Document:

Exhibit 4.4

 Exhibit 4.4 
 QUADRAMED CORPORATION 
 AMENDED AND RESTATED 
 2004 STOCK COMPENSATION PLAN 
 1. Purpose

 The purpose of this 2004 Stock Compensation Plan is to secure for QuadraMed Corporation and its stockholders, the benefits of the
incentive inherent in common stock ownership by the employees, consultants, directors and advisors of and to QuadraMed Corporation and its Subsidiaries and Affiliates in order to ensure the future growth and continued financial success of the
QuadraMed Corporation, and its Subsidiaries and Affiliates. 
 2. Definitions 
 The following terms wherever used herein shall have the meanings set forth below. 
 (a) The term “Affiliate” shall mean any entity in which the Company or a Subsidiary has an ownership interest of at least 50%.

 (b) The term “Award” means award of an Option, Stock Appreciation Right (“SAR”), Restricted Stock or
Restricted Stock Unit under the Plan. 
 (c) The term “Award Agreement” shall mean an agreement entered into between
the Company and a Participant setting forth the terms and conditions of an Award granted to a Participant. 
 (d) The term
“Board” shall mean the Board of Directors of QuadraMed Corporation. 
 (e) The term “Cause” shall mean
(a) the Participant’s conviction of, or entering a guilty plea with respect to, any crime (whether or not involving the Company); (b) conduct of the Participant related to the Participant’s employment for which either criminal or
civil penalties against the Participant or the Company may be sought; (c) material violation of the Company’s policies, including, but not limited to those set forth in Company manuals or statements of policy; (d) serious neglect or
misconduct in the performance of the Participant’s duties for the Company or willful or repeated failure or refusal to perform such duties; or (e) the commission of any act of fraud, embezzlement or dishonesty by the Participant or any
other intentional misconduct by such person that adversely affects the business or affairs of the Company, its Affiliates or Subsidiaries. 
 (f) The term “Change in Control” shall mean: 
 (i) a merger or acquisition in which
the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the Company’s state of incorporation; 
 (ii) a sale, transfer or other disposition of all or substantially all of the assets of the Company; 
 (iii) a transfer of all or substantially all of the Company’s assets pursuant to a partnership or joint venture agreement or similar arrangement where the Company’s resulting interest is less than fifty percent (50%); 

(iv) any reverse merger in which the Company is the surviving entity but in which fifty percent (50%) or more of the
Company’s outstanding voting stock is transferred to holders different from those who held the stock immediately prior to such merger; 
 (v) on or after the date hereof, a change in ownership of the Company through an action or series of transactions, such that any person is or becomes the beneficial owner, directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the securities of the combined voting power of the Company’s outstanding securities; or 

 (vi) a majority of the members of the Board are replaced during any twelve-month period
by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of such appointment or election. 
 (g) The term “Code” shall mean the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder. 
 (h) The term “Committee” shall mean the Compensation Committee of the Board. 
 (i) The term “Common Stock” shall mean the shares of common stock of QuadraMed Corporation. 
 (j) The term “Company” shall mean QuadraMed Corporation and/or any of its Subsidiaries and Affiliates as the context requires.

 (k) The term “Effective Date” shall mean the date this Plan is approved by the Board. 
 (l) The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (m) For purposes of determining the “Fair Market Value” of a share of Common Stock on any relevant date, the following rules
shall apply: 
 (i) If the Common Stock is at the time traded on the Nasdaq National Market, then the Fair Market Value shall
be the closing selling price per share of Common Stock on the date in question, as the price is reported by the National Association of Securities Dealers on the Nasdaq National Market or any successor system. If there is no closing selling price
for the Common Stock on such date, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (ii) If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per
share of Common Stock on the date in question on the Stock Exchange determined by the Board to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no
closing selling price for the Common Stock on such date, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (iii) If the Common Stock is not at the time traded on any Stock Exchange and is not reported on the Nasdaq National Market or any
successor system, then the Fair Market Value shall be the average between the highest bid and lowest asked prices for the Common Stock on the date in question by an established quotation service for over-the-counter securities. 
 (iv) If the Common Stock is not at the time traded on any Stock Exchange, is not reported on the Nasdaq National Market or a successor
system, and is not otherwise publicly traded, then the Fair Market Value shall be established by the Committee acting in good faith and taking into consideration all factors which it deems appropriate, including, without limitation, recent sale or
offer prices for the Common Stock in private arms-length transactions. 
 (n) The term “Immediate Family Member”
shall mean a Participant’s spouse, parents, children, stepchildren, grandchildren and legal dependents. 
 (o) The term
“Incentive Stock Option” shall mean any Option granted pursuant to the Plan that is designated as an Incentive Stock Option and which satisfies the requirements of Section 422(b) of the Code. 
 (p) The term “Insider” shall mean any person who is subject to the reporting obligations of Section 16(a) of the Exchange
Act. 
 (q) The term “Nonqualified Stock Option” shall mean any Option granted pursuant to the Plan that is not an
Incentive Stock Option. 
 (r) The term “Option” or “Stock Option” shall mean a right granted pursuant to
the Plan to purchase shares of Common Stock at an exercise price established by the Committee pursuant to the Plan. 

 (s) The term “Optionholder” shall mean a person to whom an Option is granted
pursuant to the Plan, or, if applicable, such other person who holds an outstanding Option. 
 (t) The term
“Participant” means a person to whom an Award is granted pursuant to the Plan. 
 (u) The term “Permanent
Disability” or “Permanently Disabled” shall mean the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment expected to result in death or to be
of continuous duration of twelve (12) months or more. However, solely for purposes of the Non-Employee Director Option Grant Program, Permanent Disability or Permanently Disabled shall mean the inability of the non-employee Board member to
perform his or her usual duties as a Board member by reason of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration of twelve (12) months or more. 
 (v) The term “Plan” shall mean the QuadraMed Corporation 2004 Stock Compensation Plan, as the same may be amended from time to
time. 
 (w) The “Prior Plan” shall mean the QuadraMed Corporation 1996 Stock Incentive Plan and the QuadraMed
Corporation 1999 Supplemental Stock Option Plan, as applicable. 
 (x) The term “Restricted Stock” means shares of
Common Stock awarded under the Plan that are subject to a risk of forfeiture or other restrictions that will lapse upon the achievement of one or more goals relating to completion of service or achievement of performance or other objectives, as
determined by the Committee pursuant to Paragraph 11 of the Plan. 
 (y) The term “Restricted Stock Unit” shall mean
an Award payable in cash or Common Stock and represented by a bookkeeping credit where the amount represented by the bookkeeping credit of each Restricted Stock Unit equals the Fair Market Value of a share of Common Stock on the date of grant and
which amount shall be subsequently increased or decreased to reflect the Fair Market Value of a share of Common Stock on any date from the date of grant up to the date of Restricted Stock Unit is paid to the Participant in cash or Common Stock.
Restricted Stock Units are not outstanding shares of Common Stock and do not entitle a Participant to voting or other rights with respect to Common Stock; provided, however, that an Award of Restricted Stock Units may provide for the crediting of
additional Restricted Stock Units based on the value of dividends paid on Common Stock while the Award is outstanding. 
 (z)
The term “Stock Appreciation Right” or “SAR” shall mean a right to receive, either in cash or Common Stock, as determined by the Committee, the excess of the Fair Market Value of a share of Common Stock on the exercise date over
the exercise price of the SAR, which right is granted pursuant to Paragraph 9 hereof and subject to the terms and conditions contained herein. 
 (aa) The term “Stock Exchange” shall mean the American Stock Exchange, the New York Stock Exchange, the Boston Stock Exchange or any other “national securities exchange” within the meaning of the
Exchange Act. 
 (bb) The term “Subsidiary” shall mean any corporation which at the time qualified as a subsidiary
of the Company under the definition of “subsidiary corporation” in Section 424 of the Code. 
 3. Effective Date of the Plan

 This Plan shall become effective upon stockholder approval, provided that such approval is received before the expiration of one year
from the date this Plan is approved by the Board, and provided further that the Board may make Awards pursuant to the Plan prior to such stockholder approval if such Awards by their terms are contingent upon subsequent stockholder approval of this
Plan. 
 4. Administration 
 (a) The Plan shall be administered by the Committee. 
 (b) The Committee may establish, from time to time and at any
time, subject to the limitations of the Plan as set forth herein, such rules and regulations and amendments and supplements thereto, as it deems 

 
necessary to comply with applicable law and regulation and for the proper administration of the Plan. A majority of the members of the Committee shall
constitute a quorum. The vote of a majority of a quorum shall constitute action by the Committee. 
 (c) Notwithstanding the
provisions of this Paragraph 4, the Chief Executive Officer of the Company, shall have authority to grant to any person, other than an Insider, an annual Award or Awards up to an aggregate of 50,000 shares of Common Stock per Participant; and any
such Award or Awards shall, for purposes of this Plan, be considered as the action of the Committee. 
 (d) Awards shall be
granted by the Company and shall become effective only after prior approval of the Committee, and upon the execution of an Award Agreement between the Company and the recipient of the Award. 
 (e) All Awards under the Plan are subject to withholding of all applicable taxes, and the Committee may condition the delivery of any
shares or other benefits under the Plan on satisfaction of the applicable withholding obligations. The Committee, in its discretion, and subject to such requirements as the Committee may impose prior to the occurrence of such withholding, may permit
such withholding obligation to be satisfied through cash payments, through the surrender of shares of Common Stock which the participant already owns, or through the surrender of shares of Common Stock to which the Participant is otherwise entitled
under the Plan. 
 (f) The Committee’s interpretation and construction of the provisions of the Plan and the rules and
regulations adopted by the Committee shall be final and binding on all persons, unless otherwise determined by the Board. No member of the Committee or the Board shall be liable for any action taken or determination made, in respect of the Plan, in
good faith. 
 (g) The Committee may impose such other terms and conditions, as it deems advisable, including, without
limitation, restrictions and requirements relating to (i) the registration, listing or qualification of the Common Stock, (ii) the grant or exercise of purchase rights under the Plan, or (iii) the shares of Common Stock acquired under
the Plan. 
 (h) Notwithstanding any other provisions of the Plan, the Company shall have no obligation to deliver any shares
of Common Stock under the Plan or make any other distribution of any benefit under the Plan unless such delivery or distribution would comply with all applicable laws and the applicable requirements of the Exchange Act or any securities exchange or
similar entity. 
 5. Participation in the Plan 
 (a) Participation in the Plan shall be limited to the employees of the Company (including prospective employees conditioned on their becoming employees) and any advisor, consultant, director or other person providing
services to the Company who shall be designated by the Committee. 
 (b) No member of the Committee shall participate in
deliberations concerning the granting of, and the terms and conditions of, his or her own Award. 
 6. Stock Subject to the Plan 
 (a) The amount of Common Stock which may be made subject to Awards under this Plan shall be 4,536,369 shares, which is the amount of
shares of Common Stock available for, and not made subject to, grants of options or other awards under the Prior Plans as of March 29, 2004, subject to adjustment based upon grants under the Prior Plans between March 29, 2004 and the
Effective Date of the Plan. To determine the number of shares of Common Stock available at any time for the granting of Awards, there shall be deducted from the total number of reserved shares of Common Stock, the number of shares of Common Stock in
respect of which Awards have been granted pursuant to the Plan that are still outstanding or have been exercised. The shares of Common Stock to be issued upon the exercise of Awards granted pursuant to the Plan shall be made available from the
authorized and unissued shares of Common Stock or shares subsequently acquired by the Company as treasury shares. If for any reason shares of Common Stock as to which an Award has been made are forfeited or otherwise cease to be subject to purchase
thereunder, then such shares of Common Stock again shall be available for issuance pursuant to the exercise of Awards pursuant to the Plan. 

 (b) Subject to Paragraph 6(c), the maximum number of shares that may be covered by Awards
granted to any one individual pursuant to Paragraph 7 (relating to Options) or Paragraph 9 (relating to SARs) shall be one million five hundred thousand (1,500,000) shares during any one calendar year period; and the maximum number of shares
that may be issued to any one individual in conjunction with the Awards granted pursuant to Paragraph 11 (relating to Restricted Stock Awards) shall be seven hundred fifty thousand (750,000) shares during any one calendar year period.

 (c) In the event of a recapitalization, stock split, stock dividend, combination of shares of Common Stock, share exchange
or any similar corporate transaction or event in respect of the Common Stock, the Plan will be appropriately adjusted in the number and class of shares reserved for the granting of Awards and in the number, class and price of shares covered by
Awards granted pursuant to the Plan but not then exercised. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. 
 7. Terms and Conditions of Options 
 (a) Each Option granted pursuant to the Plan shall be evidenced by an
Award Agreement in such form as the Committee may approve, which agreement shall be subject to the terms and conditions of this Plan, and shall contain such terms and conditions, as the Committee shall prescribe. 
 (b) The exercise price per share of Common Stock purchasable under an Option shall be determined by the Committee at the time the Option
is granted but will not be less than the Fair Market Value of a share of Common Stock as of the date of the grant of such Options. 
 (c) Each Option, subject to the other limitations set forth in the Plan, may extend for a period of up to ten (10) years from the date on which it is granted. The term of each Option shall be determined by the Committee at the time of
grant of the Option, provided that if no term is established by the Committee the term of the Option shall be ten (10) years from the date on which it is granted. 
 (d) The Optionholder’s right to exercise the Option shall vest as follows: (i) 25% of the Option shares shall vest upon the
Participant’s completion of one year of continuous service with the Company; and (ii) the balance of the Option shares shall vest in a series of thirty-six (36) equal successive monthly installments upon the Participant’s
completion of each additional month of continuous employment. The Committee may, however, provide in the Award Agreement that the right to exercise each Option for the number of shares subject to each Option shall vest in the Optionholder over any
other shorter or longer period, or in periodic installments that may, but need not, be equal; and the Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other
criteria) as the Committee may deem appropriate. However, in the event of a Change in Control, any Option that is not then fully exercisable, shall become fully exercisable immediately prior to that Change in Control. 
 (e) Options shall be nontransferable and nonassignable, except that Options may be transferred by testamentary instrument or by the laws
of descent and distribution, and shall be exercisable by the Participant during his lifetime only by him. Notwithstanding the foregoing, the Committee may set forth in the Award Agreement at the time of grant or thereafter, that the Option (other
than an Incentive Stock Option) may be transferred to Immediate Family Members, to trusts solely for the benefit of such Immediate Family Members, and to partnerships in which such Immediate Family Members and/or trusts are the only partners. Any
transfer of Options made under this provision shall not be effective until notice of such transfer is delivered to the Company. In the event an Option is transferred in accordance with the foregoing, the Option shall be exercisable solely by the
transferee and shall remain subject to the provisions of the Plan. The Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder,
shall thereafter be entitled to exercise the Option. 
 (f) Upon voluntary or involuntary termination of a Participant’s
active service with the Company for any reason (including illness or disability), his or her Option and all rights thereunder shall terminate effective ninety (90) days, or two (2) years, in the case of an Insider, after the date the
Optionholder ceases active, regular service with the Company, except (i) to the extent previously exercised and (ii) as provided in subparagraphs (g), (h) and (i) of this Paragraph 7. 

 (g) In the event a Participant (i) takes a leave of absence from the Company for
personal reasons or as a result of entry into the armed forces of the United States, or any of the departments or agencies of the United States government or (ii) terminates his or her employment or ceases providing services to the Company, by
reason of illness, Permanent Disability, voluntary termination with the consent of the Committee, or other special circumstances, the Committee may consider his or her case and may take such action in respect of the related Award Agreement as it may
deem appropriate under the circumstances, including accelerating the time previously granted Options may be exercised and extending the time following the Participant’s termination of active employment during which the Optionholder is entitled
to purchase the shares of Common Stock subject to such Options, provided that in no event may any Option be exercised after the expiration of the term of the Option. 
 (h) If a Participant dies during the term of his or her Option without having fully exercised the Option, the Optionholder or the person
who inherits the right to exercise the Option by bequest or inheritance, shall have the right at any time following the Participant’s death and for a period of one (1) year following the date of the Participant’s death, or two
(2) years in the case of Insider, to purchase the number of shares of Common Stock that the Optionholder was entitled to purchase at the date of death of the Participant, after which the Option shall lapse, provided that in no event may any
Option be exercised after the expiration of the term of the Option. In the event of the death of the transferee of an Option transferred in accordance with Paragraph 7(e), above, the Option shall be exercisable by the executors, administrators,
legatees or distributees of the transferee’s estate, as the case may be, for a period of one (1) year following the date of the transferee’s death, or two (2) years in the case of Insider, provided that in no event may the Option
be exercised after the expiration of the term of the Option. 
 (i) If a Participant ceases to actively provide services to
the Company due to his or her retirement with the consent of the Company and without his or her Option having been fully exercised, then the Optionholder shall have the right within ninety (90) days of the Participant’s termination of
employment, or two (2) years in the case of an Insider, to purchase the number of shares of Common Stock that the Optionholder was entitled to purchase at the date of the Participant’s termination, after which the Option shall lapse,
provided that in no event may any Option be exercised after the expiration of the term of the Option. The Committee may cancel an Option during the post-termination exercise period referred to in this paragraph, if the Participant engages in
“Detrimental Activity” as defined in subparagraph 14(a) or otherwise engages in employment or activities contrary, in the opinion of the Committee, to the best interests of the Company. The Committee shall determine in each case whether a
termination of employment shall be considered a retirement with the consent of the Company, and, subject to applicable law, whether a leave of absence shall constitute a termination of active service for the Company. Any such determination of the
Committee shall be final and binding on all persons, unless overruled by the Board. 
 (j) Notwithstanding the foregoing, in
the event of the termination of a Participant’s employment for Cause, all outstanding Options granted to such Participant shall terminate and expire as of the commencement of business on the effective date of such termination. 
 (k) In addition to the general terms and conditions set forth in the Paragraph 7 in respect of Options granted pursuant to the Plan,
Incentive Stock Options granted pursuant to the Plan shall be subject to the following additional terms and conditions: 
 (i)
“Incentive Stock Options” shall be granted only to individuals who, at the date of grant of the Option, are employees of the Company or a Subsidiary; 
 (ii) No employee who owns beneficially more than 10% of the total combined voting power of all classes of stock of the Company shall be
eligible to be granted an “Incentive Stock Option”, unless the exercise price per share is at least 110% of the Fair Market Value of the Common Stock subject to the Option on the date of grant of the Option and the Option, by its terms, is
not exercisable after the expiration of five years from the date the Option is granted; 

 (iii) To the extent that the aggregate Fair Market Value (determined at the time the
Option is granted) of the shares of Common Stock in respect of which an Option is exercisable for the first time by the Participant during any calendar year (and taking into account all “incentive stock option” plans of the Company)
exceeds $100,000, that number of whole shares for which an Option issued hereunder is exercisable with an aggregate fair market value in excess of this $100,000 limit shall not be treated as having been granted under an “Incentive Stock
Option”; and 
 (iv) Any other terms and conditions specified by the Board that are not inconsistent with the Plan,
except that such terms and conditions must be consistent with the requirements for “incentive stock options” under Section 422 of the Code. 
 8. Methods of Exercise of Options 
 (a) An Optionholder (or other person or persons, if any, entitled to
exercise an Option hereunder) desiring to exercise an Option granted pursuant to the Plan as to all or part of the shares of Common Stock covered by the Option shall (i) notify the Company in writing to that effect at its principal executive
offices prior to 4:30 p.m. Washington, D.C. time on the day of exercise (which must be a business day at the executive offices of the Company), specifying the number of shares of Common Stock to be purchased and the method of payment therefor, and
(ii) make payment for the shares of Common Stock so purchased in accordance with this Paragraph 8. Such written notice may be given by means of a facsimile or other electronic transmission. If a facsimile or other electronic transmission is
used, the Optionholder should mail the original executed copy of the written notice to the Company promptly thereafter. 
 (b)
Payment shall be made by delivery to the Company at the address set forth in subparagraph 8(a) by the Optionholder of either (i) United States currency in an amount equal to the aggregate purchase price of the shares of Common Stock as to which
such exercise relates or (ii) at the discretion of the Committee, and to the extent permitted by applicable statutes and regulations, shares of other Common Stock then held by the Optionholder that are owned free and clear of any liens, claims,
encumbrances or security interests and that are valued at Fair Market Value on the date of exercise. Subject to any restrictions on Insiders pursuant to Section 13(k) of the Exchange Act (and rules and regulations promulgated thereunder), the
Committee may permit the exercise of the Award and payment of any applicable withholding tax in respect of an Award by delivery of notice, subject to the Company’s receipt from a third party of payment (or commitment to make payment) in full in
cash for the exercise price and the applicable withholding taxes prior to issuance of Common Stock, in the manner and subject to the procedures as may be established by the Committee. 
 (c) Holders of Nonqualified Stock Options shall be entitled, at or prior to the time the written notice provided for in subparagraph 8(a)
is delivered to the Company to elect to deliver previously owned shares of Common Stock upon exercise of the Option to satisfy any withholding taxes attributable to the exercise of the Option. If the Committee does not include any provisions
relating to this withholding feature in its resolutions granting the Option or in the Award Agreement, however, the maximum amount that an Optionholder may elect to have withheld from the shares of Common Stock otherwise deliverable upon exercise or
the maximum number of previously owned shares an Optionholder may deliver shall be equal to the minimum federal and state withholding. Notwithstanding the foregoing provisions, the Committee may include in the Award Agreement relating to any such
Option provisions limiting or eliminating the Optionholder’s ability to pay his withholding tax obligation with shares of Common Stock or, if no such provisions are included in the Award Agreement but in the opinion of the Committee such
withholding would have an adverse tax, accounting or other effect on the Company, at or prior to exercise of the Option, the Committee may so limit or eliminate the Optionholder’s ability to pay his or her withholding tax obligation with shares
of Common Stock. Notwithstanding the foregoing provisions, a holder of a Nonqualified Stock Option may not elect any of the methods of satisfying his withholding tax obligation in respect of any exercise if, in the opinion of counsel to the Company,
such method would not be in compliance with all applicable laws and regulations. 
 (d) An Optionholder at any time may elect
in writing to abandon an Option in respect of all or part of the number of shares of Common Stock as to which the Option shall not have been exercised. 
 (e) An Optionholder shall have none of the rights of a stockholder of the Company until the shares of Common Stock covered by the Option are issued to him or her upon exercise of the Option. 

 9. Stock Appreciation Rights 
 The Committee may grant SARs pursuant to the Plan, which shall be evidenced by Award Agreements in such form as the Committee shall, from time to time, approve. SARs shall be subject to such terms and conditions as
the Committee shall impose, including the following: 
 (a) The per share exercise price of any SAR under the Plan shall be
determined by the Committee at the time of the grant of the SAR, but shall not be less than the Fair Market Value of a share of Common Stock as of the date of the grant of such SAR. 
 (b) A SAR shall be exercisable on such date or dates, during such period and for such number of shares of Common Stock as shall be
determined by the Committee and set forth in the Agreement evidencing the SAR. In the event of a Change in Control, any SAR that is not then fully exercisable, shall become fully exercisable immediately prior to that Change in Control. 

(c) A SAR shall entitle the Participant to receive from the Company that number of shares of Common Stock having an aggregate value
equal to (or, in the discretion of the Committee, less than) the excess of the Fair Market Value of one share of Common Stock over the exercise price per share specified in the Award Agreement evidencing the SAR times the number of shares called for
by the SAR. The Committee shall be entitled to cause the Company to settle its obligation, arising out of the exercise of a SAR, by the payment of cash equal to the aggregate Fair Market Value of the shares of Common Stock which the Company would
otherwise be obligated to deliver, or partly by the payment of cash and partly by the delivery of Common Stock. 
 (d) Except
as otherwise provided in an applicable Award Agreement, during the lifetime of a Participant, each SAR granted to a Participant shall be exercisable only by the Participant and no SAR shall be assignable or transferable otherwise than by will or by
the laws of descent and distribution. The Committee may, in any applicable Award Agreement evidencing a SAR, permit a Participant to transfer all or some of the SAR to (i) the Participant’s Immediate Family Members, or (ii) a trust or
trusts solely for the exclusive benefit of such Immediate Family Member and to partnerships in which such Immediate Family Members and/or trusts are the only partners. 
 (e) Unless otherwise provided in an applicable Award Agreement, in the event that the employment of a Participant with the Company shall
terminate for any reason other than retirement with the consent of the Company, Cause, Permanent Disability or death (i) SARs granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain
exercisable until the expiration of 90 days after such termination, or two (2) years after such termination in the case of an Insider, on which date they shall expire, and (ii) SARs granted to such Participant, to the extent that they were
not exercisable at the time of such termination, shall expire at the close of business on the date of such termination; provided, however, that no SAR shall be exercisable after the expiration of its term. 
 (f) Unless otherwise provided in an applicable Award Agreement, in the event that the employment of a Participant with the Company shall
terminate on account of the death or Permanent Disability of the Participant (i) SARs granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the expiration of one
(1) year after such termination, or two (2) years in the case of an Insider, on which date they shall expire, and (ii) SARs granted to such Participant, to the extent that they were not exercisable at the time of such termination,
shall expire at the close of business on the date of such termination; provided, however, that no SAR shall be exercisable after the expiration of its term. 
 (g) In the event of the termination of a Participant’s employment for Cause, all outstanding SARs granted to such Participant shall
expire as of the commencement of business on the effective date of such termination. 

 10. Deferral Election 
 Notwithstanding the provisions of this Plan, any Participant may elect, with the concurrence of the Committee and consistent with any rules and regulations established by the Committee, to defer the delivery of the
proceeds of the exercise of any Option or SAR not transferred under the applicable provisions of this Plan. 
 (a) The
election to defer the delivery of the proceeds from any eligible Award must be made no later than the end of the taxable year preceding the year in which the Participant performs the service for which the compensation may be deferred, or such longer
period as the Committee in its discretion may specify. Deferrals will only be allowed for exercises which occur while the Participant is an active employee of the Company. Any election to defer the delivery of proceeds from an eligible Award shall
be irrevocable as long as the Participant remains an employee of the Company. 
 (b) The deferral of the proceeds of an
eligible Award may be elected by a Participant subject to the regulations established by the Committee. The proceeds from such an exercise shall be credited to the Participant’s deferred stock account as the number of deferred share units
equivalent in value to those proceeds. Deferred share units shall be valued at the Fair Market Value on the date of exercise. Subsequent to exercise, the deferred share units shall be valued at the Fair Market Value of Common Stock. Deferred share
units shall accrue dividends at the rate paid on the Common Stock and shall be credited in the form of additional deferred share units. Deferred share units shall be distributed in shares of Common Stock, or, in the discretion of the Committee, by
the payment of cash equal to the aggregate Fair Market Value of the shares of Common Stock which the Company would otherwise be obligated to deliver, upon the termination of employment of the Participant or at such other date as may be approved by
the Committee over a period of no more than 10 years. 
 (c) The Committee may, at its sole discretion, allow for the early
payment of a Participant’s deferred share units account in the event of an “unforeseeable emergency” or in the event of the death or Permanent Disability of the Participant. For the purposes of this section, an “unforeseeable
emergency” is a severe financial hardship of the Participant resulting from (i) an illness or accident of the Participant, the Participant’s beneficiary, the spouse of the Participant or the Participant’s beneficiary, or a
dependent of the Participant or the Participant’s beneficiary; (ii) loss of the Participant’s (of the Participant’s beneficiary’s) property due to casualty (including the need to rebuild a home following damage to the home
not otherwise covered by insurance; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or the Participant’s beneficiary, including any events or circumstances
described in guidance issued by the IRS under section 409A of the Code. Such distributions shall be limited to the amount necessary to sufficiently address the financial hardship. Any distributions under this provision shall be consistent with the
Regulations established under the Code. Additionally, the Committee may use its discretion to cause deferred share unit accounts to be distributed when continuing the program is no longer in the best interest of the Company. 
 (d) No rights to deferred share unit accounts may be assigned or subject to any encumbrance, pledge or charge of any nature except that a
Participant may designate a beneficiary pursuant to any rules established by the Committee. 
 11. Terms and Conditions of Restricted Stock and Restricted
Stock Unit Awards 
 (a) Each Award of Restricted Stock or Restricted Stock Units under the Plan shall be evidenced by an
Award Agreement between the Participant and the Company in such form as the Committee may approve, which agreement shall be subject to the terms and conditions of this Plan and shall contain such terms and conditions as the Committee shall
prescribe. 
 (b) Restricted Stock may be sold or awarded under the Plan for such consideration as the Committee may
determine, including (without limitation) cash, cash equivalents, full-recourse promissory notes, past services and future services; provided, however, that to the extent that an Award consists of newly issued Restricted Stock, the Participant shall
furnish consideration with a value not less than the par value of such Restricted Stock in the form of cash equivalents or past services rendered to the Company, as the Committee may determine. 
 (c) Each award of Restricted Stock or Restricted Stock Units may or may not be subject to vesting. Vesting shall occur, in full or in
installments, upon satisfaction of the conditions specified in the Award 

 
Agreement. During any restricted period, the Participant shall not be permitted to sell, transfer, pledge or assign any Restricted Stock awarded under this
Plan. In the event of the Participant’s retirement, Permanent Disability or death, or in cases of special circumstances, the Committee, in its sole discretion may waive, in whole or in part, any or all remaining restrictions with respect to
such Participant’s Restricted Stock. Notwithstanding the foregoing, each Award Agreement shall provide that all Restricted Stock and Restricted Stock Units subject to the agreement shall become fully vested in the event that a Change in Control
occurs. 
 (d) The Committee shall establish the criteria upon which the restriction period shall be based. Restrictions may
be based upon either the continued employment of the Participant or upon the attainment by the Company of one or more measures of operating performance, including, but not limited to: revenue, net income, EBITDA, cash flow and financial return
ratios. 
 The Committee shall establish the specific targets for the selected criteria. These targets may be set at a
specific level or may be expressed as relative to the comparable measure at comparison companies or a defined index. Performance objectives may be established in combination with restrictions based upon the continued employment of the Participant.
These targets may be based upon the total Company or upon a defined business unit. 
 In cases where objective performance
criteria are established, the Committee shall determine the extent to which the criteria have been achieved and the corresponding level to which restrictions will be removed from the Award or the extent to which a Participant’s right to receive
an Award should be lapsed in cases where the performance criteria have not been met and shall certify these determinations in writing. The Committee may provide for the determination of the attainment of such restrictions in installments where
deemed appropriate. 
 (e) The holders of Restricted Stock awarded under the Plan shall have the same voting, dividend and
other rights as the Company’s other stockholders. An Award Agreement, however, may require that the holders of Restricted Stock invest any cash dividends received in additional Restricted Stock. Such additional Restricted Stock shall be subject
to the same conditions and restrictions as the Award with respect to which the dividends were paid. 
 (f) When an Award of
Restricted Stock is granted hereunder, the Company shall issue uncertificated shares in book entry form in respect of such Restricted Stock, which shall be registered in the name of the Participant and shall be accompanied by an appropriate
restrictive transfer instruction and stop transfer order on the books of the Company’s transfer agent similar to the following: 
 “The transferability of these shares is subject to the terms and conditions (including forfeiture) of a Restricted Stock Agreement entered into between the registered owner and QuadraMed Corporation. A copy of such agreement is on file
in the offices of the Secretary of the Corporation.” 
 (g) Upon the request of the Participant, certificate or
certificates shall be issued in respect of such Restricted Stock, which shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award similar to
the following: 
 “The transferability of the shares represented by this certificate is subject to the terms and conditions (including
forfeiture) of a Restricted Stock Agreement entered into between the registered owner and QuadraMed Corporation. A copy of such agreement is on file in the offices of the Secretary of the Corporation.” 
 (h) In order to enforce the restrictions, terms and conditions that may be applicable to a Participant’s shares of Restricted Stock,
the Committee may require the Participant (i) upon the receipt of uncertificated shares in book entry form, or at any time thereafter, to permit the shares to be held at the Company’s transfer agent in book entry form, or (ii) upon
the receipt of a certificate or certificates representing such shares, or at any time thereafter, to deposit such certificate or certificates, together with stock powers and other instruments of transfer, appropriately endorsed in blank, with the
Company or an escrow agent designated by the Company under an escrow agreement in such form as by the Committee shall prescribe. 

 12. Non-Employee Director Option Grant Program 
 (a) Option Terms 
 1. Grant Dates. Nonqualified Stock Option grants under the Non-Employee Director Option Grant Program shall be made on the dates specified below: 
 A. Each individual who is first elected or appointed as a non-employee Board member at any time shall automatically be granted, on the
date of such initial election or appointment, a Nonqualified Stock Option to purchase 46,000 shares of Common Stock (the “Initial Grant”), provided, that the individual has not previously been in the employ of the Company or any Subsidiary
or Affiliate. 
 B. At each annual meeting of the stockholders beginning with the 2006 annual meeting of the stockholders,
each individual who is to continue to serve as a non-employee Board member, whether or not that individual is standing for re-election to the Board at that particular annual meeting, shall automatically be granted a Nonqualified Stock Option to
purchase 12,000 shares of Common Stock, provided such individual has not received an Initial Grant under this Non-Employee Director Option Grant Program as of the date of either of the preceding two (2) Annual Stockholder Meetings. 

2. Exercise Price.  
 A. The exercise price per share shall be equal to one hundred percent (100%) of the Fair Market Value per share of Common Stock as of the grant date. 
 B. The exercise price shall be payable in one or more of the alternative forms authorized under Paragraph 8. Except to the extent the
sale and remittance procedure specified thereunder is utilized, payment of the exercise price for the purchased shares must be made on the exercise date. 
 3. Option Term. Each Option shall have a term of ten (10) years measured from the Option grant date. 
 4. Exercise and Vesting of Options. The right of a non-employee Board Member to exercise each initial 46,000-share Option grant shall vest as follows: (i) one-half of the Option shares shall vest upon the
Participant’s completion of one (1) year of Board service measured from the Option grant date and (ii) the balance of the Option shares shall vest upon the Participant’s completion of his or her second year of Board service
measured from such grant date. The right of a non-employee Board Member to exercise a 12,000-share Option grant shall vest in a series of 12 successive equal monthly installments over the Participant’s period of Board service. 
 5. Termination of Board Service. The following provisions shall govern the exercise of any Options held by the Participant at the
time the Participant ceases to serve as a Board member: 
 A. The Participant shall have a two (2)-year period following the
date of the Participant’s cessation of Board service in which to exercise each such option for the number of vested shares of Common Stock for which the Option is exercisable at the time of the Participant’s cessation of Board service.

 B. In no event shall the Option remain exercisable after the expiration of the Option term. Upon the expiration of the
post-termination exercise period or (if earlier) upon the expiration of the Option term, the Option shall terminate and cease to be outstanding for any vested shares for which the Option has not been exercised. However, the Option shall, immediately
upon the Participant’s cessation of Board service for any reason other than death or Permanent Disability, terminate and cease to be outstanding to the extent the Option is not otherwise at that time exercisable for vested shares. 

 (b) Change In Control 
 In connection with any Change in Control, the shares of Common Stock at the time subject to each outstanding Option but not otherwise
vested shall automatically vest in full so that each such Option shall, immediately prior to the effective date of the Change in Control, become fully exercisable for all of the shares of Common Stock at the time subject to such Option and may be
exercised for all or any portion of those shares as fully-vested shares of Common Stock. Each such Option shall remain exercisable for such fully-vested Option shares until the expiration or sooner termination of the Option. 
 (c) Remaining Terms. 
 The remaining terms of each Option granted under the Non-Employee Director Option Grant Program shall be the same as the relevant terms in effect for Option grants made under Paragraphs 7 and 8. 
 13. Director Fee Option Grant Program 
 (a) Option Grants. Each non-employee Board member may elect to apply all or any portion of the annual retainer fee otherwise payable in cash for his or her service on the Board to the acquisition of a special option grant under this
Director Fee Option Grant Program. Such election must be filed with the Company’s Chief Financial Officer prior to first day of the calendar year for which the annual retainer fee which is the subject of that election is otherwise payable. Each
non-employee Board member who files such a timely election shall automatically be granted an Option under this Director Fee Option Grant Program on the first trading day in January in the calendar year for which the annual retainer fee which is the
subject of that election would otherwise be payable. 
 (b) Option Terms. Each Option shall be a Nonqualified Stock
Option governed by the terms and conditions specified below. 
 1. Exercise Price.  
 A. The exercise price per share shall be thirty-three and one-third percent
(33 1/3%) of the Fair Market Value per share of Common Stock as of the Option grant date. 
 B. The exercise price shall become immediately due upon exercise of the Option and shall be payable in one or more of the alternate forms
authorized under Paragraph 8. Except to the extent the sale and remittance procedure specified thereunder is utilized, payment of the exercise price for the purchased shares must be made on the Exercise Date. 
 2. Number of Option Shares. The number of shares of Common Stock subject to the Option shall be determined pursuant to the
following formula (rounded down to the nearest whole number): 
 X=(A)(Bx66 2/3%), where 
 X is the number of Option shares 
 A is the portion of the annual retainer fee subject to
the non-employee Board member’s election, and 
 B is the Fair Market Value per share of Common Stock as of the Option
grant date. 
 3. Exercise and Term of Options. The Option shall become exercisable for fifty-percent (50%) of the
Option shares upon the Participant’s completion of six (6) months of Board service in the calendar year for which his or her election under this Director Fee Option Grant Program is in effect, and the balance of the Option shares shall
become exercisable upon the Participant’s completion of twelve (12) months of Board service during that calendar year. Each Option shall have a maximum term of ten (10) years measured from the Option grant date. 
 4. Termination of Board Service. Should the Participant cease Board service for any reason (other than death or Permanent
Disability) while holding one or more Options under this Director Fee Option Grant Program, then each such Option shall remain exercisable, for any or all of the shares for which the 

 
Option is exercisable at the time of such cessation of Board service, until the earlier of (i) the expiration of the ten (10)-year Option term or
(ii) the expiration of the two (2)-year period measured from the date of such cessation of Board service. However, each Option held by the Participant under this Director Fee Option Grant Program at the time of his or her cessation of Board
service shall immediately terminate and cease to remain outstanding with respect to any and all shares of Common Stock for which the Option is not otherwise at that time exercisable. 
 5. Death or Permanent Disability. Should the Participant’s service as a Board member cease by reason of death or Permanent
Disability, then each Option held by such Participant under this Director Fee Option Grant Program shall immediately become exercisable for all the shares of Common Stock at the time subject to that Option, and the Option may be exercised for any or
all of those shares as fully-vested shares until the earlier of (i) the expiration of the ten (10)-year Option term or (ii) the expiration of the two (2)-year period measured from the date of such cessation of Board service.

 Should the Participant die after cessation of Board service but while holding one or more Options under this Director Fee
Option Grant Program, then each such Option may be exercised, for any or all of the shares for which the Option is exercisable at the time of the Participant’s cessation of Board service (less any shares subsequently purchased by Participant
prior to death) by the personal representative of the Participant’s estate or by the person or persons to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. Such
right of exercise shall lapse, and the Option shall terminate, upon the earlier of (i) the expiration of the ten (10)-year Option term or (ii) the two (2)-year period measured from the date of the Participant’s cessation of
Board service. 
 (c) Change in Control. In connection with any Change in Control, the shares of Common Stock at the
time subject to each outstanding Option but not otherwise vested shall automatically vest in full so that each such Option shall, immediately prior to the effective date of the Change in Control, become fully exercisable for all of the shares of
Common Stock at the time subject to such Option and may be exercised for all or any portion of those shares as fully-vested shares of Common Stock. Each such Option shall remain exercisable for such fully-vested Option shares until the expiration or
sooner termination of the Option. 
 (d) Remaining Terms. The remaining terms of each Option granted under this
Director Fee Option Grant Program shall be the same as the terms in effect for option grants made under Paragraphs 7 and 8. 
 14. Cancellation and
Rescission of Awards 
 (a) Unless the Award Agreement specifies otherwise, the Committee may cancel, rescind, suspend,
withhold or otherwise limit or restrict any unexpired, unpaid, or deferred Awards at any time if the Participant is not in compliance with all applicable provisions of the applicable Award Agreement and the Plan, or if the Participant engages in any
“Detrimental Activity.” “Detrimental Activity” shall include: (i) the rendering of services for any organization or engaging directly or indirectly in any business which is or becomes competitive with the Company or any
Subsidiary or Affiliate, or which organization or business, or the rendering of services to such organization or business, is or becomes otherwise prejudicial to or in conflict with the interests of the Company or any Subsidiary or Affiliate;
(ii) the disclosure to anyone outside the Company or any of its Subsidiaries and Affiliates, or the use in other than the Company’s business, without prior written authorization from the Committee, of any confidential information or
material, relating to the business of the Company or any of its Subsidiaries and Affiliates, acquired by the Participant either during or after his period of service with the Company; (iii) the failure or refusal to disclose promptly and to
assign to the Company, all right, title and interest in any invention or idea, patentable or not, made or conceived by the Participant while employed by or otherwise performing services for the Company, relating in any manner to the actual or
anticipated business, research or development work of the Company or any Subsidiary or Affiliate or the failure or refusal to do anything reasonably necessary to enable the Company or any Subsidiary or Affiliate to secure a patent where appropriate
in the United States and in other countries; (iv) activity that results in termination of the Participant’s employment for Cause (either as defined herein or in the Participant’s employment agreement with the Company); (v) any
attempt directly or indirectly to induce any employee or other person performing services for the Company or any Subsidiary or Affiliate to be employed or perform services elsewhere or any attempt directly or indirectly to solicit the trade or
business of 

 
any current or prospective customer, supplier or partner of the Company or any Subsidiary or Affiliate; or (vi) any other conduct or act determined to
be injurious, detrimental or prejudicial to any interest of the Company or any Subsidiary or Affiliate. 
 (b) Upon exercise,
payment or delivery pursuant to an Award, the Participant shall certify in a manner acceptable to the Committee that he or she is in compliance with the terms and conditions of the Plan. In the event a Participant fails to comply with the provision
of paragraphs (a)(i)-(vi) of this Paragraph 14 prior to, or during the six months after, any exercise, payment or delivery pursuant to an Award, such exercise, payment or delivery may be rescinded within two years thereafter. In the event of
any such rescission, the Participant shall pay to the Company the amount of any gain realized or payment received as a result of the rescinded exercise, payment or delivery, in such manner and on such terms and conditions as may be required, and the
Company shall be entitled to set-off against the amount of any such gain any amount owed to the Participant by the Company. 
 15. Repurchase of Shares

 (a) Unless and to the extent a different repurchase right or obligation is specified in a separate agreement with the
Participant, the Common Stock acquired in connection with an Award issued under this Plan shall be subject to a right (but not an obligation) of repurchase by the Company as described in this Paragraph 15. If the Participant transfers any shares of
Common Stock, then this Paragraph 15 shall apply to the transferee to the same extent as to the Participant. 
 (b) If the
Company exercises the right of repurchase, it shall pay the Participant an amount equal to the Fair Market Value for each of the shares of Common Stock being repurchased. 
 16. Amendments and Discontinuance of the Plan; Modification of Awards 
 (a) The Board
shall have the right at any time and from time to time to amend, modify, or discontinue the Plan; provided, however, that, except as provided in subparagraph 6(c), no such amendment, modification, or discontinuance of the Plan shall be effective
unless approved by the stockholders of the Company to the extent stockholder approval is necessary to satisfy the requirement of Section 422 of the Code, Section 162(m) of the Code, or any Nasdaq or Stock Exchange listing requirements.

 (b) Subject to the terms and conditions of, and within the limitations of the Plan, the Committee may modify, extend or
renew Awards under the Plan; provided, however, that the Committee shall not have the authority, without the prior approval of the stockholders, to (i) amend any Option or SAR to reduce the exercise price of the Option or SAR, (ii) accept
the surrender or cancellation of any Options or any SARs and grant new Options or SARs in substitution therefore at an exercise price that is less than the exercise price of the Options or SARs surrendered or cancelled or (iii) otherwise
reprice any outstanding Option or SAR. Subject to the foregoing, no amendment of any Award shall be effective to revoke or alter the terms of any valid Award previously granted pursuant to the Plan without the consent of the Participant. 

17. Plan Subject to Governmental Laws and Regulations 
 The Plan and the grant and exercise of Awards pursuant to the Plan shall be subject to all applicable governmental laws and regulations. Notwithstanding any other provision of the Plan to the contrary, the Board may in its sole and absolute
discretion make such changes in the Plan as may be required to conform the Plan to such laws and regulations. 
 18. Exclusion From Retirement and Fringe
Benefit Computation 
 No portion of any Award under this Plan shall be taken into account as “wages,” “salary” or
“compensation” for any purpose, whether in determining eligibility, benefits or otherwise, under (i) any pension, retirement, profit sharing or other qualified or non-qualified plan of deferred compensation, (ii) any employee
welfare or fringe benefit plan including, but not limited to, group insurance, hospitalization, medical, disability and severance programs, or (iii) any form of extraordinary pay including but not limited to bonuses, sick pay, vacation pay,
termination indemnities or the like. 

 19. Non-Guarantee of Employment 
 Nothing in the Plan or in any Award granted pursuant to the Plan shall be construed as a contract of employment between the Company or any Subsidiary or Affiliate, and selection of any person as a Participant in the
Plan will not give that person the right to continue in the employ of the Company or any Subsidiary or Affiliate, the right to continue to provide services to the Company or any Subsidiary or Affiliate or as a limitation of the right of the Company
or any Subsidiary or Affiliate to discharge any Participant or any other person at any time. 
 20. Liability Limited; Indemnification 
 (a) To the maximum extent permitted by Delaware law, neither the Company, the Board or the Committee nor any of its members, shall be
liable for any action or determination made with respect to this Plan. 
 (b) In addition to such other rights of
indemnification that they may have, the members of the Board and the Committee shall be indemnified by the Company to the maximum extent permitted by Delaware law against any and all liabilities and expenses incurred in connection with their service
in such capacity. 
 21. Miscellaneous 
 (a) The headings in this Plan are for reference purposes only and shall not affect the meaning or interpretation of the Plan. 
 (b) This Plan shall be governed by, and construed in accordance with, the laws of the Commonwealth of Virginia, without regard to
principles of conflict of laws of any jurisdiction. 
 (c) All notices and other communications made or given pursuant to this
Plan shall be in writing and shall be sufficiently made or given if delivered or mailed, addressed to the Participant at the address contained in the records of the Company or to the Company at the principal executive offices of the Company.

 22. Duration of the Plan 
 No Award
shall be granted pursuant to the Plan after the tenth anniversary of the date the Plan was originally approved by the stockholders of the Company. 
 As
amended and approved by the stockholders of QuadraMed Corporation on June 7, 2007, and as amended by the Board of Directors of QuadraMed Corporation on August 8, 2007.Amendment, dated August 9, 2007, to Amended and Restated Employment Agreement

 EXHIBIT 10.1 
 AMENDMENT TO AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 The AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) made as of March 29, 2005 by and between Kenneth Traub (the
“Executive”) and American Bank Note Holographics, Inc., a Delaware corporation (the “Company”) is hereby amended as set forth below, effective August 9, 2007. 
 1. The last sentence of Section 3 is hereby deleted and replaced with the following: “In the event Executive’s employment is not renewed
at the end of the Employment Term or renewal term, for purposes of this Agreement, the Executive’s employment shall be treated as having been terminated pursuant to Section 10(b) or Section 10(c), as applicable.” 
 2. The third sentence of Section 5(a) is amended by deleting the words “30 days” and replacing them with the words “75 days.”
The following new sentences are added after the end of the fourth sentence of Section 5(a) (relating to the determination of Executive’s annual performance bonus): “The criteria and metrics for determining Executive’s annual
performance Bonus for a year will be communicated to the Executive in writing by the Compensation Committee promptly after such criteria and metrics are established and may not be subsequently modified to the detriment or potential detriment of
Executive without the Executive’s prior written consent. In the event the Executive remains employed through the end of a fiscal year and the Executive’s employment is terminated by the Company without Cause (as hereinafter defined) or
resigns for Good Reason (as hereinafter defined) after the end of such fiscal year but prior to the time the Bonus for such fiscal year is awarded, the Executive will be entitled to the Bonus for such fiscal year.” 
 3. Part (b) of the second paragraph of Section 10(a) (providing for the payment of pro rata Bonus following a termination of Executive’s
employment for Cause) is deleted and parts (c) and (d) of said paragraph are re-lettered accordingly. 
 4. In addition to any
other payments or benefits that may be provided to Executive under Section 10(b) or 10(c) (relating to termination without Cause or for Good Reason by Executive, whether before or after a Change in Control), the Company will pay to Executive a
pro rata Bonus for the year of termination equal to the product of A and B, where— 
 ‘A’ equals the greater of (1) the
Bonus earned by the Executive for the year preceding the year in which his employment terminates, or (2) the maximum amount of the formula performance Bonus the Executive could have earned under Section 5(a) for the year in which his
employment terminates; and 
 ‘B’ equals a fraction, the numerator of which is the number of calendar months from the beginning of
the year in which Executive’s employment terminates through the last day of the calendar quarter in which the employment termination date occurs, and the denominator of which is 12. 

 5. For purposes of determining the Bonus component of severance that may be payable pursuant to
Section 10(b) and/or (c) of the Agreement, the term “Bonus” shall be deemed to mean an amount equal to the greatest of (1) the annual bonus earned by the Executive under Section 5(a) for the year preceding the year in
which his employment terminates, (2) the maximum amount of the formula performance bonus the Executive could have earned for the year in which his employment terminates multiplied by a fraction, the numerator of which is the number of calendar
months from the beginning of the year in which his employment terminates through the last day of the calendar quarter in which the employment termination date occurs, and the denominator of which is 12, and (3) $100,000. 
 6. Part (ii) of Section 10(b) is revised to read as follows: “the Company shall continue group health plan coverage in which the Executive
participates at the time of the termination of his employment on the same basis of participation and subject to all terms and conditions of such plans as applied prior to such termination or resignation, for a number of years equal to the applicable
severance multiple, and”. 
 7. Section 10(c) is hereby replaced in its entirety with the following: 
 “In the event Executive’s employment is terminated by the Company without Cause (as hereinafter defined) within the period beginning six months
prior to and ending one year following a Change of Control or the Executive resigns from the Company for Good Reason (as hereinafter defined) within one year following a Change of Control, the Company will pay the Executive a severance amount, in
one lump sum, within 30 days of such termination, equal to the product of (x) the Salary and Bonus multiplied by (y) two (2). In the event Executive’s employment is terminated by the Company without Cause (as hereinafter defined) or
the Executive resigns from the Company for Good Reason (as hereinafter defined) in each case at any time after one year following a Change of Control, the Company will pay the Executive a severance amount, in one lump sum, within 30 days of such
termination, equal to the product of (x) the Salary and Bonus multiplied by (y) three (3). If a payment is made to the Executive pursuant to this paragraph (c), in no event shall the Executive receive any payments pursuant paragraph
(b) of this Section 10, and payment due under this paragraph (c) will be reduced by any payments previously made pursuant to such paragraph (b). The Company shall continue group health plan benefits in which the Executive participates
at the time of the termination of his employment on the same basis of participation and subject to all terms and conditions of such plans as applied prior to such termination, for a number of years equal to the applicable severance multiple. In
addition, all non-vested options to purchase shares of Common Stock granted under the Plans shall vest on the Termination Date, and all restrictions on Restricted Stock purchased by the Executive shall, subject to applicable securities laws, rules
and regulations, lapse on the Termination Date.” 
 8. Subsection (a) of Section 10(e)(i) is hereby replaced in its entirety
with the following: 
 “(a) the direct or indirect acquisition, whether by sale, merger, consolidation, or purchase of assets or stock,
by any person, corporation, or other entity or group thereof of the beneficial ownership (as that term is used in Section 13(d)(l) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) of
shares in the 

  

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Company which, when added to any other shares the beneficial ownership of which is held by the acquirer, shall result in the acquirer’s having more than
a majority of the votes that are entitled to be cast at meetings of stockholders as to matters on which all outstanding shares are entitled to be voted as a single class; provided, however, that neither the Company, nor any person who as of the date
hereof was a director or officer of the Company, nor any trustee or other fiduciary holding securities under an employee benefit plan of the Company, nor any corporation owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of shares of the Company shall be deemed to be an “acquirer” for purposes of this Section. 
 8. The following new sentence is added at the end of Section 10(e)(ii) (defining the term “Good Reason”): “Without limiting the foregoing, in the event of a Change in Control, the Executive will be
entitled to terminate his employment for any or no reason at any time more than six (6) months following the Change in Control and such termination of employment will be deemed to be for “Good Reason” for all purposes of this
Agreement.” 
 9. The following new subsections (k) and (l) are added at the end of Section 12 of the Agreement:

 “(k) Change in Control Gross Up Payments. Excise Tax Gross-up Payment. If Executive is entitled to receive payments and
benefits under this Agreement and if, when combined with the payments and benefits Executive is entitled to receive under any other plan, program or arrangement, Executive would be subject to excise tax under Section 4999 of the Code, then
Company shall make additional payments to Executive so that, on an after-tax basis, Executive is placed in the same economic position in which he would have been if no excise tax were payable by him. 
 (l) Section 409A Compliance. Notwithstanding anything to the contrary contained herein, payments and benefits required to be paid to Executive
by reason of the termination of his employment shall be delayed for six months following the date of such termination if and to the limited extent necessary in order to satisfy the requirements of Section 409A(a)(2)(B) of the Internal Revenue
Code of 1986. For the avoidance of doubt, payments and benefits will not be delayed if and to the extent such payments and benefits do not constitute deferred compensation under Section 409A of the Code, including, without limitation, by reason
of the exceptions described in Treasury Regulation §1.409A-1(b)(9). Any payments that are delayed pursuant to this subsection will be made in a single sum at the expiration of the required delay period (but not later than six months after
termination of employment).” 
 This amendment to the Agreement may be executed in counterparts, each of which will be deemed an
original but all of which will together constitute one and the same document. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this amendment as of the date first above written.

  

			
	 AMERICAN BANK NOTE HOLOGRAPHICS, INC.

		
	By:	 	 /s/ Fred Levin

	Name:	 	Fred Levin
	Title:	 	Chairman, Compensation Committee of the Board
		
		 	 /s/ Kenneth Traub

		 	Kenneth Traub

  

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