Document:

Exhibit 10.9

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY
NOTE

 

	Principal Amount:  Up to $300,000	Dated as of March 28, 2018
	 	New York, New York

 

Greenland Acquisition
Corporation, a British Virgin Islands business company and blank check company (the “Maker”), promises
to pay to the order of Greenland Asset Management Corp. or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of
the United States of America, on the terms and conditions described below.  All payments on this Note shall be made by
check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal. The
principal balance of this Note shall be payable by the Maker on the earlier of: (i) September 30, 2018 or (ii) the date on which
Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no
circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be
obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably
related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time
prior to the earlier of: (i) September 30, 2018 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the
amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee.
Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount
is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other
amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. It is acknowledged that the
Company may have received amounts in respect of drawdowns under this Note prior to the date hereof, and it is agreed that all such
sums were received as drawdowns of principal hereunder in anticipation of the execution of this Note.

        

4.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)          Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

		6.	Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.          Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE BRITISH VIRGIN ISLANDS, WITHOUT REGARD TO CONFLICT OF LAW
PROVISIONS THEREOF.

 

11.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

     

     

    

 

12.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
the proceeds of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred
underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur
prior to the closing of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus
to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.          Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page
follows]

 

     

     

    

 

IN WITNESS
WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed as deed by the undersigned on
the day and year first above written.

 

	 	GREENLAND ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Yanming Liu
	 	 	Name: Yanming Liu
	 	 	Title: DirectorEX-10.1

 EXHIBIT 10.1 

STEIN MART, INC. EMPLOYEE STOCK PURCHASE PLAN 

1.    Purpose. This Plan is intended to provide employees of the Company and its Participating Subsidiaries with an opportunity to
acquire a proprietary interest in the Company through the purchase of shares of Common Stock. The Company intends that this Plan qualify as an “employee stock purchase plan” under Section 423 of the Code, and this Plan shall be
interpreted in a manner that is consistent with that intent. 
 2.    Definitions. 

“Board” or “Board of Directors” means the Board of Directors of the Company, as constituted
from time to time. 
 “Code” means the U.S. Internal Revenue Code of 1986, as it may be amended from time to time. Any
reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 

“Committee” means the committee of one or more members of the Board appointed by the Board to administer this Plan. 

“Common Stock” means the common stock, $.01 par value per share, of the Company. 

“Company” means Stein Mart, Inc., a Florida corporation, and any successor thereto. 

“Compensation” means gross salary, wages and overtime pay, but shall not include bonuses or commissions. 

“Corporate Transaction” means a merger, consolidation, acquisition of property or stock, separation, reorganization or other
corporate event described in Section 424 of the Code. 
 “Designated Broker” means the financial services firm or
other agent designated by the Company to maintain ESPP Share Accounts on behalf of Participants who have purchased shares of Common Stock under this Plan. 

“Effective Date” means the date as of which this Plan is adopted by the Board, subject to this Plan obtaining shareholder
approval in accordance with Section 19.11 hereof. 
 “Eligible Employee” means an Employee who (i) has been
employed by the Company or a Participating Subsidiary for at least six (6) months and (ii) is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year. Notwithstanding the
foregoing, the Committee may exclude from participation in this Plan or any Offering Employees who are (a) “highly compensated employees” of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code)
or (b) subject to the disclosure requirements of Section 16(a) of the Exchange Act. 

 “Employee” means any person who renders services to the Company or a
Participating Subsidiary as an employee pursuant to an employment relationship with such employer. For purposes of this Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or
other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three
(3) months, or such other period of time specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not
guaranteed by statute or contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three-month period, or such other period specified in Treasury Regulation
Section 1.421-1(h)(2). 
 “Enrollment Form” means an agreement pursuant to
which an Eligible Employee may elect to enroll in this Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period. 

“ESPP Share Account” means an account into which shares of Common Stock purchased with accumulated payroll deductions at the
end of an Offering Period are held on behalf of a Participant. 
 “Exchange Act” means the U.S. Securities Exchange Act of
1934, as amended. 
 “Fair Market Value” means, as of any date, the value of the Common Stock as determined below. If the
Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Stock Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported,
the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the Wall Street Journal or such other source as the Committee deems reliable. In the absence of an
established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Committee and such determination shall be conclusive and binding on all persons. 

“Offering Date” means the first Trading Day of each Offering Period as designated by the Committee. 

“Offering” or “Offering Period” means a period of six (6) months beginning each January 1st and
July 1st of each year; provided, that, pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months) and/or the start and end dates of future
Offering Periods. 
 “Participant” means an Eligible Employee who is actively participating in this Plan. 

“Participating Subsidiaries” means the Subsidiaries that have been designated as eligible to participate in this Plan, and
such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. 
 “Plan” means
this Stein Mart, Inc. Employee Stock Purchase Plan, as set forth herein, and as amended from time to time. 

  
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 “Purchase Date” means the last Trading Day of each Offering Period. 

“Purchase Price” means an amount equal to the lesser of (i) eighty-five percent (85%) (or such greater percentage as
designated by the Committee) of the Fair Market Value of a share of Common Stock on the Offering Date or (ii) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a share of Common
Stock on the Purchase Date; provided, that, the Purchase Price per share of Common Stock will in no event be less than the par value of the Common Stock. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Subsidiary” means any corporation, domestic or foreign, of which not less than fifty percent (50%) of the combined voting
power is held by the Company or a Subsidiary, whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary. In all cases, the determination of whether an entity is a Subsidiary shall be made in
accordance with Section 424(f) of the Code. 
 “Trading Day” means any day on which the national stock exchange upon
which the Common Stock is listed is open for trading or, if the Common Stock is not listed on an established stock exchange or national market system, a business day, as determined by the Committee in good faith. 

3.    Administration. This Plan shall be administered by the Committee which shall have the authority to construe and interpret
this Plan, prescribe, amend and rescind rules relating to this Plan’s administration, and take any other actions necessary or desirable for the administration of this Plan, including without limitation adopting
sub-plans applicable to particular Participating Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The
Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity in this Plan. The decisions of the Committee shall be final and binding on all persons. All expenses of administering this Plan shall be borne by the
Company. 
 4.    Eligibility. Unless otherwise determined by the Committee in a manner that is consistent with Section 423
of the Code, any individual who is an Eligible Employee as of the first day of the enrollment period designated by the Committee for a particular Offering Period shall be eligible to participate in such Offering Period, subject to the requirements
of Section 423 of the Code. 
 Notwithstanding any provision of this Plan to the contrary, no Eligible Employee shall be granted an
option under this Plan if (i) immediately after the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock
of the Company or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit his or her
rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time
the option is granted) for each calendar year in which such option is outstanding at any time. 

  
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 5.    Offering Periods. This Plan shall be implemented by a series of Offering
Periods, each of which shall be six (6) months in duration, with new Offering Periods commencing on or about January 1st and July 1st of each year (or such other times as determined by the Committee). The Committee shall have the authority to
change the duration, frequency, start and end dates of Offering Periods. 
 6.    Participation. 

6.1    Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in this Plan by properly
completing an Enrollment Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in this Plan is entirely voluntary. By submitting an Enrollment Form,
the Eligible Employee authorizes payroll deductions from his or her pay check in an amount equal to at least one percent (1%), but not more than ten percent (10%) (in increments of one percent (1%) only), of his or her Compensation on each pay day
occurring during an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period begins); provided, however, that the maximum payroll deduction for any Participant shall be $20,000 per
year. Payroll deductions shall commence on the first payroll date following the Offering Date and end on the last payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation
to pay interest on payroll deductions or to hold such amounts in a trust or in any segregated account. A Participant may not make any separate contributions or payments to this Plan. 

6.2    Election Changes. During an Offering Period, a Participant may decrease or increase his or her rate of
payroll deductions applicable to such Offering Period only once; provided, however, that no change to a rate of payroll deductions will be effective for an Offering Period during the 30-day period immediately
prior to a Purchase Date for such Offering Period. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the change is to go into effect. A
Participant may decrease or increase his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the start of the next
Offering Period. 
 6.3    Automatic Re-enrollment. The deduction rate
selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless the Participant (a) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6.2, (b) withdraws
from this Plan in accordance with Section 10, or (c) terminates employment or otherwise becomes ineligible to participate in this Plan. 

7.    Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to
purchase, on the Purchase Date, a number of shares of Common Stock determined by dividing the Participant’s accumulated payroll deductions by the applicable Purchase Price; provided, however, that in no event shall any Participant purchase more
than 3,000 shares of Common Stock during an Offering Period (subject to adjustment in accordance with Section 18 and the limitations set forth in Section 13 of this Plan). 

  
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 8.    Exercise of Option/Purchase of Shares. A Participant’s option to purchase
shares of Common Stock will be exercised automatically on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number of whole shares that can be purchased with the
amounts in the Participant’s notional account. No fractional shares may be purchased but notional fractional shares of Common Stock will be allocated to the Participant’s ESPP Share Account to be aggregated with other notional fractional
shares of Common Stock on future Purchase Dates, subject to earlier withdrawal by the Participant in accordance with Section 10 or termination of employment in accordance with Section 11. 

9.    Transfer of Shares. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to
each Participant of the shares of Common Stock purchased upon exercise of his or her option. The Committee may permit or require that the shares be deposited directly into an ESPP Share Account established in the name of the Participant with a
Designated Broker and may require that the shares of Common Stock be retained with such Designated Broker for a specified period of time. Participants will not have any voting, dividend or other rights of a shareholder with respect to the shares of
Common Stock subject to any option granted hereunder until such shares have been delivered pursuant to this Section 9. 

10.    Withdrawal. 

10.1    Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised
Enrollment Form indicating his or her election to withdraw at least thirty (30) days before the Purchase Date. No Enrollment Form to withdraw will be effective if submitted during the 30-day period
immediately prior to a Purchase Date. The accumulated payroll deductions held on behalf of a Participant in his or her notional account (that have not been used to purchase shares of Common Stock) shall be paid to the Participant promptly following
the Participant’s timely submission of an Enrollment Form indicating his or her election to withdraw and the Participant’s option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions
will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6.1 of this Plan. 

10.2    Effect on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period
will not have any effect upon his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws. 

11.    Termination of Employment; Change in Employment Status. Upon termination of a Participant’s employment for any reason,
including death, disability or retirement, or a change in the Participant’s employment status following which the Participant is no longer an Eligible Employee, which in either case occurs at least thirty (30) days before the Purchase
Date, the Participant will be deemed to have withdrawn from this Plan and the payroll deductions in the Participant’s notional account (that have not been used to purchase shares of Common Stock) shall be returned to the Participant, or in the
case of the Participant’s death, to the person(s) entitled to such amounts under Section 17, and the Participant’s option shall be automatically 

  
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terminated. If the Participant’s termination of employment or change in status occurs within thirty (30) days before a Purchase Date, the accumulated payroll deductions shall be used to
purchase shares on the Purchase Date. 
 12.    Interest. No interest shall accrue on or be payable with respect to the payroll
deductions of a Participant in this Plan. 
 13.    Shares Reserved for Plan. 

13.1    Number of Shares. A total of 2,000,000 shares of Common Stock have been reserved as authorized for the grant
of options under this Plan. The shares of Common Stock may be newly issued shares, treasury shares or shares acquired on the open market. 

13.2    Over-subscribed Offerings. The number of shares of Common Stock which a Participant may purchase in an
Offering under this Plan may be reduced if the Offering is over-subscribed. No option granted under this Plan shall permit a Participant to purchase shares of Common Stock which, if added together with the total number of shares of Common Stock
purchased by all other Participants in such Offering, would exceed the total number of shares of Common Stock remaining available under this Plan. If the Committee determines that, on a particular Purchase Date, the number of shares of Common Stock
with respect to which options are to be exercised exceeds the number of shares of Common Stock then available under this Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining available for purchase in as uniform
a manner as practicable and as the Committee determines to be equitable. 
 14.    Transferability. No payroll deductions
credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Common Stock hereunder, may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent
and distribution, or as provided in Section 17 hereof) by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect. 

15.    Application of Funds. All payroll deductions received or held by the Company under this Plan may be used by the Company for
any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions. 

16.    Statements. Participants will be provided with statements at least annually which shall set forth the contributions made by
the Participant to this Plan, the Purchase Price of any shares of Common Stock purchased with accumulated funds, the number of shares of Common Stock purchased, and any payroll deduction amounts remaining in the Participant’s notional account.

 17.    Designation of Beneficiary. A Participant may file, on forms supplied by the Committee, a written designation of
beneficiary who is to receive any shares of Common Stock and cash in respect of any fractional shares of Common Stock, if any, from the Participant’s ESPP Share Account under this Plan in the event of such Participant’s death. In addition,
a Participant may file a written designation of beneficiary who is to receive any cash withheld through payroll deductions and credited to the Participant’s notional account in the event of the Participant’s death prior to the Purchase
Date of an Offering Period. 

  
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 18.    Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate
Transactions. 
 18.1    Adjustments. In the event that any dividend or other distribution (whether in the
form of cash, Common Stock or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the Company’s structure affecting the Common Stock occurs, then in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under this Plan, the Committee will, in such manner as it deems equitable, adjust the number of shares and class of Common Stock that may be delivered under this Plan, the Purchase Price per share and the
number of shares of Common Stock covered by each outstanding option under this Plan, and the numerical limits of Section 7 and Section 13. 

18.2    Dissolution or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed
dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior to the proposed dissolution or liquidation. The new Purchase Date
will be before the date of the Company’s proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new Purchase Date and that the
Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10. 

18.3    Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed or
an equivalent option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or substitute the option, the Offering Period with respect to which the option
relates will be shortened by setting a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each
Participant with written notice, which may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in
accordance with Section 10. 
 19.    General Provisions. 

19.1    Equal Rights and Privileges. Notwithstanding any provision of this Plan to the contrary and in accordance
with Section 423 of the Code, all Eligible Employees who are granted options under this Plan shall have the same rights and privileges. 

19.2    No Right to Continued Service. Neither this Plan nor any compensation paid hereunder will confer on any
Participant the right to continue as an Employee or in any other capacity. 

  
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 19.3    Rights as Shareholder. A Participant will become a shareholder
with respect to the shares of Common Stock that are purchased pursuant to options granted under this Plan when the shares are transferred to the Participant’s ESPP Share Account. A Participant will have no rights as a shareholder with respect
to shares of Common Stock for which an election to participate in an Offering Period has been made until such Participant becomes a shareholder as provided above. 

19.4    Successors and Assigns. This Plan shall be binding on the Company and its successors and assigns. 

19.5    Entire Plan. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes
all prior plans with respect to the subject matter hereof. 
 19.6    Compliance with Law. The obligations of the
Company with respect to payments under this Plan are subject to compliance with all applicable laws and regulations. Common Stock shall not be issued with respect to an option granted under this Plan unless the exercise of such option and the
issuance and delivery of the shares of Common Stock pursuant thereto shall comply with all applicable provisions of law, including without limitation the Securities Act, the Exchange Act and the requirements of any stock exchange upon which the
shares may then be listed. 
 19.7    Notice of Disqualifying Dispositions. Each Participant shall give the
Company prompt written notice of any disposition or other transfer of shares of Common Stock acquired pursuant to the exercise of an option acquired under this Plan, if such disposition or transfer is made within two years after the Offering Date or
within one year after the Purchase Date. 
 19.8    Term of Plan. This Plan shall become effective on the
Effective Date and, unless terminated earlier pursuant to Section 19.9, shall have a term of ten (10) years. 

19.9    Amendment or Termination. The Committee may, in its sole discretion, amend, suspend or terminate this Plan
at any time and for any reason without approval of the shareholders of the Company except as required by Section 423 of the Code or by the listing standards of any stock exchange upon which the Company’s Common Stock is listed. If this
Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once shares of Common Stock have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated)
or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 18). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to
purchase shares of Common Stock will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

19.10    Applicable Law. The laws of the State of Florida shall govern all questions concerning the construction,
validity and interpretation of this Plan, without regard to such state’s conflict of law rules. 

19.11    Shareholder Approval. This Plan shall be subject to approval by the shareholders of the Company within
twelve (12) months before or after the date this Plan is adopted by the Board. 

  
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 19.12    Section 423. This Plan is intended to qualify as an
“employee stock purchase plan” under Section 423 of the Code. Any provision of this Plan that is inconsistent with Section 423 of the Code shall be reformed to comply with Section 423 of the Code. 

19.13    Withholding. To the extent required by applicable Federal, state or local law, a Participant must make
arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise in connection with this Plan. 

19.14    Severability. If any provision of this Plan shall for any reason be held to be invalid or unenforceable,
such invalidity or unenforceability shall not affect any other provision hereof, and this Plan shall be construed as if such invalid or unenforceable provision were omitted. 

19.15    Headings. The headings of sections herein are included solely for convenience and shall not affect the
meaning of any of the provisions of this Plan. 
 As adopted by the Board of Directors of Stein Mart, Inc. on November 6, 2017. 

As approved by the shareholders of Stein Mart, Inc. on June 19, 2018. 

  
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