Document:

EX-4.9

 Exhibit 4.9 

OURS TECHNOLOGY INC. 

2017 STOCK INCENTIVE PLAN 

1. Establishment and Purpose.  

The purposes of this 2017 Stock Incentive Plan (this “Plan”) are to attract and retain the best available personnel
and to provide additional incentive to Employees, Outside Directors, and Consultants (as defined in Section 14) (each a “Service Provider,” and collectively the “Service Providers”), and to
promote the success of the business of OURS Technology Inc., a Delaware corporation (the “Company”), by encouraging a sense of proprietorship. Capitalized terms used in this Plan are defined in Section 14. 

Options granted under this Plan may be Incentive Stock Options (“ISOs”) or Nonstatutory Stock Options
(“NSOs”), as determined by the Administrator at the time of grant. The Plan also permits the grant of stock purchase rights (“Stock Purchase Rights”). 

Notwithstanding any provision of this Plan, to the extent that any awards granted under this Plan are subject to Section 409A of the
Code, this Plan and any awards thereunder shall be made and interpreted in a manner consistent with Section 409A of the Code and any regulations or guidance promulgated thereunder. 

2. Administration of the Plan.  

(a) Administrator. The Plan will be administered by the Company’s Board of Directors (the
“Board”) or a Committee appointed by the Board to administer this Plan on behalf of the Board. 
 (b)
Authority of the Administrator. Subject to the provisions of this Plan, and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to any relevant authorities, the Administrator shall have full
authority and discretion to: 
 (i) determine the Fair Market Value; 

(ii) select the Service Providers to whom Options and Stock Purchase Rights may from time to time be granted hereunder; 

(iii) determine the number of Shares to be covered by each such award granted hereunder; 

(iv) approve forms of agreement for use under this Plan; 

(v) determine the terms and conditions of any Option or Stock Purchase Right granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any
restriction or limitation regarding any Option or Stock Purchase Right or the Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 

 

 (vi) prescribe, amend and rescind rules and regulations relating to this
Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws; 

(vii) allow Optionees to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be
issued upon exercise of an Option or Stock Purchase Right that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined on the date that
the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable; and 

(viii) construe and interpret the terms of this Plan and the Options and Stock Purchase Rights granted pursuant to this Plan.

 (c) Effect of Administrator’s Decision. All decisions, interpretations and other actions of the Administrator
shall be final and binding on all Service Providers. 
 3. Eligibility.  

(a) General Rule. NSOs and Stock Purchase Rights may be granted to any Service Provider. ISOs may only be granted to
Employees. 
 (b) Ten-Percent Stockholders. An individual who owns more than
ten percent (10%) of the combined voting power of all classes of outstanding capital stock of the Company or any of its related entities will not be eligible for a Stock Purchase Right or an Option unless (i) with respect to Options, the
Exercise Price is at least one hundred and ten percent (110%) of the Fair Market Value per Share on the date of grant, (ii) with respect to a Stock Purchase Right, the Purchase Price is at least one hundred percent (100%) of the Fair Market
Value per share, and (iii) in the case of an ISO, such ISO is not exercisable after the expiration of five years from the date of grant. For purposes of this subsection (b), in determining stock ownership, the attribution rules of
Section 424(d) of the Code shall be applied. 
 4. Stock Subject to Plan.  

(a) Stock Reserved. The stock issuable under this Plan shall be shares of authorized but unissued or reacquired Common
Stock. The maximum number of Shares which may be issued under this Plan during the term of this Plan shall not exceed 3,796,358 Shares. 
  

  
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 (b) Additional Stock. If an Option or Stock Purchase Right expires or
becomes unexercisable without having been exercised in full, the unpurchased Shares that were subject thereto shall become available for future grant or sale under this Plan. However, Shares that have actually been issued under this Plan, upon
exercise of either an Option or Stock Purchase Right, shall not be returned to this Plan and shall not become available for future distribution under this Plan, except that if unvested Shares of Restricted Stock are repurchased by the Company at
their original purchase price, such Shares shall become available for future grant under this Plan. 
 5. Terms and Conditions of Stock
Purchase Rights.  
 (a) Restricted Stock Purchase Agreement. An offer of a Stock Purchase Right shall be
accepted by the Purchaser’s execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. After the Administrator determines that it will offer Stock Purchase Rights under this Plan, it shall advise the offeree
in writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which (not to exceed thirty
(30) days) such person must accept such offer. The terms of the offer shall comply in all respects with all applicable laws. All Stock Purchase Rights shall be subject to the applicable terms and conditions of this Plan and any other terms and
conditions not inconsistent with this Plan, and as the Administrator deems appropriate for inclusion in the Restricted Stock Purchase Agreement. The terms and conditions may vary between Stock Purchase Rights granted under this Plan. 

(b) Duration of Offers and Nontransferability of Rights. Any right to acquire stock pursuant to a Stock Purchase Right
shall automatically expire if not exercised by the offeree within thirty (30) days after notice of such award was communicated by the Company to the offeree. Such right shall not be transferable and shall be exercisable only by the Service
Provider to whom such right was granted. 
 (c) Purchase Price. The Purchase Price shall not be less than one hundred
percent (100%) of the Fair Market Value, and a higher price may be required pursuant to Section 3(b) above. The Purchase Price shall be subject to adjustments as provided in Section 8 hereof and shall be payable in a form described in
Section 7. 
 (d) Withholding Taxes. As a condition to the Stock Purchase Right, the Purchaser shall make such
arrangements as the Administrator may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such purchase. 

(e) Restrictions on Transfer of Stock and Vesting. Any shares sold under this Plan shall be subject to such special
forfeiture conditions, rights of repurchase, rights of first refusal, co-sale and drag along and other transfer restrictions as the Administrator may determine. Such restrictions shall be set forth in the
Restricted Stock Purchase Agreement and shall apply in addition to any other legal restrictions that may apply to stockholders generally. Any right to repurchase Shares at the original Purchase Price upon termination of the Offeree’s Services
shall lapse at a certain rate, which may vary between Offerees, as determined by the Administrator at its sole discretion. The vesting of any Stock Purchase Right shall cease automatically the day immediately preceding the date of termination of a
Service Provider’s services, and the Company shall have the right to repurchase the unvested portion of such Stock Purchase Right for a period specified in the applicable Restricted Stock Purchase Agreement. 

  
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 6. Terms and Conditions of Stock Options.  

(a) Stock Option Agreement. An Option granted under this Plan shall be accepted by the Service Provider’s
execution of a Stock Option Agreement in a form determined by the Administrator. After the Administrator determines that it will grant an Option under this Plan, it shall advise the Optionee in writing or electronically of the terms, conditions and
restrictions related to the offer, including the number of Shares subject to the Option, the exercise price, and the time within which (not to exceed thirty (30) days) such person must accept the Option. The terms of the Option shall comply in
all respects with all applicable laws and shall be subject to all applicable terms and conditions of this Plan and any other terms and conditions which are not inconsistent with this Plan, as determined by the Administrator. The terms of Options
granted under this Plan may vary. The Stock Option Agreement shall also specify whether the Option is an ISO or an NSO. 

(b) Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and
shall provide for the adjustment of such number in accordance with Section 8. 
 (c) Exercise Price. Each Stock
Option Agreement shall specify the Exercise Price, which shall be determined by the Administrator in its sole discretion. The Exercise Price of an ISO shall not be less than the Fair Market Value on the date of grant, and a higher exercise price may
be required by Section 3(b). The Exercise Price of an NSO shall not be less than one hundred percent (100%) of the Fair Market Value on the date of grant, and a higher exercise price may be required by Section 3(b). The Exercise Price
shall be payable in a form described in Section 7. 
 (d) Withholding Taxes. As a condition to the exercise of an
Option, the Optionee shall make such arrangements as the Administrator may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make
such arrangements as the Administrator may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option. 

(e) Exercisability. Each Stock Option Agreement shall specify the date or dates when all or any installment of the
Option becomes exercisable. The exercisability provisions of any Stock Option Agreement, which may vary between Optionees, shall be determined by the Administrator at its sole discretion. 

(f) Basic Term. The Stock Option Agreement shall specify the term of the Option, which shall not exceed ten
(10) years from the date of grant, and a shorter term may be required by Section 3(b). Subject to this Section 6(f), the Administrator, at its sole discretion, shall determine the expiration date of an Option or when an Option is to
expire. 

  
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 (g) Termination of Service (Except by Death). If an Optionee’s
Service terminates for any reason other than the Optionee’s death, then the Optionee’s Options shall expire on the earliest of the following occasions: 

(i) The expiration date determined pursuant to Section 6(f) above; 

(ii) The date three (3) months after the termination of the Optionee’s Service for any reason other than Cause or
Disability, or such shorter time period (not less than thirty (30) days) as may be specified in the Optionee’s Stock Option Agreement, or such longer time period as the Administrator may determine (not to exceed ten (10) years after
such termination), but with any exercise period beyond three (3) months after such termination deemed to be an NSO; 

(iii) The date and time of termination of the Optionee’s Service for Cause, or such longer time period as the
Administrator may determine (not to exceed ten (10) years after such termination), but with any exercise period beyond three (3) months after such termination deemed to be an NSO; or 

(iv) The date twelve (12) months after the termination of the Optionee’s Service by reason of Disability, or such
shorter time period (not less than six (6) months) as may be specified in the Optionee’s Stock Option Agreement, or such longer time period as the Administrator may determine (not to exceed ten (10) years after such termination), but
with any exercise period beyond one (1) year after such termination deemed to be an NSO. 
 The Optionee may exercise
all or part of the Optionee’s Options at any time before the expiration of such Options, but only to the extent such Options have vested and become exercisable before the termination of Service (or vested and became exercisable as a result of
the termination), unless the Stock Option Agreement expressly permits an early exercise before the Shares have vested. In the event that the Optionee dies after the termination of Service but before the expiration of the Optionee’s Options, all
or part of such Options may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or
inheritance, but only to the extent that such Options had vested and become exercisable before the Optionee’s Service terminated (or vested and became exercisable as a result of the termination). 

(h) Death of Service Provider. If a Service Provider dies while the Optionee is in Service, then the Optionee’s
Options shall expire on the earlier of the following dates: 
 (i) The expiration date determined pursuant to
Section 6(f) above; or 
 (ii) The date twelve (12) months after the Service Provider’s death, or such shorter
time period (not less than six (6) months) as may be specified in the Optionee’s Stock Option Agreement, or such later date as the Administrator may determine (not to exceed ten (10) years after such termination), but with any
exercise period beyond twelve (12) months after such termination deemed to be an NSO. 

  
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 All or part of the Optionee’s Options may be exercised at any time
before the expiration of such Options under the preceding sentence by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or
inheritance, but only to the extent that such Options had become exercisable before the Optionee’s death or became exercisable as a result of the death. The balance of such Options shall lapse when the Optionee dies. 

(i) No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with
respect to any Shares covered by the Optionee’s Option until such Shares are validly issued to the Optionee and paid for. 

(j) Modification, Extension, Assumption and Termination of Options. Within the limitations of this Plan, the
Administrator may modify, extend, assume or terminate outstanding Options, or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different
number of Shares and at the same or a different Exercise Price. The foregoing notwithstanding, no modification or termination of an Option shall, without the consent of the Service Provider, impair the Service Provider’s rights or increase the
Service Provider’s obligations under such Option. 
 7. Payment for Stock.  

(a) General Rule. The entire Purchase Price or Exercise Price for Shares issued under this Plan shall be payable in
cash or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 7. 

(b) Surrender of Stock. To the extent that the applicable Plan agreement so provides, payment may be made all or in part
with Shares already owned by the Service Provider or the Service Provider’s representative. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date of exercise or
purchase. This subsection (b) shall not apply to the extent that acceptance of Shares in payment of the Exercise Price would cause the Company to recognize compensation expense with respect to the Option or the Stock Purchase Right for
financial reporting purposes. 
 (c) Services Rendered. At the discretion of the Administrator, Shares may be issued
under this Plan in consideration of services rendered to the Company or its affiliated entities prior to the Stock Purchase Right or Option exercise. 

  
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 (d) Promissory Note. To the extent that a Stock Option Agreement or
Restricted Stock Purchase Agreement so permits, all or a portion of the Exercise Price or Purchase Price (as the case may be) may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal
amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest under the Code. Subject to
the foregoing, the Administrator, at its sole discretion, shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note. 

(e) Cashless Exercise. To the extent that a Stock Option Agreement so permits, consideration for all or a portion of the
Exercise Price may be pursuant to a formal cashless exercise program adopted by the Company in connection with this Plan. 

(f) Exercise/Sale. To the extent that a Stock Option Agreement so permits, and if Shares are publicly traded, payment
may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell the Shares and to deliver all or part of the sales proceeds to the Company in payment
of all or part of the Exercise Price and any withholding taxes. 
 (g) Exercise/Pledge. To the extent that a Stock
Option Agreement so permits, and if Shares are publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge the Shares to a securities broker or lender approved by
the Company, as security for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 

8. Adjustments; Dissolution or Liquidation; Merger or Change in Control.  

(a) Adjustments. In the event of a subdivision of the outstanding capital stock of the Company, a declaration of a
dividend payable in stocks, a declaration of an extraordinary dividend payable in a form other than stocks in an amount that has a material effect on the Fair Market Value, a combination or consolidation of the outstanding capital stock of the
Company into a lesser number of stocks, a recapitalization, a spin-off, a reclassification, or a similar occurrence, the Administrator, in order to prevent diminution or enlargement of the benefits or
potential benefits intended to be made available under this Plan, may (in its sole discretion) adjust the number and class of stock that may be delivered under this Plan and/or the number, class, and price of stock covered by each outstanding Option
or Stock Purchase Right; provided, however, that the Administrator shall make such adjustments to the extent required by applicable law. Except as provided in this Section 8, a Service Provider shall have no rights by reason of (i) any
subdivision or consolidation of stocks or stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of stock of any class. Any issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Option or Stock Purchase Right, or the applicable exercise
price or purchase price. 

  
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 (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Option or Stock Purchase
Right will terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or Change in
Control. In the event of a Change in Control, the Administrator may, in its sole discretion, determine that (i) each outstanding Option and Stock Purchase Right shall fully vest, and each Service Provider shall have the right to exercise
its respective Options or Stock Purchase Rights as to all of the stock, including Shares as to which it would not otherwise be vested or exercisable, (ii) the Option shall be cancelled in exchange for payment at the then current value of the
Option, and/or (iii) the Option shall be cancelled without any payment if the exercise price is less than the fair market value of the Option Shares determined based on the definitive transaction documents for the Change in Control. If an
Option or Stock Purchase Right becomes fully vested and exercisable in the event of a Change in Control, the Administrator shall notify each holder of an Option and/or Stock Purchase Right in writing or electronically that the Option or Stock
Purchase Right shall be fully exercisable for a period of time as determined by the Administrator, and the Option or Stock Purchase Right shall terminate upon expiration of such period. 

9. Transferability. Unless determined otherwise by the Administrator, Options and Stock Purchase Rights may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent and distribution, and may be exercised during the lifetime of the Service Provider, only by the Service Provider. If the
Administrator in its sole discretion makes an Option or Stock Purchase Right transferable, such Option or Stock Purchase Right may only be transferred (i) by will, (ii) by the laws of descent and distribution, or (iii) to family members
(within the meaning of Rule 701 of the Securities Act of 1933 (the “Securities Act”)) through gifts or domestic relations orders, as permitted by Rule 701 of the Securities Act. 

10. Securities Law Requirements.  

(a) General. Shares shall not be issued under this Plan unless the issuance and delivery of such Shares comply with (or
are exempt from) all applicable requirements of law, including (without limitation) the Securities Act, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or
other securities market on which the Company’s securities may then be traded. 
 (b) Financial Reports. Each year
the Company shall furnish to Service Providers its balance sheet and income statement, unless such Service Providers are key employees whose duties with the Company assure them access to equivalent information. Such balance sheet and income
statement need not be audited. 

  
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 (c) Investment Representations. As a condition to the exercise of an
Option or Stock Purchase Right, the Administrator may require the person exercising such Option or Stock Purchase Right to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any
present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. 

11. No Retention Rights.  

(a) No Retention Rights. Nothing in this Plan or in any Stock Purchase Right or Option granted under this Plan shall
confer upon the Purchaser or Optionee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser
or Optionee) or of the Purchaser or Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 

(b) Leaves of Absence. For purposes of subsection (a) above, Services shall be deemed to continue while the Service
Provider is on a bona fide leave of absence, if such leave was approved by the Administrator in writing and if continued crediting of Services for this purpose is expressly required by the terms of such leave or by applicable law (as determined by
the Company). 
 12. Compliance with Code Section 409A.  

(a) The Plan, as set forth herein, may be considered a “deferred compensation” arrangement within the meaning of
Code Section 409A. It is intended that, to the extent any awards issued under this Plan are not exempt from Code Section 409A, such awards will be issued and operated in a manner such that the awards are in good faith compliance with the
requirements and provisions of Code Section 409A and any treasury regulations or other guidance promulgated therewith. 

(b) Optionee hereby agrees and acknowledges that neither the Company nor any of its Affiliates makes any representations with
respect to the application of Section 409A to the Option or the Option Shares or any other tax, economic or legal consequences of the Option or the Option Shares and, by the acceptance of the Option, Optionee agrees to accept the potential
application of Section 409A to the Option or the Option Shares and the other tax, economic or legal consequences of the issuance, vesting, ownership, modification, adjustment, and disposition of the Option or the Option Shares. Optionee agrees
to hold harmless and indemnify the Company from any adverse tax consequences with respect to the Option or the Option Shares, any withholding or other tax obligations of the Company with respect to the Option or the Option Shares, and from any
action or inaction or omission of the Company pursuant to the Plan or otherwise that may cause such Option or the Option Shares to be or become subject to Section 409A. 

13. Duration and Amendments. 

(a) Term of the Plan. The Plan became effective when adopted by the Board and was approved by the Company’s
stockholders. The Plan shall terminate automatically ten (10) years after the earlier of either its adoption by the Board or approval by the Company’s stockholders, and may be terminated on any earlier date pursuant to subsection
(b) below. 

  
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 (b) Right to Amend or Terminate the Plan. The Board may amend,
suspend or terminate this Plan at any time and for any reason; provided, however, that any amendment of this Plan which increases the number of Shares available for issuance under this Plan, or which materially changes the class of persons who are
eligible to participate under this Plan, shall be subject to the approval of the Company’s stockholders. Stockholder approval shall not be required for any other amendment of this Plan. 

(c) Effect of Amendment or Termination. No Shares shall be issued or sold under this Plan after the termination thereof, except
upon exercise of an Option granted prior to such termination. The termination of this Plan, or any amendment thereof, shall not affect any Shares previously issued or any Option previously granted under this Plan. 

14. Definitions.  

(a) “Administrator” means the Board or any of its Committees administering this Plan in accordance with
Section 2(b). 
 (b) “Board” means the Board of Directors of the Company, as constituted from time to time.

 (c) “Cause” means, unless otherwise defined in an Optionee’s written employment agreement, the unauthorized
use or disclosure of the confidential information or trade secrets of the Company, conviction of a felony under the laws of the United States or any state thereof, gross negligence, or any other misconduct as the Board may determine. 

(d) “Change in Control” means: 

(i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not stockholders of
the Company immediately prior to such merger, consolidation or other reorganization; or 
 (ii) The sale, transfer or other
disposition of all or substantially all of the Company’s assets. 
 A transaction shall not constitute a Change in Control if its sole
purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction or a
venture capital financing. 
  

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

 (f) “Committee” means a committee of the Board, as described in Section 2(a). 

(g) “Company” means OURS Technology Inc., a Delaware corporation. 

(h) “Consultant” means an individual who performs bona fide services for the Company or an affiliated entity as a
consultant or advisor, excluding Employees and Outside Directors. 
 (i) “Disability” means that the Optionee is
unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment. 

(j) “Employee” means any individual who is a common-law employee of the
Company, a Parent or a Subsidiary. 
 (k) “Exercise Price” means the amount for which one Share may be purchased
upon exercise of an Option, as specified by the Board in the applicable Stock Option Agreement. 
 (l) “Fair Market
Value” per share of Common Stock on any relevant date shall be determined in accordance with the following provisions: 

(i) If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling
price per share of Common Stock on the date in question on the Stock Exchange determined by the Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange.
If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

(ii) If the Common Stock is at the time not listed on any Stock Exchange, then the Fair Market Value shall be determined by the
Administrator after taking into account such factors as the Administrator shall deem appropriate. Such factors shall include the application of “a reasonable valuation method” as that term is used for purposes of Internal Revenue Code
Section 409A, the treasury regulations promulgated therewith, and any other guidance issued. 
 (m) “ISO”
means an employee incentive stock option described in Section 422(b) of the Code. 
 (n) “NSO” means a stock
option not described in Sections 422(b) or 423(b) of 
 the Code. 

(o) “Option” means an ISO or NSO granted under this Plan and entitling the holder to purchase Shares. 

 

  
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 (p) “Optionee” means an individual who holds an Option. 

(q) “Outside Director” means a member of the Board who is not an 

Employee. 

(r) “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a
Parent on a date after the adoption of this Plan shall be considered a Parent commencing as of such date. 
 (s)
“Plan” means the Company’s 2017 Stock Incentive Plan. 
 (t) “Purchase Price” means the
consideration for which Shares may be acquired under this Plan (other than upon exercise of an Option), as specified by the Board. 

(u) “Purchaser” means an individual offered a Stock Purchase Right. 

(v) “Restricted Stock Purchase Agreement” means the agreement between the Company and a Purchaser who acquires Shares
under this Plan that contains the terms, conditions and restrictions pertaining to the acquisition of such Shares. 
 (w)
“Services” means services provided to the Company by a Service 
 Provider. 

(x) “Service Provider(s)” means an Employee, Consultant or Outside Director receiving a Stock Purchase Right or
Option grant under this Plan. 
 (y) “Share” means one share of Common Stock, as adjusted in accordance with
Section 8 (if applicable). 
 (z) “Stock Option Agreement” means the agreement between the Company and an
Optionee that contains the terms, conditions and restrictions pertaining to the Optionee’s Option. 
 (aa) “Stock
Purchase Right” means the right granted under this Plan to purchase shares of common stock of the Company. 
 (bb)
“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of this Plan shall be considered a
Subsidiary commencing as of such date. 
  

  
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 To record the adoption of this Plan by the Board the Company has caused its authorized
officer to execute the same. 
  

			
	OURS TECHNOLOGY INC.
		
	By:	 	 

  

		 	Zbangxi Tan
		 	Chief Executive Officer

 Signature Page to 2017 Stock Incentive Plan 

 OURS TECHNOLOGY INC. 

2017 STOCK INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

This Stock Option Agreement (this “Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) between OURS Technology Inc., a Delaware corporation (the “Company”), and the optionee named below (the “Optionee”). Capitalized terms not defined herein shall
have the meaning ascribed to them in the Company’s 2017 Stock Incentive Plan (the “Plan”), a copy of which the Optionee acknowledges having received. 

 

			
	 Optionee:
	 	
                   
                                         
                            

		
	 Social Security Number:
	 	
                   
                                         
                            

		
	 Address:
	 	
                   
                                         
                            

		
	 Total Option Shares:
	 	
                   
                                         
                            

		
	 Exercise Price Per Share:
	 	
                   
                                         
                            

		
	 Date of Grant:
	 	
                   
                                         
                            

		
	 Vesting Commencement Date:
	 	
		
	 Expiration Date:
	 	
                   
                                         
                            

		 	 (unless earlier terminated under the Plan)

		
	 Type of Stock Option
	 	

  

			
	 (Check one):
	  	[    ] Incentive Stock Option
		
		  	[    ] Nonqualified Stock Option

 1. Grant of Option. The Company hereby grants to Optionee an option (this
“Option”) to purchase the total number of shares of common stock of the Company set forth above as Total Option Shares (the “Shares”) at the Exercise Price Per Share set forth above (the
“Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive stock option”
(“ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. Exercise Period.  

(a) Exercise Period of Option. Optionee may exercise this Option with respect to the vested portion of this Option at
any time prior to the expiration of the Option. Provided Optionee continues to provide services to the Company or any Affiliate of the Company, the Option will vest as to the Shares as follows: One-fourth
(1/4th) of the 

 Shares shall vest on the one year anniversary of the Vesting Commencement
Date, and thereafter an additional one forty-eighth (1/48th) of the Shares shall vest at the end of each successive full month as long as Optionee remains a Service Provider to the Company on each vesting date. If application of the vesting
percentage causes the vesting of a fractional share, such share shall be rounded down to the nearest whole share for each month except for the last month in such vesting period, when this Option shall vest for the full remainder of the Shares. 

(b) Vesting of Options. Shares that have vested pursuant to the schedule set forth in Section 2(a) are referred to
herein as “Vested Shares.” Shares that have not vested pursuant to the schedule set forth in Section 2(a) are referred to herein as “Unvested Shares.” 

(c) Expiration. The Option shall expire on the Expiration Date set forth above or earlier pursuant to Section 3
below or Section 6 or Section 8(b) of the Plan. 
 3. Termination. 

(a) Termination of Service (Except by Death). If Optionee’s Service terminates for any reason other than the
Optionee’s death, then the Optionee’s Option shall expire on the earliest of the following occasions: 
 (i) The
expiration date determined pursuant to Section 2(c) above; 
 (ii) The date three (3) months after the termination
of Optionee’s Service for any reason other than Cause or Disability, or such longer time period as the Administrator may determine (not to exceed ten (10) years after such termination), but with any exercise period beyond three
(3) months after such termination deemed to be a “nonqualified stock option” (“NSO”); 

(iii) The date and time of termination of Optionee’s Service for Cause, or such longer time period as the Administrator
may determine (not to exceed ten (10) years after such termination), but with any exercise period beyond three (3) months after such termination deemed to be an NSO; or 

(iv) The date twelve (12) months after the termination of the Optionee’s Service by reason of Disability, or such
longer time period as the Administrator may determine (not to exceed ten (10) years after such termination), but with any exercise period beyond one (1) year after such termination deemed to be an NSO. 

(b) Death of Service Provider. If a Service Provider dies while Optionee is in Service, then the Optionee’s Options
shall expire on the earlier of the following dates: 
 (i) The expiration date determined pursuant to Section 2(c)
above; or 
 (ii) The date twelve (12) months after the Service Provider’s death, or such later date as the
Administrator may determine (not to exceed ten (10) years after such termination), but with any exercise period beyond one (1) year after such termination deemed to be an NSO. 

  
 2 

 (c) No Obligation to Employ. Nothing in the Plan or this Agreement
shall confer on Optionee any right to continue in the employ of, or other relationship with, the Company or any of its affiliates, or limit in any way the right of the Company or any of its affiliates to terminate Optionee’s employment or other
relationship at any time, with or without Cause. 
 (d) Code Section 409A. Optionee hereby agrees
and acknowledges that neither the Company nor any of its Affiliates makes any representations with respect to the application of Section 409A to the Option or the Option Shares or any other tax, economic or legal consequences of the Option or
the Option Shares and, by the acceptance of the Option, Optionee agrees to accept the potential application of Section 409A to the Option or the Option Shares and the other tax, economic or legal consequences of the issuance, vesting,
ownership, modification, adjustment, and disposition of the Option or the Option Shares. Optionee agrees to hold harmless and indemnify the Company from any adverse tax consequences with respect to the Option or the Option Shares, any withholding or
other tax obligations of the Company with respect to the Option or the Option Shares, and from any action or inaction or omission of the Company pursuant to the Plan or otherwise that may cause such Option or the Option Shares to be or become
subject to Section 409A. 
 4. Manner of Exercise.  

(a) Exercise of Stock Option. To exercise this Option, Optionee (or in the case of exercise after Optionee’s death
or incapacity, Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in the form attached hereto as Exhibit A (the “Exercise
Agreement”), or in such other form as may be approved by the Board from time to time, which shall set forth, among other things, (i) Optionee’s election to exercise the Option, (ii) the number of
Shares being purchased, (iii) any restrictions imposed on the Shares, and (iv) any representations, warranties and agreements regarding Optionee’s investment intent, investment status and access to information as may be required by
the Company. If someone other than Optionee exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option and such person shall agree to
the restrictions contained herein as if such person were Optionee. 
 (b) Limitations on Exercise. The Option may not
be exercised unless such exercise is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised for fewer than one hundred (100) Shares unless it is
exercised with respect to the then all remaining unexercised Shares. 

  
 3 

 (c) Payment. The Exercise Agreement shall be accompanied by full
payment of the Exercise Price for the shares being purchased by check or wire transfer, or any other form of consideration permitted by law and the Board. 

(d) Tax Withholding. Prior to the issuance of Shares upon exercise of the Option, Optionee must pay or provide for any
applicable federal, state and local tax withholding obligations of the Company. If the Board permits, Optionee may provide for payment of withholding taxes upon exercise of the Option by requesting that the Company retain the minimum number of
Shares with a Fair Market Value equal to the statutory minimum amount of taxes required to be withheld, but in no event shall the Company be obligated to withhold Shares if such withholding would result in adverse accounting consequences to the
Company. 
 (e) Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance
satisfactory to counsel for the Company, the Company shall issue the Shares registered in the name of Optionee, Optionee’s authorized assignee, or Optionee’s legal representative, and shall deliver certificates representing the Shares with
the appropriate legends affixed thereto. 
 5. Notice of Disqualifying Disposition of ISO Shares. If Optionee sells or
otherwise disposes of any of the Shares acquired pursuant to exercise of an ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after issuance of such Shares to
Optionee, Optionee shall immediately notify the Company in writing of such disposition. 
 6. Compliance with Laws and
Regulations. The Plan and this Agreement are intended to comply with applicable federal and state securities laws and any regulations promulgated thereunder. Any provision of this Agreement which is inconsistent with such securities laws
or any regulations thereunder shall, without further act or amendment by the Company or the Board, be modified to comply with such applicable laws and any regulations thereunder. The exercise of the Option and the issuance and transfer of Shares
must comply with applicable federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s common stock may be listed at the time of such issuance or transfer. Optionee understands that the
Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission or any stock exchange. 

7. Nontransferability of Option. The Option may not be transferred in any manner other than by will or the laws of
descent and distribution, and, with respect to NSOs, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as
that term is defined in 17 C.F.R. 240.16a-1(e), and may be exercised during the lifetime of Optionee only by Optionee or, in the event of Optionee’s incapacity, by Optionee’s legal representative.
The terms of the Option shall be binding upon the executors, administrators, successors and assigns of Optionee. 

  
 4 

 8. The Company’s Right of First Refusal. Before any Shares held by Optionee
or by any transferee of such Shares may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the
Shares to be sold or transferred on the terms and conditions set forth in the Exercise Agreement (the “Right of First Refusal”). The Company’s Right of First Refusal will terminate when the Company’s securities
become publicly traded. 
 9. Investors Rights Agreement. Optionee acknowledges that the Company’s success and the
attainability of its prospects depends on the Company’s ability to raise outside capital, and therefore covenants and agrees to execute any investors rights agreement or any similar investor agreement as may be requested by the Company in
connection with the Company’s financings from time to time, which agreement(s) may contain, among other things, co-sale, first refusal rights and drag along rights restricting the transferability of, or
obligating Optionee to sell, the Shares. 
 10. Tax Consequences. Set forth below is a brief summary as of the Effective
Date of the Plan of some of the federal tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD CONSULT A TAX
ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 (a) Exercise of ISO. If the Option qualifies as an
ISO and there is no disqualifying disposition of the Shares issued upon exercise of the Option, there will be no regular federal income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the
Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for federal alternative minimum tax purposes and may subject the Optionee to the alternative minimum tax in the year of exercise. 

(b) Exercise of Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular federal
income tax liability upon the exercise of the Option. Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise
over the Exercise Price. If Optionee is a current or former employee of the Company, the Company may be required to withhold from Optionee’s compensation or collect from Optionee and pay to the applicable taxing authorities an amount equal to a
percentage of this compensation income at the time of exercise. 
 (c) Disposition of Shares. The following tax
consequences may apply upon disposition of the Shares. 
 (i) Incentive Stock Options. If the Shares are held for more than
one (1) year after the date of purchase of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on a disposition of the Shares will be treated as long term capital
gain for federal income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at
ordinary income rates) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. 

  
 5 

 (ii) Nonqualified Stock Options. If the Shares are held for more than twelve
(12) months after the date of purchase of the Shares pursuant to the exercise of an NSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

(iii) Withholding. The Company may be required to withhold from the Optionee’s compensation or collect from the Optionee
and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income. 
 11. Privileges of
Stock Ownership. Optionee, or a transferee of Optionee, shall have no rights as a shareholder with respect to any Shares covered by the Option until such Shares are validly issued to the Optionee and paid for. 

12. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Optionee or the
Company to the Board or a committee appointed by the Board for review. The resolution of such a dispute by the Board shall be final and binding on the Company and Optionee. 

13. Entire Agreement. The Plan is incorporated herein by reference. This Agreement and the Plan constitute the entire
agreement of the parties and supersede all prior undertakings and agreements with respect to the subject matter hereof. 
 14.
Notices. Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the Secretary of the Company at its principal corporate offices. Any notice required to be
given or delivered to Optionee shall be in writing and addressed to Optionee at the address indicated above or to such other address as such party may designate in writing from time to time to the Company. All notices shall be deemed to have been
given or delivered upon: (i) personal delivery, (ii) three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested), (iii) one (1) business day after deposit with any return receipt
express courier (prepaid), or (iv) one (1) business day after transmission by facsimile, e-mail, rapifax or telecopier. 

15. Successors and Assigns. The Company may assign any of its rights under this Agreement, including its right to
purchase Shares under the Right of First Refusal with respect to Shares. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this
Agreement shall be binding upon Optionee and Optionee’s heirs, executors, administrators, legal representatives, successors and assigns. 

16. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
California as such laws are applied to agreements between California residents entered into and to be performed entirely within California. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such
provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. 
  

  
 6 

 17. Acceptance. Optionee hereby acknowledges receipt of a copy of the Plan and
this Agreement. Optionee has read and understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement. Optionee acknowledges that there may be adverse tax consequences
upon exercise of the Option or disposition of the Shares and is encouraged to consult a tax adviser prior to such exercise or disposition. 

* * * * * 

  
 7 

 IN WITNESS WHEREOF, the Company and Optionee have executed this Agreement,
effective as of the Date of Grant. 
  

							
	OURS TECHNOLOGY INC.	  		  		  	OPTIONEE
				
	By:
                                         
                                         
              	  		  		  	By:
                                         
                                         
        
	            (Signature)	  		  		  	            (Signature)
				
	                                      
                                         
                         	  		  		  	                                      
                                         
                     
	            (Please print name)	  		  		  	            (Please print name)
				
	                                      
                                         
                       	  		  		  	                                      
                                         
                     
	            (Please print title)	  		  		  	            (Please print title)

 Signature Page to Stock Option Agreement 

 EXHIBIT A 

EXERCISE AGREEMENT 

 To be signed upon exercise of Option 

OURS TECHNOLOGY INC. 

2017 STOCK INCENTIVE PLAN 

STOCK OPTION EXERCISE AGREEMENT 

This Stock Option Exercise Agreement (the “Exercise Agreement”) is made and entered into as of ______________, _____
(the “Effective Date”) by and between OURS Technology Inc., a Delaware corporation (the “Company”), and the purchaser named below (the “Purchaser”). Capitalized terms not
defined herein shall have the meanings ascribed to them in the Company’s 2017 Stock Incentive Plan (the “Plan”), a copy of which was delivered to Purchaser in connection with that certain option (the
“Option”) previously granted to Purchaser under the Plan and pursuant to the terms of a stock option agreement (“Stock Option Agreement”). 

 

			
	 Purchaser:
	 	
                   
                                         
                                

		
	 Social Security Number:
	 	
                   
                                         
                                

		
	 Address:
	 	
                   
                                         
                                

		
		 	
                   
                                         
                                

		
	 Total Option Shares:
	 	
                   
                                         
                                

		
	 Exercise Price Per Share:
	 	
                   
                                         
                                

		
	 Date of Grant:
	 	
                   
                                         
                                

		
	 Vesting Commencement Date:
	 	
                   
                                         
                                

		
	 Expiration Date:
	 	
                   
                                         
                                

		 	(unless earlier terminated under the Plan)

  

			
	 Type of Stock Option
	  	
	 (Check one):
	  	 [    ] Incentive Stock Option

	 	  	[    ] Nonqualified Stock Option

 To be signed upon exercise of Option 

1. Exercise of Option. 

(a) Exercise. Pursuant to the exercise of the Option and subject to the terms and conditions of this Exercise
Agreement, Purchaser hereby purchases from the Company, and the Company hereby sells to Purchaser, the Total Number of Shares set forth above (the “Shares”) of the Company’s Common Stock at the Exercise Price Per Share
set forth above (the “Exercise Price”). As used in this Exercise Agreement, the term “Shares” refers to the Shares purchased under this Exercise Agreement and includes all securities received (i) in
replacement of the Shares, (ii) as a result of stock dividends or stock splits with respect to the Shares, and (iii) in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction. 

(b) Title to Shares. The exact spelling of the name(s) under which Purchaser will take title to the Shares is: 

 
  
  

 
 Purchaser desires to
take title to the Shares as follows: 
  

	 	[    ]	 Individual, as separate property 

 

	 	[    ]	 Husband and wife, as community property 

 

	 	[    ]	 Joint Tenants 

  

	 	[    ]	 Other; please
specify:                                       
                                         
                 

 To
assign the Shares to a trust, a stock transfer agreement (the “Stock Transfer Agreement”) must be completed and executed. 

(c) Payment. Purchaser hereby delivers payment of the Exercise Price in the manner permitted in the Stock Option
Agreement and by the Board as follows (check and complete as appropriate): 
  

	 	[    ]	 in cash (by check) in the amount of $____________, receipt of which is acknowledged by the Company;

  

	 	[    ]	 by cancellation of indebtedness of the Company owed to Purchaser in the amount of $_______________;

  

	 	[    ]	 by delivery of _________ fully-paid, nonassessable and vested shares of the Common Stock of the Company owned
by Purchaser for at least six (6) months prior to the date hereof which have been paid for within the meaning of SEC Rule 144, (if purchased by use of a promissory note, such note has been fully paid with respect to such vested shares), or
obtained by Purchaser in the open public market, and owned free and clear of all liens, claims, encumbrances or security interests, valued at the current Fair Market Value of $___________ per share; 

 

	 	[    ]	 by the waiver hereby of compensation due or accrued for services rendered in the amount of $_________.

  
 2 

 To be signed upon exercise of Option 

2. Deliveries. 

(a) Deliveries by Purchaser. Purchaser hereby delivers to the Company (i) this Exercise Agreement, (ii) if
Purchaser is married, a Consent of Spouse in the form of Exhibit 1 attached hereto (the “Spouse Consent”) executed by Purchaser’s spouse, and (iii) the Exercise Price and payment or other provision for any
applicable tax obligations. 
 (b) Deliveries by the Company. Upon its receipt of the Exercise Price, payment or other
provision for any applicable tax obligations and all the documents to be executed and delivered by Purchaser to the Company under Section 2.1, the Company will issue a duly executed stock certificate evidencing the Shares in the names(s)
indicated in Section 1.2 above. 
 3. Representations and Warranties of Purchaser. Purchaser represents and
warrants to the Company that: 
 (a) Applicable Terms and Conditions. Purchaser has received a copy of the Plan
and the Stock Option Agreement, has read and understands the terms of the Plan, the Stock Option Agreement and this Exercise Agreement, and agrees to be bound by the terms and conditions specified herein and therein. 

(b) Purchase for Own Account for Investment. Purchaser is purchasing the Shares for Purchaser’s own account for
investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise disposing of all or any portion of the
Shares and no one other than Purchaser has any beneficial ownership of any of the Shares. 
 (c) Access to
Information. Purchaser has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase
the Shares, and Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning such matters. 

(d) Understanding of Risks. Purchaser is fully aware of: (i) the highly speculative nature of the investment in the
Shares; (ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares; (iv) the qualifications and backgrounds of the management of the Company; and (v) the
tax consequences of an investment in the Shares. Purchaser acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or
disposition. Purchaser is capable of evaluating the merits and risks of this investment, has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 

  
 3 

 To be signed upon exercise of Option 

4. Restricted Securities. 

(a) Compliance with U.S. Federal Securities Laws. Purchaser understands and acknowledges that the Shares have not been
registered with the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the exercise of any rights to purchase any Shares is expressly conditioned upon compliance with the
Securities Act and all applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. 

(b) No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may not transfer any Shares unless the
Shares are registered under the Securities Act or qualified under applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available. Purchaser
understands that only the Company may file a registration statement with the SEC and that the Company is under no obligation to do so with respect to the Shares. Purchaser also understands that exemptions from registration and qualification may not
be available or may not permit Purchaser to transfer all or any of the Shares in the amounts or at the times proposed by Purchaser. 

(c) SEC Rule 144. Purchaser acknowledges that SEC Rule 144 promulgated under the Securities Act, which permits certain
limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of one (1) year, and in certain cases two (2) years, after they have been
purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Purchaser remains an “affiliate” of the Company or if “current public
information” about the Company (as defined in Rule 144) is not publicly available. 
 5. Restrictions on Transfers. 

(a) Disposition of Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares (other than
as permitted by this Exercise Agreement) unless and until: 
 (i) Purchaser shall have notified the Company of the proposed
disposition and provided a written summary of the terms and conditions of the proposed disposition; 
 (ii) Purchaser shall
have complied with all requirements of this Exercise Agreement and the Investors Rights Agreement (as defined below) applicable to the disposition of the Shares; 

(iii) Purchaser shall have provided the Company with written assurances, in form and substance satisfactory to counsel for the
Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all appropriate actions necessary for compliance with the registration requirements of the Securities Act or of any
exemption from registration available under the Securities Act (including Rule 144) have been taken; and 
  

  
 4 

 To be signed upon exercise of Option 

(iv) Purchaser shall have provided the Company with written assurances, in form and substance satisfactory to the Company,
that the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares pursuant to applicable securities law or regulations. 

(b) Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge,
hypothecate, encumber or otherwise dispose of any of the Shares which are subject to the Company’s Right of First Refusal described below, except as permitted by this Exercise Agreement. 

(c) Transferee Obligations. Each person (other than the Company) to whom the Shares are transferred by means of one of
the permitted transfers specified in this Exercise Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the
transferred Shares are subject to (i) the Company’s Right of First Refusal granted hereunder and (ii) the market standoff provisions of Section 6 hereof, to the same extent such Shares would be if retained by Purchaser. 

6. Market Standoff Agreement. Purchaser agrees in connection with any registration of the Company’s securities that,
upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any Shares without the prior written consent of the Company or such underwriters, as
the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and subject to all restrictions as the Company or the underwriters may
specify. Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing. 

7. Right of First Refusal. The Company is hereby granted the right of first refusal (the “Right of First
Refusal”), exercisable in connection with any proposed sale or other transfer of the Shares. For purposes of this Section 7, the term “transfer” shall include any assignment, pledge, encumbrance or other disposition of
the Shares for value intended to be made by Purchaser. 
 (a) Notice of Intended Disposition. In the event Purchaser
desires to accept a bona fide offer to purchase any or all of the Shares (such shares hereinafter called the “Transfer Shares”) from a third party, Purchaser shall promptly deliver to the Secretary of the Company written
notice (the “Disposition Notice”) (i) stating Purchaser’s bona fide intention to sell or otherwise transfer such Transfer Shares, (ii) identifying the terms and conditions of such offer in reasonable detail
including the purchase price and the identity of the proposed buyer or transferee, and (iii) providing satisfactory proof that the disposition of the Transfer Shares to such third-party would not be in contravention of Section 7 of this
Exercise Agreement. In the event of a transfer not involving a specific sum of money, or if, in the sole judgment of the Company’s Board of Directors, the proposed price for the Transfer Shares is not the result of a bona fide “arm’s-length transaction,” the price of the Transfer Shares shall be determined by the Company’s Board of Directors as specified in Section 7.5 below. 

 

  
 5 

 To be signed upon exercise of Option 

(b) Exercise of Right of First Refusal. The Company (or its assignees) shall, for a period of sixty (60) days
following receipt of the Disposition Notice, have the right to purchase any or all of the Transfer Shares upon substantially the same terms and conditions specified in the Disposition Notice. The Right of First Refusal shall be exercisable by
written notice (the “Exercise Notice”) to Purchaser prior to the expiration of the sixty (60) day period. If such right is exercised with respect to all the Transfer Shares, then the Company (or its assignees) shall have
thirty (30) days after delivery of the Exercise Notice to effect the purchase of the Transfer Shares, including payment of the purchase price. Purchaser shall deliver to the Company the certificate(s) representing the Transfer Shares to be
purchased by the Company, each certificate to be properly endorsed for transfer on or before the date of the Company’s purchase of such Transfer Shares. The Transfer Shares so purchased shall thereupon be canceled and no longer be issued and
outstanding shares of the Company’s Common Stock. Should the purchase price specified in the Disposition Notice be payable in property other than cash or evidences of indebtedness, the Company (or its assignees) shall have the right to pay the
purchase price in the form of cash equal in amount to the value of such property. 
 (c)
Non-Exercise of Right. If the Company does not exercise its Right of First Refusal, Purchaser shall have sixty (60) days following such exercise period to sell or otherwise dispose of the Transfer
Shares to the third party purchaser specified in the Disposition Notice upon terms and conditions (including the purchase price) no more favorable than those specified in the Disposition Notice. In the event Purchaser does not sell or otherwise
dispose of the Transfer Shares within the specified sixty (60) day period, the Transfer Shares shall again become subject to the Company’s Right of First Refusal. 

(d) Recapitalization. In the event of any stock dividend, stock split, recapitalization or other transaction affecting
the Company’s outstanding Common Stock, any new, substituted or additional securities or other property distributed with respect to the Shares shall then be subject to the Company’s Right of First Refusal hereunder to the extent the Shares
are at the time covered by such right. 
 (e) Determination of Price by Board. If the price per Transfer Share is to
be determined pursuant to this Section based on a determination by the Board that terms specified in the Disposition Notice are not the result of arm’s-length negotiation, the price per Transfer Share
shall be set by the Board of Directors and will reflect the then current fair market value of such Transfer Shares as determined in the sole discretion of the Board of Directors. The Company shall notify Purchaser, Purchaser’s representative or
the person acquiring the Transfer Shares of the price so determined within forty-five (45) days after receipt by the Company of the Disposition Notice. 

(f) Restriction on Alienation. Notwithstanding anything to the contrary in this Section, the following transfers of
Shares will be exempt from the Right of First Refusal: (i) the transfer of any or all of the Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s “immediate family” (as
defined below) or to a trust for the benefit of Purchaser or Purchaser’s immediate family; provided, that each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of this Section will continue to
apply to the transferred Shares in the hands of such transferee or other recipient, (ii) any transfer of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into 

 

  
 6 

 To be signed upon exercise of Option 

another corporation or corporations, or in connection with a stock acquisition, (iii) any transfer of Shares pursuant to
the winding up and dissolution of the Company, or (iv) a repurchase of the Shares by the Company for any or no reason. As used herein, the term “immediate family” means Purchaser’s spouse, lineal descendent and antecedent,
father, mother, brother or sister, adopted child or grandchild, or the spouse of any child, adopted child, grandchild, or adopted grandchild of Purchaser. 

(g) Obligations Binding Upon Transferees. All transferees of Transfer Shares or any interest therein will receive and
hold such Transfer Shares or interests subject to the provisions of this Exercise Agreement, including, insofar as applicable, the Company’s Right of First Refusal under this Section. Any sale or transfer of the Shares shall be void unless the
provisions of this Exercise Agreement are met. 
 (h) Termination of Right of First Refusal. The Right of First
Refusal granted by this Section 7 shall terminate at such time as a public market exists for the Company’s Common Stock (or any other stock issued to purchasers in exchange for the Shares purchased under this Exercise Agreement). For the
purpose of this Exercise Agreement, a “public market” shall be deemed to exist if the Common Stock is listed on a national securities exchange (as that term is used in the Securities Exchange Act of 1934), or the Common Stock is traded on
the over-the-counter market and prices are published daily on business days in a recognized financial journal. 

8. Rights as a Stockholder. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have all of
the rights of a stockholder of the Company with respect to the Shares from and after the date the Shares are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) the Right of First
Refusal. Upon the Company’s or its assignee’s exercise of the Right of First Refusal, Purchaser will have no further rights as a holder of the Shares so purchased, and Purchaser will promptly surrender the stock certificate(s) evidencing
the Shares so purchased to the Company for transfer or cancellation. 
 9. Investors Rights Agreement. Purchaser acknowledges
that the Company’s success and the attainability of its prospects depends on the Company’s ability to raise outside capital, and to facilitate such capital raising efforts by the Company Purchaser covenants and agrees to execute any
investors rights agreement or any similar investor agreement as may be requested by the Company in connection with the Company’s financings, which agreement(s) may contain, among other things, co-sale,
first refusal rights and drag along rights restricting the transferability of, or obligating Purchaser to sell, the Shares. 
  

  
 7 

 To be signed upon exercise of Option 

 

 10. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. Purchaser understands and agrees that the Company will place the legends set forth below or similar
legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or U.S. federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between
Purchaser and the Company or any agreement between Purchaser and any third party: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER, INCLUDING
THE RIGHT OF FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.
SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS INCLUDING THE RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. THE SHARES MAY ALSO BE SUBJECT TO OTHER RESTRICTIONS SPECIFIED IN AGREEMENTS ENTERED INTO BY THE HOLDER OF THE SHARES AFTER
THE INITIAL GRANT OF THE OPTION. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS
SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER
THE EFFECTIVE DATE OF THE INITIAL PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 

8 

 To be signed upon exercise of Option 

 

 (b) Stop-Transfer Instructions. Purchaser agrees that, to ensure
compliance with the restrictions imposed by this Exercise Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. 
 (c) Refusal to Transfer. The Company will not be required
(i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends
to any purchaser or other transferee to whom such Shares have been so transferred. 
 11. Tax Consequences. PURCHASER
UNDERSTANDS THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS: (i) THAT THE COMPANY HAS RECOMMENDED THAT PURCHASER CONSULT WITH A TAX ADVISER
THAT PURCHASER DEEMS KNOWLEDGEABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND (ii) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. 

12. Compliance with Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon
compliance by the Company and Purchaser with all applicable state and U.S. federal securities laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may
be listed or quoted at the time of such issuance or transfer. 
 13. Successors and Assigns. The Company may assign any of its
rights under this Exercise Agreement, including its rights to purchase Shares under the Right of First Refusal. This Exercise Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to
the restrictions on transfer herein set forth, this Exercise Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives, successors and assigns. 

14. Governing Law; Severability. This Exercise Agreement shall be governed by and construed in accordance with the
internal laws of the State of California as such laws are applied to agreements between California residents entered into and to be performed entirely within California. If any provision of this Exercise Agreement is determined by a court of law to
be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. 

15. Notices. Any notice required to be given or delivered to the Company shall be in writing and addressed to the
Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Purchaser shall be in writing and addressed to Purchaser at the address indicated above or to such other address as Purchaser may
designate in writing from time to time to the Company. All notices shall be deemed effectively given upon: (i) personal delivery, (ii) three (3) days after deposit in the United States mail by certified or registered mail (return receipt
requested), (iii) one (1) business day after deposit with any return receipt express courier (prepaid), or (iv) one (1) business day after transmission by telecopier or other electronic mail. 

9 

 To be signed upon exercise of Option 

 

 16. Further Instruments. The parties agree to execute such further instruments
and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Exercise Agreement. 

17. Headings. The captions and headings of this Exercise Agreement are included for ease of reference only and will be
disregarded in interpreting or construing this Exercise Agreement. All references herein to Sections will refer to Sections of this Exercise Agreement. 

18. Entire Agreement. The Plan, the Stock Option Agreement and this Exercise Agreement, together with all exhibits hereto
and thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Exercise Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties hereto
with respect to the specific subject matter hereof. 
 10 

 To be signed upon exercise of Option 

 

 IN WITNESS WHEREOF, the Company and Purchaser have executed this Exercise
Agreement as of the Effective Date, indicated above. 
  

									
	OURS TECHNOLOGY INC.	 		 		 	PURCHASER
					
	By:	 	   
	 	  
	 	By:	 	   

					
		 	 (Signature)
	 		 		 	 (Signature)

		 			 
		 	 (Please print name)
	 		 		 	 (Please print name)

		 			 
		 	 (Please print title)
	 		 		 	 (Please print title)

 Signature Page to Stock Option Exercise Agreement 

 To be signed upon exercise of Option 

 

 EXHIBIT 1 

SPOUSE CONSENT 
 The
undersigned spouse of ______________________________ (the “Purchaser”) has read, understands, and hereby approves the Stock Option Exercise Agreement (the “Exercise Agreement”) between
Purchaser and OURS Technology Inc., a Delaware corporation (the “Company”). In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Exercise Agreement, the
undersigned hereby agrees to be irrevocably bound by the Exercise Agreement and further agrees that any community property interest I may have in the Shares shall similarly be bound by the Exercise Agreement. The undersigned hereby appoints
Purchaser as my attorney-in-fact with respect to any amendment or exercise of any rights under the Exercise Agreement. 

Date:
                                         
        
  

							
		 		 	  
 Print Name of
Purchaser’s Spouse

			
		 		 	  

		 		 	Signature of Purchaser’s Spouse
				
		 		 	Address:Exhibit 10.23
SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS
This Separation Agreement and General Release of Claims (“Agreement”) is entered into by and between QCR Holdings, Inc., for itself and subsidiaries and affiliates (collectively, “Employer” or “QCRH”), and Robert Fulp (“Employee”) (Employer and Employee are each a Party and collectively referred to as “Parties”), as of the last date set forth on the signature page hereof but effective as of the Effective Date defined in Section 28 below.
RECITALS
WHEREAS, Employee is employed by Employer in the position of Chief Executive Officer of Springfield First Community Bank (“SFC”) pursuant to the terms of their Employment Agreement dated April 17, 2018 (the “Employment Agreement”);
WHEREAS, Employee has expressed his desire to retire, and Employer and Employee have mutually decided that Employee’s employment relationship with Employer will terminate in accordance with the terms of the Employment Agreement, effective February 11, 2021 (the “Separation Date”);
WHEREAS, the Parties wish to establish the terms of Employee’s separation and resolve any and all disputes and demands that Employee may have against Employer as defined herein, including, but not limited to, any and all claims arising or in any way related to Employee’s employment with, or separation from, Employer;
NOW, THEREFORE, in consideration of the promises and obligations set forth in this Agreement, and for good and valuable consideration, the Parties agree as follows:
1.No Admission of Liability. Nothing in this Agreement shall be construed to be an admission by Employer of any wrongdoing or noncompliance with any federal, state, or local rule, ordinance, constitution, statute, contract, public policy, wage and hour law, wage payment law, tort law, common law, or any other unlawful conduct, liability, wrongdoing, or breach of any duty whatsoever. Employer specifically disclaims and denies any wrongdoing or liability to Employee.
2.Garden Leave Until Separation Date; Employee’s Obligations During Garden Leave. Between the date that Employee is presented with this Agreement and the Separation Date, Employee shall be on Garden Leave (the “Garden Leave Period”).  During the Garden Leave Period Employee’s employment status and obligations and Employer’s rights will be as follows in this Section 2:
(a)Employee Obligations During Garden Leave Period. Employee will remain employed by Employer and shall continue to owe a duty of loyalty and fiduciary duty to Employer during that time.  Thus, Employee is not permitted to perform any activities that are contrary to Employer’s best interests or that do, are designed to, or ordinarily would generate income for Employee or any other person or entity during the Garden Leave Period.  During the Garden Leave Period, the Company reserves the right, in its sole discretion:
(i)to remove the Employee from his active duties and responsibilities, in whole or in part;
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(ii)to exclude the Employee from Employer’s workplace;
(iii)to limit or prohibit the Employee's contact and communications with Employer’s staff and its customers; and
(iv)to limit or cut off Employee's access to Employer’s computer systems, email, and other documents and information.
(b)Employer’s Right to Shorten Garden Leave. Employer reserves the right, in its sole discretion, to shorten the Garden Leave period by either requesting that Employee report to work or perform other duties, or by terminating the Employee's employment and paying Employee for the remainder of the Garden Leave Period.  If Employee fails to comply with instructions from Employer during the Garden Leave Period, the Company is entitled to all available legal and equitable relief in a court of competent jurisdiction, including but not limited to a temporary restraining order without the need for the posting of any bond.
(c)Compensation and Benefits During Garden Leave. During the Garden Leave Period, Employer will continue to pay Employee's current base salary and benefits, less applicable withholdings. Employee will remain eligible for any bonus, commissions, or other benefits, such as vacation accrual, during the Garden Leave Period.
3.Effect of Employee’s Separation.  After the Separation Date, Employee will not represent himself as being a current employee, officer, agent, or representative of Employer for any purpose. Prior to the Separation Date and upon Employer’s request, Employee agrees to execute all documents necessary to effect his resignation from the Board of Directors (the “Board”) of the Company or any subsidiary or affiliated entity of the Company.  Provided that Employee accepts this Agreement and does not revoke it, for purposes of the Employment Agreement, Employer will treat Executive’s termination as a Voluntary Resignation for Good Reason (as defined in the Employment Agreement).
4.Separation Date is the Termination Date. Except as otherwise set forth in this Agreement, the Separation Date is the employment termination date for the Employee for all purposes, including for fringe or welfare benefit calculations and termination dates.   For the avoidance of any doubt, except as may be provided in this Agreement, Employee will not be eligible to earn or accrue any further compensation, monies, or other benefits from Employer, including coverage under any benefit plans or programs sponsored by the Employer, as of the Separation Date.
5.Minimum Payments Upon Separation. Regardless of whether Employee signs this Agreement, upon the Separation Date, or as soon as practicable thereafter, Employee will receive the following Minimum Payments from Employer:
(a)Earned but Unpaid Portion of Current Base Salary.  Following the Separation Date, Employee will receive that portion of his current annual base salary which had been earned but unpaid, less applicable deductions and withholdings, in accordance with the Company’s usual and customary payroll practices and applicable law.
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(b)Fiscal Year 2020 Incentive Compensation. Employee will receive his performance based annual deferred cash compensation for the fiscal year ending December 31, 2020 (the “Cash Bonus”). The Cash Bonus shall be determined in accordance with QCRH’s or the SFC’s, as the case may be, performance-based incentive compensation program in effect during fiscal year 2020 for senior executive employees and will be based on a target of thirty percent (30%) of Employee’s current base salary.  The Cash Bonus will be paid to Employee, less applicable deductions and withholdings, in a single installment within sixty (60) days of the Separation Date.  Employer shall issue a Form W-2 to Employee for this payment.
(c)Accrued but Unused Paid Time Off.  Following the Separation Date, Employee will receive the monetary equivalent of his accrued but unused vacation time and other eligible paid time off, less applicable deductions and withholdings, in accordance with the Company’s usual and customary vacation and payroll practices and applicable law.
(d)Expense Reimbursement. Employer will reimburse Employee for any unreimbursed out-of-pocket expenses incurred by Employee in connection with the performance of his duties before the Separation Date in accordance with Employer’s expense reimbursement policies and procedures.
(e)Other Benefits. Employee’s rights with respect to any benefits, incentives or awards provided to the Employee pursuant to the terms and conditions of any plan, program or arrangement sponsored or maintained by Employer, whether tax-qualified or not, which are not specifically addressed herein, shall be subject to the terms and conditions of such plan, program or arrangement, and this Agreement shall have no effect upon such terms and conditions except as specifically provided herein.
6.Consideration.  In consideration of Employee’s execution of and compliance with this Agreement, including Employee’s waiver and release of claims in Sections 7 and 8, Employer agrees to make the following payments, to which Employee is not otherwise entitled, provided that Employee accepts and has not revoked this Agreement in accordance with its terms:
(a)Severance. A total of Eight Hundred Three Thousand Six Hundred Thirty-Nine Dollars and Ninety-Four Cents ($803,639.94) (“Severance Pay”), less all relevant taxes and other withholdings, will be paid to Employee in equal monthly installments (on the first regular pay day of each month, in accordance with Employer’s usual and customary payroll practices of each month) over the 24-month period following the Separation Date.  The first such installment shall be made on the first regularly scheduled day of the month following the sixtieth (60th) day after the Separation Date and shall be in the amount of one-twelfths (1/12) of the Severance Pay due to Employee, and each of the remaining twenty-two (22) installments shall be in the amount of one-twenty-fourths (1/24) Severance Pay.
(b)Vesting of Otherwise Forfeited Equity Awards.  To the extent not previously vested under the terms of an applicable plan or award documents, Employer shall permit the vesting of any equity awards previously granted to Employee by Employer (whether in the form of stock options or shares of restricted stock) such that all of the unvested shares shall not be forfeited and instead become vested in accordance with the schedule set forth in Exhibit A.
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(c)COBRA Reimbursement for Medical and Dental Benefits.  Subject to the conditions outlined in Section 6(f) of the Employment Agreement, if Employee timely elects continued group medical and dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Employer will either pay directly or reimburse Employee for the COBRA premium payments for Executive and his eligible dependents to the extent such COBRA premium payments exceed premiums paid by then-current employees of Employer for similar coverage for the period following the Separation Date until the last day of the month in which Employee reaches the age of 65 (i.e., April 2022, or until such earlier time as Employee ends his participation in such coverage).
(d)Automobile Lease Reimbursement.  Subject to the provisions in Section 13(a) of this Agreement, Employer will reimburse Employee for the monthly lease payments owed to the vehicle Lessor following transfer of the lease of Employee’s Company car to Employee through December 31, 2021.  Such lease reimbursement payments, which shall not exceed a maximum monthly amount of One Thousand Eight Hundred Thirty-Five Dollars and Nineteen Cents ($1,835.19), will be made upon presentation by Employee of such documentation, expense statements, vouchers and/or other supporting information as Employer may request.
(e)Country Club Dues Reimbursement.  Employer will reimburse Employee for his annual membership dues at Hickory Hill Country Club in Springfield, Missouri in calendar years 2021 and 2022, up to a maximum annual amount of Eight Thousand Dollars and Zero Cents ($8,000.00), upon presentation by Employee of such documentation, expense statements, vouchers and/or other supporting information as Employer may request.
Employee agrees and acknowledges that, other than as provided for in this Agreement, Employee has been properly paid for all hours worked for Employer, that all salary, wages, commissions, bonuses, and other compensation due to Employee have been paid, and that Employee is not owed anything else from Employer.
7.General Release and Waiver of Claims. In exchange for the consideration provided by Employer in this Agreement, Employee and Employee’s heirs, executors, representatives, administrators, agents, and assigns (collectively the “Releasors”) irrevocably and unconditionally fully and forever waive, release, and discharge Employer,  including Employer’s parents, subsidiaries, affiliates (to and including its customers), predecessors, successors, and assigns, and each of its and their respective officers, directors, employees, shareholders, and partners, in their corporate and individual capacities (collectively, the “Released Parties”), from any and all claims, demands, actions, causes of actions, judgments, rights, fees, damages, debts, obligations, liabilities, and expenses (inclusive of attorneys’ fees) of any kind whatsoever, whether known or unknown (collectively, “Claims”), that Releasors may have or have ever had against the Released Parties, or any of them, arising out of, or in any way related to Employee’s hire, benefits, employment, termination, or separation from employment with Employer by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence, or other matter from the beginning of time up to and including the date of Employee’s execution of this Agreement, including, but not limited to:
(a)any and all claims under Title VII of the Civil Rights Act of 1964 (Title VII), the Americans with Disabilities Act (ADA), the Family and Medical Leave Act
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(FMLA) (with respect to existing but not prospective claims), the Equal Pay Act (EPA), the Employee Retirement Income Security Act (ERISA) (with respect to unvested benefits), the Civil Rights Act of 1991, Section 1981 of the Civil Rights Act of 1866 (Section 1981), the Fair Credit Reporting Act (FCRA), the Worker Adjustment and Retraining Notification (WARN) Act, the Genetic Information Nondiscrimination Act (GINA), the Immigration Reform and Control Act (IRCA), the Age Discrimination in Employment Act (ADEA), the Uniform Services Employment and Reemployment Rights Act (USERRA), the Missouri Human Rights Act (MHRA), the Missouri Equal Pay for Women Act, the Missouri Service Letter Statute, the Missouri Minimum Wage Law, the Missouri Wage Payment Law, the Missouri Constitution, all of their respective implementing regulations, all as amended, all of their respective implementing regulations and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner;
(b)any and all claims for compensation of any type whatsoever, including but not limited to claims for salary, wages, bonuses, commissions, incentive compensation, tuition reimbursement, vacation, sick pay, disability benefits (except as expressly excluded in Section 9 below), or severance;
(c)any and all claims arising under tort, contract, or quasi-contract law, including but not limited to claims of breach of an express or implied contract, tortious interference with a contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness, or any other harm, wrongful or retaliatory discharge, fraud, defamation, false imprisonment, and negligent or intentional infliction of emotional distress; and
(d)any and all claims for monetary or equitable relief, including but not limited to attorneys’ fees and costs, back pay, front pay, reinstatement, experts’ fees, medical fees or expenses, costs and disbursements, punitive damages, liquidated damages, and penalties.
8.Specific Release of ADEA Claims. In further consideration of the payments and benefits provided to Employee in this Agreement, the Releasors hereby irrevocably and unconditionally waive, release, and discharge the Released Parties from any and all Claims, whether known or unknown, from the beginning of time through the date of Employee’s execution of this Agreement, arising under the Age Discrimination in Employment Act (ADEA), as amended, and its implementing regulations. By signing this Agreement, Employee hereby acknowledges and confirms that:
(a)Employee has read this Agreement in its entirety and understands all of its terms;
(b)by this Agreement, Employee has been advised in writing to consult with an attorney, and has consulted with such counsel, who helped to negotiate this Agreement, to the extent Employee has deemed necessary before signing this Agreement;
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(c)Employee knowingly, freely, and voluntarily agrees to all of the terms and conditions set out in this Agreement including, without limitation, the waiver, release, and covenants contained in it;
(d)Employee is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which Employee is otherwise entitled;
(e)Employee was given at least twenty-one (21) days to consider the terms of this Agreement and consult with an attorney of Employee’s choice, although Employee may sign it sooner if desired and changes to this Agreement, whether material or immaterial, do not restart the running of the 21-day period;
(f)Employee understands that Employee has seven (7) days from the date of signing this Agreement to revoke the release in this paragraph, and may do so by delivering notice of revocation to outside counsel for Employer, Allison N. Powers at Barack, Ferrazzano, Kirschbaum & Nagelberg LLP, by email (allison.powers@bfkn.com) before the end of the seven-day period; provided, however, that Employee understands and acknowledges that should Employee choose to revoke this ADEA release, the Agreement as a whole will fail to become effective and Employee will not receive or be entitled to the Severance Pay described in Section 6(a); and
(g)Employee understands that the release in this paragraph does not apply to rights and claims that may arise after the date on which Employee signs this Agreement.
9.Excluded Claims.  This general release and waiver of claims excludes, and Employee does not waive, release, or discharge:
(a)Employee’s ability to seek continuation of  health coverage under Employer’s Group Health Plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA), in accordance with COBRA and/or Plan requirements;
(b)any rights to vested benefits, such as pension or retirement benefits, the rights to which are governed by the terms of the applicable plan documents and award agreements;
(c)any rights to indemnification Employee may have under the Employer’s Articles of Incorporation, Bylaws, this Agreement, or a separate indemnification agreement, as applicable, including any rights Employee may have under directors and officers insurance policies and rights or claims of contribution or advancement of expenses;
(d)any right to file an administrative charge or complaint with or testify, assist, or participate in an investigation, hearing, or proceeding conducted by the Equal Employment Opportunity Commission or other similar federal or state administrative agencies, although Employee waives any right to monetary relief related to such a charge or administrative complaint;
(e)any right to report allegations of unlawful conduct, including criminal conduct and unlawful employment practices, to federal, state, or local authorities; and
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(f)claims which cannot be waived by law, such as claims for unemployment benefit rights and workers’ compensation (other than any retaliation claims under these statutes, which are expressly waived).
10.No Outstanding or Known Future Claims/Causes of Action. Employee affirms that Employee has not filed with any governmental agency or court any type of action or report against Employer or any of the Released Parties, and currently knows of no existing act or omission that may constitute a claim or liability excluded from the releases in Sections 7 and 8 above.
11.Confidential Information.  Employee agrees and affirms that as consideration for the Employee’s execution of, non-revocation of, and compliance with this Section 11 of this Agreement, the Employer agreed to provide the Consideration described in Section 6 of this Agreement, to which the employee is not otherwise entitled:
(a)Employee understands and acknowledges that during the course of Employee’s employment by Employer, Employee has had access to and learned about confidential, secret, and proprietary documents, materials, and other information, in tangible and intangible form, of and relating to Employer and its business and existing and prospective clients, suppliers, investors, and other associated third parties (“Confidential Information”). Employee further understands and acknowledges that this Confidential Information and Employer’s ability to reserve it for the exclusive knowledge and use of Employer is of great competitive importance and commercial value to Employer, and that improper use or disclosure of the Confidential Information by Employee might cause Employer to incur financial costs, loss of business advantage, liability under confidentiality agreements with third parties, civil damages, and criminal penalties.
(b)For purposes of this Agreement, Confidential Information includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic, or any other form or medium, relating directly or indirectly to the Released Parties’: business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process, databases, device configurations, embedded data, compilations, metadata, algorithms, technologies, manuals, records, articles, systems, material, sources of material, supplier information, vendor information, financial information, results, accounting information, accounting records, legal information, marketing information, advertising information, pricing information, credit information, design information, payroll information, staffing information, personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings, sketches, analyses, market studies, forecasts, sales information, revenue, costs, formulae, notes, memoranda, communications, product plans, designs, styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information, customer lists, client information, client lists, manufacturing information, factory lists, distributor lists, and buyer lists or of any other person or entity that has entrusted information to Employer in confidence.
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Employee understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified or treated as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used.
Employee understands and agrees that Confidential Information and work product developed by Employee in the course of Employee’s employment by Employer is subject to the terms and conditions of this Agreement as if Employer furnished the same Confidential Information to Employee in the first instance. Confidential Information shall not include information that is generally available to and known by the public at the time of disclosure to Employee, provided that the disclosure is through no direct or indirect fault of Employee or person(s) acting on Employee’s behalf.
(c)Disclosure and Use Restrictions. Employee agrees and covenants:
(i)to treat all Confidential Information as strictly confidential;
(ii)not to directly or indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or part, to any entity or person whatsoever (including other employees or former employees of Employer) not having a need to know and authority to know and use the Confidential Information in connection with the business of Employer and, in any event, not to anyone outside of the direct employ of Employer; and
(iii)not to access or use any Confidential Information and not to copy or retain any documents, records, files, media, or other resources containing any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control of Employer.
(d)Permitted Disclosures. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order.  Employee shall promptly provide written notice of any such order to Todd Gipple, QCRH President, via mail (3551 7th Street, Moline, Illinois 61265) and/or email (TGipple@qcrh.com), with a copy to outside counsel for Employer in accordance with Section 26 below.
Nothing in this confidentiality provision prohibits or restricts Employee (or Employee’s attorney) from initiating communications directly with, responding to an inquiry from, or providing testimony before the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any other federal or state regulatory authority regarding this settlement or its underlying facts or circumstances.
Pursuant to 18 USC § 1833(b), an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or
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other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.
12.Restrictive Covenants. QCRH is a multi-bank holding company serving communities in the Midwest through its wholly-owned subsidiary banks, including SFC.  Employee served in the key position of Chief Executive Officer of SFC.  Employee understands and acknowledges that the services the Employee provided to Employer and its customers were unique, and that Employer’s ability to reserve these for the exclusive knowledge and use of Employer is of great competitive importance and commercial value to Employer.  Employee further acknowledges that improper use or disclosure by Employee is likely to result in unfair or unlawful competitive activity.
(a)Non-Competition. Because of Employer’s legitimate business interest as described in this Agreement and the good and valuable Consideration offered to Employee as described in Section 6, the sufficiency of which is acknowledged, for a period of twenty-four (24) months, to run consecutively beginning on the Separation Date (the “Restricted Period”), Employee agrees and covenants not to engage in Prohibited Activity within the area that encompasses a 50-mile radius from Springfield, Missouri (“the “Restricted Territory”).
(i)For purposes of this non-compete clause, “Prohibited Activity” is activity in which Employee, within the Restricted Territory, engages or invests in, owns, manages, operates, finances, controls, or participates in the ownership, management, operation or control of, is employed by, associated with, or in any manner connected with, serves as a director, officer or consultant to, lends his name or any similar name to, lends his credit to, or renders services or advice to, any person, firm, partnership, corporation or trust which owns, operates or is in the process of forming, a bank, savings and loan association, credit union or similar financial institution (a “Financial Institution”) with an office located, or to be located at an address identified in a filing with any regulatory authority, within the Restricted Area.  Prohibited Activity also includes activity that may require or inevitably require disclosure of trade secrets, proprietary information, or Confidential Information.
Nothing in this agreement shall prohibit Employee from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that the Employee is not a controlling person of, or a member of a group that controls, such corporation.
This Section does not, in any way, restrict or impede the Employee from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. Employee shall promptly provide written notice of any such order to Todd Gipple, QCRH President, via mail (3551 7th Street, Moline, Illinois 61265) and/or email (TGipple@qcrh.com), with a copy to outside counsel for Employer in accordance with Section 26 below.
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(b)Non-Solicitation of Employees.  The Employee understands and acknowledges that Employer has expended and continues to expend significant time and expense in recruiting and training its employees and that the loss of employees would cause significant and irreparable harm to the Employer. Employee agrees and covenants not to directly or indirectly solicit, hire, recruit, or attempt to solicit, hire, or recruit, any of Employer’s employees or any person who was employed by Employer in the twelve (12) months preceding Employee’s Separation Date (collectively, “Covered Employee”), or induce the termination of employment of any Covered Employee for a period of twenty-four (24) months, to run consecutively beginning on the Separation Date.
This non-solicitation provision explicitly covers all forms of oral, written, or electronic communication, including, but not limited to, communications by email, regular mail, express mail, telephone, fax, instant message, and social media, including, but not limited to, Facebook, LinkedIn, Instagram, Twitter, and any other social media platform, whether or not in existence at the time of entering into this Agreement.
However, it will not be deemed a violation of this Agreement if Employee merely updates Employee’s LinkedIn profile or connects with a Covered Employee on Facebook, LinkedIn, or other social media platform without engaging in any other substantive communication, by social media or otherwise, that is prohibited by this Section.  Moreover, Employee shall not be precluded from hiring any officer, director, manager or employee who responds to any public advertisement (which is not directed or focused on personnel of Employer or any of its subsidiaries) placed by Employee or who otherwise contacts the Employee on his, her or its own initiative without any direct or indirect solicitation by the Employee.
(c)Non-Solicitation of Customers.  Employee understands and acknowledges that because of Employee’s experience with and relationship to Employer, Employee has had access to and has learned about much or all of the Employer’s client information, including, but not limited to, Confidential Information. “Customer Information” includes, but is not limited to, names, phone numbers, addresses, email addresses, order history, order preferences, chain of command, pricing information, and other information identifying facts and circumstances specific to the customer and relevant to the services Employer provides.
Employee understands and acknowledges that: (i) Employer’s relationships with its clients is of great competitive value; (ii) Employer has invested and continues to invest substantial resources in developing and preserving its client relationships and goodwill; and (iii) the loss of any such client relationship or goodwill will cause significant and irreparable harm to Employer.
Because of Employer’s legitimate business interest and for good and valuable consideration in the form of Severance Pay, as described in Section 6(a), Employee agrees and covenants, for a period of twenty-four (24) months to run consecutively beginning on the Separation Date not to:
(i)either for the Employee or any Financial Institution directly or indirectly solicit, contact, or attempt to solicit or contact, using any other form of oral, written, or electronic communication, including, but not limited to, email, regular mail, express mail, telephone, fax, or instant message, or social media,
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including but not limited to Facebook, LinkedIn, Instagram or Twitter, or any other social media platform, whether or not in existence at the time of entering into this agreement, or meet with the Employer’s or affiliates’ current, former, or prospective customers for purposes of contracting with, becoming employed by, servicing, or offering or accepting goods or services similar to or competitive with those offered by the Employer. However, it will not be deemed a violation of this Agreement if the Employee merely updates his LinkedIn profile without engaging in any other substantive communication, by social media or otherwise, that is prohibited by this Section; or
(ii)induce or attempt to induce any customer, supplier, licensee, or business relation of Employer or its affiliates to cease doing business with Employer or its affiliates or in any way interfere with the relationship between Employer or its affiliates and their respective customers, suppliers, licensees, or business relations.
13.Return of Documents, and Other Property; Transfer of Lease of Company Automobile. Employee represents that to the extent not previously collected, by the Separation Date Employee will return to Employer all Employer Confidential Information or other property, and any and all copies of any documents, identification cards, badges, access codes or devices, keys, laptops, computers, telephones, mobile phones, hand-held electronic devices, credit cards, electronically stored documents or files, physical files, and any other Employer property in Employee’s possession.  Employee’s surrender of Employer property should be coordinated through QCRH President Todd Gipple and Senior Vice President of Human Resources Anne Howard.
(a)Transfer of Lease of Company Car.  Assuming the vehicle Lessor consents to a transfer and Employee meets all of Lessor’s qualifications imposed on Lessees, Employer will take such steps as may be required by the Lessor to transfer the lease of Employee’s Company car to Employee, such that Employee, personally, will assume all rights, liabilities, and obligations under the Lease as if he were the Lessee in the first instance.  For the avoidance of any doubt, Employee agrees and acknowledges that, following the transfer, Employee, and not Employer, will have sole responsibility for any obligations under the Lease, and for any liabilities that arise from being the vehicle Lessee (e.g., insurance, registration fees, maintenance, etc.)  However, for the remaining term of the lease, Employer will reimburse Employee for the lease payments in accordance with Section 6(d).  In the event the Lessor does not consent to Employee’s assumption of the lease, then Employee will be required to surrender his Company car, all keys thereto, and all related registration and insurance documentation within seven (7) days of being notified by Employer that a lease transfer will not be permitted.  If the Lessor does not consent to the lease transfer, Employee agrees and acknowledges that he will not receive the payments in Section 6(d).
14.Cooperation. Employee provided unique and valuable services to Employer and its customers.  The parties therefore agree that certain matters in which the Employee has been involved during the Employee's employment may need the Employee's cooperation with Employer in the future. Accordingly, for a period of two (2) years after the Separation Date, Employee shall cooperate with the Employer regarding matters arising out of or related to the Employee's service to the Employer. The Employer shall reimburse Employee for reasonable expenses incurred in connection with this cooperation, and, to the extent that the Employee is required to spend substantial time on such matters, Employer shall compensate the Employee
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at an hourly rate based on the Employee’s base salary on the Separation Date; provided, however, that Employer shall have no obligation to compensate Employee under this Section 14 for his cooperation or assistance in any matter in which Employee is accused of wrongdoing or named as a defendant or respondent.
15.Mutual Non-Disparagement. Employee shall not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory, maliciously false, or disparaging remarks, comments, or statements concerning any Released Parties, now or in the future.  Employer, for its part, will not knowingly disparage or make any derogatory statements regarding Employee; provided, however, that the Company’s obligations under this Section 15 shall be limited to communications by QCRH’s and SFC’s senior corporate executives having the rank of Senior Vice President or above and members of the Board.
This Section does not, in any way, restrict or impede Employee from exercising protected rights, to the extent that these rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. Employee shall promptly provide written notice of any such order to Todd Gipple, QCRH President, via mail (3551 7th Street, Moline, Illinois 61265) and/or email (TGipple@qcrh.com), with a copy to outside counsel for Employer in accordance with Section 26 below.
16.Waiver of Future Employment. Employee waives all rights and claims to employment with Employer and agrees that Employee will not knowingly seek or accept future employment with Employer or Employer’s current or future parents, subsidiaries, and other corporate affiliates or with any successor or assign. Employee agrees that if Employer or Employer’s parents, subsidiaries, and other corporate affiliates or any successor or assign declines to employ Employee, they shall not be liable for any damages.
17.Neutral Reference. Employee agrees to direct all requests for references to Todd Gipple, QCRH President, via mail (3551 7th Street, Moline, Illinois 61265) and/or email (TGipple@qcrh.com). In response to a request for a reference, Employer shall provide only Employee’s dates of employment and job title.
18.Successors and Assigns. Employer may freely assign this Agreement at any time. This Agreement shall inure to the benefit of Employer and its successors and assigns. Employee shall not assign this Agreement in whole or in part. Any purported assignment by Employee shall be null and void from the initial date of the purported assignment.
19.Remedies and Enforcement. In the event of a breach or threatened breach by Employee of any of the provisions of this Agreement, Employee hereby consents and agrees that Employer will be entitled to discontinue any payments under Section 6 not yet made to him, to the extent permitted by law.  Further, Employee agrees that to the extent money damages would not afford an adequate remedy and that Employer shall be entitled to seek a temporary or permanent injunction or other provisional relief against such breach or threatened breach, as contemplated in Section 25 of this Agreement, without the necessity of showing any actual damages, and without the necessity of posting any bond or other security. Any injunctive or provisional relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available relief.
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In the event of a material breach by Employee of any of the provisions of this Agreement, Employee hereby consents and agrees that Employer shall further be entitled to seek, in addition to other available remedies, an award for liquidated damages in an amount equal to Ten Thousand Dollars and Zero Cents ($10,000.00) for each material breach (the “Liquidated Damages”). The Parties acknowledge and agree that Employee’s harm caused by a material breach would be impossible or very difficult to accurately estimate at the time of the breach and that the Liquidated Damages are a reasonable estimate of the anticipated or actual harm that might arise from a material breach.
The Parties mutually agree that this Agreement can be cited as evidence in arbitration or legal proceedings alleging breach of this Agreement.
20.Modification and Waiver. No provision of this Agreement may be amended or modified unless the amendment or modification is agreed to in writing and signed by Employee and by Employer’s Chief Executive Officer or President. No waiver by any Party of any breach by any other party of any condition or provision of this Agreement to be performed by any other party shall be deemed a waiver of any other provision or condition, nor shall the failure of or delay by any Party in exercising any right, power, or privilege under this Agreement operate as a waiver to preclude any other or further exercise of any right, power, or privilege.
21.Severability. If any provision of this Agreement is found by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect, or enforceable only if modified, such finding shall not affect the validity of the remainder of this Agreement, which shall remain in full force and effect and continue to be binding on the Parties.
22.Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.
23.Counterparts. The Parties may execute this Agreement in counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart’s signature page of this Agreement, by facsimile, electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, has the same effect as delivery of an executed original of this Agreement.
24.Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and Employee concerning Employee’s separation from the Company, and supersedes and replaces any and all prior agreements and understandings between the Parties concerning Employee’s relationship with the Company and Employee’s compensation by the Company, all such prior agreements and understandings being merged herein. In the event of any inconsistency between this Agreement and any other agreement between Employee and Employer, the statements in this Agreement shall control.
25.Governing Law; Arbitration; Attorneys’ Fees.  This Agreement, and all rights, duties, and remedies hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Missouri, without reference to its choice of law rules, except as preempted by federal law. The Parties agree that any and all disputes arising out of the terms of this Agreement, Employee’s employment Employer, Employee’s service as an officer or director of SFC, or Employee’s compensation and benefits, their interpretation, and any of the matters herein released, will be subject to binding arbitration in St. Louis, Missouri,
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before the Judicial Arbitration and Mediation Services, Inc., under the American Arbitration Association’s National Rules for the Resolution of Employment Disputes, supplemented by the Missouri Rules of Civil Procedure.  The Parties agree that the prevailing party in any arbitration will be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award.  The Parties agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury.  This paragraph will not prevent either party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their dispute relating to Executive’s obligations under this Agreement and the Confidential Information Agreement. Any such action or proceeding by either of the Parties for injunctive or provisional relief shall be brought only in the County of St. Louis, Missouri or in the United States District Court for the Eastern District of Missouri.
Should any Party institute any arbitration or seek injunctive or provisional relief from a court to enforce, interpret, or apply any provision of this Agreement, the Parties agree that the prevailing party shall be entitled to seek reimbursement from the non-prevailing party of their recoverable costs and expenses, including, but not limited to, reasonable attorneys’ fees, but all such costs and/or fees shall be awarded in the arbitrator’s or judge’s sole discretion. The arbitrator or judge shall base their determination of which party prevailed upon an assessment of which party’s arguments or positions could fairly be said to have prevailed over the other party’s arguments or positions on major disputed issues in the action, accounting for the possibility that in some circumstances it is appropriate to conclude that neither party prevailed.  Such assessment should include evaluation of the following:  the amount of the net recovery and/or value of the object of the action to the prevailing party; whether the prevailing party could have secured complete relief without also pursuing claims for equitable or declaratory relief; the primary issues disputed by the parties and the relative value or importance of resolving such issues to either the prevailing party or the non-prevailing party; whether the amount of the award comprises a significant percentage of the amount sought by the prevailing party where relief is sought in the form of damages; and the most recent settlement positions of the parties.
26.Notices. All notices under this Agreement must be timely given in writing by regular mail or receipted email at the addresses indicated in this Agreement. When providing written notice to Employer, a copy must be provided to Employer’s outside counsel at the addresses below.  Notice to the Employee must be provided to Employee at the address below:
Notice to Employer:
Allison N. Powers, Esq.
Barack, Ferrazzano, Kirschbaum & Nagelberg LLP
200 West Madison Street, Suite 3900
Chicago, IL 60606
(312) 629-5130
allison.powers@bfkn.com
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Notice to Employee:
At the last residential address known by Employer.
27.Tax Matters; Section 409A. Employee agrees and acknowledges that neither Employer nor its counsel have made any representations to Employee regarding the tax consequences of any payments or transactions contemplated by this Agreement.   Rather,
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Employee has reviewed with Employee’s own tax advisors the federal, state, local, and/or foreign tax consequences of the payments and transactions contemplated by this Agreement and is relying solely on such advisors and not on any statements or representations of Employer, or any of its agents. Employee understands that Employee (and not Employer) shall be responsible for any tax liability that may arise as a result of the payments and transactions contemplated by this Agreement.
This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A), including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a “separation from service” under Section 409A. Notwithstanding the foregoing, Employer makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall Employer be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.
28.Knowing and Voluntary Acknowledgment/Effective Date. Employee specifically agrees and acknowledges that:
(a)Employee has read this Agreement in its entirety and understands all of its terms;
(b)by this instrument, Employee has been advised to consult with an attorney before executing this Agreement, and has consulted with such counsel, who helped to negotiate this Agreement, as Employee deemed necessary;
(c)Employee knowingly, freely, and voluntarily assents to all of its terms and conditions including, without limitation, the waiver, release, and covenants contained herein;
(d)Employee is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which Employee is otherwise entitled; and
(e)Employee is not waiving or releasing rights or claims that may arise after Employee executes this Agreement.
This Agreement shall not become effective until the eighth (8th) day after Employee signs, without revoking, this Agreement (the “Effective Date”).  No Consideration due to Employee under this Agreement shall be made before the Effective Date.
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EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE BEFORE SIGNING THIS AGREEMENT. EMPLOYEE FURTHER ACKNOWLEDGES THAT EMPLOYEE’S SIGNATURE BELOW IS AN AGREEMENT TO RELEASE EMPLOYER FROM ANY AND ALL CLAIMS THAT CAN BE RELEASED AS A MATTER OF LAW.
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Execution Date above.
	

	

	

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	QCR HOLDINGS, INC.

		
		By:
	/s/ Larry J. Helling
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		Name:
	Larry J. Helling
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		Title:
	Chief Executive Officer
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	Date:
	1/15/21
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	ROBERT C. FULP
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	Signature:
	/s/ Robert C. Fulp
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	Print Name:
	Robert C. Fulp
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	Date:
	1/15/21
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	 EX_H_IB_IT _A QCR HOLDINGS 3551 Seventh Street Suite 204 Moline, Illinois 61265 Options, Awards, and Cash Grants Summary As of 01/06/2021 Current Market Value: $41.18 Robert Fulp Award No:0014212 Award Date: 08/01/2018 Shares: 2,318.00 Price: $0.0000 Plan: 2016 Type: RSA Accept Date: A W A R D S C H E D U L E Shares To T R A N S A C T I O N S C A N C E L L A T I O N S Tax Payment Method Issued Vest Vest Date Vested Date Type Shares Value Date Reason Shares 580.00 580.00 579.00 579.00 08/01/2019 08/01/2020 08/01/2021 08/01/2022 580.00 Check Check Check Check 08/01/2019 08/01/2020 Release Release 580.00 580.00 $37.0200 $29.8800 580.00 0.00 0.00 2,318.00 1,160.00 1,160.00 Award No:0014221 Award Date: 01/02/2019 Shares: 613.00 Price: $0.0000 Plan: 2016 Type: RSU Accept Date: A W A R D S C H E D U L E Shares To T R A N S A C T I O N S C A N C E L L A T I O N S Tax Payment Method Granted Vest Vest Date Vested Date Type Shares Value Date Reason Shares 154.00 01/02/2020 01/02/2021 01/02/2022 01/02/2023 154.00 Check Check Check Check 01/02/2020 01/02/2021 Release Release 154.00 153.00 $43.2000 $39.5900 153.00 153.00 153.00 153.00 0.00 0.00 613.00 307.00 307.00 Total Awards Earned But Not Yet Released Total Price: Total Potential Gain: 0.0000 $0.00 $0.00 

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