Document:

Document

 

December 15, 2021
Li-Cycle Holdings Corp. 
Suite 590, 207 Queen’s Quay West
Toronto, Ontario M5J 1A7
Canada
Dear Sirs/Mesdames:
Re:  Services for Additional Hubs and Additional Hub Materials
We refer to the Amended and Restated Refined Products Marketing, Logistics and Working Capital Agreement entered into as of the date hereof (the “Refined Products Agreement”) between the undersigned, Traxys North America LLC (“Traxys” or “we”), and your subsidiary, Li-Cycle Americas Corp., providing for, inter alia, the purchase and sale of 100% of Li-Cycle's annual production of Nickel Sulfate, Cobalt Sulfate, Lithium Carbonate, Manganese Carbonate and Graphite Concentrate (each, a “Material” and collectively, the “Materials”) from your North America Commercial Hub being constructed in Rochester, New York, USA (“Hub 1”).
This letter agreement (the “Letter Agreement’) confirms our mutual understanding that, if and when Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or “you”), directly or through any of its affiliates, seeks to develop one or more additional Commercial Hubs, wherever located (each, an “Additional Hub”), to process unrefined “black mass” product and produce Nickel Sulphate, Cobalt Sulphate, Lithium Carbonate, Manganese Carbonate and/or Graphite Concentrate, or any other products that are derivative thereof or enhancements thereto (“Additional Hub Material”), Li-Cycle will (no later than the date of the commissioning by Li-Cycle or its affiliates of a feasiblity study with respect to such Additional Hub) so notify Traxys in writing (such notice, an “Additional Hub Notice”).  The Additional Hub Notice will specify Li-Cycle’s and its affiliates’ anticipated requirements for marketing, logistics and/or working capital services (the “Subject Services”), as applicable, with respect to the Additional Hub, and certain additional information noted below.  
For greater certainty and notwithstanding anything else in this Letter Agreement: 
(a)Li-Cycle shall not have any obligation to develop any Additional Hubs or to produce any Additional Hub Material, and all decisions concerning the development and financing of any Additional Hubs shall be made by Li-Cycle in its sole and absolute discretion; and  

(b)Where Li-Cycle seeks to develop an Additional Hub in conjunction with a strategic partner that will have a significant equity ownership, financial or commercial interest in such Additional Hub and/or the applicable Additional Hub Material (including without limitation any pre-paid off-take arrangement, “streaming” transaction, or tolling arrangement) (a “Strategic Partner”), and as part of such arrangement, the Strategic Partner or one or more of its affiliates will receive off-take or “take-in-kind” rights to all or a portion of the applicable Additional Hub Material (such Additional Hub Material, the "Strategic Partner Material Allocation”), Li-Cycle shall notify Traxys in writing of the 

 

proposed Strategic Partner relationship and the proposed Strategic Partner Material Allocation in the Additional Hub Notice, and the parties acknowledge and agree that any Subject Services to be provided by Traxys in respect of the relevant Additional Hub will not apply to the Strategic Partner Material Allocation.

Upon receipt of an Additional Hub Notice, Traxys and Li-Cycle (or the applicable affiliate) will use good faith efforts to negotiate and enter into an agreement under which Traxys will provide the Subject Services in respect of the Additional Hub Material for the Additional Hub in substantially the same manner, and on substantially the same terms and conditions, as set forth in the Refined Products Agreement, having regard, however, to (among other things) the location of the Additional Hub, the expected overall product mix and product volumes to be delivered by Li-Cycle and its affiliates to Traxys on a global basis, the then-prevailing market conditions and end-user required products specifications, and the extent to which Li-Cycle is capable to provide the Subject Services on an in-house basis, any or all of which could result in an agreed adjustment, negotiated in good faith, to the scope of the Subject Services and/or the fees payable to Traxys.   
Where the parties are not able to reach an agreement covering the Subject Services in respect of the Additional Hub Material for the Additional Hub within a reasonable time period, Li-Cycle may deliver to Traxys a formal proposal for the Subject Services (a “Benchmark Proposal”), and if the parties are not able to settle definitive commercial terms on the basis of such Benchmark Proposal within 60 days after delivery of such Benchmark Proposal, then such terms shall be settled by binding arbitration in accordance with the terms of the Refined Products Agreement and either party may refer such matter for resolution thereunder. 
This Letter Agreement is being entered into as a material inducement for the parties to enter into the Refined Products Agreement and is a binding agreement of the parties.
The provisions of clauses 3 (Term), 16 (Notices), 17 (Governing Law), 18 (Dispute Resolution), 19 (Succession and Assignment), 20 (Limitation on Damages), 21 (Confidentiality), 22 (Public Announcements), 23 (Severability), and 26 (No Other Agreement, Etc.) of the Refined Products Agreement shall be deemed incorporated herein and shall apply to this Letter Agreement, mutatis mutandis. 
This Letter Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page to this Letter Agreement by either party by electronic transmission shall be as effective as delivery of a manually executed copy of this Letter Agreement by such party. 

Yours truly,  

 

Traxys North America LLC

By: /s/ Landon Berns _______________
      Landon Berns, SVP

Accepted and agreed by:
Li-Cycle Holdings Corp. 

By: /s/ Kunal Phalpher ______________
      Kunal Phalpher, Chief Strategy OfficerExhibit 10.1

 

INTERCEPT PHARMACEUTICALS, INC.

 

2022 CASH INCENTIVE PLAN

 

ARTICLE
1

ESTABLISHMENT, OBJECTIVES AND DURATION

 

1.1          
Establishment of the Plan. Intercept Pharmaceuticals, Inc. (the “Company” or “Intercept”),
hereby establishes this Intercept Pharmaceuticals, Inc. 2022 Cash Incentive Plan (hereinafter referred to as the “Plan”),
as set forth in this document. The Plan permits the grant of cash-based awards to Employees of Intercept and its Affiliates.

 

The Plan is effective as of
January 25, 2022 (the “Effective Date”) and shall remain in effect as provided in Article 1.3 hereof.

 

1.2          
Objectives of the Plan. The Company’s objectives for the Plan are to (i) align Intercept’s incentive program with
stockholder interests and drive stockholder value; (ii) allow Intercept employees to share in the success of the Company; (iii) position
Intercept for success in recruiting and retaining employee talent in a competitive environment; and (iv) provide competitive total compensation
opportunities at Intercept.

 

1.3          
Duration of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the
Board to amend or terminate the Plan at any time pursuant to Article 7 hereof.

 

ARTICLE
2

DEFINITIONS

 

Whenever used in the Plan,
the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be
capitalized:

 

2.1          
“Affiliate” means any Entity controlling, controlled by or under common control with the Company, where
 “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of an Entity whether through the ownership of voting securities, by contract or otherwise.

 

2.2          
“Award” means a contingent entitlement to receive cash compensation, granted to a Participant as described
in Article 5 herein.

 

2.3          
“Award Agreement” means a written agreement entered into by the Company and a Participant or a notice from
the Company to a Participant setting forth the terms and conditions applicable to an Award granted under this Plan, which agreement or
notice may be delivered and, if applicable, executed in electronic form.

 

2.4          
“Board” means the Board of Directors of Intercept Pharmaceuticals, Inc.

 

     

     

    

 

2.5          
“Cause” shall, unless otherwise set forth in an Award Agreement, mean (i) engaging in (A) willful or gross
misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written
policies and practices of the Company, or any Affiliate thereof; (iii) the commission of a felony or a crime of moral turpitude, dishonesty,
breach of trust or unethical business conduct, or any crime involving the Company, or any Affiliate thereof; (iv) fraud, misappropriation
or embezzlement; (v) a material breach of the Participant’s employment, non-competition, non-solicitation, invention, non-disclosure
or similar material agreement with the Company or any Affiliate thereof; (vi) acts or omissions constituting a material failure to perform
substantially the duties assigned to the Participant after demand for substantial performance is delivered by the Company or any Affiliate
specifically identifying the manner in which the Company or an Affiliate believes the Participant has not substantially performed such
duties; (vii) any illegal act detrimental to the Company or its Affiliates; or (viii) repeated failure to devote substantially all of
Participant’s business time and efforts to the Company or an Affiliate if required by Participant’s employment agreement;
provided, however, that, if at the relevant time the Participant is party to an effective employment or similar agreement with the Company
or an Affiliate, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified
in such employment or similar agreement (if any). The determination of the Administrator as to the existence of Cause will be conclusive
on the Participant and the Company.

 

2.6           “Change in Control” means (i) the occurrence of any of the following events:

 

(i) Ownership. Any
 “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the
 “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing
50% or more of the total voting power represented by the Company’s then-outstanding voting securities (excluding for this purpose
any such voting securities held by the Company or its Affiliates or any employee benefit plan of the Company); or

 

(ii) Merger/Sale of Assets.
(A) A merger or consolidation of the Company whether or not approved by the Board, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting
power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be,
outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all
of the Company’s assets in a transaction requiring stockholder approval; or

 

(iii) Change in Board
Composition. A change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors.
 “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date of grant, or (B) are
elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time
of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened
proxy contest relating to the election of directors to the Company).

 

Change in Control” shall
be interpreted, if applicable, in a manner, and limited to the extent necessary, so that it will not cause adverse tax consequences under
Section 409A of the Code.

 

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2.7           “Code” means the Internal Revenue Code of 1986, as amended from time to time including any successor statute,
regulation and guidance thereto.

 

2.8           “Committee” means a committee of one or more members of the Board to whom authority has been delegated by
the Board in accordance with Article 3 herein.

 

2.9           “Company” means Intercept Pharmaceuticals, Inc.

 

2.10         “Continuous Service” means that the Participant’s service with the Company or an Affiliate as an Employee
is not interrupted or terminated. A change in the Entity for which the Participant renders such service, provided that there is no interruption
or termination of the Participant's service with the Company or an Affiliate, will not terminate a Participant's Continuous Service; provided,
however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board
in its sole discretion, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to
qualify as an Affiliate. If a Participant takes an approved leave of absence for military service or sickness, or for any other purpose
approved by the Company or an Affiliate, or if the Participant’s right to re-employment is guaranteed either by a statute or by
contract, or under the policy of the Company or an Affiliate pursuant to which the leave of absence was granted, or if the Company otherwise
so provides in writing, then such leave of absence shall not constitute a termination of Continuous Service and the Participant shall
continue to be eligible to receive a payout under Awards granted prior to such leave of absence.

 

2.11         “Deemed CIC Achievement” shall have the meaning ascribed to such term in Section 5.7 hereof.

 

2.12         “Disabled” or “Disability” means, with respect to a Participant, the inability of such
Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can
be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, as provided
in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the
Board deems warranted under the circumstances.

 

2.13         “Effective Date” means the date set forth in Article 1.1 hereof.

 

2.14         “Employee” means any person employed by the Company or an Affiliate. Service solely as a member of the Board,
or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

2.15         “Entity” means any partnership, corporation, limited liability company, limited partnership, association,
joint stock company, trust, joint venture, unincorporated organization and any governmental or any department, agency or political subdivision
thereof.

 

2.16         “Participant” means an Employee who has been selected as set forth in Article 4.1 by virtue of his or her
position to receive an Award or with respect to whom an Award is outstanding under the Plan.

 

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2.17         “Payment Amount” means the amount of cash to be paid to a Participant pursuant to the terms of an Award.

 

2.18         “Payment Date” means the date or dates on which the Participant will receive a cash payment of an Award.

 

2.19         “Performance Period” means the time period or periods during which any performance goals will be measured,
as determined by the Board or Committee.

 

2.20         “Plan” means this Intercept Pharmaceuticals, Inc. 2022 Cash Incentive Plan.

 

2.21         “Vesting Date” means any date on which the Payment Amount is owed to
a Participant, whether based on Continuous Service or attainment of performance goals over a Performance Period.

 

ARTICLE
3

Administration

 

3.1          
General. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees,
as provided in Section 3.3.

 

3.2          
Authority of the Board. Except as limited by law, and subject to the provisions herein, the Board shall have full and exclusive
power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are necessary or appropriate
in connection with the administration hereof. The Board shall also have full and exclusive power to interpret this Plan and to adopt such
rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper, all of which powers shall be exercised
in the best interests of the Company and in keeping with the objectives of this Plan. Without limiting the foregoing, the Board shall
have full power to: (i) select Employees who shall participate in the Plan; (ii) determine the size and type of Awards; (iii) determine
the Vesting Date and other terms and conditions of each Award in a manner consistent with the Plan; (iv) determine the Payment Amount
and Payment Date of each Award; and, (v) subject to the provisions of Article 7, amend the terms and conditions of any outstanding
Award as provided in the Plan. Further, the Board shall make all other determinations which may be necessary or advisable for the administration
of the Plan. The interpretation and construction by the Board of any provisions of the Plan or of any Award granted under it shall be
final.

 

3.3          
Delegation to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees.
If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan,
the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee
of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will
thereafter be to the Committee or subcommittee). Any delegation of administrative powers will be reflected in resolutions, not inconsistent
with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time,
abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to
concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.
The Board or the Committee may also delegate authority under the Plan to the Company’s Chief Executive Officer with respect to Awards
other than awards to executive officers of the Company. References herein to the Board shall be deemed to be references to any such delegate
to the extent such delegation is in effect.

 

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3.4          
Decisions Binding. All determinations and decisions made by the Board or Committee pursuant to the provisions of the Plan,
and all related orders and resolutions of the Board or the Committee, shall be final, conclusive and binding on all persons, including
the Company, its Employees, Participants, and their estates and beneficiaries.

 

ARTICLE
4

Eligibility and Participation

 

4.1          
Eligibility. Employees selected at the sole discretion of the Board are eligible to participate in the Plan.

 

4.2          
Participation. The Board shall, in its sole discretion, designate which eligible Employees will be Participants. Subject to
the provisions of the Plan, the Board may, from time to time, designate those to whom Awards shall be granted, when the Award shall be
granted and shall determine the nature and amount of each Award.

 

ARTICLE
5

CASH-BASED AWARDS

 

5.1          
Grant of Awards. Subject to the terms of the Plan, Awards may be granted to Participants, upon such terms, and at any time
and from time to time, as shall be determined by the Board and shall be set forth in an Award Agreement. Such terms shall include, without
limitation, the Performance Period, if any, the Payment Date, Vesting Date or Dates as well as any additional conditions or circumstances
upon which such Award shall be paid to the Participant. The duration of any Award granted under the Plan shall be for a period fixed by
the Board.

 

5.2          
Potential Value of Awards. Each Award shall have a potential value as determined by the Board. The Board shall set Vesting
Dates based on Continuous Service or attainment of one or more performance goals over the Performance Period(s) (or a combination of the
two), in its discretion, which, depending on the extent to which they are met, will determine the Payment Amounts earned by the Participant.

 

5.3          
Vesting of Awards. Each Award shall vest as
determined by the Board and set forth in the Award Agreement. The Board shall determine, in its sole discretion, the extent to which any
applicable performance goals have been achieved over the Performance Period, provided that the Board may make any adjustments it determines
in its discretion, and the Board may use its discretion to waive or equitably adjust such performance goals. If a Participant terminates
Continuous Service for any reason other than death or Disability or a termination of a Participant’s Continuous Service without
Cause prior to any Vesting Date then the unvested portion of the Award shall be forfeited, except as may otherwise be set forth in the
Plan, an Award Agreement or as later determined by the Board in compliance with Section 409A of the Code. At the time of grant of an Award,
the Board may, in its sole discretion, prescribe additional terms, conditions or restrictions relating to such Award. Such additional
terms, conditions or restrictions shall be set forth in the Award Agreement.

 

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5.4          
Withholding for Taxes. Participants are solely responsible and liable for the satisfaction of all taxes and penalties that
may arise in connection with Awards. Participants’ liabilities include any taxes arising under Section 409A of the Code, and the
Company shall not have any obligation to indemnify or otherwise hold any Participant harmless from any or all of such taxes. The Company
shall withhold from the cash to be paid pursuant to an Award for the satisfaction of any applicable federal, state or local withholding
tax obligations that may arise in connection with payment of a Payment Amount. The Board shall have the sole discretion to interpret the
requirements of the Code, including Section 409A, for purposes of the Plan and all Awards.

 

5.5          
Timing of Payment of Awards. All Payment Amounts upon the applicable Payment Date shall be made by the Company to a Participant
(or his or her beneficiary or estate, as applicable) in cash. Unless otherwise determined by the Board and set forth in an Award Agreement,
the Payment Date will be within ten (10) days after each Vesting Date. However (unless otherwise determined by the Board and set forth
in an Award Agreement), in no event shall the Payment Date for any Award be made later than the fifteenth (15th) day of the
third (3rd) month following the Vesting Date or such other date as set forth in the Award Agreement and in compliance with
Section 409A of the Code.

 

5.6          
Payment of Award if Participant Dies or Becomes Disabled.  A Participant who dies or becomes Disabled shall receive payment
from the Company in an amount and at the time set forth in the Award Agreement (subject to the attainment of any applicable performance
goal). Within the time parameters set forth in the Award Agreement, the Company shall pay Awards that are due to a Participant and remain
unpaid at the time of his death in full to the Participant’s estate, which shall be the Participant’s beneficiary.

 

5.7          
Payment of Award in Connection with a Change in Control. Unless the Board determines otherwise at the time of grant and sets
forth in the Award Agreement, immediately prior to a Change in Control, all the vesting conditions shall be deemed to have been satisfied
and all the performance goals with respect to ongoing Performance Periods shall be deemed to have been satisfied at the Target level (or,
if greater and if so determined by the Board, the actual level of performance) (the “Deemed CIC Achievement”). The
Company shall make payment to the Participant in cash, in full satisfaction of its obligations, of a value based on the Deemed CIC Achievement,
no later than ten (10) days following the Change in Control.

 

5.8          
Payment of Award if Participant is Terminated by the Company Without Cause. Unless the Board determines otherwise at the time
of grant and sets forth in the Award Agreement, if a Participant’s Continuous Service is terminated by the Company without Cause,
the Participant shall receive a prorated Payment Amount from the Company assuming, in the case of awards subject to performance goals,
achievement at the Target level. Such amount shall be equal to a portion of the Award prorated for the number of days of Continuous Service
during the portion of the Performance Period or vesting period prior to the date of termination of the Participant’s Continuous
Service without Cause. The Payment Amount that is earned in accordance with this Section 5.8 shall be paid to the Participant no later
than ten (10) days following the Participant’s termination of Continuous Service.

 

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5.9          
Payment of Award on Other Terminations of a Participant. Unless the Board determines otherwise at the time of grant and sets
forth in the Award Agreement or as subsequently determined by the Board in compliance with Section 409A of the Code, if a Participant
terminates Continuous Service for any reason before a Vesting Date other than by reason of death or Disability as described in Section
5.6 or a termination by the Company without Cause as described in Section 5.8, except if there is a Change in Control as described in
Section 5.7 prior to such termination, the Participant will not be eligible for payment of an Award.

 

5.10        Forfeiture of Payments. Notwithstanding anything else contained in the Plan or Award Agreement or other agreement to the contrary,
if, at any time before the Payment Date, the Participant’s conduct violates the terms of any non-competition, non-solicitation,
non-disparagement or confidentiality provision contained in any employment, consulting, advisory, proprietary information, non-competition,
non-solicitation or other similar agreement between the Participant and the Company or an Affiliate, whether or not the Participant is
in Continuous Service or the Participant is terminated for Cause, then, without limiting any other remedy available to the Company or
an Affiliate, the Board may in its discretion determine that all or a portion of any right, title and interest of the Participant in and
to the Award are forfeited and revert to the Company as of the date of such determination and no payment shall be due hereunder with respect
thereto.

 

5.11        Offset for Monies Owed. The Company may offset any payments payable under this Plan for any monies that the Board determines,
in its discretion, are owed by the Participant to the Company or any Affiliate.

 

5.12        Clawback. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by a Participant
upon any receipt of any Award) shall be subject to the provisions of any clawback policy implemented by the Company, including, without
limitation, any clawback policy adopted to comply with the requirements of applicable law, whether or not such clawback policy was in
place at the time of grant of an Award, to the extent set forth in such clawback policy and/or in the applicable Award Agreement.

 

ARTICLE
6

Rights of Employees

 

6.1          Employment. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any
Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity
in effect at the time the Award was granted or will affect the right of the Company or an Affiliate to terminate the employment of an
Employee with or without notice and with or without cause.

 

6.2          Participation. No Employee shall have the right to be selected to receive an Award under this Plan, or having been so selected,
to be selected to receive a future Award.

 

6.3          Change in Time Commitment. In the event a Participant's regular level of time commitment in the performance of his or her services
for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and
the Employee has a change in status from a full time Employee to a part-time Employee) after the date of grant of any Award to the Participant,
the Company has the right in its sole discretion to make a corresponding reduction in the amount subject to any portion of such Award
that is scheduled to vest or become payable after the date of such change in time commitment. In the event of any such reduction, the
Participant will have no right with respect to any portion of the Award that is so reduced.

 

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ARTICLE
7

Amendment, Modification, and Termination

 

7.1          
Amendment, Modification, and Termination. The Board may, at any time and from time to time, alter, amend, modify, suspend,
or terminate this Plan. The Board may amend or modify any Award Agreement at any time without the consent of the applicable Participant,
provided that the Participant’s consent to such action shall be required if the Board determines that the action would materially
and adversely affect the Participant; however, in no event shall the Board make any amendment, modification or termination that would
otherwise violate Section 409A of the Code.

 

7.2          
Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. The Board may make adjustments to the terms
and conditions of, and the performance goals included in, Awards in recognition of unusual or nonrecurring events or similar events affecting
the Company, the Company’s financial statements, or changes in applicable laws, regulations, or accounting principles, whenever
the Board determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan.

 

ARTICLE
8

Indemnification

 

Each person who is or shall
have been a member of the Board or a Committee shall be indemnified and held harmless by the Company against and from any loss, cost,
liability or expense that may be imposed upon or reasonably incurred in connection with or resulting from any claim, action, suit or proceeding
to which he may be a party or in which he may be involved by reason of any action taken or failure to act under the Plan and against and
from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment
in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle
and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s governing documents,
as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

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ARTICLE
9

Successors

 

All obligations of the Company
under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business
and/or assets of the Company.

 

ARTICLE
10

General Provisions

 

10.1        Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine;
the plural shall include the singular and the singular shall include the plural.

 

10.2        Severability. In the event any provision of the Plan shall be held illegal or invalid or unenforceable for any reason, the
illegality or invalidity or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced
as if the illegal or invalid provision had not been included, provided that the remaining provisions shall be construed in a manner necessary
to accomplish the intentions of the Company upon establishment of the Plan.

 

10.3        Requirements of Law. The granting of Awards under the Plan shall be subject to all applicable laws, rules, and regulations,
and to such approvals by any governmental agencies as may be required. The Board reserves the right to unilaterally amend or terminate
the Plan to ensure compliance with all applicable laws, rules and regulations, including Section 409A of the Code and this Plan is
intended to comply with the requirements of Sections 409A of the Code and shall be interpreted and construed consistently with such intent.

 

10.4        No Effect on Other Benefits. The receipt of Awards under the Plan shall have no effect on any benefits and obligations to which
a Participant may be entitled from the Company, under another plan or otherwise, or preclude a Participant from receiving any such benefits.
Amounts paid under the Plan shall not be considered part of a Participant’s salary or compensation for purposes of determining or
calculating other benefits under any other employee benefit plan or program of the Company.

 

10.5        No Guarantee of Favorable Tax Treatment. The Company intends to administer the Plan so that Awards will comply with or be exempt
from the requirements of Section 409A of the Code. Nevertheless, the Company does not warrant that any Award under the Plan will
qualify for favorable tax treatment under Section 409A or any other provision of federal, state, local, or foreign law. The Company
shall not be liable to any Participant for any tax the Participant might owe as a result of the grant or payment of any Award under the
Plan. Notwithstanding the foregoing, should any Award become subject to Section 409A, the Award Agreement and the Plan shall be interpreted
and administered in accordance with Section 409A. For purposes of Section 409A of the Code, each payment under this Plan is hereby
designated as a separate payment.

 

10.6        Unfunded Plan. This Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants,
any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that may
at any time be represented by cash or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the
Company or the Board be deemed to be a trustee of any cash or rights thereto to be granted under this Plan. Any liability or obligation
of the Company to any Participant with respect to an Award of cash or rights thereto under this Plan shall be based solely upon any contractual
obligations that may be created by this Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed
to be secured by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board shall be required to
give any security or bond for the performance of any obligation that may be created by this Plan.

 

10.7        Non-Transferability of Grants. No Award granted under the Plan shall be transferable by a Participant, other than by will or
the laws of descent and distribution.

 

10.8        Governing Law. To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance
with and governed by the laws of the State of Delaware, without regard to its conflicts of law provisions.

 

    - 9 -

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