Document:

Document

Exhibit 10.1

LIMBACH HOLDINGS, INC. AMENDED AND RESTATED OMNIBUS INCENTIVE PLAN
Section 1. General.
The name of the Plan is the Limbach Holdings, Inc. Amended and Restated Omnibus Incentive Plan (the “Plan”). The Plan intends to: (a) encourage the profitability and growth of the Company through short-term and long-term incentives that are consistent with the Company’s objectives; (b) give Participants an incentive for excellence in individual performance; (c) promote teamwork among Participants; and (d) give the Company a significant advantage in attracting and retaining key Employees, Directors and Consultants. To accomplish such purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Performance-Based Awards (including performance-based Restricted Shares and Restricted Stock Units), Other Share Based Awards, Other Cash-Based Awards or any combination of the foregoing.
Section 2. Definitions.
For purposes of the Plan, the following terms shall be defined as set forth below:
(a) “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 of the Plan.
(b) “Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. An entity shall be deemed an Affiliate of the Company for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained.
(c) “Approval Date” means the date on which the Plan is approved by the Company’s stockholders.
(d) “Articles of Incorporation” means the articles of incorporation of the Company, as amended and/or restated from time to time.
(e) “Automatic Exercise Date” means, with respect to an Option or a Stock Appreciation Right, the last business day of the applicable term of the Option pursuant to Section 7(d) or the Stock Appreciation Right pursuant to Section 8(f).
(f) “Award” means any Option, Stock Appreciation Right, Restricted Share, Restricted Stock Unit, Performance-Based Award, Other Share Based Award or Other Cash-Based Award granted under the Plan.
(g) “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award. Evidence of an Award may be in written or electronic form, may be limited to notation on the books and records of the Company and, with the approval of the Board, need not be signed by a representative of the Company or a Participant. Any Shares that become deliverable to the Participant pursuant to the Plan may be issued in certificate form in the name of the Participant or in book-entry form in the name of the Participant.
(h) “Bylaws” means the bylaws of the Company, as may be amended and/or restated from time to time.
(i) “Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.
(j) “Board” means the Board of Directors of the Company.
(k) “Cause” shall have the meaning assigned to such term in any Company or Affiliate employment or severance agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define “Cause,” Cause means (i) the refusal or neglect of the Participant to perform substantially his or her employment related duties, (ii) the Participant’s personal dishonesty, incompetence, willful misconduct or breach of fiduciary duty, (iii) the Participant’s indictment for, conviction of or entering a plea of guilty or nolo contendere to a 

crime constituting a felony or his or her willful violation of any applicable law (other than a traffic violation or other offense or violation outside of the course of employment which in no way adversely affects the Company and its Subsidiaries or their reputation or the ability of the Participant to perform his or her employment related duties or to represent the Company or any Subsidiary of the Company that employs such Participant), (iv) the Participant’s failure to reasonably cooperate, following a request to do so by the Company, in any internal or governmental investigation of the Company or any of its Subsidiaries or (v) the Participant’s material breach of any written covenant or agreement with the Company or any of its Subsidiaries not to disclose any information pertaining to the Company or such Subsidiary or not to compete or interfere with the Company or such Subsidiary.
(l) “Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) extraordinary dividend (whether in the form of cash, Common Stock or other property), stock split or reverse stock split, (iii) combination or exchange of shares, (iv) other change in corporate structure or (v) payment of any other distribution, which, in any such case, the Administrator determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 of the Plan is appropriate.
(m) “Change in Control” shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred:
(i) any Person, other than (A) 1347 Investors LLC, EarlyBirdCapital, Inc., FdG HVAC LLC, Limbach Management Holding Company LLC, Marathon Special Opportunity Master Fund, Ltd. or Charles A. Bacon III or their respective Affiliates and successors, or (B) the Company or a trustee or other fiduciary holding securities under an employee benefit plan of the Company, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or
(ii) the following individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board: individuals who, during any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of Directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2∕3) of the Directors then still in office who either were Directors at the beginning of the two (2) year period or whose appointment, election or nomination for election was previously so approved or recommended; or
(iii) there is consummated a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other than a merger or consolidation (A) that results in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger or consolidation, and (B) immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or
(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s and all of the Company’s Subsidiaries’ assets (determined on a consolidated basis), other than (A) a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute at 

least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.
For each Award that constitutes deferred compensation under Code Section 409A, a transaction shall constitute a Change in Control only if it also constitutes a “change in control event” under the regulations under Code Section 409A.
Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of.
(n) “Change in Control Price” shall have the meaning set forth in Section 12 of the Plan.
(o) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
(p) “Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which the Common Stock is traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Company’s Articles of Incorporation or Bylaws, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee’s members.
(q) “Common Stock” means the common stock, par value $0.0001 per share, of the Company.
(r) “Company” means Limbach Holdings, Inc., a Delaware corporation (or any successor corporation, except as the term “Company” is used in the definition of  “Change in Control” above).
(s) “Consultant” means any current or prospective consultant or independent contractor of the Company or an Affiliate thereof, in each case, who is not an Employee, Executive Officer or non-employee Director.
(t) “Disability” shall have the meaning assigned to such term in any individual employment or severance agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define “Disability,” Disability means, with respect to any Participant, that such Participant (i) is unable 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 (ii) is, 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, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees of the Company or an Affiliate thereof.
(u) “Director” means any individual who is a member of the Board on or after the Effective Date.
(v) “Effective Date” shall have the meaning set forth in Section 20 of the Plan.
(w) “Eligible Recipient” means: (i) an Employee; (ii) a non-employee Director; or (iii) a Consultant, in each case, who has been selected as an eligible recipient under the Plan by the Administrator; provided, that any Awards granted prior to the date an Eligible Recipient first performs services for the Company or an Affiliate thereof will not become vested or exercisable, and no Shares shall be issued or other payment made to such Eligible Recipient with respect to such Awards, prior to the date on which such Eligible Recipient first performs services for the Company or an Affiliate thereof. Notwithstanding the foregoing, to the extent required to avoid the imposition of 

additional taxes under Code Section 409A, “Eligible Recipient” means: an (1) Employee; (2) a non-employee Director; or (3) a Consultant, in each case, of the Company or a Subsidiary thereof, who has been selected as an eligible recipient under the Plan by the Administrator.
(x) “Employee” shall mean any current or prospective employee of the Company or an Affiliate thereof, as described in Treasury Regulation Section 1.421-1(h), including an Executive Officer or Director who is also treated as an employee.
(y) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
(z) “Executive Officer” means each Participant who is an executive officer (within the meaning of Rule 3b-7 under the Exchange Act) of the Company.
(aa) “Exercise Price” means, with respect to any Award under which the holder may purchase Shares, the price per share at which a holder of such Award granted hereunder may purchase Shares issuable upon exercise of such Award.
(bb) “Fair Market Value” as of a particular date shall mean: (i) if the Common Stock is admitted to trading on a national securities exchange, the fair market value of a Share on any date shall be the closing sale price reported for such share on such exchange on such date or, if no sale was reported on such date, on the last day preceding such date on which a sale was reported; (ii) if the Shares are not then listed on a national securities exchange, the average of the highest reported bid and lowest reported asked prices for the Shares as reported by the National Association of Securities Dealers, Inc. Automated Quotations System for the last preceding date on which there was a sale of such stock in such market; or (iii) whether or not the Shares are then listed on a national securities exchange or traded in an over-the-counter market or the value of such Shares is not otherwise determinable, such value as determined by the Committee in good faith and in a manner not inconsistent with the regulations under Code Section 409A.
(cc) “Free Standing Rights” shall have the meaning set forth in Section 8(a) of the Plan.
(dd) “Incentive Stock Option” means an Option that is intended to satisfy the requirements applicable to and to be treated as an “incentive stock option” described in Code Section 422.
(ee) “Nonqualified Stock Option” means an Option that is not intended to be an Incentive Stock Option.
(ff) “Option” means an option to purchase Shares granted pursuant to Section 7 of the Plan.
(gg) “Other Cash-Based Award” means a cash Award granted to a Participant under Section 11 of the Plan, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.
(hh) “Other Share Based Award” means a right or other interest granted to a Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited to, unrestricted Shares or dividend equivalents, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan.
(ii) “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3 of the Plan, to receive grants of Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Share Based Awards, Other Cash-Based Awards or any combination of the foregoing, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be, solely with respect to any Awards outstanding at the date of the Eligible Recipient’s death.
(jj) “Performance-Based Award” means any Award granted under the Plan that is subject to one or more Performance Goals. Any dividends or dividend equivalents payable or credited to a Participant with respect to any 

unvested Performance-Based Award shall be subject to the same Performance Goals as the Shares or units underlying the Performance-Based Award.
(kk) “Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings before interest and taxes; (ii) earnings before interest, taxes, depreciation and amortization; (iii) net operating profit after tax; (iv) cash flow; (v) revenue; (vi) net revenues; (vii) sales; (viii) days sales outstanding; (ix) scrap rates; (x) income; (xi) net income; (xii) operating income; (xiii) net operating income; (xiv) operating margin; (xv) earnings; (xvi) earnings per share; (xvii) return on equity; (xviii) return on investment; (xix) return on capital; (xx) return on assets; (xxi) return on net assets; (xxii) total shareholder return; (xxiii) economic profit; (xxiv) market share; (xxv) appreciation in the fair market value, book value or other measure of value of the Company’s Common Stock; (xxvi) expense or cost control; (xxvii) working capital; (xxviii) volume or production; (xxix) new products; (xxx) customer satisfaction; (xxxi) brand development; (xxxii) employee retention or employee turnover; (xxxiii) employee satisfaction or engagement; (xxxiv) environmental, health or other safety goals; (xxxv) individual performance; (xxxvi) strategic objective milestones; (xxxvii) days inventory outstanding; (xxxviii) any other criteria specified by the Administrator in its sole discretion; and (xxxix) any combination of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or an Affiliate thereof, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). At the time such an Award is granted, the Committee may specify any reasonable definition of the Performance Goals it uses. Such definitions may provide for equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or an Affiliate thereof or the financial statements of the Company or an Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be unusual in nature, infrequent in occurrence or unusual in nature and infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles.
(ll) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any Subsidiary thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary thereof, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
(mm) “Related Rights” shall have the meaning set forth in Section 8(a) of the Plan.
(nn) “Restricted Shares” means an Award of Shares granted pursuant to Section 9 of the Plan subject to certain restrictions that lapse at the end of a specified period or periods.
(oo) “Restricted Stock Unit” means a notional account established pursuant to an Award granted to a Participant, as described in Section 10 of the Plan, that is (i) valued solely by reference to Shares, (ii) subject to restrictions specified in the Award Agreement, and (iii) payable in cash or in Shares (as specified in the Award Agreement). The Restricted Stock Units awarded to the Participant will vest according to the time-based criteria or Performance Goals criteria, and vested Restricted Stock Units will be settled at the time(s), specified in the Award Agreement.
(pp) “Restricted Period” means the period of time determined by the Administrator during which an Award or a portion thereof is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

(qq) “Retirement” means a termination of a Participant’s employment, other than for Cause and other than by reason of death or Disability, on or after the attainment of age 65.
(rr) “Rule 16b-3” shall have the meaning set forth in Section 3(a) of the Plan.
(ss) “Shares” means shares of Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or other reorganization) security.
(tt) “Stock Appreciation Right” means the right pursuant to an Award granted under Section 8 of the Plan to receive an amount equal to the excess, if any, of  (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.
(uu) “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls, directly or indirectly, more than fifty percent (50%) of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. Notwithstanding the foregoing, in the case of an Incentive Stock Option or any determination relating to an Incentive Stock Option, “Subsidiary” means a corporation that is a subsidiary of the Company within the meaning of Code Section 424(f).
(vv) “Substitute Award” shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation, or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.
Section 3. Administration.
(a) The Plan shall be administered by the Administrator in accordance with the requirements of Rule 16b-3 under the Exchange Act (“Rule 16b-3”), to the extent applicable.
(b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation:
(i) to select those Eligible Recipients who shall be Participants;
(ii) to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Share Based Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;
(iii) to determine the number of Shares to be covered by each Award granted hereunder;
(iv) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder, including, but not limited to, (A) the restrictions applicable to Restricted Shares and Restricted Stock Units and the conditions under which restrictions applicable to such Restricted Shares and Restricted Stock Units shall lapse, (B) the Performance Goals and periods applicable to Awards, if any, (C) the Exercise Price of each Award, (D) the vesting schedule applicable to each Award, (E) the number of Shares subject to each Award and (F) subject to the requirements of Code Section 409A (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards;

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units or Other Share Based Awards, Other Cash-Based Awards or any combination of the foregoing granted hereunder;
(vi) to determine the Fair Market Value;
(vii) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant’s employment for purposes of Awards granted under the Plan;
(viii) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; and
(ix) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.
(c) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, or any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.
Section 4. Shares Reserved for Issuance Under the Plan and Limitations on Awards.
(a) Subject to Section 5 of the Plan, the number of Shares that are reserved and available for issuance pursuant to Awards granted under the Plan is 2,250,000. The maximum number of Shares that may be issued pursuant to Options intended to be Incentive Stock Options is eight-hundred thousand (800,000).
(b) The aggregate Awards granted during any fiscal year to any Participant shall not exceed, subject to adjustment as provided in Section 5 of the Plan: (i) is four-hundred thousand (400,000) Shares subject to Options or Stock Appreciation Rights, (ii) is four-hundred thousand (400,000) Shares subject to Restricted Shares, Restricted Stock Units or Other Share Based Awards (other than Stock Appreciation Rights), and (iii) two million dollars ($2,000,000) with respect to Other Cash-Based Awards with a Restricted Period of one (1) year and five-hundred thousand dollars ($500,000) with respect to Other Cash-Based Awards with a Restricted Period greater than one (1) year. Notwithstanding the foregoing, the maximum number of Shares subject to Awards granted during any fiscal year to any non-employee Director, taken together with any cash fees paid to such non-employee Director during the fiscal year, shall not exceed five-hundred thousand dollars ($500,000) in total value (calculating the value of any such Awards based on the grant date Fair Market Value of such Awards for financial reporting purposes).
(c) Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. Any Shares subject to an Award under the Plan that, after the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution of Shares to a Participant will thereafter be deemed to be available for Awards. In applying the immediately preceding sentence, if  (i) Shares otherwise issuable or issued in respect of, or as part of, any Award are withheld to cover taxes or any applicable Exercise Price, such Shares shall be treated as having been issued under the Plan and shall not be available for issuance under the Plan, and (ii) any Share-settled Stock Appreciation Rights or Options are exercised, the aggregate number of Shares subject to such Stock Appreciation Rights or Options shall be deemed issued under the Plan and shall not be available for issuance under the Plan. In addition, Shares tendered to exercise outstanding Options or other Awards or to cover applicable taxes on any Awards shall not be available for issuance under the Plan.

(d) Except in the case of Substitute Awards granted pursuant to Section 4(e) and subject to the following sentence, Awards granted under the Plan shall be subject to a minimum vesting period of one (1) year. Notwithstanding the foregoing, (i) the Committee may provide that the vesting of an Award shall accelerate in the event of the Participant’s death, Disability, or Retirement, or the occurrence of a Change in Control, and (ii) the Committee may grant Awards covering five percent (5%) or fewer of the total number of Shares authorized under the Plan without respect to the above-described minimum vesting requirement. Notwithstanding the foregoing, with respect to Awards to non-employee Directors, the vesting of such Awards will be deemed to satisfy the one (1) year minimum vesting requirement to the extent that the Awards vest on the earlier of the one (1) year anniversary of the date of grant and the next annual meeting of the Company’s stockholders that is at least fifty (50) weeks after the immediately preceding year’s annual meeting.
(e) Substitute Awards shall not reduce the Shares authorized for grant under the Plan. In the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided, that Awards using such available Shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition or combination.
(f) In the event that the Company or an Affiliate thereof consummates a transaction described in Code Section 424(a) (e.g., the acquisition of property or stock from an unrelated corporation), persons who become Employees or Directors in account of such transaction may be granted Substitute Awards in substitution for awards granted by their former employer, and any such substitute Options or Stock Appreciation Rights may be granted with an Exercise Price less than the Fair Market Value of a Share on the grant date thereof; provided, however, the grant of such substitute Option or Stock Appreciation Right shall not constitute a “modification” as defined in Code Section 424(h)(3) and the applicable Treasury regulations.
Section 5. Equitable Adjustments.
In the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (i) the aggregate number of Shares reserved for issuance under the Plan and the maximum number of Shares that may be subject to Awards granted to any Participant in any calendar or fiscal year, (ii) the kind, number and Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan; provided, however, that any such substitution or adjustment with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A, and (iii) the kind, number and purchase price of Shares subject to outstanding Restricted Shares or Other Share Based Awards granted under the Plan, in each case as may be determined by the Administrator, in its sole discretion; provided, however, that any fractional Shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other property having an aggregate Fair Market Value of the Shares covered by such Award, reduced by the aggregate Exercise Price or purchase price thereof, if any. Notwithstanding anything contained in the Plan to the contrary, any adjustment with respect to an Incentive Stock Option due to an adjustment or substitution described in this Section 5 shall comply with the rules of Code Section 424(a), and in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder to be disqualified as an incentive stock option for purposes of Code Section 422. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive.
Section 6. Eligibility.

The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible Recipients.
Section 7. Options.
(a) General. The Committee may, in its sole discretion, grant Options to Participants. Solely with respect to Participants who are Employees, the Committee may grant Incentive Stock Options, Nonqualified Stock Options or a combination of both. With respect to all other Participants, the Committee may grant only Nonqualified Stock Options. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall specify whether the Option is an Incentive Stock Option or a Nonqualified Stock Option and shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement. The prospective recipient of an Option shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.
(b) Limits on Incentive Stock Options. If the Administrator grants Incentive Stock Options, then to the extent that the aggregate fair market value of Shares with respect to which Incentive Stock Options are exercisable for the first time by any individual during any calendar year (under all plans of the Company) exceeds $100,000, such Options will be treated as Nonqualified Stock Options to the extent required by Code Section 422.
(c) Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant; provided, however, that (i) in no event shall the Exercise Price of an Option be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant, and (ii) no Incentive Stock Option granted to a ten percent (10%) stockholder of the Company’s Common Stock (within the meaning of Code Section 422(b)(6)) shall have an exercise price per share less than one-hundred ten percent (110%) of the Fair Market Value of a Share on such date.
(d) Option Term. The maximum term of each Option shall be fixed by the Administrator, but in no event shall (i) an Option be exercisable more than ten (10) years after the date such Option is granted, and (ii) an Incentive Stock Option granted to a ten percent (10%) stockholder of the Company’s Common Stock (within the meaning of Code Section 422(b)(6)) be exercisable more than five (5) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole discretion, deems appropriate. Notwithstanding any contrary provision in this Plan (including without limitation Section 7(h)), if, on the date an outstanding Option would expire, the exercise of the Option, including by a “net exercise” or “cashless” exercise, would violate applicable securities laws or any insider trading policy maintained by the Company from time to time, the expiration date applicable to the Option will be extended, except to the extent such extension would violate Section 409A, to a date that is thirty (30) calendar days after the date the exercise of the Option would no longer violate applicable securities laws or any such insider trading policy.
(e) Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of pre-established Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

(f) Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing. In determining which methods a Participant may utilize to pay the Exercise Price, the Administrator may consider such factors as it determines are appropriate; provided, however, that with respect to Incentive Stock Options, all such discretionary determinations shall be made by the Administrator at the time of grant and specified in the Award Agreement.
(g) Rights as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of Section 15 of the Plan.
(h) Termination of Employment or Service.
(i) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company and all Affiliates thereof shall terminate for any reason other than Cause, Retirement, Disability, or death, (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is ninety (90) days after such termination, on which date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The ninety (90) day period described in this Section 7(h)(i) shall be extended to one (1) year after the date of such termination in the event of the Participant’s death during such ninety (90) day period. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.
(ii) Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company and all Affiliates thereof shall terminate on account of Retirement, Disability or the death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the date that is one (1) year after such termination, on which date they shall expire and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.
(iii) In the event of the termination of a Participant’s employment or service for Cause, all outstanding Options granted to such Participant shall expire at the commencement of business on the date of such termination.
(iv) For purposes of determining which Options are exercisable upon termination of employment or service for purposes of this Section 7(h), Options that are not exercisable solely due to a blackout period shall be considered exercisable.
(i) Other Change in Employment Status. An Option may be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status or service of a Participant, as evidenced in a Participant’s Award Agreement.
(j) Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Options shall be subject to Section 12 of the Plan.
(k) Automatic Exercise. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Option 

outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. In the sole discretion of the Administrator, payment of the exercise price of any such Option shall be made pursuant to Section 7(f)(i), or (ii) and the Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 15. Unless otherwise determined by the Administrator, this Section 7(k) shall not apply to an Option if the Participant’s employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Option with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 7(k).
Section 8. Stock Appreciation Rights.
(a) General. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the price per Share, and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates and any Stock Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of Common Stock on the date of grant. The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.
(b) Awards; Rights as Stockholder. The prospective recipient of a Stock Appreciation Right shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Participants who are granted Stock Appreciation Rights shall have no rights as stockholders of the Company with respect to the grant or exercise of such rights.
(c) Exercisability.
(i) Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement.
(ii) Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan.
(d) Payment Upon Exercise.
(i) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.
(ii) A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

(iii) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of Shares and cash).
(e) Termination of Employment or Service.
(i) Subject to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement.
(ii) Subject to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options.
(f) Term.
(i) The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the date such right is granted.
(ii) The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted.
(g) Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Stock Appreciation Rights shall be subject to Section 12 of the Plan.
(h) Automatic Exercise. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Stock Appreciation Right outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. The Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 15. Unless otherwise determined by the Administrator, this Section 8(h) shall not apply to a Stock Appreciation Right if the Participant’s employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Stock Appreciation Right with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 8(h).
Section 9. Restricted Shares.
(a) General. Restricted Shares may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Shares shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares; the Restricted Period, if any, applicable to Restricted Shares; the Performance Goals (if any) applicable to Restricted Shares; and all other conditions of the Restricted Shares. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Shares in accordance with the terms of the grant. The provisions of the Restricted Shares need not be the same with respect to each Participant.
(b) Awards and Certificates. The prospective recipient of Restricted Shares shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Except as otherwise provided in Section 9(c) of the Plan, (i) each Participant who is granted an award of Restricted Shares may, in the Company’s sole discretion, be issued a stock certificate in respect of such Restricted Shares; and 

(ii) any such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award.
The Company may require that the stock certificates, if any, evidencing Restricted Shares granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares, the Participant shall have delivered a stock power, endorsed in blank, relating to the Shares covered by such Award.
Notwithstanding anything in the Plan to the contrary, any Restricted Shares (whether before or after any vesting conditions have been satisfied) may, in the Company’s sole discretion, be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form.
(c) Restrictions and Conditions. The Restricted Shares granted pursuant to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter:
(i) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability.
(ii) Except as provided in Section 17 of the Plan or in the Award Agreement, the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted Shares during the Restricted Period. In the Administrator’s discretion and as provided in the applicable Award Agreement, a Participant may be entitled to dividends or dividend equivalents on an Award of Restricted Shares, which will be payable in accordance with the terms of such grant as determined by the Administrator. Certificates for Shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Shares, except as the Administrator, in its sole discretion, shall otherwise determine.
(iii) The rights of Participants granted Restricted Shares upon termination of employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.
(d) Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Shares shall be subject to Section 12 of the Plan.
Section 10. Restricted Stock Units.
(a) General. Restricted Stock Units may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock Units shall be made; the number of Restricted Stock Units to be awarded; the Restricted Period, if any, applicable to Restricted Stock Units; the Performance Goals (if any) applicable to Restricted Stock Units; and all other conditions of the Restricted Stock Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock Units in accordance with the terms of the grant. The provisions of Restricted Stock Units need not be the same with respect to each Participant.
(b) Award Agreement. The prospective recipient of Restricted Stock Units shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

(c) Restrictions and Conditions. The Restricted Stock Units granted pursuant to this Section 10 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Code Section 409A, thereafter:
(i) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability.
(ii) Participants holding Restricted Stock Units shall have no voting rights. A Restricted Stock Unit may, at the Administrator’s discretion, carry with it a right to dividend equivalents. Such right would entitle the holder to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. The Administrator, in its discretion, may grant dividend equivalents from the date of grant or only after a Restricted Stock Unit is vested.
(iii) The rights of Participants granted Restricted Stock Units upon termination of employment or service as a non-employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.
(d) Settlement of Restricted Stock Units. Settlement of vested Restricted Stock Units shall be made to Participants in the form of Shares, unless the Administrator, in its sole discretion, provides for the payment of the Restricted Stock Units in cash (or partly in cash and partly in Shares) equal to the value of the Shares that would otherwise be distributed to the Participant.
(e) Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock Units shall be subject to Section 12 of the Plan.
Section 11. Other Share Based or Cash-Based Awards.
(a) The Administrator is authorized to grant Awards to Participants in the form of Other Share Based Awards or Other Cash-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. Common Stock or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action.
(b) The prospective recipient of an Other Share-Based Award or Other Cash-Based Award shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.
(c) Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Other Share-Based Awards and Other Cash-Based Awards shall be subject to Section 12 of the Plan.
Section 12. Change in Control.
The Administrator may provide in the applicable Award Agreement that an Award will vest on an accelerated basis upon the Participant’s termination of employment or service in connection with a Change in Control or upon the occurrence of any other event that the Administrator may set forth in the Award Agreement. If the Company is a party to an agreement that is reasonably likely to result in a Change in Control, such agreement may provide for: (i) 

the continuation of any Options and Stock Appreciation Rights by the Company, if the Company is the surviving corporation; (ii) the assumption of any Options and Stock Appreciation Rights by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent or subsidiary of equivalent awards for any Options and Stock Appreciation Rights, provided, however, that any such assumption or substitution with respect to Options and Stock Appreciation Rights under the foregoing clauses (ii) or (iii) shall occur in accordance with the requirements of Code Section 409A and 424, when applicable; or (iv) settlement of any Options and Stock Appreciation Rights for the Change in Control Price (less, to the extent applicable, the per share exercise or grant price), or, if the per share exercise or grant price equals or exceeds the Change in Control Price or if the Administrator determines that Award cannot reasonably become vested pursuant to its terms, such Options and Stock Appreciation Rights shall terminate and be canceled. To the extent that Restricted Shares, Restricted Stock Units or other Awards (other than Options and Stock Appreciation Rights) settle in Shares in accordance with their terms upon a Change in Control, such Shares shall be entitled to receive as a result of the Change in Control transaction the same consideration as the Shares held by stockholders of the Company as a result of the Change in Control transaction. For purposes of this Section 12, “Change in Control Price” shall mean the Fair Market Value of a Share upon a Change in Control. To the extent that the consideration paid in any such Change in Control transaction consists all or in part of securities or other non-cash consideration, the value of such securities or other non-cash consideration shall be determined in good faith by the Administrator.
Section 13. Amendment and Termination.
(a) The Board or the Committee may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent.
(b) Notwithstanding the foregoing, (i) approval of the Company’s stockholders shall be obtained to increase the aggregate Share limit and annual Award limits described in Section 4 and for any amendment that would require such approval in order to satisfy the requirements of Code Section 422, if applicable, any rules of the stock exchange on which the Common Stock is traded or other applicable law, and (ii) without stockholder approval to the extent required by the rules of any applicable national securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, except as otherwise permitted under Section 5 of the Plan, (A) no amendment or modification may reduce the Exercise Price of any Option or Stock Appreciation Right, (B) the Committee may not cancel any outstanding Option or Stock Appreciation Right and replace it with a new Option or Stock Appreciation Right, another Award or cash and (C) the Committee may not take any other action that is considered a “repricing” for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system.
(c) Subject to the terms and conditions of the Plan and Code Section 409A, the Administrator may modify, extend or renew outstanding Awards under the Plan, or accept the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in substitution of them (to the extent not already exercised).
(d) Notwithstanding the foregoing, no alteration, modification or termination of an Award will, without the prior written consent of the Participant, adversely alter or impair any rights or obligations under any Award already granted under the Plan.
Section 14. Unfunded Status of Plan.
The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made or Shares not yet transferred to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.
Section 15. Withholding Taxes.
Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for federal, state and/or local income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any federal, state, or local taxes of any kind, 

domestic or foreign, required by law or regulation to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related federal, state and local taxes, domestic or foreign, to be withheld and applied to the tax obligations. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of Shares or by delivering already owned unrestricted shares of Common Stock, in each case, having a value equal to the amount required to be withheld or other greater amount not exceeding the maximum statutory rate required to be collected on the transaction under applicable law, as applicable to the Participant, if such other greater amount would not, as determined by the Committee, result in adverse financial accounting treatment (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09). Such Shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an Award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award.
Section 16. Dividends; Dividend Equivalents.
Notwithstanding anything in this Plan to the contrary, to the extent that an Award contains a right to receive dividends or dividend equivalents while such Award remains unvested, such dividends or dividend equivalents will be accumulated and paid once and to the extent that the underlying Award vests.
Section 17. Non-United States Employees.
Without amending the Plan, the Administrator may grant Awards to eligible persons residing in non-United States jurisdictions on such terms and conditions different from those specified in the Plan, including the terms of any award agreement or plan, adopted by the Company or any Subsidiary thereof to comply with, or take advantage of favorable tax or other treatment available under, the laws of any non-United States jurisdiction, as may in the judgment of the Administrator be necessary or desirable to foster and promote achievement of the purposes of the Plan and, in furtherance of such purposes the Administrator may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees.
Section 18. Transfer of Awards.
No purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio, and shall not create any obligation or liability of the Company, and any person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant’s guardian or legal representative.
Section 19. Continued Employment.

The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued employment or service with the Company or an Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or an Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.
Section 20. Effective Date and Approval Date.
The Plan was originally effective as of July 20, 2016 and amended on May 30, 2019 and the Plan, as amended and restated hereby, will be effective as of June 16, 2021 (the “Effective Date”). The Plan will be unlimited in duration and, in the event of Plan termination, will remain in effect as long as any Shares awarded under it are outstanding and not fully vested; provided, however, that no Awards will be made under the Plan on or after June 16, 2031. No Option that is intended to be an Incentive Stock Option may be granted under the Plan until the Approval Date. If the Approval Date does not occur within twelve (12) months after the Effective Date, then no Options that are intended to be Incentive Stock Options may be granted under the Plan.
Section 21. Code Section 409A.
The intent of the parties is that payments and benefits under the Plan be either exempt from Code Section 409A or comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered consistent with such intent. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided upon a “separation from service” to a Participant who is a “specified employee” shall be paid on the first business day after the date that is six (6) months following the Participant’s separation from service (or upon the Participant’s death, if earlier). In addition, for purposes of the Plan, each amount to be paid or benefit to be provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Code Section 409A, shall be construed as a separate identified payment for purposes of Code Section 409A. Nothing contained in the Plan or an Award Agreement shall be construed as a guarantee of any particular tax effect with respect to an Award. The Company does not guarantee that any Awards provided under the Plan will be exempt from or in compliance with the provisions of Code Section 409A, and in no event will the Company be liable for any or all portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of any Award being subject to, but not in compliance with, Code Section 409A.
Section 22. Erroneously Awarded Compensation.
The Plan and all Awards issued hereunder shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be amended from time to time.
Section 23. Governing Law.
The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.
Section 24. Plan Document Controls.
The Plan and each Award Agreement constitute the entire agreement with respect to the subject matter hereof and thereof; provided, that in the event of any inconsistency between the Plan and such Award Agreement, the terms and conditions of the Plan shall control.Exhibit 10.1

 

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is made and entered into as of August 9, 2021, by and between Mawson Infrastructure
Group Inc. (“Company”) and Liam Daniel Wilson (“Employee”). As used herein, Company and Employee
shall be referred to individually as “Party” and collectively as the “Parties.”

 

RECITALS

 

Whereas,
the Company desires to employ Employee as its Chief Operating Officer and to enter into this Agreement embodying the terms of such employment,
and Employee desires to provide employment services to the Company on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and conditions set forth below, the Parties hereby agree as follows:

 

1.
Employment.

 

(a)
Employment Term. Employee’s employment with the Company shall commence on August 16, 2021 (the “Start Date”).
Either Party may terminate this Agreement at any time and for any reason, subject to Section 8 below. In the event the Company terminates
this Agreement for Cause (as defined below), the Company may, in its sole discretion, waive the Notice Period in Section 8 and Employee
shall be deemed terminated effective immediately and shall be entitled to no further payment, including no payment for the Notice Period.
The period of Employee’s employment with the Company shall be referred to as the “Term.”

 

(b)
Cause. For purposes of this Agreement, “Cause” shall mean the occurrence of any one or more of the following events:

 

		1)	Employee
                                            is found by a court of competent jurisdiction to have committed a felony (or equivalent offense
                                            under applicable law), unless the Company determines that such event shall not constitute
                                            Cause;

 

		2)	Employee
                                            commits an act of fraud or embezzlement upon the Company Group or any willful act intended
                                            to injure the reputation, business, or any business relationship of the Company Group;

 

		3)	Employee
                                            fails to comply with the Company’s policies and procedures, including without limitation
                                            those outlined in the Company’s Employee Handbook;

 

		4)	Employee
                                            materially breaches any of the provisions of this Agreement or otherwise refuses or fails
                                            to perform Employee’s duties with the Company in a competent and professional manner,
                                            and if such breach is capable of cure (as determined by the Company), the breach is not cured
                                            by Employee within fifteen (15) business days following written notice being delivered to
                                            Employee by the Company;

 

		5)	Employee
                                            breaches any of the provisions of the Company’s Confidentiality, Non-Solicitation and
                                            Intellectual Property Assignment Agreement, as incorporated into this Agreement as Exhibit
                                            B.

 

(c)
Death or Disability. Employee’s employment shall terminate automatically upon Employee’s death or Disability during
the Term. For purposes of this Agreement, “Disability” means the Employee’s inability, by reason of physical
or mental illness, to fulfill Employee’s obligations hereunder for one hundred and eighty (180) consecutive days which, in the
reasonable opinion of an independent physician selected by the Company or its insurers, renders Employee unable to perform the essential
functions of Employee’s job.

 

     

     

    

 

(d)
Upon the termination of Employee’s employment with the Company for any reason (including resignation), Employee will be deemed
to resign from all offices and directorships, if any, that Employee holds with the Company or any of the Company Group (as defined below)
and Employee agrees to execute any and all documents necessary to effectuate such resignations.

 

(e)
Employee acknowledges and agrees that, as a condition of Employee’s employment with the Company, Employee will be required to carefully
review, sign, and comply with the Company’s Confidentiality, Non-Solicitation and Intellectual Property Assignment Agreement, as
incorporated into this Agreement as Exhibit B.

 

2.
Title and Duties.

 

(a)
Employee will be employed by the Company in the position of Chief Operating Officer, a full-time and exempt position. Until further notice,
Employee’s primary work location will be in Georgia. Employee will report to the Chief Executive Officer, and will perform such
duties and responsibilities, exercise such powers and hold such other positions within the Company Group (as defined below) as may be
assigned to Employee from time to time (“Services”). Employee may, from time to time, be required to travel away from
Employee’s primary work location in order to effectively carry out Employee’s duties.

 

(b)
Employee agrees to: (i) abide by the rules, regulations, practices and standards as adopted or modified from time to time in the Company’s
sole discretion, including without limitation the Company’s rules of conduct and policies contained in its Employee Handbook; and
(ii) devote Employee’s full business time and efforts to the provision of Services under this Agreement.

 

(c)
Employee’s primary responsibilities will be as communicated by the Company to the Employee in writing.

 

(d)
“Company Group” means Mawson Infrastructure Group Inc., and any of its parents, subsidiaries, related and affiliated
corporations, limited partnerships and other business entities.

 

(e)
Employee acknowledges that the Company may modify Employee’s job title, work location, duties, and responsibilities from time to
time when mutually agreed with Employee. If the employee’s location of work does change, then a relocation package will be mutually
agreed upon prior to the employee accepting the move.

 

3.
Compensation.

 

(a)
Base Compensation. Employee will receive an annual Base Compensation at the rate of the equivalent US amount of AUD$300,000 gross,
less applicable withholdings, payable in twelve monthly installments on or about the 15th of each calendar month in accordance
with the Company’s payroll procedures. If the service relationship ends during a calendar year or calendar month, the compensation
is payable pro rata. The Base Compensation will be reviewed on an annual basis in the Company’s sole discretion, and the Company
has no obligation to increase Employee’s Base Compensation at any time.

 

(b)
Short-Term Incentive. During the term of this Agreement, Employee shall be eligible to participate in the Company’s discretionary
Short Term Incentive Program (“STIP”). Calculation of any STIP bonus shall be in the full discretion of the Company.
Company reserves the right to unilaterally decide on any changes to, or cessation of, the STIP.

 

(c)
Long-Term Incentive Grant. During the term of this Agreement, Employee shall be eligible to receive equity or equity-based awards
under the Company’s 2021 Equity Incentive Compensation Plan, as may be amended from time to time, and any successor plan (the “LTIP”).
The Company reserves the right to unilaterally decide on any changes to, or cessation of, the LTIP.

 

    2

     

    

 

(d)
Withholdings and Deductions. All payments made under this Agreement by the Company shall be subject to all required U.S. federal,
state, local and other applicable withholdings and such deductions as Employee may instruct the Company to take or as may otherwise be
required by law.

 

4.
Benefits.

 

(a)
Employee shall be eligible to participate in the same employee benefit plans, policies, programs, perquisites and arrangements, as the
same may be provided and amended from time to time, that are provided generally to similarly situated U.S. employees of the Company,
to the extent Employee meets the eligibility requirements for any such plan, policy, program, perquisite, or arrangement. In the event
Employee elects not to participate in the Company’s benefits plans, no payment shall be made to Employee in lieu thereof. The Company
reserves the right to change Employee’s compensation and/or prospectively modify or terminate any of its benefits plans or programs,
to the extent permitted by applicable law.

 

(b)
In addition to the Base Compensation, the Company will pay or reimburse the Employee a total maximum monthly amount of up to $800 for
the Employee’s medical care premium based on the medical care premium cost actually paid by the Employee. For the sake of clarity,
if the Employee’s medical care premium for the month is only $500, the Company will only pay or reimburse the Employee the amount
of $500, not $800. The Employee must provide sufficient evidence to the Company of the Employee’s monthly medical care premium.

 

(c)
Employee shall be entitled to twenty (20) business days of paid time off (“PTO”) each calendar year, pro-rated for
partial years worked. PTO days may be taken at such time or times as may be agreed with the Company. Unused PTO’s will be carried
over from year to year. All unused PTO days for a given year will be paid out in the event Employee resigns or Employee’s employment
is terminated by the Company for any reason. Employee will also be eligible to accrue paid sick leave as required by applicable sick
leave laws.

 

(d)
Employee shall be entitled to be reimbursed for any reasonable business expense incurred in the exercise of Employee’s duties subject
to the timely submission of proper receipt(s) for such expenses in accordance with the Company’s policy and approval by the designated
person.

 

In
addition, the benefits outlined in Exhibit A (that is, Relocation Provisions) of this Agreement are incorporated into this Agreement.

 

5.
Severance and Other Obligations Upon Termination.

 

(a)
Termination By Employee For Any Reason, By The Company For Cause, Or Due To Death or Disability. If Employee’s employment
terminates as a result of Employee’s death, Disability, or termination by Employee for any reason, Employee shall be entitled to
receive all accrued and unpaid Base Salary, unreimbursed reasonable business expenses (provided that receipts for such expenses are provided
to the Company within thirty (30) days of Employee’s termination date in compliance with the Company’s expense reimbursement
policies and procedures), and any other accrued and unpaid benefits (the “Accrued Benefits”), but no other compensation.

 

(b)
Termination By The Company Without Cause. In addition to the Accrued Benefits, if Employee’s employment is terminated by
the Company without Cause (other than due to death or Disability), subject to (i) Employee’s execution and non-revocation of a
general release of claims in favor of the Company in a form satisfactory to the Company within 60 days following the date of termination
(the “Release Period”) and (ii) Employee’s continued compliance with the confidentiality and non-solicitation
covenants set forth in Exhibit B, Employee shall be entitled to receive as severance six (6)) months of Base Salary if Employee’s
employment is terminated by the Company without Cause. All severance shall be paid in substantially equal installments pursuant to the
Company’s regular payroll schedule and practices, and shall be subject to applicable payroll taxes and withholdings, with the first
installment to be paid on the first regularly scheduled payroll date following the date on which such release of claims becomes irrevocable
and to include any severance amount Employee would otherwise have been entitled to receive prior to such payment date. Notwithstanding
the foregoing, if such severance constitutes non-exempt “deferred compensation” for purposes of Section 409A of the Internal
Revenue Code (the “Code”) and the Release Period begins in one calendar year and ends in the next calendar year, the
payment of the severance shall not commence before the second such calendar year, even if the release becomes irrevocable in the first
such calendar year.

 

    3

     

    

 

6.
Representations.

 

(a)
Employee represents and warrants that Employee is not in breach of any agreement requiring Employee to preserve the confidentiality of
any information, client lists, trade secrets or other confidential information or any agreement not to compete, solicit clients or employees
of, or interfere with, any prior employer, and that neither the execution of this Agreement nor the performance by Employee of Employee’s
obligations hereunder will conflict with, result in a breach of, or constitute a default under, any agreement or policy to which Employee
is a party or to which Employee may be subject, including any garden leave or notice requirement prior to resigning from Employee’s
prior employment. Employee further represents that Employee has not taken and will not take any confidential information from any prior
employer and will not use any such information in performing Employee’s obligations hereunder but instead will rely on Employee’s
generalized knowledge and skill in performing Employee’s services hereunder.

 

(b)
Employee further agrees that Employee will disclose to the Company any and all agreements relating to Employee’s prior employment
that may affect Employee’s eligibility to be employed by the Company or limit the manner in which Employee may be employed. It
is the Company’s understanding that any such agreements will not prevent Employee from performing the duties of Employee’s
position and Employee represents and warrants that such is the case. Moreover, Employee agrees that, during the Term, Employee will not
engage in any other employment, occupation, consulting, or other business activity directly related to the business in which the Company
is now involved or becomes involved during the term of Employee’s employment, nor will Employee engage in any other activities
that conflict with Employee’s obligations to the Company.

 

7.
Intellectual Property.

 

(a)
Employee covenants and agrees that the Company is the sole and exclusive owner of all right, title and interest in all discoveries, developments,
designs, improvements, inventions, innovations, processes, techniques, algorithms, technologies, programs, software, works of authorship,
know-how and data (whether or not registerable under copyright, trademark or patent statutes), patents, trade secrets, copyrights, trademarks
and proprietary information which Employee may make, conceive, develop, produce, learn, process or acquire, either individually or jointly
with others, while providing services under this Agreement and all the goodwill associated therewith (collectively, the “Intellectual
Property”). Employee shall promptly and fully disclose to the Company all Intellectual Property. Employee acknowledges and
agrees that Intellectual Property that is a work of authorship is a “work for hire” (as that term is used under U.S.
copyright law), and the Company (or its affiliated or related entities, members, associated companies, successors, assigns or nominees)
shall be the sole owner of all copyrights in or connected with such Intellectual Property, including without limitation all drawings,
memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, maps and all other writings or
materials of any type embodying any such Intellectual Property. Employee hereby waives any moral rights that Employee may have with respect
to the Intellectual Property. Employee hereby irrevocably assigns and agrees to assign to the Company (or its affiliated or related entities,
members, associated companies, successors, assigns or nominees) Employee’s entire right, title and interest in the Intellectual
Property, present and future. Employee agrees to take all reasonable actions and cooperate as is necessary to protect and preserve the
intellectual and proprietary rights in the Intellectual Property and further agrees to promptly execute and deliver any specific assignments
or other papers and lawful documents that might be necessary to perfect the sole right, title and interest in the Company (or its affiliated
or related entities, members, associated companies, successors, assigns or nominees) in the Intellectual Property covered in this Agreement
and promptly execute and deliver any and all papers and lawful documents required or necessary to obtain and maintain effective patent,
copyright or other protection in the Intellectual Property by the Company (or its affiliated or related entities, members, associated
companies, successors, assigns or nominees) or that might otherwise be reasonably requested by the Company, during and after Employee’s
employment.

 

    4

     

    

 

(b)
Employee irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee’s agent and attorney-in-fact
to execute and file any and all applications and other necessary documents and to do all other lawfully permitted acts to further the
prosecution, issuance or enforcement of patents, copyrights, trade secrets and similar protections related to such Intellectual Property
with the same legal force and effect as Employee had executed them himself. Employee warrants and represents that there are no inventions
(whether patentable or not), patents, trade secrets, trademarks, trade names, copyrights, or other intellectual property owned by Employee
prior to entering into employment with the Company hereunder, and that Employee has not executed and will not execute any document or
instrument in conflict herewith.

 

8.
Notice Period. Employee may resign from the Company at any time and agrees to provide prior written notice at least three (3)
months in advance of the effective date of Employee’s resignation from the Company (the “Notice Period”). During
the Notice Period, Employee will continue to be an employee of the Company and shall remain subject to the terms of this Agreement and
all Company policies and procedures. In no event may Employee perform services of any kind for any other employer during the Notice Period.
During the Notice Period, the Company may, in its sole discretion, remove any duties assigned to Employee, assign Employee other duties
(consistent with Employee’s experience), require Employee to remain away from the Company’s places of business, or waive
some or all of the Notice Period and consider Employee’s resignation effective immediately , or on some date prior to the expiration
of the Notice Period. During the actual duration of the Notice Period (as may be waived or shortened by the Company in its sole discretion),
and provided that Employee continues to act in a manner consistent with Employee’s obligations as an employee of the Company, Employee
will continue to be paid at Employee’s then current Base Compensation and remains eligible to participate in benefit plans for
Company employees in comparable positions, but Employee shall not be entitled to any other payments of any kind from the Company.

 

9.
Return of Company Property. Employee agrees to deliver to the Company promptly upon termination of Employee’s employment
with the Company for any reason (including resignation), or at any other time upon request by the Company, all property and equipment
of the Company of any kind in Employee’s possession or subject to Employee’s control, including, but not limited to, computer
equipment (hardware and software), documentation of any sort and however stored, records, data, identification cards, credit cards, cellular
telephones, iPhone or similar devices, magnetic key cards and all other physical and/or electronic property of the Company and all copies
of any of the foregoing. Employee further agrees that Employee will permanently delete any and all Company property which cannot be returned
to the Company in its entirety, including all property stored on a cloud storage service.

 

10.
Permitted Disclosures. Pursuant to the Defend Trade Secrets Act (18 U.S.C. § 1833(b)), Employee understands that Employee
will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the
Company that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Employee’s
attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or
other document that is filed under seal in a lawsuit or other proceeding. Employee understands that if Employee files a lawsuit for retaliation
by the Company for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and use
the trade secret information in the court proceeding if Employee (x) files any document containing the trade secret under seal, and (y)
does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement, or any other agreement that Employee has
with the Company, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are
expressly allowed by such section. Further, nothing in this Agreement, or any other agreement that Employee has with the Company, shall
prohibit or restrict Employee from (A) making any voluntary disclosure of information or documents concerning possible violations of
law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the
Company; or (B) responding to a valid subpoena, court order or similar legal process; provided, however, that prior to
making any such disclosure pursuant to this Section 10(B), Employee shall provide the Company with written notice of the subpoena, court
order or similar legal process sufficiently in advance of such disclosure to afford the Company a reasonable opportunity to challenge
the subpoena, court order or similar legal process.

 

    5

     

    

 

11.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia, without
regard to principles of conflicts of laws.

 

12.
No Waiver. No failure by either Party at any time to give notice of any breach by the other Party, or to require compliance with,
any condition or provision of this Agreement shall be deemed a waiver of a similar or dissimilar provision or condition at the time or
at any prior or subsequent time.

 

13.
Severability. In the event that any provision or term of this Agreement is held to be invalid, prohibited or unenforceable for
any reason, such provision or term shall be deemed severed from this Agreement, without invalidating the remaining provisions, which
shall remain in full force and effect. If at any time a court or other body having jurisdiction over this Agreement shall determine that
any of the subject matter or duration is unreasonable in any respect, it shall be reduced and not terminated, as such court or body determines
may be reasonable.

 

14.
Background Check and Eligibility. This Agreement is contingent upon the successful completion of a background check acceptable
to the Company, to the extent permitted by law, and proof of Employee’s eligibility to work in the United States. All employees
must complete a new Form I-9 no later than their first day of employment. Employee will be asked to complete and sign a Form I-9, Employment
Eligibility Verification on Employee’s first day, and to provide documentation to demonstrate Employee’s identity and employment
authorization within three business days of Employee’s start date. The documents acceptable for this purpose are listed on the
“List of Acceptable Documents” notice enclosed with this letter and are also available at https://www.uscis.gov/i-9. The
offer of employment set forth in this Agreement is expressly conditioned on verification of Employee’s identity and legal authorization
to work in the United States.

 

15.
Successors and Assigns. This Agreement shall be binding upon Employee without regard to the duration of Employee’s employment
by the Company or reasons for the termination of Employee’s employment with the Company, and all rights and obligations hereunder
shall be binding upon and shall inure to the benefit of Employee’s heirs, executors, representatives and administrators and any
successors. Because of the personal nature of the services to be rendered by Employee, Employee may not assign Employee’s rights
or obligations under this Agreement. This Agreement shall also be binding upon and inure to the benefit of the Company and its respective
successors and assigns, including any Person with which or into which the Company or its successors may be merged or which may succeed
to their assets or business. The Company may freely assign its rights or obligations under this Agreement, in whole or in part, at any
time, without prior notice to Employee and without Employee’s consent.

 

16.
Code Section 409A.

 

(a)
General. The intent of the Company and Employee is that the payments and benefits under this Agreement comply with or be exempt
from Section 409A of the Code (“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall
be interpreted consistent with such intent. If the Company determines that any provision of this Agreement would cause Employee to incur
any additional tax or interest under Section 409A, the Company and Employee shall take commercially reasonable efforts to reform such
provision to try to comply with or be exempt from Section 409A through good faith modifications to the minimum extent reasonably appropriate
to conform with Section 409A. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A,
such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and
economic benefit to Employee and the Company of the applicable provision without violating the provisions of Section 409A.

 

    6

     

    

 

(b)
Separation from Service. Notwithstanding any provision to the contrary in this Agreement, (i) no amount that constitutes “nonqualified
deferred compensation” under Section 409A shall be payable pursuant to Section 5(b) above unless the termination of Employee’s
employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury
Regulations (“Separation from Service”); and (ii) if Employee is deemed by the Company at the time of Employee’s
Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of
any portion of the benefits to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution
under Section 409A, such portion of Employee’s benefits shall not be provided to Employee prior to the earlier of (A) the expiration
of the six (6)-month period measured from the date of Employee’s Separation from Service with the Company or (B) the date of Employee’s
death. Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to
the preceding sentence shall be paid in a lump sum to Employee (or Employee’s estate or beneficiaries), and any remaining payments
due to Employee under this Agreement shall be paid as otherwise provided herein.

 

(c)
Separate Payments. For purposes of applying the provisions of Section 409A, each separately identified amount and each installment
payment to which Employee is entitled under this Agreement shall be treated as a separate payment.

 

17.
Legal Advice. Employee acknowledges that Employee has had the opportunity to consult with legal counsel of Employee’s choosing,
at Employee’s own expense, in connection with Employee’s decision to enter this Agreement.

 

18.
Indemnification. The Company agrees to indemnify Employee to the extent provided in its governing documents, or pursuant to any
insurance policies the Company maintains, on the same basis as other similarly situated employees.

 

19.
Entire Agreement. The terms of employment set forth in this Agreement replace and supersede all prior agreements, understandings,
promises or contracts between Employee and the Company regarding Employee’s employment, including without limitation any prior
offer letters, employment agreements, emails or letters to Employee from Company representatives that predate this Agreement. This Agreement
contains the entire understanding between the Parties on the subjects covered here and supersedes all prior agreements, arrangements
and understandings, whether written or oral, regarding the subjects covered here. Employee acknowledges that Employee has not relied
on any statements, representations or promises not specifically contained in this Agreement. This Agreement may not be changed or any
of its provisions waived orally, but only in writing signed by both parties.

 

[Signatures
on next page]

 

    7

     

    

 

WHEREAS,
the Parties have executed and delivered this Agreement to be effective as of the date first set forth above.

 

Mawson
Infrastructure Group Inc.

 

	/s/
    James Manning	 
	James
    Manning	 
	Chief Executive Officer	 

 

Liam
Daniel Wilson

 

	/s/
  Liam Wilson	 

 

     

     

    

 

	Exhibit A:	RELOCATION
    PROVISIONS	 

 

Please
see below the details and benefits to be provided by Mawson Infrastructure Group (referred to as “the Company”) for your
assignment from Sydney Australia (referred to as the “Home Location” to Georgia, United States of America (referred to as
the “Host Location”).

 

Family
Status

 

For
the purpose of the assignment, your Host Location family will include yourself and your accompanying spouse/partner and dependent children.

 

Pre-Departure
Assistance

 

Immigration

 

Your
relocation is conditional upon you gaining and maintaining appropriate work permits and visas allowing you and your accompanying spouse/partner
and dependent children to live and work in the Host Location. Where necessary, the Company will provide you with assistance in obtaining
the necessary visas and work permits and pay for any associated costs, including medicals where required.

 

If
travelling outside of Australia whilst the travel ban is in effect, you and your accompanying spouse/partner and dependent children can
only leave Australia if you successfully apply for an exemption to be released from the COVID-19 travel restrictions. The Company will
provide support with this.

 

It
is your responsibility to make sure that you provide all information requested in a timely manner to enable the completion of immigration
documents.

 

Please
also note that you are responsible for obtaining and maintaining passports for yourself and your accompanying spouse/partner and dependent
children to allow for travel to the Host Location upon the commencement of your assignment.

 

Medical
Examination and Vaccinations

 

You
and your accompanying spouse/partner and dependent children may be required to attend a medical examination prior to departing to your
Host Location in order to obtain medical clearance for immigration purposes. The Company’s nominated service provider will determine
appropriate medical examinations and vaccinations as necessary. The Company will cover the cost of this service where required for immigration
purposes.

 

Destination
Services

 

You
and your accompanying spouse/partner and dependent children will also be provided with destination services consisting of one day of
orientation services and up to three days of home search services, and one day of school search services by the Company’s chosen
relocation consultant. Where possible, these services should be provided during the pre-assignment visit.

 

    A-1

     

    

 

Relocation
Travel

 

On
relocation, the Company will provide business class flights from the Home Location to the Host Location for yourself and your accompanying
spouse and dependent children.

 

Please
book the above travel following the Company’s travel policy procedures.

 

Temporary
Accommodation

 

On
relocation, the Company will pay for necessary temporary hotel or serviced apartment accommodation (where required) for a period as agreed
between the parties in either the Home Location or the Host Location prior to securing a lease, including internet/Wi-Fi, which can be
utilised by you and your accompanying spouse/partner and dependent children.

 

Any
incidental costs relating to this accommodation will be your own expense and will not be reimbursed by the Company.

 

Should
quarantine accommodation be required, the Company will cover this in addition to temporary accommodation entitlements.

 

Please
book the above travel following the Company’s travel policy procedures.

 

Relocation
of Household Goods 

 

On
relocation, the Company will pay for reasonable freight charges associated with the relocation of your personal effects and furniture
from the Home Location to the Host Location, within specified limits. This benefit cannot be cashed out.

 

The
Company reserves the right to refuse to pay any additional freight charges and insurance costs in excess of the following allowances:

 

		●	Airfreight
                                            - 50 kg (net) per person, capped at 200 kg (net) in total
	 	 	 

		●	Sea
                                            freight - one standard 20-foot shipping container (30 cubic metres)

 

The
Company will not pay to transport, or insure collectibles, antiques, furs, jewellery, firearms, pianos, cars, boats, motorcycles, plants,
wood, food, wine/beer, or any other item excluded by its chosen transportation or insurance companies, or which are unlawful to import
into or possess in the Host Location.

 

Removals
Insurance

 

The
Company will provide reasonable insurance cover for your personal effects in transit and Company provided storage with the Company’s
removals insurance provider.

 

Pet
Shipment

 

You
will be provided with support for the relocation of up to two domestic pets, up to a capped total reimbursement amount of AUD 10,000
(net) (or local currency equivalent). Quarantine costs, inoculations, veterinary examinations etc. will be your responsibility. Proof
of shipment costs must be provided in order to be eligible for reimbursement.

 

    A-2

     

    

 

Relocation
Leave

 

The
Company will provide you with up to 2 days paid leave for your relocation to the Host Location. Relocation leave may be used in the Home
Location or Host Location, or as a split between the two locations.

 

On-Assignment
Benefits 

 

Relocation
Allowance

 

The
Company will provide a one-off relocation allowance based on one month’s gross base salary, capped at USD 5,000 (net) at the time
of relocation. This allowance is to assist you in meeting reasonable and typical incidental costs of “closing down” a household
in your Home Location and “re-establishing” a household in the Host Location e.g. membership cancellation fees, home cleaning,
purchase of luggage, special clothing, taxis to/from the airport and small electrical appliances.

 

The
allowance will be paid via the Host Location payroll, in your first pay run after commencing your assignment.

 

Professional
Taxation Assistance

 

The
Company’s preferred taxation provider will provide yourself and your spouse / partner assistance with taxation matters, including
completion of Home Location and Host Location tax returns for all tax years impacted by the assignment.

 

You
will also be required to have a taxation briefing with this provider in the Home Location prior to your departure. In addition, you will
be provided with a post arrival briefing in the Host Location.

 

Taxation
Approach

 

Whilst
on assignment you will be subject to the tax and social security laws of the Host Location and responsible for the payment of host country
taxes and continuing home country taxes on all income.

 

To
assist with income tax arising on relocation and on-going assignment benefits, the Company will gross up cash benefits and allowances.
Non-cash benefits will be grossed up and reported via the host country payroll, if applicable.

 

Home
and Host Housing Management

 

All
costs associated with your housing in the Home Location and Host Location will remain your responsibility. This includes but is not limited
to the sale or purchase of your primary residence, property maintenance and rental management fees.

 

    A-3

     

    

 

Spousal
/ Partner Assistance

 

You
will be reimbursed up to AUD 4,000 (net) (or local currency equivalent) for pre-approved career and personal development expenses, for
your accompanying spouse/partner such as expenses in relation to professional re-registration and employment search. This will be reimbursed
by the Company internally via the expense reimbursement process.

 

Reunion
travel

 

You
will be reimbursed at actual and reasonable rates, the cost of 1 direct round-trip business class airfare to your Home Location for every
12 months on assignment. The entitlement may be used in reverse whereby your dependents remaining in the Home Location are able to visit
you in the Host Location. No cash will be provided in lieu of travel.

 

Please
book the above travel following the Company’s travel procedures.

 

Compassionate
Leave

 

In
the event of the death or life threatening illness of a spouse/partner, parent, parent-in-law, grand/great-grand parent, child/step-child
or sibling, of any accompanying family member, which requires you to return temporarily to your Home Location, you and your accompanying
dependants will be provided with air travel to and from the Host Location and up to 5 days of paid compassionate leave, in line with
the Company travel policy.

 

Repatriation

 

Upon
successful completion of the assignment (as reasonably determined by the Company), the following benefits will be provided to assist
you with relocating back to the Home Location.

 

Repatriation
Travel

 

You
will be provided with one-way direct business class flights from the Host Location to the Home Location for you and your spouse.

 

Please
book the above travel following the Company’s travel procedures.

 

Repatriation
of Household Goods 

 

You
will be provided with support to transport your household effects from your Host Location, back to your Home Location, in line with the
services utilised during your initial relocation to the Host Location.

 

The
Company will not pay to transport, or insure collectibles, antiques, furs, jewellery, firearms, pianos, cars, boats, motorcycles, plants,
wood, food, wine/beer, or any other item excluded by its chosen transportation or insurance companies, or which are unlawful to import
into or possess in the Home Location.

 

    A-4

     

    

 

Storage
Retrieval

 

Where
your goods are placed into Company provided storage in the Home Location, you will be provided support for the cost of re-delivery of
your goods to your Home Location residence within 60 days of your assignment end date.

 

Removals
Insurance

 

The
Company will provide reasonable insurance cover for your personal effects in transit to the Home Location with the Company’s removals
insurance provider.

 

Pet
Shipment

 

You
will be provided support to repatriate up to two domestic pets, up to a capped reimbursement amount of AUD 10,000 (net) (or local currency
equivalent). Quarantine costs, inoculations, veterinary examinations etc. will be your responsibility. Proof of shipment costs must be
provided by in order to be eligible for reimbursement.

 

Temporary
Accommodation

 

On
repatriation, the Company will pay for necessary temporary hotel or serviced apartment accommodation for up to four weeks in either the
Home Location or the Host Location prior to securing a lease, including internet/Wi-Fi, which can be utilised by you and your spouse/partner
and dependent children.

 

Any
incidental costs relating to this accommodation will be your own expense and will not be reimbursed by the Company.

 

Should
quarantine accommodation be required, the Company will cover this in addition to temporary accommodation entitlements.

 

Please
book the above travel following the Company’s travel procedures.

 

Repatriation
Allowance

 

The
Company will provide a one-off repatriation allowance based on one month’s gross base salary capped at USD 5,000 (net) at the time
of repatriation. This allowance is to assist you in meeting reasonable and typical incidental costs of “closing down” a household
in your Host Location and “re-establishing” a household in the Home Location e.g. membership cancellation fees, home cleaning,
purchase of luggage, special clothing, taxis to/from the airport and small electrical appliances.

 

The
allowance will be paid via the Host Location payroll, in your last pay run prior to completing your assignment.

 

Professional
Taxation Assistance

 

The
Company’s preferred taxation provider will provide a taxation briefing in the Host Location prior to your departure. In addition,
you will be provided with a post arrival briefing in the Home Location.

 

Resignation
During Assignment

 

If
you wish to resign from the Company during your assignment or prematurely end your assignment, an additional 3 month’s-notice period
(in addition to the notice period outlined in the attached contract) is required for the purposes of allowing sufficient time to wrap
up Host Location commitments such as exiting your home lease and tying off any memberships. 

 

    A-5

     

    

 

Exhibit
B:

 

Confidentiality,
Non-Solicitation and Intellectual Property Assignment Agreement 

 

This
Confidentiality, Non-Solicitation and Intellectual Property Assignment Agreement (“Agreement”) is entered into by and between
Mawson Infrastructure Group Inc., (the “Employer” or “Mawson”), and Liam Daniel Wilson (the “Employee”).
Employer and Employee may also be referred to as “Party” or together as the “Parties.” This Agreement is effective
as of August 9, 2021 (the “Effective Date”).

 

WHEREAS,
the Employer is the legal entity employer of the Employee;

 

WHEREAS,
the Employer is engaged in building infrastructure for blockchain and cryptocurrency businesses (the “Customers”);

 

WHEREAS,
in consideration of the Employee’s employment by the Employer, which the Employee acknowledges to be good and valuable consideration
for Employee’s obligations hereunder, the Employer and the Employee hereby agree as follows:

 

1.
Confidential Information

 

(a)
For purposes of this Agreement, “Confidential Information” means all information heretofore or hereafter developed
or used by Employer and its Customers (whether or not reduced to written, electronic, magnetic or other tangible form) to which the Employee
had access during the course of the Employee’s employment with the Employer and which is proprietary to Mawson and/or its Customers
and not disclosed to the public by Mawson and/or its Customers in the ordinary course of its business or which relates to any third party
for which Mawson is under an obligation to keep such information confidential, concerning the research, product development, products,
operations, marketing and business plans, activities, consultants, licensors, licensees, customers, or business affairs of Mawson and/or
its Customers, or Mawson and/or its Customers' licensees, distributors, business partners or customers, including, without limitation:
(A) all information concerning Trade Secrets of Mawson and/or its Customers or their affiliates, including data lists, directories, computer
programs, system documentation, special hardware, product hardware, related software development, computer systems, source code, object
code, manuals, formulae, processes, methods, machines, compositions, ideas, improvements or inventions; (B) all sales and financial information
concerning Mawson and/or its Customers; (C) all customer information, customer lists, or customer preferences or requirements; (D) all
group strategy, research activities, data, technology, methodologies, techniques, distribution plans, contractual arrangements, profits,
sales, price lists, pricing policies, operational methods, technical processes, other business affairs and methods, plans for future
developments and other technical and business information relating to the business of Mawson and/or its Customers and their business
partners or customers and all trademarks, domain names, copyrights and patents and applications thereof, all inventions, processes, studies,
reports, research records, market surveys and know-how and technical papers; (E) all information in any way concerning the business or
affairs of Mawson and/or its Customers or their affiliates, suppliers, business partners or customers, or otherwise discovered by the
Employee during the Employee’s employment with Employer; and (F) any document marked “confidential” or any information
which Employee has been advised is confidential or which might reasonably be expected to be regarded as confidential or any information
which has been given to Mawson and/or its Customers or any of their affiliates in confidence by customers, suppliers or other persons.
“Trade Secret” means a Trade Secret as that term is defined under Georgia law, the Defend Trade Secrets Act of 2016 (18 U.S.C.
1833(b)), and under the Economic Espionage of 1996 and its amendments. The Employee understands that the above list is not exhaustive,
and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary,
or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the
information is known or used.

 

    B-1

     

    

 

(b)
The Employee understands and acknowledges that during the course of Employee’s employment with the Employer, the Employee will
have access to and learn about Confidential Information in tangible and intangible form, of and relating to Mawson and/or its Customers,
with whom the Employer has a business relationship. The Employee further understands and acknowledges that this Confidential Information
and Mawson’s and/or its Customers’ ability to reserve it for the exclusive knowledge and use of Mawson and/or its Customers
is of great competitive importance and commercial value to Mawson and/or its Customers, and that improper use or disclosure of the Confidential
Information by the Employee will cause irreparable harm to Mawson and/or its Customers for which remedies at law will not be adequate.

 

(c)
The Employee further acknowledges that it is the policy of Mawson and/or its Customers to maintain as secret and confidential all Confidential
Information. The Employee recognizes that all such Confidential Information is and shall remain the sole property of Mawson and/or its
Customers as its sole owner, free of any rights of the Employee, and acknowledges that Mawson and/or its Customers have a vested interest
in assuring that all such Confidential Information remains secret and confidential. Therefore, the Employee agrees to exercise all reasonable
precautions to protect the integrity and confidentiality of Confidential Information in the Employee’s possession and the Employee
agrees that at all times from and after the date hereof, the Employee will not, directly or indirectly, without the prior written consent
of Mawson and/or its Customers, disclose (in any way or in any manner, including transmitting via or posting on the Internet) to any
person, firm, company or other entity any Confidential Information. Nothing in this Agreement will convey a right, title, interest, or
license in the Confidential Information to the Employee. The Confidential Information will remain the exclusive property of Mawson and/or
its Customers.

 

(d)
Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), the Employee shall not be held criminally or civilly liable under
any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to
a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of
law. The Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the
Employee files a lawsuit or other action alleging retaliation by Mawson or the Employer for reporting a suspected violation of the law,
the Employee may disclose the trade secret to the Employee’s attorney and use the trade secret in the court proceeding or other
action, so long as the Employee files any document containing the trade secret under seal and does not disclose the trade secret, except
pursuant to court order. This Section will govern to the extent it may conflict with any other provision of this Agreement.

 

2.
Use of Confidential Information. The Employee agrees to keep the Confidential Information completely confidential, to treat the Confidential
Information with reasonable care, and to exercise caution to prevent disclosing the Confidential Information to others.

 

If
the Employee is required by law to disclose Confidential Information, the Employee must notify Mawson of the Employee’s legal requirement
to disclose within three (3) business days of learning of the requirement. Provided that, nothing in this Agreement prohibits the Employee
from reporting possible violations of federal, state or local law or regulation to any governmental agency or entity, or making other
disclosures that are protected under the whistleblower provisions of federal, state or local law or regulation. The Employee does not
need prior authorization or approval from Mawson and is not required to notify Mawson before making any such reports or disclosures.

 

    B-2

     

    

 

All
notices and disclosures under this Section must be sent by email with return confirmation of receipt, or certified or registered mail
with return receipt requested to:

 

Mawson
Infrastructure Group Inc.

Level
5, 97 Pacific Highway

North
Sydney Australia 2060

Attn:
James Manning

Title:
CEO

E-mail:
james@mawsoninc.com

 

3.
Ownership of Intellectual Property.

 

(a)
Assignment of Intellectual Property. At all times during the term of the Employee’s employment with the Employer and for
six months after the termination of the Employee’s employment with the Employer for any reason, the Employee agrees and covenants
that the Employee shall make prompt full written disclosure to Mawson and hold in trust for the sole right, benefit, and use of Mawson:
any ideas, inventions, innovations, discoveries, improvements, developments, methods, designs, analyses, drawings, reports and all similar
or related information, whether or not patentable, and any works of authorship, whether or not copyrightable, (collectively “Inventions”),
that originate with the Employee in whole or in part during the period of the Employee’s employment with the Employer. The Employee
agrees and acknowledges that any and all Inventions shall remain the exclusive property of Mawson. The Employee hereby expressly and
fully assigns to Mawson the exclusive right, title and interest to all Inventions that originate with the Employee in whole or in part
during the period of the Employee’s employment, whether written or not, and whether or not patentable or eligible for protection
under copyright law, and fully waive any claims or rights the Employee may have therein. The Employee further agrees to assist Mawson,
at Mawson’s expense, in perfecting such transfer or assignment by taking all necessary actions and executing all documents as may
be required. The Employee understands that the foregoing shall not apply to Inventions (a) developed on the Employee’s own time,
(b) without the use of Confidential Information, proprietary information and/or trade secrets or without Mawson supplies, equipment,
facilities, or property, and (c) that are not based on any work performed in connection with the Employer’s business relationship
with its Customers or related in any way to Mawson’s business or actual or demonstrably anticipated research or development. Any
assignment to Mawson of Inventions includes all rights of attribution, paternity, integrity, modification, disclosure and withdrawal,
and any other rights throughout the world that may be known as or referred to as “moral rights," “artist’s rights,”
“droit moral,” or the like (collectively, “Moral Rights”). To the extent that Moral Rights cannot be assigned
under applicable law, the Employee hereby waives and agrees not to enforce any and all Moral Rights, including, without limitation, any
right to identification of authorship or limitation on subsequent modification that the Employee may have in the assigned Inventions.
The Employee further acknowledges that all original works of authorship that are made by the Employee (solely or jointly with others)
within the scope of and during the period of employment with the Employer and in connection with the Employer’s business relationship
with its Customers, and which are protectable by copyright are “works made for hire”, as that term is defined in the United
States Copyright Act (17 U.S.C. § 101) or under any similar concept other applicable copyright law (to the extent U.S. copyright
law does not apply). The provisions of this Section shall be binding upon the Employee and the Employee’s executors and administrators.

 

(b)
The Employee certifies that Attachment A to this Agreement sets forth any and all Confidential Information, Inventions, or proprietary
creations that the Employee claims as the Employee’s own or otherwise intends to exclude from this Agreement because it was developed
by the Employee prior to the date of this Agreement or because it is otherwise excluded from this Agreement.

 

4.
Non-Solicitation of Employees. The Employee understands and acknowledges that the Employer has expended and continues to expend
significant time and expense in recruiting and training its employees and that the loss of employees would cause significant and irreparable
harm to the Employer. For a period of six (6) months beginning on the Employee’s last day of employment with the Employer, regardless
of the reason for the employment termination (the “Restricted Period”), the Employee agrees and covenants not to directly
or indirectly solicit, hire, recruit, or attempt to solicit, hire, or recruit, any employee of the Employer or any employee who has been
employed by the Employer in the six (6) months before the Employee’s last day of employment (collectively, “Covered Employee”),
or induce the termination of employment of any Covered Employee.

 

    B-3

     

    

 

This non-solicitation provision
explicitly covers all forms of oral, written, or electronic communication, including, but not limited to, communications by email, regular
mail, express mail, telephone, fax, instant message, and social media, including, but not limited to, Facebook, LinkedIn, Instagram,
and Twitter, and any other social media platform, whether or not in existence at the time of entering into this Agreement. However, it
will not be deemed a violation of this Agreement if the Employee merely updates the Employee’s social media status to reflect the
Employee’s new employment or connects with a Covered Employee on Facebook, LinkedIn, or other social media platform without engaging
in any other substantive communication, by social media or otherwise, that is prohibited by this Section.

 

This
Section does not restrict or impede, in any way, and shall not be interpreted or understood as restricting or impeding, the Employee
from exercising protected rights that cannot be waived by agreement.

 

5.
Non-Solicitation of Customers. The Employee understands and acknowledges that because of the Employee’s experience
with, training by, and relationship to the Employer, he will have access to and learn about the Employer’s customer information.
“Customer Information” includes, but is not limited to, names, phone numbers, addresses, email addresses, order history,
order preferences, chain of command, pricing information, and other information identifying facts and circumstances specific to the customer
and relevant to services. The Employee understands and acknowledges that the loss of any such customer relationship or goodwill will
cause significant and irreparable harm to the Employer.

 

The
Employee agrees and covenants that during the Restricted Period, the Employee shall not directly or indirectly solicit or attempt to
solicit, using any form of oral, written, or electronic communications, the Employer’s current or prospective Customers from or
about whom the Employee received Customer Information for the purpose of offering or accepting goods or services similar to or competitive
with those offered by the Employer on behalf of any other individual or entity.

 

Communications
include, but are not limited to, email, regular mail, express mail, telephone, fax, or instant message, or social media, including but
not limited to Facebook, LinkedIn, Instagram or Twitter, or any other social media platform, whether or not in existence at the time
of entering into this agreement. However, it will not be deemed a violation of this Agreement if the Employee merely updates the Employee’s
social media profile to reflect the Employee’s new employment, or connects with a covered current, prospective, or former Customer
on Facebook, LinkedIn or other social media platform, without engaging in any other substantive communication, by social media or otherwise,
that is prohibited by this Section.

 

This
restriction shall only apply to:

 

		a)	Customers
                                            or prospective customers the Employee serviced or contacted in any way during the past six
                                            (6) months of the Employee’s employment.

 

		b)	Customers
                                            about whom the Employee has Customer Information or any other trade secret or confidential
                                            information.

 

		c)	Customers
                                            who became customers during the Employee’s employment with the Employer.

 

		d)	Customers
                                            about whom the Employee has information that is not available publicly.

 

6.
Remedies. The Parties agree the Confidential Information is unique in nature and money damages will not adequately remedy the
irreparable injury breach of this Agreement may cause Mawson. The Parties further acknowledge and agree that, in the event of a breach
of this Agreement, Mawson is entitled to seek injunctive relief against either Party without the need to post a bond, as well as any
other remedies that are available in law and equity.

 

    B-4

     

    

 

7.
Choice of Law. This Agreement will be interpreted based on the laws of the State of Georgia regardless of any conflict of law
issues that may arise. The Parties agree that any dispute arising from this Agreement shall be brought exclusively in the state and federal
courts sitting in Georgia.

 

8.
General.

 

(a)
Assignment. This Agreement will inure to the benefit of the Employer’s parent and affiliated companies and their successors
and assigns. In addition, the Employer may assign its rights under the Agreement to any successor company. In the event of any assignment
of this Agreement, the entity to which this Agreement is assigned shall be included in the definition of the term “Employer”
as used in this Agreement. The Employee may not assign or delegate the Employee’s rights under this Agreement.

 

(b)
Entire Agreement. This Agreement contains the entire agreement of the parties with respect to its subject matter. It supersedes
all prior and contemporaneous agreements, representations and arrangements, both written and oral, between the parties with respect to
its subject matter.

 

(c)
Severability. The provisions of this Agreement are severable, it being the intention of the Parties that should any provision
hereof be invalid or unenforceable, such invalidity or unenforceability of any provision shalt not affect the remaining provisions hereof,
but the same shall remain in full force and effect to the fullest extent permitted by law as if such invalid or unenforceable provision
were omitted. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, the Parties agree that such
provision is to be reformed to the extent necessary for the provision to be valid and enforceable to the fullest and broadest extent
permitted by applicable law, without invalidating the remainder of this Agreement.

 

[signature
page follows]

 

    B-5

     

    

 

If
the Parties agree to the terms of this Agreement, please sign below.

 

LIAM
DANIEL WILSON

 

	Signed:	/s/
                                            Liam Wilson
    
	 	Name:	 Liam Wilson
	Title: 	Chief Operating Officer	 	Date: 	August 9, 2021

 

Mawson
Infrastructure Group Inc.

 

	Signed:	/s/
    James Manning	 	Name:	 James Manning
	Title: 	Chief Executive Officer	 	Date: 	August 9, 2021

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]