Document:

Exhibit
4.4

 

DESCRIPTION
OF CAPITAL STOCK

 

The
following summary of the material provisions of our capital stock is based on and qualified by our Second Amended and Restated
Certificate of Incorporation (the “Charter”), our Bylaws, and our Warrant Agreement dated October 24, 2014 between
the Company and Continental Stock Transfer & Trust Company (“Warrant Agreement”) each of which is incorporated
by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.4 is a part. The summary below is also qualified
by reference to provisions of the Delaware General Corporation Law (“DGCL”).

 

Authorized
Stock

 

Our
Charter authorizes the issuance of 50,000,000 shares, consisting of 49,000,000 shares of common stock, $0.0001 par value per share
(“Common Stock”), and 1,000,000 shares of preferred stock, $0.0001 par value (“Preferred Stock”).

 

Common
Stock

 

As
of March 22, 2021, there were 23,218,323 shares of Common Stock issued and outstanding. The outstanding shares of Common Stock
are duly authorized, validly issued, fully paid and non-assessable.

 

Voting
Power

 

Except
as otherwise required by law or as provided in any certificate of designation for any series of Preferred Stock, the holders of
Common Stock possess all the voting power for the election of our directors and all other matters requiring stockholder action.
Holders of Common Stock are entitled to one vote per share held of record on matters to be voted on by stockholders.

 

Dividends

 

Holders
of Common Stock will be entitled to receive such dividends, if any, as may be declared from time to time by our board of directors
in its discretion out of funds legally available therefor and shall share equally on a per share basis in such dividends and distributions,
provided that such holder is not an Unsuitable Person (as defined below).

 

Liquidation,
Dissolution and Winding-Up

 

In
the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of our Common
Stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to
stockholders, after the rights of our creditors and the rights of holders of Preferred Stock, if any, have been satisfied.

 

Preemptive
or Other Rights

 

There
are no sinking fund provisions applicable to the Common Stock. Our stockholders have no preemptive or other subscription rights.

 

Preferred
Stock

 

Our
board of directors has the authority to issue up to an aggregate of 1,000,000 shares of Preferred Stock in one or more series,
and to fix the designations, preferences, rights, qualifications, limitations and restrictions thereof or thereon, without any
further vote or action by the stockholders. No shares of Preferred Stock are outstanding at March 22, 2021.

 

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Gaming
and Regulatory Matters – Unsuitable Persons

 

Our
Charter provides the Company with the ability to restrict securities ownership by persons (“Unsuitable Person”) who
fail to comply with informational or other regulatory requirements under applicable gaming laws, who are found unsuitable to hold
the Company’s securities by gaming authorities or who could by holding the Company’s securities cause the Company
or any affiliate to fail to obtain, maintain, renew or qualify for a license, contract, franchise or other regulatory approval
from a gaming authority.

 

Specifically,
pursuant to our Charter, we may redeem the shares of capital stock owned or controlled by a stockholder or its affiliates to the
extent required by the relevant gaming authority making a determination of unsuitability, or to the extent our board of directors
determines, in its sole discretion, that a person is likely to jeopardize the Company’s or any affiliate’s application
for, receipt of, approval for, right to the use of, or entitlement to, any gaming license. The redemption price would be determined
either by the gaming authority making the finding of unsuitability, or if such gaming authority does not require a certain price
to be paid, by our board of directors, which would determine the price based on the fair value of the securities to be redeemed;
provided, however, that the price per share represented by the redemption price shall in no event be in excess of the closing
sales price per share of the Company’s shares on the principal national securities exchange on which such shares are then
listed on the trading date on the day before we notify the holder of such redemption. The redemption price may be paid in cash,
by promissory note, or both as required pursuant to the terms established by the applicable gaming authority and, if there are
no such terms, as we elect.

 

Warrants

 

As
of March 22, 2021, there were 19,079,130 warrants outstanding exercisable for 9,539,565 shares of Common Stock, consisting of
7,999,900 of our public stockholders’ warrants (“Public Warrants”) and 11,079,230 of our private placement warrants
(“Private Warrants”).

 

Public
Warrants

 

The
Company’s Public Warrants were originally issued as part of the units sold in the Company’s IPO. Pursuant to the terms
of the Warrant Agreement, each such warrant entitles the registered holder to purchase one-half of one share of our Common Stock
at a price of $5.75 (or $11.50 per whole share), subject to adjustment as discussed below. Such warrants may be exercised only
for a whole number of shares of our Common Stock. The Public Warrants became exercisable on January 23, 2017 and will expire five
years after the completion of our Business Combination, at 5:00 p.m., New York City time on December 23, 2021, or earlier upon
redemption or liquidation.

 

We
will not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Public Warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common
Stock underlying such warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No such warrant will be exercisable, and we will not be obligated to issue any shares
to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered and qualified
under the securities laws of the state of the exercising holder, unless exemptions therefrom are available. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such
warrant will not be entitled to exercise such warrant and such warrant may have no value and may expire worthless. In no event
will we be required to net cash settle any Public Warrant.

 

We
will use our best efforts to maintain the effectiveness of a registration statement, and a current prospectus relating thereto,
until the expiration or redemption of the Public Warrants in accordance with the provisions of the Warrant Agreement. Notwithstanding
the above, if our Common Stock is at the time of any exercise of a Public Warrant not listed on a national securities exchange
such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may,
at our option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect
a registration statement or qualify the underlying shares under state blue sky laws.

 

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We
may call the Public Warrants for redemption:

 

		●	in
                                         whole and not in part;

 

		●	at
                                         a price of $0.01 per warrant;

 

		●	upon
                                         not less than 30 days’ prior written notice of redemption (the “30-day redemption
                                         period”) to each warrant holder; and

 

		●	if,
                                         and only if, the reported last sale price of the Common Stock equals or exceeds $24.00
                                         per share for any 20 trading days within a 30-trading day period ending on the third
                                         trading day prior to the date we send the notice of redemption to the warrant holders.

 

If
and when the Public Warrants become redeemable by us, we may exercise our redemption right even if we are unable to register the
underlying securities for sale or qualify then under applicable state securities laws.

 

We
have established the last of the redemption conditions discussed above to prevent a redemption call unless there is, at the time
of the call, a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice
of redemption of the Public Warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled
redemption date. However, the price of the Common Stock may fall below the $24.00 redemption trigger price as well as the warrant
exercise price of $5.75 per one-half of one share ($11.50 per whole share) after the redemption notice is issued.

 

If
we call the Public Warrants for redemption as described above, our management will have the option to require holders that wish
to exercise their warrants to do so on a “cashless basis.” In determining whether to require holders to exercise their
warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of
warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Common Stock
issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay
the exercise price by surrendering their warrants for that number of shares of Common Stock equal to the quotient obtained by
dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the difference between
the exercise price of the warrants and the “fair market value” (defined below), by (y) the fair market value. The
“fair market value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management
takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares
of Common Stock to be received upon exercise of the warrants, including the fair market value in such case. If we call our warrants
for redemption and our management does not take advantage of this option, the initial purchasers of the private placement warrants
and their permitted transferees would still be entitled to exercise their Private Warrants for cash or on a cashless basis using
the same formula described above.

 

A
holder of a Public Warrant may notify us in writing in the event the holder elects to be subject to a requirement that such holder
will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together
with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8%
(or such other amount as such holder may specify) of the shares of Common Stock outstanding immediately after giving effect to
such exercise.

 

If
the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, a split of
shares of common stock or other similar event, then, on the effective date of such stock dividend, split or similar event, the
number of shares of Common Stock issuable on exercise of each Public Warrant will be increased in proportion to such increase
in the outstanding shares of Common Stock. A rights offering to holders of Common Stock entitling holders to purchase shares of
Common Stock at a price less than the fair market value will be deemed to be a stock dividend of a number of shares of Common
Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for Common Stock) multiplied
by (ii) one minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the fair
market value. For these purposes: (i) if the rights offering is for securities convertible into or exercisable for Common Stock,
in determining the price payable for Common Stock, there will be taken into account any consideration received for such rights,
as well as any additional amount payable upon exercise or conversion, and (ii) fair market value means the volume weighted average
price of Common Stock as reported during the 10 trading day period ending on the trading day prior to the first date on which
the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive
such rights.

 

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In
addition, if we, at any time that the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in
cash, securities or other assets to the holders of Common Stock on account of such shares of Common Stock (or other shares of
our capital stock into which the warrants are convertible), other than (a) as described above, or (b) certain ordinary cash dividends,
then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash or the fair market value of any securities or other assets paid on each share of Common Stock in respect of such event.

 

If
the number of outstanding shares of our Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Public Warrant will
be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

Whenever
the number of shares of Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of Common Stock purchasable upon the exercise of the warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of shares of Common Stock so purchasable immediately
thereafter.

 

In
case of any reclassification or reorganization of the outstanding shares of our Common Stock (other than those described above
or that solely affect the par value of such shares of Common Stock), or in the case of any merger or consolidation of us with
or into another corporation (other than a consolidation or merger in which we are the continuing corporation and which does not
result in any reclassification or reorganization of our outstanding shares of Common Stock), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection
with which we are dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Common Stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the
kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities,
cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and
amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender,
exchange or redemption offer has been made to and accepted by such holders under circumstances in which, upon completion of such
tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under
the Exchange Act) of which such maker is a part, and together with any affiliate or associate (within the meaning of Rule 12b-2
under the Exchange Act) of such maker and any members of any such group of which any such affiliate or associate is a part, own
beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock,
the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder
would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the expiration of
such tender or exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant
to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in the Warrant Agreement. Additionally, if less than 70% of the
consideration receivable by the holders of Common Stock in such a transaction is payable in the form of Common Stock in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or
is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly
exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced
as specified in the Warrant Agreement based on the per share consideration minus the Black Scholes value (as defined in the Warrant
Agreement) of the warrant.

 

The
Public Warrants were issued in registered form under the Warrant Agreement with Continental Stock Transfer & Trust Company,
as warrant agent, and us. You should review a copy of the Warrant Agreement for a complete description of the terms and conditions
applicable to the warrants. The Warrant Agreement provides that the terms of the warrants may be amended without the consent of
any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65%
of the then outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public
Warrants.

 

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The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied
by full payment of the exercise price by certified or official bank check payable to us (or on a cashless basis, if applicable),
for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Common Stock
nor any voting rights until they exercise their warrants and receive shares of Common Stock. After the issuance of shares of Common
Stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to
be voted on by stockholders.

 

No
fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares
of Common Stock to be issued to the warrant holder.

 

Private
Warrants

 

The
Company’s Private Warrants are identical to the Public Warrants sold in the IPO, including as to exercise price, exercisability
and exercise period, except that, if held by the initial private placement purchasers or their permitted assigns, they (a) may
be exercised for cash or on a cashless basis; and (b) are not subject to being called for redemption. If the Private Warrants
are held by holders other than the initial private placement purchasers or their permitted transferees, the Private Warrants will
be redeemable by us and exercisable by the holders on the same basis as the Public Warrants.

 

If
holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and
the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean
the average reported last sale price of the Common Stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent.

 

Certain
Anti-Takeover Provisions of Our Charter and Bylaws and Certain Provisions of Delaware Law

 

The
Company’s Charter and Bylaws contain provisions that could have the effect of delaying or preventing changes in control
or changes in our management without the consent of our board of directors. These provisions include:

 

		●	no
                                         cumulative voting in the election of directors, which limits the ability of minority
                                         stockholders to elect director candidates;

 

		●	the
                                         exclusive right of our board of directors to elect a director to fill a vacancy created
                                         by the expansion of the board of directors or the resignation, death, or removal of a
                                         director with or without cause by stockholders, which prevents stockholders from being
                                         able to fill vacancies on our board of directors;

 

		●	the
                                         ability of our board of directors to determine whether to issue shares of our Preferred
                                         Stock and to determine the price and other terms of those shares, including preferences
                                         and voting rights, without stockholder approval, which could be used to significantly
                                         dilute the ownership of a hostile acquirer;

 

		●	limiting
                                         the liability of, and providing indemnification to, our directors and officers;

 

		●	specifying
                                         the Court of Chancery of the State of Delaware as the exclusive forum for adjudication
                                         of disputes;

 

		●	controls
                                         over the procedures for the conduct and scheduling of stockholder meetings; and

 

		●	advance
                                         notice procedures that stockholders must comply with in order to nominate candidates
                                         to our board of directors or to propose matters to be acted upon at a stockholders’
                                         meeting, which may discourage or deter a potential acquirer from conducting a solicitation
                                         of proxies to elect the acquirer’s own slate of directors or otherwise attempting
                                         to obtain control of the Company.

 

These
provisions, singly or together, could delay hostile takeovers and changes in control of the Company or changes in our board of
directors and management.

 

As
a Delaware corporation, we are also subject to provisions of Delaware law, including Section 203 of the DGCL, which prevents some
stockholders holding more than 15% of our outstanding Common Stock from engaging in certain business combinations without approval
of the holders of substantially all of our outstanding Common Stock. Any provision of our Charter, Bylaws, or Delaware law that
has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium
for their shares of our Common Stock and could also affect the price that some investors are willing to pay for our Common Stock.

 

 

5Exhibit 10.12

 

Inspired Entertainment

 

Short-Term Incentive Bonus Plan

 

(adopted as of 24 January, 2020)

 

		I.	PURPOSE

 

The Inspired Entertainment fiscal year 2020
Short-Term Incentive Bonus Plan (the “Plan”) is intended to provide incentives to certain employees of Inspired
Entertainment, Inc., its subsidiaries and its participating affiliates (collectively, the “Company”) to contribute
to the success of the Company in its fiscal year commencing January 1, 2020 and ending December 31, 2020 (“2020”).
The Plan offers eligible participants an opportunity to earn compensation in addition to their salaries and other incentives,
based upon the performance of the Company and the satisfaction of individual performance targets determined for each eligible
participant.

 

		II.	PLAN ADMINISTRATION

 

The Plan has been approved by the Compensation
Committee of the Company’s Board of Directors (the “Committee”), and the Committee is responsible for
administering the Plan. The Committee may delegate, on such terms and conditions as it may determine, certain authority and powers
with respect to administration of the Plan to one or more directors serving on the Committee and/or to one or more officers or
other personnel of the Company (including with respect to the participation of, and awards to, participants who are not executive
officers of the Company). Subject to the terms of the Plan, the Committee will receive recommendations for 2020 from members of
the Company’s Office of the Executive Chairman, or as may be otherwise determined by the Committee, with respect to the
operation and management of the Plan for the year including recommendations for the selection of eligible participants, bonus
opportunity levels, performance criteria, and the amount and timing of any bonus payments.

 

		III.	ELIGIBILITY

 

The executives and other employees eligible
for participation in the Plan will be determined by the Committee subject to Section II.
Duly determined participants under the Plan are also referred to herein as “Covered Employees”. A determination
that an employee is an eligible employee under the Plan with respect to 2020 shall not be determinative as to such employee’s
eligibility with respect to any subsequent fiscal year.

 

Any bonus payment made under the Plan shall
be purely discretionary and shall not form part of the employee’s contractual remuneration.

 

An individual whose employment is terminated
for any reason, or who is under notice of termination (whether given by the individual or the Company), in each case prior to the
date on which bonus would otherwise be paid, will not be eligible to receive any payment under the Plan, notwithstanding any prior
determinations made by the Committee. 

 

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If a person is hired for a position with the
Company during 2020 and the position is within the category recommended to be eligible to receive a bonus under the Plan, that
person may be eligible to receive a prorated portion of the annual bonus, as determined by the Committee, depending on the person’s
particular position, subject to such other considerations as the Committee may determine.

 

		IV.	BONUS POTENTIAL

 

The bonus potential for Covered Employees
shall be determined for 2020, including applicable threshold, target and maximum bonus potential for the year. Bonus
potential for 2020 will be based on a percentage of the Covered Employee's base salary as of the beginning or end of the year,
the prorated amount for the year or a fixed dollar amount, each as determined by the Committee.  Award opportunity
levels corresponding to threshold, target and maximum levels of performance may vary by participant. The name and bonus potential
of each Covered Employee will be set forth in a schedule to be approved by the Committee for 2020 (the “Bonus Potential
Schedule”). The bonus potential set forth in the Bonus Potential Schedule may, at any time prior to payment of the bonus,
be adjusted to reflect changes in the list of Covered Employees or to the bonus potential for Covered Employees (upward or downward),
in the absolute discretion of the Committee as it deems appropriate, to reflect, without limitation, changes to a Covered Employee’s
position, title, or responsibilities, or, as appropriate, to reflect a transformative transaction (as determined by the Board
or the Committee in its sole discretion).

 

		V.	PLAN COMPONENTS

 

The performance targets applicable for 2020
have been approved and include Company performance targets and individual performance targets. The weighting of the Plan components
will also be established for 2020.

 

		A.	Company Performance Targets

 

Bonuses are contingent upon the Company achieving
specific Company performance targets as determined by the Committee with respect to each financial year (the “Company
Performance Targets”). The following are examples of criteria that could be used to set Company Performance Targets and
are not an exclusive list: (i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit,
profit margins or other corporate profit measures); (iv) earnings (which may include any
calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before
interest, taxes, depreciation and amortization and net earnings); (v) net income (before or after taxes, operating income
or other income measures); (vi) cash (cash flow, cash generation or other cash measures); and (vii) stock price or performance;
and (viii) total stockholder return. As determined by the Committee, the Company Performance
Targets may be based on GAAP or non-GAAP results and any actual results may be adjusted by the Committee for one-time or exceptional
items or unbudgeted or unexpected items when determining whether the performance goals have been met. In certain cases, the
Office of the Executive Chairman may recommend to the Committee that an element of Bonus is a divisional, as opposed to a Company-wide,
target.

 

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The
Office of the Executive Chairman shall recommend to the Committee the applicable Company Performance Targets for 2020. Such recommendations
shall be subject to the review and approval by the Committee.

 

		B.	Individual Performance Targets

 

Even if the Company has fully achieved the
Company Performance Targets, an individual participant’s bonus potential will be subject to an assessment of the individual’s
achievement of individual performance targets, as determined by the Committee in its sole discretion. The following are examples
of criteria that could be used to set individual performance targets and are not an exclusive list: (i) budget management; (ii)
cost of service; (iii) quality and service levels; (iv) product line achievements; (v) leadership/team participation and support
and (vi) adherence to and compliance with Company values and behaviors.

 

The
Committee may, in its sole discretion and at any time, reduce or eliminate a Covered Employee's award if it determines that such
reduction or elimination is appropriate. 

 

		VI.	TRANSFER/PROMOTION/DEMOTION

 

If a Covered Employee is transferred to a new
role during 2020, the Committee may, in its discretion, calculate the bonus payment for 2020 based on the base salary the Covered
Employee received during the relevant portions of 2020 in each role at the applicable target percentage(s) for each role.

 

If a Covered Employee becomes ineligible for
the Plan due to a transfer or demotion, the Covered Employee may be eligible to receive a prorated bonus based on the period of
participation in the Plan, as determined by the Committee. Any such prorated bonus would be paid at the same time as other bonus
payments under the Plan.

 

		VII.	PAYOUT AND TAXATION

 

Bonus payments that are approved by the Committee
for 2020 shall be made as soon as administratively practicable after the delivery of the audit report issued by the Company’s
independent public accountants with respect to the Company’s 2020 consolidated financial statements, subject to IX below.
Further, if the Committee determines (in accordance with Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”)) that payment of bonuses would jeopardize the ability of the Company to continue as a going concern or meet
its banking covenants, bonuses may be reduced, eliminated or delayed.

 

Payroll taxes shall be withheld from bonus
payments as required by law. Bonus payments that Covered Employees receive are includable as income in the year in which they are
paid.

 

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		VIII.	INTEGRATION WITH BENEFIT PROGRAMS

 

Any bonus payment that a Covered Employee
receives is not intended to be considered compensation for purposes of life assurance, 401(k) or any other pension scheme, disability,
holiday pay or any other benefit plan unless specified by the applicable plan document.

 

		IX.	CONDITIONS FOR RECEIVING PAYMENT

 

Notwithstanding anything to the contrary herein,
a Covered Employee whose employment is terminated for any reason, or who is under notice of termination (whether given by the
individual or the Company) in both cases prior to the date on which bonus would otherwise be paid, shall not be eligible to receive
a bonus payment under the Plan (e.g., a Covered Employee on garden leave on the date of payment will not be eligible for a bonus).
However, the Committee retains the authority in its absolute discretion to make exceptions to the foregoing policy in unusual
or meritorious cases including, but not limited to, approving a prorated bonus in the event of a Covered Employee’s death,
disability, call to active military service, or retirement with the written consent of the Company.

 

		X.	CLAWBACK

 

By accepting a bonus payment under the Plan,
each Covered Employee agrees that the Company may recover some or all of the amounts paid with respect to such bonus payment, or
recoup some or all of the value thereof via offset from other amounts owed to the Covered Employee by the Company or an affiliate,
at any time during the three fiscal years following payment hereunder, if and to the extent that the Committee concludes that (i)
U.S. federal or state law, the laws of any other jurisdiction in which the Covered Employee has been employed by the Company during
the fiscal year, or the listing requirements of the exchange on which the Company’s stock is listed for trading so require,
(ii) the performance criteria required for the bonus payment were not met, or not met to the extent necessary to support the amount
of the bonus payment that was paid, or (iii) as required by Section 304 of the U.S. Sarbanes-Oxley Act of 2002, Section 954 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise after a restatement of the Company’s financial
results as reported to the U.S. Securities and Exchange Commission. Covered Employees are deemed to have agreed to promptly comply
with any Company demand for recovery or recoupment by accepting any payment hereunder.

 

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		XI.	LIMITATIONS AND/OR ADJUSTMENTS

 

The Company reserves the right to review, amend,
suspend, withdraw and/or terminate the Plan, the incentive calculation formulas, performance targets and all other aspects of the
Plan at any time and in its sole and absolute discretion and without prior notice.

 

A Covered Employee’s participation in
the Plan shall not be construed as a contractual right or form part of his or her contractual remuneration under a services or
employment agreement nor shall it be construed as a promise of continuing employment between the Company and the Covered Employee.
Any bonus payment made in respect of 2020 is not indicative of any payments that may be made in subsequent fiscal years. Employment
with the Company is terminable at will subject to the terms of any written services or employment agreement between the Company
and the Covered Employee and applicable laws. Neither a Covered Employee’s employment with the Company, nor a Covered Employee’s
employment within any particular category of employees, shall entitle the Covered Employee to either participate in the Plan or
to be eligible to receive any bonus pursuant thereto. All determinations of eligibility and awards under the Plan shall be made
by the Committee in its absolute discretion and may be revised or adjusted in accordance with the Plan.

 

The Plan is intended to comply with the applicable
requirements of Section 409A of the Code and shall be operated and interpreted consistent therewith. To the extent that any provision
of the Plan would cause a conflict with the requirements of Section 409A of the Code, or would cause the administration of the
Plan to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void to the extent
permitted by applicable law. Notwithstanding the foregoing, the Company makes no representation that the Plan complies with
Section 409A of the Code and shall have no liability to any Participant for any failure to comply with Section 409A of the Code.

 

    5

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