Document:

Ex101-DavidGrayOfferLetter

        

	
			
	
	Brooks Automation, Inc.

	Tel  (978) 262-2400

	Fax (978) 262-2500

	15 Elizabeth Drive Chelmsford, MA 01824

                                

June 12, 2014

Mr. David C. Gray
8 Clemmons Street
Southborough, MA 01772

Dear David:

It has been a pleasure discussing our leadership roles at Brooks and I am pleased to offer you the position of Senior Vice President, Chief Strategy and New Business Officer.  This position will be responsible for global strategy development and execution including new business and product strategy, M&A Strategy, and acquisition optimization through successful integration.  You will report to me with the position based in Chelmsford, Massachusetts. 

The terms of the offer are as follows:

		
	1.
	The base salary for this position will be $350,000 annually, paid biweekly.  Your subsequent salary reviews will be conducted consistent with Brooks' policy for executives, generally on an annual basis with any changes effective January 1st.

		
	2.
	You are eligible to participate in the annual Performance Based Variable Compensation Plan for the 2014 fiscal year with an annual target of 60%.  For the current 2014 plan year, we will recognize the time your performed services as a consultant to Brooks and calculate your award on the basis of your offered salary of $350,000.  Payment of variable compensation is subject to your meeting the aggressive but achievable corporate, business unit and individual goals and objectives defined and agreed upon for 2014 and subsequent performance years.

		
	3.
	You will be a participant in the Company’s Executive Equity Incentive Plan (EIP) for FY 2014 and, subject to final Board approval at its next scheduled meeting, will receive an initial hire grant of 75,000 restricted stock units (RSUs). Fifty Thousand (50,000) of these will vest on a three year pro rata basis from November 6, 2013 and 25,000 will vest based on the achievement of established financial objectives and a continuing service requirement through November, 2016.  In addition, subject to final Board approval, you will receive an equity grant of approximately 75,000 RSUs in November, 2014 for the FY 2015 equity plan with performance and time based restrictions.

		
	4.
	You will be eligible for our company sponsored benefit plans.  Brooks Automation currently pays a majority of the cost of medical, dental and vision insurance and 100% of the cost of life and disability insurance.  The Company also offers a 401(k) savings and retirement plan with a 4.5% Company match, an Employee Stock Purchase Plan with a 15% discount, a Non-qualified Deferred Compensation Plan and a Flexible Leave time off policy.

        

Mr. David C. Gray
Page 2

Dave, we have assembled an outstanding team of people committed to providing best in class automation, vacuum, life sciences and instrumentation solutions to the global semiconductor, life sciences and related industries. 

You will be an important part of our leadership team and we are confident that your experience and skills will reward Brooks Automation, its shareholders and you personally.  This offer is contingent upon an investigative consumer report (background check).  

We look forward to your acceptance and our mutually agreed start date.  Please sign and return one copy of this letter.  Additionally, to expedite the hiring process you may fax a copy of your acceptance to me at 978-262-2508.  If you have any questions, please call me at (978) 262-4337.

Sincerely,

Stephen S. Schwartz
Chief Executive Officer

cc:    Bill Montone
Mark Morelli
File

Enclosures

	
			
	Acceptance:
	 
	 

	 
	Signature
	Date

	 
	 
	 

	 
	Start DateEXHIBIT 10.1

 

AMENDED AND RESTATED 2004 INCENTIVE
STOCK PLAN

OF 3D SYSTEMS CORPORATION

 

(As Amended and Restated Effective February
3, 2015)

 

Section 1. Purpose; Effective Date;
Definitions

 

The purpose of the
3D Systems Corporation Amended and Restated 2004 Incentive Stock Plan (the “Plan”) is to assist the Company
and its Subsidiaries and Affiliates in attracting and retaining employees and consultants of outstanding competence by providing
an incentive that permits the persons responsible for the Company's growth to share directly in that growth and to further the
identity of their interests with the interests of the Company's stockholders. The Plan was originally established effective May
19, 2004. The Plan was subsequently amended effective May 19, 2009. The Plan and underlying awards were adjusted to give effect
to the two-for-one stock split distributed May 18, 2011 and the three-for-two stock split distributed February 22, 2013. The
Plan is further amended and restated effective February 3, 2015 to authorize the award of Restricted Stock Units and Stock Appreciation
Rights as defined hereunder and to otherwise meet current needs.

 

For purposes of the
Plan, the following terms shall be defined as set forth below:

 

		(a)	“Affiliate” means any current or future entity other than the Company and its
Subsidiaries that is designated by the Board as a participating employer under the Plan.

 

		(b)	“Award” means a grant of a Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit or a Performance Award under the Plan.

 

		(c)	“Award Agreement” means a written agreement between the Company and a Participant
or a written notice from the Company to a Participant specifically setting forth the terms and conditions of an Award granted under
the Plan.

 

		(d)	“Beneficiary” means the person designated by the Participant prior to the Participant’s
death in a form acceptable to the Committee to exercise Awards or receive benefits pursuant to the terms of this Plan. If no beneficiary
is designated by the Participant, the Beneficiary shall be the Participant’s estate.  

 

		(e)	“Board” means the Board of Directors of the Company.

 

    	 

    	 

    

		(f)	“Cause” means, but is not limited to, any of the following actions: embezzlement;
fraud; nonpayment of any obligation owed to the Company, a Subsidiary or an Affiliate; breach of fiduciary duty; deliberate disregard
of the Company's rules resulting in loss, damage or injury to the Company; unauthorized disclosure of any trade secret or confidential
information; conduct constituting unfair competition; and the inducement of any customer of the Company to breach a contract with
the Company. The determination of whether Cause exists shall be made in the Company's sole discretion.

 

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

 

		(h)	“Committee” means the Committee referred to in Section 2 of the Plan.

 

		(i)	“Common Stock” means the common stock, $0.001 par value per share, of the Company.

 

		(j)	“Company” means 3D Systems Corporation, a corporation organized under the laws
of the State of Delaware, or any successor corporation.

 

		(k)	“Covered Employee” means a “covered employee” within the meaning
of Code Section 162(m).

 

		(l)	“Date of Grant” means the date as of which the Committee grants an Award. If
the Committee contemplates an immediate grant to a Participant, the Date of Grant shall be the date of the Committee’s action.
If the Committee contemplates a date on which the grant is to be made other than the date of the Committee’s action, the
Date of Grant shall be the date so contemplated and set forth in or determinable from the records of action of the Committee; provided,
however, that the Date of Grant shall not precede the date of the Committee’s action.

 

		(m)	“Disability” means disability as determined under procedures established by
the Committee for purposes of this Plan.

 

		(n)	“Dividend Equivalent Account” means a bookkeeping account in accordance with
Section 18 and related to a grant of Restricted Stock Units that is credited with the amount of any ordinary cash dividends or
stock distributions that would be payable with respect to the shares of Common Stock subject to such Awards had such shares been
outstanding shares of Common Stock.

 

		(o)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, and any successor thereto.

 

    	-2-

    	 

    

		(p)	“Fair Market Value” means, as of any given date, unless otherwise determined
by the Committee in good faith, the closing price of the Common Stock on the principal stock exchange on which the Company's shares
are listed on such date.

 

		(q)	“Incentive Stock Option” means any Stock Option designated as an “incentive
stock option” within the meaning of Section 422 of the Code. No Stock Option that is intended to be an Incentive Stock
Option shall be invalid for failure to qualify as an Incentive Stock Option.

 

		(r)	“Nonqualified Stock Option” means any Stock Option that is not an Incentive
Stock Option.

 

		(s)	“Participant” means an employee or consultant who receives an Award under this
Plan.

 

		(t)	“Performance Award” means an Award under Section 8 that is based on the
level of attainment of performance goals related to objective business criteria.

 

		(u)	“Person” means “person” as defined in Section 3(a)(9) of the
Exchange Act and as used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)
of the Exchange Act but excluding the Company, any Subsidiary or any Affiliate, and any employee benefit plan sponsored or maintained
by the Company or any Subsidiary or Affiliate (including any trustee of such plan acting in the capacity of trustee).

 

		(v)	“Plan” means this 3D Systems Corporation Amended and Restated 2004 Incentive
Stock Plan, and any successor thereto, as amended from time to time.

 

		(w)	“Plan Year” shall mean the calendar year.

 

		(x)	“Restricted Stock” means shares of Common Stock subject to restrictions imposed
in connection with an Award granted under Section 7.

 

		(y)	“Restricted Stock Unit” means a notional bookkeeping entry representing the
equivalent of a share of Common Stock, subject to restrictions imposed in connection with an Award granted under Section 7.

 

		(z)	“Retirement” means the Termination of the Participant on or after the Participant’s
attainment of age 65.

 

		(aa)	“Section 409A” means Section 409A of the Code.

 

    	-3-

    	 

    

		(bb)	“Stock Appreciation Right” or “SAR” means a right granted
under Section 6 to receive payment, in cash and/or Common Stock, equal in value to the excess of the Fair Market Value of the specified
number of shares of Common Stock on the date the Stock Appreciation Right is exercised over the grant price of the Stock Appreciation
Right, as determined by the Committee in the Award Agreement.

 

		(cc)	“Stock Option” or “Option” means any option to purchase shares
of Common Stock (including Restricted Stock, if the Committee so determines) granted pursuant to Section 5.

 

		(dd)	“Subsidiary” means those corporations fifty percent (50%) or more of whose outstanding
voting stock is owned or controlled, directly or indirectly, by the Company and those partnerships and joint ventures in which
the Company owns directly or indirectly a fifty percent (50%) or more interest in the capital account or earnings.

 

		(ee)	“Termination” means the complete cessation of services with the Company, a Subsidiary,
or an Affiliate with no anticipated resumption of services by the Company, a Subsidiary, or an Affiliate in the capacity as an
employee or independent contractor.

 

Section 2. Administration

 

The Plan shall be administered
by the Compensation Committee, or a subcommittee thereof (the “Committee”), which consists of two or more members of
the Board, each of whom shall be both a “Non-Employee Director,” as that term is defined in Rule 16b-3(b)(3)(i)
of the Exchange Act, and an “outside director” within the meaning of Section 162(m) of the Code, but the failure
of a Committee member to satisfy such requirements shall not affect any actions taken by the Committee.

 

The Committee shall
have full authority to grant, pursuant to the terms of the Plan, Awards to employees and consultants eligible under Section 4.

 

In particular the Committee
shall have the authority, without limitation:

 

		(i)	to select the employees and consultants to whom Awards may be granted hereunder, separately or
in tandem, from time to time;

 

		(ii)	subject to the provisions of Sections 3 and 9, to determine the number of shares of Common Stock
to be covered by each such Award granted hereunder;

 

		(iii)	to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award
granted hereunder, which terms and conditions are not required to be the same in respect of each Participant;

 

    	-4-

    	 

    

		(iv)	to designate the Corporate Secretary of the Company, other officers or employees of the Company
or competent professional advisors to assist the Committee in the administration of the Plan, and to grant authority to such persons
to execute agreements or other documents on its behalf;

 

		(v)	as it pertains to Awards granted to employees and consultants residing in foreign jurisdictions,
to adopt such supplements or subplans to the Plan as may be necessary or appropriate to comply with the applicable laws of such
foreign jurisdictions and to afford Participants favorable treatment under such laws;;

 

		(vi)	to approve forms of agreements for use under the Plan;

 

		(vii)	to correct administrative errors; and

 

		(viii)	to allow Participants to satisfy Withholding Tax Obligations as such manner as may
be determined by the Committee in accordance with the terms of the Plan.

 

The Committee shall
have the authority to adopt, alter, and repeal such rules, guidelines and practices governing the Plan as it shall, from time to
time, deem advisable; to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement
relating thereto); and to otherwise supervise the administration of the Plan.

 

All decisions made
by the Committee pursuant to the provisions of the Plan shall be made in the Committee's sole discretion and shall be final and
binding on all persons, including the Company and Participants.

 

The Committee may delegate
to officers of the Company its duties, powers, and authority under this Plan pursuant to such conditions and limitations as the
Committee may establish, except that only the Committee may administer the Plan and Awards to Participants who are subject to Section
16 of the Securities Exchange Act of 1934 or to officers who are or reasonably may become Covered Employees. In the event of such
delegation of authority, any reference in this Plan to Committee shall be to the officer(s) to whom the Committee has delegated
authority to administer the Plan.

 

The Company agrees
to indemnify and to defend to the fullest extent permitted by law each member of the Committee against all liabilities, damages,
costs and expenses (including attorney’s fees and amounts paid in settlement of any claims approved by the Company) occasioned
by any act or omission to act in connection with the Plan or any Award Agreement, if such act or omission is in good faith and
not due to willful misconduct or gross negligence. The foregoing right of indemnification shall not be exclusive of any other rights
of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation, Bylaws, by contract,
as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

 

    	-5-

    	 

    

Section 3. Common Stock Subject
to Plan

 

		(a)	Number of Shares Available for Award. Effective February 22, 2013, the total number
of shares of Common Stock reserved and available for distribution under the Plan shall be six million (6,000,000) shares.

 

			If any Award is cancelled, forfeited, expires or otherwise terminates without the issuance or delivery
of nonforfeitable shares of Common Stock, or if any Award is settled for cash or otherwise does not result in the issuance of all
or a portion of the shares of Common Stock subject to such Award, then the shares of Common Stock subject to the Award shall, to
the extent of such cancellation, forfeiture, expiration, termination, cash settlement or non-issuance, again be available for issuance
under the Plan.

 

			In the event of any change in the outstanding shares of Common Stock or other securities then subject
to the Plan by reason of any stock split, reverse stock split, stock dividend, recapitalization, merger, consolidation, combination
or exchange of shares or other similar corporate change, or if the outstanding securities of the class then subject to the Plan
are exchanged for or converted into cash, property or a different kind of security, or if cash, property or securities are distributed
in respect of such outstanding securities (other than a regular cash dividend), then, unless the terms of such transaction shall
provide otherwise, such equitable adjustments shall be made in the Plan and the Awards thereunder (including, without limitation,
appropriate and proportionate adjustments in (i) the number and type of shares or other securities that may be acquired pursuant
to Awards theretofore granted under the Plan; (ii) the maximum number and type of shares or other securities that may be issued
pursuant to Awards thereafter granted under the Plan; (iii) the number of shares of Restricted Stock and shares of Common
Stock under Restricted Stock Units that are outstanding and the terms thereof; and (iv) the maximum number of shares or other
securities with respect to which Awards may thereafter be granted to any Participant in any Plan Year) as the Committee determines
are necessary or appropriate, including, if necessary, any adjustment in the maximum number of shares of Common Stock available
for distribution under the Plan as set forth in this Section 3. Such adjustments shall be conclusive and binding for all purposes
of the Plan.

 

In the event that (i) any Stock
Option granted under the Plan is exercised through the tendering of shares of Common Stock (either actually or by attestation)
or by the withholding of shares of Common Stock by the Company or (ii) withholding tax liabilities resulting from an Award are
satisfied by the withholding of shares of Common Stock, then the number of shares tendered or withheld shall not be available for
future grants of Awards. If Common Stock is issued in settlement of a Stock Appreciation Right, the number of shares of Common
Stock available under the Plan shall be reduced by the number of shares of Common Stock for which the Stock Appreciation Right
is exercised rather than the number of shares of Common Stock issued in settlement of the Stock Appreciation Right.

 

			

 

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		(b)	Limitation on Shares Subject to Stock Options. Subject to adjustment from time to time pursuant
to Section 3(a) above, not more than one-hundred thousand (100,000) shares of Common Stock, in the aggregate, may be made
subject to Stock Options or Stock Appreciation Rights under the Plan in respect of any one Participant during any Plan Year.

 

Section 4. Eligibility

 

Any person who is an
employee of or consultant to the Company, a Subsidiary or an Affiliate shall be eligible to be considered for the grant of an Award
under the Plan other than an Incentive Stock Option. Any person who is a common law employee of the Company shall be eligible to
be considered for the grant of an Incentive Stock Option.

 

Each Award granted
under the Plan shall be evidenced by a written Award Agreement in such form as the Committee shall approve from time to time. Award
Agreements shall comply with the terms and conditions of the Plan. In the case of an Incentive Stock Option, the Award Agreement
shall contain all of the required provisions and otherwise conform to the requirements under Code Section 422. Award Agreements
may be evidenced by an electronic transmission (including an e-mail or reference to a website) sent to the Participant. As a condition
to receiving an Award, the Committee may require the proposed Participant to affirmatively accept the Award and agree to the terms
and conditions set forth in the Award Agreement by physically and/or electronically executing the Award Agreement or by otherwise
physically and/or electronically acknowledging acceptance and agreement. With or without such affirmative acceptance, however,
the Committee may prescribe conditions (including the exercise or attempted exercise of any benefit conferred by the Award) under
which the proposed Participant may be deemed to have accepted the Award and agreed to the terms and conditions set forth in the
Award Agreement.

 

Section 5. Stock Options

 

Stock Options granted
under the Plan may be of two types: Incentive Stock Options that, in addition to being subject to applicable terms, conditions
and limitations established by the Committee, comply with Section 422 of the Code and Nonqualified Stock Options. Any Stock Option
shall be in such form as the Committee may from time to time approve; shall be subject to the following terms and conditions; and
shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, that are set forth in the Award
Agreement as the Committee shall deem desirable:

 

    	-7-

    	 

    

		(a)	Exercise Price. The exercise price per share of Common Stock purchasable under a Stock Option
shall be determined by the Committee on the Date of Grant but shall be not less than one hundred percent (100%) of the Fair Market
Value of the Common Stock on the Date of the Grant, provided, however, that the exercise price per share of Common Stock
purchasable under an Incentive Stock Option that is granted to an individual who, on the Date of Grant, owns or is deemed to own
stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any of
its Subsidiaries, shall not be less than one hundred and ten percent (110%) of the Fair Market Value of the Common Stock on the
Date of Grant. Except as provided in Section 3, without the approval of shareholders (i) the Committee may not reduce, adjust or
amend the exercise price of an outstanding Stock Option, whether through amendment, cancellation, replacement grant or any other
means and (ii) no payment may be made to cancel an outstanding Stock Option if on the date of such amendment, cancellation, replacement
grant or payment the exercise price exceeds Fair Market Value.

 

		(b)	Option Term and Exercisability. The term of each Stock Option shall be fixed by the Committee,
but no Stock Option shall be exercisable more than ten (10) years after the Date of Grant; provided, however, that
no Incentive Stock Option that is granted to an individual who, on the Date of Grant, owns or is deemed to own Common Stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries,
shall be exercisable more than five (5) years after the Date of Grant of such Incentive Stock Option. Stock Options shall
be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee and set forth
in the applicable Award Agreement.

 

		(c)	Method of Exercise. Stock Options may be exercised in whole or in part subject to the terms
of the applicable Award Agreement by giving written notice of exercise to the Company, or its designated representative, specifying
the number of shares to be purchased.

 

			Such notice shall be accompanied by payment in full of the exercise price by check, note or such
other instrument as the Committee may accept and, in the case of Nonstatutory Stock Options, payment in full of the Withholding
Tax Obligation. As determined by the Committee, in its sole discretion, payment of the exercise price in full or in part also may
be made through (a) a “cashless exercise” (which will be conducted in a manner acceptable to the Company through a
third party broker, and otherwise in compliance with Section 402 of the Sarbanes-Oxley Act) or in which the exercise price
(and any interest thereon) is subtracted from the number of shares of Common Stock received by the Participant upon exercise of
the Stock Option (based on the Fair Market Value of the Common Stock on the date the Option is exercised); or (b) the surrender
of other Common Stock which (i) in the case of Common Stock acquired upon the exercise of an Award, has been owned by the Participant
for more than six months on the date of surrender; and (ii) has a Fair Market Value on the date of surrender that, together with
any cash paid, is equal to the aggregate exercise price of the Common Stock as to which said Stock Option shall be exercised.

 

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			No shares of Common Stock shall be issued until full payment has been made. No Participant shall
have interest in or be entitled to voting rights or dividends or other rights or privileges of stockholders of the Company with
respect to shares of Common Stock granted pursuant to the Plan unless, and until, shares of Common Stock actually are issued to
such person and then only from the date such person becomes the record owner thereof and, if requested, has given the representation
described in Section 15.

 

		(d)	Termination by Reason of Death or Disability. Except as otherwise expressly approved by
the Committee and set forth in the applicable Award Agreement, if a Participant has a Termination of employment by or service with
the Company, a Subsidiary or an Affiliate by reason of death or Disability, any Stock Option held by such Participant thereafter
may be exercised by the Participant or the Participant’s Beneficiary in the case of death, for the number of shares that
the Participant was eligible to exercise on the date of Termination, until the expiration of twelve (12) months after the
date of such Termination, provided such Stock Option was exercisable on such date of Termination, but no later than the expiration
date of the Stock Option. 

 

		(e)	Termination by the Company without Cause, Retirement, Resignation. Except as otherwise expressly
approved by the Committee and set forth in the applicable Award Agreement, if a Participant has a Termination of employment by
or service with the Company, a Subsidiary or an Affiliate (other than as provided in subsection (d) above) by the Company
without Cause, by reason of Retirement, or on account of voluntary resignation provided that it is determined by the Committee
that Cause did not exist as of the time of resignation, any Stock Option held by such Participant thereafter may be exercised,
for the number of shares that the Participant was eligible to exercise on the date of Termination, until the expiration of ninety
(90) days after the date of such Termination, provided such Stock Option was exercisable on such date of Termination, but
no later than the expiration date of the Stock Option.

 

		(f)	Other Termination. Unless otherwise determined by the Committee, if a Participant's employment
by or service with the Company, a Subsidiary or an Affiliate is terminated for any reason other than as specified in subsections
(d) and (e) above, including Termination with Cause, any unexercised Stock Option granted to such Participant shall be
cancelled on the date of such termination, whether or not exercisable on such date.

 

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		(g)	Incentive Stock Options. Anything in the Plan to the contrary notwithstanding, no term of
this Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted
under the Plan be so exercised, without the consent of the Participant(s) affected, to disqualify any Incentive Stock Option under
Section 422 of the Code. If an Incentive Stock Option is exercised other than in accordance with the exercise periods that
apply for purposes of Section 422 of the Code or if the aggregate Fair Market Value of the Common Stock with respect to which
the Incentive Stock Options are exercisable for the first time during any calendar year (under all plans of the Company and any
Subsidiary) exceeds U.S. $100,000, such Stock Option thereafter will be treated as a Nonqualified Stock Option, notwithstanding
the “Incentive Stock Option” designation in the Award Agreement.

 

Section 6. Stock Appreciation Rights

 

The Committee may,
in its discretion, grant a Stock Appreciation Right either singly or in combination with an underlying Stock Option granted hereunder.
Such Stock Appreciation Right shall be subject to the following terms and conditions and such other terms and conditions as the
Committee may prescribe in the Award Agreement:

 

		(a)	Exercise Price. The exercise price per share of Common Stock under a Stock Appreciation
Right shall be determined by the Committee on the Date of Grant but shall be not less than the greater of (a) one hundred percent
(100%) of the Fair Market Value of the Common Stock on the Date of the Grant or (b) the exercise price per share of Common Stock
purchasable under a underlying Stock Option with respect to which the Stock Appreciation Right is granted. Except as provided in
Section 3, without the approval of shareholders (i) the Committee may not reduce, adjust or amend the exercise price of an outstanding
Stock Appreciation Right, whether through amendment, cancellation, replacement grant or any other means and (ii) no payment may
be made to cancel an outstanding Stock Appreciation Right if on the date of such amendment, cancellation, replacement grant or
payment the exercise price exceeds Fair Market Value.

 

		(b)	Time and Period of Grant. If a Stock Appreciation Right is granted with respect to an underlying
Stock Option, it must be granted at the time of the Stock Option grant. If a Stock Appreciation Right is granted with respect to
an underlying Stock Option, at the time the Stock Appreciation Right is granted, the Committee may limit the exercise period for
such Stock Appreciation Right, after which period the Stock Appreciation Right shall not be exercisable. In no event shall the
exercise period for a Stock Appreciation Right granted with respect to an underlying Stock Option exceed the exercise period for
such Stock Option. If a Stock Appreciation Right is granted without an underlying Stock Option, the Stock Appreciation Right shall
be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee and set forth
in the applicable Award Agreement but the Stock Appreciation Right shall not be exercisable more than ten years after its Date
of Grant. No Stock Appreciation Right may provide that, upon the exercise of the Stock Appreciation Right, a new Stock Appreciation
Right automatically will be granted.

 

    	-10-

    	 

    

		(c)	Value of Stock Appreciation Right. If a Stock Appreciation Right is granted with respect
to an underlying Stock Option, the grantee will be entitled to surrender the Stock Option which is then exercisable and receive
in exchange therefore and on account of the exercise of the Stock Appreciation Right an amount equal to the excess of the Fair
Market Value of the Common Stock on the date the election to surrender is received by the Committee in accordance with exercise
procedures established by the Committee over the Stock Appreciation Right exercise price (the “Spread”) multiplied
by the number of shares covered by the Stock Option which is surrendered. If a Stock Appreciation Right is granted without an underlying
Stock Option, the grantee will receive upon exercise of the Stock Appreciation Right the Spread multiplied by the number of shares
covered by the grant of the Stock Appreciation Right. Notwithstanding the foregoing, at the time it grants a Stock Appreciation
Right, the Committee, in its sole discretion, may provide that the Spread covered by such Stock Appreciation Right may not exceed
a specified amount. At the Committee’s discretion, the amount payable as a result of the exercise of a Stock Appreciation
Right may be settled in cash, Common Stock or a combination of cash and Common Stock. A fractional share shall not be deliverable
upon the exercise of a Stock Appreciation Right but a cash payment will be made in lieu thereof.

 

		(d)	Method of Exercise. Stock Appreciation Rights may be exercised in whole or in part subject
to the terms of the applicable Award Agreement by giving written notice of exercise to the Company, or its designated representative,
specifying the number of shares that are subject to exercise.

 

			No Participant shall have interest in or be entitled to voting rights or dividends or other rights
or privileges of stockholders of the Company with respect to shares of Common Stock subject to a Stock Appreciation Right unless,
and until, shares of Common Stock actually are issued to such person and then only from the date such person becomes the record
owner thereof and, if requested, has given the representation described in Section 15.

 

    	-11-

    	 

    

		(e)	Termination by Reason of Death or Disability. Except as otherwise expressly approved by
the Committee and set forth in the applicable Award Agreement, if a Participant has a Termination of employment by or service with
the Company, a Subsidiary or an Affiliate by reason of death or Disability, any Stock Appreciation Right held by such Participant
thereafter may be exercised by the Participant or the Participant’s Beneficiary in the case of death, for the number of shares
that the Participant was eligible to exercise, until the expiration of twelve (12) months after the date of such Termination,
provided such Stock Appreciation Right was exercisable on such date of Termination, but no later than the expiration date of the
Stock Option. 

 

		(f)	Termination by the Company without Cause, Retirement, Resignation. Except as otherwise expressly
approved by the Committee and set forth in the applicable Award Agreement, if a Participant has a Termination of employment by
or service with the Company, a Subsidiary or an Affiliate (other than as provided in subsection (e) above) by the Company
without Cause, by reason of Retirement, or on account of voluntary resignation provided that it is determined by the Committee
that Cause did not exist as of the time of resignation, any Stock Appreciation Right held by such Participant thereafter may be
exercised, for the number of shares that the Participant was eligible to exercise on the date of Termination, until the expiration
of ninety (90) days after the date of such Termination, provided such Stock Appreciation Right was exercisable on such date
of Termination, but no later than the expiration date of the Stock Appreciation Right.

 

		(g)	Other Termination. Unless otherwise determined by the Committee, if a Participant's employment
by or service with the Company, a Subsidiary or an Affiliate is terminated for any reason other than as specified in subsections
(e) and (f) above, including Termination with Cause, any unexercised Stock Appreciation Right granted to such Participant
shall be cancelled on the date of such termination, whether or not exercisable on such date.

 

    	-12-

    	 

    

Section 7. Restricted Stock and Restricted
Stock Units 

 

		(a)	Grant of Restricted Stock and Restricted Stock Units. The Committee may grant to any Participant
one or more Awards of Restricted Stock or Restricted Stock Units on such terms and subject to such conditions as may be established
by the Committee that are set forth in the Award Agreement. Restricted Stock or Restricted Stock Units may be granted subject to
such restrictions and provisions, whether based on performance standards, periods of service, retention by the Participant of ownership
of specified shares of Common Stock or other criteria, not inconsistent with the terms of this Plan, as may be established by the
Committee. Each Award of Restricted Stock or Restricted Stock Units may be subject to a different restricted period and additional
restrictions; however, a Participant’s Restricted Stock or Restricted Stock Unit Award shall not be contingent on any payment
by or consideration from the Participant other than the rendering of services, except as the Committee may otherwise expressly
determine. 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.

 

		(b)	Recordkeeping of Award; Lapse of Restrictions. As soon as practicable after the Date of
Grant of Restricted Stock or a Restricted Stock Unit by the Committee, the Company shall:

 

		(i)	for Restricted Stock Awards, cause to be transferred on the books of the Company or its
agent, shares of Common Stock, registered on behalf of the Participant, evidencing the Restricted Stock covered by the Award, subject
to forfeiture to the Company as of the Date of Grant if an Award Agreement with respect to the Restricted Stock covered by the
Award is not duly executed by the Participant and timely returned to the Company. Until the lapse or release of the restrictions
applicable to the shares subject to an Award of Restricted Stock, the share certificates representing such Restricted Stock may
be held in custody by the Company or its designee, in physical or book entry form, or, if the certificates bear a restrictive legend,
by the Participant. Upon the lapse or release of all restrictions with respect to an Award as described in Section 7(e)(i), one
or more share certificates, registered in the name of the Participant, for an appropriate number of shares as provided in Section
7(e)(i), free of any restrictions set forth in the Plan and the related Award Agreement, or a statement from the Company representing
such shares in book entry form free of any restrictions set forth in the Plan and the related Award Agreement, shall be delivered
to the Participant as provided in Section 7(e);

 

    	-13-

    	 

    

		(ii)	for Restricted Stock Unit Awards, cause to be entered upon its books a notional account for the
Participant’s benefit indicating the number of Restricted Stock Units awarded, subject to forfeiture as of the Date of Grant
if an Award Agreement with respect to the Restricted Stock Units covered by the Award is not duly executed by the Participant and
timely returned to the Company. Until the lapse or release of the restrictions applicable to the shares subject to a Restricted
Stock Unit Award, no shares of Common Stock shall be issued in respect of such Awards and, as further described in Section 7(d),
no Participant shall have any rights as a stockholder of the Company with respect to the shares of Common Stock covered by such
Restricted Stock Unit Award.

 

		(c)	Rights of Holders of Restricted Stock. Beginning on the Date of Grant of a Restricted Stock
Award and subject to execution of the related Award Agreement as provided in Section 7(b)(i), and except as otherwise provided
in such Award Agreement, the Participant shall become a stockholder of the Company with respect to all shares subject to a Restricted
Stock Award Agreement and shall have all of the rights of a stockholder, including, but not limited to, the right to vote such
shares and the right to receive dividends; provided, however, that any shares of Common Stock or other securities distributed
as a dividend or otherwise with respect to any Restricted Stock as to which the restrictions have not yet lapsed, shall be subject
to the same restrictions as such Restricted Stock and held or restricted as provided in Section 7(b)(i), and provided further that
for any such Restricted Stock that are part of a Performance Award any such dividends shall be earned by the Participant only when
and to the extent the underlying Award is earned.

 

		(d)	Rights of Holders of Restricted Stock Units.

 

		(i)	Settlement of Restricted Stock Units. Restricted Stock Units may be settled in cash or Common
Stock, as determined by the Committee and set forth in the Award Agreement. The Award Agreement shall also set forth whether the
Restricted Stock Units shall be settled (1) within the time period specified for “short-term deferrals” under
Section 409A or (2) in compliance with the requirements of Section 409A, in which case the Award Agreement shall specify
the date (or event) upon which such Restricted Stock Units shall be settled.

 

		(ii)	Voting and Dividend Rights. Holders of Restricted Stock Units shall not have rights as stockholders
of the Company with respect to the shares of Common Stock covered by such Restricted Stock Unit Award, including the right to vote
such shares and the right to receive dividends; provided, however, that the Committee may, in its sole discretion, award
a Participant dividend equivalents with respect to a Restricted Stock Unit Award in accordance with Section 18 of the Plan.

 

    	-14-

    	 

    

		(iii)	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.

 

		(e)	Delivery of Award

 

		(i)	Restricted Stock. Upon expiration or earlier termination of the restricted period without
a forfeiture and the satisfaction of or release from any other conditions prescribed by the Committee, or at such earlier time
as provided under Section 7(g), the restrictions applicable to the Restricted Stock shall lapse. As promptly as administratively
feasible thereafter, subject to the requirements of Section 13 (regarding tax withholding), the Company shall deliver to the Participant
or, in case of the Participant’s death, to the Participant’s Beneficiary, one or more share certificates for the appropriate
number of shares of Common Stock, or a statement from the Company representing that such shares have been issued, are in book entry
form and are free of all such restrictions, except for any restrictions that may be imposed by law.

 

		(ii)	Restricted Stock Units. Upon expiration or earlier termination of the restricted period
without a forfeiture and the satisfaction of or release from any other conditions prescribed by the Committee, or at such earlier
time as provided under Section 7(g), the restrictions applicable to the Restricted Stock Units shall lapse. As promptly as administratively
feasible thereafter, subject to the requirements of Section 13 (regarding tax withholding), but no later than ninety (90) days
following such event the Company shall deliver to the Participant or, in case of the Participant’s death, to the Participant’s
Beneficiary, (1) a cash payment equal to the number of Restricted Stock Units as to which such restrictions have lapsed multiplied
by the Fair Market Value of a share of Common Stock as of the date the restrictions lapsed, (2) solely in the Committee’s
discretion, one or more share certificates registered in the name of the Participant, for the appropriate number of shares of Common
Stock, or a statement from the Company representing that such shares have been issued, are in book entry form and are free of all
restrictions, except for any restrictions that may be imposed by law, or (3) any combination of cash and shares of Common Stock.

 

    	-15-

    	 

    

		(f)	Forfeiture. Restricted Stock shall be forfeited and returned to the Company, and Restricted
Stock Units shall be forfeited, and all rights of the Participant with respect to such Restricted Stock or Restricted Stock Units
shall terminate unless the Participant continues in the service of the Company, a Subsidiary or an Affiliate until the expiration
of the restricted period for such Restricted Stock or Restricted Stock Unit Award and satisfies any and all other conditions set
forth in the Award Agreement. The Committee shall determine the restricted period (which may, but need not, lapse in installments)
and any other terms and conditions applicable with respect to any Restricted Stock or Restricted Stock Unit Award, which shall
be set forth in the Award Agreement.

 

		(g)	Committee Discretion. Notwithstanding anything contained in this Section 7 to the contrary,
the Committee may, in its sole discretion, waive the forfeiture period and any other conditions set forth in any Award Agreement
under appropriate circumstances (including, but not limited to, the death, Disability or Retirement of the Participant or a material
change in circumstances arising after the date of an Award) and subject to such terms and conditions (including forfeiture of a
proportionate number of the Restricted Stock or Restricted Stock Units) as the Committee shall deem appropriate.

 

    	-16-

    	 

    

Section 8. Performance Awards

 

		(a)	Performance Goals. Notwithstanding anything else contained in the Plan to the contrary,
the Committee may determine on the Date of Grant, that any Restricted Stock or Restricted Stock Unit granted to an officer who
is or may become subject to the reporting requirements of Section 17(a) of the Exchange Act, as amended, and whose
compensation is subject to the limitation on deductibility of compensation under Section 162(m) of the Code, shall be a Performance
Award and shall vest only upon the determination by the Committee that performance goals established by the Committee have been
attained, in whole or in part. Such performance goals, the business criteria upon which they are based, and the weights or other
formulas to be applied to any such business criteria shall be set forth in writing by the Committee not later than ninety (90) days
after the start of each Plan Year; provided, however, that if the performance goals are to be measured over a period shorter
than the Plan Year, the above items are to be set forth in writing by the Committee before twenty-five percent (25%) of the measurement
period has elapsed. The relevant business criteria include, either individually or in combination, applied to the Participant or
to the Company, a Subsidiary or an Affiliate as a whole or to individual units thereof, and measured either absolutely or relative
to a designated group of comparable companies: (i) cash flow, (ii) earnings per share, (iii) earnings before interest,
taxes, depreciation, and amortization (EBITDA), (iv) return on equity, (v) total stockholder return, (vi) return
on capital, (vii) return on assets or net assets, (viii) revenue, (ix) income or net income, (x) operating
income or net operating income, (xi) operating profit or net operating profit, (xii) operating margin, (xiii) return
on operating revenue, (xiv) customer satisfaction, (xv) market share, (xvi) expenses, (xvii) credit rating, (xviii) mergers and
acquisitions or divestitures, (xix) product development, (xx) intellectual property, (xxi) manufacturing, production or inventory,
(xxii) price/earnings ratio, (xxiii) liquidity, (xxiv) financings, (xxv) cash, (xxvi) cost of goods sold, (xxvii) economic value
added, (xxviii) accounts receivable, (xxix) number of customers and (xxx) gross profit margin.

 

		(b)	Maximum Performance Award. The maximum, aggregate amount that can be awarded to any one
Participant pursuant to Performance Awards in one (1) Plan Year is one million dollars ($1,000,000).

 

		(c)	Interpretation. If a Performance Award is intended to constitute “performance-based
compensation” under Section 162(m) of the Code, the Performance Award shall be designed, interpreted and administered consistent
with such intent. In that regard, any discretion exercised by the Committee with respect to the vesting of the Performance Award
may reduce, but may not increase, the amount earned based on attainment of the applicable pre-established, objective performance
goals.

 

    	-17-

    	 

    

Section 9. Change in Control

 

Notwithstanding any
other provision of the Plan, in the event that

 

		(i)	the Company is merged into or consolidated with another corporation or other entity
and as a result of such merger or consolidation less than seventy percent (70%) of the combined voting power of the outstanding
voting securities of the surviving or resulting corporation or other entity shall, after giving effect to such merger or consolidation,
be “beneficially owned” (within the meaning of Sections 13(d) and 14(d) of Exchange Act) in the aggregate, directly
or indirectly, by the former stockholders of the Company (excluding from such computation any such securities beneficially owned,
directly or indirectly, by “affiliates” of the Company as defined in Rule 12b-2 under the Exchange Act and such
securities so beneficially owned, directly or indirectly, by a party to such merger or consolidation),

 

		(ii)	the Company shall sell all or substantially all of its assets to any other person
or entity (other than a wholly-owned subsidiary),

 

		(iii)	any “person” is or becomes the “beneficial owner” (as the
terms “person” and “beneficial owner” are used in Sections 13(d) and 14(d) of the Exchange Act), directly
or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company's
then outstanding securities,

 

		(iv)	as a result of any solicitation subject to Rule 14a-11 under the Exchange Act
(or any successor rule thereto) one or more persons not recommended by or opposed for election to the Board by one-third or more
of the directors of the Company then in office is or are elected a director of the Company, or

 

		(v)	the Company shall become subject for any reason to a voluntary or involuntary dissolution
or liquidation,

 

then, in any such event,
as of the close of business at the principal executive office of the Company on the business day immediately preceding the date
on which such event occurs, for purposes of the Plan and to the extent that the provisions of the Plan remain applicable to shares
granted under the Plan,

 

		(x)	Stock Options and Stock Appreciation Rights granted under the Plan, to the extent
not already vested, shall immediately vest and become exercisable;

 

		(y)	the restrictions provided for in Section 7 of the Plan with respect to Restricted
Stock and Restricted Stock Units shall without further act expire and cease to apply; and

 

    	-18-

    	 

    

		(z)	the performance goals to which the vesting of Performance Awards are subject shall
be deemed to be met at target, such that Performance Awards immediately become fully vested.

 

Section 10. Transferability; Successors

 

Awards granted under
the Plan may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or the laws
of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. Any act in violation
of this Section 10 shall be void. Notwithstanding the foregoing, the Committee may permit further transferability of Awards other
than Incentive Stock Options, on a general or specific basis, and may impose conditions and limitations on any permitted transferability.

 

The provisions of the
Plan shall be binding upon and inure to the benefit of all successors of any person receiving Common Stock of the Corporation pursuant
to the Plan, including, without limitation, the estate of such person and the executors, administrators or trustees thereof, the
heirs and legatees of such person, and any receiver, trustee in bankruptcy or representative of creditors of such person.

 

Section 11. Amendments and Termination

 

The Board may amend,
alter or discontinue the Plan at any time, provided that (i) no amendment, alteration or discontinuation shall be made which
would materially impair the rights of a Participant in respect of any outstanding Award hereunder without such Participant's prior
consent; and (ii) an amendment shall be contingent on approval of the Company’s stockholders to the extent stated by
the Committee or required by applicable law or stock exchange listing requirements.

 

Subject to the above
provisions, the Board shall have broad authority to amend the Plan to take in to account changes in applicable securities and tax
laws and accounting rules, as well as other developments.

 

Section 12. Company's Right to
Terminate Retention; Exclusivity

 

Nothing contained in
the Plan shall prevent the Board from adopting other or additional compensation arrangements or modifying existing compensation
arrangements for Participants, subject to stockholder approval if such approval is required by applicable statute, rule or regulation;
and such arrangements either may be generally applicable or applicable only in specific cases. Neither the adoption of the Plan
nor a grant to a Participant of any Award shall confer upon any Participant any right to continued employment or service with the
Company.

 

    	-19-

    	 

    

Section 13. Tax Withholding

 

The Company shall have
the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, local or other applicable taxes (including the Participant’s FICA obligation or other social taxes) required
by law to be withheld (collectively, the “Withholding Tax Obligation”) (i) with respect to the vesting of or other
lapse of restrictions applicable to an Award, (ii) upon the exercise of a Stock Option or Stock Appreciation Right, 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 any amount that the Company may reasonably determine to be
necessary to satisfy the Withholding Tax Obligation. The Committee, in its sole discretion and pursuant to such procedures as it
may specify from time to time, may permit the Participant to elect to satisfy the Withholding Tax Obligation, in whole or in part,
by (a) paying the Company cash; (b) having the Company withhold shares of Common Stock having a Fair Market Value on the date the
tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction; and/or (c) tendering
previously acquired, unencumbered shares of Common Stock having an aggregate Fair Market Value equal to the minimum statutory total
tax which could be imposed on the transaction. All such elections shall be irrevocable, made in writing (including by electronic
mail), and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

 

If the Participant
fails to make an election with respect to the method by which the Withholding Tax Obligation shall be satisfied or fails to pay
the Withholding Tax Obligation, in whole or in part, by means of the elected method, the Company may cause the Withholding Tax
Obligation to be satisfied by the Company withholding shares of Common Stock otherwise deliverable in connection with the Award
that have a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed
on the transaction.

 

Section 14. Choice of Law

 

The Plan and all Awards
made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware.

 

Section 15. Governmental and Other
Regulations and Restrictions

 

		(a)	In General. The issuance by the Company of any shares of Common Stock pursuant to the Plan
shall be subject to all applicable laws, rules and regulations and to such approvals by governmental agencies as may be required.

 

    	-20-

    	 

    

		(b)	Registration of Shares. The Company shall use its reasonable commercial efforts to cause
the shares of Common Stock issuable in connection with this Plan to be registered under the Securities Act of 1933, as amended
(the “Securities Act”), but shall otherwise be under no obligation to register any shares of Common Stock issued
under the Plan under the Securities Act or otherwise. If, at the time any shares of Common Stock are issued pursuant to the Plan,
there shall not be on file with the Securities and Exchange Commission an effective Registration Statement under the Securities
Act covering such shares of Common Stock, the Participant to whom such shares are to be issued will execute and deliver to the
Company upon receipt by him or her of any such shares an undertaking, in form and substance satisfactory to the Company, that (i) such
Participant has had access or will, by reason of such person's employment or service with the Company, or otherwise, have access
to sufficient information concerning the Company to enable him or her to evaluate the merits and risks of the acquisition of shares
of the Company's Common Stock pursuant to the Plan, (ii) such Participant has such knowledge and experience in financial and
business matters that such person is capable of evaluating such acquisition, (iii) it is the intention of such Participant
to acquire and hold such shares for investment and not for the resale or distribution thereof, (iv) such Participant will
comply with the Securities Act and the Exchange Act with respect to such shares, and (v) such Participant will indemnify the
Company for any cost, liability and expense that the Company may sustain by reason of any violation of the Securities Act or the
Exchange Act occasioned by any act or omission on his or her part with respect to such shares.

 

		(c)	Resale of Shares. Without limiting the generality of Section 10, shares of Common Stock
acquired pursuant to the Plan shall not be sold, transferred or otherwise disposed of unless and until (i) such shares shall
have been registered by the Company under the Securities Act, (ii) the Company shall have received either a “no action”
letter from the Securities and Exchange Commission or an opinion of counsel acceptable to the Company to the effect that such sale,
transfer or other disposition of the shares may be effected without such registration, or (iii) such sale, transfer or disposition
of the shares is made pursuant to Rule 144 of the General Rules and Regulations promulgated under the Securities Act, as the
same may from time to time be in effect, and the Company shall have received an opinion of counsel acceptable to the Company to
such effect.

 

		(d)	Legend on Certificates. The Company may require that any certificate evidencing shares issued
pursuant to the Plan bear a restrictive legend and be subject to stop-transfer orders or other actions, intended to effect compliance
with the Securities Act or any other applicable regulatory measure.

 

    	-21-

    	 

    

Section 16. Election With Respect
to Restricted Property

 

A Participant who receives an award
of Restricted Stock including Restricted Stock granted as a Performance Award (but not Restricted Stock Units) shall be entitled
to make, at his or her discretion, within thirty (30) days of receipt of such restricted property and in accordance with applicable
laws and regulations, the election provided for under Section 83(b) of the Code to be taxed on the fair market value of such
restricted property at the time it is received. Participants should consult their individual tax advisors as to the tax consequences
to them of the election under Section 83(b).

 

Section 17. Section 409A

 

The Plan is intended
to provide either stock-based compensation that is not governed by Section 409A or for the deferral of compensation pursuant to
a nonqualified deferred compensation plan that complies with the requirements of Section 409A. With respect to any Awards granted
under this Plan that provide for the deferral of compensation that is governed by Section 409A, the Plan shall be interpreted in
a manner consistent with Section 409A and in the event that any provision that is necessary for the Plan to comply with Section
409A is determined by the Committee, in its sole discretion, to have been omitted, such omitted provision shall be deemed included
herein and is hereby incorporated as part of the Plan. 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” as defined
in Section 409A shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s “separation
from service” (or the Participant’s death, if earlier). In addition, and notwithstanding any provision of the Plan
to the contrary, the Company reserves the right to amend the Plan or any Award granted under the Plan, by action of the Committee,
without the consent of any affected Participant, to the extent deemed necessary or appropriate for purposes of maintaining compliance
with Section 409A and the regulations promulgated thereunder. 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.

 

Section 18. Dividend Equivalents 

 

For any Restricted
Stock Units granted under the Plan, the Committee shall have the discretion, upon the Date of Grant or thereafter, to provide for
the payment of dividend equivalents to the Participant in connection with such Award or to establish a Dividend Equivalent Account
with respect to the Award, and the applicable Award Agreement or an amendment thereto shall confirm the terms of such arrangement.
For purposes of payment of dividend equivalents or settlement of any Dividend Equivalent Account, the amount to be paid or otherwise
settled (if expressed in cash) shall be rounded to the nearest cent ($0.01). If a Dividend Equivalent Account is established, the
following terms shall apply:

 

    	-22-

    	 

    

		(i)	Dividend Equivalent Accounts shall be subject to such terms and conditions as the Committee shall
determine and as shall be set forth in the applicable Award Agreement. Such terms and conditions may include, without limitation,
for the Participant’s Account to be credited as of the record date of each cash dividend on the Common Stock with an amount
(expressed either in cash or shares of Common Stock of equivalent Fair Market Value) equal to the cash dividends which would be
paid with respect to the number of shares of Common Stock then covered by the related Award if such shares of Common Stock had
been owned of record by the Participant on such record date.

 

		(ii)	Dividend Equivalent Accounts shall be established and maintained only on the books and records
of the Company and no assets or funds of the Company shall be set aside, placed in trust, removed from the claims of the Company’s
general creditors, or otherwise made available until such amounts are actually payable as provided hereunder.

 

		(iii)	Dividend equivalents credited to a Dividend Equivalent Account with respect to any Performance
Award shall be earned by the Participant only to the extent the underlying Award is earned.

 

		(iv)	Notwithstanding the foregoing, the right to any dividends or dividend equivalents declared and
paid on the number of shares underlying the Award may not be contingent, directly or indirectly, on the exercise of the Award,
and any Award providing a right to dividend equivalents must comply with or qualify for an exemption from Section 409A.

 

Section 19. Term of Plan

 

This Plan, as amended
and restated herein, shall be effective upon its approval by the Board. It shall continue in effect until May 18, 2019. Awards
granted on or before that date shall remain valid in accordance with their terms, notwithstanding the expiration of the Plan.

 

 

-23-

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