Document:

Exhibit 10.6

  

  Execution Version

  

  

  
     

    

    

     

    

    

     

    CUSTODIAN AGREEMENT

      

      

      

      among

      

      

      

      EXETER FINANCE LLC,

      as Custodian,

      

      

      

      EXETER FINANCE LLC,

      as Servicer,

      

      

      

      and

      

      

      

      WELLS FARGO BANK, NATIONAL ASSOCIATION,

      as Indenture Trustee

      

      

      

      Dated as of April 30, 2021

     

    

    

     

    
      
        

    

    THIS CUSTODIAN AGREEMENT, dated as of April 30, 2021, is made with respect to the issuance of Notes and Certificates by Exeter Automobile Receivables Trust 2021-2 (the
      “Issuer”), and is among EXETER FINANCE LLC, as custodian (in such capacity, the “Custodian”), EXETER FINANCE LLC, as servicer (in such capacity, the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
      association, as indenture trustee (in such capacity, the “Indenture Trustee”).  Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement (as hereinafter defined).

     

    W I T N E S S E T H:

     

    WHEREAS, Exeter Finance LLC (“Exeter”) and EFCAR, LLC (“EFCAR”) have entered into a Purchase Agreement dated as of April 30, 2021 (the “Purchase
        Agreement”), pursuant to which Exeter has sold, transferred and assigned to EFCAR all of Exeter’s right, title and interest in and to certain of the Receivables;

     

    WHEREAS, Exeter Flow Intermediary Trust (“EFIT”), Exeter and EFCAR have entered into a Sale Agreement dated as of April 30, 2021 (the “Sale Agreement”),
      pursuant to which EFIT has sold, transferred and assigned to EFCAR all of EFIT’s right, title and interest in and to certain of the Receivables;

     

    WHEREAS, the Issuer, the Servicer, EFCAR, Exeter Holdings Trust 2021-2 (the “Holding Trust”) and the Indenture Trustee and Backup Servicer, have entered into a
      Sale and Servicing Agreement, dated as of April 30, 2021 (the “Sale and Servicing Agreement”), pursuant to which EFCAR has sold, transferred and assigned to the Issuer all of EFCAR’s right, title and interest in and to the Receivables;

     

    WHEREAS, the Issuer, the Holding Trust and the Indenture Trustee have entered into an Indenture dated as of April 30, 2021 (the “Indenture”), pursuant to which
      (a) the Issuer has pledged to the Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest in and to the Holding Trust Certificate and (b) the Holding Trust has pledged to the Indenture Trustee for the
      benefit of the Noteholders, all of the Holding Trust’s right, title and interest in and to the Receivables; and

     

    WHEREAS, the Indenture Trustee wishes to hereby appoint the Custodian to hold the Receivable Files as the custodian on behalf of the Holding Trust and the Indenture
      Trustee;

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and adequacy of which are hereby
      acknowledged, the parties agree as follows:

     

    1.          Appointment of Custodian; Acknowledgement of Receipt.  Subject to the terms and
        conditions hereof, the Indenture Trustee hereby revocably appoints the Custodian, but shall not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the
        Holding Trust and the Indenture Trustee, to maintain exclusive custody of the Receivable Files relating to Receivables from time to time pledged to the Indenture Trustee as part of the Collateral.  In performing its duties hereunder, the Custodian
        agrees to act with reasonable care, using that degree of skill and attention that a

     

    
      
        

    

    
    commercial bank acting in the capacity of a custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for others
      (the “Standard of Care”).  The Custodian hereby, as of the Closing Date, acknowledges receipt of the Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement subject
      to any exceptions noted on the Custodian’s Acknowledgement (as defined below).  As evidence of its acknowledgement of such receipt of such Receivables, the Custodian shall execute and deliver on the Closing Date the Custodian’s Acknowledgement
      attached hereto as Exhibit A (the “Custodian’s Acknowledgement”).

     

    2.          Maintenance of Receivables Files at Office.  The Custodian agrees to maintain the
        Receivable Files at the offices of one or more of its agents or sub-custodians (each such agent or sub-custodian, an “Custodial Agent”) within the United States as shall from time to time be identified to the Indenture Trustee and the
        Custodian will hold the Receivable Files in such offices on behalf of the Issuer and the Indenture Trustee clearly identified on its records as being separate from any other instruments and files, including other instruments and files held by the
        Custodian and in compliance with Section 3(a) hereof.

     

    3.          Duties of Custodian.

     

    (a)          Safekeeping.  The Custodian shall hold the Receivable Files on behalf of the
        Indenture Trustee clearly identified on its records as being separate from all other instruments and files maintained by the Custodian at the same location and shall maintain such accurate and complete accounts, records and computer systems
        pertaining to each Receivable File as will enable the Indenture Trustee to comply with the terms and conditions of the Sale and Servicing Agreement.  Each Receivable shall be identified on the books and records of the Custodian in a manner that (i)
        is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that such Receivables are held by the Custodian on behalf of the Indenture Trustee and (iii) is otherwise
        necessary, as reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement.  The Custodian shall carry out such policies and procedures in accordance with its customary actions for third parties with respect to the
        handling and custody of the Receivable Files so that the integrity and physical possession of the Receivable Files will be maintained.  The Custodian shall promptly report to the Indenture Trustee and the Servicer any failure on its part to hold
        the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure.  Upon reasonable request of the Indenture Trustee, the Custodian shall make copies or
        other electronic file records (e.g. diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall deliver such Copies to the Indenture Trustee and the Indenture Trustee shall hold such Copies on behalf of the Noteholders.  The
        initial Servicer shall pay for all costs and expenses relating to the Copies.  Subject to Section 3(c) hereof, the Custodian shall, or shall cause any Custodial Agent to, at all times (i) maintain the original of the fully executed original retail
        installment sales contract or promissory note and (ii) maintain the original of the Lien Certificate or application therefore (if no such Lien Certificate has yet been issued), in each case relating to each Receivable in a fire resistant vault; provided,
        however, the Lien Certificate may be maintained electronically by the Registrar of Titles of the applicable state pursuant to applicable state laws, with confirmation thereof maintained by the Custodian or a third party service provider.

     

    
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    (b)          Access to Records.  The Custodian shall, subject to the Custodian’s security
        requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or
        records, and at such times as may be reasonably imposed by the Custodian, permit only the Noteholders and the Indenture Trustee or their duly authorized representatives, attorneys or auditors to inspect, at the Servicer’s expense, the Receivable
        Files and the related accounts, records, and computer systems maintained by the Custodian pursuant hereto at such times as the Noteholders or the Indenture Trustee may reasonably request.

     

    (c)          Release of Documents.  Consistent with the practices of a commercial bank acting
        in the capacity of custodian with respect to similar files or records, the Custodian may release any Receivable in the Receivable Files to the Servicer, if appropriate, under the circumstances provided in Section 3.3(b) of the Sale and Servicing
        Agreement and upon receipt from the Servicer of a written request for release of documents substantially in the form attached hereto as Exhibit B, provided, that, for so long as Exeter is the Servicer, no such written request for release of
        documents in the form attached hereto as Exhibit B will be required to be delivered.

     

    (d)          Administration; Reports.  The Custodian shall assist the Indenture Trustee
        generally in the preparation of any routine reports to Noteholders or to regulatory bodies, if any, to the extent necessitated by the Custodian’s custody of the Receivable Files.

     

    (e)          Review of Lien Certificates.  On or before the Closing Date, the Custodian shall
        deliver to the Indenture Trustee and the Servicer a listing in the form attached hereto as Schedule II of Exhibit A, of all Receivables with respect to which a Lien Certificate, showing Exeter as secured party, was not included in the related
        Receivable File as of such date.  In addition, the Custodian shall deliver to the Indenture Trustee and the Servicer an exception report in the form attached hereto as Schedule I of Exhibit A, (i) on the last Business Day of the calendar month
        during which the 90th day after the Closing Date occurred, (ii) on the last Business Day of the calendar month during which the 180th day after the Closing Date occurred and (iii) on the last Business Day of the calendar month during which the
        240th day after the Closing Date occurred.

     

    (f)          Matters Relating to Electronic Chattel Paper.  The Custodian shall maintain, for
        the benefit of the Indenture Trustee, “control” (within the meaning of Section 9-105 of the applicable UCC) of the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper.  The Custodian will
        confirm or cause to be confirmed that the authoritative copy of each Contract that constitutes or evidences a Receivable which is electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise
        conveyed to any Person other than the Custodian.  The Custodian will confirm or cause to be confirmed that each Receivable which is electronic chattel paper has been established in a manner such that (i) all copies or revisions that add or change
        an identified assignee of the authoritative copy of each Contract that constitutes or evidences the Receivable must be made with the participation of the Custodian on behalf of the Indenture Trustee and (ii) all revisions of the authoritative copy
        of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized revision.  Upon any appointment of a successor Servicer under the Sale and Servicing Agreement, the Custodian shall take
        all necessary action to transfer all of its control of any Receivables consisting of electronic chattel paper to a

     

    
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    designated agent of the Indenture Trustee on behalf of the Noteholders, or as the Indenture Trustee may direct the Custodian (including the transfer of such electronic chattel paper to a
      separate electronic vault at an electronic contracting facilitator controlled by the Indenture Trustee or to a separate electronic vault at the Indenture Trustee or export of the electronic chattel paper from the applicable electronic vault and
      delivery of physical copies of exported Contracts to the Indenture Trustee), and the Indenture Trustee, or its agent, as the case may be, at the expense of the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of
      the Indenture, as applicable, shall act as Custodian for such Receivables Files on behalf of the Noteholders and shall be subject to all the rights, indemnities, duties and liabilities placed on the Custodian by the terms of this Agreement until such
      time as a successor custodian has been appointed.

     

    4.          Instructions; Authority to Act.  The Custodian shall be deemed to have received
        proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Indenture Trustee or from the Servicer.  Such instructions may be general or specific in terms.  A copy of any
        such instructions shall be furnished by the Indenture Trustee or the Servicer to the Holding Trust.

     

    5.          Custodian Fee.  For its services under this Agreement, the Custodian shall be
        entitled to receive fees, expenses and indemnities due to be paid by the initial Servicer and otherwise pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of the Indenture, as applicable, in an amount equal to the
        aggregate fees and expenses paid by the Custodian to the Custodial Agents.

     

    6.          Indemnification.

     

    (a)          The Custodian agrees to indemnify the Indenture Trustee for any and all liabilities,
        obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or asserted against the Indenture Trustee and its officers, directors, employees, agents,
        attorneys and successors and assigns as the result of any act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files in violation of the Standard of Care; provided, however, that the
        Custodian shall not be liable for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses due to the willful misconduct, bad faith or gross negligence of the Indenture Trustee or its officers, directors,
        employees and agents thereof.  In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian.  This section shall survive the resignation or removal of any party, and the termination or assignment of this
        Agreement.

     

    (b)          In the event Exeter is not the Custodian, the Servicer agrees to indemnify and hold
        harmless the Custodian against any and all claims, losses, liabilities, damages or expenses (including reasonable fees and expenses of outside counsel, which shall include any reasonable fees and expenses of outside counsel incurred in connection
        with (i) any enforcement of the indemnification obligation hereunder or (ii) the successful defense, in whole or in part, of any claim that the Custodian breached its Standard of Care) arising out of or in connection with this Agreement that may be
        imposed upon, incurred by or asserted against the Custodian; provided that this Section 6(b) shall not relieve the Custodian from liability for its willful misconduct, bad faith

     

    
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    or gross negligence. This section shall survive the resignation or removal of any party, and the termination or assignment of this Agreement.

     

    7.          Limitation of Liability.

     

    (a)          In connection with the Custodian’s timely performance of its obligations and duties
        hereunder, the Custodian shall not be liable to any person for any loss, claim, damage, liability or expense resulting from or arising out of any act or failure to act by it, other than for any loss, claim, damage, liability or expense arising out
        of the Custodian’s willful misconduct, gross negligence or bad faith.  The obligations of the Custodian shall be determined solely by the express provision of this Agreement.

     

    (b)          Except as specifically set forth herein, the Custodian shall be under no duty or
        obligation to inspect, review or examine the Receivables or Receivable Files to determine the contents thereof or that such contents are genuine, enforceable or appropriate for the represented purpose or that they are other than what they purport
        to be on their face.

     

    (c)          The Custodian may rely, and shall be protected in acting or refraining from acting, in
        each case, in accordance with the terms of this Custodian Agreement, and need not verify the accuracy of, (i) any written instructions from any persons the Custodian reasonably believes to be authorized to give such instructions and who shall only
        be persons the Custodian believes in good faith to be authorized representatives, and (ii) any written instruction, notice, order, request, direction, certificate, opinion or other instrument or document reasonably believed by the Custodian to be
        genuine and to have been signed and presented by the proper party or parties, which shall mean signature and presentation by authorized representatives whether such presentation is by personal delivery, express delivery or facsimile.

     

    (d)          The Custodian may consult with counsel with regard to legal questions arising out of or
        in connection with this Agreement, and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Custodian in reliance, in good faith, and in accordance
        therewith.

     

    (e)          The Custodian shall not be responsible or liable for, and makes no representation or
        warranty with respect to, the validity, adequacy or perfection of any lien upon, or security interest in, any Receivable or Receivable File purported to be granted at any time pursuant to the Indenture.

     

    (f)          Notwithstanding anything to the contrary herein, the Custodian shall not be liable for
        any delays in performance for causes beyond its control, including, but not limited to, fire, flood, epidemic, unusually severe weather, strike, acts of the Holding Trust or the Servicer, restriction by civil or military authority in their
        sovereign or contractual capacities, transportation failure, or inability to obtain labor.  In the event of any such delay, performance shall be extended for so long as such period of delay.

     

    (g)          The Custodian shall be under no responsibility or duty with respect to the disposition
        of any Receivable or Receivable File while such Receivable or Receivable File are not in its possession. If the Custodian shall reasonably request instructions from the Indenture Trustee with respect to any act, action or failure to act in
        connection with this Custodian Agreement, the

     

    
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    Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Custodian shall have received written instructions from the
      Indenture Trustee, without incurring any liability therefor to the Indenture Trustee or any other person; provided that the Custodian shall at all times maintain custody of the Receivable Files delivered to it (except as otherwise required by this
      Custodian Agreement) and otherwise comply with its obligations thereunder.

     

    (h)          In no event shall each of the parties hereto or its directors, managers, affiliates,
        officers, agents, and employees be held liable for any special, indirect, punitive or consequential damages (including lost profits) resulting from any action taken or omitted to be taken by it or them hereunder.

     

    (i)          The Indenture Trustee shall not (i) have any duties or obligations hereunder except
        those expressly set forth herein or (ii) be subject to any fiduciary or other implied duties.

     

    (j)          No discretionary, permissive right, nor privilege of the Custodian shall be deemed or
        construed as a duty or obligation.

     

    (k)          The Custodian shall not be held responsible for the acts or omissions of the Seller,
        Servicer, Issuer, Holding Trust, Indenture Trustee, Backup Servicer, Owner Trustee, or any other party to the Basic Documents, and may assume performance of such parties absent written notice or actual knowledge of a Responsible Officer of the
        Custodian to the contrary.

     

    (l)          The Custodian shall not be charged with knowledge of any event or information,
        including any Default or Event of Default, unless a Responsible Officer of the Custodian has actual knowledge or receives written notice of such event or information.  Absent actual knowledge or receipt of written notice in accordance with this
        Section, the Custodian may conclusively assume that no such event has occurred.  The Custodian shall have no obligation to inquire into, or investigate as to, the occurrence of any such event (including any Default or Event of Default).  For
        purposes of determining the Custodian’s responsibility and liability hereunder, whenever reference is made in the Basic Documents to any event (including, but not limited to, an Event of Default), such reference shall be construed to refer only to
        such event of which the Custodian has received notice or has actual knowledge as described in this Section.  The Custodian’s receipt or delivery of any reports or other information publicly available does not constitute actual or constructive
        knowledge or notice to the Custodian unless the Custodian has an obligation to review its content.  Knowledge of the Custodian shall not be attributed or imputed to Exeter’s other roles in the transaction, and knowledge of such other role shall not
        be attributed or imputed to each other or to the Custodian (in each case, other than instances where such roles are performed by the same group, department or division within Exeter) or any affiliate, line of business or other division of Exeter
        (and vice versa).

     

    (m)          In the absence of bad faith on its part, the Custodian may conclusively rely, as to the
        truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Custodian and conforming to the requirements of the Basic Documents.

     

    
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    (n)          The Custodian may conclusively rely on any document believed by it to be genuine and to
        have been signed or presented by the proper person.  The Custodian is not responsible for any document provided to it, and it need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report, certificate,
        information, statement, representation or warranty or any fact or matter stated in such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

     

    (o)          Before the Custodian acts or refrains from acting, it may require an Officer’s
        Certificate or an Opinion of Counsel, the costs of which (including the Custodian’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Custodian act or refrain from acting.  The Custodian shall not be liable for
        any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel unless the Custodian was negligent in such reliance.

     

    (p)          The Custodian shall not be liable for any action taken or error of judgment made in
        good faith by a Responsible Officer unless it is proved that the Custodian was negligent in ascertaining the pertinent facts.

     

    (q)          No provision of this Custodian Agreement shall require the Custodian to expend or risk
        its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity
        reasonably satisfactory to it against such risk or liability is not assured to it.

     

    (r)          The Custodian shall be under no obligation to institute, conduct or defend any
        litigation under this Custodian Agreement or in relation to this Custodian Agreement, at the request, order or direction of any Person, pursuant to the provisions of this Custodian Agreement, unless such Person shall have offered to the Custodian
        security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby.

     

    (s)          Notwithstanding anything to the contrary in this Agreement or any other Basic Document,
        the Custodian shall not be required to take any action that is not in accordance with applicable laws.

     

    (t)          Neither the Custodian nor any of its officers, directors, employees, attorneys or
        agents will be responsible or liable for the existence, genuineness, value or protection of any collateral securing the Notes, for the legality, enforceability, effectiveness or sufficiency of the Basic Documents for the creation, perfection,
        continuation, priority, sufficiency or protection of any of the liens, or for any defect or deficiency as to any such matters, or for monitoring the status of any lien or performance of the collateral.

     

    (u)          The Custodian shall have no responsibility for the enforceability of the Notes or the
        recitals contained in the Basic Documents.

     

    (v)          The Custodian shall have no duty to see to, or be responsible for the correctness or
        accuracy of, any recording, filing or depositing of the Indenture or any agreement referred to therein, or any financing statement or continuation statement evidencing a security

     

    
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    interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refilling or re-depositing of any thereof.

     

    8.          Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. 

        This Custodian Agreement shall become effective as of the date hereof and shall continue in full force and effect until terminated as hereinafter provided.  So long as Exeter is serving as Custodian, any resignation or termination of Exeter as
        Servicer under the Sale and Servicing Agreement shall automatically terminate Exeter as Custodian hereunder.  This Custodian Agreement may be amended at any time by mutual agreement of the parties hereto with the prior written consent of the Backup
        Servicer, and may be terminated by any party by giving written notice to the other parties, such termination of this Custodian Agreement to take effect no sooner than thirty (30) days after the date of such notice.  Upon any termination or
        amendment of this Custodian Agreement, the Indenture Trustee, in the case of amendments, and the party seeking termination, in the case of terminations, shall give written notice to the Servicer, who shall deliver such notice to Moody’s Investors
        Service, Inc. (“Moody’s”) and S&P Global Ratings, a Standard & Poor’s Financial Services LLC business (“S&P”) (collectively, the “Rating Agencies”).  As promptly as possible after the giving of, or receipt of,
        notice of termination of this Custodian Agreement or the automatic termination of Exeter as Custodian, the Custodian shall deliver the Receivable Files to the Indenture Trustee on behalf of the Noteholders and at the Servicer’s expense, at such
        place or places as the Indenture Trustee may designate, and the Indenture Trustee, or its agent, as the case may be, shall act as Custodian for such Receivables Files on behalf of the Noteholders and shall be subject to all the rights, indemnities,
        duties and liabilities placed on the Custodian by the terms of this Agreement until such time as a successor custodian has been appointed.  If, within seventy-two (72) hours after the termination of this Custodian Agreement, the Custodian has not
        delivered the Receivable Files in accordance with the preceding sentence, the Indenture Trustee may enter the premises of the Custodian and remove the Receivable Files from such premises.  In connection with the administration of this Agreement,
        the parties may agree from time to time upon the interpretation of the provisions of this Agreement as may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any such interpretation to be signed by all
        parties and annexed hereto.  The Custodian’s costs and expenses related to any such amendment shall be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of the Indenture, as applicable.

     

    9.          Delegation of Duties.

     

    (a)          The Custodian may perform any of its duties through one or more Custodial Agents
        without the consent of any Person, except as set forth in Section 9(d).  No such delegation will relieve the Custodian of its responsibilities with respect to such duties and the Custodian will remain primarily responsible with respect to such
        duties.  The Custodian will be responsible for the fees of any such Custodial Agents.

     

    (b)          With respect to each Receivable, the Custodian has engaged or may engage (i) Deutsche
        Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each Contract that constitutes or evidences a Receivable which is tangible chattel paper and any copy of the application of the Lien Certificate (when such Lien
        Certificate has not yet been received), and otherwise such documents, if any, that Exeter keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to

     

    
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    the interest of Exeter as first lienholder or secured party, (ii) Dealertrack, Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each Lien
      Certificate (when received) and (iii) RouteOne LLC, Dealertrack and eOriginal Inc. to hold each Contract that constitutes or evidences a Receivable which is electronic chattel paper.  As of the date hereof, each of Dealertrack, Deutsche Bank Trust
      Company Americas, Wells Fargo Bank, National Association, RouteOne LLC and eOriginal Inc. is acceptable to each Rating Agency as a Custodial Agent.

     

    (c)          Upon termination of, or resignation by, Deutsche Bank Trust Company Americas,
        Dealertrack, Wells Fargo Bank, National Association, RouteOne LLC, eOriginal Inc. or any other sub-custodian engaged by the Custodian, the Custodian shall provide written notice of such termination or resignation to each Rating Agency.

     

    (d)          As promptly as possible after the giving of, or receipt of, notice of termination of
        any Custodial Agent engaged by the Custodian, the Custodian shall engage a replacement Custodial Agent that is acceptable to each Rating Agency.  If a replacement Custodial Agent has not been engaged prior to the effective termination of such
        Custodial Agent, the Custodian shall deliver the Receivable Files to the Indenture Trustee on behalf of the Noteholders and at the Custodian’s expense, at such place or places as the Indenture Trustee may designate, and the Indenture Trustee, or
        its agent, as the case may be, shall act as custodian for such Receivables Files on behalf of the Noteholders until such time as a replacement Custodial Agent has been engaged by the Custodian that is acceptable to each Rating Agency.

     

    10.          Governing Law; Jurisdiction.  THIS CUSTODIAN AGREEMENT SHALL BE GOVERNED BY AND
        CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OF THE PARTIES HERETO AND THEIR
        ASSIGNEES AGREE TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK.

     

    11.          Waiver of Jury Trial.  THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY
        ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

     

    12.          Notices.  All demands, notices and communications hereunder shall be in writing,
        electronically delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the Custodian or the Servicer, at the following applicable address: to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas
        75063, Attention:  Chief Financial Officer, with a copy to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Legal Officer, (b) in the case of the Indenture Trustee, at the following address: 600 S. 4th
        Street, MAC N9300-061, Minneapolis, Minnesota 55415 (facsimile number (612) 667-3464), Attention: Corporate Trust Services – Asset Backed Administration, (c) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com; for any
        information not available in electronic format, hard copies should be sent to the following address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, (d) in the case of

     

    
      9

      
        

    

    Moody’s, at the following address: Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th floor, New York, New York 10007 and (e) in the
      case of EFIT, to c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or, in each such case, at such other address as shall be
      designated by such party in a written notice to the other parties.  Where this Custodian Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other
      rights or obligations created hereunder.  Copies of all demands, notices and communications provided to the Indenture Trustee, the Noteholders or the Backup Servicer pursuant to this Agreement shall be provided to the Certificateholders.

     

    13.          Binding Effect.  This Custodian Agreement shall be binding upon and shall inure
        to the benefit of the parties hereto and their respective successors and assigns.  Concurrently with the appointment of a successor indenture trustee under the Sale and Servicing Agreement, the parties hereto shall amend this Custodian Agreement to
        make said successor indenture trustee, the successor to the Indenture Trustee hereunder.

     

    14.          AML Law.  In the event Exeter is not the Custodian, the parties hereto
        acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of
        terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control (collectively, “AML Law”), the Indenture Trustee is required to
        obtain, verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Indenture Trustee.  Each party hereby agrees that it shall provide the Indenture Trustee with such
        identifying information and documentation as the Indenture Trustee may reasonably request from time to time in order to enable the Indenture Trustee to comply with all applicable requirements of AML Law.

     

    15.          Electronic Signatures. This Agreement shall be valid, binding, and enforceable
        against a party when executed and delivered by an authorized individual on behalf of the party by means of: (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted
        by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial
        Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in
        evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other
        party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
        shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or
        intended character of the writings.

     

    
      10

      
        

    

    16.          Limitation of Liability of Owner Trustee. It is expressly understood and agreed
        by the parties hereto that (i) this Custodian Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Holding Trust, in the exercise of the powers and authority conferred and
        vested in it, (ii) each of the representations, covenants, undertakings and agreements herein made on the part of the Holding Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is
        made and intended for the purpose of binding only the Holding Trust, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or
        implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or
        completeness of any representations or warranties made by the Holding Trust or any other Person in this Custodian Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or
        expenses of the Holding Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Holding Trust under this Custodian Agreement or any other related documents.

     

    [Remainder of page intentionally left blank]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      11

      
        

    

    IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian Agreement to be executed in its name and on its behalf by a duly authorized officer on the day
      and year first above written.

     

    	 	
            EXETER FINANCE LLC, as Custodian

          
	 	 	 
	 	 	 
	 	
            By:  

          	
            /s/ Ben Miller                                                      

              

          
	 	 	
            Name:  Ben Miller

            

          
	 	 	
            Title:    Executive Vice President and Treasurer

            

          
	 	 	 
	 	 	 
	 	
            WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Marianna Stershic                                           

          
	 	 	
            Name:  Marianna Stershic

            

          
	 	 	
            Title:    Vice President 

            

          
	 	 	 
	 	 	 
	 	
            EXETER FINANCE LLC, as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
            
              /s/ Ben Miller                                                      

            

          
	 	 	
            
              Name:  Ben Miller

            

          
	 	 	
            Title:    Executive Vice President and Treasurer

          

    

    

    

    

    

    

    CONFIRMED AND ACCEPTED BY:

    EXETER HOLDINGS TRUST 2021-2, as Holding Trust

    

    

    By: Wilmington Trust Company, not in its individual capacity

    but solely as Owner Trustee on behalf of the Trust

    

    

    By: /s/ Jennifer Luce                                               

        

    Name:  Jennifer Luce

    

    Title:    Vice President

    

    

    

    

    

     

    

    

     

    
      
        

    

    EXHIBIT A

     

    CUSTODIAN’S ACKNOWLEDGEMENT

     

    Exeter Finance LLC (“Exeter”), acting as Custodian (in such capacity, the “Custodian”) under the Custodian Agreement, dated as of April 30, 2021, among
      the Custodian, Exeter, as Servicer (the “Servicer”), and Wells Fargo Bank, National Association, as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to which the Custodian holds on behalf of, for the benefit of
      and as agent of the Indenture Trustee, as pledgee of the Holding Trust, certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of April 30, 2021 (the “Sale and Servicing Agreement”), among Exeter Automobile
      Receivables Trust 2021-2, as Issuer, EFCAR, LLC, as Seller, the Servicer, Exeter Holdings Trust 2021-2, as Holding Trust, and Wells Fargo Bank, National Association, as Backup Servicer and as Indenture Trustee, hereby acknowledges receipt of the
      Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement, except as noted in the Custodian Exception List attached hereto as Schedule I and the Lien Perfection Exception List
      attached hereto as Schedule II.

     

    Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement.

     

    IN WITNESS WHEREOF, Exeter Finance LLC has caused this acknowledgement to be executed by its duly authorized officer as of this 2nd day of June, 2021.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Custodian

          
	 	 	 
	 	 	 
	 	
            By:   

          	
                                                                                  

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    

    

    
      
        

    

    SCHEDULE I

     

    Custodian Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      
        

    

    SCHEDULE II

     

    Lien Perfection Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      
        

    

    EXHIBIT B

     

    FORM OF RELEASE OF DOCUMENTS

      

      

      ___________ ___, 20__

     

    [Custodian]

        [Address]

      

    

     

    Re:          Exeter Automobile Receivables Trust 2021-2

     

    Ladies and Gentlemen:

     

    Reference is made to the Custodian Agreement, dated as of April 30, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Custodian
        Agreement”), among Exeter Finance LLC (“Exeter”), as custodian (in such capacity, the “Custodian”), Exeter, as servicer (the “Servicer”), and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
        Trustee”).

     

    Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Custodian Agreement.  Capitalized terms used herein that
      are not otherwise defined herein or in the Custodian Agreement shall have the meaning ascribed thereto in the Sale and Servicing Agreement, dated as of April 30, 2021 (the “Sale and Servicing Agreement”), among Exeter Automobile Receivables
      Trust 2021-2, as issuer, EFCAR, LLC, as seller, the Servicer, Exeter Holdings Trust 2021-2, as holding trust, the Indenture Trustee and Wells Fargo Bank, National Association, as backup servicer.

     

    The undersigned, in its capacity as Servicer under the Custodian Agreement, hereby requests (check one):

     

    ______ that the Custodian release to the Servicer the Receivable Files or other documents set forth on Schedule I to this Release of Documents.  All documents so
      released to the Servicer shall be held by the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders in accordance with the terms of the Custodian Agreement and the Servicer agrees to return to the Custodian the Receivable
      File or other such documents when the Servicer’s need therefor no longer exists.

     

    ______ that the Custodian permanently release to the Servicer the Receivable Files or other documents set forth on Schedule II to this Release of Documents and the
      Servicer certifies with respect to such Receivable Files that the related Receivable has been paid in full, has been sold in accordance with the Sale and Servicing Agreement or has been repurchased in accordance with the Sale and Servicing Agreement
      and that, in each case, any amounts received in connection with such payments, sale or repurchase which are required to be deposited in the Collection Account as provided in the Sale and Servicing Agreement have been deposited.

     

    
      
        

    

    The undersigned has executed this Release of Documents as of the date first written above.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:   

          	
                                                                                  

          
	 	 	
            Name:

          
	 	 	
            Title:ndvn_ex41.htm

 
 EXHIBIT 4.1
  
 NDIVISION INC.
 AMENDED AND RESTATED
 2018 EQUITY INCENTIVE PLAN
  
 (As Amended and Restated on May 6, 2021)
  
 ARTICLE I
 PURPOSE
  
 1.01 Purpose. The purposes of this Plan are to create incentives which are designed to motivate Participants to put forth maximum effort toward the success and growth of the Company and to enable the Company to attract and retain experienced individuals who by their position, ability and diligence are able to make important contributions to the Company’s success. Capitalized terms referenced in this Plan shall have the meanings set forth in Article II or as otherwise defined in this Plan. 
  
 1.02 Available Awards and Eligible Recipients. Toward these purposes, and subject to the conditions set forth in this Plan, this Plan provides for the grant of Options, Restricted Stock Awards, Restricted Stock Units, SARs, Performance Units, Performance Bonuses, Stock Awards and Other Incentive Awards to Eligible Employees and the grant of Nonqualified Stock Options, Restricted Stock Awards, Restricted Stock Units, SARs, Performance Units, Stock Awards and Other Incentive Awards to Consultants and Eligible Directors.
  
 1.03 Background. The Plan was first effective on February 13, 2018 (the “Initial Plan”), and is being amended and restated hereby, among other matters, to: (a) permit the grant of additional types of Awards (including without limitation Stock Awards and Restricted Stock Units), (b) increase the number of shares of Common Stock to be issued hereunder, and (c) lengthen the ten (10) years term effective as of the Effective Date of this Plan. Outstanding stock options and any other awards under the Initial Plan shall continue in effect according to their terms as in effect before the Effective Date (subject to such amendments and adjustment as the Board determines, consistent with the Initial Plan, as applicable), and the shares with respect to any such outstanding options or other awards under the Initial Plan shall be issued, settled or transferred under this Plan.
  
 ARTICLE II
 DEFINITIONS
  
 As used herein, the following definitions will apply to the capitalized terms indicated below:
  
 2.01 “Affiliate” means any Subsidiary or any other corporation, partnership, limited liability company or other form of legal entity in which a substantial portion of the ownership interest thereof is owned or controlled, directly or indirectly, by the Company or one or more of its Subsidiaries or other Affiliates or a combination thereof. For purposes hereof, the Company, a Subsidiary or other Affiliate shall be deemed to have a substantial ownership interest in a partnership or limited liability company if the Company, the Subsidiary or other Affiliate: (a) shall be allocated a majority of partnership or limited liability company gains or losses, or (b) shall be or control a managing member, manager, managing director or a general partner of such partnership or limited liability company.
  
 2.02 “Applicable Law” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
  
 2.03 “Award” means, individually or collectively, a grant under the Plan of any Option, Restricted Stock Award, Restricted Stock Unit, SAR, Performance Unit, Performance Bonus, Stock Award or Other Incentive Award.
  
 2.04 “Award Agreement” means any written or electronic instrument that establishes the terms, conditions, restrictions, and/or limitations applicable to an Award in addition to those established by this Plan and by the Board’s exercise of its administrative powers.
  
 	 
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 2.05 “Beneficiary” means the person or entity designated by the Participant, in a form approved by the Company, to exercise the Participant’s rights with respect to an Award after the Participant’s death. If the Participant does not validly designate a Beneficiary, or if the designated person no longer exists, then the Participant’s Beneficiary shall be his or her estate.
  
 2.06 “Board” means the Board of Directors of the Company and, if the Board has appointed a Committee as provided in Section 3.05, the term “Board” shall include such Committee.
  
 2.07 “Cash Dividend Right” means a contingent right, granted in tandem with a specific Restricted Stock Unit Award, to receive an amount in cash equal to the cash distributions made by the Company with respect to a share of Common Stock during the period such Award is outstanding.
  
 2.08 “Cause” shall have the same meaning given to such term (or other term of similar meaning) in a Services Agreement for purposes of termination of employment or services under such agreement, and in the absence of any such agreement or if such agreement does not include a definition of “Cause” (or other term of similar meaning), the term “Cause” shall mean: (a) any material breach by the Participant of any agreement to which the Participant and the Company or an Affiliate are parties, (b) any continuing act or omission to act by the Participant which may have a material and adverse effect on the Company’s business or on the Participant’s ability to perform services for the Company or an Affiliate, including, without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by the Participant in connection with the business or affairs of the Company or an Affiliate.
  
 2.09 “Change in Control” means, unless such term or an equivalent term is otherwise defined in an Award Agreement or in any Services Agreement, and in the absence of any such agreements or if such agreements do not include a definition of “Change in Control” (or other term of similar meaning), the occurrence of any of the following:
  
 (a) A change in the ownership of the Company which occurs on the date any one individual, entity or other person, or a related group of such persons (such person or group, a “Person”) acquires ownership of stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company (whether such change in ownership occurs by way of a merger, consolidation, purchase or acquisition of stock, or other similar business transaction with the Company); provided, however, that, a Change in Control shall not occur if any Person owns more than fifty percent (50%) of the total fair market value or total voting power of the Company’s stock and acquires additional stock;
  
 (b) A change in the effective control of the Company which occurs on the date a Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition) ownership of the Company’s stock possessing fifty percent (50%) or more of the total voting power of the stock of the Company; provided, however, if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control;
  
 (c) A change in the effective control of the Company which occurs on the date a majority of the members of the Board of the Company are replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of such appointment or election; 
  
 (d) A change in the ownership of a substantial portion of the Company's assets which occurs on the date any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition(s); provided, however, that for purposes of this subsection, the following will not constitute a change in the ownership of a substantial portion of the Company's assets: (i) a transfer to an entity that is controlled by the Company's shareholders immediately after the transfer, or (ii) a transfer of assets by the Company to: (A) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company's stock, (B) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (C) an individual that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (D) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by an individual described in subpart (C) immediately above; or 
  
 (e) The date on which a complete liquidation or dissolution of the Company is consummated.
  
 	 
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 For purposes of this definition, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Furthermore, for purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation or other entity that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
  
 Notwithstanding anything herein to the contrary, with respect to any amounts that constitute deferred compensation under Section 409A of the Code, to the extent required to avoid accelerated taxation or penalties, no Change in Control will be deemed to have occurred unless such Change in Control also constitutes a change in control in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets under Treasury Regulation Section 1.409A-3(i)(5).
  
 2.10 “Code” means the Internal Revenue Code of 1986, as amended. References in this Plan to any section of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section.
  
 2.11 “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Eligible Employee, Consultant or Eligible Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous Service. For example, a change in status from an Eligible Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service. The Board or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence. The Board or its delegate, in its sole discretion, may determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding. Notwithstanding the foregoing, if any Award is subject to Section 409A of the Code, this provision shall only be given effect to the extent consistent with Section 409A of the Code.
  
 2.12 “Committee” means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section 3.05.
  
 2.13 “Common Stock” means the common stock, $0.001 par value per share, of the Company, and after substitution, such other stock as shall be substituted therefore as provided in Article XII.
  
 2.14 “Company” means nDivision Inc., a Nevada corporation, and any successor thereto.
  
 2.15 “Consultant” means any individual who is engaged by the Company or an Affiliate to render bona-fide consulting or advisory services; provided, however, that a Consultant will include only those persons to whom the issuance of Shares may be registered under Form S-8 of the Securities Act of 1933, as amended.
  
 2.16 “Disqualifying Disposition” means any disposition (as defined in Section 424 of the Code, including any sale) of all or any portion of Common Stock acquired upon exercise of an Incentive Stock Option before the later of: (a) two (2) years after the Grant Date of the Incentive Stock Option, or (b) one (1) year after the date of exercise of the Incentive Stock Option.
  
 2.17 “Disability” means, except as otherwise provided in this Plan, the Participant is unable to continue providing services 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. For purposes of this Plan, the determination of Disability shall be made in the sole and absolute discretion of the Board.
  
 	 
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 2.18 “Dividend Unit Right” means a contingent right, granted in tandem with a specific Restricted Stock Unit Award, to have an additional number of Restricted Stock Units credited to a Participant in respect of the Award equal to the number of whole shares of Common Stock that could be purchased at Fair Market Value upon, and with the amount of, each cash distribution made by the Company during the period such Award is outstanding with respect to a number of shares of Common Stock equal to the number of Restricted Stock Units subject to the Award at the time of each such distribution.
  
 2.19 “Effective Date” means May 6, 2021, subject to the approval of this Plan by the Company’s stockholders.
  
 2.20 “Eligible Employee” means any employee of the Company or an Affiliate as approved by the Board.
  
 2.21 “Eligible Director” means any member of the Board who is not an employee of the Company or an Affiliate, or a Consultant.
  
 2.22 “Exchange Act” means the Securities Exchange Act of 1934, as amended.
  
 2.23 “Fair Market Value” means on any given date the fair market value of the Common Stock as of such date, as determined below: (a) during such time as the Common Stock is registered under Section 12 of the Exchange Act, the closing sales price of the Common Stock as quoted by an established stock exchange or automated quotation system on the day for which such value is to be determined, or, if there was no quoted price for such day, then for the last preceding business day on which there was a quoted price as reported in The Wall Street Journal or such other sources as the Board deems reliable, or (b) during any such time as the Common Stock is not listed upon an established stock exchange or automated quotation system, the mean between dealer “bid” and “ask” prices of the Common Stock in the over-the-counter market on the day for which such value is to be determined, or, if there was no such price for such day, then for the last preceding business day, as reported in The Wall Street Journal or such other source as the Board deems reliable, or (c) during any such time as the Common Stock cannot be valued pursuant to (a) or (b) above, the fair market value of the Common Stock as determined in good faith by the Board using a “reasonable application of a reasonable valuation method” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iv)(B) or any successor provision.
  
 2.24 “Family Members” means the spouse, children or grandchildren of the Participant.
  
 2.25 “Grant Date” means the date on which the grant of an Award is authorized by the Board or such later date as may be specified by the Board as the Grant Date in such authorization.
  
 2.26 “Good Reason” means, unless an applicable Award Agreement states otherwise, (a) if an Eligible Employee or Consultant is a party to a Services Agreement with the Company or its Affiliates and such agreement provides for a definition of Good Reason, the definition contained therein; or (b) if no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the Participant’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within ninety (90) days of the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s duties, responsibilities, authority, title, status or reporting structure (in all cases other than isolated incidents that, if curable, are promptly remedied by the Company or its Affiliate); (ii) a material reduction in the Participant’s base salary or bonus opportunity (other than across the board reductions applicable to similarly situated persons); or (iii) a geographical relocation of the Participant’s principal office location by more than fifty (50) miles.
  
 2.27 “Incentive Stock Option” means an Option that is intended to be an “incentive stock option” within the meaning of Section 422 of the Code.
  
 	 
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 2.28 “Initial Plan” has the meaning set forth in Section 1.03 of this Plan.
  
 2.29 “Nonqualified Stock Option” means an Option which is not an Incentive Stock Option.
  
 2.30 “Other Incentive Award” means an incentive award granted to an Eligible Employee, Consultant or Eligible Director under Article XI of this Plan.
  
 2.31 “Option” means an Award granted under Article V of this Plan and includes both Nonqualified Stock Options and Incentive Stock Options to purchase shares of Common Stock.
  
 2.32 “Parent Corporation” means a “parent corporation” of the Company, whether now or hereafter existing, as defined in Section 424(e) of the Code.
  
 2.33 “Participant” means an Eligible Employee, a Consultant or an Eligible Director to whom an Award has been granted by the Board under this Plan.
  
 2.34 “Performance Bonus” means the bonus which may be granted to Eligible Employees under Article X of this Plan.
  
 2.35 “Performance Units” means those monetary units and/or units representing fictional shares of Common Stock that may be granted to Eligible Employees, Consultants or Eligible Directors pursuant to Article IX hereof.
  
 2.36 “Plan” means the nDivision Inc. Amended and Restated 2018 Equity Incentive Plan, as amended and/or amended and restated from time to time.
  
 2.37 “Restricted Stock Award” means an Award granted to an Eligible Employee, Consultant or Eligible Director under Article VI of this Plan.
  
 2.38 “Restricted Stock Unit” means an Award granted to an Eligible Employee, Consultant or Eligible Director under Article VII of this Plan.
  
 2.39 “Restriction Period” means the period during which an Award remains subject to time- and/or performance-based restrictions.
  
 2.40 “SAR” means a stock appreciation right granted to an Eligible Employee, Consultant or Eligible Director under Article VIII of this Plan.
  
 2.41 “Services Agreement” means any written employment agreement or other written contract of service between the Participant and the Company or an Affiliate.
  
 2.42 “Share Reserve” has the meaning set forth in Section 4.01 of this Plan.
  
 2.43 “Stock Award” means an Award granted to an Eligible Employee, Consultant or Eligible Director under Article XI of this Plan.
  
 2.44 “Subsidiary” means a “subsidiary corporation” of the Company, as defined in Section 424(f) of the Code.
  
 	 
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 ARTICLE III
 ADMINISTRATION
  
 3.01 Administration of this Plan. Subject to the Board’s delegation authority at Section 3.05, the Board shall administer this Plan. Neither the Company nor any member of the Board shall be liable for any action or determination made in good faith by the Board with respect to this Plan or any Award hereunder. The Board’s determinations under this Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Each member of the Board is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any Participant, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company or the Board to assist in the administration of this Plan. The Company shall effect the granting of Awards under this Plan, in accordance with the determinations made by the Board, by execution of written agreements and/or other instruments in such form as is approved by the Board. 
  
 3.02 Authority of Board. Subject to the provisions of this Plan, the Board shall have exclusive authority and power to:
  
 (a) Select Eligible Employees and Consultants to participate in this Plan.
  
 (b) Determine the time or times when Awards will be made to Eligible Employees or Consultants.
  
 (c) Determine the form of an Award, whether an Incentive Stock Option, Nonqualified Stock Option, Restricted Stock Award, Restricted Stock Unit, SAR, Performance Unit, Performance Bonus, Stock Award or Other Incentive Award is granted, the number of shares of Common Stock, Performance Units or Restricted Stock Units subject to the Award, the amount and all the terms, conditions (including performance requirements), restrictions and/or limitations, if any, of an Award, including the time and conditions of exercise or vesting, and the terms of any Award Agreement, which may include the waiver or amendment of prior terms and conditions or acceleration or early vesting or payment of an Award.
  
 (d) Determine whether Awards will be granted singly or in combination.
  
 (e) Accelerate the vesting, exercise or payment of an Award or the performance period of an Award.
  
 (f) Adopt rules for the administration, interpretation and application of this Plan as are consistent herewith, and interpret, amend or revoke any such rules.
  
 (g) Correct any defect(s) or omission(s) or reconcile any ambiguity(ies) or inconsistency(ies) in this Plan or any Award granted hereunder.
  
 (h) Make all other decisions and determinations it deems advisable for the administration of this Plan.
  
 (i) Decide all disputes arising in connection with this Plan and otherwise supervise the administration of this Plan.
  
 (j) Take any and all other action it deems necessary or advisable for the proper operation or administration of this Plan.
  
 3.03 Administration of Grants to Eligible Directors. The Board shall have the exclusive power to select Eligible Directors to participate in this Plan and to determine the number of Nonqualified Stock Options, Performance Units, Restricted Stock Units, SARs, Stock Awards, Other Incentive Awards or the number of shares of Common Stock subject to a Restricted Stock Award awarded to Eligible Directors selected for participation. If the Board appoints a Committee to administer this Plan, it may delegate to the Committee administration of all aspects of the Awards made to Eligible Directors.
  
 3.04 The Board to Make Rules and Interpret Plan; Decisions Final. The Board in its sole discretion shall have the authority, subject to the provisions of this Plan, to establish, adopt, or revise such rules and regulations and to make all such determinations relating to this Plan, as it may deem necessary or advisable for the administration of this Plan. The Board’s interpretation of this Plan or any Awards and all decisions and determinations by the Board with respect to this Plan shall be final, binding, and conclusive on all parties.
  
 	 
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 3.05 Delegation. The Board may, by resolution, appoint a Committee of one or more members of the Board to administer this Plan and delegate its powers described under Section 3.02 for purposes of Awards granted to Eligible Employees and Consultants; provided, however, that no such delegation shall be effective with respect to Awards for individuals subject to Section 16 of the Exchange Act with respect to the Company unless the Committee consists solely of two or more “non-employee directors.” Except to the extent prohibited by applicable law or the rules of any stock exchange on which the Common Stock is listed, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Board or Committee at any time.
  
 3.06 Indemnification. In addition to such other rights of indemnification as they may have as members of the Board, and to the extent allowed by applicable laws, the Board shall be indemnified by the Company against the reasonable expenses, including attorneys’ fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Board may be party by reason of any action taken or failure to act under or in connection with this Plan or any Award granted under this Plan, and against all amounts paid by the Board in settlement thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Board in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Board did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within sixty (60) days after institution of any such action, suit or proceeding, the Board shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.
  
 ARTICLE IV
 SHARES SUBJECT TO PLAN
  
 4.01 Share Reserve. Subject to Article XII and any other limitations set forth herein, no more than 18,000,000 shares of Common Stock are reserved for issuance pursuant to Awards made under this Plan (the “Share Reserve”). For purposes of clarity, the Share Reserve shall include the number of shares of Common Stock that, as of the date of stockholder approval of this Plan, that have been reserved but not issued pursuant to any awards granted under the Initial Plan and any shares of Common Stock subject to stock options or similar awards granted under the Initial Plan that expire or otherwise terminate without having been exercised in full and Common Stock issued pursuant to the Initial Plan that are forfeited to the Company in accordance with their terms, if any, and shall be reduced by the number of shares of Common Stock, as of the date of stockholder approval of this Plan, that have been issued pursuant to any awards granted under the Initial Plan. 
  
 4.02 Other Limits, Terms and Conditions. Awards granted under this Plan shall be subject to the following further conditions:
  
 (a) ISO Limit. Subject to Article XII, the aggregate number of shares of Common Stock that may be covered by Options that are designated as Incentive Stock Options may not exceed the Share Reserve.
  
 (b) Director Limit. Subject to Article XII, the aggregate number of shares of Common Stock that may be issued pursuant to Awards granted to any Eligible Director in any calendar year may not exceed one hundred thousand dollars ($100,000.00) in total value (calculating the value of any such Awards based on the Fair Market Value of such Awards as of the Grant Date thereof), or with respect to the calendar year in which an Eligible Director is first appointed or elected to the Board, two hundred thousand dollars ($200,000.00).
  
 (c) Reversion of Shares. Any shares of Common Stock related to Awards which terminate by expiration, forfeiture, cancellation or otherwise without the issuance of shares of Common Stock or are exchanged in the Board’s discretion for Awards not involving the issuance of shares of Common Stock, shall be available again for grant under this Plan and shall not be counted against the shares authorized under Section 4.01. Any shares of Common Stock issued as Restricted Stock Awards that subsequently are forfeited without vesting shall again be available for grant under this Plan and shall not be counted against the shares authorized under Section 4.01. Any Awards that, pursuant to the terms of the applicable Award Agreement, are to be settled in cash, whether or not denominated in or determined with reference to shares of Common Stock (for example, SARs, Performance Units or Restricted Stock Units to be settled in cash), shall not be counted against the shares authorized under Section 4.01. Shares of Common Stock withheld to satisfy applicable withholding taxes pursuant to Section 13.03 shall be available for future issuance under this Plan. Any shares of Common Stock tendered or withheld in payment of any exercise price or purchase price of an Award (for example, Options) will be available for future issuance under this Plan.
  
 	 
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 (d) Sources and Form of Shares. Common Stock delivered by the Company in payment of an Award authorized under Article V (regarding Options) and Article VI (regarding Restricted Stock) may be authorized and unissued Common Stock or Common Stock held in the treasury of the Company. Shares of Common Stock issued under this Plan may be evidenced in any manner determined by the Board, including, but not limited to, separate certificates or book-entry registration.
  
 (e) Fractional Shares. The Board shall, in its sole discretion, determine the manner in which fractional shares arising under this Plan shall be treated.
  
 (f) Adjustments to Exercise Price. Except for adjustments pursuant to Article XII or reductions of the exercise price approved by the Company’s stockholders, the exercise price for any outstanding Option or SAR may not be decreased after the Grant Date nor may an outstanding Option or SAR granted under this Plan be surrendered to the Company as consideration for the grant of a replacement Option or SAR with a lower exercise price or any other award under this Plan. Except as approved by the Company’s stockholders, in no event shall any Option or SAR granted under this Plan be surrendered to the Company in consideration for a cash payment if, at the time of such surrender, the exercise price of the Option or SAR is greater than the then current Fair Market Value of a share of Common Stock.
  
 (g) Maximum Term. The maximum term of any Award shall be ten (10) years (or in the case of an Incentive Stock Option such shorter term as may be required under Section 422 of the Code, as described further below).
  
 ARTICLE V
 STOCK OPTIONS
  
 5.01 Grant of Options. The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant Options to Eligible Employees, which may be Incentive Stock Options or Nonqualified Stock Options, or a combination of both. The Board may, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant Nonqualified Stock Options to Eligible Directors and Consultants. For purposes of clarity, Incentive Stock Options may be granted only to Eligible Employees. Each grant of an Option shall be evidenced by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Board may from time to time approve, subject to the requirements of Section 5.02.
  
 5.02 Conditions of Options. Each Option so granted shall be subject to the following conditions:
  
 (a) Exercise Price. Except as limited by Section 5.02(e) below, each Option shall state the exercise price which shall be set by the Board at the Grant Date; provided, however, no Option shall be granted at an exercise price which is less than the Fair Market Value of the Common Stock on the Grant Date. Notwithstanding the foregoing, an Option may be granted with an exercise price lower than that set forth in the preceding sentence if the Option is granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who became Eligible Employees (or other service providers) as a result of a merger, consolidation, acquisition or other corporate transaction involving the Company which complies with Treasury Regulation Section 1.409A-1(b)(5)(v)(D) or Section 424(a) of the Code, as applicable.
  
 (b) Form of Payment of Exercise Price. The exercise price of an Option may be paid: (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) subject to prior approval by the Board in its discretion, by delivering previously acquired shares of Common Stock having an aggregate Fair Market Value on the date of payment equal to the amount of the exercise price, but only to the extent such exercise of an Option would not result in an adverse accounting charge to the Company for financial accounting purposes with respect to the shares used to pay the exercise price unless otherwise determined by the Board; (iii) subject to prior approval by the Board in its discretion, by withholding shares of Common Stock which otherwise would be acquired on exercise having an aggregate Fair Market Value on the date of payment equal to the amount of the exercise price; or (iv) by any other manner in accordance with applicable laws and regulations, subject to prior approval by the Board in its sole discretion.
  
 	 
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 (c) Exercise of Options.
  
 (i) In General; Notice. Options granted under this Plan shall be exercisable, in whole or in such installments and at such times, and shall expire at such time, as shall be provided by the Board in the applicable Award Agreement. Exercise of an Option shall be by written notice to the Secretary of the Company (or such other officer as may be designated by the Board) at least two business days in advance of such exercise (or such lesser period of time as the Board may require) stating the election to exercise in the form and manner determined by the Board. Every share of Common Stock acquired through the exercise of an Option shall be deemed to be fully paid at the time of exercise and payment of the exercise price.
  
 (ii) Exercise upon Terminations. Unless otherwise provided in an Award Agreement or determined by the Board, the following provisions will apply to the exercisability of Options following the termination of a Participant’s Continuous Service with the Company or an Affiliate:
  
 (A) As to Eligible Employees. If an Eligible Employee’s Continuous Service with the Company or an Affiliate terminates as a result of death or Disability, the Eligible Employee (or personal representative in the case of death) shall be entitled to purchase all or any part of the shares subject to any: (i) vested Incentive Stock Option for a period of up to one (1) year, and (ii) vested Nonqualified Stock Option during the remaining term of the Option. If an Eligible Employee’s Continuous Service terminates for any other reason, the Eligible Employee shall be entitled to purchase all or any part of the shares subject to any vested Option for a period of up to three (3) months from such date of termination. In no event shall any Option be exercisable past the term of the Option. The unvested portion of any Option shall be forfeited immediately upon termination; provided, however, that the Board may, in its sole discretion, accelerate the vesting of unvested Options in the event of the Continuous Service of any Participant is terminated; provided further, however, that if the termination of Continuous Services is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable. 
  
 (B) As to Consultants and Eligible Directors. In the event a Consultant ceases to provide services to the Company or an Affiliate, or an Eligible Director ceases to serve as a director of the Company, the unvested portion of any Option shall be forfeited unless otherwise accelerated pursuant to the terms of the Consultant’s or Eligible Director’s Award Agreement or by the Board; provided, however, that if said termination is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable. Unless otherwise provided in the applicable Award Agreement, the Consultant or Eligible Director shall have a period of three (3) years following the date he or she ceases to provide consulting services or ceases to be a director, as applicable, to exercise any Nonqualified Stock Options which are otherwise exercisable on his or her date of termination of service. In no event shall any Option be exercisable past the term of the Option.
  
 (d) Other Terms and Conditions. Among other conditions that may be imposed by the Board, if deemed appropriate, are those relating to: (i) the period or periods and the conditions of exercisability of any Option; (ii) the minimum periods during which Participants must be employed by or in service to the Company or an Affiliate or must hold Options before they may be exercised; (iii) the minimum periods during which shares acquired upon exercise must be held before sale or transfer shall be permitted; (iv) conditions under which such Options or shares may be subject to forfeiture; (v) the frequency of exercise or the minimum or maximum number of shares that may be acquired at any one time; (vi) the achievement by the Company of specified performance criteria; and (vii) non-compete and protection of business matters.
  
 	 
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 (e) Special Restrictions Relating to Incentive Stock Options. The terms of any Incentive Stock Options granted under this Plan shall comply in all respects with the provisions of Section 422 of the Code. Anything in this Plan to the contrary notwithstanding, no term of this Plan relating to Incentive Stock Options (including any SARs issued in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under this Plan be exercised, so as to disqualify either this Plan or any Incentive Stock Option under Section 422 of the Code, unless the Participant has first requested, or consents to, the change that will result in such disqualification. Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject to the following special terms and conditions: 
  
 (i) Employee Recipients. Options issued in the form of Incentive Stock Options shall only be granted to Eligible Employees of the Company or a Subsidiary, and not to Eligible Employees of an Affiliate not a Subsidiary unless such Affiliate shall be considered as a “disregarded entity” under the Code and shall not be distinguished for federal tax purposes from the Company or the applicable Subsidiary.
  
 (ii) Maximum Term. Subject to Section 5.02(e)(iv) (regarding certain 10% shareholders), Options issued in the form of Incentive Stock Options shall not be exercisable for more than ten (10) years after the Grant Date.
  
 (iii) Exercise Price. Subject to Section 5.02(e)(iv) (regarding certain 10% shareholders), the exercise price of each Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to this Option on the Grant Date.
  
 (iv) 10% Shareholder Limits. No Incentive Stock Option shall be granted to an Eligible Employee who owns or who would own immediately before the grant of such Incentive Stock Option more than ten percent (10%) of the combined voting power of the Company or its Subsidiaries or a Parent Corporation, unless: (A) at the time such Incentive Stock Option is granted the exercise price is at least one hundred ten percent (110%) of the Fair Market Value of a share of Common Stock on the Grant Date, and (B) such Option by its terms is not exercisable after the expiration of five (5) years from the Grant Date.
  
 (v) $100K Limitation. To the extent that the aggregate Fair Market Value (determined at the time an Incentive Stock Option is granted) of shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all incentive stock option plans of the Company and its Subsidiaries and Parent Corporations exceeds an amount equal to one hundred thousand dollars ($100,000.00), such excess Incentive Stock Options shall be treated as Nonqualified Stock Options. The Board shall determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of a Participant’s Options will not constitute Incentive Stock Options because of such limitation and shall notify the Participant of such determination as soon as practicable after such determination is made.
  
 (vi) Disqualifying Dispositions. Each Participant awarded an Incentive Stock Option shall notify the Company in writing immediately after the date he or she makes a Disqualifying Disposition of any shares of Common Stock acquired pursuant to the exercise of such Incentive Stock Option, which notice shall include the price realized upon the sale of such shares of Common Stock. 
  
 (vii) Employee Status. Except in the case of death, an Option will not be treated as an Incentive Stock Option unless at all times beginning on the Grant Date and ending on the day three (3) months (or one (1) year in the case of the Disability of a Participant within the meaning of Section 22(e)(3) of the Code) before the date of exercise of the Option, the Participant is an employee of the Company, a Parent Corporation or a Subsidiary (or a Parent Corporation or Subsidiary of such corporation issuing or assuming an Option in a transaction to which Section 424(a) of the Code applies).
  
 (viii) Recast of Option. In the event that an Option designated as Incentive Stock Options fails to meet or continue to meet the requirements of Section 422 of the Code, such Option shall be re-designated as a Nonqualified Stock Option.
  
 (f) Application of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to Options will be used for general corporate purposes.
  
 (g) Stockholder Rights. No Participant shall have a right as a stockholder with respect to any share of Common Stock subject to an Option prior to purchase of such shares of Common Stock by exercise of the Option.
  
 	 
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 ARTICLE VI
 RESTRICTED STOCK AWARDS
  
 6.01 Grant of Restricted Stock Awards. The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant a Restricted Stock Award to Eligible Employees, Consultants or Eligible Directors. Restricted Stock Awards shall be awarded in such number and at such times during the term of this Plan as the Board shall determine. Each Restricted Stock Award shall be subject to an Award Agreement setting forth the terms of such Restricted Stock Award and may be evidenced in such manner as the Board deems appropriate, including without limitation, a book-entry registration or issuance of a stock certificate or certificates.
  
 6.02 Conditions of Restricted Stock Awards. The grant of a Restricted Stock Award shall be subject to the following:
  
 (a) Restriction Period. Restricted Stock Awards shall be subject to such time- and/or performance-based restrictions as the Board shall determine and set forth in the applicable Award Agreement. Restricted Stock Awards granted to an Eligible Employee may require the holder to remain in the employment and Continuous Service of the Company or an Affiliate for a prescribed period. Restricted Stock Awards granted to Consultants or Eligible Directors may require the holder to remain in the Continuous Service of the Company or an Affiliate for a period of time. In addition to or in lieu of any time vesting conditions determined by the Board vesting and/or the grant of Restricted Stock Awards may be subject to the achievement by the Company of specified performance criteria as may from time to time be established by the Board. Upon the fulfillment of any specified vesting conditions, the Restriction Period shall expire, and the restrictions imposed by the Board shall lapse with respect to the shares of Common Stock covered by the Restricted Stock Award or portion thereof.
  
 (b) Restrictions. The holder of a Restricted Stock Award may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares of Common Stock represented by the Restricted Stock Award during the applicable Restriction Period or prior to the fulfillment of any other specified vesting conditions. The Board shall impose such other restrictions and conditions on any shares of Common Stock covered by a Restricted Stock Award as it may deem advisable including, without limitation, restrictions under applicable federal or state securities laws, and may legend the certificates representing shares of Common Stock covered by a Restricted Stock Award to give appropriate notice of such restrictions.
  
 (c) Rights as Stockholders. Unless otherwise provided in the Award Agreement, during any Restriction Period (and prior to the fulfillment of any other specified vesting conditions), the Participant shall have all of the rights of a stockholder with respect to the shares, including, but not by way of limitation, the right to vote such shares and to receive dividends. If any dividends or other distributions are paid in shares of Common Stock, all such shares shall be subject to the same risk of forfeiture and same restrictions on transferability as the shares of Common Stock covered by the Restricted Stock Award with respect to which they were paid.
  
 ARTICLE VII
 RESTRICTED STOCK UNITS
  
 7.01 Grant of Restricted Stock Units. The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant Restricted Stock Units to Eligible Employees, Consultants or Eligible Directors. Restricted Stock Units shall be awarded in such number and at such times during the term of this Plan as the Board shall determine. Each Award of Restricted Stock Units shall be subject to an Award Agreement setting forth the terms of such Award of Restricted Stock Units. A Participant shall not be required to make any payment for Restricted Stock Units.
  
 	 
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 7.02 Conditions of Restricted Stock Units. The grant of Restricted Stock Units shall be subject to the following:
  
 (a) Restriction Period. Restricted Stock Units shall be subject to such time- and/or performance-based restrictions as the Board shall determine and set forth in the applicable Award Agreement. Restricted Stock Units granted to an Eligible Employee may require the holder to remain in the employment and Continuous Service of the Company or an Affiliate for a prescribed period. Restricted Stock Units granted to Consultants or Eligible Directors may require the holder to remain in the Continuous Service of the Company or an Affiliate for a period of time. In addition to or in lieu of any time vesting conditions determined by the Board, vesting and/or the grant of Restricted Stock Units may be subject to the achievement by the Company of specified performance criteria as may from time to time be established by the Board. Upon the fulfillment of any specified vesting conditions, the Restriction Period shall expire, and the restrictions imposed by the Board shall lapse with respect to the Restricted Stock Units.
  
 (b) Lapse of Restrictions. The Participant shall be entitled to receive one share of Common Stock or an amount of cash equal to the Fair Market Value of one share of Common Stock, as provided in the Award Agreement upon settlement of a Restricted Stock Unit for which the restrictions have lapsed.
  
 (c) Cash Dividend Rights and Dividend Unit Rights. The Board may, in its sole discretion, grant a tandem Cash Dividend Right or Dividend Unit Right grant with respect to Restricted Stock Units. A grant of Cash Dividend Rights may provide that such Cash Dividend Rights shall be paid directly to the Participant at the time of payment of the related dividend, be credited to a bookkeeping account subject to the same vesting and payment provisions as the tandem Award (with or without interest in the sole discretion of the Board), or be subject to such other provisions or restrictions as determined by the Board in its sole discretion. A grant of Dividend Unit Rights may provide that such Dividend Unit Rights shall be subject to the same vesting and payment provisions as the tandem Award or be subject to such other provisions and restrictions as determined by the Board in its sole discretion.
  
 ARTICLE VIII
 STOCK APPRECIATION RIGHTS
  
 8.01 Grant of SARs. The Board may from time to time, in its sole discretion, subject to the provisions of this Plan and subject to other terms and conditions as the Board may determine, grant a SAR to any Eligible Employee, Consultant or Eligible Director. 
  
 (a) Tandem SARs. SARs may be granted in tandem with an Option, in which event, the Participant has the right to elect to exercise either the SAR or the Option. Upon the Participant’s election to exercise one of these Awards, the other tandem Award shall be automatically terminated. 
  
 (b) Independent SARs. SARs may also be granted as an independent Award separate from an Option. 
  
 (c) Award Agreement. Each grant of a SAR shall be evidenced by an Award Agreement executed by the Company and the Participant and shall contain such terms and conditions and be in such form as the Board may from time to time approve, subject to the requirements of this Plan. 
  
 (d) Exercise Price. The exercise price of a SAR shall not be less than the Fair Market Value of a share of Common Stock on the Grant Date of the SAR.
  
 8.02 Exercise and Payment. SARs granted under this Plan shall be exercisable in whole or in installments and at such times as shall be provided by the Board in the Award Agreement. Exercise of a SAR shall be by written notice to the Secretary of the Company (or such other officer as may be designated by the Board) at least two (2) business days in advance of such exercise (or such lesser period of time as the Board may require). The amount payable with respect to each SAR shall be equal in value to the excess, if any, of the Fair Market Value of a share of Common Stock on the exercise date over the exercise price of the SAR. Payment of amounts attributable to a SAR shall be made in cash or in shares of Common Stock, as provided by the terms of the applicable Award Agreement. 
  
 	 
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 8.03 Restrictions on Tandem SARs. In the event a SAR is granted in tandem with an Incentive Stock Option, the Board shall use commercially reasonable efforts to subject the SAR to restrictions necessary to ensure satisfaction of the requirements under Section 422 of the Code. In the case of a SAR granted in tandem with an Incentive Stock Option to an Eligible Employee who owns more than ten percent (10%) of the combined voting power of the Company or its Subsidiaries or a Parent Corporation on the date of such grant, the amount payable with respect to each SAR shall be equal in value to the applicable percentage of the excess, if any, of the Fair Market Value of a share of Common Stock on the exercise date over the exercise price of the SAR, which exercise price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a share of Common Stock on the date the SAR is granted.
  
 ARTICLE IX
 PERFORMANCE UNITS
  
 9.01 Grant of Awards. The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant Performance Units to Eligible Employees, Consultants and Eligible Directors. Each Award of Performance Units shall be evidenced by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Board may from time to time approve, subject to the requirements of Section 9.02.
  
 9.02 Conditions of Awards. Each Award of Performance Units shall be subject to the following conditions:
  
 (a) Establishment of Award Terms. Each Award shall state the target, maximum and minimum value of each Performance Unit payable upon the achievement of performance goals.
  
 (b) Achievement of Performance Goals. The Board shall establish performance targets for each Award based upon such operational, financial or performance criteria determined by the Board. The Board shall also establish such other terms and conditions as it deems appropriate to such Award. The Award may be paid out in cash or Common Stock as determined in the sole discretion of the Board.
  
 ARTICLE X
 PERFORMANCE BONUS
  
 10.01 Grant of Performance Bonus. The Board may from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may determine, grant a Performance Bonus to certain Eligible Employees selected for participation. The Board will determine the amount that may be earned as a Performance Bonus upon the achievement of one or more performance targets established by the Board. The Board shall select the applicable performance target(s) for each period in which a Performance Bonus is awarded. The performance target(s) shall be based upon such operational, financial or performance criteria determined by the Board. 
  
 10.02 Payment of Performance Bonus. In order for any Participant to be entitled to payment of a Performance Bonus, the applicable performance target(s) established by the Board must first be obtained or exceeded. Payment of a Performance Bonus may be made in cash or shares of Common Stock, as provided by the terms of the applicable Award Agreement.
  
 ARTICLE XI
 STOCK AWARDS AND OTHER INCENTIVE AWARDS
  
 11.01 Grant of Stock Awards. The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant Stock Awards of shares of Common Stock not subject to vesting or forfeiture restrictions to Eligible Employees, Consultants or Eligible Directors. Stock Awards shall be awarded with respect to such number of shares of Common Stock and at such times during the term of this Plan as the Board shall determine. Each Stock Award shall be subject to an Award Agreement setting forth the terms of such Stock Award. The Board may in its sole discretion require a Participant to pay a stipulated purchase price for each share of Common Stock covered by a Stock Award.
  
 	 
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 11.02 Grant of Other Incentive Awards. The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as it may determine, grant Other Incentive Awards to Eligible Employees, Consultants or Eligible Directors. Other Incentive Awards may be granted based upon, payable in or otherwise related to, in whole or in part, shares of Common Stock if the Board, in its sole discretion, determines that such Other Incentive Awards are consistent with the purposes of this Plan. Such Awards may include, but are not limited to, Common Stock awarded as a bonus, dividend equivalents, convertible or exchangeable debt securities, other rights convertible or exchangeable into Common Stock, purchase rights for Common Stock, Awards with value and payment contingent upon the Company’s performance or any other factors designated by the Board, and awards valued by reference to the book value of Common Stock or the value of securities of or the performance of specified subsidiaries. Long-term cash Awards also may be made under this Plan. Cash Awards also may be granted as an element of or a supplement to any Awards permitted under this Plan. Awards may also be granted in lieu of obligations to pay cash or deliver other property under this Plan or under other plans or compensation arrangements, subject to any applicable provision under Section 16 of the Exchange Act. Each grant of an Other Incentive Award shall be evidenced by an Award Agreement that shall specify the amount of the Other Incentive Award and the terms, conditions, restrictions and limitations applicable to such Award. Payment of Other Incentive Awards shall be made at such times and in such form, which may be cash, shares of Common Stock or other property (or a combination thereof), as established by the Board, subject to the terms of this Plan.
  
 ARTICLE XII
 STOCK ADJUSTMENTS
  
 12.01 Recapitalizations and Reorganizations. In the event that the shares of Common Stock, as constituted on the Effective Date, shall be changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, stock split, spin-off, combination of shares or otherwise), or if the number of such shares of Common Stock shall be increased through the payment of a stock dividend, or a dividend on the shares of Common Stock, or if rights or warrants to purchase securities of the Company shall be issued to holders of all outstanding Common Stock, then the maximum number and kind of shares of Common Stock available for issuance under this Plan, the maximum number and kind of shares of Common Stock for which any individual may receive Awards in any calendar year under this Plan, the number and kind of shares of Common Stock covered by outstanding Awards, and the price per share or the applicable market value or performance target of such Awards will be appropriately adjusted by the Board to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares of Common Stock to preclude, to the extent practicable, the enlargement or dilution of rights under such Awards. Notwithstanding the provisions of this Section 12.01, (a) the number and kind of shares of Common Stock available for issuance as Incentive Stock Options under this Plan shall be adjusted only in accordance with the applicable provisions of Sections 422 and 424 of the Code and the regulations thereunder, and (b) outstanding Awards and Award Agreements shall be adjusted in accordance with (i) Sections 422 and 424 of the Code and the regulations thereunder with respect to Incentive Stock Options and (ii) Section 409A of the Code with respect to Nonqualified Stock Options, SARs and, to the extent applicable, other Awards. In the event there shall be any other change in the number or kind of the outstanding shares of Common Stock, or any stock or other securities into which the Common Stock shall have been changed or for which it shall have been exchanged, then if the Board shall, in its sole discretion, determine that such change equitably requires an adjustment in the shares available under and subject to this Plan, or in any Award, theretofore granted, such adjustments shall be made in accordance with such determination. No fractional shares of Common Stock or units of other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share.
  
 	 
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 12.02 Adjustments Upon Change in Control. Subject to the terms of any Services Agreement or Award Agreement, upon the occurrence of a Change in Control, the Board, in its sole discretion, without the consent of any Participant or holder of the Award, and on such terms and conditions as it deems appropriate, may take any one or more of the following actions in connection with such Change in Control:
  
 (a) provide for either (i) the termination of any Award in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction or event, the Board determines in good faith that no amount would have been attained upon the realization of the Participant’s rights, then such Award may be terminated by the Board without payment) or (ii) the replacement of such Award with other rights or property selected by the Board in its sole discretion;
  
 (b) provide that such Award be assumed by a successor or survivor entity, or a parent or subsidiary thereof, or be exchanged for similar rights or awards covering the equity of the successor or survivor, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of equity interests and prices;
  
 (c) make adjustments in the number and type of Common Stock (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Awards or in the terms and conditions of, and the vesting criteria included in, outstanding Awards, or both;
  
 (d) accelerate any vesting schedule to which an Award is subject;
  
 (e) provide that such Award shall be payable, notwithstanding anything to the contrary in this Plan or the applicable Award Agreement; and/or
  
 (f) provide that the Award cannot become payable after such event, i.e., shall terminate upon such event.
  
 Notwithstanding the foregoing, any such action contemplated under this Section 12.02 shall be effective only to the extent that such action will not cause any Award that is designed to satisfy Section 409A of the Code to fail to satisfy such section.
  
 ARTICLE XIII
 GENERAL
  
 13.01 Term and Amendment or Termination of this Plan. 
  
 (a) Term of Plan. Unless terminated earlier by the Board or extended by the Board with the approval of the stockholders of the Company pursuant to this Section 13.01, the authority to grant new Awards under this Plan will terminate on the tenth (10th) anniversary of the Effective Date, with this Plan otherwise to remain in effect until such time as no shares of Common Stock remain available for delivery under this Plan and the Company has no further rights or obligations under this Plan with respect to outstanding Awards. Accordingly, Awards granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the Plan.
  
 (b) Amendments or Termination of Plan. The Board, in its sole discretion, may alter, amend, suspend or terminate this Plan, or any part thereof, at any time and for any reason; provided, however, that if an amendment to this Plan (i) would materially increase the aggregate number of shares of Common Stock available under this Plan (except by operation of Article XII), (ii) would materially modify the requirements as to eligibility for participation in this Plan, (iii) would materially increase the benefits to Participants provided by this Plan, (iv) would modify the provisions of Section 4.02(g), or (v) must otherwise be approved by the stockholders of the Company in order to comply with Applicable Law, then such amendment will be subject to stockholder approval and will not be effective unless and until such approval has been obtained, subject to any other requirement of stockholder approval required by Applicable Law, including, without limitation, Section 422 of the Code and the rules of the applicable securities exchange. 
  
 (c) Participant Consent. Except as otherwise specifically provided herein, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant’s rights under an Award previously granted to him or her.
  
 	 
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 13.02 Transferability. 
  
 (a) Except as provided in Section 13.02(b) hereof or as otherwise determined by the Board, Awards under this Plan shall not be assignable or transferable by the Participant, and shall not be subject in any manner to assignment, alienation, pledge, encumbrance or charge. Notwithstanding the foregoing, in the event of the death of a Participant, except as otherwise provided by the Board in an Award Agreement, an outstanding Award may be exercised by or shall become payable to the Participant’s legatee or legatees of such Award designated under the Participant’s last will or by such Participant’s executors, personal representatives or distributees of such Award in accordance with the Participant’s will or the laws of descent and distribution. The Board may provide in the terms of an Award Agreement or in any other manner prescribed by the Board that the Participant shall have the right to designate a Beneficiary or Beneficiaries who shall be entitled to any rights, payments or other benefits specified under an Award following the Participant’s death.
  
 (b) The Board may, in its discretion, authorize all or a portion of the Nonqualified Stock Options granted under this Plan to be on terms which permit transfer by the Participant to (i) the ex-spouse of the Participant pursuant to the terms of a domestic relations order, (ii) Family Members, (iii) a trust or trusts for the exclusive benefit of such Family Members, or (iv) a partnership or limited liability company in which such Family Members are the only partners or members. In addition there may be no consideration for any such transfer. The Award Agreement pursuant to which such Nonqualified Stock Options are granted expressly provides for transferability in a manner consistent with this Section 13.02. Subsequent transfers of transferred Nonqualified Stock Options shall be prohibited except as set forth below in this Section 13.02(b). Following transfer, any such Nonqualified Stock Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of Section 5.02(c)(ii) or similar provisions of an Award Agreement the term “Participant” shall be deemed to refer to the transferee. The events of termination of employment of Section 5.02(c)(ii) or similar provisions of an Award Agreement shall continue to be applied with respect to the original Participant, following which the Nonqualified Stock Options shall be exercisable by the transferee only to the extent, and for the periods specified in Section 5.02(c)(ii). No transfer pursuant to this Section 13.02(b) shall be effective to bind the Company unless the Company shall have been furnished with written notice of such transfer together with such other documents regarding the transfer as the Board shall request. With the exception of a transfer in compliance with the foregoing provisions of this Section 13.02(b), all other types of Awards authorized under this Plan shall be transferable only by will or the laws of descent and distribution; however, no such transfer shall be effective to bind the Company unless the Board has been furnished with written notice of such transfer and an authenticated copy of the will and/or such other evidence as the Board may deem necessary to establish the validity of the transfer and the acceptance by the transferee of the terms and conditions of such Award.
  
 13.03 Withholding Taxes. Unless otherwise paid by the Participant, the Company or any of its Affiliates shall be entitled to deduct from any payment under this Plan, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment, may require the Participant to pay to it such tax prior to and as a condition of the making of such payment, and shall be entitled to deduct from any other compensation payable to the Participant any withholding obligations with respect to Awards. In accordance with any applicable administrative guidelines it establishes, the Board may allow a Participant to pay the amount of taxes required by law to be withheld from an Award by (a) directing the Company to withhold from any payment of the Award a number of shares of Common Stock having a Fair Market Value on the date of payment up to the maximum amount of the required withholding taxes or (b) delivering to the Company previously owned shares of Common Stock having a Fair Market Value on the date of payment up to the maximum amount of the required withholding taxes. However, any payment made by the Participant pursuant to either of the foregoing clauses (a) or (b) shall not be permitted if it would result in an adverse accounting charge with respect to such shares used to pay such taxes unless otherwise approved by the Board.
  
 13.04 Change in Control. Unless otherwise provided in the applicable Award Agreement, Awards granted under this Plan to any Eligible Employee, Consultant or Eligible Director shall be immediately vested, fully earned and exercisable upon the occurrence of a Change in Control.
  
 	 
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 13.05 Amendments to Awards. Subject to the limitations of Article IV and the other terms and conditions of this Plan, such as the prohibition on repricing of Options, the Board may at any time unilaterally amend the terms of any Award Agreement, whether or not currently exercisable or vested, to the extent it deems appropriate, including in accordance with Section 13.13. Provided, however, amendments which adversely affect the Participant’s rights thereunder shall require the Participant’s consent.
  
 13.06 Regulatory Approval and Listings. In the sole discretion of the Board, the Company may file with the Securities and Exchange Commission and keep continuously effective, a Registration Statement on Form S-8 with respect to shares of Common Stock subject to Awards hereunder. Notwithstanding anything contained in this Plan to the contrary, the Company shall have no obligation to issue shares of Common Stock under this Plan prior to the obtaining of any approval from, or satisfaction of any waiting period or other condition imposed by, any governmental agency which the Board shall, in its sole discretion, determine to be necessary or advisable. In addition, and notwithstanding anything contained in this Plan to the contrary, at such time as the Company is subject to the reporting requirements of Section 12 of the Exchange Act, the Company shall have no obligation to issue shares of Common Stock under this Plan prior to:
  
 (a) the admission of such shares to listing on the stock exchange on which the Common Stock may be listed; and
  
 (b) the completion of any registration or other qualification of such shares under any state or federal law or ruling of any governmental body which the Board shall, in its sole discretion, determine to be necessary or advisable.
  
 13.07 No Right to Continued Employment or Other Service. Participation in this Plan shall not give any Eligible Employee, Consultant or Eligible Director any right to remain in the employ or other service of the Company or any Affiliate. The Company or an Affiliate, in the case of employment or other service with an Affiliate, reserve the right to terminate any Eligible Employee, Consultant or Eligible Director at any time. Further, the adoption of this Plan shall not be deemed to give any Eligible Employee, Consultant, Eligible Director or any other individual any right to be selected as a Participant or to be granted an Award.
  
 13.08 Reliance on Reports. Each member of the Board shall be fully justified in relying or acting in good faith upon any report made by the independent public accountants of the Company and its Affiliates and upon any other information furnished in connection with this Plan by any person or persons other than himself or herself. In no event shall any person who is or shall have been a member of the Board be liable for any determination made or other action taken or any omission to act in reliance upon any such report or information or for any action taken, including the furnishing of information, or failure to act, if in good faith.
  
 13.09 Construction. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in this Plan are for the convenience of reference only, and in the event of any conflict, the text of this Plan, rather than such titles or headings, shall control.
  
 13.10 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Nevada except as superseded by applicable federal law.
  
 13.11 Other Laws. The Board may refuse to issue or transfer any shares of Common Stock or other consideration under an Award if, acting in its sole discretion, it determines that the issuance or transfer of such shares or such other consideration might violate any Applicable Law or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or Beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or Beneficiary. In addition, by accepting or exercising any Award granted under this Plan (or any predecessor plan), the Participant agrees to abide and be bound by any policies adopted by the Company pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or exchange listing standards promulgated thereunder calling for the repayment and/or forfeiture of any Award or payment resulting from an accounting restatement. Such repayment and/or forfeiture provisions shall apply whether or not the Participant is employed by or affiliated with the Company.
  
 	 
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 13.12 No Trust or Fund Created. Neither this Plan nor an Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that a Participant acquires the right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company.
  
 13.13 Section 409A of the Code.
  
 (a) To the extent applicable, it is intended that this Plan and all Awards hereunder comply with, or be exempt from, the requirements of Section 409A of the Code and the Treasury Regulations and other guidance issued thereunder (“Section 409A”), and that this Plan and all Award Agreements shall be interpreted and applied by the Board in a manner consistent therewith. In the event that (i) any provision of this Plan or an Award Agreement, (ii) an Award or payment or transaction with respect thereto, or (iii) other action or arrangement contemplated by the provisions of this Plan is determined by the Board to not comply with the applicable requirements of Section 409A, the Board shall have the authority to take such actions and to make such changes to this Plan or an Award Agreement as the Board deems necessary to comply with such requirements without the consent of the Participant.
  
 (b) No payment that constitutes deferred compensation under Section 409A that would otherwise be made under this Plan or an Award Agreement upon a termination of employment or other service will be made or provided unless and until such termination is also a “separation from service,” as determined in accordance with Section 409A. For purposes of applying the provisions of Section 409A to this Plan or an Award Agreement, each separately identified amount to which a Participant is entitled shall be treated as a separate payment within the meaning of Section 409A, and, to the extent permissible under Section 409A, any series of installment payments thereunder shall be treated as a right to a series of separate payments.
  
 (c) Notwithstanding the foregoing or anything elsewhere in this Plan or an Award Agreement to the contrary, if a Participant is a “specified employee” as defined in Section 409A at the time of termination of service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section 409A, the commencement of any payments or benefits under the Award shall be deferred until the date that is six (6) months plus one day following the date of the Participant’s termination or, if earlier, the Participant’s death (or such other period as required to comply with Section 409A).
  
 (d) If any payment due under this Agreement is both deferred compensation subject to Code Section 409A and is conditioned upon the execution of a release of claims, then such payment (or series of payments) shall be made or begin on the 90th day following the event triggering such payment (or series of payments), provided that Employee has executed and submitted the release of claims and the period during which Employee is entitled to revoke such release has expired on or before that 90th day.
  
 (e) Notwithstanding the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of Section 409A, and in no event whatsoever shall the Company be liable for, or indemnify or hold harmless the Participant for, any additional tax, interest or penalties that may be imposed on a Participant by Section 409A or any damages for failing to comply with Section 409A. 
  
 	 
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