Document:

Employment Agreement with Randy M. Dickerson

 Exhibit 10.24 
 SPEEDEMISSIONS, INC. 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this “Agreement”) is made by and between Speedemissions, Inc. a Florida
corporation (the “Employer”), and Randy Dickerson individual resident of Georgia (the “the Employee”), as of this 21st day of
July, 2006 (“Effective Date”). 
 The Employer presently employs the Employee as its Chief Operations Officer and Executive Vice President. The
Employer recognizes that the Employee’s contribution to the growth and success of the Employer is substantial. The Employer desires to provide for the continued employment of the Employee. To make certain the Employee continues employment
arrangements which the Employer, has determined an Employment Agreement will encourage the continued dedication of the Employee to the Employer and will promote the best interests of the Employer and its shareholders. The Employee is willing to
continue to serve the Employer on the terms and conditions herein provided. 
 In consideration of the forgoing, the mutual covenants contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree that on the Effective Date: 
  

	1.	Employment. 

  

	 	(a)	The Employer shall continue to employ the Employee, and the Employee shall continue to serve the Employer, as Chief Operations Officer upon the terms and conditions set forth
herein. The Employee shall have such authority and responsibilities as are consistent with his position and which may be set forth in this Agreement and/or assigned by the President/CEO. The Employee shall devote his full business time, attention,
skill and efforts to the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of absence consistent with the Employer’s policies. The Employee may devote reasonable periods of time to perform
charitable and other community activities and to manage his personal investments; provided, however, that such activities will not materially interfere with the performance of his duties hereunder and will not be in conflict or competitive with, or
adverse to , the interests of the Employer. Under no circumstances will the Employee work for any competitor or have any financial interest in any competitor of the Employer. 

  

	 	(b)	The Employee shall not be required to relocate from the metropolitan Atlanta, Georgia area. 

  

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	2.	Term. Unless earlier terminated or as provided herein, the Employee’s employment under this Agreement shall be for a term (the “Term”) of one year, which shall
be extended automatically (without further action of the Employer or the Employee) 30 days prior to the end of each term for an additional one year unless, prior to any such automatic extension, either party shall deliver written notice upon the
other of its intention that this Agreement shall not be so extended, in which case the Agreement shall continue through its remaining Term but shall not be extended absent written agreement by both the Employer and the Employee.

  

	3.	Compensation and Benefits. 

  

	 	(a)	The Employer shall pay the employee a salary at a rate of $125,000 per annum (the “Base Salary”) in accordance with the salary practices of the Employer. Commencing as of
the first anniversary of the Effective Date, and thereafter on each subsequent anniversary of the Effective Date during the Term, the Base Salary may be increased, but not decreased, by an amount equal to the greater of (i) such amount as shall
be determined by the Compensation Committee of the Board of Directors of the Employer; or (ii) four percent (4%). 

  

	 	(b)	The Employee shall participate in any retirement, welfare, deferred compensation, life, health, disability insurance, and other benefit plans or programs paid by the Employer now or
hereafter applicable to the Employee. This subsection (b) shall not be construed to require the Employer to establish any such plans or programs or to prevent the Employer from modifying or terminating any such plans or programs, and no such
action or failure thereof shall affect this Agreement; provided, however, that in the event of any reduction in the group medical and hospitalization benefits provided to the Employee, the salary payable to the Employee shall be increased, as of the
effective date of such reduction, by that amount necessary to enable the Employee to supplement the benefits provided by the Employer to maintain the level of benefits then provided to the Employee. 

  

	 	(c)	The Employee shall receive four (4) weeks of paid vacation for each calendar year during the Term. Scheduling of vacation shall be subject to the prior approval of the
Employer, which approval shall not be unreasonably withheld. Vacation time shall not accrue, and if the Employee prior to the end of any calendar year shall not use all of his vacation time for such year, such vacation time shall be forfeited.

  

	 	(d)	The Employer shall continue to reimburse the Employee for reasonable travel and other expenses, including a monthly car allowance of $500.00, related to the Employee’s duties
which are incurred and accounted for in accordance with the Employer’s standard business practices. 

  

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	 	 (e)
	 The Employee shall be eligible to receive stock option benefits as approved by the Compensation Committee of the Board
of Directors. Stock options will be awarded on December 1st of each year and will vest over a three-year schedule in equal parts of one-third
per year. Specific details on the exercise of these options is provided yearly in the Employee’s Stock Option Plan Agreement. 

  

	 	(f)	Employee shall be eligible to receive cash bonuses based on the Employee’s achievement of specified goals and criteria. These goals and criteria may include both annual and
long-term goals, may provide for vesting over a specified time period, and shall be established annually by the Compensation Committee of the Board of Directors. Unless provided otherwise in any particular Bonus Plan, the Compensation Committee
shall determine whether the Employee has achieved the goals and criteria for the applicable fiscal year and, if so the amount of the bonus to be paid to the Employee, as soon as practical after the operating and financial results of the Employer for
the relevant year end are made known to the Board. Any bonus so determined by the Compensation Committee will vest in favor of the Employee as of the last day of the year to which such bonus relates. For the purposes of this Section 3(b),
(i) the Employer shall establish the bonus criteria for 2006 not later than January 31, 2006, and (ii) the first calendar year to be considered for a bonus payment shall cover the fiscal year of 2006. 

  

	 	(g)	All payments by the Employer to the Employee pursuant to this Agreement shall be subject to applicable withholding rules, regulations and requirements. 

  

	4.	Termination. 

  

	 	(a)	The Employee’s employment under this Agreement may be terminated prior to the end of the Term only as follows: 

  

	 	(i)	upon the death of the Employee; 

  

	 	(ii)	 upon the Disability of the Employee for which reasonable accommodation is unavailable. For the purposes of this Agreement, “Disability” shall conclusively
be deemed to have occurred with respect to the Employee (i) if the Employee shall be receiving payments pursuant to a policy of long-term disability income insurance; (ii) if the Employee shall have no long-term disability income coverage
then in force and any insurance company insuring the Employee’s life shall agree to waive the premiums due on such policy pursuant to a long-term disability waiver of premium provision in the contract of life insurance; or 

  

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(iii) if the Employee shall have no long-term disability waiver of premium provision in any contract of life insurance, then if the Employee shall be
receiving long-term disability benefits from or through the Social Security Administration; provided, however, that in the event the Employee’s disability shall, otherwise and in good faith, come into question (and, for purposes of this
proviso, “disability” shall mean the permanent and continuous inability of the Employee to perform substantially all of the duties being performed immediately prior to his disability coming into question), and a dispute shall arise with
respect thereto, then the Employee (or his personal representatives) shall appoint a medical doctor, the Employer shall appoint a medical doctor, and said two (2) doctors shall, in turn, appoint a third party medical doctor who shall examine
Employee to determine the question of disability and whose determination shall be binding upon all parties to this Agreement. For purposes of this Agreement, a “reasonable accommodation” is one that does not impose undue hardship on the
Employer; 

  

	 	(iii)	upon the determination of Cause for termination, in which event such employment may be terminated by written notice at the election of the Employer. For purposes of this Agreement,
“Cause” shall consist of any of (A) the commission by the Employee of a willful act (including, without limitation, a dishonest or fraudulent act) or a grossly negligent act, or the willful or grossly negligent omission to act by the
Employee, which is intended to cause, causes, or is reasonably likely to cause material harm to the Employer (including harm to its business reputation), (B) the indictment of the Employee for the commission or perpetration by the Employee of
any felony or any commission or perpetration by the Employee of any felony or any crime involving dishonesty, moral turpitude or fraud, (C) the material breach by the Employee of this Agreement that, if susceptible of cure, remains uncured ten
days following written notice to the Employee of such breach, (D) the exhibition by the Employee of a standard of behavior within the scope of his employment that is materially disruptive to the orderly conduct of the Employer’s business
operations (including, without limitation, substance or alcohol abuse) to a level which, in the Board of Directors’ good faith and reasonable judgment, is materially detrimental to the Employer’s best interest, that if susceptible of cure,
remains uncured ten days following written notice to the Employee of such specific in appropriate behavior, or (E) the failure of the Employee to render the services hereunder in accordance with a reasonable performance standard determined by
the Board of Directors; or 

  

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	 	(iv)	upon 30 days written notice thereof to the Employee from the Employer (termination “Without Cause”), provided that in the event of any such termination Without Cause,
Section 4(e) shall be applicable thereto. 

  

	 	(b)	If the Employee’s employment is terminated because of the Employee’s death, the Employee’s estate shall receive (i) any sums due him as Base Salary and
reimbursement of expenses through the end of the month during which death occurred, (ii) any bonus earned or accrued under the quarterly Bonus Plan through the date of death (including any amounts awarded for previous years but which were not
yet vested), and (iii) a pro rata share of any annual bonus with respect to the current fiscal year which had been earned as of the date of the Employee’s death. 

  

	 	(c)	During the period of any disability leading up to the termination of the Employee’s employment as a result of Disability, the Employer shall continue to pay the Employee his
full Base Salary at the rate in effect and all perquisites and other benefits (other than any bonus) until the Employee becomes eligible for benefits under the long-term disability plan or insurance program maintained by the Employer, provided that
the amount such payments to the Employee shall be reduced by the sum of the amounts, if any, payable to the Employee for the same period under any disability benefit or pension plan of the Employer or its subsidiaries. Furthermore, the Employee
shall receive (i) any bonus earned or accrued under the Bonus Plan through the date of incapacity (including any amounts awarded for previous years but which were not yet vested) and (ii) a pro rata share of any annual bonus with respect
to the current fiscal year which had been earned as of the date of the Employee’s Disability. 

  

	 	(d)	If the Employee’s employment is terminated by the Employer for Cause as provided above, or if the Employee resigns (except for a termination of employment pursuant to
Section 4(f) or a termination of employment by the Employee pursuant to subsection (i) below), the Employee shall receive (i) any sums due him as Base Salary and reimbursement of any expenses, (ii) any bonus earned or accrued
under the Bonus Plan through the date of termination and, and (iii) a pro rata share of any annual bonus with respect to the current fiscal year which had been earned as of the date of such termination or resignation; provided, however, that
any Options not yet vested as of the date of such termination or resignation shall lapse as of such date of termination or resignation. 

  

	 	 (e)
	 If the Employee’s employment is terminated by the Employer Without Cause, the Employer shall pay to the Employee
(i) severance compensation in an amount equal to 75% of his then–current Base Salary, which amount shall be paid in 12 equal monthly installments commencing on the 1st day of the month following such termination; (ii) any bonus 

  

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earned or accrued under the Bonus Plan through the date of termination, and (ii) a pro rata share of any annual bonus with respect to the current fiscal
year which had been earned as of the date of the Employee’s termination; provided, however, that Section 4(f) shall apply instead of this Section 4(e) to any termination Without Cause after a Change in Control.

  

	 	(f)	Upon a Change in Control, the Employee may terminate his employment hereunder for any reason upon delivery of notice to the Employer within a 90-day period beginning upon the
occurrence of a Change in Control. If the Employee terminates his employment pursuant to this Section 4(f) or if the Employer terminates the Employee Without Cause after a Change in Control, the restrictive covenants contained in Section 9
shall apply and, in addition, the Employee shall be entitled to the following: (i) the Employer shall pay the Employee in cash within 15 days of such termination any sums due him as base salary and/or reimbursement of expenses through the date
of such termination, plus any bonus earned or accrued under the Bonus Plan through the date of termination (including any amounts awarded for previous years but which were not yet vested) and a pro rata share of any bonus with respect to the current
fiscal year which had been earned as of the date of the Employee’s termination and (ii) the Employer shall pay the Employee in cash within 15 days of such termination date one lump sum payment in an amount equal to the Employee’s then
current annual base salary multiplied by three. 

  

	 	(g)	With the exceptions of the provisions of this Section 4, and the express terms of any benefit plan under which the Employee is a participant, upon termination of the
Employee’s employment, the Employer shall have no obligation to the Employee for, and the Employee waives and relinquishes, any further compensation or benefits (exclusive of COBRA benefits). At the time of termination of the employment, the
Employee shall enter into a form of release acknowledging such remaining obligations and discharging the Employer, as well as the Employer’s officers, directors and employee with respect to their actions for or on behalf of the Employer, from
any other claims or obligations arising out of or in connection with the Employee’s employment by the Employer, including the circumstances of such termination. 

  

	 	(h)	In the event that the Employee’s employment is terminated for any reason and the Employee serves as a Director of the Employer or of any subsidiary of the Employer, the
Employee shall (and does hereby) tender his resignation from such positions effective as of the date of termination. 

  

	 	(i)	 If the Employee shall terminate his employment as a result of (i) any failure to appoint or reappoint, the Employee to the position of Chief Operations
Officer, unless agreed to by Employee by writing; (ii) any 

  

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material change by the Employer in the Employee’s function, duties, responsibility, importance or scope from the position and attributes thereof
described in this Agreement, unless agreed to by Employee in writing; (iii) any requirement that the Employee perform substantially all of his duties outside the metropolitan Atlanta, Georgia area; (iv) the liquidation, dissolution,
consolidation or merger of the Employer other than in a Change of Control transaction; or (v) any other material breach of this Agreement by the Employer which shall not be cured within 30 days after receipt of written notice of the same from
the Employee, then the Employee shall be paid the amounts determined pursuant to subsection (f) above. 

  

	 	(j)	The parties intend that the severance payments and other compensation provided herein are for reasonable compensation for the Employee’s service to the Employer and shall not
constitute “excess parachute payments” within the meaning of Section 280G(b) of the Internal Revenue Code of 1986 and any regulations thereunder. In the event that the Employer’s independent accountants acting as auditors for the
Employer on the date of a Change in Control determine that the payments provided herein constitute “excess parachute payments”, then the Employee’ compensation payable hereunder shall be decreased so as to equal an amount that is
$1.00 less than three times the Employee’s “base amount”, as that term is defined in Section 280G(b) of the Internal Revenue Code, if, and only if, reducing the Employee’s compensation will put the Employee in a better
after-tax position than if the Employee’s compensation was not reduced. 

  

	5.	Ownership of Work Product. 

 The Employer shall own
all Work Product arising during the course of the Employee’s employment (prior, present or future). For purposes hereof, “Work Product” shall mean all intellectual property rights, including all Trade Secrets, U.S. and international
copyrights, patent rights, and other intellectual property rights in any programming, documentation, technology, work of authorship or other work product that relates to the Employer, its business or its customers and that Employee conceives,
develops, or delivers to the employer hereunder, at any time during his employment, during or outside normal working hours, in or away from the facilities of the Employer, and whether or not requested by the Employer. The Employee agrees to take
such actions and execute such further acknowledgments and assignments as the Employer may reasonably request to give effect to this provision. 
  

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	6.	Protection of Trade Secrets. 

 The Employee agrees
to maintain in strict confidence, except as necessary to perform his duties for the Employer, and the Employee agrees not to use or disclose, any Trade Secrets of the Employer during or after his employment. For the purposes hereof, “Trade
Secret” means information, including, without limitation, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a process, a drawing, financial data, financial plans, product plans,
information on customers or suppliers, which (i) derives economic value, actual or potential, from not being generally know to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its
disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 
  

	7.	Protection of Other Confidential Information. 

 In
addition, the Employee agrees to maintain in strict confidence and, except as necessary to perform his duties for the Employer, not to use or disclose any Confidential Business Information of the Employer during his employment and for a period of 24
months following termination of the Employee’s employment. “Confidential Business Information” shall mean any internal, non-public information (other the Trade Secrets already addressed above) concerning the Employer’s financial
position and results of operations (including revenue, assets, net income, etc.); annual and long-range business plans; product or service plans; marketing plans and methods; site plans, training, educational and administrative manuals; customer and
supplier information and purchase histories; and employee lists. The provisions of Sections 6 and 7 above shall also apply to protect Trade Secrets and Confidential Business Information of third partied provided to the Employer under an obligation
of secrecy. 
  

	8.	Return of Materials. 

 The Employee shall surrender
to the Employer, promptly upon its request and in any event upon termination of the Employee’s employment, all media, documents, notebooks, computer programs, handbooks, data files, models, samples, price lists, drawings, customer lists,
prospect data, or other material in the Employee’s possession or control, including all copies thereof, relating to the Employer, its business, or its customers. 
  

	9.	Restrictive Covenants, and Covenant of Non-Disparagement and Cooperation. 

  

	 	(a)	 No Solicitation of Customers. During the Employee’s employment with the Employer and for a period of 24 months thereafter, the Employee shall not
(except on behalf of or with the prior written consent of the Employer), either directly or indirectly, on the Employee’s own behalf or in the service or on behalf of others, solicit or attempt to solicit Customers 

  

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to induce or encourage them to acquire or obtain from anyone other than the Employer or its subsidiaries any product or service competitive with or
substitute for any of the Employer’s Products. For purposes of this Section, “Customer” refers to any person or group of persons with whom the Employee had direct material contact with regard to the selling, delivery, or support of
the Employer’s products, including servicing such person’s or group’s account, during the period of 12 months preceding the solicitation date. The “Employer’s Products” refers to the products and services that the
Employer or any of its subsidiaries or affiliates or franchisees offered or sold within six months of the solicitation date. This restriction does not apply after a Change in Control. 

  

	 	(b)	No Recruitment of Personnel. During the Employee’s employment with the Employer and for a period of 24 months thereafter, the Employee shall not, either directly or
indirectly, on the Employee’s own behalf or in the service or on behalf of others, solicit or induce any employee of the Employer or any of its subsidiaries or affiliates to leave his or her position with the Employer (or the subsidiary or
affiliate), or recruit or attempt to recruit such persons to accept employment or any other position with another business. This restriction does not apply after a Change in Control. 

  

	 	(c)	Independent Provisions. The provisions in each of the above Sections 9(a) and 9(b) are independent, and the lack of enforceability of any one provision shall not affect the
enforceability of any other provision. 

  

	 	(c)	Covenant Of Non-Disparagement And Cooperation. The Employee agrees that he shall not at any time during or following the Term make any remarks disparaging the conduct or
character of the Employer or the Employer’s current or former agents, employees, officers, directors, successors or assigns. In addition, the Employee agrees to cooperate with the Employer, at no extra cost, in any litigation or administrative
proceedings (e.g., EEOC charges) involving any matters with which the Employee was involved during the Employee’s employment with the Employer. The Employer shall reimburse the Employee for travel expenses approved by the Employer incurred in
providing such assistance. This Section 9(d) shall survive the termination or expiration of this Agreement. 

  

	10.	Non-Compete. Employee agrees that: (a) for a period of 12 months from termination of their employment with the Employer, its subsidiaries and/or affiliates; the Employee
shall not accept a position of employment with a direct competitor, nor shall the Employee be a part of any business endeavor, directly or indirectly that would compete with the Employer, its subsidiaries or affiliates whereby his duties and/or
responsibilities are the same or similar to those currently held by the Employee at time of termination; (b) Employee agrees that he will not own, either directly or 

  

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indirectly any vehicle emission, smog and /or safety inspection station within a three (3) mile radius of any of the Employer’s, and its
subsidiaries, affiliates or franchises vehicle emissions, smog and/or safety inspection stations in Atlanta, GA., Houston, TX., or Salt Lake City, UT. for a period of 12 months after term of employment ends. If Employee is terminated without cause,
the 12 month timeline specified in paragraph 10(a) is reduced to six months and paragraph 10(b) is no longer in effect. 

  

	11.	Successors, Binding Agreement. 

 This Agreement
shall be binding upon and shall inure to the benefit of the Employer and its successors and assigns. Neither this Agreement nor any right or interest hereunder shall be assigned or transferred by the Employee, his beneficiaries or legal
representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal personal representative. 
  

	12.	Notice. 

 For the purpose of this Agreement,
notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the
respective address last given by each party to the other; provided, however, that all notices to the Employer shall be directed to the attention of the Employer with a copy to the Secretary of the Employer. All notices and communication shall be
deemed to have been received on the date of delivery thereof. 
  

	13.	Governing Law. 

 This Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Georgia without giving effect to the conflict of law principles thereof. Any action brought by any party to this Agreement shall be brought and maintained in a court of
competent jurisdiction in Fayette County in the State of Georgia. 
  

	14.	Waiver. 

 Failure or delay of either party to
insist upon compliance with any provision hereof shall not operate as, and is not to be construed as, a waiver or amendment of such provision. Any express waiver of any provision of this Agreement shall not operate and is not to be construed as a
waiver of any subsequent breach, whether occurring under similar or dissimilar circumstances. 
  

	15.	Enforcement. 

  

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 The Employee agrees that in the event of any breach or threatened breach by the Employee of any covenant
contained in Sections 6, 7, 9(a), or 9(b) hereof, the resulting injuries to the Employer would be difficult or impossible to estimate accurately, even though injury or damages may result. Accordingly, an award of legal damages, if without relief,
may be inadequate to protect the Employer. The Employee, therefore, agrees that in the event of any such breach, the Employer shall be entitled to obtain from a court of competent jurisdiction an injunction to restrain the breach or anticipated
breach of any such covenant, and to obtain any other available legal, equitable, statutory, or contractual relief. 
  

	16.	Saving Clause. 

 The provisions of this Agreement
shall be deemed severed and the invalidity or lack of enforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision or clause of this Agreement, or portion thereof, shall be held by
any court or other tribunal of competent jurisdiction to be illegal, void, or not enforceable in such jurisdiction, the remainder of such provision shall not be thereby affected and shall be given full effect, without regard to the invalid portion.
It is the intention of the parties that, if any court construes any provision or clause of this Agreement, or any portion thereof, to be illegal, void, or not enforceable because of the duration, area, or matter of such provision, and, in its
reduced form, such provision shall be enforceable. 
  

	17.	Certain Definitions. 

  

	 	(a)	“Change in Control” shall mean the occurrence during the Term of any of the following events, unless such event is a result of a Non-Control Transaction.

  

	 	(i)	The individuals who, as of the date of this Agreement, are members of the Board of Directors of the Employer (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board of Directors of the Employer; provided however, that if the election, or nomination for election by the Employer’s shareholders, of any new director was approved in advance by a vote of at least a majority of the
Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board. 

  

	 	(ii)	An acquisition (other that directly from the Employer) of any voting securities of the Employer (the “Voting Securities”) by any “Person” (as the term
“person” is used for purposed of Section 13 (d) or 14(d) of the Securities Exchange Act of 1934) immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 50% or more of the combined voting power of the Employer’s then outstanding Voting Securities. 

  

	 	(b)	“Non-Control Transaction” shall mean a transaction described below 

  

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	 	(i)	the shareholders of the Employer, immediately before such merger, consolidation or reorganization, own, directly or indirectly, immediately following such merger, consolidation or
reorganization, at least 50% of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization (the “Surviving Corporation”) in substantially the same
proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization; and 

  

	 	(ii)	immediately following such merger, consolidation or reorganization, the number of directors on the board of directors of the Surviving Corporation who were members of the Incumbent
Board shall at least equal the number of directors who were affiliated with or appointed by the other party to the merger, consolidation, or reorganization. 

  

	18.	Entire Agreement. 

 This Agreement, and the
agreements contemplated by this Agreement, constitute the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the
subject matter hereof. 
  

	19.	Officer’s Indemnification Agreement. 

 In
order to provide to the Employee assurances with respect to the protection provided against liabilities that he may incur in the performance of his duties to the Employer, the Employer agrees to provide to the Employee, within 10 days after the date
of this Agreement, an Indemnification Agreement in form and substance satisfactory to the Employee. 
  

	20.	Counterparts. 

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

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 IN WITNESS WHEREOF, the Employer has caused this Agreement to be executed and its seal to be affixed hereunto by its
officers and/or directors duly authorized, and the Employee has signed and sealed this Agreement, effective as of the date of first above written. 
  
  
  

									
	SPEEDEMISSIONS, INC.	 		 		 	EMPLOYEE:
					
	By:	 	 	 		 		 	 
					
	Name:	 		 		 		 	Randy Dickerson

  
  
  

									
	WITNESS:	 		 		 	
					
	By:	 	 	 		 		 	
					
	Name	 		 		 		 	

  

 13Stock Grant and Option Plan

 Exhibit 10.25 
 SPEEDEMISSIONS, INC. 
 2008 STOCK GRANT AND OPTION PLAN 
 SECTION 1. PURPOSE 
 The purpose of the Speedemissions, Inc.
2008 Stock Grant and Option Plan (the “Plan”) is to offer selected employees, directors and consultants an opportunity to acquire a proprietary interest in the success of the Company, or to increase such interest, to encourage such
selected persons to remain in the employ of the Company, and to attract new employees with outstanding qualifications. The Plan seeks to achieve this purpose by providing for Awards in the form of Restricted Shares and Options (which may constitute
Incentive Stock Options or Nonstatutory Stock Options) as well as the direct award or sale of Shares of the Company’s Common Stock. Awards may be granted under this Plan in reliance upon federal and state securities law exemptions. 

SECTION 2. DEFINITIONS 
 (a)
“Award” shall mean any award of an Option, Restricted Share or other right under the Plan. 
 (b) “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time. 
 (c) “Change in
Control” shall mean: 
 (i) The consummation of a merger, consolidation, sale of the Company’s stock, or other
reorganization of the Company (other than a reincorporation of the Company), if after giving effect to such merger, consolidation or other reorganization of the Company, the stockholders of the Company immediately prior to such merger, consolidation
or other reorganization do not represent a majority interest of the holders of voting securities (on a fully diluted basis) with the ordinary voting power to elect directors of the surviving or resulting entity after such merger, consolidation or
other reorganization; or 
 (ii) The sale of all or substantially all of the assets of the Company to a third party who is
not an affiliate of the Company. 
 (iii) The term Change in Control shall not include: (a) a transaction the sole
purpose of which is to change the state of the Company’s incorporation, or (b) the Company’s initial public offering. 
 (d)
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (e) “Committee” shall mean the
Compensation Committee of the Board of Directors or any other committee which is authorized by the Board of Directors to administer the Plan under Section 3. 
 (f) “Common-Law Employee” shall mean an individual paid from W-2 Payroll of the Company or a Subsidiary. If, during any period, the Company (or Subsidiary, as applicable) has not treated an individual
as a Common-Law Employee and, for that reason, has not paid such individual in a manner which results in the issuance of a Form W-2 and withheld taxes with respect to him or her, then that individual shall not be an eligible Employee for that
period, even if any person, court of law or government agency determines, retroactively, that that individual is or was a Common-Law Employee during all or any portion of that period. 
 (g) “Company” shall mean Speedemissions, Inc., a Florida corporation. 
 (h) “Employee” shall mean (i) any individual who is a Common—Law Employee of the Company or of a Subsidiary, (ii) a
member of the Board of Directors, including (without limitation) an Outside Director, or an affiliate of a member of the Board of Directors, (iii) a member of the board of directors of a Subsidiary, or (iv) an independent contractor who
performs services for the Company or a Subsidiary. Service as a member of the Board 

 
of Directors, a member of the board of directors of a Subsidiary or an independent contractor shall be considered employment for all purposes of the Plan
except the second sentence of Section 4(a). 
 (i) “Exchange Act” means the Securities and Exchange Act of 1934, as
amended. 
 (j) “Exercise Price” shall mean the amount for which one Share may be purchased upon exercise of an Option, as
specified by the Committee in the applicable Stock Option Agreement. 
 (k) “Fair Market Value” means the market price of
Shares, determined by the Committee as follows: 
 (i) If the Shares were traded over-the-counter on the date in question but
were not traded on the Nasdaq Stock Market or the Nasdaq National Market System, then the Fair Market Value shall be equal to the last trade price or the closing bid price for the stock as quoted on such date; 
 (ii) If the Shares were traded over-the-counter on the date in question and were traded on the Nasdaq Stock Market or the Nasdaq National
Market System, then the Fair Market Value shall be equal to the last-transaction price quoted for such date by the Nasdaq Stock Market or the Nasdaq National Market; 
 (iii) If the Shares were traded on a stock exchange on the date in question, then the Fair Market Value shall be equal to the closing
price reported by the applicable composite transactions report for such date; and 
 (iv) If none of the foregoing provisions
is applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate. 
 In all cases, the
determination of Fair Market Value by the Committee shall be conclusive and binding on all persons. 
 (l) “Incentive Stock
Option” or “ISO” shall mean an employee incentive stock option described in Code section 422(b). 
 (m)
“Nonstatutory Option” or “NSO” shall mean an employee stock option that is not an ISO. 
 (n)
“Offeree” shall mean an individual to whom the Committee has offered the right to acquire Shares under the Plan (other than upon exercise of an Option). 
 (o) “Option” shall mean an Incentive Stock Option or Nonstatutory Option granted under the Plan and entitling the holder to purchase Shares. 
 (p) “Optionee” shall mean an individual or estate who holds an Option. 
 (q) “Outside Director” shall mean a member of the Board who is not a Common—Law Employee of the Company or a Subsidiary.

 (r) “Participant” shall mean an individual or estate who holds an Award. 
 (s) “Plan” shall mean this 2008 Stock Grant and Option Plan of Speedemissions, Inc. 
 (t) “Plan Year” shall mean any twelve (12) month period (or shorter period during the final year of this Plan) commencing
September 18 during the term of this Plan. 
 (u) “Purchase Price” shall mean the consideration for which one Share may
be acquired under the Plan (other than upon exercise of an Option), as specified by the Committee. 
  

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 (v) “Restricted Share” shall mean a Share sold or granted to an eligible Employee which
is nontransferable and subject to substantial risk of forfeiture until restrictions lapse. 
 (w) “Service” shall mean
service as an Employee. 
 (x) “Share” shall mean one share of Stock, as adjusted in accordance with Section 9 (if
applicable). 
 (y) “Stock” shall mean the common stock of the Company. 
 (z) “Stock Award Agreement” shall mean the agreement between the Company and the recipient of a Restricted Share which contains the
terms, conditions and restrictions pertaining to such Restricted Share. 
 (aa) “Stock Option Agreement” shall mean the
agreement between the Company and an Optionee which contains the terms, conditions and restrictions pertaining to his or her Option. 
 (bb)
“Stock Purchase Agreement” shall mean the agreement between the Company and an Offeree who acquires Shares under the Plan which contains the terms, conditions and restrictions pertaining to the acquisition of such Shares.

 (cc) “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 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 the Plan shall be considered a Subsidiary commencing as of such date. 
 (dd) “Total and Permanent Disability” means that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment. 
 (ee) “W-2 Payroll” means whatever mechanism or procedure that the Company or a Subsidiary utilizes to pay any individual which results
in the issuance of Form W-2 to the individual. “W-2 Payroll” does not include any mechanism or procedure which results in the issuance of any form other than a Form W-2 to an individual, including, but not limited to, any Form 1099 which
may be issued to an independent contractor, an agency employee or a consultant. Whether a mechanism or procedure qualifies as a “W-2 Payroll” shall be determined in the absolute discretion of the Company (or Subsidiary, as applicable), and
the Company or Subsidiary determination shall be conclusive and binding on all persons. 
 SECTION 3. ADMINISTRATION 
 (a) Committee Membership. The Plan shall be administered by the Compensation Committee (the “Committee”) appointed by the Company’s
Board of Directors and comprised of at least two or more Directors (although Committee functions may be delegated to officers to the extent the awards relate to persons who are not subject to the reporting requirements of Section 16 of the
Exchange Act). If no Committee has been appointed, the entire Board shall constitute the Committee. 
 (b) Committee Procedures. The
Board of Directors shall designate one of the members of the Committee as chairperson. The Committee may hold meetings at such times and places as it shall determine. The acts of a majority of the Committee members present at meetings at which a
quorum exists, or acts reduced to or approved in writing by all Committee members, shall be valid acts of the Committee. 
 (c) Committee
Responsibilities. The Committee has and may exercise such power and authority as may be necessary or appropriate for the Committee to carry out its functions as described in the Plan. The Committee has authority in its discretion to determine
eligible Employees to whom, and the time or times at which, Awards may be granted and the number of Shares subject to each Award. Subject to the express provisions of the respective Award agreements (which need not be identical) and to make all
other determinations necessary or advisable for Plan administration, the Committee has authority to prescribe, amend, and rescind rules and 
  

 3 

 
regulations relating to the Plan. All interpretations, determinations, and actions by the Committee will be final, conclusive, and binding upon all persons.

 (d) Committee Liability. No member of the Board or the Committee will be liable for any action or determination made in good faith
by the Committee with respect to the Plan or any Award made under the Plan. 
 (e) Financial Reports. To the extent required by
applicable law, and not less often than annually, the Company shall furnish to Offerees, Optionees and Shareholders who have received Stock under the Plan its financial statements including a balance sheet regarding the Company’s financial
condition and results of operations, unless such Offerees, Optionees or Shareholders have duties with the Company that assure them access to equivalent information. Such financial statements need not be audited. 
 SECTION 4. ELIGIBILITY 
 (a) General
Rule. Only Employees shall be eligible for designation as Participants by the Committee. In addition, only individuals who are employed as Common—Law Employees by the Company or a Subsidiary shall be eligible for the grant of ISOs.

 (b) Ten-Percent Shareholders. An Employee who owns more than ten percent (10%) of the total combined voting power of all
classes of outstanding stock of the Company or any of its Subsidiaries shall not be eligible for designation as an Offeree or Optionee unless (i) the Exercise Price for an ISO (and a NSO to the extent required by applicable law) is at least one
hundred ten percent (110%) of the Fair Market Value of a Share on the date of grant, (ii) if required by applicable law, the Purchase Price of Shares is at least one hundred percent (100%) of the Fair Market Value of a Share on the
date of grant, and (iii) in the case of an ISO, such ISO by its terms is not exercisable after the expiration of ten years from the date of grant. 
 (c) Attribution Rules. For purposes of Subsection (b) above, in determining stock ownership, an Employee shall be deemed to own the stock owned, directly or indirectly, by or for his brothers, sisters,
spouse, ancestors and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be deemed to be owned proportionately by or for its shareholders, partners or beneficiaries. Stock with
respect to which such Employee holds an Option shall not be counted. 
 (d) Outstanding Stock. For purposes of Subsection
(b) above, “outstanding stock” shall include all stock actually issued and outstanding immediately after the grant. “Outstanding Stock” shall not include shares authorized for issuance under outstanding Options held by the
Employee or by any other person. 
 SECTION 5. STOCK SUBJECT TO PLAN 
 (a) Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares. Subject to Sections 5(b) and 9 of the Plan, the
aggregate number of Shares which may be issued or transferred as common stock pursuant to an Award under the Plan shall not exceed Two Million Five Hundred Thousand (2,500,000) shares of Authorized Common Stock of the Company. 
 In any event, the number of Shares which are subject to Awards or other rights outstanding at any time under the Plan shall not exceed the number of Shares which then
remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. 
  

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 (b) Additional Shares. In the event that any outstanding Option or other right for any reason
expires or is canceled or otherwise terminated, the Shares allocable to the unexercised portion of such Option or other right shall again be available for the purposes of the Plan. If a Restricted Share is forfeited before any dividends have been
paid with respect to such Restricted Share, then such Restricted Share shall again become available for award under the Plan. 
 SECTION 6. TERMS
AND CONDITIONS OF AWARDS OR SALES 
 (a) Stock Purchase Agreement. Each award or sale of Shares under the Plan (other than upon
exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Offeree and the Company. Such award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions
which are not inconsistent with the Plan and which the Committee deems appropriate for inclusion in a Stock Purchase Agreement. The provisions of the various Stock Purchase Agreements entered into under the Plan need not be identical. 
 (b) Duration of Offers. Any right to acquire Shares under the Plan (other than an Option) shall automatically expire if not exercised by the
Offeree within thirty (30) days after the grant if such right was communicated to the Offeree by the Committee. 
 (c) Purchase
Price. Unless otherwise permitted by applicable law, the Purchase Price of Shares to be offered under the Plan shall not be less than eighty-five percent (85%) of the Fair Market Value of a Share on the date of grant (100% for 10%
shareholders), except as otherwise provided in Section 4(b). Subject to the preceding sentence, the Purchase Price shall be determined by the Committee in its sole discretion. The Purchase Price shall be payable in a form described in
Subsection (d) below. 
 (d) Payment for Shares. The entire Purchase Price of Shares issued under the Plan shall be payable in
lawful money of the United States of America at the time when such Shares are purchased, except as provided below: 
 (e) Promissory
Notes. To the extent that a Stock Option Agreement or Stock Purchase Agreement so provides, and as permitted by applicable law, payment may be made all or in part with a full recourse promissory note executed by the Optionee or Offeree. The
interest rate and other terms and conditions of such note shall be determined by the Committee. The Committee may require that the Optionee or Offeree pledge his or her Shares to the Company for the purpose of securing the payment of such note. In
no event shall the stock certificate(s) representing such Shares be released to the Optionee or Offeree until such note is paid in full. 
 (f) Cashless Exercise. To the extent that a Stock Option Agreement so provides and a public market for the Shares exists, payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable
direction to a securities broker to sell shares and to deliver all or part of the sale proceeds to the Company in payment of the aggregate Exercise Price. 
 (g) Other Forms of Payment. To the extent provided in the Stock Option Agreement, payment may be made in any other form that is consistent with applicable laws, regulations and rules. 
 (h) Exercise of Awards on Termination of Service. Each Stock Award Agreement shall set forth the extent to which the recipient shall have the
right to exercise the Award following termination of the recipient’s Service with the Company and its Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all the Awards issued
pursuant to the Plan, and may reflect distinctions based on the reasons for termination of employment. 
  

 5 

 SECTION 7. ADDITIONAL TERMS AND CONDITIONS OF RESTRICTED SHARES 
 (a) Form and Amount of Award. Each Stock Award Agreement shall specify the number of Shares that are subject to the Award. Restricted Shares may
be awarded in combination with NSOs and such an Award may provide that the Restricted Shares will be forfeited in the event that the related NSOs are exercised. 
 (b) Exercisability. Each Stock Award Agreement shall specify the conditions upon which Restricted Shares shall become vested, in full or in installments. To the extent required by applicable law, each Stock
Award shall become exercisable no less rapidly than the rate of 20% per year for each of the first five years from the date of grant. Subject to the preceding sentence, the exercisability of any Stock Award shall be determined by the Committee
in its sole discretion. 
 (c) Effect of Change in Control. The Committee may determine at the time of making an Award or thereafter,
that such Award shall become fully vested, in whole or in part, in the event that a Change in Control occurs with respect to the Company. 
 (d) Voting Rights. Holders of Restricted Shares awarded under the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders. A Stock Award Agreement, however, may require that the holders
invested any cash dividends received in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the Award with respect to which the dividends were paid. Such additional Restricted
Shares shall not reduce the number of Shares available under Section 5. 
 SECTION 8. TERMS AND CONDITIONS OF OPTIONS 
 (a) Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the
Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Committee deems appropriate for inclusion in a Stock
Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. 
 (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 9. The Stock Option Agreement shall also specify whether
the Option is an ISO or a Nonstatutory Option. 
 (c) Exercise Price. Each Stock Option Agreement shall specify the Exercise Price.
The Exercise Price of an ISO shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant, except as otherwise provided in Section 4(b). Except as otherwise provided in Section 4(b), the
Exercise Price of a Nonstatutory Option is not subject to any minimum price and the exercise price does not have to be determined based on the Fair Market Value of a Share. Subject to the preceding two sentences, the Exercise Price under any Option
shall be determined by the Committee in its sole discretion. The Exercise Price shall be payable in a form described in Subsection (h) below. 
 (d) Exercisability. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable. To the extent required by applicable law, an Option shall become exercisable no less rapidly
than the rate of 20% per year for each of the first five years from the date of grant. Subject to the preceding sentence, the exercisability of any Option shall be determined by the Committee in its sole discretion. 
 (e) Effect of Change in Control. The Committee may determine, at the time of granting an Option or thereafter, that such Option shall become fully
exercisable as to all Shares subject to such Option in the event that a Change in Control occurs with respect to the Company. 
 (f)
Term. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed ten (10) years from the date of grant. Subject to the preceding sentence, the Committee at its sole discretion shall determine when an
Option is to expire. 
  

 6 

 (g) Exercise of Options on Termination of Service. Each Option shall set forth the extent to which
the Optionee shall have the right to exercise the Option following termination of the Optionee’s Service with the Company and its Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform
among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of employment. Notwithstanding the foregoing, to the extent required by applicable law, each Option shall provide that the Optionee
shall have the right to exercise the vested portion of any Option held at termination for at least 60 days following termination of Service with the Company for any reason, and that the Optionee shall have the right to exercise the Option for at
least six months if the Optionee’s Service terminates due to death or Disability. 
 (h) Payment of Option Shares. The entire
Exercise Price of Shares issued under the Plan shall be payable in lawful money of the United States of America at the time when such Shares are purchased, except as provided below: 
 (i) Promissory Notes. To the extent that a Stock Option Agreement or Stock Purchase Agreement so provides, and to the extent
allowable to applicable law, payment may be made all or in part with a full recourse promissory note executed by the Optionee or Offeree. The interest rate and other terms and conditions of such note shall be determined by the Committee. The
Committee may require that the Optionee or Offeree pledge his or her Shares to the Company for the purpose of securing the payment of such note. In no event shall the stock certificate(s) representing such Shares be released to the Optionee or
Offeree until such note is paid in full. 
 (ii) Cashless Exercise. To the extent that a Stock Option Agreement so
provides and a public market for the Shares exists, payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker to sell shares and to deliver all or part of the sale
proceeds to the Company in payment of the aggregate Exercise Price. 
 (iii) Other Forms of Payment. To the extent
provided in the Stock Option Agreement, payment may be made in any other form that is consistent with applicable laws, regulations and rules. 
 (i) Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or assume 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 or for other consideration. 
 SECTION 9. ADJUSTMENT OF SHARES 
 (a) General. In the event of a subdivision of the
outstanding Stock, a declaration of a dividend payable in Shares, a combination or consolidation of the outstanding Stock into a lesser number of Shares, a recapitalization, a reclassification or a similar occurrence, the Committee shall make
appropriate adjustments, subject to the limitations set forth in Section 9(c), in one or more of (i) the number of Shares available for future Awards under Section 5, (ii) the number of Shares covered by each outstanding Option
or Purchase Agreement or (iii) the Exercise Price or Purchase Price under each outstanding Option or Stock Purchase Agreement. 
 (b)
Reorganizations. In the event that the Company is a party to a merger or reorganization, outstanding Options shall be subject to the agreement of merger or reorganization, provided however, that the limitations set forth in Section 9(c)
shall apply. 
 (c) Reservation of Rights. Except as provided in this Section 9, an Optionee or an Offeree shall have no rights
by reason of (i) any subdivision or consolidation of shares of 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 issue 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, Exercise Price or Purchase Agreement of Shares subject to an
Option or Stock Purchase Agreement. The grant of an Award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations 
  

 7 

 
or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or
assets. 
 SECTION 10. WITHHOLDING TAXES 
 (a) General. To the extent required by applicable federal, state, local or foreign law, a Participant or his or her successor shall make arrangements satisfactory to the Committee for the satisfaction of any withholding tax
obligations that arise in connection with the Plan. The Company shall not be required to issue any Shares or make any cash payment under the Plan until such obligations are satisfied. 
 (b) Share Withholding. The Committee may permit a Participant to satisfy all or part of his or her withholding or income tax obligations by having
the Company withhold all or a portion of any Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Shares that he or she previously acquired. Such Shares shall be valued at their Fair Market Value on the date
when taxes otherwise would be withheld in cash. Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including any restrictions required by rules of any federal or state regulatory body or other authority.

 (c) Cashless Exercise/Pledge. The Committee may provide that if Company Shares are publicly traded at the time of exercise,
arrangements may be made to meet the Optionee’s withholding obligation by cashless exercise or pledge. 
 (d) Other Forms of
Payment. The Committee may permit such other means of tax withholding as it deems appropriate. 
 SECTION 11. ASSIGNMENT OR TRANSFER OF AWARDS

 (a) General. An Award granted under the Plan shall not be anticipated, assigned, attached, garnished, optioned, transferred or
made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of law, except as approved by the Committee. Notwithstanding the foregoing, ISOs may not be transferable. Also notwithstanding the foregoing, Offerees
and Optionees may not transfer their rights hereunder except by will, beneficiary designation or the laws of descent and distribution. 
 (b)
Trusts. Neither this Section 11 nor any other provision of the Plan shall preclude a Participant from transferring or assigning Restricted Shares to (a) the trustee of a trust that is revocable by such Participant alone, both at the
time of the transfer or assignment and at all times thereafter prior to such Participant’s death, or (b) the trustee of any other trust to the extent approved by the Committee in writing. A transfer or assignment of Restricted Shares from
such trustee to any other person than such Participant shall be permitted only to the extent approved in advance by the Committee in writing, and Restricted Shares held by such trustee shall be subject to all the conditions and restrictions set
forth in the Plan and in the applicable Stock Award Agreement, as if such trustee were a party to such Agreement. 
 SECTION 12. LEGAL REQUIREMENTS

 Shares shall not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable
requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange on which the
Company’s securities may then be listed. 
 SECTION 13. NO EMPLOYMENT RIGHTS 
 No provision of the Plan, nor any right or Option granted under the Plan, shall be construed to give any person any right to become, to be treated as, or to remain an
Employee. The Company and its Subsidiaries reserve the right to terminate any person’s Service at any time and for any reason. 
  

 8 

 SECTION 14. DURATION AND AMENDMENTS 
 (a) Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors, subject to the
approval of the Company’s shareholders. In the event that the shareholders fail to approve the Plan within twelve (12) months after its adoption by the Board of Directors, any grants already made shall be null and void, and no additional
grants shall be made after such date. The Plan shall terminate automatically ten (10) years after its adoption by the Board of Directors and may be terminated on any earlier date pursuant to Subsection (b) below. 
 (b) Right to Amend or Terminate the Plan. The Board of Directors may amend the Plan at any time and from time to time. Rights and obligations
under any right or Option granted before amendment of the Plan shall not be materially altered, or impaired adversely, by such amendment, except with consent of the person to whom the right or Option was granted. An amendment of the Plan shall be
subject to the approval of the Company’s shareholders only to the extent required by applicable laws, regulations or rules including the rules of any applicable exchange. 
 (c) Effect of Amendment or Termination. No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an
Option granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not affect any Shares previously issued or any Option previously granted under the Plan. 
  

 9

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