Document:

Document

Exhibit 10.9

The Williams Companies, Inc.
2007 Incentive Plan
Effective as of March 14, 2007, as subsequently amended 
Amended and restated effective as of October 26, 2021

    
    

Table of Contents
Page
						
	Article 1. - Effective Date, History, Objectives, and Duration
	1

	1.1    Effective Date
	1

	1.2    Objectives of the Plan
	1

	1.3    Duration of the Plan
	1

	Article 2. - Definitions
	2

	2.1    “Acquired Entity Award”
	2

	2.2    “Affiliate”
	2

	2.3    “Annual Meeting of Company Stockholders”
	2

	2.4    “Award”
	2

	2.5    “Award Agreement”
	2

	2.6    “Base Amount”
	2

	2.7    “Board”
	2

	2.8    “CEO”
	2

	2.9    “Code”
	2

	2.10    “Committee” and “Management Committee”
	2

	2.11    “Common Stock”
	2

	2.12    “Company”
	2

	2.13    “Controlled Affiliate”
	2

	2.14    “Director Annual Grant”
	3

	2.15    “Director Fees”
	3

	2.16    “Disability” or “Disabled”
	3

	2.17    “Dividend Equivalent”
	3

	2.18    “Eligible Person”
	3

	2.19    “Exchange Act”
	3

	2.20    “Equity Election”
	3

	2.21    “Fair Market Value”
	3

	2.22    “Grant Date”
	4

	2.23    “Grantee”
	4

	2.24    “Incentive Stock Option”
	4

	2.25    “including” or “includes”
	4

	2.26    “Maturity Date”
	4

	2.27    “Non-Equity Incentive Award”
	4

	2.28    “Non-Management Director”
	4

	2.29    “Non-Qualified Stock Option”
	4

	2.30    “Option”
	4

	2.31    “Option Price”
	4

	2.32    “Option Term”
	4

	2.33    “Other Stock-Based Award”
	4

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	2.34    “Performance Measures”
	4

	2.35    “Performance Period”
	4

	2.36    “Performance Share” and “Performance Unit”
	4

	2.37    “Period of Restriction”
	5

	2.38    “Person”
	5

	2.39    “Qualifies for Retirement”
	5

	2.40    “Restricted Stock Unit”
	5

	2.41    “Rule 16b-3”
	5

	2.42    “SEC”
	5

	2.43    “Section 16 Non-Management Director”
	5

	2.44    “Section 16 Person”
	5

	2.45    “Separation from Service”
	5

	2.46    “Share”
	6

	2.47    “Shares of Restricted Stock” or “Restricted Stock”
	6

	2.48    “Stock Appreciation Right” or “SAR”
	6

	Article 3. - Administration
	7

	3.1    Committee.
	7

	3.2    Powers of Committee
	7

	Article 4. - Shares Subject to the Plan, and Maximum Awards, and Performance Conditions
	11

	4.1    Number of Shares Available for Grants
	11

	4.2    Adjustments in Authorized Shares and Awards
	11

	4.3    Annual Individual Limitations
	12

	4.4    Performance-Measures
	12

	Article 5. - Eligibility and General Conditions of Awards
	15

	5.1    Eligibility
	15

	5.2    Award Agreement
	15

	5.3    General Terms and Separation from Service.
	15

	5.4    Nontransferability of Awards
	15

	5.5    Cancellation and Rescission of Awards
	16

	5.6    Stand-Alone, Tandem and Substitute Awards
	16

	5.7    Compliance with Rule 16b-3
	17

	5.8    Deferral of Award Payouts
	17

	Article 6. - Stock Options
	18

	6.1    Grant of Options
	18

	6.2    Award Agreement
	18

	6.3    Option Price; No Repricing
	18

	6.4    Grant of Incentive Stock Options
	18

	6.5    Payment
	19

	Article 7. - Shares of Restricted Stock
	21

	7.1    Grant of Shares of Restricted Stock
	21

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	7.2    Award Agreement
	21

	7.3    Consideration for Shares of Restricted Stock
	21

	7.4    Effect of Forfeiture
	21

	7.5    Escrow; Legends
	21

	7.6    Voting Rights; Dividends and Distributions
	22

	Article 8. - Restricted Stock Units
	23

	8.1    Grant of Restricted Stock Units
	23

	8.2    Delivery and Limitations
	23

	Article 9. - Performance Units and Performance Shares
	24

	9.1    Grant of Performance Units and Performance Shares
	24

	9.2    Value/Performance Goals
	24

	9.3    Earning of Performance Units and Performance Shares
	24

	Article 10. - Stock Appreciation Rights
	25

	10.1    Grant of SARs
	25

	10.2    Award Agreement
	25

	10.3    Payment of SAR Amount
	25

	10.4    No Repricing
	25

	Article 11. - Other Stock-Based Awards
	26

	Article 12. - Non-Equity Incentive Awards
	27

	Article 13. - Change in Control
	28

	13.1    Acceleration of Exercisability and Lapse of Restrictions
	28

	13.2    Definitions
	28

	Article 14. - Non-Management Director Awards
	32

	14.1    Director Annual Grant.
	32

	14.2    Election to Receive Director Fees in Shares or Restricted Stock Units in Lieu of Cash
	33

	14.3    Deferral Elections
	34

	14.4    Insufficient Number of Shares
	35

	14.5    Non-Forfeitability
	36

	14.6    No Duplicate Payments
	36

	Article 15. - Amendment, Modification, and Termination
	37

	15.1    Amendment, Modification, and Termination
	37

	15.2    Awards Previously Granted
	37

	Article 16. - Withholding
	38

	16.1    Mandatory Tax Withholding.
	38

	16.2    Notification under Code Section 83(b)
	38

	Article 17. - Additional Provisions
	39

	17.1    Successors
	39

	17.2    Severability
	39

	17.3    Requirements of Law
	39

	17.4    Securities Law Compliance
	39

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	17.5    No Rights as a Stockholder
	40

	17.6    Nature of Payments
	40

	17.7    Non-Exclusivity of Plan
	40

	17.8    Governing Law
	40

	17.9    Share Certificates
	40

	17.10    Unfunded Status of Awards; Creation of Trusts
	40

	17.11    Employment
	41

	17.12    Participation
	41

	17.13    Military Service
	41

	17.14    Construction; Gender and Number
	41

	17.15    Headings
	41

	17.16    Obligations
	41

	17.17    No Right to Continue as Director
	41

	17.18    Code Section 409A Compliance
	41

	17.19    Recoupment Policy
	42

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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THE WILLIAMS COMPANIES, INC. 
2007 INCENTIVE PLAN
(Effective as of March 14, 2007, as subsequently amended) 
(Amended and restated effective as of October 26, 2021)
(Termination Date:  April 28, 2030)
Article 1. - Effective Date, History, Objectives, and Duration
1.1Effective Date.  The Williams Companies, Inc., a Delaware corporation (the “Company”), established an incentive compensation plan known as The Williams Companies, Inc. 2007 Incentive Plan (the “Plan”) effective March 14, 2007 (the “Effective Date”); which Plan was subsequently amended from time to time.  From and after the Effective Date, no further grants or awards shall be made under The Williams Companies, Inc. 2002 Incentive Plan, as amended from time to time, The Williams Companies, Inc.  Stock Plan for Nonofficer Employees, The Williams International Stock Plan, The Williams Companies, Inc. 1996 Stock Plan for Non-Employee Directors or The Williams Companies, Inc. 1996 Stock Plan, as amended.
1.2Objectives of the Plan.  The Plan is intended (a) to allow selected employees and officers of the Company and its Affiliates to acquire or increase equity ownership in the Company, thereby strengthening their commitment to the success of the Company and stimulating their efforts on behalf of the Company, and aligning their interests more closely with the interests of the Company’s stockholders, and to assist the Company and its Affiliates in attracting new employees and officers and retaining existing employees and officers, (b) to provide Non-Equity Incentive Awards (as defined below) opportunities to designated officers and employees that are competitive with those of other major corporations, (c) to optimize the profitability and growth of the Company and its Affiliates through incentives which are consistent with the Company’s goals, (d) to provide Grantees with an incentive for excellence in individual performance, (e) to promote teamwork among employees, officers, and Non-Management Directors (as defined below), and (f) to attract and retain highly qualified persons to serve as Non-Management Directors and to promote ownership by such Non-Management Directors of a greater proprietary interest in the Company, thereby aligning such Non-Management Directors’ interests more closely with the interests of the Company’s stockholders.
1.3Duration of the Plan.  The Plan commenced on the Effective Date and shall remain in effect, subject to the right of the Board of Directors of the Company (the “Board”) to amend or terminate the Plan at any time pursuant to Article 15 hereof, until all Shares subject to it shall have been purchased or acquired according to the Plan’s provisions, or, if earlier, April 28, 2030.  Termination of the Plan will not affect the rights and obligations of the Grantees and the Company arising under Awards theretofore granted and then in effect.
    
    

Article 2.- Definitions
Whenever used in the Plan, the following terms shall have the meanings set forth below:
2.1“Acquired Entity Award” has the meaning set forth in Section 5.6.
2.2“Affiliate” means any Person that directly or indirectly, through one or more intermediaries, controls, or is controlled by or is under common control with the Company.
2.3“Annual Meeting of Company Stockholders” has the meaning set forth in Section 14.1.
2.4“Award” means Options (including Non-Qualified Stock Options and Incentive Stock Options), Shares of Restricted Stock, Restricted Stock Units, Performance Units (which may be paid in cash), Performance Shares, Stock Appreciation Rights, Other Stock-Based Awards, Non-Equity Incentive Awards or Director Annual Grants granted under the Plan.
2.5“Award Agreement” means the written or electronic agreement or other instrument as may be approved from time to time by the Committee or Management Committee (as applicable) by which an Award shall be evidenced.  An Award Agreement may be in the form of either (a) an agreement to be either executed by both the Grantee and the Company (or an authorized representative of the Company) or delivered and acknowledged electronically as the Committee shall determine or (b) certificates, notices or similar instruments as approved by the Committee or Management Committee (as applicable).
2.6“Base Amount” means with respect to a Stock Appreciation Right, the amount with respect to which the appreciation in the value of a Share shall be measured over the period beginning with the Grant Date and ending on the date of exercise of such Stock Appreciation Right.
2.7“Board” has the meaning set forth in Section 1.3.
2.8“CEO” means the Chief Executive Officer of the Company.
2.9“Code” means the Internal Revenue Code of 1986, as amended from time to time.  References to a particular section of the Code include references to regulations and rulings thereunder and to successor provisions.
2.10“Committee” and “Management Committee” have the respective meanings set forth in Article 3.
2.11“Common Stock” means the common stock, $1.00 par value, of the Company.
1.12“Company” has the meaning set forth in Section 1.1.
2.13“Controlled Affiliate” means any Person that directly or indirectly, through one or more intermediaries, is controlled by the Company.
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2.14“Director Annual Grant” means an Award made to a Non-Management Director under Section 14.1.
2.15“Director Fees” has the meaning set forth in Section 14.2.
2.16“Disability” or “Disabled” means, unless otherwise defined in an Award Agreement or individual Change in Control severance agreement, or as otherwise determined under procedures established by the Committee for purposes of the Plan, for purposes of the exercise of an Incentive Stock Option, a disability within the meaning of Section 22(e)(3) of the Code. For all other purposes under the Plan, Disability or Disabled, unless otherwise defined in an Award Agreement or individual Change in Control severance agreement, or as otherwise determined under procedures established by the Committee for purposes of the Plan, means (A) an inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (B) receipt of income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Grantee’s employer, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; provided, however that, for Awards subject to Section 409A of the Code, all determinations of whether a Grantee is Disabled shall be made in accordance with Section 409A of the Code and the guidance thereunder.
2.17“Dividend Equivalent” means a right to receive or accrue, to the extent provided under the respective Award Agreement, payments equal to dividends or property on a specified number of Shares.
2.18“Eligible Person” means any employee (including any officer) of the Company or an Affiliate.
2.19“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.  References to a particular section of the Exchange Act include references to regulations and rulings thereunder and to successor provisions.
2.20“Equity Election” has the meaning set forth in Section 14.2.
2.21“Fair Market Value”  means (a) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee, and (b) with respect to Shares, unless otherwise determined in the good faith discretion of the Committee, as of any date: (i) the closing price on the date of determination reported in The Wall Street Journal (or an equivalent alternate or successor) (or, if no sale of Shares was reported for such date, on the most recent trading day prior to such date on which a sale of Shares was reported); (ii) if the Shares are not listed on the New York Stock Exchange, the closing price of the Shares on such other national exchange on which the Shares are principally traded or as reported by the Nasdaq Global Select or Global Market System, or similar securities market, or if no such quotations are available, the average of the high bid and low asked 
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quotations in the over-the-counter market as reported by the Nasdaq Capital Market or similar securities market; or (iii) in the event that there shall be no public market for the Shares, the fair market value of the Shares as determined (which determination shall be conclusive) in good faith by the Committee.
2.22“Grant Date” means the date on which an Award is granted or, in the case of a grant to an Eligible Person, such later date as specified in advance by the Committee.
2.23“Grantee”  means an Eligible Person or Non-Management Director who has been granted an Award.
2.24“Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code.
2.25“including” or “includes” means “including, without limitation,” or “includes, without limitation,” respectively.
2.26“Maturity Date” means, unless otherwise defined in an Award Agreement or individual Change in Control severance agreement, the third anniversary of the Grant Date of an Award.
2.27“Non-Equity Incentive Award” means an Award that is not granted or payable in Shares.
2.28“Non-Management Director” means a member of the Board who is not an employee of the Company or any Affiliate.
2.29“Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option. 
1.30“Option” means an option granted under Article 6 of the Plan.
2.31“Option Price” means the price at which a Share may be purchased by a Grantee pursuant to the exercise of an Option.
2.32“Option Term” means the period beginning on the Grant Date of an Option and ending on the date such Option expires, terminates or is cancelled.
2.33“Other Stock-Based Award” means a right, granted under Article 11 of the Plan, that relates to or is valued by reference to Shares or other Awards relating to Shares.
2.34 “Performance Measures” has the meaning set forth in Section 4.4.
2.35“Performance Period” means the time period over which Performance Measures shall be determined, but may not be less than one year.
2.36“Performance Share” and “Performance Unit” have the respective meanings set forth in Article 9.
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2.37“Period of Restriction” means the period during which Shares of Restricted Stock or Restricted Stock Units are subject to forfeiture if the conditions specified in the Award Agreement are not satisfied.
2.38“Person” means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department.
2.39“Qualifies for Retirement” means, unless otherwise defined in an Award Agreement or individual Change in Control severance agreement, a Separation from Service (as defined in (ii) below) after attaining age fifty-five (55) and completing at least three (3) years of service with the Company or any of its Affiliates.
2.40“Restricted Stock Unit” means a right, granted in accordance with Article 8 hereof, to receive a Share or cash payment equal to the value thereof, subject to such Period of Restriction as the Committee shall determine.
2.41“Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended from time to time, together with any successor rule.
2.42“SEC”  means the United States Securities and Exchange Commission, or any successor thereto.
2.43“Section 16 Non-Management Director” means a Non-Management Director who satisfies the requirements to qualify as a “non-employee director” under Rule 16b-3.
2.44“Section 16 Person” means a person who is subject to potential liability under Section 16(b) of the Exchange Act with respect to transactions involving equity securities of the Company.
2.45“Separation from Service” means, unless otherwise defined in an Award Agreement or individual Change in Control severance agreement, a Grantee’s termination or deemed termination from employment with the Company and its Affiliates.  For purposes of determining whether a Separation from Service has occurred, the employment relationship is treated as continuing intact while the Grantee is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or if longer, so long as the Grantee retains a right to reemployment with his or her employer under an applicable statute or by contract.  For this purpose, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Grantee will return to perform services for his or her employer.  If the period of leave exceeds six (6) months and the Grantee does not retain a right to reemployment under an applicable statute or by contract, the employment relationship will be deemed to terminate on the first date immediately following such six (6) month period.  Notwithstanding the foregoing, if a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, and such impairment causes the Grantee to be unable to perform the duties of the Grantee’s position of 
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employment or any substantially similar position of employment, a twenty-nine (29) month period of absence shall be substituted for such six (6) month period.  For purposes of this Agreement, a Separation from Service occurs at the date as of which the facts and circumstances indicate either that, after such date: (A) the Grantee and the Company reasonably anticipate the Grantee will perform no further services for the Company and its Affiliates (whether as an employee or an independent contractor) or (B) that the level of bona fide services the Grantee will perform for the Company and its Affiliates (whether as an employee or independent contractor) will permanently decrease to no more than twenty (20%) of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period or, if the Grantee has been providing services to the Company and its Affiliates for less than thirty-six (36) months, the full period over which the Grantee has rendered services, whether as an employee or independent contractor.  The determination of whether a Separation from Service has occurred shall be governed by the provisions of Treasury Regulation § 1.409A-1, as amended, taking into account the objective facts and circumstances with respect to the level of bona fide services performed by the Grantee after a certain date.  
2.46“Share”  means a share of Common Stock, and such other securities of the Company as may be substituted or resubstituted for Shares pursuant to Section 4.2 hereof.
2.47“Shares of Restricted Stock” or “Restricted Stock” means Shares that are subject to forfeiture if the Grantee does not satisfy the conditions specified in the Award Agreement applicable to such Shares.
2.48“Stock Appreciation Right” or “SAR” has the meaning set forth in Section 10.1 hereof.
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Article 3.- Administration
3.1Committee.
(a)Subject to Articles 14 and 15, and to Section 3.2, the Plan shall be administered by a committee (the “Committee”).  Except to the extent the Board reserves administrative powers to itself or appoints a different committee to administer the Plan, the Committee shall be (i) the Board, with respect to all Non-Management Directors, (ii) the Compensation Committee of the Board, with respect to all executive officers of the Company (which term shall have the same meaning as the term “officer” as defined in Rule 16a-1(f) promulgated under the Exchange Act and shall in any event include all of the members of the Company’s Executive Officer Team (“EOT”)) and any other Eligible Person with respect to whom it elects to act as the Committee, and (iii) except as the Committee may provide, if the CEO is a member of the Board, a committee consisting of the CEO, with respect to any Eligible Person other than an executive officer of the Company.
(b)The Board or the Compensation Committee may, by resolution, appoint and delegate to another committee of one or more officers of the Company (including the CEO) (a “Management Committee”) any or all of the authority of the Board or the Committee, as applicable, with respect to Awards to Grantees other than Grantees who are executive officers of the Company, Non-Management Directors, and/or Section 16 Persons at the time any such delegated authority is exercised; provided, however, that the resolution so authorizing such Management Committee shall specify the total number of Shares that may be subject to Awards (if any) such Management Committee may award pursuant to such delegated authority, and any such Award shall be subject to the form(s) of Award Agreement theretofore approved by the Compensation Committee.  Any delegation of authority pursuant to this Section 3.1(b) shall comply with the requirements of applicable law, including Section 157(c) of the General Corporation Law of the State of Delaware to the extent applicable.
(c)Unless the context requires otherwise, any references herein to “Committee” include references to the Board, the Compensation Committee of the Board, the Management Committee, the Independent Committee (if distinct from any of the foregoing) or the CEO, as applicable.  For avoidance of doubt, notwithstanding any provision of the Plan to the contrary, any action taken by the Compensation Committee of the Board shall be treated as a valid action of the Committee, except as limited by the terms of the Board’s delegation of authority to the Compensation Committee of the Board or in the event that such action would violate applicable law.
3.2Powers of Committee.  Subject to and consistent with the provisions of the Plan (including Article 14 and any limitations in scope of authority established in accordance with Section 3.1 above), the Committee has full and final authority and sole discretion as follows:
(a)to determine when, to whom and in what types and amounts Awards should be granted;
(b)to grant Awards in any number and amount to Eligible Persons, and to determine the terms and conditions applicable to each Award (including the number of Shares or the amount of cash or other property to which an Award will relate, any exercise price, grant price, 
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Base Amount or purchase price, any limitation or restriction, any schedule for or performance conditions relating to the earning of the Award or the lapse of limitations, forfeiture restrictions, restrictions on exercisability or transferability, any Performance Measures including those relating to the Company and/or an Affiliate and/or any division thereof and/or an individual, and/or vesting based on the passage of time, based in each case on such considerations as the Committee shall determine); provided that, other than with respect to Awards to Non-Management Directors, no Award of Options, Stock Appreciation Rights or Other Stock-Based Awards that are valued based on appreciation in the value of a Share following the Grant Date may vest or be settled in full prior to the twelfth month following its Grant Date (with partial vesting prior to such date permitted), except that the Committee may (i) provide for the vesting satisfaction and/or lapse of some or all conditions under any such Award in the event of the applicable Eligible Person’s death, disability, Retirement, involuntary separation of service, or in connection with a Change in Control or (ii) grant Awards of Options or Stock Appreciation Rights that may vest or be settled in full prior to the twelfth month following its Grant Date so long as the aggregate number of Shares subject to such Awards does not exceed five percent (5%) of the total share reserve set forth in Section 4.1 below;
(c)to determine the benefit payable under any Performance Unit, Performance Share, Other Stock-Based Award or Non-Equity Incentive Award and to determine whether any performance or vesting conditions have been satisfied;
(d)to determine whether or not specific Awards shall be granted in connection with other specific Awards, and if so, whether they shall be exercisable cumulatively with, or alternatively to, such other specific Awards and all other matters to be determined in connection with an Award;
(e)to determine the Option Term;
(f)to determine the amount, if any, that a Grantee shall pay for Shares of Restricted Stock, when Shares of Restricted Stock shall be forfeited and whether such Shares shall be held in escrow;
(g)to determine whether, to what extent and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards or other property, or an Award may be accelerated, vested, canceled, forfeited or surrendered or any terms of the Award may be waived, and to accelerate the exercisability of, and to accelerate or waive any or all of the terms and conditions applicable to, any Award or any group of Awards for any reason and at any time;
(h)to determine with respect to Awards whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award will be deferred either automatically (whether to limit loss of deductions pursuant to Section 162(m) of the Code or otherwise), at the election of the Committee or at the election of the Grantee;
(i)to construe and interpret the Plan and to make all determinations, including factual determinations, necessary or advisable for the administration of the Plan;
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(j)to make, amend, suspend, waive and rescind rules and regulations relating to the Plan;
(k)to appoint such agents as the Committee may deem necessary or advisable to administer the Plan;
(l)to determine the terms and conditions of all Award Agreements applicable to Eligible Persons and Non-Management Directors (which need not be identical) and, with the consent of the Grantee, to amend any such Award Agreement at any time, among other things, to permit transfers of such Awards to the extent permitted by the Plan; provided that the consent of the Grantee shall not be required for any amendment (i) which does not materially adversely affect the rights of the Grantee, or (ii) which is necessary or advisable (as determined by the Committee) to carry out the purpose of the Award as a result of any new applicable law or change in an existing applicable law, (iii) to correct scrivener’s errors, (iv) to the extent the Award Agreement specifically permits amendment without consent, or (v) provided for or specifically contemplated in the Plan (such as Section 6.4 or Article 13);
(m)to make such adjustments or modifications to Awards or to adopt such sub-plans for Grantees working outside the United States as are advisable to fulfill the purposes of the Plan (including to comply with local law);
(n)to impose such additional terms and conditions upon the grant, exercise or retention of Awards as the Committee may, before or concurrently with the grant thereof, deem appropriate, including, as applicable, limiting the percentage of Awards which may from time to time be exercised by a Grantee;
(o)to make adjustments in the terms and conditions of, and the criteria in, Awards in recognition of unusual or nonrecurring events (including events described in Section 4.2) affecting the Company or an Affiliate or the financial statements of the Company or an Affiliate, or in response to changes in applicable laws, regulations or accounting principles;
(p)to correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, the rules and regulations, and Award Agreement or any other instrument entered into or relating to an Award under the Plan; and
(q)to take any other action with respect to any matters relating to the Plan for which it is responsible and to make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan.
Any action of the Committee with respect to the Plan shall be final, conclusive and binding on all persons, including the Company, its Affiliates, any Grantee, any person claiming any rights under the Plan from or through any Grantee, and stockholders, except to the extent the Committee may subsequently modify, or take further action not consistent with, its prior action.  If not specified in the Plan, the time at which the Committee must or may make any determination shall be determined by the Committee, and any such determination may thereafter be modified by the Committee.  The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or 
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authority of the Committee.  The Committee may delegate to officers or managers of the Company or any Affiliate the authority, subject to such terms as the Committee shall determine, to perform specified functions under the Plan (subject to Sections 3.1(b), 4.3, 4.4 and 5.7(b)).
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Article 4.- Shares Subject to the Plan, and Maximum Awards, and Performance Conditions
4.1Number of Shares Available for Grants.  Subject to adjustment as provided in Section 4.2, the number of Shares hereby reserved for delivery under the Plan shall be fifty million (50,000,000).  The number of Shares available for delivery pursuant to Incentive Stock Options shall be the number set forth in the first sentence of this Section 4.1.
If any Shares subject to an Award granted hereunder are forfeited or such Award is settled in cash or otherwise terminates without the delivery of such Shares, the Shares subject to such Award, to the extent of any such forfeiture, settlement or termination, shall again be available for grant under the Plan.  Except with respect to Shares associated with Options or SARs, the aggregate number of shares available for delivery under the Plan at any time shall not be reduced by Shares retained or withheld by the Company to pay the withholding taxes related to an Award.  Except with respect to Shares associated with Options or SARs, Shares that have been delivered (either actually or by attestation) to the Company in payment or satisfaction of the purchase price or tax withholding obligation of an Award shall be available for delivery under this Plan.  Notwithstanding anything herein to the contrary, Shares retained, withheld by or delivered to the Company to pay the exercise price of an Option or the withholding taxes related to an Option or SAR shall not be made available again for delivery under the Plan.  Shares delivered pursuant to the Plan may be, in whole or in part, authorized and unissued Shares, or treasury Shares, including Shares repurchased by the Company for purposes of the Plan.
Notwithstanding the foregoing, the limit set forth in this Section 4.1 shall not be reduced by any Shares issued pursuant to Acquired Entity Awards granted in assumption of, or in substitution for, an outstanding award previously granted by an Acquired Entity, so long as the terms of the acquisition of such awards previously granted by an Acquired Entity do not expressly provide for the issuance of Shares authorized under this Section 4.1.
4.2Adjustments in Authorized Shares and Awards.  In the event of any dividend or other distribution (whether in the form of cash, Shares, or other property, but excluding regular, quarterly cash dividends), recapitalization, forward or reverse stock split, subdivision, consolidation or reduction of capital, reorganization, merger, amalgamation, consolidation, scheme of arrangement, split-up, spin-off or combination involving the Company or repurchase or exchange of Shares or other securities of the Company or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event that affects the Shares, provided that any such transaction or event referred to heretofore does not involve the receipt of consideration by the Company, then the Committee shall, in such manner as it deems equitable in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, adjust (a) the number and type of Shares (or other securities or property) with respect to which Awards may be granted, (b) the number and type of Shares (or other securities or property) subject to outstanding Awards, (c) the grant or exercise price or Base Amount with respect to any applicable Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award, (d) the number and kind of outstanding Shares of Restricted Stock or relating to any other outstanding Award in connection with which Shares are issued or otherwise subject, (e) the number of Shares with respect to which Awards may be granted to a Grantee, as set forth in Section 4.3, (f) the number and type 
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of Shares (or other securities or property) as to which Awards may be settled, and (g) the number of Shares subject to outstanding Restricted Stock or Restricted Stock Units granted under Article 14; provided, in each case, that with respect to Awards of Incentive Stock Options intended as of their Grant Date to qualify as Incentive Stock Options, no such adjustment shall be authorized to the extent that such adjustment would cause the Plan to violate Section 422(b)(1) of the Code; and provided further that the number of Shares subject to any Award denominated in Shares shall always be a whole number.  By way of example and not limitation, neither the conversion of any convertible securities of the Company nor any open market purchase of Shares by the Company shall be treated as a transaction that “does not involve the receipt of consideration” by the Company.
4.3Annual Individual Limitations.  During any calendar year, no Grantee may be granted Awards (other than Awards that cannot be satisfied in Shares) with respect to more than three million five hundred thousand (3,500,000) Shares, subject to adjustment as provided in Section 4.2.  
4.4Performance-Measures.  The Committee shall have discretion to condition one or more awards on the satisfaction of specified performance measures (“Performance Measures”), which may include one or more of the following:
(a)Earnings (either in the aggregate or on a per-share basis);
(b)Net income;
(c)Operating income;
(d)Operating profit;
(e)Cash flow;
(f)Stockholder returns (including return on assets, investments, equity, or gross sales) (including income applicable to common stockholders or other class of stockholders);
(g)Return measures (including return on assets, capital, equity, or sales);
(h)Earnings before or after either, or any combination of, interest, taxes, depreciation or amortization (EBITDA);
(i)Gross revenues;
(j)Share price (including growth measures and total stockholder return or attainment by the Shares of a specified value for a specified period of time);
(k)Reductions in expense levels in each case, where applicable, determined either on a Company-wide basis or in respect of any one or more operating areas;
(l)Net economic value;
(m)Market share;
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(n)Annual net income to common stock;
(o)Earnings per share;
(p)Annual cash flow provided by operations;
(q)Changes in annual revenues;
(r)Strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration, geographic business expansion goals, objectively identified project milestones, production volume levels, cost targets, and goals relating to acquisitions or divestitures;
(s)Economic value added;
(t)Sales;
(u)Costs;
(v)Results of customer satisfaction surveys;
(w)Results of employee satisfaction and/or engagement surveys;
(x)Employee turnover;
(y)Human capital metrics;
(z)Aggregate product price and other product price measures;
(aa)Environmental, health, or safety record;
(ab)Service reliability;
(ac)Operating and maintenance cost management;
(ad)Energy production availability performance measures; 
(ae)Debt rating; 

and/or
(ff) Market share;
provided that the Performance Measures in subsections (a) through (g) may be measured on a pre- or post-tax basis; and provided further that the Committee may, at any time, provide that the formula for such Award may include or exclude items to measure specific objectives, such as losses from discontinued operations, extraordinary gains or losses, the cumulative effect of accounting changes, acquisitions or divestitures, foreign exchange impacts and any unusual, nonrecurring gain or loss.  The levels of performance required with respect to Performance 
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Measures may be expressed in absolute or relative levels and may be based upon a set increase, set positive result, maintenance of the status quo, set decrease or set negative result, and may be measured annually, cumulatively over a period of years or over such other period determined by the Committee.  Performance Measures may differ for Awards to different Grantees.  The Committee shall specify the weighting (which may be the same or different for multiple objectives) to be given to each Performance Measure for purposes of determining the final amount payable with respect to any such Award.  Any one or more of the Performance Measures may apply to the Grantee, to a department, unit, operating area or function within the Company or any one or more Affiliates; or to the Company and/or any one or more Affiliates; and may apply either alone or relative to the performance of other businesses or individuals (including industry or general market indices).
The Committee shall have the discretion to adjust the determinations of the degree of attainment of the pre-established Performance Measures.  
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Article 5.- Eligibility and General Conditions of Awards
5.1Eligibility.  Awards may be granted to any Eligible Person or Non-Management Director, whether or not he or she has previously received an Award; provided that Non-Management Directors may only receive Awards granted under Article 14 of the Plan.  A prospective employee of the Company or an Affiliate may be granted an Award so long as the Grant Date does not occur prior to the date that such Person commences employment or the performance of services for the Company or an Affiliate.
5.2Award Agreement.  To the extent not set forth in the Plan, the terms and conditions of each Award shall be set forth in an Award Agreement.
5.3General Terms and Separation from Service.  The Committee may impose on any Award or the exercise or settlement thereof, at the Grant Date or, subject to the provisions of Section 15.2, thereafter, such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine, including terms requiring forfeiture, acceleration or pro-rata acceleration of Awards in the event of a Separation from Service by the Grantee.  Except as may be required under the Delaware General Corporation Law, Awards may be granted for no consideration other than prior and future services.  Except as otherwise determined by the Committee pursuant to this Section 5.3, all Awards that have not been exercised and that are subject to (a) a risk of forfeiture, (b) deferral by the Committee (and not voluntary deferral by the Grantee), (c) vesting, (d) unexpired Performance Periods, or (e) unexpired Periods of Restriction at the time of a Separation from Service, shall be forfeited to the Company.
5.4Nontransferability of Awards.
(a)Each Award and each right under any Award shall be exercisable only by the Grantee during the Grantee’s lifetime, or, if permissible under applicable law, by the Grantee’s guardian or legal representative or by a transferee receiving such Award pursuant to a domestic relations order (“DRO”).
(b)No Award (prior to the time, if applicable, Shares are delivered in respect of such Award), and no right under any Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Grantee otherwise than by will or by the laws of descent and distribution (or in the case of Shares of Restricted Stock, to the Company) or pursuant to a DRO, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company and any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.
(c)Notwithstanding subsections (a) and (b) above, to the extent provided in the Award Agreement, Director Annual Grants, Restricted Stock Units, Stock Appreciation Rights and Awards other than Incentive Stock Options and Non-Equity Incentive Awards, may be transferred to one or more trusts or persons during the lifetime of the Grantee in connection with the Grantee’s estate planning, and may be exercised by such transferee in accordance with the terms of such Award.  If so determined by the Committee, a Grantee may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Grantee, and to receive any distribution with respect to any Award upon the death of the 
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Grantee.  A transferee, beneficiary, guardian, legal representative or other person claiming any rights under the Plan from or through any Grantee shall be subject to and consistent with the provisions of the Plan and any applicable Award Agreement, except to the extent the Plan and Award Agreement otherwise provide with respect to such persons, and to any additional restrictions or limitations deemed necessary or appropriate by the Committee.
(d)Nothing herein shall be construed as requiring the Committee to honor a DRO except as required under the respective Award Agreement or to the extent required under applicable law.
5.5Cancellation and Rescission of Awards.  Unless the Award Agreement specifies otherwise, the Committee may cancel, rescind, suspend, withhold, or otherwise limit or restrict any unexercised Award at any time if the Grantee is not in compliance with all applicable provisions of the Award Agreement and the Plan or if the Grantee has a Separation from Service.
5.6Stand-Alone, Tandem and Substitute Awards.
(a)Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for, any other Award granted under the Plan or any other plan of the Company or any Affiliate.  In connection with the Company’s acquisition, however effected, of another corporation or entity (the “Acquired Entity”) or the assets thereof, the Committee may, at its discretion, grant Awards (“Substitute Awards”) associated with the stock or other equity interest in such Acquired Entity (“Acquired Entity Award”) held by a Grantee immediately prior to such Acquisition in order to preserve for Grantee the economic value of all or a portion of such Acquired Entity Award on such terms as the Committee determines necessary to achieve preservation of economic value.  If an Award is granted in substitution for another Award or any non-Plan award or benefit, the Committee shall require the surrender of such other Award or non-Plan award or benefit in consideration for the grant of the new Award.  Awards granted in addition to or in tandem with other Awards or non-Plan awards or benefits may be granted either at the same time as or at a different time from the grant of such other Awards or non-Plan awards or benefits.
(b)The Committee may, in its discretion and on such terms and conditions as the Committee considers appropriate in the circumstances, grant Awards under the Plan in substitution for stock and stock-based Awards held by employees of another corporation who become employees of the Company or an Affiliate as the result of a merger or consolidation or other combination of the employing corporation with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or stock of the employing corporation.

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5.7Compliance with Rule 16b-3.
(a)Reformation to Comply with Exchange Act Rules.  To the extent the Committee determines that a grant or other transaction by a Section 16 Person should comply with applicable provisions of Rule 16b-3 (except for transactions exempted under alternative Exchange Act rules), the Committee shall take such actions as necessary to make such grant or other transaction so comply, and if any provision of this Plan or any Award Agreement relating to a given Award does not comply with the requirements of Rule 16b-3 as then applicable to any such grant or transaction, such provision will be construed or deemed amended, if the Committee so determines, to the extent necessary to conform to the then applicable requirements of Rule 16b-3 without the consent of or notice to the affected Section 16 Person.
(b)Rule 16b-3 Administration.  Any function relating to a Section 16 Person shall be performed solely by the Committee or the Board if necessary to ensure compliance with applicable requirements of Rule 16b-3, to the extent the Committee determines that such compliance is desired.  Each member of the Committee or person acting on behalf of the Committee shall be entitled to, in good faith, rely or act upon any report or other information furnished to him by any officer, manager or other employee of the Company or any Affiliate, the Company’s independent certified public accountants or any executive compensation consultant or attorney or other professional retained by the Company to assist in the administration of the Plan.  For purposes of Section 5.7(a) and this Section 5.7(b), references to “Committee” means the Compensation Committee of the Board or, if a separate body, the Independent Committee.
5.8Deferral of Award Payouts.  The Committee may permit or require a Grantee to defer receipt of the payment of cash or the delivery of Shares that would otherwise be due by virtue of the lapse or waiver of restrictions with respect to Shares of Restricted Stock, the satisfaction of any requirements or goals with respect to Performance Units or Performance Shares, the lapse or waiver of the Period of Restriction for Restricted Stock Units, or the lapse or waiver of restrictions with respect to Other Stock-Based Awards.  The Committee may also require such a deferral of receipt in order to avoid non-deductibility of any amounts associated with such Award or to comply with the requirements of applicable law.  If any such deferral is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for such payment deferrals.  Except as otherwise provided in an Award Agreement or this Section 5.8, any payment of any Shares that are subject to such deferral shall be made or delivered to the Grantee upon the Grantee’s Separation from Service.  Notwithstanding anything herein to the contrary, in no event will any deferral or payment of a deferred number of Shares or any other payment with respect to any Award be allowed if the Committee determines, in its sole discretion, that the deferral would result in the imposition of the additional tax under Section 409A(a)(1)(B) of the Code.
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Article 6.- Stock Options
6.1Grant of Options.  Subject to and consistent with the provisions of the Plan, Options may be granted to any Eligible Person in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.
6.2Award Agreement.  Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the Option Term (which shall be for a period of not more than ten (10) years from its Grant Date), the number of Shares to which the Option pertains, the time or times at which such Option shall be exercisable and such other provisions as the Committee shall determine; provided further that notwithstanding anything to the contrary, any Award to an Eligible Person of an Option shall, to the extent applicable, include the minimum vesting requirement set forth in Section 3.2(b).
6.3Option Price; No Repricing.  The Option Price of an Option under this Plan shall be determined in the sole discretion of the Committee, and, except with respect to an Option granted as an Acquired Entity Award, shall be at least equal to 100% of the Fair Market Value of a Share on the Grant Date.  Subject to the adjustment under Section 4.2, neither the Committee nor the Board shall have the authority or discretion to reduce, directly or indirectly, the Option Price of any outstanding Option without stockholder approval, including, without limitation, by (a) canceling previously awarded Options and regranting them with a lower Option Price, (b) at any time when the Option Price of a previously awarded Option is above the Fair Market Value of a Share, exchanging or buying out such previously granted Option for a payment in cash, Shares or other Award, notwithstanding any authority otherwise granted the Committee or the Board under the Plan or (c) take any other action with respect to an Option that would be treated as a repricing under the rules and regulations of the principal securities exchange on which the Shares are traded.
6.4Grant of Incentive Stock Options.  At the time of the grant of any Option, the Committee may in its discretion designate that such Option (or portion thereof) shall be made subject to additional restrictions to permit it to qualify as an Incentive Stock Option.  Any Option (or portion thereof) designated as an Incentive Stock Option:
(a)shall be granted only to an employee of the Company or a Subsidiary Corporation (as defined below);
(b)shall have an Option Price of not less than 100% of the Fair Market Value of a Share on the Grant Date, and, if granted to a person who owns capital stock (including stock treated as owned under Section 424(d) of the Code) possessing more than 10% of the total combined voting power of all classes of capital stock of the Company or any Subsidiary Corporation (a “10% Owner”), have an Option Price not less than 110% of the Fair Market Value of a Share on its Grant Date;
(c)shall be for a period of not more than 10 years (five years if the Grantee is a 10% Owner) from its Grant Date, and shall be subject to earlier termination as provided herein or in the applicable Award Agreement;
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(d)shall not have an aggregate Fair Market Value (as of the Grant Date) of the Shares with respect to which Incentive Stock Options (whether granted under the Plan or any other stock option plan of the Grantee’s employer or any parent or Subsidiary Corporation (“Other Plans”)) are exercisable for the first time by such Grantee during any calendar year (“Current Grant”), determined in accordance with the provisions of Section 422 of the Code, which exceeds $100,000 (the “$100,000 Limit”);
(e)shall require the Grantee to notify the Committee of any disposition of any Shares delivered pursuant to the exercise of the Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to holding periods and certain disqualifying dispositions) (a “Disqualifying Disposition”), within 10 days of such a Disqualifying Disposition; and
(f)shall by its terms not be assignable or transferable other than by will or the laws of descent and distribution and may be exercised, during the Grantee’s lifetime, only by the Grantee; provided that the Grantee may, to the extent provided in the Plan in any manner specified by the Committee, designate in writing a beneficiary to exercise his or her Incentive Stock Option after the Grantee’s death.
For purposes of this Section 6.4, “Subsidiary Corporation” means a corporation other than the Company in an unbroken chain of corporations beginning with the Company if, at the time of granting the Option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.  Notwithstanding the foregoing and Section 3.2, the Committee may, without the consent of the Grantee, at any time before the exercise of an Option (whether or not an Incentive Stock Option), take any action necessary to prevent such Option from being treated as an Incentive Stock Option.
Notwithstanding anything in this Section 6.4 to the contrary, Options designated as Incentive Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options (and will be deemed to be Non-Qualified Stock Options) to the extent that either (a) the aggregate Fair Market Value of the Shares (determined on the Grant Date) with respect to the Current Grant and all Incentive Stock Options previously granted under the Plan and any Other Plans which are exercisable for the first time during a calendar year would exceed the $100,000 Limit, or (b) such Options otherwise remain exercisable but are not exercised within three (3) months of Separation from Service (or such other period of time provided in Section 422 of the Code).
6.5Payment.  Except as otherwise provided by the Committee in an Award Agreement or otherwise, Options shall be exercised by the delivery of a written notice of exercise to the Company or its designee, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares made by any one or more of the following means, subject to the approval of the Committee:
(a)cash, personal check or wire transfer;
(b)Shares, valued at their Fair Market Value on the date of exercise;
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(c)withholding of Shares otherwise deliverable upon exercise valued at their Fair Market Value on the date of exercise; or
(d)subject to applicable law, pursuant to procedures previously approved by the Company, in cash through the sale of the Shares acquired on exercise of the Option through a broker-dealer to whom the Grantee has submitted an irrevocable notice of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale or loan proceeds sufficient to pay for such Shares, together with, if requested by the Company, the mandatory amount of federal, state, local and foreign withholding taxes payable by Grantee by reason of such exercise.
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Article 7.- Shares of Restricted Stock
7.1Grant of Shares of Restricted Stock.  Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to any Eligible Person in such amounts as the Committee shall determine.
7.2Award Agreement.  Each grant of Shares of Restricted Stock shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Committee shall determine.  The Committee may impose such conditions and/or restrictions on any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable, including restrictions based upon the achievement of specific Performance Measures, time-based restrictions on vesting following the attainment of the Performance Measures, and/or restrictions under applicable securities laws; provided that such conditions and/or restrictions may lapse, if so determined by the Committee, in the event of the Grantee’s Separation from Service due to death, Disability, normal or approved early retirement, or involuntary termination by the Company or an Affiliate without “cause.” Except as otherwise determined by the Committee, upon Separation from Service during the applicable Period of Restriction, Shares of Restricted Stock that are at that time subject to forfeiture shall be forfeited and automatically reacquired by the Company.
7.3Consideration for Shares of Restricted Stock.  The Committee shall determine the amount, if any, that a Grantee shall pay for Shares of Restricted Stock, subject to the following sentence.  Except with respect to Shares of Restricted Stock that are treasury shares, for which no payment need be required, the Committee shall require the Grantee to pay at least the par value of a Share for each Share of Restricted Stock.  Such payment shall be made in full in cash and/or other consideration permissible by applicable law (including prior and/or future services, which shall be considered a “benefit to the corporation” within the meaning of Section 152 of the Delaware General Corporation Law) by the Grantee before the delivery of the Shares under terms determined by the Committee.
7.4Effect of Forfeiture.  If Shares of Restricted Stock are forfeited, and if the Grantee was required to pay for such Shares with cash or property, the Grantee shall be deemed to have resold such Shares to the Company at a price equal to the lesser of (a) the amount paid in cash or property by the Grantee for such Shares, or (b) the Fair Market Value of such Shares at the close of business on the date of such forfeiture.  The Company shall pay to the Grantee the deemed sale price as soon as is administratively practical.  Such Shares shall cease to be outstanding, and shall no longer confer on the Grantee thereof any rights as a stockholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts the Company’s tender of payment for such Shares.
7.5Escrow; Legends.  The Committee may provide that any certificates for any Shares of Restricted Stock (a) shall be held (together with one or more stock powers executed in blank by the Grantee) in escrow by the Secretary of the Company until such Shares become nonforfeitable or are forfeited and/or (b) shall bear an appropriate legend restricting the transfer of such Shares.  If any Shares of Restricted Stock become nonforfeitable, the Company shall cause certificates for such Shares to be delivered without such legend, except as may be required under applicable law.
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7.6Voting Rights; Dividends and Distributions.  Unless otherwise determined by the Committee, individuals holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those shares during the Period of Restriction.  Individuals in whose name Shares of Restricted Stock are granted shall be entitled to receive all dividends and other distributions paid with respect to those Shares.  Unless otherwise determined by the Committee, such dividends and other distributions shall be paid once the Period of Restriction has ended; provided, however, in no event will dividends or other distributions be paid during the Performance Period with respect to unearned Awards of Restricted Stock that are subject to performance-based vesting criteria.
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Article 8.- Restricted Stock Units
8.1Grant of Restricted Stock Units.  Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time to time, may grant Restricted Stock Units to any Eligible Person, in such amount and upon such terms as the Committee shall determine.
8.2Delivery and Limitations.  Delivery of Shares will occur upon expiration of the Period of Restriction specified for the Award of Restricted Stock Units by the Committee.  In addition, an Award of Restricted Stock Units shall be subject to such limitations as the Committee may impose, which limitations may lapse at the end of the Period of Restriction of such Restricted Stock Units or at other specified times, separately or in combination, in installments or otherwise, as the Committee shall determine at the time of grant or thereafter.  A Grantee awarded Restricted Stock Units will have no voting rights in respect of such Restricted Stock Units.  The Committee may award a Grantee Dividend Equivalents in respect of Restricted Stock Units that are the subject of an Award Agreement, as specified in and according to the terms of such Award Agreement.  Unless otherwise determined by the Committee, such Dividend Equivalents shall be paid once the Period of Restriction or other applicable limitations or restrictions have ended; provided, however, in no event will Dividend Equivalents be paid during the Performance Period with respect to unearned Restricted Stock Units that are subject to performance-based vesting criteria.
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Article 9.- Performance Units and Performance Shares
9.1Grant of Performance Units and Performance Shares.  Subject to and consistent with the provisions of the Plan, Performance Units or Performance Shares may be granted to any Eligible Person in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee.
9.2Value/Performance Goals.  The Committee shall set Performance Measures in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units or Performance Shares that will be paid to the Grantee.  
(a)Performance Unit.  Each Performance Unit shall have an initial value that is established by the Committee at the time of grant.
(b)Performance Share.  Each Performance Share shall have an initial value equal to the Fair Market Value of a Share at the close of business on the Grant Date.
9.3Earning of Performance Units and Performance Shares.  After the applicable Performance Period has ended, the holder of Performance Units or Performance Shares shall be entitled to payment based on the level of achievement of Performance Measures set by the Committee.
At the discretion of the Committee, the settlement of Performance Units or Performance Shares may be in cash, Shares of equivalent value, or in some combination thereof, as set forth in the Award Agreement or otherwise determined by the Committee.
If a Grantee is promoted, demoted or transferred to a different operating area of the Company during a Performance Period, then, to the extent the Committee determines the Performance Measures or Performance Period are no longer appropriate, the Committee may adjust, change, eliminate or cancel the Performance Measures or the applicable Performance Period as it deems appropriate in order to make them appropriate and comparable to the initial Performance Measures or Performance Period.
The Committee may award a Grantee Dividend Equivalents in respect of Performance Units that are the subject of an Award Agreement, as specified in and according to the terms of such Award Agreement.  Any such Dividend Equivalents shall not be paid except with respect to those Performance Units that have been earned based on the level of achievement of applicable Performance Measures.  Grantees to whom Performance Shares are granted shall be entitled to receive all dividends and other distributions paid only with respect to those Shares that have been earned based on the level of achievement of Performance Measures.  In addition, a Grantee may, at the discretion of the Committee, be entitled to exercise his or her voting rights with respect to such Shares to the extent such Shares have been issued to the Grantee.
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Article 10.- Stock Appreciation Rights
10.1Grant of SARs.  Subject to and consistent with the provisions of the Plan, stock appreciation rights (“Stock Appreciation Rights” or “SARs”) may be granted to any Eligible Persons in such numbers and upon such terms, and at any time and from time to time, as shall be determined by the Committee.  Each SAR shall represent the right of the Grantee to receive upon exercise of the SAR an amount equal to the amount described in Section 10.3, subject to such terms and conditions as the Committee shall determine; provided that notwithstanding anything to the contrary, any Award to an Eligible Person of a SAR shall, to the extent applicable, include the minimum vesting requirement set forth in Section 3.2(b).
10.2Award Agreement.  Each grant of SARs shall be evidenced by an Award Agreement that shall specify, as the Committee shall determine, the number of Shares as to which the SAR relates, the Base Amount, the term and such other terms and conditions as the Committee shall determine, including without limitation vesting and forfeiture, provided that as to each SAR:
(a)except with respect to a SAR granted as an Acquired Entity Award, the Base Amount shall never be less than the Fair Market Value of a Share on the Grant Date; and
(b)the term shall not exceed ten years from the Grant Date.
10.3Payment of SAR Amount.  Upon exercise of an SAR, the Grantee shall be entitled to receive payment of an amount determined by multiplying (a) the difference between the Base Amount of the SAR and the Fair Market Value of a Share at the close of business on the date the SAR is exercised by (b) the number of Shares with respect to which the SAR is exercised.  In the discretion of the Committee, payment of the SAR amount by the Company may be in cash, Shares or a combination of cash and Shares.
10.4No Repricing.  Subject to the adjustment under Section 4.2, neither the Committee nor the Board shall have the authority or discretion to reduce, directly or indirectly, the Base Amount of any outstanding SAR without stockholder approval, including, without limitation, by (a) canceling previously awarded SARs and regranting them with a lower Base Amount, (b) at any time when the Base Amount of a previously granted SAR is above the Fair Market Value of a Share, exchanging or buying out such previously granted SARs for a payment in cash, Shares or other Award, notwithstanding any authority otherwise granted the Committee under the Plan, or (c) take any other action with respect to a SAR that would be treated as a repricing under the rules and regulations of the principal securities exchange on which the Shares are traded.
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Article 11.- Other Stock-Based Awards
The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible Persons such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or other securities, as deemed by the Committee to be consistent with the purposes of the Plan, including Shares awarded which are convertible or exchangeable debt securities or other rights convertible or exchangeable into Shares, Awards valued by reference to the value of securities of or the performance of specified Affiliates, and Awards payable in securities of Affiliates; provided that notwithstanding anything to the contrary, any such Award to an Eligible Person that is valued based on appreciation in the value of a Share following the Grant Date, shall, to the extent applicable, include the minimum vesting requirement set forth in Section 3.2(b).  Subject to and consistent with the provisions of the Plan, the Committee shall determine the terms and conditions of such Awards.  Except as provided by the Committee, Shares or other securities delivered pursuant to a purchase right granted under this Article 11 shall be purchased for such consideration, paid for by such methods and in such forms, including cash, Shares, outstanding Awards or other property or other consideration permitted by applicable law, as the Committee shall determine.
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Article 12.- Non-Equity Incentive Awards
The Committee is authorized to grant Non-Equity Incentive Awards alone or in conjunction with other Awards to individuals who are Eligible Persons.  All terms, conditions and limitations applicable to any Non-Equity Incentive Award shall be determined by the Committee, subject to and consistent with the provisions of the Plan.
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Article 13.- Change in Control
13.1Acceleration of Exercisability and Lapse of Restrictions.  If, upon or within two (2) years following a Change in Control a Grantee has a Separation from Service with the Company and the Company’s Affiliates (excluding any transfer to the Company or its Affiliates) voluntarily for Good Reason, or involuntarily (other than due to Cause, death, Disability, or Retirement) the following acceleration provisions shall apply to Awards other than Awards granted under Article 14:
(a)All outstanding Awards pursuant to which the Grantee may have rights, the exercise of which is restricted or limited, shall become fully exercisable; unless the right to lapse restrictions or limitations is waived or deferred by a Grantee prior to such lapse, all restrictions or limitations (including risks of forfeiture) on outstanding Awards subject to restrictions or limitations under the Plan shall lapse; and all performance criteria and other conditions to payment of Awards under which payments of cash, Shares or other property are subject to conditions shall be deemed to be achieved or fulfilled (at the target level, to the extent applicable) and shall be waived by the Company; and
(b)Notwithstanding any other provision of the Plan or any outstanding Award Agreement, Awards in the form of Non-Qualified Stock Options which are accelerated under this Section 13.1 shall be exercisable after a Grantee’s Separation from Service for a period equal to the lesser of (i) the remaining term of each nonqualified option; or (ii) eighteen (18) months.
Notwithstanding anything herein to the contrary, in the event of a Change in Control in which the acquiring or surviving company in the transaction does not assume or continue outstanding Awards upon the Change in Control or to provide equivalent awards of substantially the same value, immediately prior to the Change in Control, all Awards that are not assumed or continued shall be treated as follows effective immediately prior to the Change in Control: all outstanding Awards pursuant to which the Grantee may have rights, the exercise of which is restricted or limited, shall become fully exercisable; unless the right to lapse restrictions or limitations is waived or deferred by a Grantee prior to such lapse, all restrictions or limitations (including risks of forfeiture) on outstanding Awards subject to restrictions or limitations under the Plan shall lapse; and all performance criteria and other conditions to payment of Awards under which payments of cash, Shares or other property are subject to conditions shall be deemed to be achieved or fulfilled (at the target level, to the extent applicable) and shall be waived by the Company.  For the avoidance of doubt, nothing herein shall require the acquiring or surviving company in a Change in Control to assume all Awards previously made under the Plan or to provide equivalent awards of substantially the same value.
In no event shall any action be taken pursuant to this Section 13.1 that would change the payment or settlement date of an Award in a manner that would result in the imposition of any additional taxes or penalties pursuant to Section 409A of the Code.
13.2Definitions.   For purposes of this Article 13, the following terms shall have the meanings set forth below:
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(a)“Cause” means, from and after the occurrence of a Change in Control, unless otherwise defined in an Award Agreement or individual employment, change in control, or other severance agreement, the occurrence of any one or more of the following, as determined in the good faith and reasonable judgment of the Committee:
(i)willful failure by a Grantee to substantially perform his or her duties (as they existed immediately prior to a Change in Control), other than any such failure resulting from a Disability; or
(ii)Grantee’s conviction of or plea of nolo contendere to a crime involving fraud, dishonesty or any other act constituting a felony involving moral turpitude or causing material harm, financial or otherwise, to the Company or an Affiliate; or
(iii)Grantee’s willful or reckless material misconduct in the performance of his duties which results in an adverse effect on the Company, the Subsidiary or an Affiliate; or
(iv)Grantee’s willful or reckless violation or disregard of the code of business conduct or other published policy of the Company or an Affiliate; or
(v)Grantee’s habitual or gross neglect of duties.
(b)“Change Date” means, with respect to an Award, the date on which a Change in Control first occurs while the Award is outstanding.
(c)“Change in Control” means, unless otherwise defined in an Award Agreement or individual Change in Control severance agreement, the occurrence of any one or more of the following events:
(i) A majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not approved by a majority of the members constituting the Board prior to the date of the appointment or election; or
(ii)any Person becomes a “Beneficial Owner” (such term for purposes of this definition being as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (c)(ii), the following acquisitions shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a subsidiary of the Company (a “Subsidiary”), (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (c)(iii) below); or
(iii)the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all 
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of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the outstanding shares of common stock of the Company (“Company Common Stock”) and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (2) no Person (other than (x) the Company or any Subsidiary of the Company, (y) the Surviving Entity or its ultimate parent, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 30% or more of the Company Voting Securities, and (3) at least a majority of the members of the board of directors or similar governing body of the Surviving Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or at the time of the action of the Board, providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (1), (2) and (3) above shall be deemed to be a “Non-Qualifying Transaction”); or
(iv) approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

Notwithstanding the occurrence of any of the foregoing events and subject to Section 17.18, a Change in Control shall not occur with respect to a Grantee if, in advance of such event, the Grantee agrees in writing that such event shall not constitute a Change in Control.

(d)“Good Reason” means, unless otherwise defined in an Award Agreement or individual employment, change in control or other severance agreement, the occurrence, upon or within two years following a Change in Control and without a Grantee’s prior written consent, of any one or more of the following:
(i)a material adverse reduction in the nature or scope of the Grantee’s duties from the most significant of those assigned at any time in the 90-day period prior to a Change in Control; or
(ii)a significant reduction in the authority and responsibility assigned to the Grantee; or
(iii)any material reduction in or failure to pay Grantee’s base salary; or
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(iv)a material reduction of Grantee’s aggregate compensation and/or aggregate benefits from the amounts and/or levels in effect on the Change Date, unless such reduction is part of a policy applicable to peer employees of the Employer and of any successor entity; or
(v)a requirement by the Company or an Affiliate that the Grantee’s principal duties be performed at a location more than fifty (50) miles from the location where the Grantee was employed immediately preceding the Change in Control, without the Grantee’s consent (except for travel reasonably required in the performance of the Grantee’s duties); provided such new location is farther from Grantee’s residence than the prior location.

Notwithstanding anything in this Article 13 to the contrary, no act or omission shall constitute grounds for “Good Reason”:
(vi)Unless, at least 30 days prior to his termination, Grantee gives a written notice to the Company or the Affiliate that employs Grantee of his intent to terminate his employment for Good Reason which describes the alleged act or omission giving rise to Good Reason;
(vii)Unless such notice is given within 90 days of Grantee’s first actual knowledge of such act or omission; and
(viii)Unless the Company or the Affiliate that employs Grantee fails to cure such act or omission within the 30 day period after receiving such notice.

Further, no act or omission shall be “Good Reason” if Grantee has consented in writing to such act or omission.

(e)“Incumbent Board”  means, unless otherwise defined in an individual employment, change in control or other severance agreement, individuals who, as of the Effective Date, constitute the Board and any other individual who becomes a director of the Company after that date and whose election or appointment by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board.
(f)“Person” means, unless otherwise defined in an individual employment, change in control or other severance agreement, a Person as defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “1934 Act”) and as used in this Subparagraph (f) and 14(d)(2) of the 1934 Act.
(g)“Retirement” means, unless otherwise defined in an individual employment, change in control or other severance agreement, “qualifies for Retirement” as set forth in Article 2.
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Article 14.- Non-Management Director Awards 
14.1Director Annual Grant.
(a)Automatic Grant of Director Annual Grant.  Subject to adjustment as provided in Section 4.2, annually each Non-Management Director shall be granted an annual Award payable, as determined by the Board, in the form of one or a combination of Restricted Stock or Restricted Stock Units (determined by rounding up to the next higher whole number of Shares any fractional portion of a Share equal to or in excess of one-half Share, and otherwise rounding down to the next lower whole number of Shares) having a Fair Market Value at the close of business on the Grant Date of up to Three Hundred Thousand Dollars ($300,000); provided, however, that with respect to a Non-Management Director who is designated as Chairman of the Board or Lead Director, the annual Award granted to the Non-Management Director may have a Fair Market Value of up to two hundred percent (200%) of the foregoing limit (“Director Annual Grant”). No Non-Management Director may be provided with compensation for any calendar year in excess of $750,000 in the aggregate, including cash payments and equity awards, including any Awards made hereunder.  Notwithstanding the foregoing, the Board, in its sole discretion, may reduce or eliminate an annual Award that would otherwise be granted to a Non-Management Director.  The Grant Date for such Director Annual Grant shall be the date of the annual meeting of company stockholders (“Annual Meeting of Company Stockholders”) commencing with the Annual Meeting of Company Stockholders in 2020.  If no Annual Meeting of Company Stockholders is held prior to June 1 of any calendar year, the Grant Date for the Director Annual Grant shall be May 31.  Notwithstanding the foregoing, the Board may, in its discretion exercised at any time prior to the date a Director Annual Grant is granted for a year, provide that the Director Annual Grant for such year shall be granted in installments, so that only a portion (which portion shall be the same for each Non-Management Director) of the Director Annual Grant shall be granted on the date of the Annual Meeting of Company Stockholders (or May 31, as applicable) of such year, and the remaining portion or portions shall be granted at such time or times in such year as the Board may specify at the time it determines to grant the Director Annual Grant in installments.  A person who first becomes a Non-Management Director after the conclusion of the Annual Meeting of Company Stockholders and prior to August 1 of any year shall be granted the full Director Annual Grant for such year as of December 15.
(b)Prorated Director Annual Grant.
(i)Subject to adjustment as provided in Section 4.2, a person who first becomes a Non-Management Director on or after August 1 of any year and prior to the first Annual Meeting of Company Stockholders following the date the person becomes a Non-Management Director shall be granted a prorated Director Annual Grant for such first year with a Grant Date following the date such person becomes a Non-Management Director determined as follows:
(A)The Grant Date shall be December 15 if the person first becomes a Non-Management Director on or before December 15 of the year.
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(B)The Grant Date shall be the date of the next Annual Meeting of Company Stockholders if the person first becomes a Non-Management Director on or after December 16 of the year.  If no Annual Meeting of Company Stockholders is held prior to the next following June 1, the Grant Date shall be May 31 of the year following the date the person becomes a Non-Management Director.
(ii)The prorated portion of the Director Annual Grant shall be determined by multiplying the value of such Director Annual Grant by a fraction, the numerator of which is the number of full and fractional calendar months elapsing between the date such person first becomes a Non-Management Director and the date of the first Annual Meeting of Company Stockholders following the date the person becomes a Non-Management Director and the denominator of which is twelve; provided that with respect to any component of a Director Annual Grant denominated in Shares, including but not limited to Shares of Restricted Stock or Restricted Stock Units, only whole numbers of Shares shall be granted, determined by rounding up to the next higher whole number of Shares any fractional portion of a Share equal to or in excess of one-half Share, and otherwise rounding down to the next lower whole number of Shares.  If no Annual Meeting of Company Stockholders is scheduled as of a December 15 Grant Date or held as of a May 31 Grant Date, such prorated Director Annual Grant shall be determined by multiplying each component of such Director Annual Grant by a fraction, the numerator of which is the number of full and fractional calendar months elapsing between the date such person first becomes a Non-Management Director and May 31 of the year following the date such person becomes a Non-Management Director and the denominator of which is twelve.  As to any component denominated in Shares, including without limitation Shares of Restricted Stock or Restricted Stock Units, only whole numbers of Shares shall be granted, determined by rounding up to the next higher whole number of Shares any fractional portion of a Share equal to or in excess of one-half Share, and otherwise rounding down to the next lower whole number of Shares.
(iii)In the event the Board has determined that the Director Annual Grant for a year shall be granted in installments, the Board shall make appropriate provisions for prorating installments with respect to Non-Management Directors entitled to a prorated Director Annual Grant, consistent with the preceding provisions of this Section 14.1(b).
(c)Non-Management Director Status.  A person must be a Non-Management Director on the Grant Date of a Director Annual Grant (or any installment thereof) in order to be granted such Director Annual Grant (or installment thereof).  For a Director Annual Grant granted on the date of the Annual Meeting of Company Stockholders, other than a prorated Director Annual Grant, the person must be a Non-Management Director at the conclusion of the Annual Meeting of Company Stockholders.
(d)Vesting and Payment.  Each Director Annual Grant shall vest and be paid out in Shares as determined by the Committee.

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14.2Election to Receive Director Fees in Shares or Restricted Stock Units in Lieu of Cash.
(a)Payment of Director Fees in Shares.  A Non-Management Director may elect (“Equity Election”) to be paid all or a portion of cash fees, if any, earned in his or her capacity as a Non-Management Director (including any retainer fees, fees for service as chairman of a Board committee and any other cash fees paid to directors (“Director Fees”)), in the form of Shares in lieu of cash.  An Equity Election may be made at any time prior to the date Director Fees would otherwise have been paid in cash, subject to such restrictions and advance filing requirements as the Company may impose, including, but not limited to, restrictions designed to comply with the requirements of Section 409A of the Code.  Equity Elections made pursuant to The Williams Companies, Inc. 1996 Stock Plan for Non-Employee Directors or The Williams Companies, Inc. 2002 Incentive Plan, as amended from time to time, that were in effect on the date stockholders approve this Plan shall remain in effect under this Plan, subject to the remainder of this Section 14.2(a).  Each Equity Election shall be irrevocable, shall specify the portion of the Director Fees to be paid in the form of Shares and shall remain in effect with respect to future Director Fees until the Non-Management Director revokes or changes such Equity Election.  Any such revocation or change shall have prospective application only.  Shares delivered pursuant to an Equity Election shall be that whole number of Shares (determined by rounding up to the next higher whole number of Shares any fractional portion of a Share equal to or in excess of one-half Share, and otherwise rounding down to the next lower whole number of Shares), determined by dividing the amount of Director Fees to be paid in Shares by the Fair Market Value of a Share at the close of business on the date such Director Fees would otherwise be paid.
(b)Payment of Director Fees in Restricted Stock Units.  A Non-Management Director who makes a Deferral Election in accordance with Section 14.3 shall receive all or part (as he or she elects) of his or her Director Fees in the form of a number of Restricted Stock Units equal to the quotient of the amount of Director Fees to be paid in the form of Restricted Stock Units divided by the Fair Market Value of a Share at the close of business on the date such Director Fees would otherwise be paid in cash.
14.3Deferral Elections.  To the extent permitted by the Committee from time to time, each member of the Board who is a Non-Management Director may make an election (“Deferral Election”) to be paid any or all of the following (“Deferrable Amounts”) in the form of Restricted Stock Units in lieu of cash or Shares, as applicable: (a) Director Annual Grants as provided in Section 14.1; or (b) Director Fees as provided in 14.2(a).
(a)Timing of Deferral Elections.  An initial Deferral Election must be filed with the Human Resources Department of the Company no later than December 31 of the year preceding the calendar year in which the Deferrable Amounts to which the Deferral Election applies would otherwise be paid or delivered, subject to such restrictions and advance filing requirements as the Company may impose; provided that any newly elected or appointed Non-Management Director may file a Deferral Election not later than 30 days after the date such person first becomes a Non-Management Director.  A Deferral Election shall be irrevocable as of the filing deadline and shall only apply with respect to Deferrable Amounts otherwise payable after the filing of such election.  Each Deferral Election (including a deferral election 
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filed under The Williams Companies, Inc. 1996 Stock Plan for Non-Employee Directors or The Williams Companies, Inc. 2002 Incentive Plan that was in effect on the date stockholders approved this Plan) shall remain in effect with respect to subsequently earned Deferrable Amounts unless the Non-Management Director revokes or changes such Deferral Election.  Any such revocation or change shall have prospective application only and shall in no event apply with respect to compensation earned in the calendar year in which the revocation or change is made.
(b)Content of Deferral Elections.  A Deferral Election must specify the following:
(i)(A) The number of shares (including shares subject to Restricted Stock Units granted under Section 14.1(a) or Section 14.1(b)) subject to the Director Annual Grant to be deferred and paid in Restricted Stock Units under this Section 14.3 and/or (B) the dollar amount of Director Fees to be deferred and paid in Restricted Stock Units under this Section 14.3, as applicable; and
(ii)the date such Restricted Stock Units shall be paid (subject to such Period of Restriction and other limitations as may be specified by counsel to the Company).
(c)Deferral Account.  The Company shall establish an account (“Deferral Account”) on its books for each Non-Management Director who makes a Deferral Election.  A number of Restricted Stock Units (determined in the case of a Deferrable Amount otherwise payable in cash by dividing the amount of cash to be deferred by the Fair Market Value of a Share at the close of business on the date such cash would otherwise be paid) shall be credited to the Non-Management Director’s Deferral Account as of each date a Deferrable Amount subject to a Deferral Election would otherwise be paid.  Deferral Accounts shall be maintained for recordkeeping purposes only and the Company shall not be obligated to segregate or set aside assets representing securities or other amounts credited to Deferral Accounts.  The obligation to make distributions of securities or other amounts credited to Deferral Accounts shall be an unfunded unsecured obligation of the Company.
(d)Settlement of Deferral Accounts.  The Company shall settle a Non-Management Director’s Deferral Account by delivering to the holder thereof (which may be the Non-Management Director or his or her beneficiary) a number of Shares equal to the number of Restricted Stock Units then credited to such Deferral Account (or a specified portion in the event of any partial settlement); provided that if less than the value of a whole Share remains in the Deferral Account at the time of any such distribution, the number of Shares distributed shall be rounded up to the next higher whole number of Shares if the fractional portion of a Share remaining is equal to or in excess of one-half Share, and otherwise shall be rounded down to the next lower whole number of Shares.  Such settlement shall be made at the time or times specified in the applicable Deferral Election.
14.4Insufficient Number of Shares.  If at any date insufficient Shares are available under the Plan for the automatic grant of Director Annual Grants, or the delivery of Shares in lieu of cash payment of Director Fees, or crediting Restricted Stock Units pursuant to a Deferral Election, (a) Director Annual Grants under Section 14.1 automatically shall be granted proportionately to each Non-Management Director eligible for such a grant to the extent Shares are then available 
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(provided that no Director Annual Grant shall be granted with respect to a fractional number of Shares), and (b) then, if any Shares remain available, Director Fees elected to be received in Shares shall be paid in the form of Shares or Restricted Stock Units proportionately among Non-Management Directors then eligible to participate to the extent Shares are then available and otherwise in the form of cash.
14.5Non-Forfeitability.  The interest of each Non-Management Director in Director Annual Grants granted or delivered under the Plan at all times shall be non-forfeitable, except to the extent the Board provides otherwise.
14.6No Duplicate Payments.  No payments or Awards shall be made or granted under this Plan with respect to any services as a Non-Management Director if a payment or award has been or will be made for the same services under The Williams Companies, Inc. 1996 Stock Plan for Non Employee Directors or The Williams Companies, Inc. 2002 Incentive Plan, as amended from time to time.
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Article 15.- Amendment, Modification, and Termination
15.1Amendment, Modification, and Termination.  Subject to Section 15.2, the Board may, at any time and from time to time, alter, amend, suspend, discontinue or terminate the Plan in whole or in part without the approval of the Company’s stockholders, except that (a) any amendment or alteration shall be subject to the approval of the Company’s stockholders if such stockholder approval is required by any federal or state law or regulation or the rules of any securities exchange or other form of securities market on which the Shares may then be listed or quoted, (b) the Board may otherwise, in its discretion, determine to submit other such amendments or alterations to stockholders for approval and (c) no amendment or alteration of Section 6.3 or Section 10.4 (except to correct a scrivener’s error) shall be made without the approval of the Company’s stockholders.
15.2Awards Previously Granted.  Except as otherwise specifically permitted in the Plan, including Section 3.2, or an Award Agreement, no termination, amendment, or modification of the Plan, other than amendments or modifications required by applicable law, shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Grantee of such Award; provided that at any time prior to a Change in Control, Article 13 may be removed, amended or modified in a manner that adversely affects Awards previously granted under the Plan, without the consent of any Grantee.
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Article 16.- Withholding
16.1Mandatory Tax Withholding.
(a)Whenever, under the Plan, (i) Shares are to be delivered upon payment of an Award, (ii) Shares of Restricted Stock become nonforfeitable, (iii) a cash payment is made for any Award, or (iv) any other payment event occurs with respect to rights and benefits hereunder, the Company or any Affiliate shall be entitled to require (A) that the Grantee remit an amount in cash or in Shares (valued at their Fair Market Value on the date the withholding obligation arises) in connection with the employer’s federal, state, and local tax withholding obligations related thereto in an amount approved by the Committee in advance (“Applicable Withholding”), (B) the withholding of such Applicable Withholding from compensation otherwise due to the Grantee or from any Shares valued at their Fair Market Value at the date the withholding obligation arises, or from any other payment due to the Grantee under the Plan or otherwise or (C) any combination of the foregoing.
(b)If any Grantee makes an election under Section 83(b) of the Code, the Company or any Affiliate shall be entitled to require (i) that the Grantee remit an amount in cash or in Shares (valued at their Fair Market Value on the date the withholding obligation arises) sufficient to satisfy the resulting Applicable Withholding, (ii) the withholding of such Applicable Withholding from compensation otherwise due to the Grantee or from any Shares or other payment due to the Grantee under the Plan or otherwise or (iii) any combination of the foregoing.
16.2Notification under Code Section 83(b).  If any Grantee makes the election permitted under Section 83(b) of the Code to include in such Grantee’s gross income in the year of transfer the amounts specified in Section 83(b) of the Code, then such Grantee shall notify the Company of such election within ten (10) days of filing the notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.  The Committee may, in connection with the grant of an Award or at any time thereafter, prohibit a Grantee from making the election described above.
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Article 17.- Additional Provisions
17.1Successors.  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.
17.2Severability.  If any part of the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any other part of the Plan.  Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.
17.3Requirements of Law.  The granting of Awards and the delivery of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or securities exchanges as may be required.  Notwithstanding any provision of the Plan or any Award, Grantees shall not be entitled to exercise, or receive benefits under, any Award, and the Company (and any Affiliate) shall not be obligated to deliver any Shares or deliver benefits to a Grantee, if such exercise or delivery would constitute a violation by the Grantee or the Company of any applicable law or regulation.
17.4Securities Law Compliance.
(a)If the Committee deems it necessary to comply with any applicable securities law, or the requirements of any securities exchange or other form of securities market upon which Shares may be listed, the Committee may impose any restriction on Shares acquired pursuant to Awards under the Plan as it may deem advisable.  All certificates for Shares delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the SEC, any securities exchange or other form of securities market upon which Shares are then listed, any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.  If so requested by the Company, the Grantee shall make a written representation to the Company that he or she will not sell or offer to sell any Shares unless a registration statement shall be in effect with respect to such Shares under the Securities Act of 1933, as amended, and any applicable state or foreign securities law or unless he or she shall have furnished to the Company, in form and substance satisfactory to the Company, that such registration is not required.
(b)If the Committee determines that the exercise, nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any applicable provision of securities laws or the listing requirements of any securities exchange or other form of securities market on which are listed any of the Company’s equity securities, then the Committee may postpone any such exercise, nonforfeitability or delivery, as applicable, but the Company shall use all reasonable efforts to cause such exercise, nonforfeitability or delivery to comply with all such provisions at the earliest practicable date.
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17.5No Rights as a Stockholder.  No Grantee shall have any rights as a stockholder of the Company with respect to the Shares (other than Shares of Restricted Stock) which may be deliverable upon exercise or payment of such Award until such Shares have been delivered to him or her.  Shares of Restricted Stock, whether held by a Grantee or in escrow by the Secretary of the Company, shall confer on the Grantee all rights of a stockholder of the Company, except as otherwise provided in the Plan or Award Agreement.  At the time of a grant of Shares of Restricted Stock, the Committee may require the payment of cash dividends thereon to be deferred and, if the Committee so determines, reinvested in additional Shares of Restricted Stock.  Stock dividends and deferred cash dividends issued with respect to Shares of Restricted Stock shall be subject to the same restrictions and other terms as apply to the Shares of Restricted Stock with respect to which such dividends are issued.  The Committee may in its discretion provide for payment or crediting of interest on deferred cash dividends.
17.6Nature of Payments.  Unless otherwise specified in the Award Agreement, Awards shall be special incentive payments to the Grantee and shall not be taken into account in computing the amount of salary or compensation of the Grantee for purposes of determining any pension, retirement, death or other benefit under (a) any pension, retirement, profit-sharing, bonus, insurance or other employee benefit plan of the Company or any Affiliate, except as such plan shall otherwise expressly provide, or (b) any agreement between (i) the Company or any Affiliate and (ii) the Grantee, except as such agreement shall otherwise expressly provide.
17.7Non-Exclusivity of Plan.  Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements for employees or Non-Management Directors as it may deem desirable.
17.8Governing Law.  The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware, other than its laws respecting choice of law.
17.9Share Certificates.  Any certificates for Shares delivered under the terms of the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under federal or state securities laws, rules and regulations thereunder, and the rules of any foreign securities laws, rules and regulations thereunder, and the rules of any national securities exchange or other form of securities market on which Shares are listed or quoted.  The Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions or any other restrictions or limitations that may be applicable to Shares.  In addition, during any period in which Awards or Shares are subject to restrictions or limitations under the terms of the Plan or any Award Agreement, or during any period during which delivery or receipt of an Award or Shares has been deferred by the Committee or a Grantee, the Committee may require any Grantee to enter into an agreement providing that certificates representing Shares deliverable or delivered pursuant to an Award shall remain in the physical custody of the Company or such other person as the Committee may designate.
17.10Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet 
    40
#10383851v3    

made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any such Grantee any rights that are greater than those of a general creditor of the Company; provided that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash, Shares or other property pursuant to any Award which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines.
17.11Employment.  Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Grantee’s employment at any time, for any reason or no reason, or shall confer upon any Grantee the right to continue in the employ or as an officer of the Company or any Affiliate.
17.12Participation.  No employee or officer 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.
17.13Military Service.  Awards shall be administered in accordance with Section 414(u) of the Code and the Uniformed Services Employment and Reemployment Rights Act of 1994 to the extent required by law or as determined by the Committee.
17.14Construction; Gender and Number.  The following rules of construction will apply to the Plan: (a) the word “or” is disjunctive but not necessarily exclusive, and (b) words in the singular include the plural, words in the plural include the singular, and words in the neuter gender include the masculine and feminine genders and words in the masculine or feminine gender include the other neuter genders.
17.15Headings.  The headings of articles and sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control.
17.16Obligations.  Unless otherwise specified in an Award Agreement, the obligation to deliver, pay or transfer any amount of money or other property pursuant to Awards under this Plan shall be the sole obligation of a Grantee’s employer; provided that the obligation to deliver or transfer any Shares pursuant to Awards under this Plan shall be the sole obligation of the Company.
17.17No Right to Continue as Director.  Nothing in the Plan or any Award Agreement shall confer upon any Non-Management Director the right to continue to serve as a director of the Company.
17.18Code Section 409A Compliance.  The Board intends that, except as may be otherwise determined by the Committee, any Awards under the Plan satisfy the requirements of Section 409A of the Code and related regulations and Treasury pronouncements (“Section 409A”) to avoid the imposition of any taxes, including additional income taxes, thereunder.  If the Committee determines that an Award, Award Agreement, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if undertaken, cause a Grantee to become subject to Section 409A, unless the Award is granted with a deferral feature under Section 5.8 or 14.3 hereof, or the Committee expressly determines otherwise, such grant of Award, payment, distribution, deferral election, transaction 
    41
#10383851v3    

or other action or arrangement shall not be undertaken and the related provisions of the Plan and/or Award Agreement will be amended or deemed modified in as close a manner as possible to give effect to the original terms of the Award, or, only if necessary because a modification or deemed modification would not be reasonably effective in avoiding the additional income tax under Section 409A(a)(1)(B) of the Code, rescinded in order to comply with the requirements of Section 409A to the extent determined by the Committee without the consent of or notice to the Grantee.  Notwithstanding the foregoing, with respect to any Award intended by the Committee to be exempt from the requirements of Section 409A which is to be paid out when vested, such payment shall be made as soon as administratively feasible after the Award becomes vested, but in no event shall such payment be made later than 2-1/2 months after the end of the calendar year in which the Award became vested unless (a) deferred pursuant to Section 5.8 or 14.3 or (b) otherwise permitted under the exemption provisions of Section 409A.

Any payments described in the Plan that are due within the "short-term deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable laws require otherwise. For purposes of Section 409A, any installment payment provided for under this Plan or an Award hereunder shall be treated as a separate payment. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Grantee’s “separation from service” (used here within the meaning of Section 409A of the Code) shall instead be paid on the first payroll date after the six-month anniversary of the Grantee’s separation from service (or the Participant's death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Grantee under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Grantee for such tax or penalty.
17.19Recoupment Policy.  Subject to the terms and conditions of the Plan, the Committee may provide that any Grantee and/or any Award, including any Shares subject to an Award, is subject to any recovery, recoupment, clawback and/or other forfeiture policy maintained by the Company from time to time.
END OF DOCUMENT

    42
#10383851v3Exhibit 10.1

 

Separation
Agreement and Release of All Claims

 

Jeffrey C. Piermont (“Employee”),
Andover National Corporation (the “Company”), and Peter A. Cohen (“Cohen”) make this Separation
Agreement and Release of All Claims (“Agreement”) for Employee’s mutual and orderly separation from employment with
the Company. Employee, the Company and Cohen will be referred to herein collectively as the “Parties.”

 

WHEREAS, Employee has been employed by the
Company pursuant to that certain Employment Agreement between Employee and the Company with an effective date of November 1, 2018 (the
 “Employment Agreement”); and

 

WHEREAS, the Company and Employee have mutually
agreed that Employee’s employment with the Company shall end on the Separation Date (defined below); and

 

WHEREAS, notwithstanding the Employment
Agreement, the Company desires to provide the severance benefits described herein in exchange for Employee’s acceptance of this
Agreement, while also acknowledging that Employee’s acceptance of this Agreement is subject to Employee’s approval and acceptance
of Purchase Agreement (defined below), and payment thereunder; and

 

WHEREAS, the Parties acknowledge that concurrently
with and subject to the Parties entering into this Agreement, Employee will be entering into a separate agreement (the “Purchase
Agreement”) with The Peter A. Cohen Revocable Trust pursuant to which Employee will sell all shares of Class B Common Stock of the
Company held by Employee to The Peter A. Cohen Revocable Trust.

 

NOW, THEREFORE, the Parties, in consideration
for the promises and mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which
the Parties acknowledge, and the Parties acting on their own free will hereby irrevocably agree as follows:

 

1.                 
Mutual Termination of Employment and Required Payments.

 

a.                  
Pursuant to Section 3.01(F) of the Employment Agreement, the Company and Employee mutually agree that the Employment Agreement and
Employee’s employment with the Company will terminate effective as of December 31, 2021 (the “Separation Date”).
In exchange for the benefits provided herein, as of the Separation Date, Employee shall have no authority to speak for, act for,
represent, or in any way affect the affairs of the Company. The Parties agree that, between the Effective Date (as defined in
Section 15) of this Agreement and the Separation Date (the “Transition Period”), Employee shall continue to provide
services to the Company as directed by the Chief Executive Officer and shall in good faith assist with the Company’s efforts
to transition Employee’s duties to others. The Parties agree that (i) the Employment Agreement will not renew for any Renewal
Term (as defined in the Employment Agreement) that would commence on or after the Separation Date, notwithstanding any failure by
either Party to provide notice of termination to the other Party, pursuant to the terms of Section 1.03 of the Employment Agreement,
at least sixty (60) days prior to the end of the current Renewal Term; (ii) the current Renewal Term shall expire on the Separation
Date and shall not thereafter automatically renew; (iii) Employee shall not be eligible to resign his employment for “Good
Reason” during the Transition Period; and the Parties agree that the Employment Agreement is hereby amended accordingly. The
Parties also agree that the 8-K language announcing Employee’s departure shall be set forth on Exhibit B and that any other
formal communication to shareholders or other third-parties regarding Employee’s separation likewise shall be consistent with
the language set forth in the in 8-K.

 

    - 1 -

     

    

 

b.                   
Effective as of the Effective Date, Employee hereby resigns and shall be deemed to have resigned, to the extent applicable, as a member
of the board of directors, board of managers or similar body of the Company and any Affiliate (as defined below) of the Company; and as
a fiduciary of any benefit plan of the Company or of any Affiliate of the Company. Upon the Separation Date, Employee agrees to resign
and shall be deemed to have resigned, to the extent applicable, as an officer of the Company and any Affiliate of the Company. Upon the
request of the Company, Employee shall confirm the foregoing resignations by submitting to the Company in writing a confirmation of Employee’s
resignation(s). For purposes of this Agreement, the term “Affiliate” shall mean any entity, individual, firm, or corporation,
directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Company.

 

c.                   
As a result of the mutual agreement to terminate Employee’s employment, pursuant to Section 3.02(C) of the Employment Agreement,
the Company shall provide Employee with the following, whether or not Employee signs this Agreement:

 

		(i)	payment of Employee’s base salary through the Separation Date, which will be made to Employee at the same time it otherwise
would have had he remained in employment with the Company; and

 

		(ii)	reimbursement of any legitimate expenses incurred by through the Separation Date.

 

d.                 
Employee acknowledges that as a result of his termination pursuant to Section 3.01(F), he is not otherwise entitled to the Severance Benefit
defined in the Employment Agreement but will instead receive the Severance Benefit described in Section 2 below.

 

2.                 
Severance Benefit.

 

a.                   
In consideration of Employee executing this Agreement, including the Mutual Complete Waiver and Release of All Parties contained in Section
3 below, and the Second Release (defined in Section 4 below), Employee shall receive a severance payment, to which Employee is not otherwise
entitled, in the amount of Three Hundred Thirty Thousand Dollars ($330,000), less required deductions and withholdings, which shall
be made by the Company in a lump sum payment within thirty (30) calendar days following the Separation Date.

 

b.                  
If Employee executes this Agreement but fails to execute the Second Release described in Section 4 below, then this Agreement shall remain
in effect but Employee shall receive a reduced severance payment of Five Thousand Dollars ($5,000), paid in the form and timing described
in Section 2(a), which shall serve as good and sufficient consideration for this Agreement and the Mutual Complete Waiver and Release
of All Parties contained in Section 3 below, and Employee shall not be entitled to any of other benefits described above in Section 2(a)(i).

 

    - 2 -

     

    

 

c.                   
Employee agrees that he is not entitled to any compensation (including, but not limited to, salary or bonuses), benefits, or
payments of any kind or description from the Company, from or under any other promise, contract or agreement of any kind or
description between Employee and the Company, whether oral or written, express or implied, or from or under any employee benefit
plan or fringe benefit plan sponsored by the Company, whether now or in the future, other than as described in this Agreement and
those in which he may already be vested. Specifically, Employee acknowledges and agrees that, upon receipt of the consideration
described in this Agreement, Employee is not entitled to any further payments or benefits (and has not vested in any additional
benefits) under any plan or arrangement maintained or
sponsored by the Company or any Affiliate.

 

3.                 
Mutual Complete Waiver and Release by All Parties.

 

a.                   
The Company and Cohen, for themselves and their executors, heirs, successors and assigns, in consideration of the benefits provided in
this Agreement, including this Mutual Complete Waiver and Release of All Parties, do hereby fully and forever discharge and release Employee
from any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, damages, omissions, promises,
and any and all claims or liabilities whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and
equity (individually or collectively) that either the Company or Cohen now have or may in the future have, on account of or arising out
of any matter or thing which has happened, developed or occurred in connection with Employee’s employment with the Company. This
Agreement is intended to be interpreted in the broadest possible manner to include all actual or potential Claims that the Company or
Cohen may have against Employee, whether now known or unknown, except as specifically provided otherwise in this Agreement.

 

b.                   
Employee, for Employee’s own self and Employee’s executors, heirs, successors and assigns, in consideration of the benefits
provided in Section 2 of this Agreement, as well as this Mutual Complete Waiver and Release of All Parties, does hereby fully and forever
discharge and release Cohen and the Company and its parents, subsidiaries and Affiliates, and with respect to each of the foregoing, its
owners, agents, officers, shareholders, members, directors, employees, successors and assigns and each and all of the foregoing (referred
to in this Agreement as “Released Company Parties”), individually and collectively, from any and all debts, demands, actions,
causes of action, accounts, covenants, contracts, agreements, damages, omissions, promises, and any and all claims or liabilities whatsoever,
of every name and nature, known or unknown, suspected or unsuspected, both in law and equity (individually or collectively “Claims”)
that Employee now has or may in the future have, or that any person or entity may have on Employee’s behalf, on account of or arising
out of any matter or thing which has happened, developed or occurred prior to Employee’s signing of this Agreement, including, without
limitation, all Claims arising from Employee’s employment with the Company, any promise, contract or agreement between Employee
and the Company, Employee’s separation from employment with the Company, Employee’s other relationships and dealings with
the Company and other Released Company Parties, and the termination of such other relationships or dealings. Employee hereby waives any
and all such legal rights and Claims of any type or description that Employee has or might have against the Company and/or any of the
other Released Company Parties. This Agreement is intended to be interpreted in the broadest possible manner to include all actual or
potential Claims that Employee may have against the Company, whether now known or unknown, except as specifically provided otherwise in
this Agreement.

 

    - 3 -

     

    

 

c.                   
Employee agrees to fully and forever release all legal rights and Claims against the Released Company Parties, whether or not
presently known and including future legal rights and Claims if based in whole or in part on acts or omissions occurring before
Employee executes this Agreement. Employee agrees that the legal rights and Claims that Employee is giving up include, but are not
limited to, legal rights and Claims, if any, under all State and Federal statutes that protect Employee from discrimination in
employment, such as the Age Discrimination in Employment Act, as amended (“ADEA”), the Older Workers Benefit Protection
Act, Title VII of the Civil Rights Act of 1964, the Rehabilitation Act of 1973, the Americans With Disabilities Act
(“ADA”), the Equal Pay Act (“EPA”), the Family and Medical Leave Act (“FMLA”), the Genetic
Information Nondiscrimination Act of 2008 (“GINA”), the Employee Retirement and Income Security Act
(“ERISA”), the Worker Adjustment and Retraining Notification Act (“WARN”), the National Labor Relations Act
(“NLRA”), the Fair Labor Standards Act (“FLSA”), Federal and State False Claims Acts, the New York State
Labor Law (except minimum wage and unemployment claims),the New York Human Rights Law, the New York City Human Rights Law, and any
similar Federal, State or local statute, regulation or order.

 

d.                   
Employee further agrees that the legal rights and Claims that Employee is giving up include any rights or Claims relating to any oral
or written promise, agreement or contract of employment with the Company and/or other Released Company Parties, express or implied, or
any oral or written promise, agreement or contract, express or implied, purporting to establish terms and conditions of employment. The
Parties to this Agreement agree that any promise, agreement or contract concerning the employment of Employee by the Company or the terms
and conditions of such employment or the termination of such employment, whether oral or written, express or implied is hereby terminated,
is null and void, and has no further force or effect.

 

e.                   
Employee understands and agrees that the release provided in this Agreement also includes any and all Claims for defamation; wrongful
discharge; constructive discharge; breach of contract (including employment contracts or collective bargaining agreements); breach of
implied contract; breach of the covenant of good faith and fair dealing; tortious interference with business and/or contractual relationship
(or prospective relationship); retaliatory discharge; whistleblower's claims (if waivable); estoppel of any kind; common-law intentional
torts; negligence; intentional or negligent infliction of mental or emotional distress; discrimination, harassment and/or retaliation
or wrongful action that has been or could have been alleged under the common law, any civil rights or equal opportunity employment law,
or any other statute, regulation, ordinance or rule; and any Claims against the Company for attorneys’ fees, liquidated damages,
civil penalties, compensatory damages, punitive damages, costs, interest or any other kind of penalties or damages that exist or may exist
as of the date that Employee signs this Agreement.

 

f.                    
Employee and the Company agree that the complete release set forth in this Agreement is intended to apply to Claims that they do not presently
know to exist.  Subject to the representations and warranties contained in this Agreement, Employee and the Company understand that
the facts with respect to which this Agreement is given may hereafter prove to be different from the facts now known or believed by them,
and they hereby accept and assume the risk thereof and agree that this Agreement shall be and shall remain, in all respects, effective
and not subject to termination or rescission by reason of any such difference in facts.

 

    - 4 -

     

    

 

g.                  
The Claims that Employee is giving up and releasing do not include Employee’s vested rights, if any, under any
qualified retirement plan in which he participates, and Employee’s COBRA, unemployment insurance and workers’
compensation rights, if any. Additionally, nothing in this Agreement shall be construed to constitute a waiver of (i) any Claims
Employee may have against the Released Company Parties that arise from acts or omissions that occur after the date of
Employee’s execution of this Agreement, (ii) Employee’s rights, protected under law, to file a complaint or charge with,
communicate with, provide relevant and truthful information to or otherwise cooperate with any governmental authority -- including
the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the
Occupational Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”) --
regarding a possible violation of law or respond to any inquiry from such governmental authority, including an inquiry about the
existence of this Agreement or its underlying facts, (iii) Employee’s right to communicate with any government agency or
Employee’s right to participate in any regulatory or law enforcement investigation, including Employee’s right to report
any suspected violations of law, (iv) Employee’s rights to indemnification as set forth in Section 2.04 of the Employment
Agreement, which are incorporated into this Agreement as if fully set forth herein, or under the Company’s bylaws or other
organizing documents, as applicable, (v) Employee’s rights to indemnification as set forth that certain Indemnification
Agreement dated on or about August 17, 2020, which are incorporated into this Agreement as if fully set forth herein, and (vi) any
Claims Employee cannot waive as a matter of law. Employee agrees, however, to waive and release any right to receive any individual
remedy or to recover any individual monetary or non-monetary damages as a result of any administrative charge, complaint or lawsuit
filed by Employee or anyone on Employee’s behalf, except as explicitly prohibited by law. Moreover, this Agreement does not
limit Employee’s right to receive an award for information provided to the SEC. Finally, the release of all Claims set forth
in this Section 3 does not affect Employee’s rights as expressly created by this Agreement and does not limit Employee’s
ability to enforce this Agreement.

 

h.                   
This Waiver and Release includes, but is not limited to, a waiver, discharge and release by Employee of the Released Company Parties from
any damages or relief of whatever nature or description, including, but not limited to, compensatory damages, liquidated damages, punitive
damages, equitable forms of relief, as well as any Claims for attorneys’ fees or costs, civil penalties and/or interest, which may
arise from any of the Claims waived, discharged or released.

 

4.                 
Second Release. On the Separation Date (and no earlier), Employee shall execute the Second Mutual Complete Waiver and Release attached
hereto as Exhibit A (the “Second Release”) and return the Second Release to the Company.

 

5.                 
Enforcement and Legal Actions. The Parties agree that this Agreement may be enforced in any court, federal, state or local, and
before any administrative agency or body, federal, state or local.  This Agreement may be used as a complete defense in the future
should any Party bring a lawsuit based on any Claim that has been released, and if the opposing Party successfully enforces the Complete
Release in Section 3 above in a lawsuit involving Claims under any statute other than the ADEA, that Party will pay for all costs incurred
by the other(s), including reasonable attorney’s fees, in defending such lawsuit and/or against non-ADEA Claims.

 

6.                 
Continuing Obligations; Confidentiality Agreement.

 

a.                   
In connection with the Employment Agreement, Employee executed an Agreement Regarding Assignment of Inventions, Confidentiality,
Non-Competition, and Non-Solicitation (the “Confidentiality Agreement”). Employee and the Company acknowledge and agree
that the Confidentiality Agreement shall survive the termination of Employee’s employment with the Company and the termination
of the Employment Agreement, and Employee agrees that Employee shall comply with the Confidentiality Agreement.

 

    - 5 -

     

    

 

b.                   
Employee and Company agree that the first sentence of Section 6.1 of the Confidentiality Agreement shall be amended to read as follows:
 “During the term of my relationship with the Company and for a period of three (3) years thereafter (the “Restricted Period”),
I will not, without the prior consent of the Company, directly or indirectly, whether as owner, partner, stockholder, consultant, manager,
agent, employee, co-venturer, or otherwise, engage, participate, or invest in any Competing Business anywhere in the Territory.”
Employee and the Company also agree that the second sentence of Section 6.1 of the Confidentiality Agreement shall be amended as follows:
 “’Competing Business’ shall be defined to include only those businesses whose principal operations concern the operation
of entities that provide landscaping services, pest services and pest control services, tree services, water reclamation services and
water remediation services, surveying services, environmental services and environmental consulting services, nurseries, compost and mulching
services, mold reclamation and mold remediation services, irrigation services, HVAC services, and plant and tree healthcare services.”
All other provisions of the Confidentiality Agreement, including all other applicable definitions, shall remain unamended.

 

7.                 
Mutual Non-Disparagement. As set forth in Section 6.4 of the Confidentiality Agreement, Employee reaffirms and agrees to the following:

 

I hereby agree that I shall not, during
my employment with the Company and thereafter, make any disparaging or derogatory statements to any third party, including any media outlet,
industry group, financial institution, or current or former employee, consultant, client, shareholder, supplier or customer of the Company,
regarding the Company or any of its officers, directors, or employees, or about the Company’s business affairs and financial condition.

 

In exchange for such reaffirmation, the Company likewise
agrees not to make any disparaging or derogatory statements to any third party, including any media outlet, industry group, financial
institution, or current or former employee, consultant, client, shareholder, supplier or customer of the Company, regarding Employee,
Employee’s employment with the Company, or Employee’s performance as an executive of the Company. Those Company representatives
who are specifically obligated by this mutual non-disparagement provision include Peter A. Cohen, Rehana Farrell, William Greenblatt,
Joshua Pechter, Jules Kroll, Milun Patel, Brett Kirkland, and Stephen Saunders.

 

8.                  Cooperation.
As a condition of the severance payment described in Section 2, Employee agrees to provide assistance to the Company to assure an
orderly transfer of work and responsibilities. Employee agrees to fully cooperate with the Company and its attorneys, auditors and
consultants following the Separation Date, to provide prompt, truthful, and complete information in relation to any inquiry by the
Company or its attorney and in connection with any matter, litigation or other proceeding arising out of or relating to matters of
which Employee was involved prior to the termination of Employee’s employment. Employee’s cooperation shall include,
without limitation, providing assistance to the Company’s counsel, experts and consultants, and providing truthful testimony
in pretrial and trial or hearing proceedings. The Company agrees to timely pay all reasonable expenses incurred by Employee,
including, but not limited to, transportation costs, and lodging costs. However,
Employee and the Company agree that no compensation shall be paid under any circumstances for the content or substance of any
testimony in any litigation or proceeding.

 

    - 6 -

     

    

 

9.                 
Return of Company Property.

 

a.                  
Except as specifically set forth below, to the extent Employee has not already done so, by no later than the Separation Date, Employee
shall return to the Company all documents (and all copies thereof) and other property belonging to the Company that Employee has in Employee’s
possession, custody or control. The documents and property to be returned by Employee include, but are not limited to all files, correspondence,
e-mail, memoranda, notes, notebooks, drawings, records, plans, forecasts, reports, studies, analyses, compilations of data, proposals,
agreements, financial information, research and development information, customer lists and customer information (including but not limited
to telephone directories, phone books, and any documents containing the name, address, telephone number, email address, or other contact
information of any customer or any agent, representative, or employee of a customer), marketing information, operational and personnel
information (including but not limited to organizational charts, telephone directories, phone books any documents containing the name,
address, telephone number, email address, or other contact information of any employee, agent, or representative of the Company), specifications,
code, software, databases, computer-recorded information, electronic records, tangible property and equipment, credit cards, entry cards,
identification badges and keys; and any materials of any kind which contain or embody any Confidential and Proprietary Information of
the Company (and all reproductions thereof in whole or in part). Employee agrees to make a diligent search to locate any such documents,
property and information. Notwithstanding the foregoing, Employee will be allowed to keep his laptop computer, desktop computer, monitor
and cell phone (and charging equipment) provided by the Company, conditioned on the Company’s confirmation of a successful removal
of all Company confidential and proprietary information from such devices. Employee must return all other Company computers and computer
equipment in his possession or control to the Company.

 

b.                 
If Employee has used any computer, server, e-mail or phone device owned by Employee or a member of Employee’s immediate family to
receive, store, review, prepare or transmit any Confidential and Proprietary Information or, documents, property, materials or information
of or pertaining to the Company, then no later than five (5) business days from the Separation Date, Employee shall provide the Company
with a computer-useable copy of all such information and then permanently delete and expunge such Confidential and Proprietary Information
from those systems.

 

c.                  
Employee further agrees that if Employee discovers any Company documents or property in Employee’s possession, custody or control
or on Employee’s computer, server, e-mail system, or other electronic device in the future, Employee will immediately return such
documents or information to the Company and delete them from such computer, device, or e-mail system.

 

10.              
No Disability. Employee agrees that he has not sustained any disabling personal injury and/or occupational disease which has resulted
in a loss of wage-earning capacity during his employment with the Company or due to the termination of his employment and that he has
no personal injury and/or occupational disease which has been contributed to, or aggravated or accelerated in a significant manner, by
his employment with the Company and/or the termination of his employment.

 

    - 7 -

     

    

 

11.              
No Pending Action. Subject to Section 13 below, Employee represents that, as of the date he executed this Agreement, Employee has
not filed any charge, complaint or action in any forum against the Company.

 

12.              
Consideration. This Agreement provides Employee with sums of money and benefits that include sums and benefits that Employee would
not be entitled to receive without signing this Agreement.

 

13.              
Whistleblower Protection. Nothing in this Agreement prevents Employee, without prior notice to the Company, from reporting conduct
to, providing truthful information to, cooperating with, filing a charge or complaint with and/or participating in any investigation or
proceeding conducted or initiated by the Equal Employment Opportunity Commission, National Labor Relations Board, Securities and Exchange
Commission, Occupational Safety and Health Administration, and/or any other federal, state or local agency or self-regulatory organization
charged with enforcement of any laws; provided, however, that (i) Employee hereby waives and releases any right to receive any individual
remedy or to recover any individual monetary or non-monetary damages as a result of any such actions, except as explicitly prohibited
by law; and (ii) Employee agrees not to disclose confidential information that is subject to a legal privilege of the Company, including
but not limited to the attorney-client privilege and attorney work product protection.

 

14.              
Consultation with Attorney. Company hereby encourages and advises Employee in writing to consult with an attorney of Employee’s
choosing, prior to signing this Agreement, concerning all of the terms of this Agreement and the termination of Employee’s employment
with the Company.

 

15.              
Review Period. Employee represents and warrants that the Company has given Employee at least 21 days (the “review period”)
to consider all of the terms of this Agreement, and for the purpose of consulting with an attorney if Employee so chooses. If this Agreement
has been executed by Employee prior to the end of the review period, Employee represents that he has freely and willingly elected to do
so. Employee and the Company agree that any changes to this Agreement, whether material or immaterial, do not operate to restart the review
period. Once signed, Employee will have 7 days to revoke the Agreement, in writing, which revocation must be submitted to Peter A. Cohen.
If revoked, this Agreement shall not go into effect. If the Agreement is not revoked, it shall become effective on the eighth day after
Employee signs it (“Effective Date”).

 

16.              
Employee’s Review of Agreement. Employee represents and warrants that he has carefully read each and every provision of this
Agreement and that he fully understands all of the terms and conditions of this Agreement.

 

17.              
Voluntary Agreement. Employee represents and warrants that he enters into this Agreement voluntarily of his own free will, without
any pressure or coercion from any person or entity, including, but not limited to, the Company or any of its representatives.

 

18.               Interpretation.
Employee and the Company agree that, whenever possible, each provision of this Agreement shall be interpreted in such a manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement, which shall be fully severable and given full force and
effect.

 

    - 8 -

     

    

 

19.              
Legal Proceedings and Governing Law. This Agreement shall be construed and governed in accordance with the internal laws of the
State of New York, without regard to principles of conflicts of laws, to the maximum extent possible. Disputes arising under it shall
be heard exclusively by the state courts in New York City, New York or federal courts located in New York City, New York. Employee irrevocably
agrees that all claims and disputes regarding this Agreement may be heard and determined in any such court and irrevocably waives any
objection he may now or hereafter have as to personal jurisdiction, the venue of any such action or proceeding brought in such a court
or the fact that such court is an inconvenient forum.

 

20.              
WAIVER OF JURY TRIAL. THE PARTIES AGREE TO WAIVE ANY RIGHT TO A JURY TRIAL IF ANY CLAIM ARISING OUT OF EMPLOYEE’S EMPLOYMENT,
HIS SEPARATION FROM THAT EMPLOYMENT AND/OR THIS AGREEMENT IS FILED IN COURT. 

 

21.              
Non-Assignment. Employee warrants, represents and agrees that he has not heretofore assigned or transferred or purported to assign
or transfer to any person, firm, partnership, corporation or entity whatsoever, any of the legal rights or Claims waived or released herein.

 

22.              
No Admission of Liability. Employee agrees that neither any payment under this Agreement, nor any term or condition of it, shall
be construed at any time as an admission of liability or wrongdoing by the Company.

 

23.              
Third Party Beneficiaries. The Parties agree that the Released Company Parties (other than the Company) are intended third party
beneficiaries of this Agreement. The Released Company Parties’ rights under this Section 23 shall be irrevocable.

 

24.              
Binding Effect. This Agreement shall be binding upon and inure to the benefit of Employee and Employee’s heirs and legal
representatives and the Company, its successors and assigns. The obligations of this Agreement survive the resignation of Employee’s
employment. Employee agrees that the Company may freely assign this Agreement to a successor corporation or purchaser of its assets.

 

25.              
Entire Agreement and Amendment. This Agreement (along with the Second Release and the Confidentiality Agreement) sets forth the
entire agreement and understanding between Employee and the Company and merges and supersedes all prior discussions, agreements, arrangements
and understandings of every kind and nature, written or oral, between Employee and the Company, except as otherwise provided in this Agreement.
This Agreement may not be amended or modified except by a writing signed by Employee and the Company.

 

26.               Section
409A. The benefits and compensation payable under this Agreement are intended to be exempt from or comply with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended, and the treasury regulations promulgated and other official
guidance issued thereunder (collectively, “Section 409A”), and this Agreement shall be administered and interpreted
consistent with that intent. Notwithstanding the foregoing, the Company makes no representations that the benefits and compensation
provided under this Agreement are exempt from or comply with Section 409A, and in no event shall the Company be liable for all or
any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with
Section 409A. Each payment under this Agreement shall be designated as a “separate payment” within the meaning of
Section 409A.

 

    - 9 -

     

    

 

27.              
Counterparts. This Agreement may be executed in multiple originals, each of which shall be considered as an original instrument,
but all of which shall constitute one agreement. A scanned copy, photocopy or facsimile of a fully-executed original has the same force
and effect as the original.

 

[Signature Page Follows]

 

    - 10 -

     

    

 

I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. I HAVE
READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY. I HAVE HAD THE OPPORTUNITY TO CONSULT INDEPENDENT COUNSEL OF MY OWN
CHOOSING PRIOR TO EXECUTING THIS AGREEMENT.

 

	DATED:
    November 1, 2021	/s/
    Jeffrey C. Piermont
	 	Jeffrey
    C. Piermont
	 	 
	DATED:
    November 1, 2021	ANDOVER
    NATIONAL CORPORATION
	 	 
	 	By: 	/s/ Peter A. Cohen
	 	 
	 	Peter
    A. Cohen
	 	Chief
    Executive Officer
	 	 
	DATED:
    November 1, 2021	/s/
    Peter A. Cohen
	 	Peter
    A. Cohen, An Individual

 

[Signature Page to Separation Agreement]

 

     

     

    

 

EXHIBIT
A - SECOND MUTUAL COMPLETE WAIVER AND RELEASE

 

In accordance with that certain Separation Agreement
and Release of All Claims between Jeffrey C. Piermont (“Employee”), Andover National Corporation (the “Company”),
and Peter A. Cohen (“Cohen”) dated __________ (the “Separation Agreement”), Employee, the Company and Cohen
make this Second Complete Waiver and Release (“Second Release”) for the benefit of the Parties as described below. Employee,
the Company and Cohen will be referred to herein collectively as the “Parties.”

 

		1.	Mutual Complete Waiver and Release.

 

a.                  
The Company and Cohen, for themselves and their executors, heirs, successors and assigns, in consideration of the benefits provided in
the Separation Agreement, including this Mutual Complete Waiver and Release, do hereby fully and forever discharge and release Employee
from any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, damages, omissions, promises,
and any and all claims or liabilities whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and
equity (individually or collectively) that either the Company or Cohen now have or may in the future have, on account of or arising out
of any matter or thing which has happened, developed or occurred in connection with Employee’s employment with the Company. This
Agreement is intended to be interpreted in the broadest possible manner to include all actual or potential Claims that the Company or
Cohen may have against Employee, whether now known or unknown, except as specifically provided otherwise in this Agreement.

 

b.                  
Employee, for Employee’s own self and Employee’s executors, heirs, successors and assigns, in consideration of the benefits
provided in the Separation Agreement, as well as this Mutual Complete Waiver and Release, does hereby fully and forever discharge and
release Cohen and the Company and its parents, subsidiaries and Affiliates, and with respect to each of the foregoing, its owners, agents,
officers, shareholders, members, directors, employees, successors and assigns and each and all of the foregoing (referred to in this Second
Release as “Released Company Parties”), individually and collectively, from any and all debts, demands, actions, causes of
action, accounts, covenants, contracts, agreements, damages, omissions, promises, and any and all claims or liabilities whatsoever, of
every name and nature, known or unknown, suspected or unsuspected, both in law and equity (individually or collectively “Claims”)
that Employee now has or may in the future have, or that any person or entity may have on Employee’s behalf, on account of or arising
out of any matter or thing which has happened, developed or occurred prior to Employee’s signing of this Second Release, including,
without limitation, all Claims arising from Employee’s employment with the Company, any promise, contract or agreement between Employee
and the Company, Employee’s separation from employment with the Company, Employee’s other relationships and dealings with
the Company and other Released Company Parties, and the termination of such other relationships or dealings. Employee hereby waives any
and all such legal rights and Claims of any type or description that Employee has or might have against the Company and/or any of the
other Released Company Parties. This Second Release is intended to be interpreted in the broadest possible manner to include all actual
or potential Claims that Employee may have against the Company, whether now known or unknown, except as specifically provided otherwise
in this Second Release.

 

    Exhibit A - 1 

     

    

 

c.                   Employee
agrees to fully and forever release all legal rights and Claims against the Released Company Parties, whether or not presently known and
including future legal rights and Claims if based in whole or in part on acts or omissions occurring before Employee executes this Second
Release. Employee agrees that the legal rights and Claims that Employee is giving up include, but are not limited to, legal rights and
Claims, if any, under all State and Federal statutes that protect Employee from discrimination in employment, such as the Age Discrimination
in Employment Act, as amended (“ADEA”), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964,
the Rehabilitation Act of 1973, the Americans With Disabilities Act (“ADA”), the Equal Pay Act (“EPA”), the Family
and Medical Leave Act (“FMLA”), the Genetic Information Nondiscrimination Act of 2008 (“GINA”), the Employee Retirement
and Income Security Act (“ERISA”), the Worker Adjustment and Retraining Notification Act (“WARN”), the National
Labor Relations Act (“NLRA”), the Fair Labor Standards Act (“FLSA”), Federal and State False Claims Acts, the
New York State Labor Law (except minimum wage and unemployment claims),the New York Human Rights Law, the New York City Human Rights Law,
and any similar Federal, State or local statute, regulation or order.

 

d.                   Employee
further agrees that the legal rights and Claims that Employee is giving up include any rights or Claims relating to any oral or written
promise, agreement or contract of employment with the Company and/or other Released Company Parties, express or implied, or any oral or
written promise, agreement or contract, express or implied, purporting to establish terms and conditions of employment. The Parties to
this Second Release agree that any promise, agreement or contract concerning the employment of Employee by the Company or the terms and
conditions of such employment or the termination of such employment, whether oral or written, express or implied is hereby terminated,
is null and void, and has no further force or effect, except for those terms and conditions set forth in the Separation Agreement, including
but not limited to the Severance Benefit described in Section 2.a and the indemnity described in Section 2.04 therein, as well as that
certain Indemnification Agreement dated on or about August 17, 2020.

 

e.                   Employee
understands and agrees that the release provided in this Second Release also includes any and all Claims for defamation; wrongful discharge;
constructive discharge; breach of contract (including employment contracts or collective bargaining agreements); breach of implied contract;
breach of the covenant of good faith and fair dealing; tortious interference with business and/or contractual relationship (or prospective
relationship); retaliatory discharge; whistleblower's claims (if waivable); estoppel of any kind; common-law intentional torts; negligence;
intentional or negligent infliction of mental or emotional distress; discrimination, harassment and/or retaliation or wrongful action
that has been or could have been alleged under the common law, any civil rights or equal opportunity employment law, or any other statute,
regulation, ordinance or rule; and any Claims against the Company for attorneys’ fees, liquidated damages, civil penalties, compensatory
damages, punitive damages, costs, interest or any other kind of penalties or damages that exist or may exist as of the date that Employee
signs this Second Release.

 

f.                   Employee
and the Company agree that the complete release set forth in this Second Release is intended to apply to Claims that they do not presently
know to exist.  Subject to the representations and warranties contained in this Second Release, Employee and the Company understand
that the facts with respect to which this Second Release is given may hereafter prove to be different from the facts now known or believed
by them, and they hereby accept and assume the risk thereof and agree that this Second Release shall be and shall remain, in all respects,
effective and not subject to termination or rescission by reason of any such difference in facts.

 

    Exhibit A - 2 

     

    

 

g.                  The Claims
that Employee is giving up and releasing do not include Employee’s vested rights, if any, under any qualified retirement
plan in which he participates, and Employee’s COBRA, unemployment insurance and workers’ compensation rights, if any. Additionally,
nothing in this Second Release shall be construed to constitute a waiver of (i) any Claims Employee may have against the Released Company
Parties that arise from acts or omissions that occur after the date of Employee’s execution of this Second Release, (ii) Employee’s
rights, protected under law, to file a complaint or charge with, communicate with, provide relevant and truthful information to or otherwise
cooperate with any governmental authority -- including the Equal Employment Opportunity Commission (“EEOC”), the National
Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), the Securities and
Exchange Commission (“SEC”) -- regarding a possible violation of law or respond to any inquiry from such governmental authority,
including an inquiry about the existence of this Second Release or its underlying facts, (iii) Employee’s right to communicate with
any government agency or Employee’s right to participate in any regulatory or law enforcement investigation, including Employee’s
right to report any suspected violations of law, (iv) Employee’s rights to indemnification as set forth in Section 2.04 of the Employment
Agreement, which are incorporated into this Agreement as if fully set forth herein, or under the Company’s bylaws or other organizing
documents, as applicable, (v) Employee’s rights to indemnification as set forth that certain Indemnification Agreement dated on
or about August 17, 2020, which are incorporated into this Agreement as if fully set forth herein, and (vi) any Claims Employee cannot
waive as a matter of law. Employee agrees, however, to waive and release any right to receive any individual remedy or to recover any
individual monetary or non-monetary damages as a result of any administrative charge, complaint or lawsuit filed by Employee or anyone
on Employee’s behalf, except as explicitly prohibited by law. Moreover, this Second Release does not limit Employee’s right
to receive an award for information provided to the SEC. Finally, the release of all Claims set forth in this Section 1 does not affect
Employee’s rights as expressly created by this Second Release and does not limit Employee’s ability to enforce this Second
Release.

 

h.                  This
Waiver and Release includes, but is not limited to, a waiver, discharge and release by Employee of the Released Company Parties from any
damages or relief of whatever nature or description, including, but not limited to, compensatory damages, liquidated damages, punitive
damages, equitable forms of relief, as well as any Claims for attorneys’ fees or costs, civil penalties and/or interest, which may
arise from any of the Claims waived, discharged or released.

 

2.                 
Enforcement and Legal Actions. The Parties agree that the Separation Agreement and this Second Release may be enforced in any court,
federal, state or local, and before any administrative agency or body, federal, state or local.  The Separation Agreement and this
Second Release may be used as a complete defense in the future should any Party bring a lawsuit based on any Claim that has been has released,
and if the opposing Party successfully enforces the releases contained in the Separation Agreement and/or this Second Release in a lawsuit
involving Claims under any statute other than the ADEA, that Party will pay for all costs incurred by the other(s), including reasonable
attorney’s fees, in defending such lawsuit and/or against non-ADEA Claims.

 

3.                 
No Disability. Employee agrees that he has not sustained any disabling personal injury and/or occupational disease which has resulted
in a loss of wage-earning capacity during his employment with the Company or due to the termination of his employment and that he has
no personal injury and/or occupational disease which has been contributed to, or aggravated or accelerated in a significant manner by
his employment with the Company and/or the termination of his employment.

 

    Exhibit A - 3 

     

    

 

4.                 
No Pending Action. Subject to Section 5 below, Employee represents that, as of the date he executed this Second Release, Employee
has not filed any charge, complaint or action in any forum against the Company.

 

5.                 
Whistleblower Protection. Nothing in this Second Release prevents Employee, without prior notice to the Company, from reporting
conduct to, providing truthful information to, cooperating with, filing a charge or complaint with and/or participating in any investigation
or proceeding conducted or initiated by the Equal Employment Opportunity Commission, National Labor Relations Board, Securities and Exchange
Commission, Occupational Safety and Health Administration, and/or any other federal, state or local agency or self-regulatory organization
charged with enforcement of any laws; provided, however, that (i) Employee hereby waives and releases any right to receive any individual
remedy or to recover any individual monetary or non-monetary damages as a result of any such actions, except as explicitly prohibited
by law; and (ii) Employee agrees not to disclose confidential information that is subject to a legal privilege of the Company, including
but not limited to the attorney-client privilege and attorney work product protection.

 

6.                 
Consultation with Attorney. Company hereby encourages and advises Employee in writing to consult with an attorney of Employee’s
choosing, prior to signing this Second Release, concerning all of the terms of this Second Release and the termination of Employee’s
employment with the Company.

 

7.                 
Review Period. Employee represents and warrants that the Company has given Employee a reasonable period of time that is greater
than 21 days (the “review period”) for Employee to consider all of the terms of this Second Release and for the purpose of
consulting with an attorney if Employee so chooses. If this Second Release has been executed by Employee prior to the end of the review
period, Employee represents that he has freely and willingly elected to do so. Employee and the Company agree that any changes to this
Second Release, whether material or immaterial, do not operate to restart the review period.

 

8.                 
Employee’s Review of Agreement. Employee represents and warrants that he has carefully read each and every provision of this
Second Release and that he fully understands all of the terms and conditions of this Second Release.

 

9.                 
Voluntary Agreement. Employee represents and warrants that he enters into this Second Release voluntarily of his own free will,
without any pressure or coercion from any person or entity, including, but not limited to, the Company or any of its representatives.

 

10.              
Effective Date. Following the date Employee signs this Second Release, Employee shall have seven days to revoke his acceptance
of this Second Release. To revoke this Second Release, Employee shall notify the Chief Executive Officer of the Company in writing of
Employee’s decision to revoke before the conclusion of the seventh day following the date of Employee’s acceptance. If Employee
does not revoke, then the eighth day following the date of his acceptance will be the “Effective Date” of this Second Release,
and Employee may not thereafter revoke his acceptance of this Second Release.

 

    Exhibit A - 4 

     

    

 

11.               Interpretation.
Employee and the Company agree that, whenever possible, each provision of this Second Release shall be interpreted in such a manner
as to be effective and valid under applicable law, but if any provision of this Second Release is held to be prohibited by or
invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Second Release, which shall be fully severable and
given full force and effect.

 

12.              
Legal Proceedings and Governing Law. This Second Release shall be construed and governed in accordance with the internal laws of
the State of New York, without regard to principles of conflicts of laws, to the maximum extent possible. Disputes arising under it shall
be heard exclusively by the state courts in New York City, New York or federal courts located in New York City, New York. Employee irrevocably
agrees that all claims and disputes regarding this Second Release may be heard and determined in any such court and irrevocably waives
any objection he may now or hereafter have as to personal jurisdiction, the venue of any such action or proceeding brought in such a court
or the fact that such court is an inconvenient forum.

 

13.              
WAIVER OF JURY TRIAL.  THE PARTIES AGREE TO WAIVE ANY RIGHT TO A JURY TRIAL IF ANY CLAIM ARISING OUT OF EMPLOYEE’S
EMPLOYMENT, HIS SEPARATION FROM THAT EMPLOYMENT AND/OR THIS SECOND RELEASE IS FILED IN COURT. 

 

14.              
Non-Assignment. Employee warrants, represents and agrees that he has not heretofore assigned or transferred or purported to assign
or transfer to any person, firm, partnership, corporation or entity whatsoever, any of the legal rights or Claims waived or released herein.

 

15.              
No Admission of Liability. Employee agrees that neither any payment under the Separation Agreement, nor any term or condition of
it or this Second Release, shall be construed at any time as an admission of liability or wrongdoing by the Company.

 

16.              
Third Party Beneficiaries. The Parties agree that the Released Company Parties (other than the Company) are intended third party
beneficiaries of this Second Release. The Released Company Parties’ rights under this Section 16 shall be irrevocable.

 

17.              
Binding Effect. This Second Release shall be binding upon and inure to the benefit of Employee and Employee’s heirs and legal
representatives and the Company, its successors and assigns. The obligations of this Second Release survive the resignation of Employee’s
employment. Employee agrees that the Company may freely assign this Second Release to a successor corporation or purchaser of its assets.

 

18.              
Copies. A scanned copy, photocopy or facsimile of a fully-executed Second Release has the same force and effect as the original.

 

[Signature Page Follows]

 

    Exhibit A - 5 

     

    

 

I UNDERSTAND THAT THIS SECOND RELEASE AFFECTS IMPORTANT RIGHTS. I HAVE
READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY. I HAVE HAD THE OPPORTUNITY TO CONSULT INDEPENDENT COUNSEL OF MY OWN
CHOOSING PRIOR TO EXECUTING THIS SECOND RELEASE.

 

 

 

	DATED:                        	 
	 	Jeffrey C. Piermont
	 	 
	DATED:                        	 ANDOVER NATIONAL CORPORATION
	 	 
	 	By:	                 
	 	 
	 	Peter A. Cohen
	 	Chief Executive Officer
	 	 
	DATED:                        	 
	 	Peter A. Cohen, An Individual

 

    Exhibit A - 6 

     

    

 

Exhibit
B – 8-K language

 

(b) and (e) Resignation of Chief Executive Officer

 

On November 1, 2021, Andover National Corporation (the “Company”)
and Jeffrey C. Piermont, the Company’s President and Chief Operating Officer, mutually agreed to Mr. Piermont’s resignation
as President and Chief Operating Officer and his separation of employment from the Company, effective as of December 31, 2021 (the “Separation”).
Mr. Piermont also resigned as a member of the Board of Directors (the “Board”) of the Company, effective immediately. Mr.
Piermont’s resignation was not as a result of any disagreement with the Company on any matters related to the Company’s operations,
policies or practices.

 

In connection with the Separation, the Company, Mr. Piermont and Mr.
Peter A. Cohen, the Company’s Executive Chairman of the Board and Chief Executive Officer, have agreed to the terms of a Separation
Agreement and Release of All Claims (the “Separation Agreement”), dated November 1, 2021. The Separation Agreement includes
a mutual release by each of the Company, Mr. Cohen and Mr. Piermont of claims against the Company, Mr. Cohen, Mr. Piermont and certain
related parties. In connection with his entry into the Separation Agreement, Mr. Piermont agreed that he would continue to be subject
to the Agreement Regarding Assignment of Inventions, Confidentiality, Non-Competition, and Non-Solicitation between Mr. Piermont and the
Company with certain modifications to the non-competition obligations as set forth in the Separation Agreement. The Separation Agreement
also includes certain affirmative covenants binding on Mr. Piermont, including, without limitation, a covenant to reasonably cooperate
with the Company in connection with any matter, litigation or other proceeding arising out of or relating to matters of which Mr. Piermont
was involved, both before and after the date of the Separation.

 

Pursuant to the terms of the Separation Agreement and provided that
he complies with the terms of the Separation Agreement, Mr. Piermont shall be entitled to a lump sum severance payment of $330,000, subject
to entering into a second waiver and release on the date of Separation.

 

In addition, in connection with the Separation, Mr. Piermont has agreed
to sell all of his shares of Class B Common Stock of the Company to The Peter A. Cohen Revocable Trust (the “Sale”). Immediately
following the Sale, The Peter A. Cohen Revocable Trust intends to voluntarily convert all shares of Class B Common Stock into shares of
Class A Common Stock such that following the Sale, there will be 3,696,326 shares of the Company’s Class A Common Stock and no shares
of the Company’s Class B Common Stock outstanding.

 

A copy of the Separation Agreement is attached hereto as Exhibit 10.1
and incorporated by reference herein. The above description of the Separation Agreement does not purport to be complete and is qualified
in its entirety by reference to such exhibit.

 

    Exhibit B

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