the entity or business being acquired (in each case, determined as of the date
of consummation of such Business Combination by a majority of the Incumbent Directors) does not exceed 50% of the sum of the fair market
value of the Outstanding Voting Stock plus the principal amount of the Company’s consolidated
long-term debt (in each case, determined immediately before such consummation by a majority of the Incumbent Directors), (iii) no
Person (other than any corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of
the then outstanding shares of voting stock of the parent corporation resulting from such Business Combination and (iv) a majority
of the members of the board of directors of the parent corporation resulting from such Business Combination were Incumbent Directors of
the Company immediately before consummation of such Business Combination; or

 

		(iv)	Major Asset Dispositions: Consummation of a Major Asset Disposition unless, immediately following such Major Asset Disposition,
(i) individuals and entities that were beneficial owners of the Outstanding Voting Stock immediately before such Major Asset Disposition
beneficially own, directly or indirectly, more than 70% of the then outstanding shares of voting stock of the Company (if it continues
to exist) and of the entity that acquires the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding
voting stock of such acquiring entity) and (ii) a majority of the members of the Board (if it continues to exist) and of the entity
that acquires the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such
acquiring entity) were Incumbent Directors of the Company immediately before consummation of such Major Asset Disposition.

 

    17

    

    

 

For purposes of this definition of “Change in Control”:

 

(1) “Person” means an individual,
entity or group;

 

 (2) “group” is used as it is defined for purposes of Section 13(d)(3) of the Exchange Act;

 

 (3) “beneficial owner” is used as it is defined for purposes of Rule 13d-3 under the Exchange Act;

 

(4) “Outstanding
Voting Stock” means outstanding voting securities of the Company entitled to vote generally in the election of directors; and
any specified percentage or portion of the Outstanding Voting Stock (or of other voting stock) is determined based on the combined voting
power of such securities;

 

(5) “Incumbent Director”
means a director of the Company (x) who was a director of the Company on the Effective Date or (y) who becomes a director
after such date and whose election, or nomination for election by the Company’s shareholders, was approved by a vote of a
majority of the Incumbent Directors at the time of such election or nomination, except that any such director will not be deemed an
Incumbent Director if his or her initial assumption of office occurs as a result of an actual or threatened election contest or
other actual or threatened solicitation of proxies by or on behalf of a Person other than the Board;

 

(6) “Business
Combination” means: (x) a merger or consolidation involving the Company or its stock; or (y) an acquisition by the
Company, directly or through one or more subsidiaries, of another entity or its stock or assets.

 

(7) “parent
corporation resulting from a Business Combination” means the Company if its stock is not acquired or converted in the Business
Combination and otherwise means the entity which as a result of such Business Combination owns the Company or all or substantially all
the Company’s assets either directly or through one or more subsidiaries; and

 

(8) “Major
Asset Disposition” means the sale or other disposition in one transaction or a series of related transactions of 70% or more
of the assets of the Company and its subsidiaries on a consolidated basis; and any specified percentage or portion of the assets of the
Company will be based on fair market value, as determined by a majority of the Incumbent Directors.

 

However, in no event shall a Change in Control
be deemed to have occurred under this Plan with respect to a Participant if the Participant is part of a purchasing group which consummates
a transaction resulting in a Change in Control. A Participant shall be deemed “part of a purchasing group” for purposes of
the preceding sentence if the Participant is an equity participant in the purchasing company or group (except for: (I) passive ownership
of less than three percent (3%) of the stock of the purchasing company; or (II) ownership of equity participation in the purchasing
company or group which is otherwise not significant, as determined prior to the Change in Control by a majority of the non-employee continuing
directors).

 

Notwithstanding the foregoing, if it is determined
that an Award hereunder is subject to the requirements of Section 409A and payable upon a Change in Control, the Company will not
be deemed to have undergone a Change in Control unless the Company is deemed to have undergone a “change in control event”
pursuant to the definition of such term in Section 409A.

 

    18

    

    

 

		15.4.	Adjustments

 

Adjustments under this Section 15
related to shares of Stock or securities of the Company shall be made by the Board, whose determination in that respect shall be final,
binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting
from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share.

 

		16.	NO
LIMITATIONS ON COMPANY

 

The making of Awards pursuant to the Plan shall
not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of
its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business
or assets.

 

		17.	TERMS
APPLICABLE GENERALLY TO AWARDS GRANTED UNDER THE PLAN

 

		17.1.	Disclaimer
of Rights.

 

No provision in the Plan or in any Award Agreement
shall be construed to confer upon any individual the right to remain in the employ or Service of the Company or any Affiliate, or to interfere
in any way with any contractual or other right or authority of the Company either to increase or decrease the compensation or other payments
to any individual at any time, or to terminate any employment or other relationship between any individual and the Company. In addition,
notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, no Award granted
under the Plan shall be affected by any change of duties or position of the Participant, so long as such Participant continues to be a
Service Provider. The obligation of the Company to pay any benefits pursuant to this Plan shall be interpreted as a contractual obligation
to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted
to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to
any Participant or beneficiary under the terms of the Plan.

 

		17.2.	Nonexclusivity
of the Plan.

 

Neither the adoption of the Plan nor the submission
of the Plan to the shareholders of the Company for approval shall be construed as creating any limitations upon the right and authority
of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class
or classes of individuals or specifically to a particular individual or particular individuals), including, without limitation, the granting
of stock options as the Board in its discretion determines desirable.

 

    19

    

    

 

		17.3.	Withholding
Taxes.

 

The Company or an Affiliate, as the case may
be, shall have the right to deduct from payments of any kind otherwise due to a Participant any federal, state, or local taxes of
any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an
Award, (ii) upon the issuance of any shares of Stock upon the exercise of an Option or SAR, or (iii) otherwise due in
connection with an Award. At the time of such vesting, lapse, or exercise, the Participant shall pay to the Company or the
Affiliate, as the case may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such
withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by the Company or the
Affiliate, as the case may be, in its sole discretion, the Participant may elect to satisfy such obligations, or the Company may
require such obligations (up to maximum statutory rates) to be satisfied, in whole or in part, (i) by causing the Company or
the Affiliate to withhold the number of shares of Stock otherwise issuable to the Participant as may be necessary to satisfy such
withholding obligation, or (ii) by delivering to the Company or the Affiliate shares of Stock already owned by the Participant.
The shares of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations (up to
maximum statutory rates). The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be
determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. A Participant
who has made an election pursuant to this Section  17.3 may satisfy his or her withholding obligation only
with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

 

		17.4.	Captions.

 

The use of captions in this Plan or any Award Agreement
is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or any Award Agreement.

 

		17.5.	Other
Provisions.

 

Each Award Agreement may contain
such other terms and conditions not inconsistent with the Plan as may be determined by the Board, in its sole discretion. In the event
of any conflict between the terms of an employment agreement and the Plan, the terms of the employment agreement govern.

 

		17.6.	Number
and Gender.

 

With respect to words used in this Plan, the singular
form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires.

 

		17.7.	Severability.

 

If any provision of the Plan or any Award Agreement
shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof
shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

 

		17.8.	Governing
Law.

 

The Plan shall be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law, and applicable federal
law.

 

		17.9.	Section 409A.

 

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

 

    20

    

    

 

		17.10.	Separation from Service.

 

The Board shall determine the effect of a Separation
from Service upon Awards, and such effect shall be set forth in the appropriate Award Agreement. Without limiting the foregoing, the Board
may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Participant, the actions that
will be taken upon the occurrence of a Separation from Service, including, but not limited to, accelerated vesting or termination, depending
upon the circumstances surrounding the Separation from Service.

 

		17.11.	Transferability of Awards.

 

		17.11.1.	Transfers in General.

 

Except as provided
in Section  17.11.2, no Award shall be assignable or transferable by the Participant to whom it is granted,
other than by will or the laws of descent and distribution, and, during the lifetime of the Participant, only the Participant personally
(or the Participant’s personal representative) may exercise rights under the Plan.

 

		17.11.2.	Family
Transfers.

 

If authorized in the applicable Award
Agreement, a Participant may transfer, not for value, all or part of an Award (other than Incentive Stock Options) to any Family
Member. For the purpose of this Section  17.11.2, a “not for
value” transfer is a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of
marital property rights, or (iii) a transfer to an entity in which more than fifty percent (50%) of the voting interests are
owned by Family Members (or the Participant) in exchange for an interest in that entity. Following a transfer under this Section 
17.11.2, any such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to
transfer. Subsequent transfers of transferred Awards are prohibited except to Family Members of the original Participant in
accordance with this Section  17.11.2 or by will or the laws of descent and distribution.

 

		17.12.	Dividends and Dividend Equivalent Rights.

 

If specified in the Award Agreement, the
recipient of an Award (other than Options or SARs) may be entitled to receive dividends or dividend equivalents with respect to the
Common Stock or other securities covered by an Award. The terms and conditions of a dividend equivalent right may be set forth in
the Award Agreement. Dividend equivalents credited to a Participant may be reinvested in additional shares of Stock or other
securities of the Company at a price per unit equal to the Fair Market Value of a share of Stock on the date that such dividend was
paid to shareholders, as determined in the sole discretion of the Committee. Notwithstanding any provision herein to the contrary,
in no event will dividends or dividend equivalents vest or otherwise be paid out prior to the time that the underlying Award (or
portion thereof) has vested and, accordingly, will be subject to cancellation and forfeiture if such Award does not vest (including
both time-based and performance-based Awards).

 

The Plan was adopted
by the Board of Directors on March 28, 2021 and was approved by the shareholders of the Company on May 20, 2021.

 

    21Exhibit 10.35

 

 

 

March 11, 2021

 

PERSONAL AND CONFIDENTIAL

 

Joe Mongrain 

 

Dear Joe,

 

At Weatherford, we have an exceptional team of
people working together in more than 70 countries around the world to solve the toughest energy challenges through a unique portfolio
of technologies and safe, efficient processes.

 

We are delighted to extend you the following job offer to join Weatherford
as our Senior Vice President & Chief Human Resources Officer.

 

We look forward to working with you
and believe that you can make a very significant, positive contribution to the success of Weatherford. Our company offers you an opportunity
to put your experience, abilities, dedication, energy and creativity to excellent use. Welcome to the Team!

 

We appreciate your careful consideration of the terms and conditions
included in this offer letter. A summary of your benefits can be found on the following pages.

 

Please review the enclosed information and contact Scott Weatherholt,
our Executive Vice President & General Counsel or me if you have any questions or concerns. I would appreciate your acceptance of
this new opportunity by signing below and returning your signed copy as soon as possible. The offer will remain open for 5 business days,
after which time it will automatically expire.

 

We look forward to welcoming you to Weatherford.

 

Sincerely,

 

 

 

Girish K. Saligram 

President & Chief Executive Officer 

On behalf of Weatherford

 

Weatherford

		 

 

www.weatherford.com

 

     

     

    

 

 

 

PERSONAL INFORMATION

 

	Name	Joe
    Mongrain
	Position
    Title	Senior
    Vice President & Chief Human Resources Officer
	Location	2000
    St. James Place
	 	Houston,
    TX 77056
	 	USA
	POINT
    OF CONTACT	 
	 	 
	President
    & Chief Executive Officer	Girish
    Saligram
	Human
    Resources Matters	Scott
    Weatherholt

 

 

EMPLOYMENT
PACKAGE INFORMATION

 

 

BASE
SALARY 

US
$370,000 ANNUALLY 

Your
base salary will be paid semi-monthly via the Company’s normal payroll cycle.

 

START
DATE 

Your
start date will be March 22, 2021, subject to the successful completion of all pre-employment testing and, if applicable, on the obtaining
of any necessary immigration documentation required to allow you to work.

 

ANNUAL
SHORT-TERM INCENTIVE PLAN 

UP
TO 65% “ON TARGET” PARTICIPATION RATE 

You
are eligible to participate in the Weatherford Annual Short-Term Incentive Plan (the “Plan”) applicable to your role. The
 “on target” participation rate is subject to the rules of the Plan. Depending upon company and personal performance in any
given plan year, your maximum potential payout could be up to 200% of the “on target” award. Any incentive payout from the
Plan will be prorated for your period of employment, calculated from your hire date. If you join on or after 1 October of a calendar
year, you will not be eligible to participate in the Plan for that year. Any payout from the Plan is subject to the company’s and
your own personal performance, and you must be employed with Weatherford at the time of the incentive payment in order to be entitled
to the same.

 

The
Plan is non -contractual. The Plan is operated at the discretion of the company and can be changed or removed at any time. Participation
in the Plan in one year does not guarantee participation or a right to participate in future years.

 

     

     

    

 

 

 

LONG
TERM INCENTIVE (LTI) 

For
2021 and subsequent years, you are eligible for consideration under Weatherford’s Annual Long-Term Incentive (“LTI”)
program or other long-term incentive plans that may be approved by the Board. Your eligibility to receive Awards under the LTI
program or any other long-term incentive plan is subject to approval by the Board of Directors of Weatherford International (or a committee
thereof) and subject always to the terms and conditions of Weatherford International plc 2019 Equity Incentive Plan, as may be amended
from time to time by Weatherford International or any other long term incentive plan that may be adopted by the Board. 

 

You
will be granted awards within 30 days of your commencement date in the following amounts:

 

		·	22,565
Performance Share Units (Target Award) – Awards made under the Performance Share Unit (“PSU”) award agreement will
cliff vest following a 2-year performance period. The “Performance Period” shall mean the two fiscal-year period commencing
on the first day of the fiscal year of the Company in which the Grant Date occurs. The actual number of PSUs that are earned, if any,
pursuant to the terms and conditions of the applicable award agreement may differ from the Target Award number and are subject to increase
or decrease based on the Company’s actual performance against the performance goals set forth below and may range from 0% to 200%
of the target award, rounded to the nearest whole Share:

 

Performance Goals / Metrics

 

  [Redacted]

  

Weighting of Metrics

 

	 	WEIGHT	THRESHOLD	TARGET	MAXIMUM
	EBITDA
    %	50%	50%	100%	200%
	OCF
    CONV %	50%	50%	100%	200%

 

		·	45,130
Restricted Stock Units – Awards made under the Restricted Stock Unit (“RSU”) award agreement will vest in equal tranches
over a two-year period and will vest one half on the 1st anniversary of the grant date, and the remaining one-half vesting
upon the 2nd anniversary of the grant date.

 

     

     

    

 

 

 

		·	33,101
Phantom RSUs – Awards made under the Phantom Unit award agreement will track the company’s stock price and will vest in equal
installments over a two-year period and vest one half on the 1st anniversary of the grant date, and the remaining one half
vesting upon the 2nd anniversary of the grant date. Phantom RSUs may settle (i) in cash, (ii) Company shares or (iii) any
combination of cash and Company shares, each at the Company’s sole discretion, and will be subject to a payout maximum equal to
200% of the grant date fair value of the underlying award. The Board of Directors approved this grant on January 4, 2021 and the closing
price of the company’s stock on January 4, 2021 ($5.71/share) will be used as the basis for any cash settlement and maximum payout
calculations. Further, any cash settlement will use a 30-day volume weighted average price of the Company’s stock price at each
vesting.

 

The
foregoing awards are subject in all respects to the terms and provisions of the applicable award agreements. To the extent of a conflict
between the terms of this offer letter and the award agreements, the terms and provisions of the applicable award agreements shall prevail.

 

The
awards granted in 2021 will be subject to a 2-year vesting or performance period. Any future grants, annual or otherwise, will be at
the discretion of the Board and subject to the terms and conditions of the current or future Long-Term Incentive Program in place. Future
grants may have different vesting periods or be subject to performance or other metrics that vary from the awards that you will be granted
by way of your acceptance of this offer. The award of any incentive is discretionary, and all awards are subject to approval of the company’s
management and to the terms and conditions of the applicable award agreement(s).

 

Any
future grants, annual and otherwise, will be at the discretion of the Board or Company Management and subject to the terms and conditions
of the current or future Long-Term Incentive Program then in place. The award of any incentive is discretionary, and subject to approval
of the Board of Directors (or a committee thereof) or Company Management and to the terms and conditions of the applicable Award Agreement
which shall be consistent with this letter agreement.

 

ANNUAL LEAVE 

25
DAYS PER YEAR 

Your annual leave will accrue on a calendar
year basis and will be pro-rated in the first year of employment in line with your employment start date. The Company will also provide
you with an additional ten (10) Company designated holidays.

 

BENEFITS PROGRAM 

We are pleased to offer you participation
in Weatherford’s benefits program on your first day of employment. Please see enclosed Weatherford Benefits Summary.

 

You will receive a Welcome Letter from
our Benefits Department within 2 to 3 weeks of your start date, providing you with your access ID and instructions to complete your enrollment
online. You will have 31 days from date of hire to enroll otherwise your plan will default to the basic single coverage.

 

By accepting this offer of employment, you certify that:

 

		·	You will abide by the terms of any enforceable non-competition
agreement you have with your current employer and confirm the fact that you will not bring with you to Weatherford, nor at any time attempt
to use, any confidential, non-public information of your current or past employers in the performance of your work for Weatherford.

 

     

     

    

 

 

 

This letter does not represent an offer of employment
for any specified term. Your employment will be at will, which means that either you or Weatherford may terminate your employment at
any time for any reason or no reason whatsoever.

 

Please confirm your acceptance of this offer
by electronically signing this offer letter below. Upon your acceptance of this offer, you will be contacted to schedule a convenient
time and location for the company medical / drug and alcohol test.

 

We are excited to have you join us and look forward
to working together to make Weatherford a leader in the oilfield service marketplace.

 

	Printed Name	  Joseph Mongrain
	 	 
	Signature	 /s/ Joseph Mongrain
	 	 
	 	 
	Date

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