Document:

EXHIBIT 4.3

 

Virtu Financial,
Inc. Amended and Restated 2015 Management Incentive Plan

1.     
Purpose and History. The Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan (the “Plan”)
is intended to help Virtu Financial, Inc., a Delaware corporation (including any successor thereto, the “Company”)
and its Affiliates (i) attract and retain key personnel by providing them the opportunity to acquire an equity interest in the Company
or other incentive compensation measured by reference to the value of Common Stock and (ii) align the interests of key personnel with
those of the Company’s shareholders. The Virtu Financial, Inc. 2015 Management Incentive Plan was originally adopted by the Board
on April 3, 2015.

2.     
Effective Date; Duration. The Plan shall be effective as of June 30, 2017 (the “Effective Date”). The
expiration date of the Plan, on and after which date no Awards may be granted, shall be the tenth anniversary of the Effective Date; provided,
however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue
to apply to such Awards.

3.     
Definitions. The following definitions shall apply throughout the Plan.

(a)     
“Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or is under
common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant
interest. The term “control” (including, with correlative meaning, the terms “controlled by” and “under
common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities,
by contract or otherwise.

(b)     
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award and/or Performance Compensation Award granted under the Plan.

(c)     
“Beneficial Ownership” has the meaning set forth in Rule 13d-3 promulgated under Section 13 of the Exchange
Act.

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

(e)     
“Cause” means, in the case of a particular Award, unless the applicable Award agreement states otherwise, the
Company or an Affiliate having “cause” to terminate the Participant’s employment or service, (i) as such term is defined
in any employment, consulting, change-in-control, severance or any other agreement between the Participant and the Company or an Affiliate
in effect at the time of such termination or (ii) in the absence of any such employment, consulting, change-in-control, severance or other
agreement (or the absence of any definition of “cause” or term of similar import therein), due to the Participant’s
(A) willful misconduct or gross neglect of his duties; (B) having engaged in conduct harmful (whether financially, reputationally or otherwise)
to the Company or an Affiliate; (C) failure or refusal to perform his duties; (D) conviction of, or guilty or no contest plea to, a felony
or any crime involving dishonesty or moral turpitude; (E) willful violation of the written policies of the Company or an Affiliate; (F)
misappropriation or misuse of Company or Affiliate funds or property or other act of personal dishonesty in connection with his employment;
or (G) willful breach of fiduciary duty. The determination of whether Cause exists shall be made by the Committee in its sole discretion.

(f)     
“Change in Control” shall, in the case of a particular Award, unless the applicable Award agreement (or any
employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate) states
otherwise, be deemed to occur upon any of the following events:

(i)     
the acquisition by any Person of Beneficial Ownership of 30% or more (on a fully diluted basis) of either (A) the then outstanding
shares of Common Stock, including Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock
or debt, and the exercise of any similar right to acquire such Common Stock (including, but not limited, to the exercise of any rights
to exchange non-voting common interest units of Virtu Financial LLC and paired shares of Class C common stock or Class D common stock
for shares of Class A Common Stock or Class B common

     

     

    

stock, and any rights to exchange or convert Class B common
stock for Class A Common Stock); or (B) the combined voting power of the then outstanding voting securities of the Company entitled to
vote in the election of directors (the “Outstanding Company Voting Securities”); but excluding any acquisition by the
Company or any of its Affiliates, or by Vincent Viola, his Permitted Transferees or any of their respective Affiliates or by any employee
benefit plan sponsored or maintained by the Company or any of its Affiliates;

(ii)     
a change in the composition of the Board such that members of the Board during any consecutive 12-month period (the “Incumbent
Directors”) cease to constitute a majority of the Board. Any person becoming a director through election or nomination for election
approved by a valid vote of at least two-thirds of the Incumbent Directors shall be deemed an Incumbent Director; provided, however,
that no individual becoming a director as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12
of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual or threatened solicitation of proxies or consents
by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

(iii)     
the approval by the shareholders of the Company of a plan of complete dissolution or liquidation of the Company; or (iv) the consummation
of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company (a “Business Combination”), or sale, transfer or other disposition of all or substantially all of the business
or assets of the Company to an entity that is not an Affiliate of the Company (a “Sale”), unless immediately following
such Business Combination or Sale: (A) more than 50% of the total voting power of the entity resulting from such Business Combination
or the entity that acquired all or substantially all of the business or assets of the Company in such Sale (in either case, the “Surviving
Company”), or the ultimate parent entity that has Beneficial Ownership of sufficient voting power to elect a majority of the
board of directors (or analogous governing body) of the Surviving Company (the “Parent Company”), is represented by
the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination or Sale (or, if applicable,
is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination or
Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding
Company Voting Securities among the holders thereof immediately prior to the Business Combination or Sale, (B) no Person (other than any
employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is or becomes the beneficial owner, directly
or indirectly, of 30% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of
directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) and (C) at
least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no
Parent Company, the Surviving Company) following the consummation of the Business Combination or Sale were Board members at the time of
the Board’s approval of the execution of the initial agreement providing for such Business Combination or Sale.

(g)     
“Class A Common Stock” means the Class A common stock of the Company, par value $0.00001 per share (and any
stock or other securities into which such common shares may be converted or into which it may be exchanged).

(h)     
“Class B Common Stock” means the Class B common stock of the Company, par value $0.00001 per share.

(i)     
“Class C Common Stock” means the Class C common stock of the Company, par value $0.00001 per share.

(j)     
“Class D Common Stock” means the Class D common stock of the Company, par value $0.00001 per share.

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(k)     
 “Code” means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto. References to any
section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments
or successors thereto.

(l)     
“Committee” means the Compensation Committee of the Board or subcommittee thereof if required with respect to
actions taken to obtain the exception for performance-based compensation under Section 162(m) of the Code or to comply with Rule 16b-3
promulgated under the Exchange Act in respect of Awards or, if no such Compensation Committee or subcommittee thereof exists, the Board.

(m)     
“Common Stock” means collectively or individually the Class A Common Stock.

(n)     
“Disability” means cause for termination of the Participant’s employment or service due to a determination
that the Participant is disabled in accordance with a long-term disability insurance program maintained by the Company or a determination
by the U.S. Social Security Administration that the Participant is totally disabled.

(o)     
“Eligible Person” means any (i) individual employed by the Company or an Affiliate; provided, however,
that no such employee covered by a collective bargaining agreement shall be an Eligible Person; (ii) director or officer of the Company
or an Affiliate; (iii) consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8 under
the Securities Act; or (iv) prospective employee, director, officer, consultant or advisor who has accepted an offer of employment or
consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he begins employment
with or providing services to the Company or its Affiliates.

(p)     
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto. References
to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successors thereto.

(q)     
“Fair Market Value” means, on a given date, (i) if the Common Stock is listed on a national securities exchange,
the closing sales price of the Common Stock reported on such exchange on such date, or, if there is no such sale on that date, then on
the last preceding date on which such a sale was reported; or (ii) if the Common Stock is not listed on any national securities exchange,
the amount determined by the Committee in good faith to be the fair market value of the Common Stock.

(r)     
“Incentive Stock Option” means an Option which is designated by the Committee as an incentive stock option as
described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

(s)     
“NASDAQ” means The Nasdaq Global Market.

(t)     
“Nonqualified Stock Option” means an Option which is not designated by the Committee as an Incentive Stock Option.

(u)     
“Option” means an Award granted under Section 7 of the Plan.

(v)     
“Performance Compensation Award” means an Award designated by the Committee as a Performance Compensation Award
pursuant to Section 11 of the Plan.

(w)     
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of
establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan.

(x)     
“Performance Formula” shall mean, for a Performance Period, the one or more objective formulae applied against
the relevant Performance Goal to determine, with regard to the Performance Compensation

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Award of a particular Participant, whether all, some portion but
less than all, or none of the Performance Compensation Award has been earned for the Performance Period.

(y)     
“Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee
for the Performance Period based upon the Performance Criteria.

(z)     
“Performance Period” shall mean the one or more periods of time as the Committee may select, over which the
attainment of one or more Performance Goals will be measured for the purpose of determining the Participant’s right to, and the
payment of, a Performance Compensation Award.

(aa)     
“Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of Common Stock of the Company.

(bb)     
“Restricted Stock” means an Award of Common Stock, subject to certain specified restrictions, granted under
Section 9 of the Plan.

(cc)     
“Restricted Stock Unit” means an Award of an unfunded and unsecured promise to deliver shares of Common Stock,
cash, other securities or other property, subject to certain specified restrictions, granted under Section 9 of the Plan.

(dd)     
“Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor thereto. Reference in
the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

(ee)     
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of the Plan.

4.     
Administration.

(a)     
The Committee shall administer the Plan, and shall have the sole and plenary authority to: (i) designate Participants; (ii) determine
the type, size, and terms and conditions of Awards to be granted; (iii) determine the method by which an Award may be settled, exercised,
canceled, forfeited, or suspended; (iv) determine the circumstances under which the delivery of cash, property or other amounts payable
with respect to an Award may be deferred either automatically or at the Participant’s or Committee’s election; (v) interpret
and administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any Award granted under,
the Plan; (vi) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate
for the proper administration of the Plan; (vii) accelerate the vesting, delivery or exercisability of, payment for or lapse of restrictions
on, or waive any condition in respect of, Awards; and (viii) make any other determination and take any other action that the Committee
deems necessary or desirable for the administration of the Plan or to comply with any applicable law, including Section 162(m) of the
Code. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if applicable and if the
Board is not acting as the Committee under the Plan) or necessary to obtain the exception for performance-based compensation under Section
162(m) of the Code, or any exception or exemption under the rules of NASDAQ or any other securities exchange or inter-dealer quotation
service on which the Common Stock is listed or quoted, as applicable, it is intended that each member of the Committee shall, at the time
he takes any action with respect to an Award under the Plan, be (i) a “non-employee director” within the meaning of Rule 16b-3
promulgated under the Exchange Act and (ii) an “outside director” within the meaning of Section 162(m) of the Code and/or
(iii) an “independent director” under the rules of NASDAQ or any other securities exchange or inter-dealer quotation service
on which the Common Stock is listed or quoted (“Eligible Director”). However, the fact that a Committee

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member shall fail to qualify as an Eligible Director shall not invalidate
any Award granted or action taken by the Committee that is otherwise validly granted or taken under the Plan.

(b)     
The Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate
all or any part of its responsibilities and powers to any person(s) selected by it, except for grants of Awards to persons (i) who are
non-employee members of the Board or otherwise are subject to Section 16 of the Exchange Act or (ii) who are or may reasonably be expected
to be “covered employees” for purposes of Section 162(m) of the Code. Any such allocation or delegation may be revoked by
the Committee at any time.

(c)     
As further set forth in Section 15(f) of the Plan, the Committee shall have the authority to amend the Plan and Awards to the extent
necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on terms and conditions
comparable to those afforded to Eligible Persons located within the United States; provided, however, that no such action
shall be taken without shareholder approval if such approval is required by applicable law or regulation.

(d)     
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions regarding
the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee,
may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company,
any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.

(e)     
No member of the Board, the Committee or any employee or agent of the Company (each such person, an “Indemnifiable Person”)
shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder
(unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by
the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred
by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may
be involved as a party, witness or otherwise by reason of any action taken or omitted to be taken or determination made under the Plan
or any Award agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval (not
to be unreasonably withheld), in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such
action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses
promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance
if it shall ultimately be determined as provided below that the Indemnifiable Person is not entitled to be indemnified); provided,
that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company
gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of recognized standing
of the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent
that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person
determines that the acts or omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted
from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited
by law or by the Company’s Certificate of Incorporation or By-laws. The foregoing right of indemnification shall not be exclusive
of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s
Certificate of Incorporation or By-laws, as a matter of law, individual indemnification agreement or contract or otherwise, or any other
power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

(f)     
The Board may at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. In any such
case, the Board shall have all the authority granted to the Committee under the Plan.

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5.     
 Grant of Awards; Shares Subject to the Plan; Limitations.

(a)     
The Committee may grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards
and/or Performance Compensation Awards to one or more Eligible Persons.

(b)     
Subject to Section 12 of the Plan and subsection (e) below, the following limitations apply to the grant of Awards: (i) no more
than 26,000,000 shares of Class A Common Stock may be delivered in the aggregate pursuant to Awards granted under the Plan; (ii) no more
than 1,000,000 shares of Class A Common Stock may be subject to grants of Options or SARs under the Plan to any single Participant during
any 12-month period; provided, however, that the limitation set forth in this clause (ii) shall not apply to the initial
grant of Options to Vincent Viola in connection with the Company’s initial public offering; (iii) no more than 26,000,000 shares
of Class A Common Stock may be delivered pursuant to the exercise of Incentive Stock Options granted under the Plan; (iv) no more than
1,000,000 shares of Class A Common Stock may be delivered in respect of Performance Compensation Awards denominated in shares of Common
Stock granted pursuant to Section 11 of the Plan to any Participant for a single Performance Period (or with respect to each single fiscal
year in the event a Performance Period extends beyond a single fiscal year), or in the event such Performance Compensation Award is paid
in cash, other securities, other Awards or other property, no more than the Fair Market Value of 1,000,000 shares of Class A Common Stock
on the last day of the Performance Period to which such Award relates; (v) the maximum amount that can be paid to any individual Participant
for a single fiscal year during a Performance Period (or with respect to each single year in the event a Performance Period extends beyond
a single year) pursuant to a Performance Compensation Award denominated in cash described in Section 11(a) of the Plan shall be $10,000,000;
and (vi) the maximum amount (based on the Fair Market Value of shares of Common Stock on the date of grant as determined in accordance
with applicable financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee director shall
be $300,000; provided, that the foregoing limitation shall not apply in respect of any Restricted Stock Units issued to a non-employee
director in lieu of payment of cash director compensation or board or committee fees or in respect of any one-time initial equity grant
upon a non-employee director’s appointment to the Board.

(c)     
Shares of Common Stock shall be deemed to have been used in settlement of Awards whether or not they are actually delivered or
the Fair Market Value equivalent of such shares is paid in cash; provided, however, that if shares of Common Stock issued
upon exercise, vesting or settlement of an Award, or shares of Common Stock owned by the Participant are surrendered or tendered to the
Company in payment of the Exercise Price or any taxes required to be withheld in respect of an Award, in each case, in accordance with
the terms and conditions of the Plan and any applicable Award agreement, such surrendered or tendered shares shall again become available
for other Awards; provided, further, that in no event shall such shares increase the number of shares of Common Stock that
may be delivered pursuant to Incentive Stock Options. If and to the extent all or any portion of an Award expires, terminates or is canceled
or forfeited for any reason without the Participant having received any benefit therefrom, the shares covered by such Award or portion
thereof shall again become available for other Awards. For purposes of the foregoing sentence, the Participant shall not be deemed to
have received any “benefit” (i) in the case of forfeited Restricted Stock by reason of having enjoyed voting rights and dividend
rights prior to the date of forfeiture or (ii) in the case of an Award canceled by reason of a new Award being granted in substitution
therefor.

(d)     
Shares of Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the
treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

(e)     
The Committee may grant Awards in assumption of, or in substitution for, outstanding awards previously granted by the Company or
any Affiliate or an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”),
and such Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available for Awards; provided,
that Substitute Awards issued or intended as “incentive stock options” within the meaning of Section 422 of the Code shall
be counted against the aggregate number of Incentive Stock Options available under the Plan.

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6.     
 Eligibility. Participation shall be limited to Eligible Persons who have been selected by the Committee and who have entered
into an Award agreement with respect to an Award granted to them under the Plan (each such Eligible Person, a “Participant”).

7.     
Options.

(a)     
Generally. Each Option shall be subject to the conditions set forth in the Plan and in the Award agreement. All Options
granted under the Plan shall be Nonqualified Stock Options unless the Award agreement expressly states otherwise. Incentive Stock Options
shall be granted only subject to and in compliance with Section 422 of the Code, and only to Eligible Persons who are employees of the
Company and its Affiliates and who are eligible to receive an Incentive Stock Option under the Code. If for any reason an Option intended
to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

(b)     
Exercise Price. The exercise price (“Exercise Price”) per share of Common Stock for each Option shall
not be less than 100% of the Fair Market Value of such share, determined as of the date of grant. Any modification to the Exercise Price
of an outstanding Option shall be subject to the prohibition on repricing set forth in Section 14(b).

(c)     
Vesting, Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration
of Options. The period between date of grant and the scheduled expiration date of the Option (“Option Period”) shall
not exceed ten years, unless the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading
in the shares of Common Stock is prohibited by the Company’s securities trading policy or a Company-imposed “blackout period”,
in which case the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition (so long
as such extension shall not violate Section 409A of the Code). The Committee may accelerate the vesting and/or exercisability of any Option,
which acceleration shall not affect any other terms and conditions of such Option.

(d)     
Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of an Option
until the Participant has made payment in full to the Company of the Exercise Price and an amount equal to any U.S. Federal, state and
local income and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required
to be withheld. Options may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including
a third party administrator) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price
and all applicable required withholding taxes shall be payable (i) in cash, check, cash equivalent and/or shares of Common Stock valued
at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of
attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company); provided,
that such shares of Common Stock are not subject to any pledge or other security interest; or (ii) by such other method as the Committee
may permit, including without limitation: (A) in other property having a Fair Market Value on the date of exercise equal to the Exercise
Price and all applicable required withholding taxes; (B) if there is a public market for the shares of Common Stock at such time, by means
of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to
a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the
Company an amount equal to the Exercise Price and all applicable required withholding taxes; or (C) by means of a “net exercise”
procedure effected by withholding the minimum number of shares of Common Stock otherwise deliverable in respect of an Option that are
needed to pay for the Exercise Price and all applicable required withholding taxes. Notwithstanding the foregoing, unless otherwise determined
by the Committee, if on the last day of the Option Period, the Fair Market Value exceeds the Exercise Price, the Participant has not exercised
the Option, and the Option has not expired, such Option shall be deemed to have been exercised by the Participant on such last day by
means of a “net exercise” procedure described above. Any fractional shares of Common Stock shall be settled in cash.

(e)     
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option
under the Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Stock
acquired pursuant to the exercise of such

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Incentive Stock Option. A disqualifying disposition is any disposition
(including, without limitation, any sale) of such Common Stock before the later of (A) two years after the date of grant of the Incentive
Stock Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee
and in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any Common
Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence,
subject to complying with any instruction from such Participant as to the sale of such Common Stock.

(f)     
Compliance with Laws, etc. Notwithstanding the foregoing, in no event shall the Participant be permitted to exercise an
Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable
rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or
inter-dealer quotation service on which the Common Stock of the Company is listed or quoted.

(g)     
Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to the contrary in this Section 7, if an Incentive
Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock
of the Company or of a subsidiary or a parent of the Company, the Option Period shall not exceed five years from the date of grant of
such Option and the Option Price shall be at least 110% of the Fair Market Value (on the date of grant) of the shares subject to the Option.

(h)     
$100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined as of
the date of grant) of shares of Common Stock for which Incentive Stock Options are exercisable for the first time by any Participant during
any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified
Stock Options.

8.     
Stock Appreciation Rights (SARs).

(a)     
Generally. Each SAR shall be subject to the conditions set forth in the Plan and the Award agreement. Any Option granted
under the Plan may include a tandem SAR. The Committee also may award SARs independent of any Option.

(b)     
Strike Price. The strike price (“Strike Price”) per share of Common Stock for each SAR shall not be less
than 100% of the Fair Market Value of such share (determined as of the date of grant); provided, however, that a SAR granted
in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding
Option. Any modification to the Strike Price of an outstanding SAR shall be subject to the prohibition on repricing set forth in Section
14(b).

(c)     
Vesting and Expiration. A SAR granted in tandem with an Option shall become exercisable and shall expire according to the
same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independently of an Option shall vest and become
exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period,
not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however,
that notwithstanding any vesting or exercisability dates set by the Committee, the Committee may accelerate the vesting and/or exercisability
of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to vesting and/or exercisability.
If the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s securities trading
policy or a Company-imposed “blackout period”, the SAR Period shall be automatically extended until the 30th day following
the expiration of such prohibition (so long as such extension shall not violate Section 409A of the Code).

(d)     
Method of Exercise. SARs may be exercised by delivery of written or electronic notice of exercise to the Company or its
designee (including a third party administrator) in accordance with the terms of the Award, specifying the number of SARs to be exercised
and the date on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of
a SAR independent of an Option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the
SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has

    	 	8	 

     

    

expired, such SAR shall be deemed to have been exercised by the
Participant on such last day and the Company shall make the appropriate payment therefor.

(e)     
Payment. Upon the exercise of a SAR, the Company shall pay to the holder thereof an amount equal to the number of shares
subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on
the exercise date over the Strike Price, less an amount equal to any U.S. Federal, state and local income and employment taxes and non-U.S.
income and employment taxes, social contributions and any other tax-related items required to be withheld. The Company shall pay such
amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee. Any
fractional shares of Common Stock shall be settled in cash.

9.     
Restricted Stock and Restricted Stock Units.

(a)     
Generally. Each Restricted Stock and Restricted Stock Unit grant shall be subject to the conditions set forth in the Plan
and the Award agreement. The Committee shall establish restrictions applicable to such Restricted Stock and Restricted Stock Units, including
the period over which the restrictions shall apply (the “Restricted Period”), and the time or times at which Restricted
Stock or Restricted Stock Units shall become vested. The Committee may accelerate the vesting and/or the lapse of any or all of the restrictions
on the Restricted Stock and Restricted Stock Units, which acceleration shall not affect any other terms and conditions of such Awards.
No shares shall be issued at the time an Award of Restricted Stock Units is made, and the Company will not be required to set aside a
fund for the payment of any such Award.

(b)     
Stock Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause share(s)
of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions.
The Committee also may cause a stock certificate registered in the name of the Participant to be issued. In such event, the Committee
may provide that such certificates shall be held by the Company or in escrow rather than delivered to the Participant pending vesting
and release of restrictions, in which case the Committee may require the Participant to execute and deliver to the Company (i) an escrow
agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted
Stock. If the Participant shall fail to execute and deliver the escrow agreement and blank stock power within the amount of time specified
by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the Award agreement, the
Participant shall have the rights and privileges of a shareholder as to such Restricted Stock, including without limitation the right
to vote such Restricted Stock.

(c)     
Restrictions; Forfeiture. Restricted Stock and Restricted Stock Units awarded to the Participant shall be subject to forfeiture
until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, and shall
be subject to the restrictions on transferability set forth in the Award agreement. In the event of any forfeiture, all rights of the
Participant to such Restricted Stock (or as a shareholder with respect thereto), and/or to such Restricted Stock Units, as applicable,
including to any dividends and/or dividend equivalents that may have been accumulated and withheld during the Restricted Period in respect
thereof, shall terminate without further action or obligation on the part of the Company. The Committee shall have the authority to remove
any or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes
in applicable laws or other changes in circumstances arising after the date of the Restricted Stock Award or Restricted Stock Unit Award,
such action is appropriate.

(d)     
Delivery of Restricted Stock and Settlement of Restricted Stock Units.

(i)     
Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock and the attainment of any other vesting
criteria, the restrictions set forth in the applicable Award agreement shall be of no further force or effect, except as set forth in
the Award agreement. If an escrow arrangement is used, upon such expiration the Company shall deliver to the Participant or his beneficiary
(via book entry notation or, if applicable, in stock certificate form) the shares of Restricted Stock with respect to which the Restricted
Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable
to the Restricted Stock shall be distributed to the Participant in cash or in shares of Common Stock having a Fair Market Value (on

    	 	9	 

     

    

the date of distribution) equal to the amount of such dividends,
upon the release of restrictions on such share.

(ii)     
Unless otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period and the attainment
of any other vesting criteria established by the Committee, with respect to any outstanding Restricted Stock Units, the Company shall
deliver to the Participant, or his beneficiary (via book entry notation or, if applicable, in stock certificate form), one share of Common
Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit which has not then been forfeited
and with respect to which the Restricted Period has expired and any other such vesting criteria are attained (“Released Unit”);
provided, however, that the Committee may elect to (i) pay cash or part cash and part Common Stock in lieu of delivering
only shares of Common Stock in respect of such Released Units or (ii) defer the delivery of Common Stock (or cash or part Common Stock
and part cash, as the case may be) beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences
under Section 409A of the Code. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall
be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted
Stock Units. To the extent provided in an Award agreement, the holder of outstanding Restricted Stock Units shall be entitled to be credited
with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, if determined
by the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends (and interest may, if determined
by the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee),
which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted
Stock Units are settled following the release of restrictions on such Restricted Stock Units, and, if such Restricted Stock Units are
forfeited, the holder thereof shall have no right to such dividend equivalent payments.

(e)     
Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan, if any, shall bear a
legend substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of
all restrictions with respect to such Common Stock:

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY
IS RESTRICTED PURSUANT TO THE TERMS OF THE VIRTU FINANCIAL, INC.AMENDED AND RESTATED 2015 MANAGEMENT INCENTIVE PLAN AND A RESTRICTED STOCK
AWARD AGREEMENT, DATED AS OF , BETWEEN VIRTU FINANCIAL, INC. AND . A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL
EXECUTIVE OFFICES OF VIRTU FINANCIAL, INC.

10.     
Other Stock-Based Awards. The Committee may issue unrestricted Common Stock, rights to receive future grants of Awards,
or other Awards denominated in Common Stock (including performance shares or performance units), or Awards that provide for cash payments
based in whole or in part on the value or future value of shares of Common Stock under the Plan to Eligible Persons, alone or in tandem
with other Awards, in such amounts as the Committee shall from time to time determine (“Other Stock-Based Awards”).
Each Other Stock-Based Award shall be evidenced by an Award agreement which may include conditions including without limitation the payment
by the Participant of the Fair Market Value of such shares of Common Stock on the date of grant.

11.     
Performance Compensation Awards.

(a)     
Generally. The Committee shall have the authority, at or before the time of grant of any Award described in Sections 7 through
10 of the Plan, to designate such Award as a Performance Compensation Award intended to qualify as “performance-based compensation”
under Section 162(m) of the Code. In addition, the Committee shall have the authority to make an award of a cash bonus to any Participant
and designate such Award as a Performance Compensation Award intended to qualify as “performance based compensation” under
Section 162(m). Notwithstanding the foregoing, (i) any Award to a Participant who is a “covered employee” within the meaning
of Section 162(m) for a fiscal year that satisfies the requirements of this Section 11 may be treated as a

    	 	10	 

     

    

Performance Compensation Award in the absence of any such Committee
designation and (ii) if the Company determines that a Participant who has been granted an Award designated as a Performance Compensation
Award is not (or is no longer) a “covered employee” within the meaning of Section 162(m), the terms and conditions of such
Award may be modified without regard to any restrictions or limitations set forth in this Section 11 (but subject otherwise to the provisions
of Section 14 of the Plan).

(b)     
Discretion of Committee with Respect to Performance Compensation Awards. The Committee may select the length of a Performance
Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria used to establish the Performance Goal(s),
the kind(s) and/or level(s) of the Performance Goals(s) and the Performance Formula. Within the first 90 days of a Performance Period
(or the maximum period allowed under Section 162(m) of the Code), the Committee shall, with regard to the Performance Compensation Awards
to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding
sentence and record the same in writing (which may be in the form of minutes of a meeting of the Committee).

(c)     
Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) may be based on the
attainment of specific levels of performance of the Company (and/or one or more Affiliates, divisions or operational and/or business units,
product lines, brands, business segments, administrative departments, units, or any combination of the foregoing) and shall be limited
to the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per share (before or after taxes);
(iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating
profit (before or after taxes); (vi) return measures (including, but not limited to, return on investment, assets, capital, gross revenue
or gross revenue growth, invested capital, equity or sales); (vii) cash flow measures (including, but not limited to, operating cash flow,
free cash flow and cash flow return on capital), which may but are not required to be measured on a per-share basis; (viii) earnings before
or after taxes, interest, depreciation, and amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity
ratios; (xi) share price (including, but not limited to, growth measures and total shareholder return); (xii) expense targets or cost
reduction goals, general and administrative expense savings; (xiii) operating efficiency; (xiv) objective measures of customer satisfaction;
(xv) working capital targets; (xvi) measures of economic value added or other “value creation” metrics; (xvii) enterprise
value; (xviii) stockholder return; (xix) client retention; (xx) competitive market metrics; (xxi) employee retention; (xxii) objective
measures of personal targets, goals or completion of projects (including but not limited to succession and hiring projects, completion
of specific acquisitions, reorganizations or other corporate transactions or capital-raising transactions, expansions of specific business
operations and meeting divisional or project budgets); (xxiii) system-wide revenues; (xxiv) cost of capital, debt leverage year-end cash
position or book value; (xxv) strategic objectives, development of new product lines and related revenue, sales and margin targets, or
international operations; or (xxvi) any combination of the foregoing. Any one or more of the Performance Criteria may be stated as a percentage
of another Performance Criteria, or a percentage of a prior period’s Performance Criteria, or used on an absolute, relative or adjusted
basis to measure the performance of the Company and/or one or more Affiliates as a whole or any divisions or operational and/or business
units, product lines, brands, business segments, administrative departments of the Company and/or one or more Affiliates or any combination
thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a group
of comparator companies, or a published or special index that the Committee deems appropriate, or as compared to various stock market
indices. The Committee also has the authority to provide for accelerated vesting, delivery and exercisability of any Award based on the
achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent required under Section
162(m) of the Code, the Committee shall, within the first 90 days of a Performance Period (or within the maximum period allowed under
Section 162(m) of the Code), define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such
Performance Period.

(d)     
Modification of Performance Goal(s). The Committee may alter Performance Criteria without obtaining shareholder approval
if applicable tax and/or securities laws so permit. The Committee may modify the calculation of a Performance Goal during the first 90
days of a Performance Period (or within the maximum period allowed under Section 162(m) of the Code), or at any time thereafter if the
change would not cause any Performance Compensation Award to fail to qualify as “performance-based compensation” under Section
162(m), to reflect any of the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect
of changes in tax laws, accounting principles, or other laws or regulatory rules affecting

    	 	11	 

     

    

reported results; (iv) any reorganization and restructuring programs;
(v) extraordinary nonrecurring items as described in Accounting Standards Codification Topic 225-20 (or any successor pronouncement thereto)
and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s
annual report to shareholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific unusual or nonrecurring
events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; (ix) discontinued operations and nonrecurring
charges; and (x) a change in the Company’s fiscal year.

(e)     
Payment of Performance Compensation Awards.

(i)     
Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement or any employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, the Participant must be employed
by or rendering services for the Company or an Affiliate on the last day of a Performance Period to be eligible for payment in respect
of a Performance Compensation Award for such Performance Period.

(ii)     
Limitation. Unless otherwise provided in the applicable Award agreement, or any employment, consulting, change-in-control,
severance or other agreement between the Participant and the Company or an Affiliate, the Participant shall be eligible to receive payment
or delivery, as applicable, in respect of a Performance Compensation Award only to the extent the Committee determines that: (A) the Performance
Goals for such period are achieved, as determined by the Committee; and (B) all or some of the portion of such Participant’s Performance
Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance
Goals, as determined by the Committee; provided, however, that if so provided by the Committee in its sole discretion, in
the event of (x) the termination of the Participant’s employment or service by the Company other than for Cause (and other than
due to death or Disability), in each case within 12 months following a Change in Control, or (y) the termination of a Participant’s
employment or service due to the Participant’s death or Disability, the Participant shall receive payment in respect of a Performance
Compensation Award based on (1) actual performance through the date of termination as determined by the Committee, or (2) if the Committee
determines that measurement of actual performance cannot be reasonably assessed, the assumed achievement of target performance as determined
by the Committee (but not to the extent that application of this clause (2) would cause Section 162(m) of the Code to result in the loss
of the deduction of the compensation payable in respect of such Performance Compensation Award for any Participant reasonably expected
to be a “covered employee” within the meaning of Section 162(m) of the Code), in each case prorated based on the time elapsed
from the date of grant to the date of termination of employment or service.

(iii)     
Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing (which
may be in the form of minutes of a meeting of the Committee) whether, and to what extent, the Performance Goals for the Performance Period
have been achieved and, if so, calculate and certify in writing (which may be in the form of minutes of a meeting of the Committee) that
amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine
the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period and, in so doing, may
apply discretion to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code. Unless
otherwise provided in the applicable Award agreement, the Committee shall not have the discretion to (A) provide payment or delivery in
respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been
attained; or (B) increase a Performance Compensation Award above the applicable limitations set forth in Section 5 of the Plan.

(f)     
Timing of Award Payments. Unless otherwise provided in the applicable Award agreement, Performance Compensation Awards granted
for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the certifications
required by this Section 11. Any Performance Compensation Award that has been deferred shall not (between the date as of which the Award
is deferred and the payment date) increase (i) with respect to a Performance Compensation Award that is payable in cash, by a measuring
factor for each fiscal year greater than a reasonable rate of interest set by the Committee or (ii) with respect to a Performance Compensation
Award that is payable in shares of Common Stock, by an amount

    	 	12	 

     

    

greater than the appreciation of a share of Common Stock from the
date such Award is deferred to the payment date. Unless otherwise provided in an Award agreement, any Performance Compensation Award that
is deferred and is otherwise payable in shares of Common Stock shall be credited (during the period between the date as of which the Award
is deferred and the payment date) with dividend equivalents (in a manner consistent with the methodology set forth in the last sentence
of Section 9(d)(ii)).

12.     
Changes in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or
other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange
of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or
other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control)
that affects the shares of Common Stock, or (b) unusual or nonrecurring events (including, without limitation, a Change in Control) affecting
the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations
or other requirements of any governmental body or securities exchange or inter-dealer quotation service, accounting principles or law,
such that in any case an adjustment is determined by the Committee to be necessary or appropriate, then the Committee shall make any such
adjustments in such manner as it may deem equitable, including without limitation any or all of the following: (i) adjusting any or all
of (A) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property)
which may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation,
adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without limitation,
(1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property)
subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award
or (3) any applicable performance measures (including, without limitation, Performance Criteria, Performance Formula and Performance Goals);
(ii) providing for a substitution or assumption of Awards (or awards of an acquiring company), accelerating the delivery, vesting and/or
exercisability of, lapse of restrictions and/or other conditions on, or termination of, Awards or providing for a period of time (which
shall not be required to be more than ten (10) days) for Participants to exercise outstanding Awards prior to the occurrence of such event
(and any such Award not so exercised shall terminate upon the occurrence of such event); and (iii) cancelling any one or more outstanding
Awards (or awards of an acquiring company) and causing to be paid to the holders thereof, in cash, shares of Common Stock, other securities
or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may
be based upon the price per share of Common Stock received or to be received by other shareholders of the Company in such event), including
without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair
Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate
Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having
a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto
may be canceled and terminated without any payment or consideration therefor); provided, however, that the Committee shall
make an equitable or proportionate adjustment to outstanding Awards to reflect any “equity restructuring” (within the meaning
of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Except as otherwise determined
by the Committee, any adjustment in Incentive Stock Options under this Section 12 (other than any cancellation of Incentive Stock Options)
shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and
any adjustments under this Section 12 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule
16b-3 promulgated under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice,
such adjustment shall be conclusive and binding for all purposes.

13.     
Effect of Change in Control. Except to the extent otherwise provided in an Award agreement, or any applicable employment,
consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, in the event of a
Change in Control, notwithstanding any provision of the Plan to the contrary:

(a)     
In the event the Participant’s employment with the Company or an Affiliate is terminated by the Company or Affiliate without
Cause (and other than due to death or Disability) on or within 12 months

    	 	13	 

     

    

following a Change in Control, the Committee may provide that all
Options and SARs held by such Participant shall become immediately exercisable with respect to 100% of the shares subject to such Options
and SARs, and that the Restricted Period (and any other conditions) shall expire immediately with respect to 100% of the shares of Restricted
Stock and Restricted Stock Units and any other Awards held by such Participant (including a waiver of any applicable Performance Goals);
provided, that in the event the vesting or exercisability of any Award would otherwise be subject to the achievement of performance
conditions, the portion of such Award that shall become fully vested and immediately exercisable shall be based on the assumed achievement
of target performance as determined by the Committee and prorated for the number of days elapsed from the grant date of such Award through
the date of termination.

(b)     
In addition, the Committee may upon at least ten (10) days’ advance notice to the affected persons, cancel any outstanding
Award and pay to the holders thereof, in cash, securities or other property (including of the acquiring or successor company), or any
combination thereof, the value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders
of the Company in the event. Notwithstanding the above, the Committee shall exercise such discretion over any Award subject to Code Section
409A at the time such Award is granted.

To the extent practicable, the provisions of
this Section 13 shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control
transaction with respect to the Common Stock subject to their Awards.

14.     
Amendments and Termination.

(a)     
Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without
shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including,
without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation service
on which the shares of Common Stock may be listed or quoted, for changes in GAAP to new accounting standards, or to prevent the Company
from being denied a tax deduction under Section 162(m) of the Code); provided, further, that any such amendment, alteration,
suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary
of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary,
unless the Committee determines that such amendment, alteration, suspension, discontinuance or termination either is required or advisable
in order for the Company, the Plan or the Award to satisfy any applicable law or regulation. Notwithstanding the foregoing, no amendment
shall be made to the last proviso of Section 14(b) without shareholder approval.

(b)     
Amendment of Award Agreements. The Committee may, to the extent not inconsistent with the terms of any applicable Award
agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award agreement, prospectively or retroactively (including after the Participant’s termination of employment
or service with the Company); provided, that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall
not to that extent be effective without the consent of the affected Participant unless the Committee determines that such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination either is required or advisable in order for the Company, the Plan
or the Award to satisfy any applicable law or regulation; provided, further, that except as otherwise permitted under Section
12 of the Plan, if (i) the Committee reduces the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee cancels
any outstanding Option or SAR and replaces it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be)
or other Award or cash in a manner which would either (A) be reportable on the Company’s proxy statement or Form 10-K (if applicable)
as Options which have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act),
or (B) result in any “repricing” for financial statement reporting purposes (or otherwise cause the Award to fail to qualify
for equity accounting treatment) or (iii) the Committee takes any other action which is considered a “repricing” for purposes
of the shareholder approval rules of the applicable securities exchange or inter-dealer quotation service on which the Common Stock is
listed or quoted,

    	 	14	 

     

    

then, in the case of the immediately preceding clauses (i) through
(iii), any such action shall not be effective without shareholder approval.

15.     
General.

(a)     
Award Agreements; Other Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered
to the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. An Award agreement may be
in written or electronic form and shall be signed (either in written or electronic form) by the Participant and a duly authorized representative
of the Company. The terms of any Award agreement, or any employment, change-in-control, severance or other agreement in effect with the
Participant, may have terms or features different from and/or additional to those set forth in the Plan, and, unless expressly provided
otherwise in such Award or other agreement, shall control in the event of any conflict with the terms of the Plan.

(b)     
Nontransferability.

(i)     
Each Award shall be exercisable only by the Participant during the Participant’s lifetime, or, if permissible under applicable
law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by the Participant other than by will or by the laws of descent and distribution and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided,
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

(ii)     
Notwithstanding the foregoing, the Committee may permit Awards (other than Incentive Stock Options) to be transferred by the Participant,
without consideration, subject to such rules as the Committee may adopt, to: (A) any person who is a “family member” of the
Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements
promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely
for the benefit of the Participant and his Immediate Family Members; (C) a partnership or limited liability company whose only partners
or shareholders are the Participant and his Immediate Family Members; or (D) any other transferee as may be approved either (1) by the
Board or the Committee, or (2) as provided in the applicable Award agreement; (each transferee described in clauses (A), (B), (C) and
(D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the Participant gives the
Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant
in writing that such a transfer would comply with the requirements of the Plan.

(iii)     
The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee
and any reference in the Plan, or in any applicable Award agreement, to the Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution;
(B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement
on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines,
consistent with any applicable Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the
Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been
required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the Participant’s
employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award agreement shall continue
to be applied with respect to the transferred Award, including, without limitation, that an Option shall be exercisable by the Permitted
Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award agreement.

(c)     
Dividends and Dividend Equivalents. The Committee may provide the Participant as part of an Award with dividends or dividend
equivalents, payable in cash, shares of Common Stock, other securities,

    	 	15	 

     

    

other Awards or other property, on a current or deferred basis,
on such terms and conditions as may be determined by the Committee, including, without limitation, payment directly to the Participant,
withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares of Common Stock, Restricted
Stock or other Awards; provided, that no dividends or dividend equivalents shall be payable in respect of outstanding (i) Options
or SARs or (ii) unearned Performance Compensation Awards or other unearned Awards subject to performance conditions (other than or in
addition to the passage of time); provided, further, that dividend equivalents may be accumulated in respect of unearned
Awards and paid as soon as administratively practicable, but no more than 60 days, after such Awards are earned and become payable or
distributable (and the right to any such accumulated dividends or dividend equivalents shall be forfeited upon the forfeiture of the Award
to which such dividends or dividend equivalents relate).

(d)     
Tax Withholding.

(i)     
The Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right
(but not the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property
deliverable under any Award or from any compensation or other amounts owing to the Participant, the amount (in cash, Common Stock, other
securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under
an Award or under the Plan and to take such other action as the Committee or the Company deem necessary to satisfy all obligations for
the payment of such withholding taxes.

(ii)     
Without limiting the generality of clause (i) above, the Committee may permit the Participant to satisfy, in whole or in part,
the foregoing withholding liability by (A) payment in cash; (B) the delivery of shares of Common Stock (which are not subject to any pledge
or other security interest) owned by the Participant having a Fair Market Value equal to such withholding liability or (C) having the
Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of
the Award a number of shares with a Fair Market Value equal to such withholding liability.

(e)     
No Claim to Awards; No Rights to Continued Employment. No employee of the Company or an Affiliate, or other person, shall
have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a
grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The
terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same
with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated.
Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or
service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board.

(f)     
International Participants. With respect to Participants who reside or work outside of the United States and who are not
(and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee may amend
the terms of the Plan or appendices thereto, or outstanding Awards, with respect to such Participants, in order to conform such terms
with or accommodate the requirements of local laws, procedures or practices or to obtain more favorable tax or other treatment for the
Participant, the Company or its Affiliates. Without limiting the generality of this subsection, the Committee is specifically authorized
to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability, retirement or other terminations
of employment, available methods of exercise or settlement of an Award, payment of income, social insurance contributions or payroll taxes,
withholding procedures and handling of any stock certificates or other indicia of ownership which vary with local requirements. The Committee
may also adopt rules, procedures or sub-plans applicable to particular Affiliates or locations.

(g)     
Beneficiary Designation. The Participant’s beneficiary shall be deemed to be his spouse (or domestic partner if such
status is recognized by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time of death, his
estate, except to the extent a different beneficiary is designated in accordance with procedures that may be established by the Committee
from time to time for such purpose. Notwithstanding the foregoing, in the absence of a beneficiary validly designated under such Committee-established

    	 	16	 

     

    

procedures and/or applicable law who is living (or in existence)
at the time of death of a Participant residing or working outside the United States, any required distribution under the Plan shall be
made to the executor or administrator of the estate of the Participant, or to such other individual as may be prescribed by applicable
law.

(h)     
Termination of Employment or Service. Except as otherwise provided in an Award agreement, or any employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, unless determined otherwise by
the Committee: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without
limitation, a call to active duty for military service through a Reserve or National guard unit) nor a transfer from employment or service
with the Company to employment or service with an Affiliate (or vice versa) shall be considered a termination of employment or service
with the Company or an Affiliate; and (ii) if the Participant’s employment with the Company or its Affiliates terminates, but such
Participant continues to provide services with the Company or its Affiliates in a non-employee capacity (including as a Non-Employee Director)
(or vice versa), such change in status shall not be considered a termination of employment or service with the Company or an Affiliate
for purposes of the Plan.

(i)     
No Rights as a Shareholder. Except as otherwise specifically provided in the Plan or any Award agreement, no person shall
be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares
have been issued or delivered to that person.

(j)     
Government and Other Regulations.

(i)     
Nothing in the Plan shall be deemed to authorize the Committee or Board or any members thereof to take any action contrary to applicable
law or regulation, or rules of NASDAQ or any other securities exchange or inter-dealer quotation service on which the Common Stock is
listed or quoted.

(ii)     
The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable laws,
rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of
any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering
to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant
to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory
to the Company, that such shares may be offered or sold without such registration pursuant to and in compliance with the terms of an available
exemption. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to
be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities
of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee
may deem advisable under the Plan, the applicable Award agreement, the U.S. Federal securities laws, or the rules, regulations and other
requirements of the U.S. Securities and Exchange Commission, any securities exchange or inter-dealer quotation service upon which such
shares or other securities of the Company are then listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules,
regulations and other requirements, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or
legends to be put on any such certificates of Common Stock or other securities of the Company or any Affiliate delivered under the Plan
to make appropriate reference to such restrictions or may cause such Common Stock or other securities of the Company or any Affiliate
delivered under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer
orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions
to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with
the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

(iii)     
The Committee may cancel an Award or any portion thereof if it determines that legal or contractual restrictions and/or blockage
and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s
issuance of Common Stock to the Participant, the Participant’s acquisition of Common Stock from the Company and/or the Participant’s
sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the

    	 	17	 

     

    

Committee determines to cancel all or any portion of an Award
in accordance with the foregoing, unless prevented by applicable laws, the Company shall pay to the Participant an amount equal to the
excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined
as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate
Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of shares
of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the
cancellation of such Award or portion thereof.

(k)     
No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under a similar provision
of law may be made unless expressly permitted by the terms of the applicable Award agreement or by action of the Committee in writing
prior to the making of such election. If the Participant, in connection with the acquisition of shares of Common Stock under the Plan
or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company
of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in
addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision.

(l)     
Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under
the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person
or his estate (unless a prior claim therefor has been made by a duly appointed legal representative or a beneficiary designation form
has been filed with the Company) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution
maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person
otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

(m)     
Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the shareholders
of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options otherwise than under the Plan, and such arrangements
may be either applicable generally or only in specific cases.

(n)     
No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and the Participant or other person or
entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations
under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate
any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or
separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured
general creditors of the Company.

(o)     
Reliance on Reports. Each member of the Committee and each member of the Board (and their respective designees) shall be
fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good
faith, in reliance upon any report made by the independent registered public accounting firm of the Company and its Affiliates and/or
any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself.

(p)     
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under
any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided
in such other plan.

(q)     
Purchase for Investment. Whether or not the Options and shares covered by the Plan have been registered under the Securities
Act, each person exercising an Option under the Plan or acquiring shares under the Plan, may be required by the Company to give a representation
in writing that such person is acquiring such shares for investment and not with a view to, or for sale in connection with, the distribution
of any part thereof. The

    	 	18	 

     

    

Company will endorse any necessary legend referring to the foregoing
restriction upon the certificate or certificates representing any shares issued or transferred to the Participant upon the exercise of
any Option granted under the Plan.

(r)     
Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which could cause the
application of the laws of any jurisdiction other than the State of Delaware.

(s)     
Severability. If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal,
or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any
such Award shall remain in full force and effect.

(t)     
Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation
or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or
organization succeeding to all or substantially all of the assets and business of the Company.

(u)     
409A of the Code.

(i)     
It is intended that the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted
in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely
responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection
with the Plan or any other plan maintained by the Company, including any taxes and penalties under Section 409A of the Code, and neither
the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant or any beneficiary harmless from
any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject to Section
409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation
from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that
may be made in respect of any Award granted under the Plan is designated as a separate payment.

(ii)     
Notwithstanding anything in the Plan to the contrary, if the Participant is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, no payments or deliveries in respect of any Awards that are “deferred compensation”
subject to Section 409A of the Code shall be made to such Participant prior to the date that is six months after the date of such Participant’s
“separation from service” within the meaning of Section 409A of the Code or, if earlier, the Participant’s date of death.
All such delayed payments or deliveries will be paid or delivered (without interest) in a single lump sum on the earliest date permitted
under Section 409A of the Code that is also a business day.

(iii)     
In the event that the timing of payments in respect of any Award that would otherwise be considered “deferred compensation”
subject to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be
permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control
of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the
Code and any Treasury Regulations promulgated thereunder or (B) a Disability, no such acceleration shall be permitted unless the Disability
also satisfies the definition of “Disability” pursuant to Section 409A of the Code and any Treasury Regulations promulgated
thereunder.

(v)     
Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, an Award agreement may provide that the
Committee may cancel such Award if the Participant, without the consent of

    	 	19	 

     

    

the Company, has engaged in or engages in activity that is in conflict
with or adverse to the interest of the Company or any Affiliate while employed by or providing services to the Company or any Affiliate,
including fraud or conduct contributing to any financial restatements or irregularities, or violates a non-competition, non-solicitation,
non-disparagement or non-disclosure covenant or agreement with the Company or any Affiliate, as determined by the Committee. The Committee
may also provide in an Award agreement that in such event, the Participant will forfeit any compensation, gain or other value realized
thereafter on the vesting, exercise or settlement of such Award, the sale or other transfer of such Award, or the sale of shares of Common
Stock acquired in respect of such Award, and must promptly repay such amounts to the Company. The Committee may also provide in an Award
agreement that if the Participant receives any amount in excess of what the Participant should have received under the terms of the Award
for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error),
all as determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company. To
the extent required by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act) and/or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer
quotation service on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company,
Awards shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall
be deemed incorporated by reference into all outstanding Award agreements).

(w)     
No Representations or Covenants With Respect to Tax Qualification. Although the Company may endeavor to (i) qualify an Award
for favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and
expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate
activities without regard to the potential negative tax impact on holders of Awards under the Plan.

(x)     
Code Section 162(m) Re-approval. If the Company becomes subject to the provisions of Section 162(m) of the Code, the Committee
may, for purposes of exempting certain Awards granted after such time from the deduction limitations of Section 162(m) of the Code, submit
the provisions of the Plan regarding Performance Compensation Awards for re-approval by the shareholders of the Company (i) prior to the
first shareholder meeting at which directors are to be elected that occurs in calendar year 2019, or such earlier time as required under
applicable Treasury Regulations, and (ii) thereafter not later than every five years in accordance with applicable Treasury Regulations.
Nothing in this subsection, however, shall affect the validity of Awards granted after such time if such shareholder approval has not
been obtained.

(y)     
Expenses; Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates.
Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the
Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings
shall control.

* * *

As adopted by the Board of Directors of the Company on May 18, 2017,
April 22, 2020 and April 22, 2022.

As approved by the shareholders of the Company on June 30, 2017,
June 5, 2020 and June 2, 2022.

    	 	20Exhibit 10.1
​
Rigel Pharmaceuticals, Inc.
2018 Equity Incentive Plan
Adopted by the Board of Directors: February 1, 2018
Approved by the Stockholders: May 16, 2018
Amended January 23,2019
Amended January 31, 2019
Approved by the Stockholders: May 22, 2019
Amended February 3, 2020
Approved by the Stockholders: May 14, 2020
Amended January 28, 2021
Amended March 9, 2021
Approved by the Stockholders: May 18, 2021
Approved by the Stockholders: May 19, 2022
​
​
	1.
	General.

(a)  Successor to and Continuation of Prior Plans.  The Plan is intended as the successor to and continuation of the Rigel Pharmaceuticals, Inc. 2011 Equity Incentive Plan (the “2011 Plan”), the Rigel Pharmaceuticals, Inc. 2000 Equity Incentive Plan, as amended and restated (the “2000 Plan”), and the Rigel Pharmaceuticals, Inc. 2000 Non-Employee Directors’ Stock Option Plan (the “2000 Non-Employee Directors’ Plan”, and together with the 2011 Plan, and the 2000 Plan, the “Prior Plans”). Following the Effective Date, no additional stock awards may be granted under the Prior Plans. Any unallocated shares remaining available for grant under the Prior Plans as of 12:01 a.m., Pacific Time on the Effective Date (the “Prior Plans’ Available Reserve”) will cease to be available under such Prior Plans at such time and will be added to the Share Reserve (as further described in Section 3(a) below) and be then immediately available for grant and issuance pursuant to Stock Awards granted under the Plan. In addition, from and after 12:01 a.m., Pacific Time on the Effective Date, all outstanding stock awards granted under the Prior Plans will remain subject to the terms of such Prior Plans, as applicable; provided, however, that any shares subject to outstanding stock awards granted under the Prior Plans that (i) expire or terminate for any reason prior to exercise or settlement, (ii) are forfeited, cancelled or otherwise returned to the Company because of the failure to meet a contingency or condition required for the vesting of such shares, or (iii) other than with respect to outstanding options and stock appreciation rights granted under the Prior Plans, with respect to which the exercise or strike price is at least one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the option or stock appreciation right on the date of grant (the “Prior Plans’ Appreciation Awards”), are reacquired or withheld (or not issued) by the Company to satisfy a tax withholding obligation in connection with a stock award(collectively, the “Prior Plans’ Returning Shares”) will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when such shares become Prior Plans’ Returning Shares and become available for issuance pursuant to Awards granted hereunder. All Stock Awards granted on or after 12:01 a.m., Pacific Time on the Effective Date will be subject to the terms of this Plan.
(b)  Eligible Award Recipients.  Employees, Directors and Consultants are eligible to receive Stock Awards.
(c)  Available Stock Awards.  The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, and (vii) Other Stock Awards.
(d)  Purpose.  The Plan, through the granting of Stock Awards, is intended to help the Company and any Affiliate secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

​
1

	2.
	Administration.

(a)  Administration by Board.  The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c).
(b)  Powers of Board.  The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:
(i)To determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to, or the cash value of, a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.
(ii)To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Stock Award fully effective.
(iii)To settle all controversies regarding the Plan and Stock Awards granted under it.
(iv)To accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or the time at which cash or shares of Common Stock may be issued in settlement thereof).
(v)To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or termination of the Plan will not materially impair a Participant’s rights under his or her then-outstanding Stock Award without his or her written consent except as provided in subsection (viii) below.
(vi)To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Stock Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. However, if required by applicable law or listing requirements, and except as provided in Section 10(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, or (E) materially expands the types of Stock Awards available for issuance under the Plan. Except as provided in the Plan (including Section 2(b)(viii)) or a Stock Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding Stock Award without the Participant’s written consent.
(vii)To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding incentive stock options or (B) Rule 16b-3.
(viii)To approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided, however, that a Participant’s rights under any Stock Award will not be impaired by any such amendment unless (A) the Company 

​
2

requests the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s consent (A) to maintain the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Stock Award solely because it impairs the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws or listing requirements.
(ix)Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Stock Awards.
(x)To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).
(c)  Delegation to Committee.
(i)  General.  The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.
(ii)  Rule 16b-3 Compliance.  The Committee may consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3.
(d)  Delegation to an Officer.  The Board may delegate to one or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(u)(iii) below.
(e)  Effect of Board’s Decision.  All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.
(f)  Repricing; Cancellation and Re-Grant of Stock Awards.  Neither the Board nor any Committee will have the authority to (i) reduce the exercise, purchase or strike price of any outstanding Option or SAR under the Plan, or (ii) cancel any outstanding Option or SAR that has an exercise price or strike price greater than the 

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then-current Fair Market Value of the Common Stock in exchange for cash or other Stock Awards under the Plan, unless the stockholders of the Company have approved such an action within 12 months prior to such an event.
(g)  Dividends and Dividend Equivalents.  Dividends or dividend equivalents may be paid or credited, as applicable, with respect to any shares of Common Stock subject to a Stock Award (other than an Option or SAR), as determined by the Board and contained in the applicable Stock Award Agreement; provided, however, that (i) no dividends or dividend equivalents may be paid with respect to any such shares before the date such shares have vested under the terms of such Stock Award Agreement, (ii) any dividends or dividend equivalents that are credited with respect to any such shares will be subject to all of the terms and conditions applicable to such shares under the terms of such Stock Award Agreement (including, but not limited to, any vesting conditions), and (iii) any dividends or dividend equivalents that are credited with respect to any such shares will be forfeited to the Company on the date, if any, such shares are forfeited to or repurchased by the Company due to a failure to meet any vesting conditions under the terms of such Stock Award Agreement.
	3.
	Shares Subject to the Plan.

(a)  Share Reserve.
(i)Subject to Section 10(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date will not exceed (A) 22,657,133 shares (which number is the sum of (i) the number of shares (10,032,133) subject to the Prior Plans’ Available Reserve and (ii) an additional 5,000,000 new shares, plus 4,000,000 shares of Common Stock approved by the Board in January 2019, and subsequently approved by the Company’s stockholders, plus 2,800,000 shares of Common Stock approved by the Board in February 2020, and subsequently approved by the Company’s stockholders, plus 825,000 shares of Common Stock approved by the Board in January 2021, and subsequently approved by the Company’s stockholders, plus 5,000,000 shares of Common Stock approved by the Board in March 2022, and subsequently approved by the Company’s stockholders), and (B) the Prior Plans’ Returning Shares, if any, which become available for grant under this Plan from time to time (such aggregate number of shares described in (A) and (B) above, the “Share Reserve”).
(ii)For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 8(a). Shares may be issued in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.
(iii)Subject to Section 3(b), the number of shares of Common Stock available for issuance under the Plan will be reduced by: (A) one share for each share of Common Stock issued pursuant to an Option or SAR with respect to which the exercise or strike price is at least 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date of grant; and (B) one and forty four hundredths (1.44) shares for each share of Common Stock issued pursuant to a Full Value Award.
(b)  Reversion of Shares to the Share Reserve.
(i)  Shares Available For Subsequent Issuance.  If (A) any shares of Common Stock subject to a Stock Award are not issued because such Stock Award or any portion thereof expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or is settled in cash (i.e., the Participant receives cash rather than stock), (B) any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares, or (C) with respect to a Full Value Award, any shares of Common Stock are reacquired or withheld (or not issued) by the Company to satisfy a tax withholding obligation in connection with such Full Value Award, such shares will again become available for issuance under the Plan (collectively, the “2018 Plan Returning Shares”). For each (1) 2018 Plan Returning Share subject to a Full Value Award or (2) Prior Plans’ Returning Share subject to a stock award 

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other than a Prior Plans’ Appreciation Award, the number of shares of Common Stock available for issuance under the Plan will increase by one and forty-four hundredths (1.44) shares.
(ii)  Shares Not Available For Subsequent Issuance.  Any shares of Common Stock reacquired or withheld (or not issued) by the Company to satisfy the exercise or purchase price of a Stock Award will no longer be available for issuance under the Plan, including any shares subject to a Stock Award that are not delivered to a Participant because such Stock Award is exercised through a reduction of shares subject to such Stock Award (i.e., “net exercised”). In addition, any shares reacquired or withheld (or not issued) by the Company to satisfy a tax withholding obligation in connection with an Option or Stock Appreciation Right or a Prior Plans’ Appreciation Award, or any shares repurchased by the Company on the open market with the proceeds of the exercise or strike price of an Option or Stock Appreciation Right or a Prior Plans’ Appreciation Award will no longer be available for issuance under the Plan.
(c)  Incentive Stock Option Limit.  Subject to the Share Reserve and Section 10(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 39,070,403 shares of Common Stock.
(d)  Source of Shares.  The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise.
	4.
	Eligibility.

(a)  Eligibility for Specific Stock Awards.  Incentive Stock Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off transaction) or (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from or alternatively comply with the distribution requirements of Section 409A of the Code.
(b)  Ten Percent Stockholders.  A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.
	5.
	Non-Employee Directors Compensation Limits

Non-Employee Director Compensation Limit. The aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director with respect to any period commencing on the date of the Company’s Annual Meeting of Stockholders for a particular year and ending on the day immediately prior to the date of the Company’s Annual Meeting of Stockholders for the next subsequent year (the “Annual Period”), including Awards granted and cash fees paid by the Company to such Non-Employee Director, will not exceed (i) $1,000,000 in total value or (ii) in the event such Non-Employee Director is first appointed or elected to the Board during such Annual Period, $1,500,000 in total value, in each case calculating the value of any equity awards based on the grant date fair value of such equity awards for financial reporting purposes. The limitations in this Section 5 shall apply commencing on the date of the 2021 Annual Meeting of Stockholders.
	6.
	Provisions Relating to Options and Stock Appreciation Rights.

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock 

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Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Stock Award Agreement or otherwise) the substance of each of the following provisions:
(a)  Term.  Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten years from the date of its grant, or such shorter period specified in the Stock Award Agreement.
(b)  Exercise Price.  Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Stock Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.
(c)  Purchase Price for Options.  The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment (or that otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment are as follows:
(i)by cash, check, bank draft or money order payable to the Company;
(ii)pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the Common Stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds;
(iii)by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;
(iv)if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or
(v)in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.
(d)  Exercise and Payment of a SAR.  To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Stock Award Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the 

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aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such SAR.
(e)  Transferability of Options and SARs.  The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the restrictions set forth in this Section 6(e) on the transferability of Options and SARs will apply. Notwithstanding the foregoing or anything in the Plan or a Stock Award Agreement to the contrary, no Option or SAR may be transferred to any financial institution without prior stockholder approval.
(i)  Restrictions on Transfer.  An Option or SAR will not be transferable except by will or by the laws of descent and distribution (and pursuant to Sections 6(e)(ii) and 6(e)(iii) below) and will be exercisable during the lifetime of the Participant only by the Participant. Subject to the foregoing paragraph, the Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration.
(ii)  Domestic Relations Orders.  Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.
(iii)  Beneficiary Designation.  Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.
(f)  Vesting Generally.  The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary.
(g)  Termination of Continuous Service.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date three months following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR (as applicable) will terminate.
(h)  Extension of Termination Date.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will 

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terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition, unless otherwise provided in a Participant’s Stock Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement.
(i)  Disability of Participant.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR (as applicable) will terminate.
(j)  Death of Participant.  Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Participant’s Option or SAR may be exercised (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within such period of time ending on the earlier of (i) the date 18 months following the date of death (or such longer or shorter period specified in the Stock Award Agreement), and (ii) the expiration of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option or SAR (as applicable) is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.
(k)  Termination for Cause.  Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other individual written agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s Option or SAR will terminate immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service.
(l)  Non-Exempt Employees.  If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six months following the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement, in another agreement between the Participant and the Company or an Affiliate, or, if no such definition, in accordance with the Company’s or Affiliate’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock 

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Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 6(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements.
	7.
	Provisions of Stock Awards Other than Options and SARs.

(a)  Restricted Stock Awards.  Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse, or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:
(i)  Consideration.  A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.
(ii)  Vesting.  Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.
(iii)  Termination of Participant’s Continuous Service.  If a Participant’s Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.
(iv)  Transferability.  Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement. Notwithstanding the foregoing or anything in the Plan or a Restricted Stock Award Agreement to the contrary, no Restricted Stock Award may be transferred to any financial institution without prior stockholder approval.
(b)  Restricted Stock Unit Awards.  Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:
(i)  Consideration.  At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.
(ii)  Vesting.  At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

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(iii)  Payment.  A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.
(iv)  Additional Restrictions.  At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.
(v)  Termination of Participant’s Continuous Service.  Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service.
(c)  Performance Stock Awards.
(i)  Performance Stock Awards.  A Performance Stock Award is a Stock Award that is payable (including that may be granted, vest or be exercised) contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Stock Award may, but need not, require the Participant’s completion of a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Board, in its sole discretion. In addition, to the extent permitted by applicable law and the applicable Stock Award Agreement, the Board may determine that cash may be used in payment of Performance Stock Awards.
(ii)  Discretion.  The Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon the attainment of any Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period.
(d)  Other Stock Awards.  Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock appreciation rights with an exercise price or strike price less than 100% of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards granted under Section 6 and this Section 7. Subject to the provisions of the Plan (including, but not limited to, Section 2(g)), the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards.
	8.
	Covenants of the Company.

(a)  Availability of Shares.  The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding Stock Awards.
(b)  Securities Law Compliance.  The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan the authority required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock pursuant to the Stock Award if such grant or issuance would be in violation of any applicable securities law.
(c)  No Obligation to Notify or Minimize Taxes.  The Company will have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising a Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a 

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Stock Award or a possible period in which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award.
	9.
	Miscellaneous.

(a)  Use of Proceeds from Sales of Common Stock.  Proceeds from the sale of shares of Common Stock issued pursuant to Stock Awards will constitute general funds of the Company.
(b)  Corporate Action Constituting Grant of Stock Awards.  Corporate action constituting a grant by the Company of a Stock Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Stock Award Agreement or related grant documents as a result of a clerical error in the preparation of the Stock Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect terms in the Stock Award Agreement or related grant documents.
(c)  Stockholder Rights.  No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to such Stock Award has been entered into the books and records of the Company.
(d)  No Employment or Other Service Rights.  Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.
(e)  Change in Time Commitment.  In the event a Participant’s regular level of time commitment in the performance of his or her services for the Company or any Affiliate is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Stock Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Stock Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Stock Award that is so reduced or extended.
(f)  Incentive Stock Option Limitations.  To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).
(g)  Investment Assurances.  The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account 

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and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.
(h)  Withholding Obligations.  Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax that may be required to be withheld by law (or such other amount as may be permitted while still avoiding classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Stock Award Agreement.
(i)  Electronic Delivery.  Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).
(j)  Deferrals.  To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company or an Affiliate. The Board is authorized to make deferrals of Stock Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.
(k)  Compliance with Section 409A of the Code.  Unless otherwise expressly provided for in a Stock Award Agreement, the Plan and Stock Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Stock Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. To the extent that the Board determines that any Stock Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Stock Award Agreement evidencing such Stock Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and, to the extent applicable, the Plan and Stock Award Agreements will be interpreted in accordance with the requirements of Section 409A of the Code. Notwithstanding anything to the contrary in this Plan (and unless the Stock Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded and a Participant holding a Stock Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount will be made upon a “separation from service” before a date that is six months following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death.
(l)  Clawback/Recovery.  All Stock Awards granted under the Plan will be subject to recoupment in accordance with the clawback policy adopted by the Compensation Committee in January 2019 and then ratified by the Board of Directors, or any successor to such policy.  This clawback policy complies with the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Plan Administrator may impose such other clawback, recovery or recoupment provisions in a Stock Award Agreement as the Plan Administrator determines necessary or appropriate, including but not limited to a 

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reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or an Affiliate.
	10.
	Adjustments upon Changes in Common Stock; Other Corporate Events.

(a)  Capitalization Adjustments.  In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and (iii)  the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.
(b)  Dissolution or Liquidation.  Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.
(c)  Corporate Transaction.  The provisions of this Section 10(c) will apply to Stock Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or in any director compensation policy of the Company or unless otherwise expressly provided by the Board at the time of grant of a Stock Award.
(i)  Stock Awards May Be Assumed.  In the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue any or all Stock Awards outstanding under the Plan or may substitute similar stock awards for Stock Awards outstanding under the Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to Stock Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any), in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only a portion of a Stock Award or substitute a similar stock award for only a portion of a Stock Award, or may choose to assume or continue the Stock Awards held by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Board.
(ii)  Stock Awards Held by Current Participants.  In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then with respect to Stock Awards that have not been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current Participants”), the vesting of such Stock Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Stock Awards may be exercised) will be accelerated in full to a date prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board will determine (or, if the Board does not determine such a date, to the date that is five days prior to the effective time of the Corporate Transaction), and such Stock Awards will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase rights held by the 

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Company with respect to such Stock Awards will lapse (contingent upon the effectiveness of the Corporate Transaction).
(iii)  Stock Awards Held by Persons other than Current Participants.  In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then with respect to Stock Awards that have not been assumed, continued or substituted and that are held by persons other than Current Participants, such Stock Awards will terminate if not exercised (if applicable) prior to the effective time of the Corporate Transaction; provided, however, that any reacquisition or repurchase rights held by the Company with respect to such Stock Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction.
(iv)  Payment for Stock Awards in Lieu of Exercise.  Notwithstanding the foregoing, in the event a Stock Award will terminate if not exercised prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such Stock Award may not exercise such Stock Award but instead will receive a payment, in such form as may be determined by the Board, equal in value to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Corporate Transaction (including, at the discretion of the Board, any unvested portion of such Stock Award), over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Company’s Common Stock in connection with the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.
(d)  Change in Control.  A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur. Notwithstanding the foregoing, upon a Change in Control, all Stock Awards held by each Director who is not an Employee and whose Continuous Service has not terminated immediately prior to the Change in Control shall become fully vested and exercisable immediately prior to the effectiveness of such Change in Control.
	11.
	Termination or Suspension of the Plan.

(a)The Board may suspend or terminate the Plan at any time. No Incentive Stock Option will be granted after the tenth anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated.
(b)  No Impairment of Rights.  Suspension or termination of the Plan will not materially impair rights and obligations under any Stock Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.
	12.
	Effective Date of Plan.

This Plan will become effective on the Effective Date.
	13.
	Choice of Law.

The laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules.

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	14.
	Definitions.

As used in the Plan, the following definitions will apply to the capitalized terms indicated below:
(a)“Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.
(b)“Annual Meeting” means the annual meeting of the stockholders of the Company.
(c)“Board” means the Board of Directors of the Company.
(d)“Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.
(e)“Cause” will have the meaning ascribed to such term in any written agreement between the Participant and the Company or an Affiliate defining such term and, in the absence of such agreement, such term will mean, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s conviction of, or plea of no contest with respect to, any crime involving fraud, dishonesty or moral turpitude; (ii) such Participant’s attempted commission of or participation in a fraud or act of dishonesty against the Company or an Affiliate that results in (or might have reasonably resulted in) material harm to the business of the Company or an Affiliate; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or an Affiliate, or any statutory duty the Participant owes to the Company or an Affiliate; or (iv) such Participant’s conduct that constitutes gross misconduct, insubordination, incompetence or habitual neglect of duties and that results in (or might have reasonably resulted in) material harm to the business of the Company or an Affiliate. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Stock Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or an Affiliate or such Participant for any other purpose.
(f)“Change in Control” will be deemed to have occurred upon the first to occur of an event set forth in any one of the following paragraphs:
(i)the acquisition (other than from the Company, by any person (as such term is defined in Section 13(c) or 14(d) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d 3 promulgated under the Exchange Act) of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities;
(ii)the individuals who, as of the effective date of the Plan, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least a majority of the Board, unless the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, and such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; or
(iii)the closing of:
(1)a merger or consolidation involving the Company if the stockholders of the Company, immediately before such merger or consolidation, do not, as a result of such merger or 

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consolidation, own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of the corporation resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such merger or consolidation; or
(2)a complete liquidation or dissolution of the Company or an agreement for the sale or other disposition of all or substantially all of the assets of the Company.
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or any of its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the Company in the same proportion as their ownership of stock in the Company immediately prior to such acquisition.
For the avoidance of doubt, the term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company.
Notwithstanding the foregoing or any other provision of this Plan, the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply.
(g)“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.
(h)“Committee” means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).
(i)“Common Stock” means the common stock of the Company.
(j)“Company” means Rigel Pharmaceuticals, Inc., a Delaware corporation.
(k)“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.
(l)“Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any 

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other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s or Affiliate’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.
(m)“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:
(i)a sale, lease or other disposition of all or substantially all of the assets of the Company;
(ii)a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;
(iii)a merger, consolidation or similar transaction in which the Company is not the surviving corporation; or
(iv)a reverse merger, consolidation or similar transaction in which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.
Notwithstanding the foregoing definition or any other provision of this Plan, the term Corporate Transaction will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company.
(n)“Director” means a member of the Board.
(o)“Disability” means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.
(p)“Effective Date” means the effective date of this Plan document, which is the date of the annual meeting of stockholders of the Company held in 2018, provided this Plan is approved by the Company’s stockholders at such meeting.
(q)“Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.
(r)“Entity” means a corporation, partnership, limited liability company or other entity.
(s)“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
(t)“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:
(i)If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

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(ii)Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.
(iii)In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.
(u)“Full Value Award” means a Stock Award that is not an Option or SAR with respect to which the exercise or strike price is at least 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date of grant.
(v)“Incentive Stock Option” means an option granted pursuant to Section 6 that is intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.
(w)“Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.
(x)“Nonstatutory Stock Option” means any option granted pursuant to Section 6 that does not qualify as an Incentive Stock Option.
(y)“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.
(z)“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.
(aa)“Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.
(bb)“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.
(cc)“Other Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 7(d).
(dd)“Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan.
(ee)“Own,” “Owned,” “Owner,” “Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.
(ff)“Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock Award.

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(gg)“Performance Criteria” means the one or more criteria that the Board shall select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that shall be used to establish such Performance Goals may be based on any one of, or combination of, the following: (i) earnings per share; (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization (EBITDA); (iv) net earnings; (v) total stockholder return; (vi) return on equity; (vii) return on assets, investment, or capital employed; (viii) operating margin; (ix) gross margin; (x) operating income; (xi) net income (before or after taxes); (xii) net operating income; (xiii) net operating income after tax; (xiv) pre- and after-tax income; (xv) pre-tax profit; (xvi) operating cash flow; (xvii) sales or revenue targets; (xviii) increases in revenue or product revenue; (xix) expenses and cost reduction goals; (xx) improvement in or attainment of expense levels; (xxi) improvement in or attainment of working capital levels; (xxii) economic value added (or an equivalent metric); (xxiii) market share; (xxiv) cash flow; (xxv) cash flow per share; (xxvi) share price performance; (xxvii) debt reduction; (xxviii) implementation or completion of projects or processes; (xxix) customer satisfaction; (xxx) total stockholder return; (xxxi) stockholders’ equity; and (xxxii) other measures of performance selected by the Board. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock Award Agreement. The Board shall, in its sole discretion, define the manner of calculating the Performance Criteria it selects to use for such Performance Period.
(hh)“Performance Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. The Board is authorized at any time in its sole discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants, (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development; (b) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; or (c) in view of the Board’s assessment of the business strategy of the Company, performance of comparable organizations, economic and business conditions, and any other circumstances deemed relevant. Specifically, the Board is authorized to make adjustment in the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude the dilutive effects of acquisitions or joint ventures; (ii) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; and (iii) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends. In addition, the Board is authorized to make adjustment in the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude restructuring and/or other nonrecurring charges; (ii) to exclude exchange rate effects, as applicable, for non-U.S. dollar denominated net sales and operating earnings; (iii) to exclude the effects of changes to generally accepted accounting standards required by the Financial Accounting Standards Board; (iv) to exclude the effects of any items that are “unusual” in nature or occur “infrequently” as determined under generally accepted accounting principles; (v) to exclude the effects to any statutory adjustments to corporate tax rates; and (vi) to make other appropriate adjustments selected by the Board.
(ii)“Performance Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Stock Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.
(jj)“Performance Stock Award” means a Stock Award granted under the terms and conditions of Section 7(c)(i).
(kk)“Plan” means this Rigel Pharmaceuticals, Inc. 2018 Equity Incentive Plan.
(ll)“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 7(a).

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(mm)“Restricted Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.
(nn)“Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 7(b).
(oo)“Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will be subject to the terms and conditions of the Plan.
(pp)“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.
(qq)“Rule 405” means Rule 405 promulgated under the Securities Act.
(rr)“Securities Act” means the Securities Act of 1933, as amended.
(ss)“Stock Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 6.
(tt)“Stock Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan.
(uu)“Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Stock Appreciation Right, a Restricted Stock Award, a Restricted Stock Unit Award, a Performance Stock Award or any Other Stock Award.
(vv)“Stock Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.
(ww)“Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.
(xx)“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate. 

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