Document:

Exhibit
10.1

 

THE
GLIPSE GROUP, INC.

2016
Incentive Plan

 

Dated
as of October 27,2016

 

and
Amended as of January 7, 2021 and April 13, 2021

 

	1.	Establishment
                                            and Effective Date. The Glimpse Group, Inc., a Nevada corporation (the “Company”)
                                            has established this THE GLIMPSE GROUP, INC. 2016 Incentive Plan (the “Plan”)
                                            as of the date first set forth above, which shall be the effective date of the Plan (the
                                            “Effective Date”).

 

	2.	Purpose.
                                            The purpose of this Plan is to aid the Company in attracting, retaining, motivating and
                                            rewarding employees, non-employee directors and key consultants to the Company or its subsidiaries,
                                            to provide for equitable and competitive compensation opportunities, to recognize individual
                                            contributions and reward achievement of Company goals, and promote the creation of long-term
                                            value for stockholders by closely aligning the interests of Participants with those of stockholders.
                                            The Plan authorizes equity-based and cash-based incentives for Participants.

 

	3.	Definitions.
                                            In addition to the terms defined above and elsewhere in the Plan, the following capitalized
                                            terms used in the Plan have the respective meanings set forth in this Section:

 

	 	(a)	“Affiliate”
    means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under
    common control with, the Company.
	 	 	 
	 	(b)	“Award”
    means any Option, SAR, Restricted Stock, Phantom Stock, Sale Phantom Stock, Stock granted as a bonus, Performance Award, other Stock-Based
    Award or Annual Incentive Award, together with any related right or interest, granted to a Participant under the Plan.
	 	 	 
	 	(c)	“Award
    Agreement” means a Stock Option Agreement, a Stock Appreciation Rights Agreement, a Phantom Stock Agreement, a Sale Phantom
    Stock Agreement, a Restricted Stock Agreement, an agreement related to another share-based agreement pursuant to Section 7(h) or
    an agreement related to a Performance Award pursuant to Section 7(g) and Section 8, as applicable.
	 	 	 
	 	(d)	“Beneficiary”
    means the legal representatives of the Participant’s estate entitled by will or the laws of descent and distribution to receive
    the benefits under a Participant’s Award upon a Participant’s death, provided that, if and to the extent authorized by
    the Committee, a Participant may be permitted to designate a Beneficiary, in which case the “Beneficiary” instead will
    be the person, persons, trust or trusts (if any are then surviving) which have been designated by the Participant in his or her most
    recent written beneficiary designation filed with the Company to receive the benefits specified under the Participant’s Award
    upon such Participant’s death.
	 	 	 
	 	(e)	“Board”
    means the Company’s Board of Directors.
	 	 	 
	 	(f)	“Code”
    means the Internal Revenue Code of 1986, as amended, and proposed and final Treasury Department regulations issued thereunder.
	 	 	 
	 	(g)	“Committee”
    means the Compensation Committee of the Board, if one exists, or the Board if a Compensation Committee does not exist at any time.

 

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	 	(h)	“Continuous
    Service” means that the Participant’s service with the Company or an Affiliate, whether as an employee, consultant
    or non-employee director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have
    terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as
    an employee, consultant or non-employee director or a change in the entity for which the Participant renders such service, provided
    that there is no interruption or termination of the Participant’sContinuous Service; provided further that if any
    Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A
    of the Code. For example, a change in status from an employee of the Company to a Director of an Affiliate will not constitute an
    interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service
    shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave
    or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may determine whether a
    Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result
    in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.
	 	 	 
	 	(i)	“Effective
    Date” has the meaning specified in Section 1.
	 	 	 
	 	(j)	“Eligible
    Person” has the meaning specified in Section 6.
	 	 	 
	 	(k)	“Exchange
    Act” means the Securities Exchange Act of 1934, as amended.
	 	 	 
	 	(l)	“Fair
    Market Value” means the fair market value per share of Stock as determined by the Committee under any method of determining
    fair market value as shall be permissible under the Code and the rules and regulations thereunder.
	 	 	 
	 	(m)	“Good
    Reason” means, unless the applicable Award Agreement states otherwise: (a) If an employee or consultant is a party to an
    employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Good Reason, the
    definition contained therein; or (b) If no such agreement exists or if such agreement does not define Good Reason, the occurrence
    of one or more of the following without the Participant’s express written consent, which circumstances are not remedied by
    the Company within thirty (30) days of its receipt of a written notice from the Participant describing the applicable circumstances
    (which notice must be provided by the Participant within ninety (90) days of the Participant’s knowledge of the applicable
    circumstances): (i) any material, adverse change in the Participant’s duties, responsibilities, authority, title, status or
    reporting structure; (ii) a material reduction in the Participant’s base salary or bonus opportunity; or (iii) a geographical
    relocation of the Participant’s principal office location by more than fifty (50) miles.
	 	 	 
	 	(n)	“Incentive
    Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section
    422 of the Code and that meets the requirements set out in the Plan.
	 	 	 
	 	(o)	“Non-qualified
    Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option
	 	 	 
	 	(p)	“Option”
    means a right, granted to a Participant under Section 7(b), to purchase Stock at a specified price during specified time periods.
	 	 	 
	 	(q)	“Option
    holder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds
    an outstanding Option.
	 	 	 
	 	(r)	“Other
    Stock-Based Awards” means Awards granted to a Participant under Section 7(h).
	 	 	 
	 	(s)	“Participant”
    means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible
    Person.
	 	 	 
	 	(t)	“Performance
    Award” means a conditional right, granted to a Participant under Section 7(g) andSection 8, to receive cash, Stock or other
    Awards or payments, as determined by the Committee, based upon performance criteria specified by the Committee.

 

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	 	(u)	“Phantom
    Stock” means a right granted to a Participant under Section 7(d).
	 	 	 
	 	(v)	“Restricted
    Stock” means Stock granted to a Participant under Section 7(f) which is subject to certain restrictions and to a risk of
    forfeiture.
	 	 	 
	 	(w)	“Sale
    Phantom Stock” means a right granted to a Participant under Section 7(e).
	 	 	 
	 	(x)	“Stock”
    means the Company’s common stock, and any other equity securities of the Company that may be substituted or resubstituted for
    common stock pursuant to Section 11(c).
	 	 	 
	 	(y)	“Stock
    Appreciation Rights” or “SAR” means a right granted to a Participant under Section 7(c).
	 	 	 
	 	(z)	“Ten
    Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
    more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.
	 	 	 
	 	(aa)
    	“Termination
    of Service” means (1) with respect to an Award granted to an employee, the termination of the employment relationship between
    the employee and the Company; (2) with respect to an Award granted to a consultant, the termination of the consulting or advisory
    arrangement between the consultant and the Company; and (3) with respect to an Award granted to a non-employee director, the cessation
    of the provision of services as a director of the Company. A Termination of Service shall not be deemed to have resulted by reason
    of a bona fide leave of absence approved by the Company. Notwithstanding the foregoing, if the Participant’s status changes
    from employee, consultant or non-employee director to any other status eligible to receive an Award under the Plan, no Termination
    of Service shall occur for purposes of the Plan until the Participant’s new status with the Company terminates.

 

	4.	Administration.

 

	 	(a)	Authority
    of the Committee. The Plan shall be administered by the Committee, which shall have full and final authority, in each case subject
    to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants; to grant Awards; to determine
    the type and number of Awards, the dates on which Awards may be exercised and on which the risk of forfeiture or deferral period
    relating to Awards shall lapse or terminate, the acceleration of any such dates, the expiration date of any Award, whether, to what
    extent, and under what circumstances an Award may be settled, or the exercise price of an Award may be paid, in cash, Stock, other
    Awards, or other property, and other terms and conditions of, and all other matters relating to Awards; to prescribe documents evidencing
    or setting terms of Awards (such Award documents need not be identical for each Participant), amendments thereto, and rules and regulations
    for the administration of the Plan and amendments thereto; to construe and interpret the Plan and Award documents and correct defects,
    supply omissions or reconcile inconsistencies therein; and to make all other decisions and determinations as the Committee may deem
    necessary or advisable for the administration of the Plan. Decisions of the Committee with respect to the administration and interpretation
    of the Plan shall be final, conclusive, and binding upon all persons interested in the Plan, including Participants, Beneficiaries,
    transferees under Section 11(b) and other persons claiming rights from or through a Participant, and stockholders.
	 	 	 
	 	(b)	Limitation
    of Liability. The Committee and each member thereof, and any person acting pursuant to authority delegated by the Committee,
    shall be entitled, in good faith, to rely or act upon any report or other information furnished by any executive officer, other officer
    or employee of the Company or a subsidiary, the Company’s independent auditors, consultants, legal counsel or any other agents
    assisting in the administration of the Plan. Members of the Committee, any person acting pursuant to authority delegated by the Committee,
    and any officer or employee of the Company or a subsidiary acting at the direction or on behalf of the Committee or a delegee shall
    not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the
    extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.

 

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	5.	Stock
                                            Subject to Plan.

 

	 	(a)	Overall
    Number of Shares Available for Delivery. Subject to adjustment as provided in Section 11(c), the total number of shares of Stock
    reserved and available for delivery in connection with Awards under the Plan (excluding, for the avoidance of doubt, any Phantom
    Stock or Sale Phantom Stock) shall be equal to 10,000,000 shares of common stock of the Company (the “Share Reserve”).
    In addition, subject to adjustment provided in Section 11(c), the Share Reserve will automatically increase on January 1 of each
    calendar year, for the period beginning on January 1, 2022 and ending on (and including) January 1, 2030 (each, an “Evergreen
    Date”) in an amount equal to five percent (5%) of the total number of shares of the Company’s common stock outstanding
    on December 31st of the immediately preceding the applicable Evergreen Date (the “Evergreen Increase”). Notwithstanding
    the foregoing, the Board may act prior to the Evergreen Date of a given year to provide that there will be no Evergreen Increase
    for such year, or that the Evergreen Increase for such year will be a lesser number of shares of the Company’s common stock
    than would otherwise occur pursuant to the preceding sentence. Any shares of Stock delivered under the Plan shall consist of authorized
    and unissued shares or treasury shares.
	 	 	 	 
	 	(b)	Share
    Counting Rules.
	 	 	 	 
	 	 	(i)	The
    Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the
    case of tandem or substitute awards) and make adjustments if the number of shares of Stock actually delivered differs from the number
    of shares previously counted in connection with an Award.
	 	 	 	 
	 	 	(ii)	Shares
    that are potentially deliverable under an Award under the Plan that are canceled, expired, forfeited, settled in cash or otherwise
    terminated without a delivery of such shares to the Participant will not be counted as delivered under the Plan and shall be available
    for Awards under this Plan. However, shares withheld in payment of the exercise price or taxes relating to an Award and shares equal
    to the number surrendered in payment of any exercise price or taxes relating to an Award shall be deemed to constitute shares delivered
    to the Participant and shall not be available for reissue as Awards under this Plan.
	 	 	 	 
	 	 	(iii)	Because
    shares will count against the number reserved in Section 5(a) upon delivery, and subject to the share counting rules under this Section
    5(b), the Committee may determine that Awards may be outstanding that relate to a greater number of shares than the aggregate remaining
    available under the Plan, so long as Awards will not result in delivery and vesting of shares in excess of the number then available
    under the Plan.
	 	 	 	 
	 	(c)	Incentive
    Stock Option Limit. Subject to Section 11(c), and notwithstanding any other provision of this Section 5, the aggregate maximum
    number of shares of Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 10,000,000.

 

	6.	Eligibility.
                                            Awards may be granted under the Plan only to Eligible Persons. For purposes of the Plan,
                                            an “Eligible Person” means an employee of the Company or any subsidiary, a non-employee
                                            director or key consultant to the Company, or a subsidiary, and any person who has been offered
                                            employment by the Company or a subsidiary, provided that such prospective employee may not
                                            receive any payment or exercise any right relating to an Award until such person has commenced
                                            employment with the Company or a subsidiary.

 

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	7.	Specific
                                            Terms of Awards.

 

	 	(a)	General. Awards may be granted on the terms and conditions set forth in this Section 7. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 11(e)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of Termination of Service by the Participant and terms permitting a Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion with respect to any term or condition of an Award that is not mandatory under the Plan. The Committee shall require the payment of lawful consideration for an Award to the extent necessary to satisfy the requirements of the Chapter 78 of the Nevada Revised Statutes, and may otherwise require payment of consideration for an Award except as limited by the Plan.
	 	 	 	 
	 	(b)	Options. The Committee is authorized to grant Options to Participants on the following terms and conditions which options may be incentive stock options or non-qualified stock options for purposes of the Code:
	 	 	 	 
	 	 	(i)	Exercise
    Price. Subject to Section 7(b)(iv), the exercise price per share of Stock purchasable under an Option shall be determined by the
    Committee, provided that such exercise price shall be not less than the Fair Market Value of a share of Stock on the date of grant
    of such Option.
	 	 	 	 
	 	 	(ii)	Option
    Term; Time and Method of Exercise. Subject to Section 7(b)(iv), the Committee shall determine the term of each Option, provided that
    in no event shall the term of any Option or SAR issued in tandem therewith exceed ten (10) years. The Committee shall determine the
    time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement
    of performance goals and future service requirements), the methods by which such exercise price may be paid or deemed to be paid
    and the form of such payment (subject to Section 11(j)), including, without limitation, cash, Stock (including through withholding
    of Stock deliverable upon exercise, if such withholding will not result in the recognition of additional accounting expense to the
    Company), other Awards or awards granted under other plans of the Company or any subsidiary, or other property (including through
    “cashless exercise” arrangements, to the extent permitted by applicable law), and the methods by or forms in which Stock
    will be delivered or deemed to be delivered in satisfaction of Options to Participants.
	 	 	 	 
	 	 	(iii)	Options
    shall be issued pursuant to a Stock Option Agreement, substantially in the form as attached hereto as Exhibit A, with such changes
    thereto as the Committee may determine.
	 	 	 	 
	 	 	(iv)	A
    Ten Percent Shareholder shall not be granted an incentive stock option unless:

 

	 	 	(a)	the
    exercise price is at least 110% of the Fair Market Value of the Company’s common stock on the grant date of such option; and
	 	 	 	 
	 	 	(b)	the
    option is not exercisable after the expiration of five years from the date of grant of such option.

 

	 	 	(v)	To
    the extent that the aggregate Fair Market Value (determined at the time of grant) of the Company’s common stock with respect
    to which Incentive Stock Options are exercisable for the first time by any Option holder during any calendar year (under all plans
    of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order
    in which they were granted) shall be treated as Non-qualified Stock Options.
	 	 	 	 
	 	(c)	Stock Appreciation Rights. The Committee is authorized to grant SARs to Participants on the following terms and conditions:
	 	 	 	 
	 	 	(i)	Right
    to Payment. A SAR shall confer on the Participant to whom it is granted a right to receive, upon vesting thereof, an amount in case
    equal to the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR
    as determined by the Committee.

 

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	 	(ii)	Other
    Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which
    a SAR may be exercised in whole or in part (including based on achievement of performance goals and future service requirements),
    the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Stock will
    be delivered or deemed to be delivered to Participants, whether or not a SAR shall be free-standing or in tandem or combination with
    an Option, and the maximum term of a SAR, which in no event shall exceed a period of seven years from the date of grant.
	 	 	 
	 	(iii)	Stock
    Appreciation Rights shall be granted pursuant to a Stock Appreciation Rights Agreement, substantially in the form as attached hereto
    as Exhibit B, with such changes thereto as the Committee may determine.

 

		(d)	Phantom
                                            Stock. The Committee is authorized to grant Phantom Stock to Participants on the following
                                            terms and conditions:

 

	 	(i)	Right
    to Payment. A share of Phantom Stock shall confer on the Participant to whom it is granted a right to receive, upon vesting thereof,
    such payments or amounts as set forth in the Phantom Stock Agreement.
	 	 	 
	 	(ii)	Other
    Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which
    Phantom Stock shall vest in whole or in part, method of settlement, form of consideration payable in settlement.
	 	 	 
	 	(iii)	Phantom
    Stock shall be issued pursuant to a Phantom Stock Agreement, substantially in the form as attached hereto as Exhibit C-1, with such
    changes thereto as the Committee may determine. Shares of Phantom Stock shall not be certificated.

 

		(e)	Sale
                                            Phantom Stock.The Committee is authorized to grant Sale Phantom Stock to Participants
                                            on the following terms and conditions:

 

	 	(i)	Right
    to Payment. A share of Phantom Stock shall confer on the Participant to whom it is granted a right to receive a proportionate share
    of such payments or amounts as set forth in the Sale Phantom Stock Agreement.
	 	 	 
	 	(ii)	Other
    Terms. The Committee shall determine at the date of grant or thereafter, method of settlement, and form of consideration payable
    in settlement as to any Sale Phantom Stock.
	 	 	 
	 	(iii)	Sale
    Phantom Stock shall be issued pursuant to a Sale Phantom Stock Agreement, substantially in the form as attached hereto as Exhibit
    C-2, with such changes thereto as the Committee may determine. Shares of Sale Phantom Stock shall not be certificated.

 

		(f)	Restricted
                                            Stock. The Committee is authorized to grant Restricted Stock to Participants on the
                                            following terms and conditions:

 

	 	(i)	Grant
    and Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions,
    if any, as the Committee may impose, for a period of time as set forth in the Restricted Stock Agreement (the “Restricted
    Period”) which restrictions may lapse separately or in combination at such times, under such circumstances (including based
    on achievement of performance goals and future service requirements), in such installments or otherwise and under such other circumstances
    as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and
    any Award document relating to the Restricted Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder,
    including the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any mandatory reinvestment
    or other requirement imposed by the Committee).

 

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	 	(ii)	Forfeiture.
    Except as otherwise determined by the Committee, upon Termination of Service during the applicable restriction period, Restricted
    Stock that is at that time subject to restrictions shall be forfeited and reacquired by the Company; provided that the Committee
    may provide, by rule or regulation or in any Award document, or may determine in any individual case, that restrictions or forfeiture
    conditions relating to Restricted Stock will lapse in whole or in part, including in the event of terminations resulting from specified
    causes.
	 	 	 
	 	(iii)	Certificates
    for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates
    representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear
    an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain
    physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating
    to the Restricted Stock.
	 	 	 
	 	(iv)	Restricted
    Stock shall be issued pursuant to a Restricted Stock Agreement, substantially in the form as attached hereto as Exhibit D, with such
    changes thereto as the Committee may determine.

 

		(g)	Performance
                                            Awards. Performance Awards, denominated in cash or in Stock or other Awards, may be granted
                                            by the Committee in accordance with Section 8.

 

Other
Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other
Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock
or factors that may influence the value of Stock, including, without limitation, convertible or exchangeable debt securities, other rights
convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance of the Company
or business units thereof or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock
or the value of securities of or the performance of specified subsidiaries or other business units. The Committee shall determine the
terms and conditions of such Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this Section
7(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation,
cash, Stock, other Awards, notes, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to
any other Award under the Plan, may also be granted pursuant to this Section 7(h).

 

	8.	Performance
                                            Awards.

 

		(a)	Performance
                                            Awards Generally. The Committee is authorized to grant any of the awards described in
                                            Sections 7(d), 7(e), 7(f), 7(g) and 7(h) as Performance Awards, the terms and conditions
                                            of which are described in this Section 8. Performance Awards may be denominated as a cash
                                            amount, number of shares of Stock, or specified number of other Awards (or a combination)
                                            which may be earned upon achievement or satisfaction of performance conditions specified
                                            by the Committee. In addition, the Committee may specify that any other Award shall constitute
                                            a Performance Award by conditioning the right of a Participant to exercise the Award or have
                                            it settled, and the timing thereof, upon achievement or satisfaction of such performance
                                            conditions as may be specified by the Committee. The Committee may use such business criteria
                                            and other measures of performance as it may deem appropriate in establishing any performance
                                            conditions, and may exercise its discretion to reduce or increase the amounts payable under
                                            any Award subject to performance conditions.

 

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		(b)	Performance
                                            Goal Generally. The performance goal for such Performance Awards shall consist of one
                                            or more business criteria and a targeted level or levels of performance with respect to each
                                            of such criteria, as specified by the Committee consistent with this Section 8. The performance
                                            goal shall be objective, including the requirement that the level or levels of performance
                                            targeted by the Committee result in the achievement of performance goals being “substantially
                                            uncertain.” The Committee may determine that such Performance Awards shall be granted,
                                            exercised and settled upon achievement of any one performance goal or that two or more of
                                            the performance goals must be achieved as a condition to grant, exercise and settlement of
                                            such Performance Awards. Performance goals may differ for Performance Awards granted to any
                                            one Participant or to different Participants.

 

		(i)	Business
                                            Criteria. One or more of the following business criteria for the Company, on a consolidated
                                            basis, shall be used by the Committee in establishing performance goals for such Performance
                                            Awards: (1) revenues; (2) earnings from operations, earnings before or after taxes, earnings
                                            before or after interest, depreciation, amortization, incentives, service fees or extraordinary
                                            or special items; (3) net income or net income per common share (basic or diluted); (4) return
                                            on assets, return on net assets, return on investment, return on capital, or return on equity;
                                            (5) cash flow, free cash flow, cash flow return on investment, or net cash provided by operations;
                                            (6) economic value created or added; (7) operating margin or profit margin; (8) stock price,
                                            dividends or total stockholder return; and (9) strategic business criteria, consisting of
                                            one or more objectives based on meeting specified market penetration or value added, product
                                            development or introduction, geographic business expansion goals, cost targets, debt reduction,
                                            customer satisfaction, employee satisfaction, information technology, and goals relating
                                            to acquisitions or divestitures of subsidiaries, affiliates or joint ventures. The targeted
                                            level or levels of performance with respect to such business criteria may be established
                                            at such levels and in such terms as the Committee may determine, in its discretion, including
                                            in absolute terms, as a goal relative to performance in prior periods, or as a goal compared
                                            to the performance of one or more comparable companies or an index covering multiple companies.

 

		(ii)	Performance
                                            Period; Timing for Establishing Performance Goals. Achievement of performance goals in respect
                                            of such Performance Awards shall be measured over a performance period as specified by the
                                            Committee.

 

		(iii)	Performance
                                            Award Pool. The Committee may establish a Performance Award pool, which shall be an unfunded
                                            pool, for purposes of measuring performance of the Company in connection with Performance
                                            Awards. The amount of such Performance Award pool shall be based upon the achievement of
                                            a performance goal or goals based on one or more of the business criteria set forth in Section
                                            8(b)(i) during the given performance period, as specified by the Committee in accordance
                                            with Section 8(b)(ii). The Committee may specify the amount of the Performance Award pool
                                            as a percentage of any of such business criteria, a percentage thereof in excess of a threshold
                                            amount, or as another amount which need not bear a strictly mathematical relationship to
                                            such business criteria.

 

		(iv)	Settlement
                                            of Performance Awards; Other Terms. Settlement of such Performance Awards shall be in cash,
                                            Stock, or other property, in the discretion of the Committee.

 

	9.	Certain
                                            Provisions Applicable to Awards.

 

		(a)	Stand-Alone,
                                            Additional, Tandem, and Substitute Awards. Options and SARs granted under the Plan may,
                                            in the discretion of the Committee, be granted either alone or in addition to or in tandem
                                            with the other, and any Award granted under the Plan may, in the discretion of the Committee,
                                            be granted in substitution or exchange for any other Award or any award granted under another
                                            plan of the Company, or any business entity to be acquired by the Company or a subsidiary,
                                            or any other right of a Participant to receive payment from the Company or any subsidiary,
                                            provided that such substitution or exchange does not cause the recipient to become subject
                                            to excise taxes under Code Section 409A. Options and SARs granted in addition to or in tandem
                                            with the other may be granted either as of the same time as or a different time from the
                                            grant of such other Award, except to the extent that grants at different times would cause
                                            the recipient of the Option or SAR to become subject to excise taxes under Code Section 409A.

 

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		(b)	Term
                                            of Awards. The term of each Award shall be for such period as may be determined by the
                                            Committee, subject to the express limitations set forth in Section 7(b)(ii).

 

		(c)	Form
                                            and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan (including
                                            Section 11(j)) and any applicable Award document, payments to be made by the Company or a
                                            subsidiary upon the exercise of an Option or other Award or settlement of an Award may be
                                            made in such forms as the Committee shall determine, including, without limitation, cash,
                                            Stock, or other property. The settlement of any Award may be accelerated, and cash paid in
                                            lieu of Stock in connection with such settlement, in the discretion of the Committee or upon
                                            occurrence of one or more specified events (subject to Section 11(j)), provided such acceleration
                                            does not cause the recipient to become subject to excise taxes under Code Section 409A.

 

		(d)	Limitation
                                            on Vesting of Certain Awards. If the granting or vesting of full-value Awards (as defined
                                            in Section 5(a)) is subject to performance conditions, the minimum vesting period of such
                                            Awards shall be no less than one year. If neither the granting nor vesting of full-value
                                            Awards is subject to performance conditions, such Awards shall have a minimum vesting period
                                            of no less than three years; provided, however, that such Awards may vest on an accelerated
                                            basis in the event of a Participant’s death, disability, Termination of Service after
                                            age 65 (or such other age as determined by the Committee), or other special circumstances;
                                            provided however, the vesting of no more than 10% of the shares of Stock authorized under
                                            the Plan may be accelerated for other special circumstances. For purposes of this Section
                                            9(d)), (i) a performance period that precedes the grant of the Award will be treated as part
                                            of the vesting period if the participant has been notified promptly after the commencement
                                            of the performance period that he or she has the opportunity to earn the Award based on performance
                                            and continued service, and (ii) vesting over a one-year period or three-year period will
                                            include periodic vesting (i.e., monthly step vesting in the case of a one- year award, or
                                            annual step vesting over a two or three year award) over such period if the rate of such
                                            vesting is proportional (or less rapid) to the number of months or years that have lapsed,
                                            as applicable, in such period. The foregoing notwithstanding, up to 10% of the shares of
                                            Stock authorized under the Plan may be granted as full-value Awards without the minimum vesting
                                            requirements set forth in this Section 9(d)).

 

		(e)	Deferred
                                            Compensation Awards. Notwithstanding anything to the contrary contained herein, any Award
                                            which is subject to Code Section 409A shall, at a minimum, comply with all of the requirements
                                            set forth in Code Section 409A as are necessary to allow the deferral of federal income tax
                                            on the deferred compensation resulting from the Award and to avoid the constructive receipt
                                            of such deferred compensation.

 

	10.	Additional
                                            Award Forfeiture Provisions.

 

		(a)	Forfeiture
                                            of Options and Other Awards and Gains Realized Upon Prior Option Exercises or Award Settlements.
                                            Unless otherwise determined by the Committee or set forth in the applicable Award Agreement,
                                            each Award granted hereunder shall be subject to the following additional forfeiture conditions,
                                            to which the Participant, by accepting an Award hereunder, agrees. If any of the events specified
                                            in Section 10(b)(i), Section 10(b)(ii), or Section 10(b)(iii) occurs (a “Forfeiture
                                            Event”), the unexercised portion of the Option, whether or not vested, and any
                                            other Award not then settled (except for an Award that has not been settled solely due to
                                            an elective deferral by the Participant and otherwise is not forfeitable in the event of
                                            any termination of service of the Participant) will be immediately forfeited and canceled
                                            upon the occurrence of the Forfeiture Event, with such forfeitures becoming effective at
                                            the later of the occurrence of the Forfeiture Event or the Participant’s Termination
                                            of Service.

 

    	9

     

    

 

		(b)	Events
                                            Triggering Forfeiture. The forfeitures specified in Section 10(a) will be triggered upon
                                            the occurrence of any one of the following Forfeiture Events at any time during the Participant’s
                                            employment by the Company or a subsidiary or during the one-year period following termination
                                            of such employment:

 

		(i)	The
                                            Participant, acting alone or with others, directly or indirectly, (A) engages, either as
                                            employee, employer, consultant, advisor, or director, or as an owner, investor, partner,
                                            or stockholder unless the Participant’s interest is insubstantial, in any business
                                            in an area or region in which the Company conducts business at the date the event occurs,
                                            which is directly in competition with a business then conducted by the Company or a subsidiary;
                                            (B) induces any customer, supplier, licensee or licensor of the Company or a subsidiary,
                                            or other company with which the Company or a subsidiary has a business relationship, to curtail,
                                            cancel, not renew, or not continue his or her or its business with the Company or any subsidiary;
                                            or (C) induces, or attempts to influence, any employee of or service provider (including,
                                            but not limited to, licensees and licensors) to the Company or a subsidiary to terminate
                                            such employment or service. The Committee shall, in its discretion, determine which lines
                                            of business the Company conducts on any particular date and which third parties may reasonably
                                            be deemed to be in competition with the Company. For purposes of this Section 10(b)(i), a
                                            Participant’s interest as a stockholder is insubstantial if it represents beneficial
                                            ownership of less than five percent of the outstanding class of stock, and a Participant’s
                                            interest as an owner, investor, or partner is insubstantial if it represents ownership, as
                                            determined by the Committee in its discretion, of less than five percent of the outstanding
                                            equity of the entity;

 

		(ii)	The
                                            Participant discloses, uses, sells, or otherwise transfers, except in the course of employment
                                            with or other service to the Company or any subsidiary, any confidential or proprietary information
                                            of the Company or any subsidiary, including but not limited to information regarding the
                                            Company’s current and potential customers, organization, employees, finances, and methods
                                            of operations and investments, so long as such information has not otherwise been disclosed
                                            to the public or is not otherwise in the public domain, except as required by law or pursuant
                                            to legal process, or the Participant makes statements or representations, or otherwise communicates,
                                            directly or indirectly, in writing, orally, or otherwise, or takes any other action which
                                            may, directly or indirectly, disparage or be damaging to the Company or any of its subsidiaries
                                            or their respective officers, directors, employees, advisors, businesses or reputations,
                                            except as required by law or pursuant to legal process;

 

		(iii)	The
                                            Participant fails to cooperate with the Company or any subsidiary or by making himself or
                                            herself available to testify on behalf of the Company or such subsidiary in any action, suit,
                                            or proceeding, whether civil, criminal, administrative, or investigative, or otherwise fails
                                            to assist the Company or any subsidiary in any such action, suit, or proceeding by providing
                                            information and meeting and consulting with members of management of, other representatives
                                            of, or counsel to, the Company or such subsidiary, as reasonably requested; or
	 	 	 

		(iv)	The
                                            Participant voluntarily ceases their employment with the Company.

 

		(c)	Agreement
                                            Does Not Prohibit Competition or Other Participant Activities. Although the conditions
                                            set forth in this Section 10 shall be deemed to be incorporated into an Award, a Participant
                                            is not thereby prohibited from engaging in any activity, including but not limited to competition
                                            with the Company and its subsidiaries. Rather, the non-occurrence of the Forfeiture Events
                                            set forth in Section 10(b) is a condition to the Participant’s right to realize and
                                            retain value from his or her compensatory Options and Awards, and the consequence under the
                                            Plan if the Participant engages in an activity giving rise to any such Forfeiture Event are
                                            the forfeitures specified herein. The Company and the Participant shall not be precluded
                                            by this provision or otherwise from entering into other agreements concerning the subject
                                            matter of Section 10(a) and Section 10(b).

 

    	10

     

    

 

		(d)	Committee
                                            Discretion. The Committee may, in its discretion, waive in whole or in part the Company’s
                                            right to forfeiture under this Section, but no such waiver shall be effective unless evidenced
                                            by a writing signed by a duly authorized officer of the Company. In addition, the Committee
                                            may impose additional conditions on Awards, by inclusion of appropriate provisions in the
                                            document evidencing or governing any such Award.

 

	11.	General
                                            Provisions.

 

		(a)	Compliance
                                            with Legal and Other Requirements. The Company may, to the extent deemed necessary or
                                            advisable by the Committee, postpone the issuance or delivery of Stock or payment of other
                                            benefits under any Award until completion of such registration or qualification of such Stock
                                            or other required action under any federal or state law, rule or regulation, listing or other
                                            required action with respect to any stock exchange or automated quotation system upon which
                                            the Stock or other securities of the Company are listed or quoted, or compliance with any
                                            other obligation of the Company, as the Committee may consider appropriate, and may require
                                            any Participant to make such representations, furnish such information and comply with or
                                            be subject to such other conditions as it may consider appropriate in connection with the
                                            issuance or delivery of Stock or payment of other benefits in compliance with applicable
                                            laws, rules, and regulations, listing requirements, or other obligations.

 

		(b)	Limits
                                            on Transferability; Beneficiaries. No Award or other right or interest of a Participant
                                            under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien,
                                            obligation or liability of such Participant to any party (other than the Company or a subsidiary
                                            thereof), or assigned or transferred by such Participant otherwise than by will or the laws
                                            of descent and distribution or to a Beneficiary upon the death of a Participant, and such
                                            Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant
                                            only by the Participant or his or her guardian or legal representative, except that Awards
                                            and other rights may be transferred to one or more transferees during the lifetime of the
                                            Participant, and may be exercised by such transferees in accordance with the terms of such
                                            Award, but only if and to the extent such transfers are permitted by the Committee, subject
                                            to any terms and conditions which the Committee may impose thereon (including limitations
                                            the Committee may deem appropriate in order that offers and sales under the Plan will meet
                                            applicable requirements of registration forms under the Securities Act of 1933 specified
                                            by the Securities and Exchange Commission). A Beneficiary, transferee, or other person claiming
                                            any rights under the Plan from or through any Participant shall be subject to all terms and
                                            conditions of the Plan and any Award document applicable to such Participant, except as otherwise
                                            determined by the Committee, and to any additional terms and conditions deemed necessary
                                            or appropriate by the Committee.

 

		(c)	Adjustments.
                                            In the event of any recapitalization, forward or reverse split, reorganization, merger,
                                            consolidation, spin-off, combination, share exchange, liquidation, dissolution or other similar
                                            corporate transaction or event affects the Stock, the Committee shall adjust any or all of (i)
the number and kind of shares of Stock which may be delivered in connection with Awards granted thereafter, (ii) the number and kind
of shares of Stock by which annual per-person Award limitations are measured under Section 8, (iii) the number and kind of shares of
Stock subject to or deliverable in respect of outstanding Awards and (iv) the exercise price, grant price or purchase price relating
to any Award or, if deemed appropriate, the Committee may make provision for a payment of cash or property to the holder of an
outstanding Option (subject to Section 11(j)). In addition, the Committee is authorized to make adjustments in the terms and
conditions of, and the criteria included in, Awards (including Performance Awards and performance goals and any hypothetical funding
pool relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, events described in the
preceding sentence, as well as acquisitions and dispositions of businesses and assets) affecting the Company, any subsidiary or
other business unit, or the financial statements of the Company or any subsidiary, or in response to changes in applicable laws,
regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s assessment
of the business strategy of the Company, any subsidiary or business unit thereof, performance of comparable organizations, economic
and business conditions, personal performance of a Participant, and any other circumstances deemed relevant.

 

    	11

     

    

 

		(d)	Tax
                                            Provisions.

 

		(i)	Withholding.
                                            The Company and any subsidiary is authorized to withhold from any Award granted, any payment
                                            relating to an Award under the Plan, including from a distribution of Stock, or any payroll
                                            or other payment to a Participant, amounts of withholding and other taxes due or potentially
                                            payable in connection with any transaction involving an Award, and to take such other action
                                            as the Committee may deem advisable to enable the Company and Participants to satisfy obligations
                                            for the payment of withholding taxes and other tax obligations relating to any Award. This
                                            authority shall include authority to withhold or receive Stock or other property and to make
                                            cash payments in respect thereof in satisfaction of a Participant’s withholding obligations,
                                            either on a mandatory or elective basis in the discretion of the Committee. Other provisions
                                            of the Plan notwithstanding, only the minimum amount of Stock deliverable in connection with
                                            an Award necessary to satisfy statutory withholding requirements will be withheld, except
                                            a greater amount of Stock may be withheld if such withholding would not result in the recognition
                                            of additional accounting expense to the Company.

 

		(ii)	Required
                                            Consent to and Notification of Code Section 83(b) Election. No election under Code Section
                                            83(b) (to include in gross income in the year of transfer the amounts specified in Code Section
                                            83(b)) or under a similar provision of the laws of a jurisdiction outside the United States
                                            may be made unless expressly permitted by the terms of the Award document or by action of
                                            the Committee in writing prior to the making of such election, which election right shall
                                            not be unreasonably withheld if the Participant requests to make such an election in writing
                                            to the Committee. In any case in which a Participant is permitted to make such an election
                                            in connection with an Award, the Participant shall notify the Company of such election within
                                            ten days of filing notice of the election with the Internal Revenue Service or other governmental
                                            authority, in addition to any filing and notification required pursuant to regulations issued
                                            under Code Section 83(b) or other applicable provision.

 

		(e)	Changes
                                            to the Plan. The Board may amend, suspend or terminate the Plan or the Committee’s
                                            authority to grant Awards under the Plan without the consent of stockholders or Participants;
                                            provided, however, that any amendment to the Plan shall be submitted to the Company’s
                                            stockholders for approval not later than the earliest annual meeting for which the record
                                            date is after the date of such Board action if such stockholder approval is required by any
                                            federal or state law or regulation or the rules of any stock exchange or automated quotation
                                            system on which the Stock may then be listed or quoted, and the Board may otherwise, in its
                                            discretion, determine to submit other amendments to the Plan to stockholders for approval
                                            and provided further, that, without the consent of an affected Participant, no such Board
                                            action may materially and adversely affect the rights of such Participant under any outstanding
                                            Award. Except in connection with a corporate transaction involving the Company (including,
                                            without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization,
                                            reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares),
                                            the terms of outstanding awards may not be amended to reduce the exercise price of outstanding
                                            Options or SARs or cancel outstanding Options or SARS in exchange for cash, other awards
                                            or Options or SARs with an exercise price that is less than the exercise price of the original
                                            Options or SARs without stockholder approval.

 

		(f)	Right
                                            of Setoff. The Company or any subsidiary may, to the extent permitted by applicable law,
                                            deduct from and set off against any amounts the Company or its subsidiary may owe to the
                                            Participant from time to time, including amounts payable in connection with any Award, owed
                                            as wages, fringe benefits, or other compensation owed to the Participant, any such amounts
                                            as may be owed by the Participant to the Company, including but not limited to amounts owed
                                            under Section 10(a), although the Participant shall remain liable for any part of the Participant’s
                                            payment obligation not satisfied through such deduction and setoff. By accepting any Award
                                            granted hereunder, the Participant agrees to any deduction or setoff under this Section 11(f).

 

    	12

     

    

 

 

		(g)	Unfunded
                                            Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded”
                                            plan for incentive and deferred compensation. With respect to any payments not yet made to
                                            a Participant or obligation to deliver Stock pursuant to an Award, nothing contained in the
                                            Plan or any Award shall give any such Participant any rights that are greater than those
                                            of a general creditor of the Company; provided that the Committee may authorize the creation
                                            of trusts and deposit therein cash, Stock, other Awards or other property, or make other
                                            arrangements to meet the Company’s obligations under the Plan. Such trusts or other
                                            arrangements shall be consistent with the “unfunded” status of the Plan unless
                                            the Committee otherwise determines with the consent of each affected Participant.

 

		(h)	Nonexclusively
                                            of the Plan. Neither the adoption of the Plan by the Board nor its submission to the
                                            stockholders of the Company for approval shall be construed as creating any limitations on
                                            the power of the Board or a committee thereof to adopt such other incentive arrangements,
                                            apart from the Plan, as it may deem desirable.

 

		(i)	Payments
                                            in the Event of Forfeitures; Fractional Shares. Unless otherwise determined by the Committee,
                                            in the event of a forfeiture of an Award with respect to which a Participant paid cash consideration,
                                            the Participant shall be repaid the amount of such cash consideration. No fractional shares
                                            of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall
                                            determine whether cash, other Awards or other property shall be issued or paid in lieu of
                                            such fractional shares or whether such fractional shares or any rights thereto shall be forfeited
                                            or otherwise eliminated.

 

		(j)	Certain
                                            Limitations Relating to Accounting Treatment of Awards. At any time that the Company
                                            is accounting for stock-denominated Awards under the Statement of Financial Accounting Standards
                                            No. 123R (“FAS 123R”), the Company intends that, with respect to such
                                            Awards, the compensation measurement date for accounting purposes shall occur at the date
                                            of grant or such other date that applies to Awards that are treated as equity awards under
                                            FAS 123R, unless the Committee specifically determines otherwise. Therefore, other provisions
                                            of the Plan notwithstanding, in order to preserve this fundamental objective of the Plan,
                                            if any authority granted to the Committee hereunder or any provision of the Plan or an Award
                                            agreement would result, under FAS 123R, in “liability” accounting, if the Committee
                                            was not specifically aware of such accounting consequence at the time such Award was granted
                                            or provision otherwise became effective, such authority shall be limited and such provision
                                            shall be automatically modified and reformed to the extent necessary to preserve the accounting
                                            treatment of the award intended by the Committee. This provision shall cease to be effective
                                            if and at such time as the Company no longer accounts for equity compensation under FAS 123R.

 

		(k)	Governing
                                            Law. Other than as set forth in Section 7(a), the validity, construction, and effect
                                            of the Plan, any rules and regulations relating to the Plan and any Award document shall
                                            be determined in accordance with the substantive laws of the State of New York, irrespective
                                            of the choice of law rules of any jurisdiction. Any dispute shall be brought before the state
                                            and federal courts located in New York City, New York, and each party waives any objection
                                            which such party may now or hereafter have to the laying of the venue of any such action,
                                            suit or proceeding, and irrevocably submits to the jurisdiction of any such court in any
                                            such action, suit or proceeding.

 

		(l)	THE
                                            COMPANY AND EACH PARTICIPANT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
                                            LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
                                            ARISING OUT OF OR RELATING TO THE PLAN OR ANY AWARD AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
                                            HEREBY OR THEREBY, (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THE COMPANY AND
                                            EACH PARTICIPANT (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
                                            HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
                                            LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
                                            PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE PLAN AND ANY AWARD AGREEMENT BY, AMONG
                                            OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11(l).

 

    	13

     

    

 

		(m)	Awards
                                            to Participants Outside the United States. The Committee may modify the terms of any
                                            Award under the Plan made to or held by a Participant who is then resident or primarily employed
                                            outside of the United States in any manner deemed by the Committee to be necessary or appropriate
                                            in order that such Award shall conform to laws, regulations, and customs of the country in
                                            which the Participant is then resident or primarily employed, or so that the value and other
                                            benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions
                                            applicable as a result of the Participant’s residence or employment abroad shall be
                                            comparable to the value of such an Award to a Participant who is resident or primarily employed
                                            in the United States. An Award may be modified under this Section 11(m) in a manner that
                                            is inconsistent with the express terms of the Plan, so long as such modifications will not
                                            contravene any applicable law or regulation.

 

		(n)	Limitation
                                            on Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall
                                            be construed as (i) giving any Eligible Person or Participant the right to continue as an
                                            Eligible Person or Participant or in the employ or service of the Company or a subsidiary,
                                            (ii) interfering in any way with the right of the Company or a subsidiary to terminate any
                                            Eligible Person’s or Participant’s employment or service at any time, (iii) giving
                                            an Eligible Person or Participant any claim to be granted any Award under the Plan or to
                                            be treated uniformly with other Participants and employees, or (iv) conferring on a Participant
                                            any of the rights of a stockholder of the Company unless and until the Participant is duly
                                            issued or transferred shares of Stock in accordance with the terms of an Award or an Option
                                            is duly exercised. Except as expressly provided in the Plan and an Award document, neither
                                            the Plan nor any Award document shall confer on any person other than the Company and the
                                            Participant any rights or remedies thereunder.

 

		(o)	Severability;
                                            Entire Agreement. If any of the provisions of this Plan or any Award document is finally
                                            held to be invalid, illegal or unenforceable (whether in whole or in part), such provision
                                            shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality
                                            or unenforceability, and the remaining provisions shall not be affected thereby; provided,
                                            that, if any of such provisions is finally held to be invalid, illegal, or unenforceable
                                            because it exceeds the maximum scope determined to be acceptable to permit such provision
                                            to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary
                                            to modify such scope in order to make such provision enforceable hereunder. The Plan and
                                            any Award documents contain the entire agreement of the parties with respect to the subject
                                            matter thereof and supersede all prior agreements (unless an employment agreement entered
                                            into between the Company and the Participant specifically provides contradictory terms, in
                                            which case the terms of the employment agreement shall govern), promises, covenants, arrangements,
                                            communications, representations and warranties between them, whether written or oral with
                                            respect to the subject matter thereof. In the event of any conflict between the terms of
                                            this Plan and the terms in an Award Agreement, the terms of the Award Agreement shall control.

 

		(p)	Termination.
                                            The Plan is effective as of the Effective Date. Unless earlier terminated by action of
                                            the Board of Directors, the Plan will remain in effect until such time as no Stock remains
                                            available for delivery under the Plan and the Company has no further rights or obligations
                                            under the Plan with respect to outstanding Awards under the Plan.

 

    	14Exhibit
10.2

 

LIMITED
LIABILITY COMPANY AGREEMENT

OF

NUMBER
9, LLC

 

This
Limited Liability Company Agreement (“Agreement”) of Number 9, LLC (the “Company”), effective as
of February 13, 2018 (the “Effective Date”), is entered into by The Glimpse Group, Inc., as the sole member of the
Company (the “Member”).

 

WHEREAS,
the Company was formed as a limited liability company on February 13, 2018 pursuant to Chapter 86 of the Nevada Revised Statutes, as
amended from time to time (the “Act”), by the filing of Articles of Organization of the Company with the office of
the Secretary of State of Nevada; and

 

WHEREAS,
the Member agrees that the membership in and management of the Company shall be governed by the terms set forth herein and the Act and
to the extent this Agreement is inconsistent in any respect with the Act, this Agreement shall control.

 

NOW,
THEREFORE, the Member agrees as follows:

 

1.       Name.
The name of the Company is Number 9, LLC.

 

2.       Purpose.
The purpose of the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act
and to engage in any and all activities necessary or incidental thereto, including to the creation of real-time Virtual and Augmented
Reality products and solutions.

 

3.       Principal
Office; Registered Agent.

 

(a)       Principal
Office. The location of the principal office of the Company shall be 135 West 41st Street, 5th Floor, New York,
New York 10036, or such other location as the Member may from time to time designate.

 

(b)       Registered
Agent. The agent for service of process in Nevada as of the Effective Date of this Agreement is Corporate Creations Network Inc.

 

4.       Members.

 

(a)       Initial
Member. The Member owns 100% of the membership interests in the Company. The name and the business, residence or mailing address
of the Member are as follows:

 

	Name	 	Address
	The
    Glimpse Group, Inc.	 	135
    West 41st Street, 5th Floor, New York, New York 10036

    

 

    	 

     

    

 

(b)       Additional
Members. One or more additional members may be admitted to the Company with the consent of the Member. Prior to the admission of
any such additional members to the Company, the Member shall amend this Agreement to make such changes as the Member shall determine
to reflect the fact that the Company shall have such additional members. Each additional member shall execute and deliver a supplement
or counterpart to this Agreement, as necessary.

 

(c)       Membership
Interests; Certificates. The Company will not issue any certificates to evidence ownership of the membership interests.

 

5.       Management.

 

(a)       Authority;
Powers and Duties of the Member. The Member shall have exclusive and complete authority and discretion to manage the operations and
affairs of the Company and to make all decisions regarding the business of the Company. Any action taken by the Member shall constitute
the act of and serve to bind the Company. Persons dealing with the Company are entitled to rely conclusively on the power and authority
of the Member as set forth in this Agreement. The Member shall have all rights and powers of a manager under the Act, and shall have
such authority, rights and powers in the management of the Company to do any and all other acts and things necessary, proper, convenient
or advisable to effectuate the purposes of this Agreement.

 

(b)       Election
of Officers; Delegation of Authority. The Member may, from time to time, designate one or more officers with such titles as may be
designated by the Member to act in the name of the Company with such authority as may be delegated to such officers by the Member (each
such designated person, an “Officer”). Any such Officer shall act pursuant to such delegated authority until such
Officer is removed by the Member. Any action taken by an Officer designated by the Member pursuant to authority delegated to such Officer
shall constitute the act of and serve to bind the Company. Persons dealing with the Company are entitled to rely conclusively on the
power and authority of any officer set forth in this Agreement and any instrument designating such officer and the authority delegated
to him or her.

 

6.       Liability
of Member; Indemnification.

 

(a)       Limited
Liability of Member. Except as otherwise required by any non-waivable provision of the Act or other applicable law, the debts, obligations,
and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities
of the Company, and the Member shall not be obligated for any such debt, obligation or liability of the Company solely by reason of being
the Member or participating in the management of the Company.

 

(b)       Indemnification.
To the fullest extent permitted under the Act, the Member and officers (irrespective of the capacity in which it acts) shall be entitled
to indemnification and advancement of expenses from the Company for and against any loss, damage, claim or expense (including attorneys’
fees) whatsoever incurred by the Member or officers relating to or arising out of any act or omission or alleged acts or omissions (whether
or not constituting negligence or gross negligence) performed or omitted by the Member or the officers on behalf of the Company; provided,
however, that any indemnity under this Section 6(b) shall be provided out of and to the extent of Company assets only, and neither the
Member, officers nor any other person shall have any personal liability on account thereof.

 

    	2

     

    

 

7.       Term.
The Company commenced on the date the Articles of Organization were properly filed with the Secretary of State of the State of Nevada
and shall exist in perpetuity unless the Company is dissolved and terminated in accordance with Section 13.

 

8.       Other
Activities. The Member, its agents, representatives and affiliates may engage or invest in, and devote their time to, any other business
venture or activity of any nature and description (independently or with others), whether or not such other activity may be deemed or
construed to be in competition with the Company. The Company shall not have any right by virtue of this Agreement or the relationship
created hereby in or to such other venture or activity (or to the income or proceeds derived therefrom), and the pursuit thereof, even
if competitive with the business of the Company, shall not be deemed wrongful or improper.

 

9.       Standards
of Conduct. Whenever the Member is required or permitted to make a decision, take or approve an action, or omit to do any of the
foregoing, then the Member shall be entitled to consider only such interests and factors, including its own, as it desires, and shall
have no duty or obligation to consider any other interests or factors whatsoever. To the extent that the Member has, at law or in equity,
duties (including, without limitation, fiduciary duties) to the Company or other person bound by the terms of this Agreement, the Member
acting in accordance with the Agreement shall not be liable to the Company or any such other person for its good faith reliance on the
provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of the Member otherwise existing
at law or in equity, replace such other duties to the greatest extent permitted under applicable law.

 

10.       Initial
Capital Contributions. The Member hereby
agrees to contribute to the Company such cash, property or services as determined by the Member.

 

11.       Tax
Status; Income and Deductions.

 

(a)       Tax
Status. As long as the Company has only one member, it is the intention of the Company and the Member that the Company be treated
as a disregarded entity for federal and all relevant state tax purposes and neither the Company nor the Member shall take any action
or make any election which is inconsistent with such tax treatment. All provisions of this Agreement are to be construed so as to preserve
the Company’s tax status as a disregarded entity.

 

(b)       Income
and Deductions. All items of income, gain, loss, deduction and credit of the Company (including, without limitation, items not subject
to federal or state income tax) shall be treated for federal and all relevant state income tax purposes as items of income, gain, loss,
deduction and credit of the Member.

 

12.       Distributions.
Distributions shall be made to the Member at the times and in the amounts determined by the Member.

 

    	3

     

    

 

13.       Dissolution;
Liquidation.

 

(a)       The
Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (i) the written consent of the Member
or (ii) any other event or circumstance giving rise to the dissolution of the Company under Chapter 86.491 of the Act, unless the Company’s
existence is continued pursuant to the Act.

 

(b)       Upon
dissolution of the Company, the Company shall immediately commence to wind up its affairs and the Member shall promptly liquidate the
business of the Company. During the period of the winding up of the affairs of the Company, the rights and obligations of the Member
under this Agreement shall continue.

 

(c)       In
the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale
of the assets of the Company in an orderly manner), and the assets of the Company shall be applied as follows: (i) first, to creditors,
to the extent otherwise permitted by law, in satisfaction of liabilities of the Company (whether by payment or the making of reasonable
provision for payment thereof); and (ii) thereafter, to the Member.

 

(d)       Upon
the completion of the winding up of the Company, the Member shall file Articles of Dissolution in accordance with the Act.

 

14.       Miscellaneous.

 

(a)       Amendments.
Amendments to this Agreement may be made only with the consent of the Member.

 

(b)       Governing
Law. This Agreement shall be governed by the laws of the State of Nevada.

 

(c)       Severability.
In the event that any provision of this Agreement shall be declared to be invalid, illegal or unenforceable, such provision shall survive
to the extent it is not so declared, and the validity, legality and enforceability of the other provisions hereof shall not in any way
be affected or impaired thereby, unless such action would substantially impair the benefits to any party of the remaining provisions
of this Agreement.

 

[signature
page follows]

 

    	4

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Agreement to be effective as of the date first above written.

 

	 	THE
    GLIMPSE GROUP, INC.
	 	 	 
	 	By:	 /s/ Lyron Bentovim 
	 	Name:	Lyron
    Bentovim
	 	Title:	President
    & CEO

 

    	5

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