Document:

Exhibit 10.6

 

 

 

 

Dated [insert date]

 

Karooooo Ltd.

 

and

 

[Name of Director]

 

Deed
of indemnity

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Contents	 	Page	 
	 	 	 	 
	1. 	Interpretation	 	 	1	 
	 	 	 	 	 	 
	2. 	Indemnity	 	 	2	 
	 	 	 	 	 	 
	3. 	Limitations on indemnity	 	 	3	 
	 	 	 	 	 	 
	4.	 Funding of defence expenditure	 	 	4	 
	 	 	 	 	 	 
	5.	 Company’s liability	 	 	5	 
	 	 	 	 	 	 
	6.	Continuation of obligations	 	 	5	 
	 	 	 	 	 	 
	7. 	Notification and conduct of claims	 	 	5	 
	 	 	 	 	 	 
	8. 	Subrogation	 	 	7	 
	 	 	 	 	 	 
	9. 	Power of attorney	 	 	7	 
	 	 	 	 	 	 
	10.	 Miscellaneous	 	 	7	 
	 	 	 	 	 	 
	11.	 Governing law and submission to jurisdiction	 	 	9	 

 

    i

     

    

 

This Deed is made on [date] between:

 

		(1)	Karooooo Ltd., a company incorporated in Singapore whose registered office is at 10 Anson
Road #12-14, International Plaza, Singapore 079903 (the “Company”); and

 

		(2)	[Name of Director] ([Identity Card/Passport No]) currently residing at [Address]
(the “Officer”).

 

Whereas:

 

		(A)	The Officer is a [executive director]/[non-executive director]/[insert title of Officer] - Please
delete as appropriate of the Company.

 

		(B)	To better encourage and facilitate the carrying out by the Officer of his role as a [director]/[insert
title of Officer] of the Company, the Company has agreed to indemnify the Officer in respect of potential liabilities arising
out of his past and future acceptance of, and continued appointment as a [director]/[insert title of Officer], and the Officer
has agreed to comply with certain related obligations as set out in this Deed. In this connection, the Board of Directors of the
Company has determined that it is in the best interests of the Company to give this Deed of Indemnity.

 

It is agreed as follows:

 

		1.	Interpretation

 

		1.1	In this Deed, unless the context otherwise requires:

 

		1.1.1	The following words bear the meanings assigned to them below:

 

    “Business Day”
means a day which is not a Saturday, Sunday or a public holiday in Singapore;

 

    “Claim” means
any claim, action, proceeding, investigation, administrative proceedings, demand or judgment made by a person other than the Officer;

 

    “Companies Act”
means the Companies Act (Chapter 50) of Singapore (as amended from time to time);

 

    “Director” or
 “director” shall bear the meaning in section 4(1) of the Companies Act;

 

    “Listing requirements”
means the listing rules (as amended from time to time) of any securities exchange upon which the shares of the Company are
listed or may be listed after the date hereof.

 

		1.1.2	References to a statute or statutory provision include:

 

		(a)	that statute or provision as from time to time modified, re-enacted or consolidated whether before,
on or after the date of this Deed; and

 

		(b)	any subsidiary legislation made from time to time under that statute or statutory provision.

 

    - 1 -

     

    

 

		1.1.3	References to one gender include all genders and references to the singular include the plural
and vice versa.

 

		1.1.4	References to a company include any company, corporation or body corporate, wherever incorporated.

 

		1.1.5	The words “corporation” and “subsidiary” shall have the same
meanings in this Deed as their respective definitions in the Companies Act.

 

		1.1.6	References to Clauses are to Clauses of this Deed.

 

		1.1.7	A conviction, judgment or refusal of relief becomes final:

 

		(a)	if it is not appealed against, at the end of the period for bringing an appeal; or

 

		(b)	if it is appealed against, at the time when the appeal (or any further appeal) is disposed of.

 

		1.1.8	An appeal (or further appeal) is disposed of:

 

		(a)	if it is determined and there is no right of further appeal, or if there is a right of further
appeal, the period for bringing any further appeal has ended; or

 

		(b)	if it is abandoned or otherwise ceases to have effect.

 

		1.2	Headings shall be ignored in interpreting this Deed.

 

		2.	Indemnity

 

		2.1	Subject to the provisions of this Deed and so far as may be permitted by all applicable laws and
statutes and any Listing requirement from time to time in force, the Officer shall be entitled to be indemnified by the Company,
against:

 

		2.1.1	all demands, claims, costs, charges, losses, expenses and liabilities of whatsoever nature and
howsoever arising which may at any time be made against or incurred by the Officer or attach to the Officer in the actual or purported
exercise of the Officer’s powers and/or otherwise in relation to, or in connection with, the Officer’s duties, powers
or office as a director, officer or, as the case may be, employee of the Company; and

 

		2.1.2	all costs, charges, expenses and liabilities incurred by the Officer in defending any proceedings
(including any investigations), whether civil or criminal, which relate to anything done or omitted or alleged to have been done
or omitted by the Officer as a director, officer or, as the case may be, employee of the Company.

 

		2.2	This indemnity shall only extend to such costs and expenses reasonably incurred by the Officer
in relation to the matters in respect of which he is indemnified in this Clause 2.

 

		2.3	The Officer shall take all reasonable steps to mitigate any loss which, in the absence of mitigation,
might give rise to a claim or demand under this Deed against the Company.

 

		2.4	The Company may deduct from any money due to the Officer (including remuneration) in connection
with his services to the Company, any amount which he owes to the Company under this Deed.

 

    - 2 -

     

    

 

		3.	Limitations on indemnity

 

		3.1	Without prejudice to any other rights or remedies which may be available to the Officer, the indemnity
granted by the Company to the Officer in Clause 2 shall not extend to any liability (including any costs and expenses) incurred
by, or attaching to, the Officer:

 

		3.1.1	to the Company;

 

		3.1.2	to pay a fine imposed in criminal proceedings;

 

		3.1.3	to pay a sum payable to a regulatory authority by way of a penalty in respect of non-compliance
with any requirement of a regulatory nature (however arising);

 

		3.1.4	in defending any criminal proceedings in which he is convicted, where such conviction is final;

 

		3.1.5	in defending any civil proceedings brought by the Company or a related company in which judgment
is given against him, where such judgment is final; or

 

		3.1.6	in connection with any application for relief under section 76A(13) of the Companies Act (court’s
power to grant relief in case of acquisition of company’s own shares by innocent party) or section 391 of the Companies
Act (general power to grant relief in case of honest and reasonable conduct) in which the court refuses to grant the Officer
relief, and such refusal is final.

 

		3.2	Furthermore, this indemnity shall not apply:

 

		3.2.1	to the extent that it is not permitted by, or consistent with, law or statute from time to time
in force, the Constitution of the Company or the rules, regulations or codes of any regulatory authority or other body or any Listing
requirements from time to time in force;

 

		3.2.2	to the extent that the Officer has been, or is entitled to be, indemnified or reimbursed by any
directors’ or officers’ liability insurance purchased and maintained by the Company or any other insurance;

 

		3.2.3	to any demands, claims, costs, charges, losses, liabilities or expenses made against or incurred
by the Officer if and to the extent that such demands, claims, costs, charges, losses, liabilities or expenses are attributable
to any fraudulent or dishonest act or any fraudulent or dishonest omission on the part of the Officer or any other act or omission
which the Officer commits knowingly or in the knowledge that the same is wrongful or improper, or where there has been gross negligence
or wilful default by the Officer; or

 

		3.2.4	where the Officer has improperly derived a personal benefit or profit.

 

    - 3 -

     

    

 

		4.	Funding of defence expenditure

 

		4.1	Without prejudice to Clause 2, the Company may in its sole discretion, so far as may be permitted
by all applicable laws and statutes and any Listing requirement from time to time in force and to the extent it considers reasonable
and appropriate, but subject to the Officer complying with his obligations under this Deed:

 

		4.1.1	provide the Officer with funds by way of a loan to meet expenditure incurred or to be incurred
by him:

 

		(a)	in defending any criminal or civil proceedings in connection with any alleged negligence, default,
breach of duty or breach of trust by him in relation to the Company; or

 

		(b)	in connection with any application for relief under section 76A(13) of the Companies Act (court’s
power to grant relief in case of acquisition of company’s own shares by innocent party) or section 391 of the Companies
Act (general power to grant relief in case of honest and reasonable conduct); or

 

		4.1.2	do anything to enable the Officer to avoid incurring such expenditure, 

 

on the terms provided in Clause
4.2 of this Deed.

 

		4.2	If the Company provides funds or does other things as set out in Clause 4.1, then:

 

		4.2.1	the loan is to be repaid, and any liability of the Company incurred under any transaction connected
with the provision of funds pursuant to Clause 4.1 is to be discharged, in the event of:

 

		(a)	the Officer being convicted in the proceedings, no later than 14 days after the date when the conviction
becomes final;

 

		(b)	judgment being given against the Officer in the proceedings, no later than 14 days after the date
when the judgment becomes final; and

 

		(c)	the court refusing to grant the Officer relief on the application, no later than 14 days after
the date when the refusal of relief becomes final;

 

		4.2.2	any other terms which the Company, in its sole discretion, considers desirable or appropriate shall
apply; and

 

		4.2.3	a reference to the repayment of a loan includes the payment of any interest which is chargeable
under the terms on which the loan was given.

 

		4.3	Without prejudice to Clauses 2, 4.1 and 4.2, the Company may in its sole discretion, so far as
may be permitted by all applicable laws and statutes and any Listing requirement from time to time in force, but subject to the
Officer complying with his obligations under this Deed:

 

		4.3.1	provide the Officer with funds by way of a loan to meet expenditure incurred or to be incurred
by him in defending himself:

 

		(a)	in an investigation by a regulatory authority; or

 

    - 4 -

     

    

 

		(b)	against any action proposed to be taken by a regulatory authority,

 

in connection with any alleged
negligence, default, breach of duty or breach of trust by him in relation to the Company; and

 

		4.3.2	do anything to enable the Officer to avoid incurring such expenditure, on such terms as the Company
considers reasonable and appropriate.

 

		5.	Company’s liability

 

		5.1	If, under any applicable laws and statutes or any Listing requirement from time to time in force,
the approval of the Company’s shareholders or any other person is required before any payment may be made by the Company
under or in connection with this Deed, no payment shall be made by the Company until and unless such approval has been obtained.
If, (despite the Company's reasonable efforts in that regard) such approval is not granted or cannot be obtained, the Company shall
have no liability whatsoever in respect of any payment that would otherwise have to be made and such liability shall be extinguished.

 

		5.2	If the Company makes any payment pursuant to this Deed in respect of any of the matters against
which the Officer is indemnified in Clause 2, and if it is subsequently determined by a court of competent jurisdiction or an arbitral
tribunal (where such determination is binding on the Officer) that liability would attach to the Officer in respect of any negligence,
default, breach of duty or breach of trust, or that the Officer is not permitted to be indemnified, under applicable law, then
the Officer shall promptly repay to the Company all amounts paid by the Company under this Deed in connection with such matter.

 

		6.	Continuation of obligations

 

		6.1	The Company shall be released and discharged from all liability under this Deed from the earlier
of:

 

		6.1.1	the date of termination, resignation or cessation in any manner whatsoever of the Officer from
being a director, officer or, as the case may be, employee of the Company; and

 

		6.1.2	the expiry of three months from the date when written notice is given to the Officer of the Company’s
intention to terminate this indemnity, and in this respect, each of the Company and the Officer agree that the Company may give
such notice to the Officer for this indemnity to be terminated.

 

		6.2	For the avoidance of doubt, and as an independent stipulation, the provisions of this Deed and
the Company’s liability hereunder shall continue to apply in respect of all relevant acts and omissions of the Officer prior
to the date the Company is released from liability under this Deed pursuant to any of the foregoing provisions of this Clause 6.

 

		7.	Notification and conduct of claims

 

		7.1	The Officer will promptly, and in any event within ten (10) Business Days of the date on which
the Officer becomes aware of a Claim, notify the Company in writing of any Claim which may give rise to a claim or demand by the
Officer against the Company under this Deed setting out as much information as is available to the Officer (including details of
the person(s) making the Claim, the circumstances which gave rise to it and an estimate of the amount of the Claim).

 

    - 5 -

     

    

 

		7.2	The Company shall be entitled, at its sole discretion, to settle, compromise or consent to the
entry of any judgment with respect to any Claim without any prior notification to the Officer of its intention to do so.

 

		7.3	The Company shall be entitled at any time by notice to the Officer to assume sole conduct of all
matters relating to any Claim (including the conduct of any counterclaim or related claim against any person).

 

		7.4	The Officer shall do all such things as the Company may reasonably request in order to permit the
Company fully to exercise its rights under Clauses 7.2 and 7.3, and in particular shall:

 

		7.4.1	provide the Company with such information and copies of such documents relating to any Claim as
the Company may reasonably request;

 

		7.4.2	not, without the prior written consent of the Company, make any admission in relation to any Claim,
nor settle, compromise or consent to the entry of any judgment (or offer to do so), with respect to any Claim;

 

		7.4.3	assist the Company as it may require in resisting, defending or settling such Claim;

 

		7.4.4	allow the Company to take such actions which the Company may deem appropriate in relation to any
Claim in the name and on behalf of the Officer, including appointing and giving instructions to legal counsel and any other professional
advisers, under the Company’s sole instructions and commencing and taking any step in any proceedings (including making any
admission and lodging any appeal); and

 

		7.4.5	use reasonable endeavours to mitigate any loss suffered by the Officer in respect of the Claim.

 

		7.5	Without prejudice to Clause 7.2, if the Officer is notified in advance of the Company’s intention
to settle or compromise a Claim and objects to the terms of such settlement or compromise, or if the Officer does not comply with
his obligations under Clauses 7.1 and 7.4, the Company may, on giving notice to the Officer, require the Officer to assume the
sole conduct of the defence of the Claim.

 

		7.6	If:

 

		7.6.1	the Officer fails to comply with his obligations under Clause 7 in any material respect and the
ability of the Company to investigate, defend, satisfactorily settle or compromise or take any other action in respect of a Claim
is thereby materially prejudiced; or

 

		7.6.2	the Company gives notice under Clause 7.5,

 

the Officer’s right under
Clause 2 to be indemnified in respect of the relevant Claim shall cease to have effect.

 

    - 6 -

     

    

 

		7.7	For the avoidance of doubt, after notice has been given by the Company to the Officer of its election
to assume the conduct of matters relating to a Claim in accordance with the provisions of Clause 7.3, or after notice has been
given by the Company to the Officer requiring the Officer to assume the sole conduct of all matters relating to a Claim pursuant
to Clause 7.5, the Company will not be liable to the Officer for any legal and any other expenses subsequently incurred by the
Officer in connection with the Claim.

 

		8.	Subrogation

 

		8.1	If the Company makes any payment under this Deed, it shall be subrogated to the extent of such
payment to any right the Officer may have for recovery of the amounts so paid from any third party. The Officer agrees to execute
all documents required and do all other acts necessary to effect the foregoing provisions and permit the Company to enforce the
rights so subrogated.

 

		8.2	Subject to and insofar as permitted under the Companies Act, the Listing requirements and the Constitution
of the Company, the Company shall pay or reimburse all expenses actually and reasonably incurred by the Officer in connection with
such subrogation.

 

		9.	Power of attorney

 

		9.1	The Officer hereby irrevocably appoints the Company (acting by any director (other than the Officer)
or secretary of the Company) his attorney on behalf of and in the name of the Officer (or in the attorney’s own name), but
at the cost of the Company, to execute any document and do anything that the Officer is obliged to do under this Deed or that the
attorney reasonably considers to be necessary or desirable in exercise of any of the powers and authorities given to it under this
Deed.

 

		9.2	The power of attorney in Clause 9.1 is given by way of security for the performance of the Officer’s
obligations under this Deed.

 

		9.3	The Officer shall on request ratify anything that the Company may lawfully do as such attorney
of the Officer.

 

		10.	Miscellaneous

 

		10.1	Notices

 

		10.1.1	Any notice or other communication in connection with this Deed shall be in writing in English and
signed by the party giving it (or by some person duly authorised by the person giving it) (a “Notice”).

 

		10.1.2	A Notice shall be sufficiently given or served if delivered or sent:

 

		(a)	in the case of the Officer, to:

 

[Name of Officer]

 

[Address]

 

Email: ____________

 

    - 7 -

     

    

 

		(b)	in the case of the Company, to:

 

Karooooo Ltd.

 

10 Anson Road #12-14

 

International Plaza

 

Singapore 079903

 

Email: ____________

 

        Attention: ____________

 

		(c)	or (in either case) to such other address or email address as the relevant party may have notified
to the other in writing in accordance with this Clause.

 

		10.1.3	Any Notice may be delivered by hand or, sent by email or prepaid certified or recorded delivery
or registered post or registered airmail in the case of international service.

 

		10.2	Invalidity

 

		10.2.1	If any provision in this Deed shall be held to be illegal, invalid or unenforceable, in whole or
in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and
enforceable and gives effect to the intention of the parties.

 

		10.2.2	To the extent it is not possible to delete or modify the provision, in whole or in part, under
Clause 10.2.1, then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not
to form part of this Deed and the legality, validity and enforceability of the remainder of this Deed shall, subject to any deletion
or modification made under Clause 10.2.1, not be affected.

 

		10.3	Variation

 

No variation of this Deed shall
be effective unless in writing and signed by or on behalf of each of the parties.

 

		10.4	Counterparts

 

This Deed may be entered into
in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

		10.5	Whole agreement

 

		10.5.1	This Deed contains the whole agreement between the parties relating to the subject matter of this
Deed at the date of this Deed to the exclusion of any terms implied by law which may be excluded by contract and supersedes any
previous written or oral agreement between the Company and the Officer in relation to the matters dealt with in this Deed.

 

		10.5.2	The Officer acknowledges that he has not been induced to execute this Deed by any representation,
warranty, assurance or undertaking not expressly incorporated into it.

 

    - 8 -

     

    

 

		10.6	Confidentiality

 

		10.6.1	The Company and the Officer shall treat as strictly confidential and not disclose or use any information
received or obtained as a result of entering into or performing this Deed which relates to:

 

		(a)	the existence and the provisions of this Deed; or

 

		(b)	the negotiations relating to this Deed.

 

		10.6.2	Clause 10.6.1 shall not prohibit disclosure or use of any information if and to the extent:

 

		(a)	the disclosure or use is required by law, any regulatory body or any stock exchange on which the
shares of the Company are listed;

 

		(b)	the disclosure or use is required for the purpose of any judicial proceedings arising out of this
Deed;

 

		(c)	the disclosure is made to professional advisers of the Company or the Officer, or by the Company
to its officers and employees and officers who need to know such information to discharge their duties, on terms that such professional
advisers, officers or employees undertake to comply with the provisions of Clause 10.6.1 in respect of such information as if they
were a party to this Deed;

 

		(d)	the information is or becomes publicly available (other than by breach of this Deed); or

 

		(e)	the other party has given prior written approval to the disclosure or use,

 

provided that prior to disclosure
or use by the Officer of any information pursuant to Clause 10.6.2 (a), (c) or (d), the Officer shall promptly notify the
Company of such requirement with a view to providing the Company with the opportunity to contest such disclosure or use or otherwise
to agree the timing and content of such disclosure or use.

 

		10.6.3	The provisions of this Clause 10.6 shall continue to apply after the termination of the Officer’s
appointment as a director, officer or, as the case may be, employee of the Company without limitation in time.

 

		10.7	Transmission and third party rights

 

		10.7.1	This Deed shall enure to the benefit of the personal representative(s) of the Officer.

 

		10.7.2	Except as (and to the extent) set out in Clause 10.7.1, a person who is not a party to this Deed
has no right under the Contracts (Rights of Third Parties) Act (Chapter 53B) of Singapore to enforce any term of, or enjoy any
benefit under, this Deed.

 

		10.8	Assignment

 

		10.8.1	The Officer may not assign the benefit of all or any part of his rights under this Deed.

 

		11.	Governing law and submission to jurisdiction

 

This Deed shall be governed by
and construed in accordance with the laws of Singapore and the parties submit to the non-exclusive jurisdiction of the courts of
Singapore.

 

    - 9 -

     

    

 

In witness whereof this
Deed has been entered into on the date stated at the beginning.

 

	The Company	 	 
	 	 
	EXECUTED AS A DEED and DELIVERED    	 
	For and on behalf of	 
	Karooooo Ltd.	 

 

 

	 	[signature]
	 	 
	 	Director
	 	 
	 	 
	 	[signature]
	 	 
	 	Director/Secretary

 

	The Officer	 	 
	 	 
	SIGNED AS A DEED and DELIVERED by	 
	[Insert name of Officer]	[signature of Officer]

 

 

    - 10 -Document

Exhibit 10.10

OUTSIDE DIRECTOR COMPENSATION POLICY 

 RESONANT INC.  

(Revised Effective as of June 11, 2019)

Resonant Inc. (the “Company”) believes that the granting of equity and cash compensation to members of its Board of Directors (the “Board,” and members of the Board, “Directors”) represents a powerful tool to attract, retain and reward Directors who are not employees of the Company (“Outside Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity to its Outside Directors. Unless otherwise defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2014 Omnibus Incentive Plan (the “Plan”). Outside Directors will be solely responsible for any tax obligations they incur as a result of the equity and cash payments received under this Policy.

I.    ANNUAL RETAINERS

Each Outside Director will receive an annual retainer for service on the Board and for service on the three standing committees of the Board: the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.  The Outside Director who serves as Chairperson of the Board or, if the Chairperson of the Board is not an Outside Director, Lead Independent Director, will receive an additional annual cash retainer.  The Outside Director who serves as Chairperson of a standing committee of the Board will receive an additional annual cash retainer.  Outside Directors will be reimbursed for reasonable travel and other expenses in accordance with the Company’s then current reimbursement policies.  The annual retainers are as follows:

												
	Position			Annual Retainer
	Board of Directors:		
	Member (other than Chairperson or Lead Independent Director)		$ 50,000
	Chairperson or Lead Independent Director		$ 100,000
	Audit Committee:		
	Member (other than Chairperson)		$ 7,500
	Committee Chairperson		$ 15,000
	Compensation Committee:		
	Member (other than Chairperson)		$ 5,000
	Committee Chairperson		$ 10,000
	Nominating and Corporate Governance Committee:		
	Member (other than Chairperson)		$ 4,000
	Committee Chairperson		$ 8,000

II.    PAYMENT

Each annual retainer will be paid ratably on a fiscal quarterly basis to each Outside Director who has served in the relevant capacity for the immediately preceding fiscal quarter no later than thirty (30) days following the end of such preceding fiscal quarter. For purposes of clarification, an Outside Director 

who has served as an Outside Director, as Chairperson of the Board or Lead Independent Director or as a Member or Chairperson of a standing committee of the Board, as applicable, during only a portion of the immediately preceding fiscal quarter will receive a pro-rated payment of the quarterly payment of the applicable annual retainer(s), calculated based on the number of days such Outside Director has served in the relevant capacities.

III.    REVISIONS

The Board in its discretion may change and otherwise revise the terms of the cash compensation granted under this Policy, including, without limitation, the amount of cash and timing of unearned compensation to be paid on or after the date the Board determines to make any such change or revision.

IV.    EQUITY COMPENSATION

Outside Directors will be entitled to receive all types of Awards under the Plan, including discretionary Awards not covered under this Policy. Any Award granted pursuant to this Policy will be subject to the other terms and conditions of the Plan and form of award agreement approved for use under the Plan. All grants of Awards to Outside Directors pursuant to this Policy will, except as otherwise provided herein, be made in accordance with the following provisions:

(a)    Initial Award. Each person upon first becoming an Outside Director will be granted a Restricted Stock Unit Award of 24,000 Restricted Stock Units (the “Initial RSU Award”) on the date of the first Board or Compensation Committee meeting occurring on or after the date on which such person first becomes an Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy; provided, however, that a Director who is an Employee (an “Inside Director”) who ceases to be an Inside Director, but who remains a Director, will not receive an Initial RSU Award.  The shares underlying the Initial RSU Award will vest as to one-half of the shares subject to such award on each of the first and second anniversary of the commencement of the individual’s service as an Outside Director, subject to continued service as a director through the applicable vesting date. 

(b)    Annual Award. Each Outside Director will be automatically granted a Restricted Stock Unit Award with a Value of $75,000 (the “Annual RSU Award”), provided that the number of Shares covered by the Annual RSU Award shall be rounded down to the nearest whole Share, on the date of each annual meeting of stockholders (each, an “Annual Meeting”), if, as of such Annual Meeting date, he or she will have served on the Board as a Director for at least the preceding six (6) months; provided that any Outside Director who is not continuing as a Director following the applicable Annual Meeting will not receive an Annual RSU Award with respect to such Annual Meeting.  One-half of the shares underlying the Annual RSU Award will vest on the earlier of (i) the day prior to the first annual meeting of stockholders following the grant or (ii) one year from grant, and one-half of the shares underlying the Annual RSU Award will vest on the earlier of (i) the day prior to the second annual meeting of stockholders following the grant or (ii) two years from grant, subject to continued service as a director through the applicable vesting date.

(c)    Chairperson or Lead Independent Director Awards.  An Outside Director who serves as Chairperson of the Board or, if the Chairperson of the Board is not an Outside Director, Lead Independent Director, will receive the following additional Awards:

(i)    Initial Award.  The Outside Director upon first becoming Chairperson of the Board or Lead Independent Director will be granted a Restricted Stock Unit Award with a Value equal to $25,000, pro rated based on the number of days remaining from the date on which such Outside Director first becomes Chairperson or Lead Independent Director until the first anniversary of the Company’s last Annual Meeting (the “Initial Chairperson Award”), provided that the number of Shares covered by the Initial Chairperson Award shall be rounded down to the nearest whole Share, on the date of the first Board or Compensation Committee meeting occurring on or after the date on which such Outside Director first becomes Chairperson or Lead Independent Director; provided, however, that an Outside Director who is Chairperson of the Board and becomes Lead Independent Director, or is Lead Independent Director and becomes Chairperson of the Board, will not receive an Initial Chairperson Award as a result of such change in status.  One-half of the shares underlying the Initial Chairperson Award will vest on the earlier of (i) the day prior to the first annual meeting of stockholders following the grant or (ii) one year from grant, and one-half of the shares underlying the Initial Chairperson Award will vest on the earlier of (i) the day prior to the second annual meeting of stockholders following the grant or (ii) two years from grant, subject to continued service as Chairperson of the Board and/or Lead Independent Director through the applicable vesting date.

(ii)    Annual Award.  The Outside Director who serves as Chairperson of the Board or, if the Chairperson of the Board is not an Outside Director, Lead Independent Director, will be automatically granted a Restricted Stock Unit Award with a Value of $25,000 (the “Annual Chairperson Award”), provided that the number of Shares covered by the Annual Chairperson Award shall be rounded down to the nearest whole Share, on the date of each Annual Meeting, if, as of such Annual Meeting date, he or she will have served on the Board as a Director for at least the preceding six (6) months; provided that any Outside Director who is not continuing as a Director following the applicable Annual Meeting will not receive an Annual Chairperson Award with respect to such Annual Meeting.  One-half of the shares underlying the Annual Chairperson Award will vest on the earlier of (i) the day prior to the first annual meeting of stockholders following the grant or (ii) one year from grant, and one-half of the shares underlying the Annual Chairperson Award will vest on the earlier of (i) the day prior to the second annual meeting of stockholders following the grant or (ii) two years from grant, subject to continued service as Chairperson of the Board and/or Lead Independent Director through the applicable vesting date.

(d)    Value. For purposes of this Policy, “Value” means, with respect to any Annual RSU Award, Initial Chairperson Award or Annual Chairperson Award, the fair market value of the shares subject to the applicable award on the date of grant, as computed in accordance with our Plan.

(e)    No Discretion. No person will have any discretion to select which Outside Directors will be granted an Initial RSU Award, Annual RSU Award, Initial Chairperson Award or Annual Chairperson Award under this Policy or to determine the number of Shares to be covered by such Initial RSU Award, Annual RSU Award, Initial Chairperson Award or Annual Chairperson Award, as applicable (except as provided in subsection (f) below and pursuant to the Amendment and Termination provisions of this Policy).No Discretion

(f)    Revisions. The Board in its discretion may change and otherwise revise the terms of Initial RSU Awards, Annual RSU Awards, Initial Chairperson Awards and/or Annual Chairperson Awards granted under this Policy, including, without limitation, the number of Shares subject thereto, to provide for Initial RSU Awards, Annual RSU Awards, Initial Chairperson Awards and/or Annual Chairperson Awards of the same or different type (e.g., Options, Restricted Stock Units, or other types of Awards) granted on or after the date the Board determines to make any such change or revision.

V.    SECTION 409A

In no event will cash compensation under this Policy be paid after the later of (i) the fifteenth (15th) day of the third (3rd) month following the end of the Company’s fiscal year in which the compensation is earned, or (ii) the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which the compensation is earned, in compliance with the “short-term deferral” exception under Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as such may be amended from time to time (together, “Section 409A”).  It is the intent of this Policy that this Policy and all payments hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none of the compensation to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply.

VI.    AMENDMENT AND TERMINATION

The Board may at any time amend, alter, suspend or terminate the Policy.

VII.    EFFECTIVE DATE

This Policy is effective as of the date of its approval by the Company’s Board of Directors on June 11, 2019.

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