Document:

Exhibit 10.14

 

EMPLOYMENT
AGREEMENT

THIS
AGREEMENT (“Agreement”) is made this 14th day of June, 2019 by and between XG Sciences, Inc. a Michigan corporation
(“XGS” or the “Employer” and collectively with any entity that is wholly or partially owned
by XGS, the “Company”), located at 3101 Grand Oak Drive, Lansing, MI 48911 and Leroy Magwood, (“Executive”),
an individual who resides at 821 N. Salem Ave., Arlington Heights, IL 60004.

RECITALS:

WHEREAS,
the Company is engaged in the business of researching, developing, manufacturing, and selling graphene nanoplatelets and certain
other value-added products that contain graphene nanoplatelets; and

WHEREAS,
XGS desires to employ Executive in the capacity of Chief Technologist, and Executive desires to be employed by XGS in such capacity,
in accordance with the terms, covenants, and conditions as set forth in this Agreement.

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Employer and Executive agree as follows:

1.                  
Employment Period. Subject to the terms and conditions set forth herein and unless sooner terminated as hereinafter
provided, XGS shall employ Executive, and Executive agrees to serve and accepts such employment beginning on June 17, 2019 (the
“Effective Date”). This Agreement shall remain in effect until either party delivers a written notice of a
termination pursuant to Section 5 hereof. For purposes of this Agreement, the period from the Effective Date until the termination
of Executive’s employment shall hereinafter be referred to as the “Term”. Executive’s employment
pursuant to this Agreement shall be “at will” as such term is construed under Michigan law.

2.                  
Title and Duties. During the period from the Effective Date through the Term, XGS shall employ Executive as its Chief
Technologist (“CT”), and Executive accepts employment in such capacity for a period of 6 months. If the Company
believes, in its sole discretion, that Executive has performed in a manner consistent with expectations, then at the end of the
6 month period, the Executive will become an officer and shall have the title Chief Technology Officer (“CTO”).
Executive will report to the CEO and be subject to the general supervision and direction of the CEO and as needed for compliance
and governance purposes of the Board of Directors of the Company (“Board”). If requested, Executive will serve
in similar capacities for each or any subsidiary of XGS without additional compensation. Executive shall perform such duties as
are customarily performed by someone holding the title of CT in the same or similar businesses or enterprises as that engaged
in by the Company and such other duties as the CEO may assign from time to time.

3.                  
Compensation and Benefits of Executive. The Company shall compensate Executive for Executive’s services rendered
under this Agreement as follows:

		a.	Base
                                         Salary. Unless otherwise adjusted by the CEO and approved by the Compensation
                                         Committee of the Board (the “Compensation Committee”), the Company
                                         shall pay Executive an annualized base salary of $180,000 (the “Base Salary”),
                                         payable in equal installments at such times as is consistent with normal Company payroll
                                         policy.

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		b.	Bonus.
                                         Executive will be eligible for a performance-based bonus as a participant in the Company’s
                                         Management Incentive Plan (“MIP”), which shall set annual target incentives
                                         for the Executive and other senior ranking employees that are determined by the CEO and
                                         approved by the Compensation Committee. The Company will target an annual bonus of 20%
                                         of the Executive’s Base Salary (the “Target Bonus”). Executive
                                         understands and acknowledges that he/she must be an employee of the Company on December
                                         31st of any given fiscal year in order to be eligible to receive all or any portion of
                                         a bonus for such fiscal year. Upon meeting the performance thresholds established by
                                         the CEO and approved by the Compensation Committee in the MEP for any such year, the
                                         actual bonus payout for such year will be no less than 100% of the Target Bonus. However,
                                         the Executive shall be eligible to receive up to 150% of the Target Bonus in the event
                                         that the Company’s and/or the Executive’s performance exceeds the thresholds
                                         set for the Target Bonus.

		c.	Benefits.
                                         Subject to the eligibility requirements, and enrollment provisions of the Company’s
                                         employee benefit plans, Executive may, to the extent he/she so chooses, participate in
                                         any and all of the Company’s employee benefit plans for qualified members of Executive’s
                                         family at the Company’s expense. All Company benefits are identified in the Employee
                                         Handbook and are subject to change without notice or explanation. In addition, subject
                                         to the eligibility requirements and enrollment provisions of the Company’s executive
                                         benefit programs, Executive shall also be eligible to participate in any and all other
                                         benefits programs established for officers of the Company.

		d.	Stock
                                         Options. At the end of the fiscal quarter which includes the Effective Date (“Grant
                                         Date”) as an employee, Executive will be granted an option to purchase 10,000
                                         shares of the Company’s common stock (the “Options”) on the
                                         terms and conditions listed below. Such Options will have a strike price equal to $8.00
                                         per share which is the fair market value of the common stock as of the date of this Agreement
                                         based upon recently completed and currently contemplated capital raising activities with
                                         disinterested third parties. The vesting provisions of such Options shall be as outlined
                                         below. These Options shall be treated as incentive stock options (ISOs) to the maximum
                                         extent permitted under applicable law, and the remainder of the Options, if any, shall
                                         be treated as non-qualified stock options. The grant of these Options will be made pursuant
                                         to the Company’s Equity Incentive Plan (the “Plan”) and will
                                         be evidenced by a separate “Option Agreement” to be executed by the
                                         Company and Executive, which will contain all the terms and conditions of the Options
                                         (including, but not limited to, the provisions set forth in this Section 3(d)). So long
                                         as Executive remains employed by the Company, such Options will have a seven-year term
                                         before expiration. Upon successful completion of the 6 month period in Section 2 herein
                                         above, Executive will be granted an option to purchase an additional 10,000 shares of
                                         the Company’s common stock at price to be determined at that time. Nothing herein
                                         shall preclude XGS from granting Executive additional equity compensation under the Plan
                                         or its successor.

100%
of such Options will be time-based options and will vest according to the following schedule:

i.       25%
shares will vest on the first anniversary of the Grant Date; and

ii.       25%
shares will vest on the second anniversary of the Grant Date; and

iii.       25%
shares will vest on the third anniversary of the Grant Date; and

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iv.       25%
shares will vest on the fourth anniversary of the Grant Date.

Executive
understands that, pursuant to the Plan, upon termination of his/her employment, he/she will only have ninety (90) days to exercise
any vested portion of the Options. All Options awarded pursuant to this Section 3(d) will contain a provision in the Option Agreement
that allows for immediate vesting of any unvested portion of the Options in the event of a change of control of the Company.

		e.	Commuting
                                         Allowance. The Company agrees to reimburse Executive for up to $1,500 per month
                                         for commuting and housing expenses incurred during the term. Expenses reimbursable under
                                         the Commuting Allowance include travel, related lodging and meal expenses and other related
                                         transition expenses, and will be reimbursed after receipts are submitted for such expenses
                                         in accordance with the Company’s policy for expense reimbursements.

		f.	Personal
                                         Time-Off and Holidays. Executive’s personal time-off (“PTO”)
                                         and holidays shall be consistent with the standards set forth in the Company’s
                                         Employee Handbook, as revised from time to time or as otherwise published by the Company.
                                         Notwithstanding the previous sentence, Executive will be eligible for one hundred forty
                                         four (144) hours of PTO/year, which will accrue on a pro-rata basis throughout the year,
                                         provided, however, that it is the Company’s policy that no more than sixteen hours
                                         (16) hours of PTO can be accrued beyond this annual limit for any employee at any time.
                                         Thus, when accrued PTO reaches one hundred sixty (160) hours, Executive will cease accruing
                                         PTO until accrued PTO is one hundred forty four (144) hours or less, at which point Executive
                                         will again accrue PTO until he/she reaches one hundred sixty (160) hours. In addition
                                         to PTO, there are also nine (9) paid national holidays and one (1) “floater”
                                         day available to Company employees. Executive agrees to schedule such PTO so that it
                                         minimally interferes with the Company’s operations. Executive further understands
                                         and acknowledges that pursuant to Company policy, the Company does not pay out unused
                                         PTO to employees upon their termination for any or no reason.

		g.	Reimbursement
                                         of Normal Business Expenses. The Company will reimburse all reasonable business
                                         expenses of Executive, including, but not limited to, business related travel, meals
                                         and entertainment expenses in accordance with the Company’s polices for such reimbursement.

4.                  
Best Efforts of the Executive and Minimum Time Commitments of Employment. Executive agrees to perform all of the duties
pursuant to the express and implicit terms of this Agreement to the reasonable satisfaction of the Employer. Executive further
agrees to perform such duties faithfully and to the best of his/her ability, talent, and experience and, unless otherwise agreed
upon with the Company in writing, to render his/her full working time and attention to the Company.

5.                  
Termination. The parties agree that any termination of the Executive under this Agreement will be governed as follows:

		a.	By
                                         the Company for Cause. The Company shall have the right to terminate this Agreement
                                         and to discharge the Executive for Cause (as defined below), at any time during the Term.
                                         For the purposes of this Agreement, the Company shall have “Cause” to terminate
                                         the Executive’s employment hereunder upon:

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(i)                
failure to materially perform and discharge the duties and responsibilities of Executive under this Agreement after receiving
written notice and allowing Executive ten (10) business days to create a plan to cure such failure(s), such plan being acceptable
to the CEO and subject to discussion with the Board of Directors, and a further thirty (30) days to cure such failure(s), if so
curable, provided, however, that after one such notice has been given to Executive and the thirty (30) day cure period has lapsed,
the Company is no longer required to provide time to cure subsequent failures of the same or substantially similar type having
occurred within twelve (12) months of the first instance under this provision, or

(ii)              
any breach by Executive of the material provisions of this Agreement; or

(iii)            
felony conviction involving the personal dishonesty or moral turpitude of Executive; or a determination by the CEO and subject
to discussion with the Board, after consideration of all available information, that Executive has willfully and knowingly violated
Company policies or procedures involving discrimination, harassment, or work place violence or any other activities that would
potential subject the Company to criminal or civil liabilities; or

(iv)             
engagement in illegal drug use or abuse of alcohol or prescription drugs that, in the good faith opinion and sole discretion of
the Board and subject to discussion with the Board, prevents Executive from performing his/her duties, or

(v)               
any misappropriation, embezzlement or conversion of the Company’s opportunities or property by the Executive; or

(vi)             
willful misconduct, recklessness or gross negligence by the Executive in respect of the duties or obligations of the Executive
under this Agreement and/or the Confidentiality, Non-Solicitation or Non-Competition Agreement.

Any
termination for Cause pursuant to this Section shall be given to the Executive in writing and shall set forth in detail all acts
or omissions upon which the Company is relying to terminate the Executive for Cause. If an Executive is terminated for Cause,
the Executive shall only be entitled to receive his/her accrued and unpaid Salary, bonus and other benefits pursuant to Section
3(c) through the termination date and the Company shall have no further obligations under this Agreement from and after the date
of termination.

		b.	Termination
                                         by Company Without Cause. At any time during the Term, the Company shall have
                                         the right to terminate this Agreement and to discharge the Executive without Cause effective
                                         upon delivery of written notice to the Executive. If the Company terminates the Executive
                                         without “Cause” for any or no reason, then the Company agrees that for a
                                         period of three (3) months from the date of notice of termination (the “Severance
                                         Period”), it will pay 100% of the COBRA premiums for the Executive’s
                                         and Executive’s family health insurance benefits, as permitted by COBRA and under
                                         the policy provisions as they then may apply. The Company also agrees that it will pay
                                         to the Executive at the next such time that annual bonuses are paid by the Company to
                                         employees generally, the pro rata portion of any bonus that would be due for the year
                                         in which the termination occurs up to the date of written notice of termination (such
                                         pro rata bonus amounts together with the amount of any payments due after a termination
                                         without Cause for COBRA premiums, collectively the “Benefit Consideration”).
                                         The pro rata portion of any such bonus that would be due and payable for the year in
                                         which termination occurs shall be calculated by annualizing any financial metrics of
                                         the Company (e.g., revenue, adjusted EBITDA, or net income) that may be specified as
                                         Company performance metrics in the MIP up to the most recent full month prior to the
                                         written notice of termination and comparing such annualized figures to the performance
                                         thresholds for the Executive outlined in the MIP that was in effect for such year at
                                         the time the written notice of termination was delivered to the Executive. Executive
                                         understands and acknowledges that he/she would not have any obligation or authority to
                                         represent the Company in any way during the Severance Period.

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Executive
further agrees that in the event that he/she obtains employment during the Severance Period, he/she will promptly notify the Company.
Provided that such employment does not violate the terms of the Confidentiality, Non-Solicitation and Non-Competition Agreement,
the Severance Payments will continue to be paid. Other than the Severance Payments, and the Benefit Consideration which is conditioned
as described above, the Company shall have no further obligation to the Executive after the date of termination.

The
Executive acknowledges and agrees that any and all Severance Payments to which he/she may be entitled under this Section 5(b)
following a termination without Cause are conditioned upon and subject to his/her execution of a general waiver and release, in
such reasonable form as counsel for the Company shall determine, of all claims the Executive has or may have against the Company.

		c.	By
                                         Resignation of the Executive. The Executive may terminate his/her employment
                                         hereunder with or without cause, upon giving sixty (60) days written notice to the Company.
                                         Executive’s “Resignation for Cause” shall mean, without Executive’s
                                         consent, the occurrence of any of the following circumstances:

(i)                
A material diminution of Executive’s Base Salary;

(ii)              
A change in Executive’s title or position within XGS or its successor, where such change represents a material diminution
of Executive’s level of responsibility, duties or authorities; or

(iii)            
A material breach by XGS of the terms of this Agreement.

In
the event Executive’s resignation is With Cause, Company shall pay to Executive the Severance Payments as set out in Section
5(b).

The
Executive agrees that during such sixty (60) day period no more than one week of unused PTO may be utilized without the Company’s
written consent. In the event of such a termination, the Executive shall comply with any reasonable request of the Company to
assist in providing for an orderly transition of authority, but such assistance shall not delay the Executive’s termination
of employment longer than sixty (60) days beyond the Executive’s original notice of termination. Upon such a Resignation
Without Cause, the Executive shall become entitled to any accrued but unpaid salary, and other benefits pursuant to Section 3(c)
through the termination date, and the Company shall have no further obligations under this Agreement from and after the date of
termination.

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		d.	Disability
                                         of the Executive. This Agreement may be terminated by the Company upon the Disability
                                         of the Executive. “Disability” shall mean any mental or physical illness,
                                         condition, disability or incapacity which prevents the Executive from reasonably discharging
                                         his/her duties and responsibilities under this Agreement for a period of ninety (90)
                                         days in any one hundred eighty (180) day period. In the event that any disagreement or
                                         dispute shall arise between the Company and the Executive as to whether the Executive
                                         suffers from any Disability, then, in such event, the Executive shall submit to the physical
                                         or mental examination of a physician licensed under the laws of the State of Michigan,
                                         who is agreeable to the Company and the Executive, and such physician shall determine
                                         whether the Executive suffers from any Disability. In the absence of fraud or bad faith,
                                         the determination of such physician shall be final and binding upon the Company and the
                                         Executive. The entire cost of such examination shall be paid solely by the Company. In
                                         the event the Company has purchased disability insurance for Executive, the Executive
                                         shall be deemed disabled if he/she is disabled as defined by the terms of the disability
                                         policy. In the event Company has purchased a disability policy, Executive shall be entitled
                                         to the payments thereunder, subject and pursuant to the Company’s contract with
                                         the disability insurance carrier. In addition, on the date that the Executive is deemed
                                         to have a Disability, this Agreement will be deemed to have been terminated and the Executive
                                         shall be entitled to receive from the Company his/her accrued and unpaid Base Salary,
                                         bonus, and other benefits pursuant to Section 3(c) through the termination date. Other
                                         than as set forth in this subsection 5(c), the Company shall have no further obligations
                                         under this Agreement from and after the date of termination due to Disability.

		e.	Death
                                         of the Executive. In the event of the death of Executive, the employment of the
                                         Executive by the Company shall automatically terminate on the date of the Executive’s
                                         death and the Company shall be obligated to pay Executive’s estate, or if written
                                         instructions signed by the Executive have been provided to the Company prior to the Executive’s
                                         death which designates his/her specific next of kin, pay such designated next of kin
                                         (i) the Executive’s accrued and unpaid Base Salary, bonus, and other benefits pursuant
                                         to Section 3(c) through the termination date and shall pay for Executive’s family
                                         health insurance for a period of six (6) months thereafter, subject to and in accordance
                                         with the provisions of COBRA. Other than as set forth in this subsection 5(d), the Company
                                         shall have no further obligations under this Agreement from and after the date of termination
                                         due to the death of the Executive.

6.                  
Confidentiality, Non-Compete & Non-Solicitation Agreement. Executive agrees to the terms of the Confidentiality,
Non-Solicitation and Non-Compete Agreement attached hereto as Addendum A (the “Confidentiality Agreement”)
and has signed that Agreement. Such Confidentiality Agreement is hereby incorporated into and made a part of this Agreement.

7.                  
Importance of Certain Clauses. Executive and Employer agree that the covenants contained in the Confidentiality Agreement
are material terms of this Agreement and all parties understand the importance of such provisions to the ongoing business of the
Employer. As such, because the Employer’s continued business and viability depend on the protection of Confidential Information
(as such term is defined in the Confidentiality Agreement), non-solicitation and non-competition, as well as the other provisions
in the Confidentiality Agreement, these clauses are interpreted by the parties to have applicability as may be allowed by law
and Executive understands and acknowledges his/her understanding of same.

8.                  
Consideration. Executive acknowledges and agrees that the provision of employment under this Agreement with the compensation
and benefits specified in Section 3 hereof and the execution by the Employer of this Agreement constitute full, adequate and sufficient
consideration to Executive for the Executive’s duties, obligations and covenants under this Agreement and under the Confidentiality
Agreement incorporated into this Agreement.

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9.                  
Acknowledgement of Post Termination Obligations. Upon the effective date of termination of Executive’s employment
(unless due to Executive’s death), if requested by the Employer, Executive shall participate in an exit interview with the
Employer and certify in writing that Executive has complied with his/her contractual obligations and intends to comply with his/her
continuing obligations under this Agreement, including, but not limited to, the terms of the Confidentiality Agreement. To the
extent it is known or applicable at the time of such exit interview, Executive shall also provide the Employer with information
concerning Executive’s subsequent employer and the capacity in which Executive will be employed. Executive’s failure
to comply with this provision shall be a material breach of this Agreement, for which the Employer, in addition to any other civil
remedy, may in its sole discretion,(i) subject to then-current and applicable law, discontinue any Benefit Consideration to which
the Executive may otherwise be entitled, or (ii) seek equitable relief, without the necessity of posting bond.

10.              
Withholding. All payments made to Executive shall be made net of any applicable withholding for income taxes and Executive’s
share of FICA, FUTA or other employment taxes. The Company shall withhold such amounts from such payments to the extent required
by applicable law and remit such amounts to the applicable governmental authorities in accordance with applicable law.

11.              
Representations of Executive. Executive represents and warrants to Company that to the best of Executive’s knowledge
and judgment (a) nothing in his/her past legal and/or work and/or personal experiences, which if became broadly known in the marketplace,
would impair his/her ability to serve as the Chief Technologist of a publicly-traded company or materially damage his/her credibility
with public shareholders; (b) there are no restrictions, agreements, or understandings whatsoever to which he/she is a party which
would prevent or make unlawful his/her execution of this Agreement or employment hereunder, (c) Executive’s execution of
this Agreement and employment hereunder shall not constitute a breach of any contract, agreement or understanding, oral or written,
to which he/she is a party or by which he/she is bound, (d) Executive is free and able to execute this Agreement and to continue
employment with Company, and (e) Executive has not used and will not use confidential information or trade secrets belonging to
any prior employers to perform services for the Company.

12.              
Effect of Partial Invalidity. The invalidity of any portion of this Agreement shall not affect the validity of any
other provision. In the event that any provision of this Agreement is held to be invalid, the parties agree that the remaining
provisions shall remain in full force and effect.

13.              
Entire Agreement. This Agreement, together with the other documents referenced herein, reflects the complete agreement
between the parties regarding the subject matter identified herein and shall supersede all other previous agreements, either oral
or written, between the parties. The parties stipulate that neither of them, nor any person acting on their behalf has made any
representations except as are specifically set forth in this Agreement and each of the parties acknowledges that it or he/she
has not relied upon any representation of any third party in executing this Agreement, but rather have relied exclusively on it
or his/her own judgment in entering into this Agreement.

14.              
Assignment. Employer may assign its interest, obligations, and rights under this Agreement at its sole discretion and
without approval of Executive to a successor in interest by the Employer’s merger, consolidation or other form of business
combination with or into a third party where the Employer’s stockholders before such event do not control a majority of
the resulting business entity after such event. All rights and entitlements arising from this Agreement, including but not limited
to those protective covenants and prohibitions set forth in the Confidentiality, Non-Solicitation and Non-Compete Agreement attached
as Addendum A and incorporated into this Agreement shall inure to the benefit of any purchaser, assignor or transferee
of this Agreement and shall continue to be enforceable to the extent allowable under applicable law. Neither this Agreement, nor
the employment status conferred with its execution is assignable or subject to transfer in any manner by Executive.

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15.              
Notices. All notices, requests, demands, and other communications shall be in writing and shall be given by registered
or certified mail, postage prepaid, a) if to the Employer, at the Employer’s then current headquarters location, and b)
if to Executive, at the most recent address on file with the Company for Executive or to such subsequent addresses as either party
shall so designate in writing to the other party.

16.              
Remedies. If any action at law, equity or in arbitration, including an action for declaratory relief, is brought to
enforce or interpret the provisions of this Agreement, the prevailing party may, if the court or arbitrator hearing the dispute,
so determines, have its reasonable attorneys’ fees and costs of enforcement recouped from the non-prevailing party.

17.              
Amendment/Waiver. No waiver, modification, amendment or change of any term of this Agreement shall be effective unless
it is in a written agreement signed by both parties. No waiver by the Employer of any breach or threatened breach of this Agreement
shall be construed as a waiver of any subsequent breach unless it so provides by its terms.

18.              
Governing Law, Venue and Jurisdiction. This Agreement and all transactions contemplated by this Agreement shall be
governed by, construed, and enforced in accordance with the laws the State of Michigan without regard to any conflicts of laws,
statutes, rules, regulations or ordinances. Executive consents to personal jurisdiction and venue in the Circuit Court in and
for Ingham County, Michigan regarding any action arising under the terms of this Agreement and any and all other disputes between
Executive and Employer.

19.              
Arbitration. Any and all controversies and disputes between Executive and Employer arising from this Agreement or regarding
any other matter whatsoever shall be submitted to arbitration before a single unbiased arbitrator skilled in arbitrating such
disputes under the American Arbitration Association, utilizing its employment rules. The process for selecting a single unbiased
arbitrator shall be decided between Employer and Executive. Any arbitration action brought pursuant to this section shall be heard
in Lansing, Michigan. The Circuit Court in and for Lansing, Michigan shall have concurrent jurisdiction with any arbitration panel
for the purpose of entering temporary and permanent injunctive relief, but only with respect to any alleged breach of the Confidentiality,
Non-Solicitation and Non-Compete Agreement.

20.              
Headings. The titles to the sections of this Agreement are solely for the convenience of the parties and shall not
affect in any way the meaning or interpretation of this Agreement.

21.              
Miscellaneous Terms. The parties to this Agreement declare and represent that:

		a.	They
                                         have read and understand this Agreement;

		b.	They
                                         have been given the opportunity to consult with an attorney if they so desire;

		c.	They
                                         intend to be legally bound by the promises set forth in this Agreement and enter into
                                         it freely, without duress or coercion; and

		d.	They
                                         have retained signed copies of this Agreement for their records.

22.              
Counterparts. This Agreement may be executed in counterparts and by facsimile, or by pdf, each of which shall be deemed
an original for all intents and purposes.

Signatures
appear on the following page.

 

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IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

XG
SCIENCES, INC., a Michigan Corporation

By:
/s/ Philip Rose

Name:
Philip Rose

Title:
CEO

 

 

EXECUTIVE:

/s/
Leroy Magwood

Leroy
Magwood

 

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Addendum
A

Confidentiality,
Non-Compete and Non-Solicitation Agreement

 

    	 	10EX-10.1

 Exhibit 10.1 

HANESBRANDS INC. 2020 OMNIBUS INCENTIVE PLAN 
  

	1.	 Purpose. The purposes of the Plan are (a) to promote the interests of the Company and
its Subsidiaries and its stockholders by strengthening the ability of the Company and its Subsidiaries to attract and retain highly competent officers and other key employees, and (b) to provide a means to encourage
Stock ownership and proprietary interest in the Company. 

  

	2.	 Definitions. Where the context of the Plan permits, words in the masculine gender shall include
the feminine gender, the plural form of a word shall include the singular form, and the singular form of a word shall include the plural form. Unless the context clearly indicates otherwise, the following terms shall have the following meanings:

  

	 	(a)	 Award means the grant of compensation under this Plan to a Participant.

  

	 	(b)	 Board means the board of directors of the Company. 

 

	 	(c)	 Cause means, except as may be otherwise prescribed by the Committee in an Evidence of Award
made under this Plan, the Participant: has been convicted of (or pled guilty or no contest to) a felony or any crime involving fraud, embezzlement, theft, misrepresentation or financial impropriety; willfully engaged in misconduct
resulting in material harm to the Company; willfully failed to perform duties after written notice; or is in willful violation of Company policies resulting in material harm to the Company. 

 

	 	(d)	 Change in Control means, except as may be otherwise prescribed by the Committee in an Evidence
of Award made under this Plan, the occurrence of any of the following events after the Effective Date: 

  

	 	(i)	 the acquisition by any Person of beneficial ownership (as defined in Rule 13d-3 promulgated under the
Exchange Act), directly or indirectly, of 20% or more of the combined voting power of the then outstanding capital stock of the Company that by its terms may be voted on all matters submitted to stockholders of the Company
generally (“Voting Stock”); provided, however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company (excluding any acquisition resulting from the
exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired directly from the Company); (B) any acquisition by
the Company; (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (D) any acquisition by any corporation pursuant to
a reorganization, merger or consolidation involving the Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (A), (B) and (C)

	 	
of subsection (ii) below shall be satisfied; and provided further that, for purposes of clause (B) above, if (1) any Person (other than the Company or any employee
benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall become the beneficial owner of 20% or more of the Voting Stock by reason of an acquisition of Voting
Stock by the Company, and (2) such Person shall, after such acquisition by the Company, become the beneficial owner of any additional shares of the Voting Stock and such beneficial ownership is publicly
announced, then such additional beneficial ownership shall constitute a Change in Control; or 

  

	 	(ii)	 the consummation of a reorganization, merger or consolidation of the Company, or a sale, lease, exchange
or other transfer of all or substantially all of the assets of the Company; excluding, however, any such reorganization, merger, consolidation, sale, lease, exchange or other transfer with respect to which, immediately after consummation of
such transaction: (A) all or substantially all of the beneficial owners of the Voting Stock of the Company outstanding immediately prior to such transaction continue to beneficially own, directly or indirectly (either by remaining
outstanding or by being converted into voting securities of the entity resulting from such transaction), more than 50% of the combined voting power of the voting securities of the Resulting Entity outstanding immediately after such
transaction, in substantially the same proportions relative to each other as their ownership immediately prior to such transaction; and (B) no Person (other than any Person that beneficially owned, immediately prior to such
reorganization, merger, consolidation, sale or other disposition, directly or indirectly, Voting Stock representing 20% or more of the combined voting power of the Company’s then outstanding securities) beneficially owns, directly
or indirectly, 20% or more of the combined voting power of the then outstanding securities of the Resulting Entity; and (C) at least a majority of the members of the board of directors of the entity resulting from such transaction were
Initial Directors of the Company at the time of the execution of the initial agreement or action of the Board authorizing such reorganization, merger, consolidation, sale or other disposition; or 

 

	 	(iii)	 the consummation of a plan of complete liquidation or dissolution of the Company; or

  

	 	(iv)	 the Initial Directors cease for any reason to constitute at least a majority of the Board.

  

	 	(e)	 Code means the Internal Revenue Code of 1986 as amended. 

 

	 	(f)	 Committee means the Compensation Committee of the Board (or its successor(s)).

  
 2 

	 	(g)	 Company means Hanesbrands Inc., a Maryland corporation, or any successor thereto. 

 

	 	(h)	 Deferred Stock Unit (“DSU”) means a vested unit granted pursuant to section 11 below
providing a Participant with the right to receive Stock (or cash) in accordance with the terms of such grant. 

  

	 	(i)	 Director means a member of the Board. 

 

	 	(j)	 Effective Date means the date this Plan is approved by the Company’s stockholders.

  

	 	(k)	 Evidence of Award means an agreement, certificate, resolution or other type or form of writing or other
evidence approved by the Committee that sets forth the terms and conditions of the Awards granted under this Plan. An Evidence of Award may be in an electronic medium, may be limited to notation on the books and records
of the Company and, unless otherwise determined by the Committee, need not be signed by a representative of the Company or a Participant. 

 

	 	(l)	 Exchange Act means the Securities Exchange Act of 1934, as amended. 

 

	 	(m)	 Fair Market Value means, as of any particular date, the closing price of a share of Stock as
reported for that date on the New York Stock Exchange or, if the Stock is not then listed on the New York Stock Exchange, on any other national securities exchange on which the Stock is listed, or if there are no sales on such date, on
the next preceding trading day during which a sale occurred. If there is no regular public trading market for the Stock, then the Fair Market Value shall be the fair market value as determined in good faith by the Committee. The
Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value pricing rules set forth in Code
Section 409A. 

  

	 	(n)	 Incentive Stock Option means a Stock Option that is intended to meet the requirements of
Code Section 422 or any successor law. 

  

	 	(o)	 Initial Directors means those Directors of the Company on the Effective Date;
provided, however, that any individual who becomes a Director of the Company thereafter whose election or nomination for election by the Company’s stockholders, was approved by the vote of at least a majority of the
Initial Directors then comprising the Board (or by the nominating committee of the Board, if such committee is comprised of Initial Directors and has such authority) shall be deemed to have been an Initial
Director; and provided further, that no individual shall be deemed to be an Initial Director if such individual initially was elected or nominated as a Director of the Company as a result of: (i) an actual or threatened
solicitation by a Person (other than the Board) made for the purpose of opposing a solicitation by the Board with respect to the election or removal of Directors; or (ii) any other actual or threatened solicitation
of proxies or consents by or on behalf of any Person (other than the Board). 

  
 3 

	 	(p)	 Nonqualified Stock Option means a Stock Option that is not an Incentive Stock
Option. 

  

	 	(q)	 Participant means (i) an employee of the Company or its Subsidiaries, including a
Person who has agreed to commence serving in such capacity within 90 days of the grant date of the Award, (ii) a non-employee Director of the Company or (iii) a
Person, including a consultant, who provides services to the Company or any Subsidiary that are equivalent to those typically provided by an employee (provided that such person satisfies the Form
S-8 definition of an “employee”), in each case, designated by the Committee as eligible to receive an Award under the Plan. 

 

	 	(r)	 Performance Cash Awards means cash incentives subject to the satisfaction of Performance Criteria
and granted pursuant to section 13 below. 

  

	 	(s)	 Performance Criteria means the measureable performance objective or objectives that may be established
pursuant to this Plan for Participants who have received Awards hereunder, which may be based on factors including, but not limited to any of the following (or an equivalent metric): revenue; revenue growth; earnings before
interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings per share; operating income; pre- or after-tax income; net operating profit
after taxes; economic value added; ratio of operating earnings to capital spending; cash flow (before or after dividends); cash flow per share (before or after dividends); net earnings; net sales; sales growth; share price performance; return on
assets or net assets; return on equity; return on capital (including return on total capital or return on invested capital); cash flow return on investment; total shareholder return; improvement in or attainment of expense levels; improvement in or
attainment of working capital levels, gross profit margin, operating profit margin, net income margin and leverage ratio. Performance Criteria that are financial metrics may be determined in accordance with United States Generally Accepted
Accounting Principles (“GAAP”) or may be financial metrics based on, or able to be derived from, GAAP, and may be adjusted when established (or at any time thereafter) to include or exclude any items otherwise includable or
excludable under GAAP. 

 If the Committee determines that a change in the business, operations, corporate
structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the Performance Criteria unsuitable, the Committee may in its discretion modify such
Performance Criteria or the goals or actual levels of achievement regarding the Performance Criteria, in whole or in part, as the Committee deems appropriate and equitable. 

 

	 	(t)	 Performance Period means, in respect of an Award, a period of time within which the
Performance Criteria relating to such Award are to be achieved. 

  

	 	(u)	 Performance Shares means Stock-denominated Awards subject to satisfaction of
Performance Criteria and granted pursuant to section 12 below. 

  
 4 

	 	(v)	 Person means any individual, entity or group, including any “person” within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act. 

  

	 	(w)	 Plan means this Hanesbrands Inc. 2020 Omnibus Incentive Plan, as may be amended or amended and restated
from time to time. 

  

	 	(x)	 Predecessor Plan means the Hanesbrands Inc. Omnibus Incentive Plan, including as amended or amended and
restated. 

  

	 	(y)	 Restricted Stock means Stock subject to a vesting condition specified by the Committee in
an Award in accordance with section 10 below. 

  

	 	(z)	 Resulting Entity means the entity resulting from a transaction (including, without limitation, the
Company or an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s property or assets, directly or indirectly). 

 

	 	(aa)	 RSU means a restricted stock unit providing a Participant with the right to receive Stock
(or cash) at a date on or after vesting in accordance with the terms of such grant and/or upon the attainment of Performance Criteria specified by the Committee in the Award in accordance with section 10 below.

  

	 	(bb)	 SAR means a stock appreciation right granted pursuant to section 8 below. 

 

	 	(cc)	 Stock means the common stock, par value $0.01 per share, of the Company, or any security into
which such Stock may be changed by reason of any transaction or event of the type referred to in section 16 of this Plan. 

  

	 	(dd)	 Stock Option means the right to acquire shares of Stock at a certain price that is granted
pursuant to section 7 below. The term Stock Option includes both Incentive Stock Options and Nonqualified Stock Options. 

  

	 	(ee)	 Subsidiary or Subsidiaries means a corporation, company or other entity (i) more than 50% of
whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint
venture, limited liability company, unincorporated association or other similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or
controlled, directly or indirectly, by the Company; provided, however, that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, Subsidiary means any
corporation in which the Company at the time owns or controls, directly or indirectly, more than 50% of the total combined voting power of the then-outstanding securities entitled to vote generally in the election of members of the board of
directors or similar body represented by all classes of stock issued by such corporation. 

  
 5 

	3.	 Administration. The Plan will be administered by the Committee. The
Committee shall have the discretionary authority to construe and interpret the Plan and any Awards granted thereunder (and related documents), to establish and amend rules for Plan administration, to change the terms and
conditions of Awards at or after grant (subject to the provisions of section 22 below), to correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award granted under the Plan and to
make all other determinations which it deems necessary or advisable for the administration of the Plan, and any determination by the Committee pursuant to any provision of this Plan or of any related agreement, notification or
document will be final and conclusive. No member of the Committee shall be liable for any such action or determination made in good faith. In addition, the Committee is authorized to take any action it determines in its sole discretion
to be appropriate subject only to the express limitations contained in this Plan, and no authorization in any Plan section or other provision of this Plan is intended or may be deemed to constitute a limitation on the authority
of the Committee. 

 Awards under the Plan may be made subject to the satisfaction of one or more
Performance Criteria. 
 The Committee may from time to time delegate all or any part of its authority under this Plan
to a subcommittee thereof. In addition, to the extent permitted by law, the Committee may delegate to one or more of its members, to one or more officers of the Company, or to one or more agents or advisors, such administrative duties
or powers as it may deem advisable (including but not limited to duties to determine a Participant’s eligibility for benefits and powers to establish rules, procedures and requirements necessary or appropriate to carry out the terms of
the Plan), and the Committee, the subcommittee, or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee, the
subcommittee or such person may have under this Plan. To the extent of any delegation under this paragraph, references in this Plan to the Committee will be deemed to be references to such subcommittee. 

To the extent permitted by law, the Committee or the Board may authorize one or more officers of the Company to select
employees to participate in the Plan and to determine the number and type of Awards to be granted to such Participants, except with respect to Awards to officers subject to Section 16 of the Exchange Act or to
non-employee Directors of the Company. In the event of such authorization, any reference in the Plan to the Committee shall be deemed to include such officer or officers, unless the
context clearly indicates otherwise. 
 The determinations of the Committee shall be made in accordance with their judgment as to the
best interests of the Company and its stockholders and in accordance with the purposes of the Plan. Any determination of the Committee under the Plan may be made without notice or meeting of the Committee, if in
writing signed by all the Committee members. 

  
 6 

	4.	 Participants. The Committee shall determine which eligible individuals shall be
Participants in the Plan. Any individual who is located in a country in which the Company’s Stock or the Plan have not been registered where registration is required shall be excluded from participation in the
Plan. Designation of a Participant in any year shall not require the Committee to designate that person to receive an Award in any other year or to receive the same type or amount of Award as granted to the
Participant in any other year or as granted to any other Participant in any year. The Committee shall consider all factors that it deems relevant in selecting Participants and in determining the type and amount of their
respective Awards. 

  

	5.	 Shares Available under the Plan. 

 

	 	(a)	 Subject to adjustment as provided in section 16, there is hereby reserved for Awards under the
Plan, as of the Effective Date, (i) 11,000,000 shares of Stock, plus (ii) the number of shares of Stock available for grant pursuant to the Predecessor Plan but which have not yet been made subject to
awards granted under the Predecessor Plan as of the Effective Date (the “Maximum Share Limitation”). Subject to the share counting rules set forth below, the Maximum Share Limitation will be reduced by one share
of Stock for every one share of Stock subject to an Award granted under the Plan. If, on or after the Effective Date, an Award under this Plan or the Predecessor Plan (in whole or in part)
expires or is terminated, cancelled, forfeited, settled in cash or unearned, the shares of Stock associated with the expired, terminated, cancelled, forfeited, cash-settled or unearned portion of the Award shall again be available for
Awards under this Plan. Notwithstanding anything in this Plan to the contrary, the following shares of Stock shall not be added (or added back, as applicable) to the aggregate number of shares available under this section
5(a): (i) shares withheld by the Company, tendered or otherwise used in payment of the exercise price of a Stock Option; (ii) shares withheld by the Company, tendered or otherwise used to satisfy tax withholding;
(iii) shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Stock Options; and (iv) shares subject to a share-settled SAR that are not actually issued in connection
with the settlement of such SAR on the exercise thereof. All such Stock issued under the Plan may be either authorized and unissued Stock or issued Stock reacquired by the Company. 

Additionally, in the event that a corporation acquired by (or combined with) the Company or any Subsidiary has shares available
under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to
the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Stock authorized for grant under the Plan; provided that
Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of 

  
 7 

 
the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employees or Directors of the
Company or any Subsidiary prior to such acquisition or combination; and provided further, that no shares of Stock subject to an award that is granted by, or becomes an obligation of, the Company under this paragraph will
be added (or added back) to the Maximum Share Limitation. 
  

	 	(b)	 Notwithstanding anything to the contrary contained in this Plan, and subject to adjustment as provided
in section 16 of this Plan, the aggregate number of shares of Stock actually issued or transferred by the Company upon the exercise of Incentive Stock Options will not exceed 11,000,000 shares; provided, however,
notwithstanding a Stock Option’s designation, to the extent that Incentive Stock Options are exercisable for the first time by the Participant during any calendar year with respect to Stock whose aggregate Fair
Market Value exceeds $100,000, such Stock Options shall be treated as Nonqualified Stock Options; provided further, that the value of any shares of Stock withheld or tendered to pay the exercise price of Incentive Stock
Options or withheld or tendered to pay taxes on any Incentive Stock Options shall be taken into account for purposes of determining the aggregate Fair Market Value of Stock associated with a Participant’s Incentive
Stock Options. 

  

	 	(c)	 Notwithstanding anything to the contrary contained in this Plan, in no event will any non-employee Director of the Company in any one calendar year be granted compensation for such service having an aggregate maximum value (measured at the date of grant as applicable, and calculating
the value of any Awards based on the grant date fair value for financial reporting purposes) in excess of $1,000,000. 

  

	6.	 Types of Awards, Payments, and Limitations. Awards under the Plan
shall consist of Stock Options, SARs, Restricted Stock, RSUs, DSUs, Performance Shares, Performance Cash Awards and other Stock or cash Awards, all as described below.
Payment of Awards may be in the form of cash, Stock, other Awards or combinations thereof as the Committee shall determine, and with the expectation that any Award of Stock shall be styled to preserve such
restrictions as it may impose. The Committee, either at the time of grant or by subsequent amendment, and subject to the provisions of sections 22 and 23 hereto, may require or permit Participants to elect to defer the issuance of
Stock or the settlement of Awards in cash under such rules and procedures as the Committee may establish under the Plan in compliance with Code Section 409A (to the extent applicable). 

The Committee may provide that any Awards under the Plan other than Stock Options or SARs earn dividends or
dividend equivalents and interest on such dividends or dividend equivalents; provided, however, that any such dividends or dividend equivalents (and any interest related thereto) shall be deferred until, and paid contingent upon, the vesting of the
related Award or portion thereof to which they relate. Any crediting of dividends or dividend equivalents may be subject to such restrictions and conditions as the Committee may establish, including reinvestment in additional
Stock or Stock equivalents. For the avoidance of doubt, neither Stock Options nor SARs granted under this Plan may provide for any dividends or dividend equivalents thereon. 

  
 8 

 Each Award shall be evidenced by an Evidence of Award that shall be subject to
this Plan and set forth the terms, conditions and limitations of such Award. Such terms may include, but are not limited to, the term of the Award, the provisions applicable in the event the Participant’s employment
terminates and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind any Award including without limitation the ability to amend such Awards to comply with changes in applicable
law. Unless otherwise determined by the Committee, Awards granted under the Plan shall be subject to the Company’s clawback policy as in effect on the Effective Date, as the same may be amended from time to time. An
Award may also be subject to any other clawback policy of the Company or other provisions (whether or not applicable to similar Awards granted to other Participants) as the Committee determines appropriate, including
provisions intended to comply with federal or state securities laws and stock exchange requirements (including under Section 10D of the Exchange Act), understandings or conditions as to the Participant’s employment, requirements or
inducements for continued ownership of Stock after exercise or vesting of Awards, or forfeiture or clawback of Awards or any shares of Stock issued under and/or any other benefit related to an Award, in the event
of termination of employment shortly after exercise or vesting, breach of noncompetition or confidentiality agreements following termination of employment, or other detrimental activity before or after employment, or other provisions intended to
have a similar effect. 
 Notwithstanding anything in this Plan (outside of this paragraph) to the contrary, Awards granted
under this Plan shall vest no earlier than after a minimum one-year vesting period or one-year performance period, as applicable; provided, however, that,
notwithstanding the foregoing, an aggregate of up to 5% of the Stock available for Awards under this Plan as provided for in section 5 of this Plan, as may be adjusted under section 16 of this Plan, may be
used for Awards that do not at grant comply with such minimum vesting provisions. Nothing in this paragraph or otherwise in this Plan, however, shall preclude the Committee, in is sole discretion, from (i) providing for
continued vesting or accelerated vesting for any Award under the Plan upon certain events, including in connection with or following a Participant’s death, disability, or termination of service or a Change in
Control, or (ii) exercising its authority under section 22(b) at any time following the grant of an Award. 
  

	7.	 Stock Options. Stock Options may be granted to Participants at any time as
determined by the Committee. The Committee shall determine the number of shares subject to each Stock Option and whether the Stock Option is an Incentive Stock Option, provided that Incentive Stock
Options may only be granted to Participants who meet the definition of “employees” under Code Section 3401(c). Unless otherwise indicated in the applicable Evidence of Award, a Stock Option will be
deemed to be a Nonqualified Stock Option. The exercise price for each Stock Option shall be determined by the Committee but shall not be less than 100% of the Fair Market Value of the Stock on the date the Stock
Option is granted unless the Stock Option is a substituted, assumed or converted Stock Option granted pursuant to section 17 hereto. Each Stock Option shall expire at such time as the

  
 9 

	 	
Committee shall determine at the time of grant; provided, however, that a Stock Option will be automatically exercised upon the expiration date of the Stock Option if the
Fair Market Value of a share of Stock on the expiration date exceeds the exercise price for each Stock Option. Stock Options shall be exercisable at such time and subject to such terms and conditions as the
Committee shall determine; provided, however, that no Stock Option shall be exercisable later than ten years after its date of grant. The exercise price, upon exercise of any Stock Option, shall be payable to the Company
in full by: (a) cash payment or its equivalent (a “cash exercise”); (b) tendering previously acquired Stock having a Fair Market Value at the time of exercise equal to the exercise price (a “stock swap”) or
certification of ownership of such previously-acquired Stock (“attestation”); (c) to the extent permitted by applicable law, delivery of a properly executed exercise notice, together with irrevocable instructions to a broker to
promptly deliver to the Company the amount of sale proceeds from the Stock Option shares or loan proceeds to pay the exercise price and to deliver to the Participant the net amount of shares (a “cashless exercise for
Stock”) or cash (a “cashless exercise for cash”); (d) having the Company retain from the Stock otherwise issuable upon exercise of the Stock Option a number of shares of Stock having a value
(determined pursuant to rules established by the Committee in its discretion) equal to the exercise price of the Stock Option (a “net exercise”); (d) a combination of the foregoing methods; or (f) such other methods of
payment as the Committee, in its discretion, deems appropriate. 

  

	8.	 Stock Appreciation Rights. SARs may be granted to Participants at any time as
determined by the Committee. Notwithstanding any other provision of the Plan, the Committee may, in its discretion, substitute SARs which can be settled only in Stock for outstanding Stock Options
(“Substitute SARs”). The grant price of a Substitute SAR shall be equal to the exercise price of the related Stock Option and the Substitute SAR shall have substantive terms (e.g., duration)
that are equivalent to the related Stock Option. The grant price of any other SAR shall not be less than 100% of the Fair Market Value of the Stock on the date of its grant unless the SARs are substitute, assumed
or converted SARs granted pursuant to section 17 hereto. An SAR may be exercised upon such terms and conditions and for the term the Committee in its sole discretion determines; provided, however, that the term shall not exceed
the Stock Option term in the case of a Substitute SAR or ten years from the date of grant in the case of any other SAR, and the terms and conditions applicable to a Substitute SAR shall be substantially the same as
those applicable to the Stock Option which it replaces. Upon the expiration date of an SAR, the SAR will be automatically exercised if the Fair Market Value of a share of Stock on the expiration date exceeds the
grant price of the SAR. Upon exercise of an SAR, the Participant shall be entitled to receive payment from the Company in an amount determined by multiplying (a) the difference between the Fair Market Value of
a share of Stock on the date of exercise and the grant price of the SAR by (b) the number of shares with respect to which the SAR is exercised. The payment may be made in cash or Stock, at the discretion of the
Committee, except in the case of a Substitute SAR payment which may be made only in Stock. 

  

	9.	 No Repricing. Except in connection with a corporate transaction or event described in section 16 of this
Plan or in connection with a Change in Control, the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding 

  
 10 

	 	
Stock Options or the grant price of outstanding SARs, or cancel outstanding “underwater” Stock Options or SARs (including following a
Participant’s voluntary surrender of “underwater” Stock Options or SARs) in exchange for cash, other Awards or Stock Options or SARs with an exercise price or grant price, as applicable, that
is less than the exercise price of the original Stock Options or grant price of the original SARs, as applicable, without stockholder approval. This section 9 is intended to prohibit the repricing of “underwater” Stock
Options and SARs and will not be construed to prohibit the adjustments provided for in section 16 of this Plan. 

  

	10.	 Restricted Stock and RSUs. Restricted Stock and RSUs
may be awarded or sold to Participants under such terms and conditions as shall be established by the Committee. Restricted Stock and RSUs shall be subject to such restrictions as the Committee determines,
including, without limitation, any of the following: 

  

	 	(a)	 a prohibition against sale, assignment, transfer, pledge, hypothecation or other encumbrance for a specified
period; 

  

	 	(b)	 a requirement that the holder forfeit (or in the case of Stock or RSUs sold to the
Participant, resell to the Company at cost) such Stock or RSUs in the event of termination of employment during the period of restriction; and 

 

	 	(c)	 the attainment of Performance Criteria. 

 

	11.	 DSUs. DSUs provide a Participant a vested right to receive Stock in lieu of
other compensation at termination of employment or service or at a specific future designated date. 

  

	12.	 Performance Shares. The Committee shall designate the Participants to whom
Performance Shares are to be awarded and determine the number of shares, the length of the Performance Period and the other terms and conditions of each such Award. Each Award of Performance Shares shall entitle
the Participant to a payment in the form of Stock (or cash) upon the attainment of Performance Criteria and other terms and conditions specified by the Committee. 

Notwithstanding satisfaction of any Performance Criteria, the number of shares issued under a Performance Share Award may
be adjusted by the Committee on the basis of such further consideration as the Committee in its sole discretion shall determine. The Committee may, in its discretion, make a cash payment equal to the Fair Market Value of
Stock otherwise required to be issued to a Participant pursuant to a Performance Share Award. 
  

	13.	 Performance Cash Awards. The Committee shall designate the Participants to whom
Performance Cash Awards are to be awarded and determine the amount of the Award and the terms and conditions of each such Award. Each Performance Cash Award shall entitle the Participant to a payment in cash
(or an equivalent value in Stock, as determined by the Committee and set forth in the applicable Evidence of Award) on terms and conditions specified by the Committee. 

  
 11 

 Notwithstanding the satisfaction of any Performance Criteria, the amount to be paid
under a Performance Cash Award may be adjusted by the Committee on the basis of such further consideration as the Committee in its sole discretion shall determine. The Committee may, in its discretion, substitute
actual Stock for the cash payment otherwise required to be made to a Participant pursuant to a Performance Cash Award. 
  

	14.	 Other Stock or Cash Awards. In addition to the awards described in
sections 6 through 13 above, the Committee may grant shares of Stock or such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock or
factors that may influence the value of such Stock, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, awards with value
and payment contingent upon performance of the Company or specified Subsidiaries, affiliates or other business units thereof or any other factors designated by the Committee, and Awards valued by reference to the book
value of the Stock or the value of securities of, or the performance of specified Subsidiaries or affiliates or other business units of the Company. The Committee will determine the terms and conditions of such
Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this section 14 will be purchased for such consideration, and paid for at such time, by such methods, and in such forms, including,
without limitation, Stock, other Awards, notes or other property, as the Committee determines. 

 Cash
Awards, as an element of or supplement to any other Award granted under this Plan, may also be granted pursuant to this section 14. 

The Committee may authorize the grant of Stock as a bonus, or may authorize the grant of other Awards in lieu of
obligations of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms as will be determined by the Committee in a manner
that complies with Code Section 409A. 
  

	15.	 Change in Control. The vesting and payment terms applicable to an Award following a
Change in Control shall be determined by the Committee. 

  

	16.	 Adjustments. The Committee shall make or provide for such adjustments in the number of and kind
of shares of Stock covered by outstanding Stock Options, SARs, Restricted Stock, RSUs, DSUs, and Performance Shares granted hereunder and, if applicable, in the number of and kind of shares of
Stock covered by other Awards granted pursuant to section 14 of this Plan, in the exercise price and base price provided in outstanding Stock Options and SARs, respectively, in Performance Cash Awards, and
in other award terms, as the Committee, in its sole discretion, exercised in good faith, determines is equitably required to prevent dilution or enlargement of the rights of Participants that otherwise would result from (a) any
extraordinary cash dividend, stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or
warrants to purchase securities, or (c) any other corporate transaction or event 

  
 12 

	 	
having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event or in the event of a Change in Control, the Committee may provide in
substitution for any or all outstanding Awards under this Plan such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require in connection therewith
the surrender of all Awards so replaced in a manner that complies with Code Section 409A. In addition, for each Stock Option or SAR with an exercise price or base price, respectively, greater than the consideration
offered in connection with any such transaction or event or Change in Control, the Committee may in its discretion elect to cancel such Stock Option or SAR without any payment to the person holding such Stock
Option or SAR. The Committee shall also make or provide for such adjustments in the number of shares of Stock specified in section 5 of this Plan as the Committee in its sole discretion, exercised in good
faith, determines is appropriate to reflect any transaction or event described in this section 16; provided, however, that any such adjustment to the number specified in section 5(b) of this Plan will be made only if and to the extent that
such adjustment would not cause any Stock Option intended to qualify as an Incentive Stock Option to fail to so qualify. 

  

	17.	 Substitution and Assumption of Awards. The Board or the Committee may
authorize the issuance of Awards under this Plan in connection with the assumption or conversion of, or substitution for, outstanding awards previously granted to individuals who become employees of the Company or any
Subsidiary as a result of any merger, consolidation, acquisition of property or stock or reorganization, upon such terms and conditions as the Committee may deem appropriate. The Awards so granted may reflect the original terms
of the awards being assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may account for Stock substituted for the securities covered by the original awards and the number of shares
subject to the original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock prices in connection with the applicable transaction. Any substitute Awards granted
under the Plan as described in this section 17 shall not count against the Stock limitations set forth in section 5 hereto, to the extent permitted by Section 303A.08 of the New York Stock Exchange Listed Company Manual as in
effect from time to time. 

  

	18.	 Nontransferability. Except as otherwise determined by the Committee in the case of Stock
Options, and subject to compliance with Code Section 409A, each Award granted under the Plan shall not be transferable other than by will or the laws of descent and distribution, and each Stock Option and
SAR shall be exercisable during the Participant’s lifetime only by the Participant or, in the event of disability, by the Participant’s personal representative. In no event will any such Award granted
under this Plan be transferred for value. In the event of the death of a Participant, exercise of any Award or payment with respect to any Award shall be made only by or to the beneficiary, executor or administrator of
the estate of the deceased Participant or the Person or Persons to whom the deceased Participant’s rights under the Award shall pass by will or the laws of descent and distribution. 

  
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	19.	 Taxes. To the extent that the Company is required to withhold federal, state, local or foreign
taxes or other amounts in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the Company for such withholding are insufficient, it will be a
condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts required to
be withheld, which arrangements (in the discretion of the Committee) may include relinquishment of a portion of such benefit. If a Participant’s benefit is to be received in the form of Stock, unless otherwise determined by
the Committee, such withholding requirement shall be satisfied by retention by the Company of a portion of the Stock to be delivered to the Participant. The Stock used for tax or other withholding will be valued at
an amount equal to the fair market value of such Stock on the date the benefit is to be included in Participant’s income. In no event will the fair market value of the Stock to be withheld and delivered pursuant to this
section 19 exceed the minimum amount required to be withheld, unless (i) an additional amount can be withheld and not result in adverse accounting consequences and (ii) such additional withholding amount is authorized by the
Committee. Participants will also make such arrangements as the Company may require for the payment of any withholding tax or other obligation that may arise in connection with the disposition of Stock acquired upon the
exercise of Stock Options. 

  

	20.	 Compliance with Code Section 409A. 

 

	 	(a)	 To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the
provisions of Code Section 409A, so that the income inclusion provisions of Code Section 409A(a)(1) do not apply to the Participants. This Plan and any grants made hereunder will be administered in a manner
consistent with this intent. Any reference in this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such section by the U.S. Department of the
Treasury or the Internal Revenue Service. 

  

	 	(b)	 Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the
right to subject any deferred compensation (within the meaning of Code Section 409A) payable under this Plan and grants hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or
garnishment. Except as permitted under Code Section 409A, any deferred compensation (within the meaning of Code Section 409A) payable to a Participant or for a Participant’s benefit under this Plan
and grants hereunder may not be reduced by, or offset against, any amount owed by a Participant to the Company or any of its Subsidiaries. 

 

	 	(c)	 If, at the time of a Participant’s separation from service (within the meaning of Code
Section 409A), (i) the Participant will be a specified employee (within the meaning of Code Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the
Company makes a good faith determination that an amount payable hereunder constitutes deferred 

  
 14 

	 	
compensation (within the meaning of Code Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set
forth in Code Section 409A in order to avoid taxes or penalties under Code Section 409A, then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it, without interest, on
the tenth business day of the seventh month after such separation from service. 

  

	 	(d)	 Solely with respect to any Award that constitutes nonqualified deferred compensation subject to
Code Section 409A and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only
if such event also constitutes a “change in the ownership,” “change in effective control,” and/or a “change in the ownership of a substantial portion of assets” of the Company as those terms are defined under
Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time and form of payment that complies with Code Section 409A, without altering the definition of Change
in Control for any purpose in respect of such Award. 

  

	 	(e)	 Notwithstanding any provision of this Plan and grants hereunder to the contrary, in light of the
uncertainty with respect to the proper application of Code Section 409A, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company deems necessary or desirable to avoid the
imposition of taxes or penalties under Code Section 409A. In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a
Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under Code Section 409A), and neither the Company nor any of its affiliates will have any obligation to
indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties. 

  

	21.	 Duration of the Plan. No Award shall be made under the Plan more than ten
years after the Effective Date, provided that all Awards made prior to such date will continue in effect thereafter subject to the terms thereof and of this Plan; provided, however, that the terms and conditions applicable to
any Stock Option granted on or before such date may thereafter be amended or modified by mutual agreement between the Company and the Participant, or such other Person as may then have an interest therein.

  

	22.	 Amendment and Termination. 

 

	 	(a)	 The Board may amend the Plan from time to time or terminate the Plan at any time. However,
unless expressly provided in an Award or the Plan, no such action shall materially reduce the amount of any existing Award or materially and adversely change the terms and conditions thereof without the Participant’s
consent; provided, however, that the Committee may, in its discretion, substitute SARs which can be settled only in Stock for outstanding Stock Options and may require an Award be deferred pursuant to section 6
hereto, without a Participant’s consent; and further provided that the Committee may amend or terminate an 

  
 15 

	 	
Award to comply with changes in law, including but not limited to tax law, without a Participant’s consent. Notwithstanding any provision of the Plan to the contrary,
the provisions in each of section 9 of the Plan (regarding the repricing of Stock Options and SARs) shall not be amended without stockholder approval. Notwithstanding any provision of the Plan to the contrary, to the
extent that Awards under the Plan are subject to the provisions of Code Section 409A, then the Plan as applied to those amounts shall be interpreted and administered so that it is consistent with such Code
section. The Company shall obtain stockholder approval of any Plan amendment to the extent necessary to comply with applicable laws, regulations or stock exchange rules. Termination of the Plan will not affect the rights of
Participants or their successors under any Awards outstanding hereunder and not exercised in full on the date of termination. 

  

	 	(b)	 If permitted by Code Section 409A, but subject to the paragraph that follows, including in the case
of termination of employment or service, or in the case of unforeseeable emergency or other circumstances or in the event of a Change in Control, to the extent a Participant holds a Stock Option or SAR not immediately
exercisable in full, or any Restricted Stock as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any RSUs as to which the vesting period has not been completed, or any
Performance Cash Awards or Performance Shares which have not been fully earned, or any dividend equivalents or other Awards made pursuant to section 14 of this Plan subject to any vesting schedule or transfer restriction,
or who holds Stock subject to any transfer restriction imposed pursuant to this Plan, the Committee may, in its sole discretion, provide for continued vesting or accelerate the time at which such Stock Option, SAR
or other award may vest or be exercised or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such vesting period will end or the time at which such Performance Cash
Awards or Performance Shares will be deemed to have been earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any Award. 

 

	23.	 Other Provisions. 

 

	 	(a)	 In the event any Award under this Plan is granted to a Participant who is a foreign
national or who is employed by the Company or any Subsidiary outside of the United States of America or who provides services to the Company or any Subsidiary under an agreement with a foreign nation or agency, the
Committee may, in its sole discretion: (i) provide for such special terms for Awards to such Participants, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or
custom; (ii) approve such supplements to or amendments, restatements or alternative versions of this Plan (including sub-plans) as it may consider necessary or appropriate for such purposes,
without thereby affecting the terms of this Plan as in effect for any other purpose, and the secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as
this Plan; or (iii) cause the Company to enter into an internal 

  
 16 

	 	
accounting transaction with any local branch or affiliate consistent with internal accounting/audit protocols and pursuant to which such branch or affiliate will reimburse the
Company for the cost of such equity incentives. No such special terms, supplements, amendments or restatements as described in this subsection, however, will include any provisions that are inconsistent with the terms of this Plan as
then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the Company’s stockholders. 

 

	 	(b)	 To the extent that any provision of this Plan would prevent any Stock Option that was intended to
qualify as an Incentive Stock Option from qualifying as such, that provision will be null and void with respect to such Stock Option. Such provision, however, will remain in effect for other Stock Options and there will be no
further effect on any provision of this Plan. 

  

	 	(c)	 No Award under this Plan may be exercised by the holder thereof if such exercise, and the receipt
of cash or shares thereunder, would be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having jurisdiction over this Plan. 

 

	 	(d)	 No Participant will have any rights as a stockholder of the Company with respect to any
Stock subject to Awards granted to him or her under this Plan prior to the date as of which he or she is actually recorded as the holder of such Stock upon the share records of the Company. 

 

	 	(e)	 Neither the Plan nor any Award shall confer upon a Participant any right with respect to
continuing the Participant’s employment with the Company; nor interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to
the extent permitted by applicable laws and any enforceable agreement between the employee and the Company. 

  

	 	(f)	 No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award, and the Committee, in its discretion, shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional shares of Stock, or whether such fractional shares or any
rights thereto shall be canceled, terminated or otherwise eliminated. 

  

	 	(g)	 In the event any provision of the Plan shall be held to be illegal, invalid or unenforceable for any
reason, or would disqualify this Plan or any Award under any law deemed applicable by the Committee, such provision will be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of
the Committee, it will be stricken and the remainder of this Plan will remain in full force and effect. Notwithstanding anything in this Plan or an Evidence of Award to the contrary, nothing in this Plan or in an
Evidence of Award prevents a Participant from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any
investigation or 

  
 17 

	 	
proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity a Participant is not prohibited from providing information voluntarily to the
Securities and Exchange Commission pursuant to Section 21F of the Exchange Act. 

  

	 	(h)	 Payments and other benefits received by a Participant under an Award made pursuant to the
Plan generally shall not be deemed a part of a Participant’s compensation for purposes of determining the Participant’s benefits under any other employee benefit plans or arrangements provided by the Company or
a Subsidiary, unless the Committee expressly provides otherwise in writing or unless expressly provided under such plan. The Committee shall administer, construe, interpret and exercise discretion under the Plan and each
Award in a manner that is consistent and in compliance with a reasonable, good faith interpretation of all applicable laws. 

  

	24.	 Governing Law. The Plan and any actions taken in connection herewith shall be governed by and
construed in accordance with the laws of the state of North Carolina without regard to any state’s conflict of laws principles. Any legal action related to this Plan shall be brought only in a federal or state court located in North
Carolina. 

  

	25.	 Stockholder Approval. This Plan will be effective as of the Effective Date. No
grants will be made on or after the Effective Date under the Predecessor Plan, provided that outstanding awards granted under the Predecessor Plan will continue unaffected following the Effective Date. For clarification
purposes, the terms and conditions of this Plan shall not apply to or otherwise impact previously granted and outstanding awards under the Predecessor Plan, as applicable. 

  
 18

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