Document:

Exhibit 4.1

 

SECOND AMENDED AND RESTATED PROMISSORY
NOTE

 

 

	$100,000.00	As of __________, 20__

			

 

SAExploration Holdings,
Inc. (“Maker”), formerly known as Trio Merger Corp., promises to pay to the order of __________ (“Payee”)
the principal sum of One Hundred Thousand Dollars and No Cents ($100,000.00) in lawful money of the United States of America, on
the terms and conditions described below. This Note supersedes and replaces the amended and restated promissory note in the same
principal amount made by Maker to Payee on June 24, 2013.

 

1.                 
Principal. The principal balance of this Note shall be repayable on October 22, 2013.

 

2.                 
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.                 
Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’
fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

4.                 
Events of Default. The following shall constitute Events of Default:

 

(a)              
Failure to Make Required Payments. Failure by Maker to pay the principal of this Note
within five (5) business days following the date when due.

 

    	 

    	 

    

 

(b)             
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts
as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)              
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter
constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

5.                 
Remedies.

 

(a)              
Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written
notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)             
Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid
principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.

 

6.                 
Conversion. Prior to payment in full of the principal balance of, and all other sums
payable with regard to, this Note, the Holder shall have the option, but not the obligation, to convert the principal balance of
this Note, in whole or in part at the option of the Holder, into warrants (“Warrants”) of the Maker at a price of $0.50
per Warrant; provided, however, that the Holder shall be permitted to convert this Note only if the stockholders of the Maker have
approved the issuance of the Warrants to the Holder if such approval is necessary under applicable rules. The Warrants will be
identical to the “insider warrants” (as such term is defined in the Maker’s final prospectus for its initial
public offering, dated June 21, 2011). As promptly after notice by Holder to Maker to convert the principal balance of this Note
as is reasonably practicable and after Holder’s surrender of this Note, but no more than three (3) business days after the
later of such notice and surrender of this Note, Maker shall have issued and delivered to Holder, without any charge to Holder,
a certificate or certificates (issued in the name(s) requested by Holder) for the number of Warrants of Maker issuable upon the
conversion of this Note.

 

7.                 
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects
and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker
by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any
sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from
civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

 

8.                 
Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers,
or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that additional
makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

9.                 
Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental
express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following
addresses or to such other address as either party may designate by notice in accordance with this Section:

 

 

If to Maker:

 

SAExploration Holdings, Inc.

3333 8th Street SE, 3rd Floor

Calgary Alberta, T2G 3A4

 

    	 

    	 

    

 

If to Payee:

 

_______________________

777 Third Avenue, 37th Floor

New York, New York 10017

  

Notice shall be deemed given on the earlier of (i) actual receipt
by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider (iv) the date reflected on a signed delivery receipt, or (vi)
two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

10.             
Construction. This Note shall be construed and enforced in accordance with the domestic,
internal law, but not the law of conflict of laws, of the State of New York.

 

11.             
Severability. Any provision contained in this Note which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Second Amended and Restated Promissory Note to be duly executed by
its Chief Financial Officer as of the 13th day of August, 2013.

  

	 	SAEXPLORATION HOLDINGS, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Brent Whiteley
	 	 	Name: 	 Brent Whiteley
	 	 	Title:  	Chief Financial Officer

  

    	 

    	 

    

 

Schedule to Exhibit 4.1

 

Form of Amended and Restated Convertible
Promissory Notes dated as of April 25, 2012

Issued to Eric S. Rosenfeld and David
D. Sgro

 

Pursuant to Instruction 2 to Item 601 of Regulation S-K, this
schedule identifies material details in which the five executed Amended and Restated Convertible Promissory Notes differed from
the form of such document filed as Exhibit 4.1.

 

	Name of Payee	Number of Notes Issued	
        Issue Date

         

	Eric S. Rosenfeld	Three	
        April 25, 2012

        September 26, 2012

        November 21, 2012 

	 	 	 
	David D. Sgro	Two	
        March 7, 2013

        June 4, 2013Exhibit 10.1

 

SAEXPLORATION HOLDINGS, INC.

2013 NON-EMPLOYEE DIRECTOR SHARE INCENTIVE PLAN

(As Adopted Effective
________, 2013)

 

1.                 
PURPOSE. The SAExploration Holdings, Inc. 2013 Non-Employee Director Share Incentive Plan (the “Plan”) is intended
(a) to provide incentives that will attract, retain, and motivate highly competent persons as non-employee directors of SAExploration
Holdings, Inc. (the “Company”), and (b) to assist in aligning the interests of the Company’s non-employee directors
with those of its other stockholders, by providing non-employee directors with awards of, and opportunities to acquire, shares
of the Common Stock, par value $0.0001 per share, of the Company (“Common Stock”).

 

2.                 
ADMINISTRATION. The Plan will be administered by the Board of Directors of the Company (the “Board”) or a committee
appointed by the Board consisting of at least two non-employee members (and references herein to the Board shall be deemed to include
references to any such committee, except as the context otherwise requires). The Board is authorized, subject to the provisions
of the Plan, to establish such rules and regulations as it deems necessary for the proper administration of the Plan and to make
such determinations and interpretations and to take such action in connection with the Plan and any award granted hereunder as
it deems necessary or advisable. All determinations and interpretations made by the Board shall be binding and conclusive on all
participants and their legal representatives.

 

The Board may employ such legal or other
counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or computation
received from any such counsel, consultant, or agent. Expenses incurred by the Board in the engagement of such counsel, consultant
or agent shall be paid by the Company.

 

3.                 
PARTICIPANTS. Each member of the Board who is not a current employee of the Company or any subsidiary of the Company (a
“Non-Employee Director”) shall be eligible to participate in the Plan.

 

4.                 
TYPES OF BENEFITS. The Board may grant Stock Options (as defined in Section 6) or Restricted Stock (as defined in Section
7) under the Plan. Such awards may be evidenced by, and conditioned upon the execution by the Non-Employee Directors of, agreements
(which need not be identical) in such forms as the Board may from time to time approve (“Award Agreements”); provided,
however, that in the event of any conflict between the provisions of this Plan and any such Award Agreement, the provisions of
this Plan shall prevail.

 

5.                 
COMMON STOCK AVAILABLE UNDER THE PLAN.

 

(a)              
Subject to the provisions of this Section 5 and any adjustments made in accordance with Section 8 hereof, the maximum number
of shares of Common Stock that may be delivered to Non-Employee Directors and their beneficiaries under the Plan shall be 400,000
shares of Common Stock, which may be authorized and unissued or treasury shares. Any shares of Common Stock covered by a Stock
Option granted under the Plan that is forfeited, is cancelled, or expires, and any shares of Common Stock attributable to an Unvested
Restricted Stock Award (as defined in Section 7(c) hereof) that are forfeited, shall be deemed to have been delivered for purposes
of determining the maximum number of shares of Common Stock available for delivery under the Plan.

 

    	 

    	 

    

 

(b)             
If any Stock Option is exercised by tendering shares of Common Stock to the Company as full or partial payment in connection
with the exercise of a Stock Option under the Plan, the number of shares of Common Stock issued inclusive of the shares of Common
Stock tendered shall be deemed delivered for purposes of determining the maximum number of shares of Common Stock available for
delivery under the Plan.

 

6.                 
STOCK OPTIONS.

 

(a)              
GRANT. The Board shall have the authority to grant options to purchase shares of Common Stock in accordance with the Plan
(“Stock Options”), which may be granted alone or in addition to other awards granted under the Plan. Stock Options
are not intended to constitute “incentive stock options” within the meaning of Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”). Any Non-Employee Director granted Stock Options pursuant to the Plan may elect
to decline such Stock Options.

 

(b)             
NUMBER OF SHARES. The Board shall specify the number of shares of Common Stock subject to any Stock Option. Except as otherwise
provided in the Award Agreement, the number of shares of Common Stock subject to any Stock Option shall be adjusted in accordance
with Section 8.

 

(c)              
EXERCISE PRICE. Each Stock Option granted hereunder shall have a per-share exercise price equal to the Fair Market Value
(as defined in Section 12 hereof) of a share of Common Stock on the date of grant (subject to any adjustments made in accordance
with Section 8 hereof).

 

(d)             
PAYMENT OF EXERCISE PRICE. The option exercise price may be paid in cash or, in the discretion of the Board, by the delivery
of shares of Common Stock then owned by the Non-Employee Director (to be valued at their Fair Market Value on the date of exercise),
or by the withholding of shares of Common Stock for which a Stock Option is exercisable (to be valued at their Fair Market Value
on the date of exercise), or by a combination of these methods. The Board may prescribe any other method of paying the exercise
price that it determines to be consistent with applicable law and the purpose of the Plan including, without limitation, in lieu
of the exercise of a Stock Option by delivery of shares of Common Stock then owned by a Non-Employee Director, providing the Company
with a notarized statement attesting to the number of shares owned, in which case upon verification by the Company, the Company
would issue to the Non-Employee Director only the number of incremental shares to which the Non-Employee Director is entitled upon
exercise of the Stock Option. In determining which methods a Non-Employee Director may utilize to pay the exercise price, the Board
may consider such factors as it determines are appropriate.

 

(e)              
EXERCISE PERIOD.

 

(i)                
GENERAL. Stock Options shall become exercisable, as to all or any installment of the shares of Common Stock subject to the
Stock Option, at such time or times, and subject to such terms and conditions, as shall be determined by the Board. Except as otherwise
provided in the Award Agreement, each Stock Option shall terminate on the tenth anniversary of the date of grant unless terminated
earlier pursuant to the Plan.

 

    	 

    	 

    

 

(ii)              
TERMINATION OF DIRECTORSHIP. Except as otherwise provided in the Award Agreement, if a Non-Employee Director’s service
as a director of the Company is terminated, any Stock Option previously granted to such Non-Employee Director shall, to the extent
then exercisable but not theretofore exercised, terminate and become null and void; provided, however, that, if the service of
a Non-Employee Director holding an outstanding Stock Option is terminated by reason of (A) such a Non-Employee Director’s
disability (as defined in Section 22(e)(3) of the Code) or death, or (B) the failure of such Non-Employee Director to be either
nominated for re-election by the Company when he or she is otherwise eligible to serve as a Non-Employee Director, or to be re-elected
by Stockholders following nomination by the Company, such Stock Option shall remain exercisable at any time up to and including
three months after the date of such termination of service, and up to and including one year after the date of termination of service
in the case of termination by reason of disability or death, but in no event shall such Stock Option remain exercisable after the
tenth anniversary of the date of grant.

 

(iii)            
EXTENSION OF TERM. Except as otherwise provided in the Award Agreement, the term of exercise of any outstanding Stock Option
held by a former Non-Employee Director whose service as a director terminated on account of disability (as defined in Section 22(e)(3)
of the Code) or on account of the failure of such former Non-Employee Director to be either nominated for re-election by the Company
when he or she is otherwise eligible to serve as a Non-Employee Director, or to be re-elected by Stockholders following nomination
by the Company, and that have a remaining term of less than one year on the date of such Non-Employee Director’s death shall
automatically be extended to the earlier of the first anniversary of the date of death or the tenth anniversary of the date of
grant.

 

7.                 
RESTRICTED STOCK AWARDS FOR NON-EMPLOYEE DIRECTORS.

 

(a)              
The Board shall have the authority to grant shares of Common Stock in accordance with the Plan (“Restricted Stock”),
which may be granted alone or in addition to other awards granted under the Plan.

 

(b)             
Each award of Restricted Stock may or may not be subject to forfeiture or other conditions and restrictions not inconsistent
with the Plan. Except as otherwise provided in the Award Agreement, grants of Restricted Stock will not be subject to any conditions
or restrictions. If an award of Restricted Stock is subject to forfeiture or other conditions or restrictions, vesting shall occur
and such conditions or restrictions shall lapse, in full or in installments, upon satisfaction of the conditions specified in the
Award Agreement. The satisfaction of any vesting may be waived in the case of the Participant’s death or disability. The
Company may retain the certificates representing shares of Restricted Stock in the Company’s possession until such time as
all conditions or restrictions applicable to such shares, including any conditions or restrictions not constituting a substantial
risk of forfeiture under Section 83 of the Code, are satisfied or have lapsed, and the Non-Employee Director shall execute in favor
of the Company a blank stock power with respect to such shares of Restricted Stock. Alternatively or additionally, the Company
may cause such Restricted Stock to bear an appropriate legend indicating their nontransferability, forfeitability, and any additional
restrictions placed on them. Restricted Stock Awards whose shares are subject to forfeiture under this Section 7(b) shall be referred
to in this Plan as “Unvested Restricted Stock Awards.”

 

    	 

    	 

    

 

(c)              
The holders of Restricted Stock awarded under the Plan shall have the same voting, dividend, and other rights as the Company’s
other stockholders. Except as otherwise provided in the Award Agreement, if an award of Restricted Stock is subject to any conditions
or restrictions, any dividends or other distributions paid on Restricted Stock will be accumulated and paid when such Restricted
Stock vests. Any such dividends shall be subject to the same conditions and restrictions, including forfeiture conditions, as the
Restricted Stock to which they relate.

 

8.                 
ADJUSTMENT PROVISIONS – CHANGE IN CONTROL.

 

(a)              
If there shall be any change in the Common Stock, through merger, consolidation, reorganization, recapitalization, stock
dividend, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, dividend in kind or
other like change in capital structure or distribution (other than normal cash dividends) to stockholders of the Company, an adjustment
shall be made to each outstanding Stock Option and Restricted Stock Award (including any Unvested Restricted Stock Award) such
that each such Stock Option and Restricted Stock Award shall thereafter be exercisable or vested and deliverable for such property
as would have been received in respect of the Common Stock subject to such Stock Option and Restricted Stock Award had such Stock
Option and Restricted Stock Award been exercised or vested and delivered in full immediately prior to such change or distribution,
and such an adjustment shall be made successively each time any such change shall occur. In addition, in the event of any such
change or distribution, in order to prevent dilution or enlargement of a Non-Employee Director’s rights under the Plan, the
Board will have authority to adjust, in an equitable manner, the number and kind of shares that may be issued under the Plan, the
number and kind of shares subject to outstanding Stock Option and Restricted Stock Awards (including Unvested Restricted Stock
Awards), and the exercise price applicable to outstanding Stock Options.

 

(b)             
Notwithstanding any other provision of the Plan, if there is a Change in Control of the Company, all then outstanding Stock
Options shall immediately become exercisable and all shares attributable to Unvested Restricted Stock Awards shall immediately
become vested, as the case may be. For purposes of the Plan, a “Change in Control” of the Company shall be deemed to
have occurred upon any of the following events:

 

(i)                
any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing more than 30% of the total voting power represented by the securities of the Company that vote generally
in the election of directors then outstanding (“Voting Securities”);

 

(ii)              
during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of the
Company and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office, who either were directors at the beginning of the
period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof;
or

 

    	 

    	 

    

 

(iii)            
the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than
a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50%
of the total voting power represented by the Voting Securities of the Company of such surviving entity outstanding immediately
after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or
an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially
all of the Company’s assets.

 

A transaction shall not
constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately
before such transaction.

 

(c)              
The Board, in its discretion, may determine that, upon the occurrence of a Change in Control of the Company, each Stock
Option outstanding hereunder shall terminate within a specified number of days after notice to the holder, and such holder shall
receive, with respect to each share of Common Stock subject to such Stock Option, an amount equal to the excess of the Fair Market
Value of such shares of Common Stock immediately prior to the occurrence of such Change in Control over the exercise price per
share of such Stock Option, such amount to be payable in cash, in one or more kinds of property (including the property, if any,
payable in the transaction constituting the Change in Control) or in a combination thereof, as the Board, in its discretion, shall
determine. The provisions contained in the preceding sentence shall be inapplicable to a Stock Option granted within six (6) months
before the occurrence of a Change in Control if the holder of such Stock Option is subject to the reporting requirements of Section
16(a) of the Exchange Act and no exception from liability under Section 16(b) of the Exchange Act is otherwise available to such
holder.

 

9.                 
NONTRANSFERABILITY. Neither any Stock Option nor any Shares of Common Stock attributable to an Unvested Restricted Stock
Award shall be transferable and Stock Options shall be exercisable during the Non-Employee Director’s lifetime only by the
Non-Employee Director; provided, however, a Stock Option may be transferred by the Non-Employee Director’s will or by the
laws of descent and distribution. Notwithstanding the foregoing, at the discretion of the Board, an award of a Stock Option may
permit the transferability of any such Stock Option by any Non-Employee Director solely to the Non-Employee Director’s spouse,
siblings, parents, children and/or grandchildren, or to trusts for the benefit of such persons, or to partnerships, corporations,
limited liability companies or other entities owned solely by such persons, including trusts for such persons, subject to any restriction
included in the award of the Stock Option.

 

    	 

    	 

    

 

10.             
OTHER PROVISIONS. Any award under the Plan may be subject to such other provisions (whether or not applicable to an award
granted to any other Non-Employee Director) as the Board determines appropriate.

 

11.             
ISSUANCE OF STOCK CERTIFICATES AND RELATED MATTERS. The Company may endorse such legend or legends upon the certificates
for shares of Common Stock issued under this Plan and may issue such “stop transfer” instructions to its transfer agent
in respect of such shares as the Board, in its sole discretion, determines to be necessary or appropriate to (a) prevent a violation
of, or to perfect an exemption from, the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”) or (b) implement the provisions of the Plan and any agreement between the Company and the Non-Employee Director. Notwithstanding
any other provision of the Plan, the Company shall have no obligation to deliver any shares of Common Stock under the Plan unless
such delivery would comply with all applicable laws (including, without limitation the Securities Act), and the applicable requirements
of any securities exchange or similar entity.

 

12.             
FAIR MARKET VALUE. For purposes of this Plan, Fair Market Value means (a) during such time as the Common Stock is listed
on the Nasdaq Stock Market or any other exchange, the closing price of the Common Stock as reported by such stock exchange on the
day for which such value is to be determined or, if no sale of the Common Stock shall have been made on any such stock exchange
that day, on the next preceding day on which there was a sale of such Common Stock, or (b) during any such time as the Common Stock
is not listed upon an established stock exchange, the mean between dealer “bid” and “ask” prices of the
Common Stock in the over-the-counter market on the day for which such value is to be determined, as reported by the National Association
of Securities Dealers, Inc.

 

13.             
TENURE. A Non-Employee Director’s right, if any, to continue to serve as a director of the Company or any of its subsidiaries
or affiliates shall not be enlarged or otherwise affected by his or her designation as a participant under this Plan.

 

14.             
NO FRACTIONAL SHARES. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Board
shall determine whether cash or other property shall be issued or paid in lieu of fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

 

15.             
AMENDMENT AND TERMINATION. The Board may amend the Plan from time to time or suspend or terminate the Plan at any time.
However, no amendment shall have a material adverse effect on an outstanding Stock Option or Unvested Restricted Stock Award without
the consent of the holder. No amendment of the Plan may be made without approval of the stockholders of the Company if required
by applicable law or by any listing agreement to which the Company is a party with a national securities exchange or other market
system.

 

16.             
GOVERNING LAW. This Plan, any Restricted Stock Award and any Stock Option granted hereunder, and actions taken in connection
herewith shall be governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might
otherwise govern under applicable Delaware principles of conflict of laws).

 

    	 

    	 

    

 

17.             
EFFECTIVE DATE AND TERM OF THE PLAN.

 

(a)              
The Plan was adopted by the Board on August 13, 2013, and shall become effective only if the Plan is approved by written
consent of a majority of the stockholders of the Company on the date that is 20 days after mailing of an Information Statement
to the remaining stockholders providing notice of such approval. If the Plan is not approved by a written consent of the majority
of the Company’s stockholders, the Plan shall be of no force or effect.

 

(b)             
Unless early terminated by the Board, this Plan shall continue to remain effective until such time as no further awards
may be granted. The Plan shall remain in existence with respect to outstanding Stock Options and Restricted Stock Awards as long
as any Stock Option, Restricted Stock Award, or share of Common Stock attributable to a Stock Option or Restricted Stock Award
remains outstanding and subject to any requirement of the Plan.

 

18.             
SECTION 409A. Awards under this Plan must, by the Plan’s terms, be structured, and shall be administered, in such
a way that they are exempt from the application of the requirements of Section 409A of the Code.

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