Document:

Exhibit 10.2

 

NRC
GROUP HOLDINGS CORP.

 

Nonqualified
Stock Option Agreement

 

This
NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made as of __________, by and between NRC
Group Holdings Corp., a Delaware corporation (the “Company”), and _________________ (the “Grantee”).

 

1.            Certain
Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to such
terms in the NRC Group Holding Corp. 2018 Equity and Incentive Compensation Plan as the same may be amended from time to time
(the “Plan”).

 

2.            Grant
of Option. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, pursuant
to authorization under resolutions of the Committee, the Company has granted to the Grantee as of _______________ (the
“Date of Grant”) an Option Right to purchase __________ shares of Common Stock (the “Option”)
at an Option Price equal to the greater of (a) $10.25 per share of Common Stock or (b) the Market Value per Share on the Date
of Grant.

 

3.            Vesting
of Option.

 

(a) The
Option (unless terminated as hereinafter provided) shall be vested and exercisable in substantially equal installments on each
of the first three anniversaries of October 17, 2018 if the Grantee shall have been in continuous service on the Board until each
such date (each such date a “Vesting Date” and the period from the Date of Grant until October 17, 2021,
the “Vesting Period”). For purposes of this Agreement, “continuous service” (or substantially
similar terms) means the absence of any interruption or termination of the Grantee’s service on the Board.

 

(b) Notwithstanding
Section 3(a) above, the unvested portion of the Option that would have become vested on the subsequent Vesting Date
had the Grantee remained in continuous service through such Vesting Date (to the extent the Option has not been forfeited) shall
become immediately exercisable in full if the Grantee’s service terminates due to death or Grantee’s service terminates
due to Disability prior to such Vesting Date while the Grantee is in continuous service.

 

(c) Notwithstanding
Section 3(a) above, in the event of a Change in Control, the Option shall vest and become exercisable in accordance
with Sections 4 and 5 below.

 

4.            Termination
of the Option. The Option shall terminate on the earlier of: the applicable following date and 10 years from the Date
of Grant:

 

(a) Ninety
days after the Grantee’s voluntary termination of continuous service or involuntary termination of continuous service without
Cause prior to a Change in Control;

 

     

     

    

 

(b) One
year after the Grantee’s death if such death occurs while the Grantee is in continuous service;

 

(c) One
year after the Grantee’s termination of continuous service due to Disability;

 

(d) One
year after the Grantee’s involuntary termination of continuous service without Cause that occurs in connection with a Change
in Control; or

 

(e) The
date of the Grantee’s termination of continuous service for Cause.

 

5.            Effect
of Change in Control. Notwithstanding Section 3(a) above, if at any time before the Option is fully vested
or fully forfeited, and while the Grantee is in continuous service, a Change in Control occurs, then the unvested portion of the
Option shall become immediately exercisable.

 

6.            Exercise
and Payment of Option. To the extent exercisable, the Option may be exercised in whole or in part from time to time and
will be settled in Common Stock by the Grantee giving notice to the Company specifying the number of shares of Common Stock for
which the Option is to be exercised and paying the aggregate Option Price for such Common Stock. The Option Price shall be payable
(a) in cash or by check acceptable to the Company or by wire transfer of immediately available funds, (b) by the actual
or constructive transfer to the Company by the Grantee of nonforfeitable, unrestricted shares of Common Stock of the Company owned
by the Grantee and having an aggregate fair market value at the time of exercise of the Option equal to the total Option Price
of the shares of Common Stock which are the subject of such exercise, (c) by a net exercise method as described in the Plan, (d) by
a combination of such methods of payment, or (e) by such other methods as may be approved by the Committee.

 

7.            Transferability,
Binding Effect. Subject to Section 15 of the Plan, the Option is not transferable by the Grantee otherwise than by will
or the laws of descent and distribution, and in no event shall this award be transferred for value.

 

8.            No
Dividend Equivalents. The Grantee shall not be entitled to dividend equivalents with respect to the Option or the shares
of Common Stock underlying the Option.

 

9.            Adjustments.
The number of shares of Common Stock issuable subject to the Option and the other terms and conditions of the grant evidenced
by this Agreement are subject to adjustment as provided in Section 11 of the Plan.

 

10.          Compliance
with Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided,
however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue
any Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of any such law. The Option shall
not be exercisable if such exercise would involve a violation of any law.

 

    -2-

     

    

 

11.          No
Right to Future Awards or Continued Service. The Option award is a voluntary, discretionary bonus being made on a one-time
basis and it does not constitute a commitment to make any future awards. The Option award and any related payments made to the
Grantee will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as
otherwise required by law. Nothing contained herein will confer upon the Grantee any right with respect to continuance of service
on the Board.

 

12.          Amendments.
Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable
hereto; provided, however, that no amendment shall adversely affect the Grantee’s rights with respect to the
Option without the Grantee’s consent and the Grantee’s consent shall not be required to an amendment that is deemed
necessary by the Company to ensure compliance with Section 10D of the Exchange Act.

 

13.          Severability.
In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent
jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining
provisions hereof shall continue to be valid and fully enforceable.

 

14.          Relation
to Plan. The Option granted under this Agreement and all of the terms and conditions hereof are subject to all of the
terms and conditions of the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan
will govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided
otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement. Notwithstanding
anything in this Agreement to the contrary, the Grantee acknowledges and agrees that this Agreement and the award described herein
are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time
specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including
applicable rules and regulations of any national securities exchange on which the Common Stock may be traded).

 

15.          Electronic
Delivery. The Company may, in its sole discretion, deliver any documents related to the Option and the Grantee’s
participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s
consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery
and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the
Company or another third party designated by the Company.

 

16.          Governing
Law. This Agreement shall be governed by and construed with the internal substantive laws of the State of Delaware, without
giving effect to any principle of law that would result in the application of the law of any other jurisdiction.

 

17.          Successors
and Assigns. Without limiting Section 7 hereof, the provisions of this Agreement shall inure to the benefit
of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors
and assigns of the Company.

 

18.          Acknowledgement.
The Grantee acknowledges that the Grantee (a) has received a copy of the Plan, (b) has had an opportunity to review the terms
of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such
terms and conditions.

 

19.          Counterparts.
This Agreement may be executed in one or more counterparts, all of which together shall constitute but one Agreement.

 

[SIGNATURES
ON FOLLOWING PAGE]

 

    -3-

     

    

 

	 	NRC GROUP HOLDINGS CORP. 
	 	 	 
	 	By:	                    
	 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Grantee Acknowledgment and Acceptance
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 

 

    -4-EXHIBIT 10.4

     

    
      		
               

               

              EMPLOYEE STOCK PURCHASE PLAN

              (Amended and Current as of

              March 28, 2012)

               

            

    

     

    ARTICLE I - General

    

    

    
      	
              1.1

            	
              The purpose of Photronics, Inc. Employee Stock Purchase Plan is to provide eligible employees of the Company and its designated
                  subsidiaries (if any) with an opportunity to acquire a proprietary interest in the Company by the purchase of shares of the Common Stock of the Company directly from the Company through payroll deductions.  It is felt that employee
                  participation in the ownership of the Company will be to the mutual benefit of both the employees and the Company.

            

    

    

    

    
      	
              1.2

            	
              The Plan is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code
                  of 1986, as amended (the "Code").  The provisions of the Plan shall, accordingly, be construed so as to extend and/or limit eligibility and participation in a manner consistent, and so as to otherwise comply, with the requirements of the
                  Code.

            

    

    

    

    
      	
              1.3

            	
              Eligibility and participation in the Plan shall give any Employee only such rights as are set forth in the Plan and any amendments
                  hereto and shall in no way affect or in any manner limit the Company's right to discharge the Employee, which right is expressly reserved by the Company, or impair the authority of the Plan Committee to limit the Employee's rights, claims
                  or causes, as provided in the Plan.

            

    

    

    

    ARTICLE II - Definitions

    

    

    
      	
              2.1

            	
              The following words and phrases, when used in the Plan, shall have the following respective meanings, unless the context clearly
                  indicates otherwise:

            

    

    

    

    "Authorized Leave of Absence"

    
      	
                

            	
              Any leave of absence authorized under the Company's standard personnel practices, provided that all persons under similar
                  circumstances must be treated equally in the granting of such Authorized Leave of Absence and provided further that the person returns to the employ of the Company upon the expiration of an Authorized Leave of Absence.

            

    

    

    

    "Board of Directors"

    The Board of Directors
        of Photronics, Inc.

    

    

    "Code"

    
      	
                

            	
              The Internal Revenue Code of 1986, as amended from time to time, and applicable Treasury Department regulations issued thereunder.

            

    

    

    

    
      
          

      

      
        1

        
          

        

      

      
          

      

    

     

    "Common Stock"

    
      	
                

            	
              The Common Stock, par value $0.01 per share, of the Company, or the securities adjusted or substituted therefor pursuant to Article
                  XIV.

            

    

    

    

    "Company"

    
      	
                

            	
              Photronics, Inc., a Connecticut corporation, or its successor or successors or any present or future subsidiary of Photronics, Inc.,
                  which may be designated to participate in the Plan by the Board of Directors.

            

    

    

    

    "Compensation"

    
      	
                

            	
              The Compensation of an Eligible Employee shall be determined in accordance with procedures approved by the Plan Committee or the
                  Board of Directors.  In the absence of the adoption of specific procedures, Compensation of an Eligible Employee shall be the annualized salary or wages of such Employee based on such Employee's current rate of pay and work schedule, but
                  excluding any discretionary overtime, sick pay, vacation pay or other benefits.

            

    

    

    

    "Disability"

    
      	
                

            	
              Disability shall have the same meaning set forth in Section 22(e)(3) of the Code or any successor provision thereto.  At present, a
                  disability is defined as a physical or mental impairment or incapacity which, in the opinion of a physician selected by the Plan Committee, can be expected to result in death or has lasted or can be expected to last for a continuous
                  period of at least twelve (12) months and renders the Participant unable to engage in any substantial, gainful activity.

            

    

    

    

    "Effective Date of the Plan"

    
      	
                

            	
              The date on which the Plan shall have become effective pursuant to Article XVII, provided, however, that if the Plan shall not be
                  approved by the stockholders of the Company as provided in Article XVII, the Plan and all rights granted hereunder shall be, and be deemed to have been, null and void.

            

    

    

    

    "Eligible Employee"

    
      	
                

            	
              An Employee who is eligible to participate in the Plan in accordance with provisions of Articles IV and V.

            

    

    

    

    "Employee"

    
      	
                

            	
              Any person who, on an Offering Date, is a common law employee of the Company and whose customary employment is for more than twenty
                  (20) hours per week and for more than five (5) months per calendar year, other than any highly compensated employees (within the meaning of Section 414[q] of the Code or any successor provision thereto) of the Company who are excluded
                  from participation hereunder by action of the Board of Directors.  A person who is or has been on an Authorized Leave of Absence, and who in the absence of such Authorized Leave of Absence would have been classified as an Employee, shall
                  in the discretion of the Plan Committee be considered to be an Employee, except to the extent that such determination is inconsistent with Section 423 of the Code.  Such determination by the Plan Committee shall be final and conclusive.

            

    

    

    

    
      
          

      

      
        2

        
          

        

      

      
          

      

    

     

    "Offering"

    An Offering in
        accordance with the provisions of Article V.

    

    

    "Offering Date"

    
      	
                

            	
              The date of an Offering as established by the Plan Committee pursuant to Section 5.1 hereof.

            

    

    

    

    "Participant"

    
      	
                

            	
              An Eligible Employee who subscribes for Shares pursuant to Article VI.

            

    

    

    

    "Plan"

    
      	
                

            	
              The Photronics, Inc. Employee Stock Purchase Plan set forth herein, as amended from time to time in accordance with the provisions
                  of Article XV.

            

    

    

    

    "Plan Committee"

    
      	
                

            	
              The committee provided for in Article XII to administer the Plan.

            

    

    

    

    "Purchase Date"

    
      	
                

            	
              A Purchase Date as provided in Sections 8.1 or 10.3, as appropriate.

            

    

    

    

    "Shares"

    Shares of Common Stock
        offered under the Plan.

    

    

    The masculine gender,
        whenever used in the Plan, shall be deemed to include the feminine gender, and whenever the plural is used it shall include the singular, if the context so requires.

    

    

    ARTICLE III - Shares Subject to the Plan

    

    

    
      	
              3.1

            	
              Subject to the provisions of Article XIV hereof, the aggregate number of shares of Common Stock which may be issued under the Plan
                  shall not exceed 1,500,000.  The aggregate number of such shares which may be issued with respect to any Offering shall be determined by the Plan Committee with respect to such Offering.  Such shares may be authorized but unissued shares
                  of Common Stock or issued shares of Common Stock which are held by the Company.  Any shares subscribed for under the Plan and not purchased as a result of the cancellation in whole or in part of such subscription shall (unless the Plan
                  shall have terminated) be again available for issuance under the Plan.

            

    

    

    

    ARTICLE IV - Eligibility

    

    

    
      	
              4.1

            	
              Each Employee who has been continuously employed by the Company for the one complete calendar month (or such longer period as may be
                  determined by the Plan Committee) ending immediately prior to an Offering Date shall be eligible to participate in the Offering under the Plan made on such Offering Date.

            

    

    

    

    
      
          

      

      
        3

        
          

        

      

      
          

      

    

     

    
      	
              4.2

            	
              Notwithstanding the provisions of Section 4.1, no Employee shall be offered Shares if, immediately after he would subscribe for such
                  Shares, such Employee would own capital stock (including shares of Common Stock which may be purchased under such subscription and under any other outstanding subscriptions under the Plan or options to purchase shares of Common Stock of
                  the Company held by such Employee, as computed in accordance with Section 423[b][3] of the Code or any successor provision thereto) possessing 5% or more of the total combined voting power or value of all classes of stock of the
                  Company.  For purposes of determining the stock ownership of any Employee, the provisions of Section 424[d] of the Code shall apply.

            

    

    

    

    ARTICLE V - Offering Under the Plan

    

    

    
      	
              5.1

            	
              Offerings under the Plan shall be made on such Offering Dates as shall be determined by the Plan Committee.  Notwithstanding
                  anything to the contrary, no Offering shall be made on any date prior to the date that a required registration statement with respect to such Offering filed under the Securities Act of 1933, as amended, has become effective.  Nothing
                  contained herein shall be deemed to require that an Offering be made in any year.

            

    

    

    

    
      
        	
                5.2

              	[a]	
                Subject to the limitations set forth in Sections 5.2[b] and
                    6.3, and to the other terms and conditions of the Plan, in each offering under the Plan, each Eligible Employee on an Offering Date shall be offered the right during the Subscription Period as provided in Section 6.2, to subscribe to
                    purchase such number of Shares as the percentage designated by the Plan Committee for such offering (not to exceed 5%) of his Compensation would buy, at a price equal to the product of (i) the fair market value of a Share on the
                    Offering Date, multiplied by (ii) the Purchase Price percentage utilized under Section 5.3 hereof.

              

      

    

    

    

    
      
        	 	
                [b]

              	
                Notwithstanding anything to the contrary contained in
                    Sub-Section [a] of this Section 5.2, no Eligible Employee shall be eligible to subscribe for Shares in an Offering if, immediately after he would subscribe for such Shares, such subscription would permit his rights to purchase shares of
                    Common Stock under all employee stock purchase plans of the Company to accrue at a rate which exceeds $25,000 (or such other maximum amounts as may be prescribed from time to time under the Code) of the fair market value of such shares
                    (determined as of the Offering Date for such Offering) for each calendar year in which such subscription would be outstanding at any time.  For purposes of this limitation the provisions of Section 423[b][8] of the Code shall be
                    applicable.

              

      

    

    

    

    
      	
              5.3

            	
              The Purchase Price per share subscribed for all Shares in a particular Offering shall be an amount equal to such percentages, not
                  greater than 100% nor less than 85%, as shall be determined by the Plan Committee on or prior to the Offering Date, of the fair market value of a share of Common Stock (determined in accordance with the provisions of Article XIII) on one
                  of the following dates with respect to such Offering, with such date to be determined by the Plan Committee on or prior to the Offering Date: (i) the Offering Date, (ii) the Purchase Date, or (iii) the Offering Date or the Purchase Date
                  (whichever would result in a lower Purchase Price for the Common Stock).

            

    

    

    

    
      
          

      

      
        4

        
          

        

      

      
          

      

    

     

    
      	
              5.4

            	
              In order to participate in any Offering, an Eligible Employee entitled to subscribe for Shares in such Offering shall comply with
                  the subscription procedures set forth in Article VI.

            

    

    

    

    ARTICLE VI - Subscriptions for Shares

    

    

    
      	
              6.1

            	
              As soon as practicable after an Offering Date, the Company shall furnish to each Eligible Employee a Subscription Agreement setting
                  forth the maximum number of Shares to which such Eligible Employee may subscribe in such Offering, the fair market value per share of Common Stock on the Offering Date, the Purchase Price for Shares in such Offering and such other terms
                  and conditions consistent with the Plan as shall be determined by the Plan Committee.

            

    

    

    

    
      	
              6.2

            	
              Within fifteen (15) days after receipt of such Subscription Agreement, an Eligible Employee desiring to participate in the Offering
                  shall notify the Plan Committee of the number of Shares for which he desires to subscribe.  Such notification shall be effected by the Eligible Employee's completing, executing and returning to the Secretary of the Company the
                  Subscription Agreement.  All such subscriptions shall be deemed to have been made as of the Offering Date.  No subscription shall be accepted from any person who is not an Eligible Employee on the date his subscription is received by the
                  Company.

            

    

    

    

    
      	
              6.3

            	
              The minimum number of Shares for which an Eligible Employee will be permitted to subscribe in any Offering is ten (10) (or the
                  number of Shares offered to him if fewer than ten).  If at any time the Shares available for an Offering are oversubscribed, the Number of Shares for which each Eligible Employee is entitled to subscribe pursuant to Section 5.2 shall be
                  reduced, pro rata, to such lower number as may be necessary to eliminate such over-subscription.

            

    

    

    

    
      	
              6.4

            	
              If an Eligible Employee fails to subscribe to the Shares within the period and in the manner prescribed in Section 6.2, he shall
                  waive all rights to purchase Shares in that Offering.

            

    

     

    ARTICLE VII - Payment for Shares

    

    

    
      	
              7.1

            	
              The aggregate Purchase Price for the Shares for which a Participant subscribes in any Offering in accordance with the provisions of
                  Article VI of the Plan shall be paid by means of payroll deductions.

            

    

    

    

    
      	
              
                7.2

              

            	
              [a]

            	
              The aggregate Purchase Price for Shares shall be paid by payroll deductions in equal amounts over a period of 24 months (or such
                  shorter period as shall be determined by the Plan Committee in accordance with the Plan) from the Offering Date.  The period over which such payroll deductions are to be made in hereinafter referred to as the "Payment Period".

            

    

     

    
      
          

      

      
        5

        
          

        

      

      
          

      

    

     

    
      
        	 	
                [b]

              	
                Such payroll deductions with respect to an Offering shall
                    commence as soon as practicable after the receipt of the Company of the executed Subscription Agreement authorizing such payroll deductions, and shall cease upon the earlier of the termination of the Payment Period or payment in full of
                    the Purchase Price for such Shares.  A Participant may cancel his subscription to the extent provided for in Article X, but no other change in terms of his Subscription Agreement may be made during the Payment Period and, in particular,
                    in no event may a Participant change the amount of his payroll deductions under such Subscription Agreement.  All payroll deductions withheld from a Participant under a Subscription Agreement shall be credited to his account under the
                    Plan.  In the event that payroll deductions are simultaneously being made with respect to more than one Subscription Agreement, the aggregate amount of such payroll deductions at any payday shall be credited first toward the payment for
                    Shares subscribed for in the earliest Offering.  A Participant may not make any separate cash payment into his account, provided, however, that a Participant who has been deemed to be in the employ of the Company while on an Authorized
                    Leave of Absence without pay during the Payment Period, may upon his return to the actual employ of the Company, make a cash payment into his account in an amount not exceeding the aggregate of the payroll deductions which would have
                    been made during such Authorized Leave of Absence.

              

      

    

    

    

    
      
        	 	
                [c]

              	
                All funds representing payroll deductions for the accounts
                    of Participants will, except as provided in Section 7.3, be paid into the general funds of the Company.  No interest will be paid or accrued under any circumstances on any funds withheld by the Company as payroll deductions pursuant to
                    this Section 7.2 or on any other funds paid to the Company for purchases of Shares under the Plan.

              

      

    

    

    

    
      	
              7.3

            	
              Notwithstanding anything in this Article VII to the contrary, with respect to any Offering which is made prior to the approval of
                  the Plan by the stockholders of the Company, all payroll deductions withheld for the accounts of Participants shall, until the Plan is approved by the stockholders, be held by the Company in a special escrow account for the benefit of
                  such Participants.  No interest will be paid or accrued under any circumstances on such funds.  No Shares will be issued to such Participants until after approval of the Plan by the stockholders.  In the event that the Plan is not
                  approved by the stockholders within the period specified in Article XVII, all such funds will thereupon be promptly refunded to the respective Participants.

            

    

    

    

    
      	
              7.4

            	
              Failure to pay for subscribed Shares as provided in this Article VII shall constitute the cancellation of such subscription to the
                  extent that any such Shares shall not have been so paid for.

            

    

    

    

    ARTICLE VIII - Issuance of Shares

    

    

    
      	
              8.1

            	
              At the end of the Payment Period for an Offering, (each of which dates is referred to as a "Purchase Date"), the balance of all
                  amounts then held in the account of a Participant representing payroll deductions pursuant to a Subscription Agreement shall be applied to the purchase by the Participant from the Company of the number of Shares equal to the amount of
                  such balance divided by the Purchase Price per share for such Shares applicable on such Purchase Date up to the number of Shares provided for in the respective Subscription Agreement.  Any amount remaining in the Participant's account in
                  excess of the sum required to purchase whole Shares on a Purchase Date shall be promptly refunded to the Participant.  As soon as practicable after a Purchase Date, the Company will issue and deliver to the Participant a certificate
                  representing the Shares purchased by him from the Company on such Purchase Date.  No fractional shares will be issued at any time.

            

    

     

    
      
          

      

      
        6

        
          

        

      

      
          

      

    

    

    

    
      	
              8.2

            	
              A Participant who disposes (whether by sale, exchange, gift or otherwise) of any of the Shares acquired by him pursuant to the Plan
                  within two (2) years after the Offering Date for such Shares or within one (1) year after the issuance of Shares to him shall notify the Company in writing of such disposition within thirty (30) days after such disposition.

            

    

    

    

    ARTICLE IX - Rights of Stockholders

    

    

    
      	
              9.1

            	
              A Participant shall not have any rights to dividends or any other rights as a stockholder of the Company with respect to any Shares
                  until such Shares shall have been issued to him as reflected by the books and records maintained by the Company's transfer agent relating to stockholders of the Company.

            

    

     

    ARTICLE X - Voluntary Withdrawal/Termination of Employment

    

    

    
      	
              10.1

            	
              A Participant may discontinue his payroll deductions under a Subscription Agreement at any time by giving written notice thereof to
                  the Plan Committee, effective for all payroll periods commencing five (5) days after receipt of such notice by the Plan Committee.  The balance in the account of such Participant following such discontinuance shall be promptly refunded to
                  the Participant.  Withdrawal from an Offering pursuant to this Section 10.1 shall not affect an Eligible Employee's eligibility to participate in any other Offering under the Plan.

            

    

    

    

    
      	
              10.2

            	
              If the Participant's employment with the Company is terminated for any reason other than death while still an Employee, such
                  Participant's rights to purchase Shares under any Subscription Agreement shall immediately terminate.  Any balance remaining in his account as of the date of such termination of employment shall be promptly refunded to the Participant.

            

    

    

    

    
      	
              10.3

            	
              In the event of the death of an Employee who was a Participant prior to the purchase of the Shares for which he subscribed pursuant
                  to Article VI hereof, the person or persons who acquired by laws of descent and distribution (his "Estate") his rights to purchase Shares under his Subscription Agreement(s), shall have the right within ninety (90) days after the death of
                  the Participant (but in no event later than the termination of the Payment Period) to purchase from the Company that number of Shares subscribed for and not issued to the Participant prior to his death which the balance in the
                  Participant's payroll deduction account is sufficient to purchase.  The failure of the person or persons so acquiring his rights to so give notice of intention to purchase shall constitute a forfeiture of all further rights of the
                  Participant or other persons to purchase such Shares and in such event, the balance in the Participant's payroll deduction account will be refunded, without interest.  If the Participant dies more than fifty (50) days prior to the
                  termination of the Payment Period and his Estate elects to purchase the Shares subscribed for, the Purchase Price for his Shares shall be the percentage, designated pursuant to Section 5.3, of the fair market value on the Offering Date,
                  irrespective of the Purchase Price for other Participants.

            

    

    

    

    
      
          

      

      
        7

        
          

        

      

      
          

      

    

    

    

    ARTICLE XI - Non-Transferability of Subscription Rights

    

    

    
      	
              11.1

            	
              During the lifetime of a Participant, the Shares for which he subscribes may be purchased only by him.  No Subscription Agreement of
                  a Participant and no right under or interest in the Plan or any such Subscription Agreement (hereinafter collectively referred to as "Subscription Rights") may be assigned, transferred, pledged, hypothecated or disposed of in any way
                  (whether by operation of law or otherwise), except by the Participant's will or by the applicable laws of descent and distribution, or may be subject to execution, attachment or similar process.  Any assignment, transfer, pledge,
                  hypothecation or other disposition of Subscription Rights, or any levy of execution, attachment or other process attempted upon Subscription Rights, shall be null and void and without effect, and in any such event all Subscription Rights
                  shall, in the sole discretion of the Plan Committee (exercised by written notice to the Participant or to the person then entitled to purchase the Shares under the provisions of Sections 10.3 hereof), terminate as of the occurrence of any
                  such event.

            

    

    

    

    ARTICLE XII - Administration of the Plan

    

    

    
      	
              12.1

            	
              The Plan shall be administered by a Plan Committee which shall consist of two (2) or more members of the Board of Directors, none of
                  whom shall be eligible to participate in the Plan.  The members of the Plan Committee shall be appointed, and may be removed, by the Board of Directors.  The Board of Directors shall have the power to remove and substitute for members of
                  the Plan Committee and to fill any vacancy which may occur in the Plan Committee.

            

    

    

    

    
      	
              12.2

            	
              Unless otherwise determined by the Board of Directors, the members of the Plan Committee shall serve without additional compensation
                  for their services.  All expenses in connection with the administration of the Plan, including, but not limited to, clerical, legal and accounting fees, and other costs of administration, shall be paid by the Company.

            

    

    

    

    
      	
              12.3

            	
              The Chairman of the Plan Committee shall be designated by the Board of Directors.  The Plan Committee shall select a Secretary who
                  need not be a member of the Plan Committee.  The Secretary, or in his absence, any member of the Plan Committee designated by the Chairman, shall keep the minutes of the proceedings of the Plan Committee and all data, records and
                  documents relating to the administration of the Plan by the Plan Committee.

            

    

    

    

    
      
          

      

      
        8

        
          

        

      

      
          

      

    

     

    
      	
              12.4

            	
              A quorum of the Plan Committee shall be such number as the Committee shall from time to time determine, but shall not be less than a
                  majority of the entire Plan Committee.  The acts of a majority of the members of the Plan Committee present at any meeting at which a quorum is present shall be the act of the Plan Committee.  Members of the Plan Committee may participate
                  in a meeting by means of telephone conference or similar communications procedure pursuant to which all persons participating in the meeting can hear each other.  The Plan Committee may take action without a meeting if such action is
                  evidenced by a writing signed by at least a majority of the entire Plan Committee.

            

    

    

    

    
      	
              12.5

            	
              The Plan Committee may, by an instrument in writing, delegate to one or more of its members or to an officer or officers of the
                  Company any of its powers and its authority under the Plan, including the execution and delivery on its behalf of instruments, instructions and other documents.

            

    

     

    
      	
              12.6

            	
              It shall be the sole and exclusive duty and authority of the Plan Committee to interpret and construe the provisions of the Plan, to
                  decide any disputes which may arise with regard to the status, eligibility and rights of Employees under the terms of the Plan, and any other persons claiming an interest under the terms of the Plan, and, in general, to direct the
                  administration of the Plan.

            

    

    

    

    
      	
              12.7

            	
              The Plan Committee may adopt, and from time to time amend, such rules and regulations consistent with the purposes and provisions of
                  the Plan, as it deems necessary or advisable to administer and effectuate the Plan.

            

    

    

    

    
      	
              12.8

            	
              The Plan Committee may shorten, lengthen (but not beyond thirty (30) days) or waive the time required by the Plan for the filing of
                  any notice or other form under the Plan.

            

    

    

    

    
      	
              12.9

            	
              The discretionary powers granted hereunder to the Plan Committee shall in no event be exercised in any manner that will discriminate
                  against individual employees or a class of employees or discriminate in favor of employees who are shareholders, officers, supervisors or highly compensated employees of the Company.

            

    

    

    

    ARTICLE XIII - Valuation of Shares of Common Stock

    

    

    
      	
              13.1

            	
              For purposes of the Plan, the "fair market value" of a share of Common Stock as of any date shall be determined as follows:

            

    

    

    

    
      	
                

            	
              [a]

            	
              If the Common Stock is then listed on a national securities exchange, the "fair market value" shall be the closing price of a share
                  of Common Stock on such exchange on such date, or, if there has been no sale of shares of Common Stock on that date, the closing price of a share of Common Stock on such exchange on the last preceding business day on which shares of
                  Common Stock were traded.

            

    

    

    

    
      	
                

            	
              [b]

            	
              If the Common Stock is then listed on the National Association of Securities Dealers Automatic Quotation System National Market
                  System, the "fair market value" shall be the average of the high and low sales prices of a share of Common Stock on that date, or if there has been no sale of shares of Common Stock on that date, the average of the high and low sales
                  prices of Common Stock on the last preceding business day on which shares of Common Stock were traded.

            

    

     

    
      
          

      

      
        9

        
          

        

      

      
          

      

    

     

    ARTICLE XIV - Adjustments in Certain Events

    

    

    
      	
              14.1

            	
              If (i) the Company shall at any time be involved in a transaction to which sub-section [a] of Section 424 of the Code is applicable,
                  (ii) the Company shall declare a dividend payable in, or shall sub-divide or combine, its Common Stock, or (iii) any other event shall occur which in the judgment of the Board of Directors necessitates action by way of adjusting the terms
                  of the outstanding Subscription Agreements, the Board of Directors shall take any such action as in its judgment shall be appropriate to preserve Participant rights substantially proportionate to the rights existing prior to such
                  event.  To the extent that such action shall include an increase or decrease in the number of shares of Common Stock subject to outstanding Subscription Agreements, the aggregate number of shares available under Article III hereof for
                  issuance under the Plan pursuant to outstanding Subscription Agreements and Subscription Agreements which may be entered into, and the aggregate number of shares available for issuance in any Offering and the number which may be
                  subscribed for, shall be proportionately increased or decreased, as the case may be.  No action shall be taken by the Board of Directors under the provisions of this Article XIV which, in its judgment, would constitute a modification,
                  extension or renewal of the Subscription Agreement (within the meaning of Section 424[h] of the Code), or would prevent the Plan from qualifying as an "employee stock purchase plan" (within the meaning of Section 423 of the Code).  The
                  determination of the Board of Directors with respect to any matter referred to in this Article XIV shall be conclusive and binding upon each Participant.

            

    

    

    

    ARTICLE XV - Termination and Amendment of the Plan

    

    

    
      	
              15.1

            	
              The Board of Directors may, without further approval by the stockholders of the Company, at any time terminate or amend the Plan
                  without notice, or make such modifications of the Plan as it shall deem advisable; provided that the Board of Directors may not, without prior approval by the holders of a majority of the outstanding shares of Common Stock of the Company,
                  amend or modify the Plan so as to (i) increase the maximum number of shares of Common Stock which may be issued under the Plan (except as contemplated in Article XIV hereof), (ii) extend the term during which Offerings may be made under
                  the Plan or (iii) increase the maximum number of Shares which an Eligible Employee is entitled to purchase (except as contemplated in Article XIV hereof); and provided further that the Board of Directors may not amend or modify the Plan
                  in any manner which would prevent the Plan from qualifying as an "employee stock purchase plan" (within the meaning of Section 423 of the Code).  No termination, amendment or modification of the Plan may, without the consent of a
                  Participant, adversely affect the rights of such Participant under an outstanding Subscription Agreement.

            

    

    

    

    
      
          

      

      
        10

        
          

        

      

      
          

      

    

     

    ARTICLE XVI - Miscellaneous

    

    

    
      	
              16.1

            	
              Unless otherwise expressly provided in the Plan, all notices or other communications by a Participant to the Company under or in
                  connection with the Plan shall be deemed to have been duly given when received by the Secretary of the Company or when received in the form specified by the Company at the location and by the persons, designated by the Company for the
                  receipt thereof.

            

    

    

    

    
      	
              16.2

            	
              Notwithstanding anything hereunder to the contrary, the offer, sale and delivery by the Company of Shares under the Plan to any
                  Eligible Employee is subject to compliance with all applicable securities regulation and other federal and state laws.  The terms of this Plan shall be construed under the laws of the State of Connecticut.

            

    

    

    

    ARTICLE XVII - Effective Date

    

    

    
      	
              17.1

            	
              The Plan shall become effective at such time as the Plan has been adopted by the Board of Directors or such later date as shall be
                  designated by the Board of Directors upon its adoption of the Plan; provided, however, that the Plan and all Subscription Agreements entered into thereunder shall be, and be deemed to have been, null and void if the Plan is not approved
                  by the holders of a majority of the outstanding shares of Common Stock of the Company within twelve (12) months after the date on which the Plan is adopted by the Board of Directors.

            

    

    

       

    11

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