Document:

EXHIBIT 10.1

2013 FIRST NATIONAL COMMUNITY BANCORP,
INC.

 

LONG-TERM INCENTIVE COMPENSATION PLAN

 

(As adopted October 23, 2013 by the Board
of Directors

and approved December 23, 2013 by the Shareholders)

 

ARTICLE 1. ESTABLISHMENT, PURPOSE, AND
DURATION

 

1.1           Establishment
of the Plan. On October 23, 2013, the Board of Directors of First National Community Bancorp (the “Company”) adopted,
and on December 23, 2013 the Shareholders of the Company approved, this incentive plan known as the “2013 First National
Community Bancorp, Inc. Long-Term Incentive Compensation Plan” (the “Plan”) which permits the grant of long-term
incentive and other stock and cash awards. The Plan provides a plan similar to the 2000 Long-Term Incentive Plan, which expired
in 2010.

 

1.2           Purpose
of the Plan. The purpose of the Plan is to promote the success of the Company and First National Community Bank (the “Bank”)
by providing incentives to Officers, Employees and Directors of the Company and the Bank that will link their personal interests
to the financial success of the Company and to growth in shareholder value. The Plan is designed to provide flexibility to the
Company and Bank in its ability to attract, motivate and retain the services of Officers, Employees and Directors upon whose judgment,
interest, and special effort the successful conduct of business operations is largely dependent.

 

1.3           Duration
of the Plan. The Plan shall be effective as of January 1, 2014 (the “Effective Date”) and shall remain in effect,
subject to the right of the Board of Directors to terminate the Plan at any time, until all Awards granted under the Plan shall
have been paid or otherwise disposed of in accordance with the provisions of the Plan. In no event may an Award be granted under
the Plan on or after January 1, 2024 (date which is ten years after plan adoption).

 

ARTICLE 2. DEFINITIONS AND CONSTRUCTION

 

2.1           Definitions. Whenever used in the Plan, the following
capitalized terms shall have the meanings set forth in this Section 2.1:

 

(a)          “Award”
means and includes, without limitation, Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Shares, Performance Units, Dividend or Dividend Equivalent Rights, Stock Awards, Cash Awards or Other Incentive Awards, whether
granted on a stand-alone, combination or tandem basis, as described in or granted under the Plan.

 

    	1

    	 

    

 

(b)          “Award
Agreement” means the agreement or other writing (which may be framed as a plan or program) that sets forth the terms and
conditions of an Award, including any amendment or modification of an Award Agreement.

 

(c)          “Bank”
means First National Community Bank.

 

(d)          “Board”
or “Board of Directors” means the Board of Directors of the Company.

 

(e)          “Cash
Award” has the meaning specified in Section 10.1(d).

 

(f)          “Cause”
means the occurrence of either of the following, the result of which is the termination of an Employee’s employment:

 

(i)          An
Employee's conviction of, or plea of guilty or nolo contendere to, a felony or a crime of falsehood or involving moral turpitude;
or

 

(ii)         The
willful failure by an Employee to substantially perform his or her duties to the Company or Bank, other than a failure resulting
from the Employee’s incapacity as a result of Disability, which willful failure results in demonstrable material injury and
damage to the Company or Bank.

 

Notwithstanding the foregoing,
an Employee’s employment shall not be deemed to have been terminated for Cause if such termination took place as a result
of:

 

(x)          Questionable
judgment on the part of the Employee;

 

(y)          Any
act or omission believed by the Employee in good faith to have been in or not opposed to the best interests of the Company or Bank;
or

 

(z)          Any
act or omission in respect of which a determination could properly be made that the Employee met the applicable standard of conduct
prescribed for indemnification or reimbursement or payment of expenses under the Bylaws of the Company or Bank or the laws of the
Commonwealth of Pennsylvania, or the directors’ and officers’ liability insurance of the Company or Bank, in each case
as in effect at the time of such act or omission.

 

(g)          “Change
in Control” means and shall be deemed to have occurred if:

 

(i) there shall be consummated
(1) any consolidation, merger, share exchange, or similar transaction relating to the Company, in which the Company is not the
continuing or surviving entity or pursuant to which shares of the Company’s capital stock are converted into cash, securities
of another entity and/or other property, other than a transaction in which the holders of the Company’s voting stock immediately
before such transaction shall, upon consummation of such transaction, own at least fifty percent (50%) of the voting power of the
surviving entity, or (2) any sale of all or substantially all of the assets of the Company, other than a transfer of assets to
a related person which is not treated as a change in control event under §1.409A-3(i)(5)(vii)(B) of U.S. Treasury Regulations;
or

 

    	2

    	 

    

 

(ii) any person (within the meaning
of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) shall after
the Commencement Date become the beneficial owner (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of securities of the Company representing fifty-one percent (51%) or more of the voting power of then all outstanding
securities of the Company entitled to vote generally in the election of directors of the Company (including, without limitation,
any securities of the Company that any such person has the right to acquire pursuant to any agreement, or upon exercise of conversion
rights, warrants or options, or otherwise, which shall be deemed beneficially owned by such person), provided, however that the
acquisition by any person or group of persons acquiring beneficial ownership of such level of voting power in connection with a
recapitalization transaction or the purchase of newly issued securities directly from the Company, approved by the Company Board
in office as of the date of this Agreement (the “Incumbent Board”), shall not be considered a Change in Control, and
provided further that any person who becomes a member of the Company Board and whose nomination, election or appointment as a director
was approved by at least a majority of the directors comprising the Incumbent Board, or by a nominating committee of the Company
Board, the membership of which was approved by at least a majority of the directors comprising the Incumbent Board, shall, be considered
as a member of the Incumbent Board; or

 

(iii) where over a twelve month
period, a majority of the members of the Board of Directors of the Company (the “Board”) are replaced by directors
whose appointment or election was not endorsed by a majority of the members of the Board in office prior to such appointment or
election.

 

(iv) Notwithstanding the foregoing,
if the event purportedly constituting a Change in Control under (i), (ii) or (iii) does not also constitute a “change in
ownership” of the Company, a “change in effective control” of the Company, or a “change in the ownership
of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”) and the regulations and administrative guidance promulgated thereunder (“Section
409A”), then such event shall not constitute a “Change in Control” hereunder. Additionally, no event shall constitute
a “Change of Control” under (i), (ii) or (iii) to the extent that the acquisition of beneficial ownership of voting
securities of the Company by the person or group results from an acquisition directly from the Company (or from an underwriter
with which the Company has entered into an agreement for a firm commitment underwriting of the Company’s securities) in a
capital raising transaction, or pursuant to an agreement with the Company to voluntarily convert the Company’s Subordinated
Notes due 2019 for voting securities of the Company.

 

    	3

    	 

    

 

(h)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

(i)          “Committee”
means the Compensation Committee of the Board of Directors (or any successor committee designated by the Board of Directors to
administer the Plan), comprised solely of persons who are “non-employee directors” of the Company who satisfy the definition
of “outside director” under Section 162(m) of the Code.

 

(j)          “Company”
means First National Community Bancorp, Inc.

 

(k)          “Covered
Employee” means any Participant who is or may be a “covered employee” within the meaning of Section 162(m)(3)
of the Code in the year in which an Award becomes taxable to such Participant.

 

(l)          “Director”
means a director of the Company.

 

(m)          “Disability”
means a permanent and total disability as defined in Section 22(e)(3) of the Code (or any successor Section).

 

(n)          “Dividend”
or “Dividend Equivalent Right” has the meaning specified in Section 10.1(a).

 

(o)          “Effective
Date” means January 1, 2014 if the Plan is approved by the Company’s shareholders at the 2013 annual meeting of shareholders.

 

(p)          “Employee”
means an employee of the Company or Bank, including an employee who is an officer or a Director of the Company or Bank.

 

(q)          “Fair
Market Value” of a share of Common Stock on a given date shall be determined by averaging the “daily average trades”
for the 10 trading days preceding the date on which the Option is granted or exercised as reported by the OTCQB (or such other
exchange on which the Shares of Common Stock are primarily traded). As of the date of the adoption of this Plan by the Board of
Directors, the “Fair Market Value” of a share of common stock is $4.15

 

(r)          “Incentive
Stock Option” or “ISO” means an option to purchase shares of Stock, granted under Article 6, which is designated
as an incentive stock option and is intended to meet the requirements of Section 422 of the Code (or any successor Section).

 

(s)          “Nonqualified
Stock Option” or “NQSO” means an option to purchase Stock, granted under Article 6, which is not intended to
be an Incentive Stock Option.

 

(t)          “Option”
means an Incentive Stock Option or a Nonqualified Stock Option.

 

    	4

    	 

    

 

(u)          “Other
Incentive Award” has the meaning specified in Section 10.1.

 

(v)          “Participant”
means an Employee or a Director who has been granted an Award under the Plan.

 

(w)          “Performance
Goal” has the meaning specified in Section 9.8.

 

(x)          “Performance
Period” means a period of time, not less than two years, determined in advance by the Committee in which performance will
be measured against Performance Goals. Performance Periods may vary or overlap in duration.

 

(y)          “Performance
Share” means an Award representing the right to receive a payment equal to the value of a performance share, granted to a
Participant pursuant to Article 9.

 

(z)          “Performance
Unit” means an Award representing the right to receive a payment based on the value of a performance unit, granted to a Participant
pursuant to Article 9.

 

(aa)         “Permitted
Transferee” means, with respect to a Participant, any of the following:

 

(i)          Any
child, stepchild, grandchild, parent, step-parent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships;

 

(ii)         A
trust in which these persons and/or the Participant (collectively at the time of the transfer) have more than 50% of the beneficial
interests (taking into account both current and remainder interests);

 

(iii)        A
foundation in which these persons and/or the Participant (collectively at the time of the transfer) control the management of assets;
and

 

(iv)         Any
other entity in which these persons and/or the Participant (collectively at the time of the transfer) own more than 50% of the
voting interests.

 

(bb)         “Plan”
means this 2013 First National Community Bancorp, Inc. Long-Term Incentive Compensation Plan, as it may from time to time be amended.

 

(cc)         “Predecessor
Plan” means the 2000 First National Community Bancorp, Inc. Long-Term Incentive Plan.

 

(dd)         “Previously-Acquired
Shares” means shares of Stock acquired by the Participant or any beneficiary of a Participant, which shares have been held
for a period of not less than six months or such longer or shorter period as the Committee may require or permit.

 

(ee)         “Restricted
Period” means a period of time during which the transfer of shares of Restricted Stock or receipt of shares attributable
to a Restricted Stock Unit is restricted, during which period the Participant is subject to a substantial risk of forfeiture, pursuant
to Article 8.

 

    	5

    	 

    

 

(ff)         “Restricted
Stock” means an Award of Stock granted to a Participant pursuant to Article 8.

 

(gg)         “Restricted
Stock Unit” means an award representing a right to receive a payment equal to the value of a Share, granted to a Participant
pursuant to Article 8.

 

(hh)         “Retirement”
means, except to the extent otherwise provided by the Committee in an Award Agreement or any amendment or modification of an Award
Agreement:

 

(i)          In
the case of an Employee, termination of employment for any reason (other than by the Company or Bank for Cause) on or after attaining
age 65 and having been employed by the Company or Bank for ten or more years or otherwise in accordance with the Company or Bank’s
guidelines for early termination of employment as established by the Board from time to time; and

 

(ii)         In
the case of a Director, termination of service as a Director; provided, however, that if a Director resigns prior to reaching the
age for mandatory retirement under the Bylaws of the Company or Bank, if a mandatory retirement age is then set forth in the Company
or Bank’s Bylaws, such resignation shall not constitute “Retirement”.

 

(ii)         “Stock”
means the Company’s common stock, with a par value in the amount of $1.25.

 

(jj)         “Stock
Appreciation Right” or “SAR” means an Award, granted to a Participant pursuant to Article 7.

 

(kk)         “Stock
Award” has the meaning specified in Section 10.1(b).

 

2.2           Gender
and Number. Except where otherwise indicated by the context, any masculine term used also shall include the feminine, the plural
shall include the singular, and vice versa.

 

2.3           Severability.
If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

ARTICLE 3. ADMINISTRATION

 

3.1           Authority
of the Committee. The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee shall
have all powers vested in it by the term of the Plan, such powers to include the authority to:

 

(a)          Select
the persons to be granted Awards under the Plan;

    	6

    	 

    

 

(b)          Determine
the terms, conditions, type and amount of Awards to be made to each person selected;

 

(c)          Determine
the time when Awards are to be made and any conditions which must be satisfied before an Award is made;

 

(d)          Establish
objectives and conditions for earning Awards;

 

(e)          Determine
the terms of each Award Agreement and any amendment or modification of any Award Agreement (which shall not be inconsistent with
the Plan);

 

(f)          Determine
whether the conditions for earning an Award have been met and whether an Award will be paid at the end of a Performance Period;

 

(g)          Determine
if and when an Award may be deferred;

 

(h)          Determine
whether the amount or payment of an Award should be reduced or eliminated; and

 

(i)          Determine
the guidelines and/or procedures for the payment or exercise of Awards.

 

Notwithstanding the foregoing, no action
of the Committee (other than pursuant to Section 4.2 or Section 9.4) may, without the consent of the person or persons entitled
to exercise any outstanding Option or Stock Appreciation Right or to receive payment of any other outstanding Award, adversely
affect the rights of such person or persons with respect to such Awards.

 

3.2           Decisions
Binding. The Committee shall have full power and authority to administer and interpret the Plan and to adopt or establish such
rules, regulations, agreements, guidelines, procedures and instruments, which are not contrary to the terms of the Plan and which,
in its opinion, may be necessary or advisable for the administration and operation of the Plan. All determinations and decisions
made by the Committee pursuant to the provisions of the Plan and all related orders or resolutions of the Board of Directors shall
be final, conclusive and binding on all persons, including the Company, its shareholders, employees, and Participants and their
estates and beneficiaries, and such determinations and decisions shall not be reviewable.

 

3.3           Delegation
of Certain Responsibilities. The Committee may, subject to the terms of the Plan and applicable law, appoint such agents as
it deems necessary or advisable for the proper administration of the Plan under this Article 3; provided, however, that the Committee
may not delegate its authority to grant Awards under the Plan or to correct errors, omissions or inconsistencies in the Plan except
as set forth in this Section 3.3. The Committee may delegate to the Bank’s Chief Executive Officer or to other officers of
the Company or Bank its authority under this Article 3, provided that such delegation shall not extend to the grant of Awards or
the exercise of discretion with respect to Awards to Employees who, at the time of such action, are Covered Employees. All authority
delegated by the Committee under this Section 3.3 shall be exercised in accordance with the provisions of the Plan and any guidelines
for the exercise of such authority that may be established by the Committee from time to time.

 

    	7

    	 

    

 

3.4           Procedures
of the Committee. Except as may otherwise be provided in the charter or similar governing document applicable to the Committee:

 

(a)          All
determinations of the Committee shall be made by not less than a majority of its members present at the meeting (in person or otherwise)
at which a quorum is present;

 

(b)          A
majority of the entire Committee shall constitute a quorum for the transaction of business; and

 

(c)          Any
action required or permitted to be taken at a meeting of the Committee may be taken without a meeting if a unanimous written consent,
which sets forth the action, is signed by each member of the Committee and filed with the minutes for proceedings of the Committee.

 

3.5           Award
Agreements. Each Award under the Plan shall be evidenced by an Award Agreement which shall be signed by an authorized officer
of the Company and, if required, by the Participant, and shall contain such terms and conditions as may be authorized or approved
by the Committee. Such terms and conditions need not be the same in all cases.

 

ARTICLE 4. STOCK SUBJECT TO THE PLAN

 

4.1           Number
of Shares.

 

(a)          Subject
to adjustment as provided in Section 4.2, the total number of shares of Stock subject to Awards under the Plan shall be 1,200,000
shares. There are no shares remaining available for awards under the Predecessor Plan as of the Effective Date given the expiration
of that Predecessor Plan. Stock delivered under the Plan may consist, in whole or in part, of authorized and unissued shares or
treasury shares.

 

(b)          To
the extent that shares of Stock subject to an outstanding Award are not issued by reason of:

 

(i)          The
forfeiture, termination, surrender, cancellation or expiration while unexercised of such award;

 

(ii)         The
tendering (by either actual delivery or by attestation if permitted by the Committee) or withholding of shares of Stock to pay
all or a portion of the purchase price or to satisfy all or a portion of the tax withholding obligations relating to an Award;

 

(iii)        The
settlement in cash in lieu of Stock or settlement in a manner such that some or all of the shares of Stock covered by the Award
are not issued to a Participant; or

 

(iv)         An
exchange for a grant under the Plan that does not involve Stock.

 

    	8

    	 

    

 

Such shares of Stock shall immediately again
be available for Awards under the Plan. The Committee may from time to time adopt and observe such procedures concerning the counting
of shares against the Plan maximum, as it may deem appropriate.

 

(c)          Shares
of Stock issued in connection with awards that are assumed, converted or substituted for pursuant to a merger, acquisition or similar
transaction entered into by the Company shall not reduce the number of shares available for Awards under the Plan.

 

(d)          Subject
to adjustment as provided in Section 4.2, the following limitations shall apply to Awards under the Plan:

 

(i)          All
shares of Stock that may be issued under the Plan may be issued pursuant to SARS or Options, and all Options may be ISOs.

 

(ii)         With
respect to Awards other than SARs and Options, not more than 75% percent of the total number of shares of Stock that may be issued
under the Plan may be issued pursuant to such other Awards.

 

(iii)        The
maximum number of shares of Stock that may be covered by Awards granted under the Plan to any single Participant shall be 50,000
shares during any one calendar year. For purposes of applying the limitations set forth in this subparagraph (iii), if an Award,
including, without limitation, Options, SARs, Restricted Stock, Restricted Stock Units and Performance Shares, is denominated in
shares of Stock or the amount of the payment to be made thereunder shall be determined by reference to the value of shares of Stock,
then such Award shall be counted in the year the Award is granted as covering the number of shares set forth in the Award. If an
Award is granted in tandem with a SAR so that the exercise of the Award right or SAR with respect to a share of Stock cancels the
tandem SAR or Award right, respectively, with respect to such share, the tandem Award right and SAR with respect to each share
of Stock shall be counted as covering but one share of Stock for purposes of applying the limitations of this subparagraph (iii).

 

4.2           Adjustments
in Authorized Shares. If any merger, reorganization, consolidation, recapitalization, separation, liquidation, Stock dividend,
split-up, share combination, or other change in the corporate structure of the Company affecting the Stock shall occur, such adjustment
shall be made in the number of shares of Stock set forth in Section 4.1(a), in the number of shares of Stock set forth in Section
4.1(d)(iii), and in the number and class of and/or price of shares subject to outstanding Awards granted under the Plan, as may
be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights,
and provided that the number of shares subject to any Award shall always be a whole number. Any adjustment of an Incentive Stock
Option under this Section shall be made in such a manner so as not to constitute a modification within the meaning of Section 424(h)(3)
of the Code.

 

    	9

    	 

    

 

ARTICLE 5. ELIGIBILITY AND PARTICIPATION

 

5.1           Eligibility.
Persons eligible to participate in the Plan include all Employees and Directors as selected and approved by the Committee in its
sole discretion.

 

5.2           Actual
Participation. Subject to the provisions of the Plan, the Committee may from time to time select those Employees and Directors
to whom Awards shall be granted and determine the nature and amount of each Award.

 

ARTICLE 6. OPTIONS

 

6.1           Grant
of Options. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Options
to such Employees and/or Directors in such amounts and on such terms and conditions as it shall determine. The Committee shall
have the sole discretion, subject to the requirements of the Plan, to determine the actual number of shares of Stock subject to
Options granted to any Participant. The Committee may grant any type of Option to purchase Stock that is permitted by law at the
time of grant including, without limitation, ISOs and NQSOs. Only Employees may receive an Award of ISOs.

 

6.2           Option
Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the type of Option granted,
the Option price, the duration of the Option, the number of shares of Stock covered by the Option, the vesting schedule by which
the Option becomes exercisable, and such other provisions as the Committee shall determine. Unless the Option Agreement shall specify
that the Option is intended to be an Incentive Stock Option, the Option shall be a Nonqualified Stock Option.

 

6.3           Option
Price. The exercise price per share of Stock covered by an Option shall be determined by the Committee but shall not be less
than 100% of Fair Market Value on the date the Option is granted. Notwithstanding the authority granted to the Committee pursuant
to Section 3.1 of the Plan, once an Option is granted, the Committee shall have no authority to reduce the Option exercise price,
nor may any Option be surrendered to the Company as consideration for the grant of a new Option with a lower exercise price without
the approval of the Company’s shareholders, except under Section 4.2 of the Plan.

 

6.4           Duration
of Options. Each Option shall expire at such time as the Committee shall determine in the Award Agreement; provided, however,
that no ISO shall be exercisable later than ten years after the date of its grant, and no NQSO shall be exercisable later than
ten years and one month after the date of its grant.

 

6.5           Exercise
of Options. Options shall vest and be exercisable at such times and be subject to such restrictions and conditions as provided
in the Award Agreement, which need not be the same for all Participants; provided, however, that no Option shall vest in whole
or in part before one year from the date of grant or later than eight years from the date of grant.

 

    	10

    	 

    

 

6.6           Payment.
Options shall be exercised by the delivery of a written notice to the Company setting forth the number of shares of Stock with
respect to which the Option is being exercised, accompanied by full payment of the Option exercise price for such shares. Full
payment shall be made:

 

(a)          In
cash or its equivalent, including, without limitation, delivery of a properly completed exercise notice and any withholding taxes
due;

 

(b)          By
delivery (or deemed delivery through attestation if permitted by the Committee) of Previously-Acquired Shares having a Fair Market
Value at the time of exercise equal to the total Option exercise price;

 

(c)          By
having the Company withhold from delivery shares of Stock having a Fair Market Value on the date the Option is exercised equal
to the total Option exercise price, if permitted by the Committee;

 

(d)          By
such other methods as the Committee deems appropriate; or

 

(e)          By
a combination of (a), (b), (c) or (d).

 

As soon as practicable after receipt of
written notification and payment, the Company shall deliver to the Participant certificates representing the shares of Stock purchased
by the Option exercise, issued in the Participant’s name.

 

6.7           Restrictions
on Stock Transferability. The Committee may impose such restrictions on any shares of Stock acquired pursuant to the exercise
of an Option as it may deem advisable, including, without limitation, restrictions under applicable Federal or state securities
laws or such restrictions as are referred to in Section 13.7.

 

6.8           Special
Provisions Applicable to ISOs. To the extent provided or required under Section 422 of the Code or regulations thereunder (or
any successor Section or regulations), an Award of Incentive Stock Options shall be subject to the following:

 

(a)          If
the total Fair Market Value of the shares of Stock (determined at the time the Options are exercised) subject to ISOs held by a
Participant that first become exercisable during any calendar year exceeds $100,000 (or such other amount as shall then be the
maximum allowable under the Code for ISO treatment of such Options), then the portion of such ISOs equal to such excess shall be
NQSOs.

 

(b)          An
Incentive Stock Option granted to an Employee who, at the time of grant, owns (within the meaning of Section 424(d) of the Code)
shares of Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, shall have
an exercise price which is at least 110% of Fair Market Value.

 

    	11

    	 

    

 

(c)          No
ISO granted to an Employee who, at the time of grant, owns (within the meaning of Section 424(d) of the Code) shares of Stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company, shall be exercisable later than five years
after the date of its grant.

 

6.9           Termination
of Employment or Service. The disposition of Options held by a Participant at the time of termination of employment or termination
of service as a Director shall be determined in accordance with Article 11.

 

6.10         Transferability
of Options.

 

(a)          Except
as provided in this Section 6.10 or as the Committee may permit, no Option granted under the Plan may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by Will or by the laws of descent and distribution. All Options granted
to a Participant shall be exercisable during the Participant’s lifetime only by the Participant.

 

(b)          Notwithstanding
the foregoing, a Participant may transfer and assign the Participant’s rights and interests in a NQSO to a Permitted Transferee,
including the right to exercise such Option, provided that:

 

(i)          The
transfer does not result in the reacquisition of such Option by the Company, other than in a fiduciary capacity;

 

(ii)         The
transfer is for no value or other consideration;

 

(iii)        The
transferred Option covers at least 1,000 shares of Stock;

 

(iv)         The
Participant concurrently pays to the Company such administrative fee with respect to the transfer as the Committee shall then require
to be paid; and

 

(v)          All
other terms and conditions of such Option, including those conditions related to the Participant’s employment, remain in
effect.

 

(c)          Any
such transfer shall only be effective upon receipt by the Committee, or its delegate, of an acceptable written notice of transfer
in such form as the Committee may require. The Committee may impose such additional restrictions and requirements on transferability
as it may deem appropriate, necessary or advisable, including, without limitation, requiring satisfactory written undertakings
from the Participant with regard to payment of required tax withholdings at the time of exercise of the transferred Option. The
Committee may also establish such operational procedures regarding transferability, as it may deem appropriate, necessary, or advisable.

 

    	12

    	 

    

 

ARTICLE 7. STOCK APPRECIATION RIGHTS

 

7.1           Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to
time, may grant Stock Appreciation Rights to such Employees and/or Directors in such amounts and on such terms and conditions as
it shall determine. The Committee shall have the sole discretion, subject to the requirements of the Plan, to determine the actual
number of shares of Stock subject to SARs granted to any Participant.

 

7.2           Exercise
of SARs. SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes upon the SARs,
which may include, but are not limited to, a corresponding proportional reduction in Options or other Awards granted in tandem
with such SARs.

 

7.3           Payment
of SAR Amount. Upon exercise of a SAR, the holder shall be entitled to receive payment of 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 price fixed by the Committee at the
date of grant (which price shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant); by

 

(b)          The
number of shares of Stock with respect to which the SAR is exercised.

 

7.4           Form
of Payment. Payment to a Participant of the amount due upon exercise of a SAR will be made in shares of Stock having a Fair
Market Value as of the date of exercise equal to the amount determined under Section 7.3, unless the Committee otherwise provides
for payment in cash in the applicable Award Agreement or any amendment or modification of the Award Agreement.

 

7.5           Duration
of SAR. Each SAR shall expire at such time as the Committee shall determine in the Award Agreement; provided, however, that
no SAR shall be exercisable later than the ten years after the date of its grant.

 

7.6           Termination
of Employment or Service. The disposition of SARs held by a Participant at the time of termination of employment or service
as a Director shall be determined in accordance with Article 11.

 

7.7           Non-Transferability
of SARs. Except as may be permitted by the Committee in the Award Agreement or any amendment or modification of such Award
Agreement, no SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by Will or by the laws of descent and distribution. All SARs granted to a Participant under the Plan shall be exercisable
during the Participant’s lifetime only by the Participant.

 

ARTICLE 8. RESTRICTED STOCK AND RESTRICTED
STOCK UNITS

 

8.1           Grant
of Restricted Stock and Restricted Stock Units. Subject to the terms and conditions of the Plan, the Committee, at any time
and from time to time, may grant shares of Restricted Stock and Restricted Stock Units to such Employees and/or Directors in such
amounts and on such terms and conditions as it shall determine.

 

    	13

    	 

    

 

8.2           Restrictions
on Transfer. Except as otherwise provided in this Article 8, shares of Restricted Stock and Restricted Stock Units may not
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the termination of the applicable Restricted
Period or for such period of time as shall be established by the Committee and as shall be specified in the Award Agreement, or
upon earlier satisfaction of other conditions (which may include the attainment of Performance Goals) as specified by the Committee
in its sole discretion and set forth in the Award Agreement. All rights with respect to Restricted Stock or Restricted Stock Units
granted to a Participant shall be exercisable during the Participant’s lifetime only by the Participant.

 

8.3           Other
Restrictions. The Committee may impose such other restrictions on any shares of Restricted Stock or Restricted Stock Units
as it may deem advisable. The Committee may place restrictive legends on certificates representing shares of Restricted Stock and/or
record stop transfer orders with respect to such shares to give appropriate notice of such restrictions.

 

8.4           Custody.
Any stock certificates evidencing such shares of Restricted Stock shall be held in custody by the Company until the restrictions
thereon shall have lapsed, and, as a condition of any grant of Restricted Stock, the Participant shall deliver a duly signed stock
power, endorsed in blank, relating to the Common Stock covered by such Award.

 

8.5           End
of Restricted Period. Except as otherwise provided in this Article 8, after the last day of a Restricted Period, shares of
Restricted Stock covered by such Restricted Period shall become freely transferable by the Participant, and the Participant shall
be entitled to receive one share of Stock with respect to each Restricted Stock Unit covered by such Restricted Period. Once the
shares are released from the restrictions, the Participant shall be entitled to have any restrictive legend removed from the certificates
and any stop transfer order regarding such shares cancelled. If delivery of the shares is to be made on a deferred basis pursuant
to Section 13.6, the Committee shall provide for the crediting or payment of Dividend Equivalents during the deferral period.

 

8.6           Voting
Rights. During the Restricted Period, Participants holding shares of Restricted Stock may exercise full voting rights with
respect to those shares, unless otherwise specified in the applicable Award Agreement.

 

8.7           Dividends
and Other Distributions. During the Restricted Period, Participants holding shares of Restricted Stock or Restricted Stock
Units shall be entitled to receive all dividends and other distributions paid with respect to those shares while they are so held,
unless otherwise specified by the Committee in the applicable Award Agreement. If any such dividends or distributions are paid
in shares of Stock, the shares or, if applicable, Restricted Stock Units equal to the number of such shares, shall be subject to
the same restrictions on transfer as the shares of Restricted Stock or Restricted Stock Units with respect to which they were paid.

 

    	14

    	 

    

 

8.8           Termination
of Employment or Service. The disposition of shares of Restricted Stock and/or Restricted Stock Units held by a Participant
at the time of termination of employment or termination of service as a Director shall be determined in accordance with Article
11.

 

ARTICLE 9. PERFORMANCE UNITS AND PERFORMANCE
SHARES

 

9.1           Grant
of Performance Units or Performance Shares. Subject to the terms and conditions of the Plan, the Committee, at any time and
from time to time, may grant Performance Units or Performance Shares to such Employees and/or Directors in such amounts and on
such terms and conditions as it shall determine. The Committee shall have complete discretion in determining the number of Performance
Units or Performance Shares granted to each Participant and the terms and conditions of such Awards, except that the maximum dollar
amount of Performance Units that may be granted to any single Participant shall be $200,000 during any one calendar year.

 

9.2           Value
of Performance Units and Performance Shares. The Committee shall set Performance Goals over Performance Periods determined
in advance by the Committee. Prior to each grant of Performance Units or Performance Shares, the Committee shall establish an initial
value for each Performance Unit and an initial number of shares of Stock for each Performance Share granted to each Participant
for that Performance Period. Prior to each grant of Performance Units or Performance Shares, the Committee also shall set the Performance
Goals that will be used to determine the extent to which the Participant receives a payment of the value of the Performance Units
or number of shares of Stock for the Performance Shares awarded for such Performance Period. These goals will be based on the attainment,
by the Company and/or Bank, of one or more certain performance criteria and objectives described in Section 9.8. With respect to
each such performance measure utilized during a Performance Period, the Committee shall assign percentages to various levels of
performance, which shall be applied to determine the extent to which the Participant shall receive a payout of the values of Performance
Units and number of Performance Shares awarded.

 

9.3           Payment
of Performance Units and Performance Shares. After a Performance Period has ended, the holder of a Performance Unit or Performance
Share shall be entitled to receive its value as determined by the Committee. The Committee shall make this determination by first
determining the extent to which the Performance Goals set pursuant to Section 9.2 have been met. It will then determine the applicable
percentage to be applied to, and will apply such percentage to, the value of Performance Units or number of Performance Shares
to determine the payout to be received by the Participant. In addition, with respect to Performance Units and Performance Shares
granted to any Covered Employee, no payout shall be made except upon written certification by the Committee that the applicable
performance Goal or Goals have been satisfied to a particular extent.

 

9.4           Committee
Discretion to Adjust Awards. Subject to limitations applicable to payments to Covered Employees, the Committee shall have the
authority to modify, amend or adjust the terms and conditions of any Award of Performance Units or Performance Shares, at any time
or from time to time, including, without limitation, the Performance Goals.

 

    	15

    	 

    

 

9.5           Form
and Timing of Payment. The payment described in Section 9.3 shall be made in cash, Stock, or a combination of cash and Stock
as determined by the Committee. Payment may be made in a lump sum or installments as prescribed by the Committee. If any payment
is to be made on a deferred basis pursuant to Section 13.6, the Committee shall provide for the crediting or payment of Dividend
Equivalents or interest during the deferral period.

 

9.6           Termination
of Employment or Service. The disposition of Performance Shares and Performance Units held by a Participant at the time of
termination of such Participant’s employment or termination of service as a Director shall be determined in accordance with
Article 11.

 

9.7           Non-Transferability.
Performance Units and Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by Will or by the laws of descent and distribution until termination of the applicable Performance Period. All rights
with respect to Performance Units and Performance Shares granted to a Participant under the Plan shall be exercisable during the
Participant’s lifetime only by the Participant.

 

9.8           Performance
Goals.

 

(a)          For
purposes of the Plan, including, without limitation, Awards of Performance Shares and Performance Units and other performance-based
Awards, “Performance Goals” means the criteria and objectives, determined by the Committee, which shall be satisfied
or met during the applicable Restricted Period or Performance Period, as the case may be, as a condition to the Participant’s
receipt of shares of Stock, Restricted Stock Units, or cash with respect to such Award.

 

(b)          The
criteria or objectives for an Award shall be determined by the Committee in writing; shall be measured for achievement or satisfaction
during the Restricted Period or Performance Period which the Committee established for such Participant to satisfy or achieve such
criteria and objectives; may be absolute in their terms or measured against or in relationship to other companies comparably, similarly
or otherwise situated or other external or internal measure; and may be based on or adjusted for any other objective goals, events,
or occurrences established by the Committee; provided, however, that such criteria and objectives relate to one or more of the
following:

 

		·	total shareholder return;

		·	earnings per share;

		·	net income;

		·	expenses;

		·	market share;

		·	customer satisfaction measures;

		·	customer profitability measures;

		·	charge-offs;

		·	loan loss reserves;

		·	non-performing assets;

 

    	16

    	 

    

 

		·	return on assets;

		·	return on equity;

		·	return on tangible equity;

		·	one or more operating ratios;

		·	assets;

		·	deposits;

		·	loans;

		·	asset quality levels;

		·	interest-sensitivity gap levels;

		·	Fair Market Value;

		·	value of assets;

		·	investment return;

		·	regulatory compliance;

		·	satisfactory internal or external audits;

		·	achievement of balance sheet objectives;

		·	achievement of income statement objectives; or

		·	achievement of mergers, acquisitions or similar business transactions.

 

(c)          Performance
criteria and objectives may include or exclude extraordinary charges, losses from discontinued operations, restatements and accounting
changes and other unplanned special charges such as restructuring expenses, acquisitions, acquisition expenses, including expenses
related to goodwill and other intangible assets, stock offerings, stock repurchases and loan loss provisions. Such performance
criteria and objectives may be particular to a business or operating segment, line of business, other unit or the Company or Bank
generally, and may, but need not be, based upon a change or an increase or positive result.

 

(d)          In
interpreting Plan provisions applicable to performance criteria and objectives and to performance-based Awards to Participants
who are Covered Employees, it is the intent of the Plan to conform to the standards and provisions of Section 162(m) of the
Code and the regulations thereunder. The Committee, in establishing performance criteria and objectives applicable to such performance-based
Awards, and in interpreting the Plan, shall be guided by such standards and provisions, including, without limitation, providing
that the performance-based Award shall be paid, vested or otherwise delivered solely as a function of attainment of objective performance
criteria and objectives based on one or more of the specific criteria and objectives set forth in this Section 9.8 established
by the Committee not later than 90 days after the Performance Period or Restricted Period applicable to the Award has commenced
(or, if such period of service is less than one year, not later than the date on which 25% of such period has elapsed). For purposes
of this Section 9.8, performance criteria and objectives will be deemed to be objective if, and only if, an independent third party
having knowledge of the relevant facts would be able to determine whether the goal has been met. Prior to the payment of any compensation
based on achievement of performance criteria and objectives to any such Covered Employee, the Committee must certify in writing
the extent to which the applicable performance criteria and objectives were, in fact, achieved and the amounts to be paid, vested
or delivered as a result of such achievement, provided the Committee may reduce, but not increase, such amount.

 

    	17

    	 

    

 

ARTICLE 10. OTHER INCENTIVE AWARDS

 

10.1         Grant
of Other Incentive Awards. Subject to the terms and conditions of the Plan, the Committee may, at any time and from time to
time, grant Other Incentive Awards to such Employees and/or Directors in such amounts and on such terms and conditions as it shall
determine. Other Incentive Awards include, without limitation:

 

(a)          Dividend
or Dividend Equivalent Right. A right to receive dividends or their equivalent in value in shares of Stock, cash or in a combination
of both, with respect to any new or previously existing Award.

 

(b)          Stock
Award. An unrestricted transfer of ownership of shares of Stock.

 

(c)          Cash
Award. An award denominated in cash, subject to the achievement of Performance Goals during a Performance Period, or that may
be earned under a bonus or incentive plan or program.

 

(d)          Other
Incentive Awards. Other Incentive Awards that are related to or serve a similar function to those Awards set forth in this
Section 10.1.

 

10.2         Terms
of Other Incentive Awards. Other Incentive Awards may be made in tandem with, in replacement of, or as alternatives to, Awards
under Articles 6, 7, 8 or 9 of the Plan or of any other incentive or employee benefit plan of the Company or Bank. An Other Incentive
Award may provide for payment in cash or in shares of Stock or a combination thereof.

 

10.3         Limitations.
The number of shares of Stock covered by any Other Incentive Awards granted to a Participant during a calendar year shall be taken
into account for purposes of the annual limitation set forth in Section 4.1(d)(iii). The dollar amount covered by any Cash Award
or Other Incentive Award granted to a Participant during a calendar year shall be taken into account for purposes of the annual
limitation set forth in Section 9.1.

 

10.4         Termination
of Employment or Service. The disposition of Other Incentive Awards held by a Participant at the time of termination of employment
or termination of service as a Director shall be determined in accordance with Article 11.

 

ARTICLE 11. TERMINATION OF EMPLOYMENT
OR SERVICES

 

11.1         Voluntary
Termination, Termination for Cause, or Other Termination Not Due to Death, Disability or Retirement. Subject to Section 11.3,
if a Participant voluntarily terminates employment not qualifying as Retirement, or if the Company or Bank terminates a Participant’s
employment for Cause, or if a Participant’s service as a Director terminates for any reason other than death, Disability
or Retirement:

 

    	18

    	 

    

 

(a)          Each
vested SAR and Option may be exercised on or before the earlier of the expiration date of the SAR or Option or three months following
the date of termination, except that any SAR and/or Option held by an Employee who is terminated for Cause shall immediately lapse
and be cancelled;

 

(b)          Any
shares of Restricted Stock or Restricted Stock Unit, still subject to restrictions as of the date of such termination, shall automatically
be forfeited and returned to the Company or cancelled, as applicable;

 

(c)          All
Performance Units and Performance Shares shall be forfeited and no payment shall be made with respect thereto; and

 

(d)          No
amounts shall be earned or payable under any Other Incentive Award, except as may be otherwise determined by the Committee.

 

11.2         Involuntary
Termination Not for Cause or Termination Due to Death, Disability or Retirement. Subject to Section 11.3, if the Company or
Bank terminates a Participant’s employment not for Cause, or if a Participant’s employment or a Participant’s
service as a Director terminates due to death, Disability or Retirement:

 

(a)          Each
SAR and Option held by the Participant (whether or not exercisable prior to the date of termination) may be exercised on or before
the earlier of the expiration date of the SAR or Option or three years following the date of termination;

 

(b)          Any
remaining Restricted Period applicable to shares of Restricted Stock or Restricted Stock Units under Section 8.2 shall be deemed
earned on a pro-rated basis and a pro-rated payment based on the Participant’s number of full months of service during the
Restricted Period, further adjusted based on the achievement of any applicable performance restrictions, as computed by the Committee,
and the shares of Restricted Stock shall thereby be free of restrictions and be fully transferable on the date that other participants
who remained employed had restrictions met, and distribution of shares with respect to Restricted Stock Units shall occur pursuant
to Section 8.5;

 

(c)          Each
Performance Unit or Performance Share held by the Participant shall be deemed earned on a pro-rated basis and a pro-rated payment
based on the Participant’s number of full months of service during the Performance Period, further adjusted based on the
achievement of the Performance Goals during the entire Performance Period, as computed by the Committee, shall be made at the time
payments are made to Participants who did not terminate service during the Performance Period; and

 

(d)          No
amounts shall be earned or payable under any Other Incentive Award except as may be otherwise determined by the Committee.

 

    	19

    	 

    

 

11.3         Effect
of Termination of Employment or Service.

 

(a)          Subject
to the provisions of subparagraphs (b) and (c),the disposition of each Award held by a Participant if there is a termination of
the Participant’s employment or a termination of the Participant’s service as a Director shall be as determined by
the Committee and set forth in the applicable Award Agreement or in any amendment or modification of an Award Agreement, which
disposition may differ from the provisions of Sections 11.1 and 11.2. To the extent the applicable Award Agreement or an amendment
or modification of an Award Agreement does not expressly provide for such disposition, the disposition of the Award shall be determined
in accordance with Sections 11.1 and 11.2.

 

(b)          Nothwithstanding
anything to the contrary contained herein, for any Award granted or made while the Company is prohibited, pursuant to 12 CFR Part
359, from making or agreeing to make a “golden parachute payment” as defined in 12 CFR §359.1(f) without prior
regulatory approval (the period of such prohibition being a “period when the Company is subject to Part 359):

 

		(1)	in the event that a Participant’s employment is terminated
for a reason other than death or Disability, then no SAR or Option subject to such Award held by such Participant which is not
exercisable immediately prior to the Participant’s termination of employment should become exercisable upon or following
such termination of employment, and any such unexercisable SARs and Options shall be forfeited upon termination of employment.

 

		(2)	in the event that a Participant’s employment is terminated
for a reason other than death or Disability, then any shares of Restricted Stock or Restricted Stock Units, the restrictions on
which have not been satisfied as of the date of such Participant’s termination of employment, shall not be deemed to have
been earned and shall be forfeited as of the date of such participant’s termination of employment.

 

(c)   Notwithstanding
anything to the contrary contained herein:

 

		(1)	no SAR or Option shall become exercisable prior to the
date set forth in the original Award Agreement relating to such SAR or Option as a result of the termination of employment during
a period when the Company is subject to Part 359, for a reason other than death or Disability, of the Participant holding such
SAR or Option, and any such unexercisable SARs and Options shall be forfeited upon termination of employment

 

		(2)	no shares of Restricted Stock or Restricted Stock Units
the restrictions on which have not been satisfied as of the date of a Participant’s termination of employment during a period
when the Company is subject to Part 359, for a reason other than death or Disability, shall be deemed to be earned on a pro rata
basis or otherwise, and such unearned shares of Restricted Stock or Restricted Stock Units shall be forfeited upon termination
of employment.

 

    	20

    	 

    

 

ARTICLE 12. BENEFICIARY DESIGNATION

 

Each Participant may, from time to time,
name any beneficiary or beneficiaries (who may be named contingently or successively and who may include a trustee under a Will
or living trust) to whom any benefit under the Plan is to be paid in case of the Participant’s death before receipt of any
or all of such benefit. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed
by the Committee, and will be effective only when filed by the Participant in writing with the Committee during his or her lifetime.
In the absence of any such designation or if all designated beneficiaries predecease the Participant, benefits remaining unpaid
at the Participant’s death shall be paid to the Participant’s estate.

 

ARTICLE 13. RIGHTS OF PARTICIPANTS

 

13.1         Employment
or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company or Bank to terminate any
Participant’s employment or service as a Director at any time, nor confer upon any Participant any right to continue in the
employ or to so serve as a Director of the Company or Bank.

 

13.2         Participation.
No Employee or Director shall have a right to be selected as a Participant, or, having been so selected one or more times, to be
selected again as a Participant.

 

13.3         No
Implied Rights; Rights on Termination of Service. Neither the establishment of the Plan nor any amendment to the Plan shall
be construed as giving any Participant, beneficiary, or any other person any legal or equitable right unless such right shall be
specifically provided for in the Plan or conferred by specific action of the Committee in accordance with the terms and conditions
of the Plan. Except as expressly provided in the Plan, the Bank shall not be required or be liable to make any payment under the
Plan.

 

13.4         No
Right to Company or Bank Assets. No Participant or any other person shall acquire, by reason of the Plan, any right in or title
to any assets, funds or property of the Company or Bank whatsoever including, without limitation, any specific funds, assets, or
other property which the Company or Bank, in its sole discretion, may set aside in anticipation of a liability under any Award.
Any benefits which become payable under any Award shall be paid from the general assets of the Bank. The Participant shall have
only a contractual right to the amounts, if any, payable to the Participant, unsecured by any asset of the Bank. Nothing contained
in the Plan constitutes a guarantee by the Bank that the assets of the Bank shall be sufficient to pay any benefit to any person.

 

13.5         Rights
as Shareholder; Fractional Shares. Except as otherwise provided under the Plan, a Participant or Beneficiary shall have no
rights as a holder of shares of Stock with respect to any Award unless and until shares are issued, as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company. Fractional shares shall not be issued
or transferred under an Award, but the Committee may authorize payment of cash in lieu of a fraction, or round the fraction down.
To the extent the shares of Stock are uncertificated, references in the Plan to certificates shall be deemed to include references
to any book-entry evidencing such shares.

 

    	21

    	 

    

 

13.6         Election
to Defer. The receipt of payment of cash or delivery of shares of Stock that would otherwise be due to a Participant pursuant
to an Award may be deferred at the election of the Participant pursuant to any applicable deferral plan that may be established
by the Company. Such deferrals shall be made in accordance with such rules and procedures as the Committee may establish under
the Plan or under the applicable deferral plan (taking into account potential tax treatment under the provisions of Code Section
409A).

 

13.7         Other
Restrictions and Limitations. The Committee may impose such restrictions and limitations on any Awards as it may deem advisable,
including, without limitation, restrictions under applicable Federal or state securities laws, Stock ownership or holding period
requirements, or requirements to enter into or to comply with confidentiality, non-competition and/or other restrictive or similar
covenants, and may place restrictive legends on certificates representing shares of Stock issued in connection with an Award and/or
issue stop transfer orders with respect to such shares to give appropriate notice of any such restrictions.

 

ARTICLE 14. CHANGE IN CONTROL

 

14.1         Stock-Based
Awards. Notwithstanding any other provisions of the Plan, and except as otherwise provided in an Award Agreement, if there
is a Change in Control, all Stock-based Awards shall immediately vest 100% in each Participant, including Incentive Stock Options,
Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units, provided, however, that:

 

			(1)         no Stock-based Award granted or made during a period when the Company
is subject to Part 359 shall be subject to acceleration of vesting pursuant to this Section; and

 

(2)         no
Stock-based Awards, whenever granted or made, shall vest pursuant to this Section if the Change in Control occurs during a period
when the Company is subject to Part 359.

 

14.2         Performance-Based
Awards. Notwithstanding any other provisions of the Plan, and except as otherwise provided in an Award Agreement, if there
is a Change in Control, all Awards granted under the Plan which are subject to Performance Goals shall be immediately paid out,
including Performance Units and Performance Shares. The amount of the payout shall be based on the higher of (i) the extent, as
determined by the Committee, to which Performance Goals, established for the Performance Period then in progress have been met
up through and including the effective date of the Change in Control; or (ii) 100% of the value on the date of grant of the Performance
Units or number of Performance Shares, provided, however, that:

 

			(1)         no Award subject to Performance Goals granted or made during a period
when the Company is subject to Part 359 shall be subject to immediate payout pursuant to this Section; and

 

    	22

    	 

    

 

(2)         no
Awards subject to Performance Goals, whenever granted are made, shall be immediately paid out pursuant to this Section if the Change
in Control occurs during a period when the Company is subject to Part 359.

 

ARTICLE 15. AMENDMENT, MODIFICATION,
AND TERMINATION

 

15.1         Amendment,
Modification and Termination of Plan. The Board may terminate the Plan in whole or in part at any time. The Board may amend
or modify the Plan from time to time in such respects as the Board may deem advisable in order that any Awards shall conform to
any change in applicable laws or regulations or in any other respect the Board may deem to be in the best interests of the Company;
provided, however, that no such amendment or modification shall, without shareholder approval:

 

(i)          Except
as provided in Section 4.2, increase the number of shares of Stock which may be issued under the Plan;

 

(ii)         Expand
the types of Awards available to Participants under the Plan;

 

(iii)        Materially
expand the class of persons eligible to participate in the Plan;

 

(iv)         Delete
or limit the provisions in Section 6.3 prohibiting the repricing of Options or reduce the price at which shares of Stock may be
offered under Options; or

 

(v)          Extend
the termination date for making Awards under the Plan.

 

In addition, the Plan shall not be amended
without approval of such amendment by the Company’s shareholders if such amendment is required under applicable law, rules
or regulations.

 

15.2         Amendment
or Modification of Awards. The Committee may amend or modify any outstanding Awards in any manner to the extent that the Committee
would have had the authority under the Plan initially to make such Award as so modified or amended, including, without limitation,
to change the date or dates as of which Awards may be exercised, to remove the restrictions on Awards, or to modify the manner
in which Awards are determined and paid.

 

15.3         Effect
on Outstanding Awards. No amendment, modification or termination of the Plan pursuant to Section 15.1, or amendment or modification
of an Award pursuant to Section 15.2, shall materially adversely alter or impair any outstanding Award without the consent of the
Participant affected thereby. The Board may not unilaterally revoke, cancel or terminate any outstanding Options, Restricted Stock,
Restricted Stock Units or other Awards granted under this Plan.

 

    	23

    	 

    

 

ARTICLE 16. WITHHOLDING

 

16.1         Tax
Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the
Company or Bank, an amount sufficient to satisfy Federal, state and local taxes (including the Participant’s FICA obligation)
required by law to be withheld with respect to any grant, exercise, or payment made under or as a result of the Plan.

 

16.2         Stock
Delivery or Withholding. With respect to tax withholdings required upon the exercise of Options or SARs, upon the lapse of
restrictions on Restricted Stock or Restricted Stock Units, or upon any other taxable event arising as a result of Awards, Participants
may elect to satisfy the withholding requirement, in whole or in part, by having the Company or Bank withhold from delivery shares
of Stock having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which would
be imposed on the transaction (or such greater amount as the Committee may permit). All such elections shall be irrevocable, made
in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole
discretion, deems appropriate.

 

ARTICLE 17. SUCCESSORS

 

All obligations of the Company under the
Plan and under all Awards shall be binding on any successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation or other acquisition of all or substantially all of the business and/or
assets of the Company.

 

ARTICLE 18. GOVERNING LAW

 

18.1         Requirements
of Law. The granting of Awards and the issuance of shares of Stock under the Plan shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies as may be required.

 

18.2         Governing
Law. The Plan, and all Award Agreements, shall be construed in accordance with and governed by the laws of the Commonwealth
of Pennsylvania.

 

18.3         Code
Section 409A. Awards are intended to be exempt from the definition of “nonqualified deferred compensation” within
the meaning of Code Section 409A, and this Plan and Awards made hereunder shall be interpreted accordingly; provided that to the
extent any award or payment under this Plan or under any Award constitutes “nonqualified deferred compensation,” then
this Plan and the award are intended to comply with Code Section 409A and shall be interpreted accordingly.

 

    	24Exhibit 10.4

EXECUTION COPY

 

AMENDED AND RESTATED

REGISTRATION RIGHTS
AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of December 20, 2013, by and among
Tecnoglass Inc. (formerly known as Andina Acquisition Corporation), an exempted company incorporated under the laws of the Cayman
Islands (the “Company”), and the parties named on the Schedule of Investors attached hereto.

 

WHEREAS, the Company
and certain of the Holders (as defined below) are parties to that certain Registration Rights Agreement dated as of March 16, 2012
(the “Prior Agreement”);

 

WHEREAS, certain of
the Holders are acquiring, on or about the date hereof, ordinary shares of the Company (the “Ordinary Shares”)
pursuant to that certain Agreement and Plan of Reorganization (the “Merger Agreement”), dated as of August 17,
2013, as amended, by and among the Company, Andina Merger Sub, Inc., Tecnoglass S.A. and C.I. Energia Solar S.A. ES Windows and
Tecno Corporation; and

 

WHEREAS, the parties
to the Prior Agreement desire to amend and restate the Prior Agreement to provide for the terms and conditions included herein
and to include the recipients of Ordinary Shares pursuant to the Merger Agreement.

 

NOW, THEREFORE, in
consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

1. CERTAIN DEFINITIONS.

 

As used in this Agreement,
in addition to the terms defined elsewhere in this Agreement, the following terms shall have the following respective meanings:

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person; provided that
the Company and its subsidiaries shall not be deemed to be Affiliates of any Holder of Registrable Securities. As used in this
definition, “control” (including, with its correlative meanings, “controlling,” “controlled by”
and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction
of management or policies (whether through ownership of securities, by contract or otherwise). With respect to any Person who is
an individual, “Affiliates” shall also include, without limitation, any member of such individual’s Family Group.

 

“Agreement”
has the meaning specified in the Preamble.

 

“Automatic
Shelf Registration Statement” has the meaning specified in Section 2.1.

 

“Business
Day” means any day other than a day on which the SEC is closed.

 

“Company”
has the meaning specified in the Preamble.

 

    	 

    	 

    

 

“Demand Registrations”
has the meaning specified in Section 2.1.

 

“Effectiveness
Period” means the period commending on the date of the effectiveness of a Shelf Registration Statement and ending on
the earliest of (A) the third anniversary of the date of the effectiveness of a Shelf Registration Statement, (B) the date on which
all Registrable Securities covered by a Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement,
and (C) the date as of which there are no longer any Registrable Securities covered by a Shelf Registration Statement in existence.

 

“End of Suspension
Notice” has the meaning specified in Section 2.7(b).

 

“Family Group”
means, with respect to a Person who is an individual, (i) such individual’s spouse and descendants (whether natural
or adopted) (collectively, for purposes of this definition, “relatives”), (ii) such individual’s
executor or personal representative, (iii) any trust, the trustee of which is such individual or such individual’s executor
or personal representative and which at all times is and remains solely for the benefit of such individual and/or such individual’s
relatives, (iv) any corporation, limited partnership, limited liability company or other tax flow-through entity the governing
instruments of which provide that such individual or such individual’s executor or personal representative shall have the
exclusive, nontransferable power to direct the management and policies of such entity and of which the sole owners of stock, partnership
interests, membership interests or any other equity interests are limited to such individual, such individual’s relatives
and/or the trusts described in clause (iii) above, and (v) any retirement plan for such individual.

 

“Founder Registrable
Securities” means the Registrable Securities purchased by the Founders in private placement transactions prior to or
concurrently with the Company’s initial public offering.

 

“Founders”
means Child’s Trust F/B/O Francesca Weil U/A dated March 4, 2010, Child’s Trust F/B/O Alexander Weil U/A dated March
4, 2010, Child’s Trust F/B/O Benjamin Luke Weil U/A dated March 4, 2010, B. Luke Weil, Julio A. Torres, Martha L. Byorum,
Capital Advisory Partners L.A., Eduardo Robayo, LWEH LLC, Robert Stevens, Eric Carrera, EarlyBirdCapital, Inc., Graubard Miller,
A. Lorne Weil 2006 Irrevocable Trust - Family Investment Trust and Marjorie Hernandez.

 

“Holder”
means a holder of Registrable Securities.

 

“Indemnified
Party” has the meaning specified in Section 7.3.

 

“Indemnifying
Party” has the meaning specified in Section 7.3.

 

“Lock-Up Period”
has the meaning ascribed to such term in the Lock-Up Agreement, dated December 20, 2013, by and between the Company and certain
of the Holders.

 

“Long-Form
Registrations” has the meaning specified in Section 2.1.

 

“Merger Agreement”
has the meaning specified in the Recitals.

 

    	2

    	 

    

 

“Ordinary
Shares” has the meaning specified in the Recitals.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Prior Agreement”
has the meaning specified in the Recitals.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 415 promulgated
under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments,
and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus.

 

“Public Offering”
means any sale or distribution by the Company and/or Holders of Registrable Securities to the public of Ordinary Shares pursuant
to an offering registered under the Securities Act.

 

“Registrable
Securities” means (i) the Ordinary Shares, and the Ordinary Shares issuable upon exercise of the Company’s warrants
to purchase Ordinary Shares or issuable upon exercise of the Unit Purchase Options or issuable upon exercise of the Company’s
warrants to purchase Ordinary Shares included within the Unit Purchase Options, each as purchased by the Founders in private placement
transactions prior to or concurrently with the Company’s initial public offering, (ii) the Ordinary Shares to be issued pursuant
to the Merger Agreement, (iii) any Ordinary Shares issued or issuable upon the exercise of any equity security of the Company that
is issuable upon conversion of any working capital loans in an amount up to $500,000 made to the Company by any Holder and (iv)
all Ordinary Shares issued to any Holder with respect to the securities referred to in clauses (i), (ii) and (iii) above by way
of any stock split, stock dividend, recapitalization, combination of shares, acquisition, consolidation, reorganization, share
exchange, share reconstruction, amalgamation, contractual control arrangement or similar event; provided, however,
that as to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities
shall have been otherwise transferred, new certificates for such securities or uncertificated shares not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require
registration under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) such securities have been
sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction; provided,
that any Registrable Securities held by any Holder that may be sold under Rule 144(b)(1)(i) without limitation under any of the
other requirements of Rule 144 (as confirmed by an opinion of the Company’s counsel) shall cease to be Registrable Securities.

 

    	3

    	 

    

 

“Registration
Expenses” means all expenses incurred by the Company in complying with Sections 2 and 3 hereof, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, state
“blue sky” fees and expenses, and accountants’ expenses but excluding any underwriting discounts and commissions
or other fees of any broker, dealer or underwriter incurred in connection with a sale of Registrable Securities and any taxes applicable
to any Holder with respect to any transfer or sale of Registrable Securities.

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all materials incorporated by reference in such registration
statement.

 

“Rule 144”,
“Rule 405” and “Rule 415” mean, in each case, such rule promulgated under the Securities
Act (or any successor provision) by the SEC, as the same shall be amended from time to time, or any successor rule then in force.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.

 

“Securities
Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by
the SEC thereunder.

 

“Shelf Registration”
has the meaning specified in Section 2.1.

 

“Shelf Registrable
Securities” has the meaning specified in Section 2.5(c).

 

“Shelf Registration
Statement” has the meaning specified in Section 2.1.

 

“Shelf Takedown
Notice” has the meaning specified in Section 2.5(c).

 

“Shelf Takedown
Request” has the meaning specified in Section 2.5(c).

 

“Short-Form
Registrations” has the meaning specified in Section 2.1.

 

“Suspension
Event” has the meaning specified in Section 2.7(b).

 

“Suspension
Notice” has the meaning specified in Section 2.7(b).

 

“Suspension
Period” has the meaning specified in Section 2.7(a).

 

“Underwritten
Takedown” shall mean an underwritten public offering of Registrable Securities pursuant to the Shelf Registration Statement
as amended or supplemented.

 

“Unit Purchase
Options” shall mean the unit purchase options issued to the underwriters (and their designees) in the Company’s
initial public offering pursuant to the First Unit Purchase Option dated as of March 22, 2012 and the Second Unit Purchase Option
dated as of March 22, 2012.

 

    	4

    	 

    

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

2. DEMAND REGISTRATIONS.

 

2.1. Requests for
Registration. Subject to the terms and conditions of this Agreement, Holders of Registrable Securities may request registration
under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or Form F-1 or any similar long-form
registration (“Long-Form Registrations”), or, if then available, on Form S-3 or F-3 or any similar short-form
registration (“Short-Form Registrations”), in each case to the extent provided in Section 2.2, Section
2.3 or Section 2.4, as applicable. All registrations requested pursuant to this Section 2.1 are referred to herein
as “Demand Registrations.” The Holders of a majority of the Registrable Securities making a Demand Registration
may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”
and such registration statement, a “Shelf Registration Statement”) and, if the Company is a WKSI at the time any request
for a Demand Registration is submitted to the Company, that such Shelf Registration be made pursuant to an automatic shelf registration
statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”). Within
ten Business Days after the receipt of a request relating to a Demand Registration, the Company shall give written notice of the
Demand Registration to all other Holders of Registrable Securities and, subject to the terms of Section 2.5, shall include
in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwritten
offering) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within
seven Business Days after the receipt of the Company’s notice; provided that, with the consent of the holders of at
least a majority of the Registrable Securities requesting the Demand Registration, the Company may provide notice of such Demand
Registration to all other holders of Registrable Securities within three Business Days following the non-confidential filing of
the registration statement with respect to the Demand Registration so long as such registration statement is not an Automatic Shelf
Registration Statement. Each Holder agrees that such Holder shall treat as confidential the receipt of the notice of Demand Registration
and shall not disclose or use the information contained in such notice of Demand Registration without the prior written consent
of the Company until such time as the information contained therein is or becomes available to the public generally, other than
as a result of disclosure by the Holder in breach of the terms of this Agreement.

 

2.2. Long-Form Registrations.
The Holders of a majority of the Registrable Securities shall be entitled to three Long-Form Registrations, whether or not any
offering pursuant to such registration is consummated. A registration shall not count as one of the permitted Long-Form Registrations
until it has become effective. All Long-Form Registrations shall be underwritten registrations.

 

2.3. Short-Form
Registrations. In addition to the Long-Form Registrations provided pursuant to Section 2.2, the Holders of a majority
of the Registrable Securities shall be entitled to an unlimited number of Short-Form Registrations. Demand Registrations shall
be Short-Form Registrations whenever the Company is permitted to use any applicable short form and if the managing underwriters
(if any) agree to the use of a Short-Form Registration. The Company shall use its reasonable best efforts to make Short-Form Registrations
available for the sale of Registrable Securities.

 

    	5

    	 

    

 

2.4. Founder Demand
Registration. The Holders of a majority of the Founder Registrable Securities shall be entitled to two Demand Registrations;
provided, that the aggregate offering value of the Registrable Securities requested to be registered in any Long-Form Registration
must equal at least $10,000,000 in the aggregate. A registration shall not count as one of the permitted Demand Registrations until
it has become effective.

 

2.5           Shelf
Registrations.

 

(a)          

 

(i)          Subject
to the availability of required financial information, as promptly as practicable after the Company receives written notice of
a request for a Shelf Registration from holders of at least a majority of the Registrable Securities, the Company shall prepare
and file with the SEC, a Registration Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415
of the Securities Act registering the resale from time to time by Holders of all of the Registrable Securities held by the Holders
(the “Shelf Registration Statement”). The Shelf Registration Statement shall be on Form S-3 or Form F-3 (if
the Company is eligible to use Form S-3 or Form F-3) or another appropriate form permitting registration of such Registrable Securities
for resale by such Holders. The Company shall use reasonable best efforts to cause the Shelf Registration Statement to be declared
effective under the Securities Act as soon as possible after filing, and once effective, to keep the Shelf Registration Statement
continuously effective under the Securities Act at all times for such time period as is specified in such request, or until the
expiration of the Effectiveness Period, whichever is earlier.

 

(ii)         Notwithstanding
the foregoing, unless the Holders of a majority of the Registrable Securities otherwise instruct the Company in writing, subject
to the availability of required financial information, the Company shall use its reasonable best efforts to prepare a Shelf Registration
Statement with respect to all of the Registrable Securities (or such other number of Registrable Securities specified in writing
by the Holders of a majority of the Registrable Securities) and use its reasonable best efforts to file such Shelf Registration
Statement with the SEC as soon as practicable following the Closing Date (as defined in the Merger Agreement) but in any event
no later than the expiration of the Lock-Up Period.

 

(b)          A
Shelf Registration Statement shall be on Form S-3 or Form F-3 (if the Company is eligible to use Form S-3 or Form F-3) or another
appropriate form permitting registration of such Registrable Securities for resale by such Holders. The Company shall use reasonable
best efforts to cause a Shelf Registration Statement to be declared effective under the Securities Act as soon as possible after
filing, and once effective, to keep such Shelf Registration Statement continuously effective under the Securities Act at all times
for such time period as is specified in such request, or until the expiration of the Effectiveness Period, whichever is earlier.

 

    	6

    	 

    

 

(c)          In
the event that a Shelf Registration Statement is effective, the Holders of a majority of the Registrable Securities covered by
such Shelf Registration Statement shall be entitled to an unlimited number of Underwritten Takedowns, so long as the Shelf Registration
Statement remains in effect; provided, that the estimated market value of the Registrable Securities to be sold in any Underwritten
Takedown is at least $10,000,000 in the aggregate. The requesting Holders shall make such election by delivering to the Company
a written request (a “Shelf Takedown Request”) for such offering specifying the number of Registrable Securities
available for sale pursuant to such Shelf Registration Statement (the “Shelf Registrable Securities”) that the
requesting Holders desire to sell pursuant to such Underwritten Takedown. As promptly as practicable, but at least 10 Business
Days prior to the anticipated filing date of the prospectus or prospectus supplement relating to such Underwritten Takedown, the
Company shall give written notice (the “Shelf Takedown Notice”) of such Shelf Takedown Request to all other
Holders of Shelf Registrable Securities. The Company, subject to Sections 2.6 and 11.1 hereof, shall include
in such Underwritten Takedown the Shelf Registrable Securities of any Holder of Shelf Registrable Securities that shall have made
a written request to the Company for inclusion in such Underwritten Takedown (which request shall specify the maximum number of
Shelf Registrable Securities intended to be disposed of by such Holder) within seven Business Days after the receipt of the Shelf
Takedown Notice. The Company shall, as expeditiously as possible, use its reasonable best efforts to facilitate such Underwritten
Takedown, to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the
Registrable Securities to be so offered. Each Holder agrees that such Holder shall treat as confidential the receipt of the Shelf
Takedown Notice and shall not disclose or use the information contained in such Shelf Takedown Notice without the prior written
consent of the Company until such time as the information contained therein is or becomes available to the public generally, other
than as a result of disclosure by the Holder in breach of the terms of this Agreement.

 

(d)          Promptly
after the expiration of the seven-Business Day-period referred to in Section 2.5(c), the Company will notify all Holders
of Shelf Registrable Securities participating in the Underwritten Takedown of the identities of the other participating Holders
and the number of shares of Registrable Securities requested to be included therein.

 

(e)          Notwithstanding
the foregoing, if the Holders of a majority of the Registrable Securities wish to engage in an underwritten block trade off of
a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a takedown from an already
existing Shelf Registration Statement), then notwithstanding the foregoing time periods, such Holders only need to notify the Company
of the block trade Underwritten Takedown five Business Days prior to the day such offering is to commence and the Company shall
notify other Holders of Registrable Securities and such other Holders of Registrable Securities must elect whether or not to participate
two Business Days prior to the day such offering is to commence, and the Company shall as expeditiously as possible use its reasonable
best efforts to facilitate such offering (which may close as early as three Business Days after the date it commences); provided
that the Holders of a majority of the Registrable Securities shall use reasonable best efforts to work with the Company and the
underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other
offering documentation related to the underwritten block trade; provided, further, that Holders of Registrable Securities
(other than the Company’s executive officers and directors and Holders that beneficially own 1% or more of the Company’s
Ordinary Shares then outstanding) shall be entitled to participate in a block trade Underwritten Takedown only with the consent
of the holders of a majority of the Registrable Securities.

 

    	7

    	 

    

 

(f)          The
Company shall, at the request of the Holders of a majority of the Registrable Securities covered by a Shelf Registration Statement,
file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement,
any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary
or advisable by the Holders of a majority of the Registrable Securities, to effect such Underwritten Takedown.

 

2.6. Priority on
Demand Registrations and Underwritten Takedowns. If the managing underwriter in a Demand Registration (if it is an underwritten
offering) or an Underwritten Takedown advises the Company and the Requesting Holder that, in its view, the number of shares of
Registrable Securities requested to be included in such underwritten offering exceeds the largest number of shares that can be
sold without having an adverse effect on such offering, including the price at which such shares can be sold (the “Maximum
Offering Size”), the Company shall include in such underwritten offering, up to the Maximum Offering Size, Registrable
Securities requested to be included in such Underwritten Takedown by all participating Holders and allocated pro rata among the
Holders thereof on the basis of the relative number of Registrable Securities held by each such Holder at such time (it being understood
that for the purposes of calculating the relative number of Registrable Securities held by any participating Holder, in the event
such Holder owns any security of the Company that may be converted, exercised or exchanged into Registrable Securities, the relative
number of Registrable Securities held by such Holder shall be determined as if such Holder exercised such equity security on a
cashless exercise basis).

 

2.7. Restrictions
on Demand Registration and Shelf Offerings.

 

(a)          The
Company shall not be obligated to effect any Demand Registration within six months after the effective date of a previous Demand
Registration. The Company may postpone, for up to 60 days from the date of the request, the filing or the effectiveness of a registration
statement for a Demand Registration or suspend, for a period of up to 60 days from the date of delivery of a Suspension
Notice below (a “Suspension Period”), the use of a prospectus that is part of a Shelf Registration Statement
(and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders of Registrable Securities
if the Company’s board of directors determines in its reasonable good faith judgment that the offer or sale of Registrable
Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company to engage in any
material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation,
tender offer, recapitalization, reorganization or other transaction involving the Company; provided that in such event,
the Holders of Registrable Securities shall be entitled to withdraw such request for a Demand Registration or Underwritten Takedown
and the Company shall pay all Registration Expenses in connection with such Demand Registration or Underwritten Takedown (it being
further understood that a withdrawn request for a Demand Registration or Underwritten Takedown shall not count as one of the permitted
Demand Registrations). The Company may delay a Demand Registration hereunder only once in any twelve-month period. The Company
may extend the Suspension Period of a Shelf Registration Statement for an additional consecutive 60 days with the consent of the
Holders of a majority of the Registrable Securities registered under the applicable Shelf Registration Statement, which consent
shall not be unreasonably withheld.

 

    	8

    	 

    

 

(b)          In
the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in paragraph (a)
above or pursuant to Section 6.10 (a “Suspension Event”), the Company shall give a notice to the
Holders of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”)
to suspend sales of the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension
shall continue only for so long as the Suspension Event or its effect is continuing. A Holder shall not effect any sales of the
Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension
Notice from the Company and prior to receipt of an End of Suspension Notice. Each Holder agrees that such Holder shall treat as
confidential the receipt of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice
without the prior written consent of the Company until such time as the information contained therein is or becomes available to
the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. The Holders
may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following
further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension
Notice shall be given by the Company to the Holders and to the Holders’ counsel, if any, promptly following the conclusion
of any Suspension Event and its effect.

 

(c)          Notwithstanding
any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any Shelf Registration Statement
pursuant to this Section 2.7, the Company agrees that it shall extend the period of time during which such Shelf Registration
Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt
by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and
provide copies of the supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided
that such period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such
Shelf Registration Statement.

 

2.8. Selection of
Underwriters. Holders holding a majority of the Registrable Securities included in any Demand Registration shall have the right
to select an underwriter or underwriters to administer the offering, which underwriter or underwriters shall be reasonably acceptable
to the Company. In an Underwritten Takedown, the Holders of a majority of the Registrable Securities participating in such Underwritten
Takedown shall have the right to select an underwriter or underwriters to administer the Underwritten Takedown, which underwriter
or underwriters shall be reasonably acceptable to the Company. In connection with an underwritten offering (including an Underwritten
Takedown), the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take such
other actions as are reasonably required in order to expedite or facilitate the disposition of the Registrable Securities in such
underwritten offering, including, if necessary, the engagement of a “qualified independent underwriter” in connection
with the qualification of the underwriting arrangements with the Financial Industry Regulatory Authority, Inc.

 

2.9. Other Registration
Rights. Except as provided in this Agreement, the Company shall not grant to any persons the right to request the Company or
any subsidiary to register any capital stock of the Company or any subsidiary, or any securities convertible or exchangeable into
or exercisable for such securities, without the prior written consent of the Holders of a majority of the Registrable Securities.

 

    	9

    	 

    

 

3.          PIGGYBACK
RIGHTS.

 

3.1           Right
to Piggyback. If the Company proposes to register any of its Ordinary Shares (other than in connection with a Demand Registration
(which are covered by Section 2) or registrations on Form S-4 or S-8 (or similar forms) promulgated by the SEC and any successor
or similar forms), and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback
Registration”), the Company shall give prompt written notice to the Holders of Registrable Securities (in any event within
three Business Days after the filing of the registration statement relating to the Piggyback Registration), and subject to the
terms of Section 3.2 and Section 3.3, shall include in such Piggyback Registration (and in all related registrations
or qualifications under blue sky laws and in any related underwritten offering) all Registrable Securities with respect to which
the Company has received written requests for inclusion therein within 20 days after delivery of the Company’s notice.

 

3.2           Priority
on Primary Registrations. If a Piggyback Registration is an underwritten primary offering on behalf of the Company, and the
managing underwriter informs the Company that the number of shares held by the Holders requested to be included exceeds the amount
which can be sold in such offering without adversely affecting the distribution of the shares being offered, the Company shall
include, (i) first, all of the shares the Company has proposed to register; (ii) second, as many of the Registrable Securities,
allocated pro rata among the Holders thereof on the basis of the relative number of Registrable Securities held by each such Holder
at such time, as can be included without adversely affecting such distribution (it being understood that for the purposes of calculating
the relative number of Registrable Securities held by any participating Holder, in the event such Holder owns any security of the
Company that may be converted, exercised or exchanged into Registrable Securities, the relative number of Registrable Securities
held by such Holder shall be determined as if such Holder exercised such equity security on a cashless exercise basis); and (iii)
third, any other Ordinary Shares proposed to be included in such offering. Registrable Securities beneficially owned by any executive
officer of the Company shall not be eligible to be included in any primary offering of Ordinary Shares without the Company’s
consent.

 

3.3           Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary offering on behalf of holders of the Company’s
securities (for the avoidance of doubt, other than Holders hereunder), and the managing underwriter informs the Company that the
number of shares required to be included in such registration exceeds the amount which can be sold in such offering without adversely
affecting the distribution of the shares being offered, the Company shall include, (i) first, the securities requested to be included
therein by the holders initially requesting such registration (for the avoidance of doubt, other than Holders hereunder) and the
Registrable Securities requested to be included in such registration, allocated pro rata among the holders thereof on the basis
of the relative number of securities held by each such holder at such time, as can be included without adversely affecting such
distribution (it being understood that for the purposes of calculating the relative number of securities held by any participating
holder, in the event such holder owns any security of the Company that may be converted, exercised or exchanged into Ordinary Shares,
the relative number of Ordinary Shares held by such holder shall be determined as if such holder exercised such equity security
on a cashless exercise basis); and (ii) second, any other Ordinary Shares proposed to be included in such offering.

 

    	10

    	 

    

 

4. HOLDBACK AGREEMENT.

 

4.1. Holders of
Registrable Securities. In connection with any underwritten Public Offering of Registrable Securities, each Holder of Registrable
Securities agrees to enter into any holdback, lockup or similar agreement requested by the underwriters managing such Public Offering
in such form as agreed to by the Holders of a majority of Registrable Securities participating in such Public Offering.

 

4.2. The Company.
In connection with any underwritten Public Offering of Registrable Securities, the Company (i) shall not effect any public sale
or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities,
during the period commencing on the earlier of the date on which the Company gives notice to the Holders of Registrable Securities
that a preliminary prospectus has been circulated for such Public Offering or the “pricing” of such offering and continuing
to the date that is 90 days following the date of the final prospectus for such Public Offering (the “Holdback
Period”), unless the underwriters managing the Public Offering otherwise agree in writing and (ii) shall use its best
efforts to cause (A) each holder of at least five percent (5%) (on a fully-diluted basis) of its Ordinary Shares, or any securities
convertible into or exchangeable or exercisable for Ordinary Shares, purchased from the Company at any time after the date of this
Agreement (other than in a Public Offering) and (B) each of its directors and executive officers to agree to not effect any public
sale or distribution of the Company’s equity securities, or any securities convertible into or exchangeable or exercisable
for such securities, during the Holdback Period, except as part of such underwritten registration, if otherwise permitted, unless
the underwriters managing the Public Offering otherwise agree in writing.

 

5. Expenses
of Registration.

 

5.1           All
Registration Expenses incurred in connection with the performance of the Company’s obligations under Sections 2 and
3 shall be borne by the Company.

 

5.2           In
connection with each Demand Registration, each Piggyback Registration and each Underwritten Takedown, the Company shall reimburse
the Holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel chosen
by the Holders of a majority of the Registrable Securities included in such registration or participating in such Underwritten
Takedown and disbursements of each additional counsel retained by any Holder of Registrable Securities for the purpose of rendering
a legal opinion on behalf of such Holder in connection with any Demand Registration, Piggyback Registration or Underwritten Takedown.

 

    	11

    	 

    

 

6. Registration
Procedures.

 

The Company shall keep
each Holder advised in writing as to the initiation of the registrations described in Sections 2 and 3 and as to
the completion thereof. Whenever the Holders of Registrable Securities have requested that any Registrable Securities be registered
pursuant to this Agreement or have initiated an Underwritten Takedown, the Company shall use its reasonable best efforts to effect
the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof held
by a Holder of Registrable Securities requesting registration, and pursuant thereto the Company shall at its expense:

 

6.1           upon
written request, before filing any Registration Statement or Prospectus or any amendments or supplements thereto with the SEC,
furnish to the Holders copies of all such documents proposed to be filed and use reasonable efforts to reflect in each such document
when so filed with the SEC such comments as the Holders reasonably shall propose within one Business Day of the delivery of such
copies to the Holders;

 

6.2           subject
to Section 2.7 and Section 6.10, prepare and file with the SEC such amendments and post-effective amendments to each
Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement continuously effective for the Effectiveness
Period; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and use reasonable efforts to comply with
the provisions of the Securities Act applicable to it;

 

6.3           prior
to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

 

6.4           cause
all such Registrable Securities registered pursuant hereto to be listed on each securities exchange or over-the counter market
on which similar securities issued by the Company are then listed or, if no securities are then listed, on the NASDAQ Stock Market;

 

6.5           provide
a transfer agent and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

 

6.6           as
promptly as reasonably practicable, but within three (3) Business Days in any event, give notice to the Holders (1) when any
Prospectus, Prospectus supplement, Registration Statement or post-effective amendment to a Registration Statement has been filed
with the SEC and, with respect to a Registration Statement or any post-effective amendment, when the same has been declared effective
(provided, however, that the Company shall not be required by this clause (1) to notify the Holders of the filing
of a Prospectus supplement that does nothing more substantive than name one or more Holders as selling security holders), and (2) of
any request, following the effectiveness of a Registration Statement under the Securities Act, by the SEC or any other federal
or state governmental authority for amendments or supplements to such Registration Statement or related Prospectus or for additional
information;

 

    	12

    	 

    

 

6.7           in
the case of a Shelf Registration Statement, notify the Holders in writing of the effectiveness of the Shelf Registration Statement
and furnish to the Holders, without charge, such number of copies of the Shelf Registration Statement (including any amendments,
supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and
supplements) and such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable
Securities in the manner described in the Shelf Registration Statement;

 

6.8           in
the case of a Shelf Registration Statement, subject to the provisions of Section 2.7 above and Section 6.10 below,
the Company shall promptly prepare and file with the SEC from time to time such amendments and supplements to the Shelf Registration
Statement and Prospectus used in connection therewith as may be necessary to keep the Shelf Registration Statement effective and
to comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the
Effectiveness Period;

 

6.9           give
notice to the Holders within one (1) Business Day following notice to the Company (1) of the issuance by the SEC or any other
federal or state governmental authority of any stop order or injunction suspending or enjoining the use of any Prospectus or the
effectiveness of a Registration Statement or the initiation or threatening of any proceedings for that purpose, (2) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
and (3) of the happening of any event that makes any statement made in a Registration Statement or the related Prospectus untrue
in any material respect or that requires changes in order to make the statements therein not misleading;

 

6.10         Subject
to Section 2.7, at the request of any Holder of Registrable Securities included in such Registration Statement, prepare
and file a post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated
therein by reference, or file any other required document that would be incorporated by reference into such Registration Statement
and Prospectus, so that such Registration Statement does not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading, and that such Prospectus
does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, and, in the case of a
post-effective amendment to a Registration Statement, subject to Section 2.7, use commercially reasonable efforts to cause
it to be declared effective as promptly as is reasonably practicable, and give to the Holders listed as selling security holders
in such Prospectus a Suspension Notice, and, upon receipt of any Suspension Notice, each such Holder agrees not to sell any Registrable
Securities pursuant to the Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus
or until it receives an End of Suspension Notice, and has received copies of any additional or supplemental filings that are incorporated
or deemed incorporated by reference in such Prospectus. The Company shall use its reasonable best efforts to obtain the withdrawal
of any order suspending the effectiveness of the Registration Statement as promptly as possible (and promptly notify in writing
each Holder covered by such Registration Statement of the withdrawal of any such order), except to the extent provided in Section
2.7.

 

    	13

    	 

    

 

6.11         in
the event of any underwritten public offering of Registrable Securities, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting
shall also enter into and perform its obligations under such an underwriting agreement. The Company shall, if requested by the
managing underwriter or underwriters or any Holder of Registrable Securities included in such offering, promptly incorporate in
a prospectus supplement or post-effective amendment such information as such managing underwriter or underwriters or any Holder
of Registrable Securities reasonably requests to be included therein, and which is reasonably related to the offering of such Registrable
Securities, including, without limitation, with respect to the Registrable Securities being sold by such Holder to such underwriter
or underwriters, the purchase price being paid therefor by such underwriter or underwriters and any other terms of an underwritten
offering of the Registrable Securities to be sold in such offering, and the Company shall promptly make all required filings of
such prospectus supplement or post-effective amendment;

 

6.12         furnish
to each Holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such Holder,
of (1) any opinion of counsel to the Company delivered to any underwriter dated the effective date of the Registration Statement
or, in the event of an underwritten offering, the date of the closing under the applicable underwriting agreement, in customary
form, scope, and substance, at a minimum to the effect that the Registration Statement has been declared effective and that no
stop order is in effect, which counsel and opinions shall be reasonably satisfactory to a majority of the Holders and their counsel
and (2) any comfort letter from the Company’s independent public accountants delivered to any underwriter in customary form
and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably
request. In the event no legal opinion is delivered to any underwriter, the Company shall furnish to each Holder of Registrable
Securities included in such Registration Statement, at any time that such Holder elects to use a Prospectus, an opinion of counsel
to the Company to the effect that the Registration Statement containing such Prospectus has been declared effective and that no
stop order is in effect;

 

6.13         fully
cooperate, and cause each of its principal executive officer, principal financial officer, principal accounting officer, and all
other officers and members of the management to fully cooperate in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with underwriters, attorneys,
accountants and potential stockholders;

 

    	14

    	 

    

 

6.14         make
available for inspection by the Holders of Registrable Securities included in such Registration Statement, any underwriter participating
in any disposition pursuant to such Registration Statement and any attorney, accountant, or other professional retained by any
Holder of Registrable Securities included in such Registration Statement or any underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause all of the Company’s officers, directors, and employees and
the independent public accountants who have certified its financial statements to make themselves available to discuss the business
of the Company and to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent
in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility,
and cause the Company’s officers, directors, and employees to supply all information requested by any of them in connection
with such Registration Statement;

 

6.15         cooperate
with each Holder of Registrable Securities and each underwriter or agent, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory
Authority, Inc., and use its reasonable best efforts to make or cause to be made any filings required to be made by an issuer with
the Financial Industry Regulatory Authority, Inc. in connection with the filing of any Registration Statement;

 

6.16         in
the event of any underwritten public offering of Registrable Securities, cause senior executive officers of the Company to participate
in customary “road show” presentations that may be reasonably requested by the managing underwriter in any such underwritten
offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary
selling efforts related thereto;

 

6.17         if
the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts
to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during
which such Automatic Shelf Registration Statement is required to remain effective;

 

6.18         if
the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement
is filed, pay such fee at such time or times as the Registrable Securities are to be sold;

 

6.19         during
the Effectiveness Period, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that
it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 or Form F-3 and, if such
form is not available, Form S-1 or Form F-1, and keep such registration statement effective during the Effectiveness Period; and

 

6.20         otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such registration.

 

    	15

    	 

    

 

7. INDEMNIFICATION.

 

7.1. The Company agrees
to indemnify and hold harmless each Holder, the partners, members, officers, directors, stockholders, legal counsel and accountants
of each Holder and any other person, if any, who controls each Holder within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or
any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
in order to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a
material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto), or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided, however, that this Section
7 shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written information about any Holder furnished
to the Company by or on behalf of such Holder expressly for use in the Registration Statement (or any amendment thereto), or any
preliminary prospectus or the Prospectus (or any amendment or supplement thereto).

 

7.2 Each Holder agrees
to indemnify and hold harmless the Company, and each person, if any, who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act severally and not jointly against any and all loss, liability, claim,
damage and expense described in the indemnity contained in Section 7.1, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto) or any preliminary
prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information
about such Holder furnished to the Company by or on behalf of such Holder expressly for use in the Registration Statement (or any
amendment thereto) or the Prospectus (or any amendment or supplement thereto).

 

7.3. Each party entitled
to indemnification under this Section 7 (the “Indemnified Party”) shall give notice to the party required
to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge
of any claim as to which indemnity may be sought and shall permit the Indemnifying Party to assume the defense of any such claim
or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such
claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be withheld unreasonably),
and the Indemnified Party may participate in such defense at such Indemnified Party’s expense. The failure of any Indemnified
Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Section 7 only
if such failure is materially prejudicial to the ability of the Indemnifying Party to defend such action, and such failure shall
in no event relieve the Indemnifying Party of any liability that he or it may have to any Indemnified Party otherwise than under
this Section 7. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of
each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability with respect to
such claim or litigation.

 

    	16

    	 

    

 

7.4. If the indemnification
provided under this Section 7 hereof from the Indemnifying Party is unavailable or insufficient to hold harmless an Indemnified
Party in respect of any loss, liability, claim, damage and expense referred to herein, then the Indemnifying Party, in lieu of
indemnifying the Indemnified Party, shall contribute to the amount paid or payable by the Indemnified Party as a result of such
loss, liability, claim, damage and expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Indemnifying
Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by,
or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the Indemnifying Party’s and Indemnified
Party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Holder under this Section 7.4 shall be limited to the amount of the net proceeds
received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the
losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 7.1,
7.2 and 7.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 7.4 were determined by pro rata allocation or by any other method of allocation, which does not take account of
the equitable considerations referred to in this Section 7.4. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7.4 from any
person who was not guilty of such fraudulent misrepresentation.

 

7.5. The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the Indemnified Party or any officer, director or controlling person of such indemnified party and shall survive the transfer of
securities by such Indemnified Party.

 

8. Information
by Holders and Other Shareholders.

 

Each Holder shall furnish
to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably
request in writing and as shall be required in connection with any Registration Statement.

 

9. Rule
144 Reporting.

 

With a view to making
available the benefits of certain rules and regulations of the SEC that may permit the sale of the Ordinary Shares to the public
without registration, the Company shall for so long as Registrable Securities are outstanding:

 

(a)          make
and keep public information available as those terms are understood and defined in Rule 144;

 

(b)          file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Securities
Exchange Act; and

 

(c)          so
long as any Holder owns any securities constituting or representing Registrable Securities, furnish to such Holder upon request
a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act
and the Securities Exchange Act.

 

    	17

    	 

    

 

10. Removal
of Legends.

 

If requested by a Holder,
the Company shall cooperate with such Holder and the Company’s transfer agent to facilitate the timely preparation and delivery
of certificates (or execution of a book entry transfer) representing Registrable Securities to be delivered to a transferee pursuant
to the Registration Statement, which certificates or transfer shall be free, to the extent permitted by applicable law and permissible
under the terms of the Merger Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as any such Holders may reasonably request.

 

11. Underwritten
Offerings.

 

11.1         Underwriting
Arrangements. No Holder of Registrable Securities may participate in any offering hereunder which is underwritten unless such
Holder (i) agrees to sell such Holder’s securities on the basis provided in any underwriting arrangements approved by the
person or persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment
or “green shoe” option requested by the underwriters; provided that no Holder of Registrable Securities shall
be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and
executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements. Each Holder of Registrable Securities shall execute and deliver such other agreements
as may be reasonably requested by the Company and the lead managing underwriter(s) that are consistent with such Holder’s
obligations under Section 4 and this Section 11.1 or that are necessary to give further effect thereto.

 

11.2         Price
and Underwriting Discounts. In the case of an underwritten Demand Registration or Underwritten Takedown requested by Holders
pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for
the Registrable Securities shall be determined by the Holders of a majority of the Registrable Securities included in such underwritten
offering.

 

12. MISCELLANEOUS.

 

12.1         Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by electronic
facsimile transfer or by courier guaranteeing overnight delivery, and shall be deemed given (i) when made, if made by hand
delivery, (ii) upon confirmation, if made by electronic facsimile transfer, (iii) one (1) Business Day after being deposited
with such courier, if made by overnight courier, to the parties as follows:

 

(a)          if
to a Holder, at the address for such Holder then appearing in the books of the Company;

 

(b)
         If to the Company, to:

 

Tecnoglass
Inc.

Avenida Circunvalar
a 100 mts de la Via 40

 

    	18

    	 

    

 

Barrio Las
Flores Barranquilla

Colombia

Facsimile:
[____________]

Attention:
Chief Financial Officer

 

12.2 Governing Law.
This Agreement shall be governed and construed under the laws of the State of Delaware, without regard to conflicts of laws and
principles thereof.

 

12.3 Successors
and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit and be enforceable by
the Company and its successors and assigns and the Holders of Registrable Securities and their respective successors and permitted
assigns (whether so expressed or not). In addition, whether or not any express assignment has been made, the provisions of this
Agreement which are for the benefit of purchasers or Holders of Registrable Securities are also for the benefit of, and enforceable
by, any subsequent Holder of Registrable Securities.

 

12.4 Additional
Parties. Subject to the prior written consent of the Company and Holders of a majority of the Registrable Securities, the Company
may permit any Person who acquires Ordinary Shares or rights to acquire Ordinary Shares from an existing Holder after the
date hereof to become a party to this Agreement and to succeed to all of the rights and obligations of a “Holder of Registrable
Securities” under this Agreement by obtaining an executed Addendum Agreement to this Agreement from such Person in the form
of Exhibit A attached hereto (an “Addendum Agreement”). Upon the execution and delivery of an Addendum
Agreement by such Person, the Ordinary Shares acquired by such Person shall constitute Registrable Securities and such Person shall
be a Holder of Registrable Securities under this Agreement with respect to the acquired Ordinary Shares, and the Company shall
add such Person’s name and address to the Schedule of Investors hereto and circulate such information to the parties
to this Agreement.

 

12.5 Captions.
The captions of the several sections and paragraphs of this Agreement are included for reference only and shall not limit or otherwise
affect the meaning thereof.

 

12.6 Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only
with the prior written consent of the Company and Holders of a majority of the Registrable Securities; provided that no
such amendment, modification or waiver that would materially and adversely affect a Holder or group of Holders of Registrable Securities
in a manner materially different than any other Holder or group of Holders of Registrable Securities (other than amendments and
modifications required to implement the provisions of Section 12.4), shall be effective against such Holder or group of
Holders of Registrable Securities without the consent of the Holders of a majority of the Registrable Securities that are held
by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of
the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of
such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent
to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement
shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same
or any other obligations of that Person under this Agreement.

 

    	19

    	 

    

 

12.7 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together
shall constitute but one and the same instrument.

 

12.8 Remedies.
The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without posting a bond
or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other
rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable
harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies
existing hereunder, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or
equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions
of this Agreement.

 

12.9 Severability.
If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated thereby, and the parties hereto shall use their reasonable best efforts to find and employ
an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant
or restriction, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest
extent permitted by law.

 

12.10 No Recourse.
Notwithstanding anything to the contrary in this Agreement, the Company and each Holder of Registrable Securities agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had
against any current or future director, officer, employee, general or limited partner or member of any Holder of Registrable Securities
or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding,
or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder
of Registrable Securities or any current or future member of any Holder of Registrable Securities or any current or future director,
officer, employee, partner or member of any Holder of Registrable Securities or of any Affiliate or assignee thereof, as such for
any obligation of any Holder of Registrable Securities under this Agreement or any documents or instruments delivered in connection
with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

12.11 Entire Agreement.
This Agreement is intended by the parties hereto as a final expression of their agreement and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein
and the registration rights granted by the Company with respect to the Registrable Securities.

 

    	20

    	 

    

 

12.12 Other Registration
Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to
require the Company to register any securities of the Company for sale or to include such securities of the Company in any registration
filed by the Company for the sale of securities for its own account or for the account of any other person. This Agreement supersedes
any other registration rights agreement or similar agreement with any Holder, including, without limitation, the Prior Agreement,
and the Prior Agreement is hereby terminated. After the date of this Agreement, the Company shall not enter into any agreement
with any Holder or prospective Holder of any securities of the Company that would grant such Holder registration rights on a parity
with or senior to those granted to the Holders hereunder without the prior written consent of the Holders at the time in question.

 

12.13 Further Assurances.
At any time or from time to time after the date hereof, the parties hereto agree to cooperate with each other, and at the request
of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other
party may reasonably request in order to evidence or effect the consummation of the transactions contemplated hereby and to otherwise
carry out the intent of the parties hereunder.

 

12.14 No Inconsistent
Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with
or violates the rights granted to the Holders of Registrable Securities in this Agreement.

 

[SIGNATURES APPEAR ON
SUCCEEDING PAGES]

 

    	21

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Registration Rights Agreement on the date first written above.

 

	 	COMPANY:
	 	 
	 	TECNOGLASS INC.
	 	 
	 	By:	/s/ B. Luke Weil
	 	Name: B. Luke Weil
	 	Title: Chief Executive Officer
	 	 
	 	HOLDERS:
	 	 
	 	CHILD’S TRUST F/B/O FRANCESCA 

WEIL U/A DATED MARCH 4, 2010
	 	 
	 	By:	/s/ John C. Novogrod
	 	Name: John C. Novogrod
	 	Title: Trustee
	 	 
	 	CHILD’S TRUST F/B/O ALEXANDER 

WEIL U/A DATED MARCH 4, 2010
	 	 
	 	By:	/s/ John C. Novogrod
	 	Name: John C. Novogrod
	 	Title: Trustee
	 	 
	 	CHILD’S TRUST F/B/O BENJAMIN 

LUKE WEIL U/A DATED MARCH 4, 

2010
	 	 
	 	By:	/s/ John C. Novogrod
	 	Name: John C. Novogrod
	 	Title: Trustee
	 	 
	 	/s/ B. Luke Weil
	 	Name: B. Luke Weil
	 	 
	 	/s/ Julio A. Torres
	 	Name: Julio A. Torres

 

    	 

    	 

    

 

	 	/s/ Martha L. Byorum
	 	Name: Martha L. Byorum
	 	 
	 	CAPITAL ADVISORY PARTNERS L.A.
	 	 
	 	By:	/s/ Carolina Suarez
	 	Name: Carolina Suarez
	 	Title: Legal Representative
	 	 
	 	/s/ Eduardo Robayo
	 	Name: Eduardo Robayo
	 	 
	 	LWEH LLC
	 	 
	 	By:	/s/ A. Lorne Weil
	 	Name: A. Lorne Weil
	 	Title: Initial Stockholder
	 	 
	 	/s/ Robert Stevens
	 	Name: Robert Stevens
	 	 
	 	/s/ Eric Carrera
	 	Name: Eric Carrera
	 	 
	 	EARLYBIRDCAPITAL, INC.
	 	 
	 	By:	/s/ Steven Levine
	 	Name: Steven Levine
	 	Title: CEO
	 	 
	 	GRAUBARD MILLER
	 	 
	 	By:	/s/ Jeff Gallant
	 	Name: Jeff Gallant
	 	Title: Partner

 

    	 

    	 

    

 

	 	A. LORNE WEIL 2006 IRREVOCABLE
	 	TRUST – FAMILY INVESTMENT
	 	TRUST
	 	 
	 	By:	/s/ William M. Hearn
	 	Name: William M. Hearn
	 	Title: Senior Vice President
	 	 
	 	/s/ Marjorie Hernandez
	 	Name: Marjorie Hernandez

 

    	 

    	 

    

 

	 	Jose Daes, on behalf of himself and as
	 	Representative for Energy Holding
	 	Corporation
	 	 
	 	By:	/s/ Jose Daes
	 	Name:  Jose Daes
	 	Its: Representative

 

    	 

    	 

    

 

Schedule of Investors

 

	Name:	 	Address:
	 	 	 
	Child Trust f/b/o Francesca Weil u/a dated March 4, 2010	 	
        John C. Novogrod

        1177 Avenue of the Americas

        New York, New York 10036

	 	 	 
	Child Trust f/b/o Alexander Weil u/a dated March 4, 2010	 	
        John C. Novogrod

        1177 Avenue of the Americas

        New York, New York 10036

	 	 	 
	Child Trust f/b/o Benjamin Luke Weil u/a dated March 4, 2010	 	
        John C. Novogrod

        1177 Avenue of the Americas

        New York, New York 10036

	 	 	 
	B. Luke Weil	 	
        [___________]

        [___________]

	 	 	 
	Julio A. Torres	 	
        13621 Deering Bay Drive #404

        Coral Gables, FL, 33158 

	 	 	 
	Martha L. Byorum	 	
        [___________]

        [___________]

	 	 	 
	
        Capital Advisory Partners L.A.

         
	 	
        Carrera 10 # 28-49

        Torre A, Oficina 20-05

        Bogotá, Colombia

	 	 	 
	
        Eduardo Robayo

         
	 	
        Carrera 7 No. 93A- 35

        Torre A , Apt 505

        Bogota, Colombia 

	 	 	 
	
        LWEH LLC

         
	 	
        [___________]

        [___________]

	 	 	 
	
        Robert Stevens

         
	 	
        [___________]

        [___________]

	 	 	 
	
        Eric Carrera

         
	 	
        2 Beachway

        Port Washington, NY 11050

	 	 	 
	
        EarlyBirdCapital, Inc.

         
	 	
        275 Madison Avenue, 27th Floor

        New York, New York 10016

        Attn: Steven Levine

 

    	 

    	 

    

 

	Name:	 	Address:
	
        Graubard Miller

         
	 	
        The Chrysler Building

        405 Lexington Ave.

        New York, New York 10174

        Attn: David Alan Miller, Esq.

	 	 	 
	
        A. Lorne Weil 2006 Irrevocable Trust –
        Family 

Investment Trust

         
	 	
        c/o William M. Hearn 

        Senior Vice President 

        Neuberger Berman Trust Company 

        919 N. Market Street, Suite 506 

        Wilmington, DE 19801 

	 	 	 
	Marjorie Hernandez	 	
        HSBC Bank USA

        452 Fifth Ave

        New York, NY 10018 

	 	 	 
	Energy Holding Corporation	 	
        Avalon Management Limited

        Landmark Square, 1st Floor

        64 Earth Close, West Bay Beach South

        P.O. Box 715

        Grand Cayman KY1-1107, Cayman Islands

        Attention: Jose Daes, Representative

 

    	 

    	 

    

 

Exhibit A

 

Addendum Agreement

 

This Addendum Agreement
(“Addendum Agreement”) is executed on _______, 20__, by the undersigned (the “New Holder”)
pursuant to the terms of that certain Amended and Restated Registration Rights Agreement dated as of December 20, 2013 (the “Agreement”),
by and among the Company and the Holders identified therein, as such Agreement may be amended, supplemented or otherwise modified
from time to time. Capitalized terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed
to such terms in the Agreement. By the execution of this Addendum Agreement, the New Holder agrees as follows:

 

		1.1	Acknowledgment. New Holder acknowledges that New Holder is acquiring certain Ordinary Shares
of the Company (the “Stock”) [or other equity securities of the Company that are convertible, exercisable or
exchangeable for Ordinary Shares of the Company (the “Convertible Securities”)] as a transferee of such Stock
[or Convertible Securities] from a party in such party’s capacity as a “Holder” under the Agreement, and after
such transfer, New Holder shall be considered a “Holder” for all purposes under the Agreement.

 

		1.2	Agreement. New Holder hereby (a) agrees that the Stock [or Convertible Securities] shall
be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if the New
Holder were originally a party thereto.

 

		1.3	Notice. Any notice required or permitted by the Agreement shall be given to New Holder at
the address or facsimile number listed below New Holder’s signature below.

 

	NEW HOLDER:	 	ACCEPTED AND AGREED:
	 	 	 
	Print Name:  	 	 	TECNOGLASS INC.
	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 
	 	 	 	 
	Address:	 	 	 
	 	 	 
	 	 	 

 

	Facsimile Number:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]