Document:

Exhibit

EXHIBIT 10.46

THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is entered into as of October 25, 2017, by and between each party listed as a “Seller” on the signature pages attached hereto and made a party hereof (individually or collectively, as the context requires, “Seller”),  each party listed as “Existing Operator” on the signature pages attached hereto and made a party hereof (individually or collectively, as the context requires, “Existing Operator”), and GAHC4 Central FL Senior Housing Portfolio, LLC (“Purchaser”).  
WHEREAS, Seller, Existing Operator and Purchaser entered into that certain Purchase and Sale Agreement dated as of August 2, 2017 (as the same has been or may hereafter be amended or modified, the “PSA”); 
WHEREAS, Seller, Existing Operator and Purchaser amended the PSA pursuant to that certain First Amendment to Purchase and Sale Agreement, dated as of September 18, 2017; 
WHEREAS, Seller, Existing Operator and Purchaser further amended the PSA pursuant to that certain Second Amendment to Purchase and Sale Agreement, dated as of September 25, 2017 (the “Second Amendment”); and
WHEREAS, Seller, Existing Operator and Purchaser each now desire to further amend the PSA in accordance with the terms of this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:  
1.    Defined Terms.  All capitalized terms used and not defined herein shall have the meanings given to such terms in the PSA. 

2.    Repairs. Notwithstanding anything contained in Section 2 of the Second Amendment to the contrary, immediately upon signing this Amendment Seller shall cease all projects and expenditures related to the Repairs identified on Schedule 11.3. Within three (3) Business Days of the date hereof, Seller shall deliver to Purchaser a complete list of any projects related to such Repairs that have thus far been initiated or completed, including all costs and expenses associated therewith. At Closing, the credit Purchaser shall receive against the Purchase Price pursuant to Section 2 of the Second Amendment shall equal to $200,000 and following the application of such credit at Closing, Seller shall have no further obligations with respect to the Repairs following the Closing.

3.    Generator.  Section 4 of the Second Amendment is hereby deleted in its entirety and replaced with the following: 

“(a) Pursuant to Emergency Rule 58AER17-1 entitled “Procedures Regarding Emergency Environmental Control for Assisted Living Facilities” (the “Rule”) adopted by the Florida Department of Elder Affairs (the “FDEA”), the FDEA has required that assisted living facilities, such as the Facilities, have sufficient emergency generator power available to ensure that the Facilities maintain ambient air temperatures at levels specified in the Rule if there is a loss of electrical power. The Rule requires the submission to the 

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FDEA of a detailed plan meeting the criteria stated in the Rule by October 31, 2017 (the “Plan”).

(b) Seller and Existing Operator each hereby agree that they shall submit a draft of the Plan and the estimated costs (including for generators and fuel) related thereto, to Purchaser and obtain Purchaser’s approval, not to be unreasonably withheld, conditioned or delayed, before submitting the same to the FDEA. Seller and Existing Operator also shall promptly deliver to Purchaser a copy of any written communications sent to and received from FDEA in connection with the approval and implementation of the Plan. 
(c) Prior to Closing, Seller shall use commercially reasonable efforts to timely comply with the requirements of the Rule and shall fund the related costs to the extent due prior to Closing, which shall include the cost of site surveys to be completed by each of Covenant Services, Inc. and Global Power Supply, each of which shall establish an estimate of the costs of complying with the Rule (each, an “Estimate”). Purchaser also shall have the right to review and approve any contract for the generator purchase and installation before Seller and/or Existing Operator execute the same, such approval not to be unreasonably withheld, conditioned or delayed.

(d) At Closing, Purchaser shall receive a credit against the Purchase Price (to be allocated with respect to the applicable Facility) in an amount equal to one-half of the average of the Estimates, less the amounts expended by Seller and/or Existing Operator and approved by Purchaser to prepare or otherwise implement the Plan prior to Closing; provided that if both Estimates have not been delivered by October 30, 2017, then the parties shall give effect to this provision pursuant to a post-closing adjustment in lieu of a credit, to be finalized no later than thirty (30) days after the receipt of the later of the two Estimates. Once the amount of the credit or post-closing adjustment, as applicable, is determined as provided above, such amount shall be final and binding regardless of any future waivers or variances that may be received from the FDEA with respect to the Rule. 
(e) Mr. Hooper shall serve as Purchaser’s representative in connection with the generator work and compliance with the Rule as provided in this Section 4, and as such, Seller and/or Operator shall seek approval from Mr. Hooper before any expenditures are made, including preparation or implementation costs, provided that the failure to seek any such approval will result in such costs being eliminated from the Final Estimate. All requests for Purchaser consent or approval specified in this Section shall be submitted to Mr. Hooper. Seller and/or Existing Operator shall keep Mr. Hooper reasonably well informed regarding the progress of the work contemplated by this Section 4, and shall provide updates regarding the status of such work no less frequently than weekly. Seller, Existing Operator and Purchaser shall work collaboratively to satisfy the requirements of this Section 4.”  
4.    Except as expressly modified hereby, the terms of the PSA are hereby ratified and shall remain in full force and effect, enforceable in accordance with its terms.
5.    This Amendment may be executed in a number of identical counterparts.  Signatures may be delivered by facsimile or electronic delivery, and such signatures shall be binding on the parties hereto, with original signatures to be delivered as soon as reasonably practical thereafter.  

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NOW, THEREFORE, the parties hereto have executed this Amendment as of the date first set forth above.
SELLER:
	
		
	NIC 4 BAYSIDE TERRACE OWNER LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 BALMORAL OWNER LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 BRADENTON OAKS OWNER LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 THE GRANDE OWNER LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 SPRING OAKS OWNER LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

EXISTING OPERATOR:

	
		
	NIC 4 BAYSIDE TERRACE LEASING, LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 BALMORAL LEASING, LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 BRADENTON OAKS LEASING, LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 THE GRANDE LEASING, LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

	
		
	NIC 4 SPRING OAKS LEASING, LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Ivy Hernandez

	Name:
	Ivy Hernandez

	Title
	Vice President

PURCHASER:

	
		
	GAHC4 CENTRAL FL SENIOR HOUSING PORTFOLIO, LLC,

	a Delaware limited liability company

	 
	 

	By:
	/s/ Stefan Oh

	Name:
	Stefan Oh

	Title:
	Executive Vice President, AcquisitionsExhibit 10.1

 

ABM INDUSTRIES INCORPORATED

 

2006 EQUITY INCENTIVE PLAN

 

AMENDED AND RESTATED MARCH 7, 2018

 

 

		1.	PURPOSE.

 

This 2006 Equity Incentive
Plan, as amended and restated, is intended to provide incentive to Employees and Directors of ABM Industries Incorporated (the
“Company”) and its eligible Affiliates, to encourage proprietary interest in the Company and to encourage Employees
and Directors to remain in the service of the Company or its Affiliates.

 

		2.	DEFINITIONS.

 

 (a) “Administrator” means the Board or the committee of the Board appointed to administer the Plan, or a delegate of the Board as provided in Section 4(c).

 

 (b) “Affiliate” means any entity, whether a corporation, partnership, joint venture or other organization that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the Company.

 

 (c) “After-Tax Amount” means any amount to be received by a Participant in connection with a Change-in-Control determined on an after-tax basis taking into account the excise tax imposed pursuant to Code Section 4999, or any successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income and employment taxes.

 

 (d) “Award” means any award of an Option, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares or an Other Share-Based Award under the Plan.

 

 (e) “Award Agreement” means the agreement between the Company and the recipient of an Award which contains the terms and conditions pertaining to the Award.

 

 (f) “Beneficiary” means a person designated as such by a Participant or a Beneficiary for purposes of the Plan or determined with reference to Section 21.

 

 (g) “Board” means the Board of Directors of the Company.

 

 (h) “Cause” means (i) serious misconduct, dishonesty, disloyalty or insubordination; (ii) the Participant’s conviction (or entry of a plea bargain admitting criminal guilt) of any felony or misdemeanor involving moral turpitude; (iii) drug or alcohol abuse that has a material or potentially material effect on the Company’s reputation and/or the performance of the Participant’s duties and responsibilities under the Participant’s employment agreement; (iv) failure to substantially perform the Participant’s duties or responsibilities under the Participant’s employment agreement for reasons other than death or disability; (v) repeated inattention to duty for reasons other than death or disability; or (vi) any other material breach of the Participant’s employment agreement by the Participant.

 

 (i) “Change-in-Control” means, unless otherwise set forth in an award agreement, that any of the following events occurs:

 

(i)       any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”)
(A) is or becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 35% of
the combined voting power of the then-outstanding Voting Stock of the Company or succeeds in having nominees as directors elected
in an “election contest” within the meaning of Rule 14a-12(c) under the Exchange Act and (B) within 18 months thereafter,
individuals who were members of the Board of Directors of the Company immediately prior to either such event cease to constitute
a majority of the members of the Board of Directors of the Company;

 

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(ii)       a
majority of the Board ceases to be comprised of Incumbent Directors; or

 

(iii)       the
consummation of a reorganization, merger, consolidation, plan of liquidation or dissolution, recapitalization or sale or other
disposition of all or substantially all of the assets of the Company or the acquisition of the stock or assets of another Company,
or other transaction (each, a “Business Transaction”), unless, in any such case, (A) no Person (other than the
Company, any entity resulting from such Business Transaction or any employee benefit plan (or related trust) sponsored or maintained
by the Company, any Subsidiary or such entity resulting from such Business Transaction) beneficially owns, directly or indirectly,
35% or more of the combined voting power of the then-outstanding shares of Voting Stock of the entity resulting from such Business
Transaction and (B) at least one-half of the members of the Board of Directors of the entity resulting from such Business Transaction
were Incumbent Directors at the time of the execution of the initial agreement providing for such Business Transaction.

 

 (j) “Code” means the Internal Revenue Code of 1986, as amended.

 

 (k) “Committee” means the Compensation Committee of the Board.

 

 (l) “Common Stock” means the $.01 par value common stock of the Company.

 

 (m) “Company” means ABM Industries Incorporated, a Delaware company.

 

 (n) “Covered Employee” shall have the meaning assigned in Code Section 162(m), as amended, which generally includes the chief executive officer or any Employee whose total compensation for the taxable year is required to be reported to shareholders under the Exchange Act by reason of such Employee being among the four highest compensated officers for the taxable year (other than the chief executive officer).

 

 (o) “Director” means a director of the Company.

 

 (p) “Disability” or “Disabled” means, unless otherwise set forth in an award agreement, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

 

 (q) “Employee” means an individual employed by the Company or an Affiliate (within the meaning of Code Section 3401 and the regulations thereunder).

 

 (r) “Employer” means the Company or an Affiliate, which is the employer of a Participant.

 

 (s) “Executive Officer” means any person who is an officer of the Company for purposes of Section 16 of the Exchange Act.

 

 (t) “Excess Equity Award” means the positive difference, if any, between the value of the Award granted to an Executive Officer and the Award that would have been made to such Executive Officer had the amount of the Award been calculated based on the Company’s financial statements as restated.

 

 (u) “Excess Parachute Payment” means a payment that creates an obligation for a Participant to pay excise taxes under Code Section 280G or any successor provision thereto.

 

 (v) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

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 (w) “Exercise Price” means the price per Share of Common Stock at which an Option or Stock Appreciation Right may be exercised.

 

 (x) “Fair Market Value” of a Share as of a specified date, unless otherwise determined by the Committee, means the closing price at which Shares are traded on such date (or, if no trading of Shares is reported for that day, on the next following day on which trading is reported) on the principal stock market or exchange on which the Shares are traded; provided that if Shares are not so traded, the fair market value shall be determined by the Committee.

 

 (y) “Family Member” means any person identified as an “immediate family” member in Rule 16(a)-1(c) of the Exchange Act, as such Rule may be amended from time to time. Notwithstanding the foregoing, the Administrator may designate any other person(s) or entity(ies) as a “family member” to the extent consistent with applicable securities laws.

 

 (z) “Full Value Award” means an Award denominated in Shares that does not provide for full payment in cash or property by the Participant.

 

 (aa) “Grant Date” means, with respect to any Award, the date the Administrator grants the Award.

 

 (bb) “Incentive Stock Option” means an Option described in Code Section 422(b).

 

 (cc) “Incumbent Directors” means the individuals who, as of the date of adoption of this Plan, are Directors of the Company and any individual becoming a Director subsequent to the date hereof whose election, nomination for election by the Company’s shareholders, or appointment was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

 

 (dd) “Independent Committee” means any committee consisting of independent Directors designated by the independent members of the Board.

 

 (ee) “Nonqualified Stock Option” means an Option not described in Code Section 422(b) or 423(b).

 

 (ff) “Non-Employee Director” means a Director who is not an Employee.

 

 (gg) “Option” means a stock option granted pursuant to Section 7.

 

 (hh) “Option Proceeds” means, with respect to any sale or other disposition of Shares issued or issuable upon the exercise of an Option, an amount determined appropriate by the independent members of the Board or the Independent Committee, in its sole judgment, to reflect the effect of a restatement of the Company’s financial statements on the Company’s stock price, up to an amount equal to the number of Shares sold or disposed of, multiplied by a number equal to the difference between the Fair Market Value per Share at the time of sale or disposition and the Exercise Price.

 

 (ii) “Other Share-Based Award” means an Award granted pursuant to Section 12.

 

 (jj) “Participant” means an Employee or Director who has received an Award.

 

 (kk) “Performance Shares” means an Award denominated in Shares granted pursuant to Section 11 that may be earned in whole or in part based upon attainment of performance objectives, which shall be established by the Administrator pursuant to Section 14 with respect to Awards intended to be “performance-based” for purposes of Section 162(m) of the Code.

 

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 (ll) “Plan” means this 2006 Equity Incentive Plan, as amended and restated.

 

 (mm) “Prior Plans” means the Company’s 2002 Price-Vested Stock Option Plan, the 1996 Price-Vested Stock Option Plan and the Time-Vested Stock Option Plan.

 

 (nn) “Purchase Price” means the Exercise Price times the number of whole Shares with respect to which an Option is exercised.

 

 (oo) “Restricted Stock” means Shares granted pursuant to Section 9.

 

 (pp) “Restricted Stock Unit” means an Award denominated in Shares granted pursuant to Section 10 in which the Participant has the right to receive a specified number of Shares over a specified period of time.

 

 (qq) “Retirement” means the voluntary termination of employment by an Employee at (i) age 60 or (ii) age 55 or older at a time when age plus years of service equals or exceeds 65.

 

 (rr) “Share” means one share of Common Stock, adjusted in accordance with Section 19 (if applicable).

 

 (ss) “Share Equivalent” means a bookkeeping entry representing a right to the equivalent of one Share.

 

 (tt) “Stock Right” means a right to receive an amount equal to the value of a specified number of Shares which will be payable in Shares or cash as established by the Administrator.

 

 (uu) “Subsidiary” means any company in an unbroken chain of companies beginning with the Company if each of the companies other than the last company in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other Companies in such chain.

 

		3.	EFFECTIVE DATE.

 

This Plan was initially
adopted by the Board on January 10, 2006, and became effective on the date the Plan was initially approved by the Company's shareholders.
This Plan was amended and restated by the Board on January 10, 2018, to be effective on the date the amended and restated Plan
is approved by shareholders (the “Effective Date”).

 

		4.	ADMINISTRATION.

 

 (a) Administration with respect to Non-Employee Directors. With respect to Awards to Non-Employee Directors, the Plan shall be administered by the Governance Committee of the Board or another independent committee of the Board.

 

 (b) Administration with respect to Employees. With respect to Awards to Employees, the Plan shall be administered by the Board, the Committee or a committee of the Board consisting of Board members who qualify as an “outside director” for purposes of Code Section 162(m) and as a “non-employee director” for purposes of Rule 16b-3 promulgated under the Exchange Act.

 

(i)       If
any member of the Committee does not qualify as an “outside director” for purposes of Code Section 162(m), Awards
under the Plan for the Covered Employees shall be administered by a subcommittee consisting of each Committee member who qualifies
as an “outside director.” If fewer than two Committee members qualify as “outside directors,” the Board
shall appoint one or more other Board members to such subcommittee who do qualify as “outside directors,” so that
the subcommittee will at all times consist of two or more members, all of whom qualify as “outside directors” for
purposes of Code Section 162(m).

 

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(ii)       If
any member of the Committee does not qualify as a “non-employee director” for purposes of Rule 16b-3 promulgated under
the Exchange Act, then Awards under the Plan for the executive officers of the Company and Directors shall be administered by a
subcommittee consisting of each Committee member who qualifies as a “non-employee director.” If fewer than two Committee
members qualify as “non-employee directors,” then the Board shall appoint one or more other Board members to such subcommittee
who do qualify as “non-employee directors,” so that the subcommittee will at all times consist of two or more members
all of whom qualify as “non-employee directors” for purposes of Rule 16b-3 promulgated under the Exchange Act.

 

 (c) Delegation of Authority to an Officer of the Company or Other Board Committee. The Board may delegate to (i) an officer or officers of the Company and/or (ii) a committee of the Board which may consist of Directors who are also Employees the authority to administer the Plan with respect to Awards made to Employees who are not subject to Section 16 of the Exchange Act.

 

 (d) Powers of the Administrator. The Administrator shall from time to time at its discretion make determinations with respect to Employees and Directors who shall be granted Awards, the number of Shares or Share Equivalents to be subject to each Award, the vesting of Awards, the designation of Options as Incentive Stock Options or Nonqualified Stock Options and other conditions of Awards.

 

The interpretation
and construction by the Administrator of any provisions of the Plan or of any Award shall be final. No member of the Administrator
shall be liable for any action or determination made in good faith with respect to the Plan or any Award.

 

		5.	ELIGIBILITY.

 

Subject to the terms
and conditions set forth below, Awards may be granted to Employees or Directors. Notwithstanding the foregoing, only employees
of the Company and its Subsidiaries may be granted Incentive Stock Options.

 

 (a) Ten Percent Shareholders. An Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company, its parent or any of its Subsidiaries is not eligible to receive an Incentive Stock Option pursuant to this Plan. For purposes of this Section 5(a) the stock ownership of an Employee shall be determined pursuant to Code Section 424(d).

 

 (b) Number of Awards. A Participant may receive more than one Award, including Awards of the same type, but only on the terms and subject to the restrictions set forth in the Plan. Subject to adjustment as provided in Section 19, the following maximum limits shall apply to the amount that may be awarded to any Participant during any calendar year: (i) Options and Stock Appreciation Rights that relate to no more than 1,000,000 Shares; and (ii) Performance Shares, Restricted Stock, Restricted Stock Units and Other Share-Based Awards that relate to no more than 1,000,000 Shares. No Non-Employee Director shall be granted Awards during any one calendar year for services as a Non-Employee Director in excess of 100,000 Shares.

 

		6.	STOCK.

 

The stock subject
to Awards granted under the Plan shall be Shares of the Company’s authorized but unissued or reacquired Common Stock. The
aggregate number of Shares subject to Awards issued under this Plan (including Shares previously authorized by the Company’s
shareholders) shall not exceed 13,479,265 Shares. If any outstanding Option or Stock Appreciation Right under the Plan or any outstanding
stock option grant under the Prior Plans for any reason expires or is terminated or any Restricted Stock or Other Share-Based Award
is forfeited and under the terms of the expired or terminated Award the Participant received no financial benefits of ownership
during the period the Award was outstanding, then the Shares allocable to the unexercised portion of such Option or the forfeited
Restricted Stock or Other Share-Based Award may again be subjected to Awards under the Plan. Notwithstanding the foregoing, the
following Shares may not again be made available for issuance under the Plan: (i) Shares not issued or delivered as a result of
the net exercise of a Stock Appreciation Right or exercise of an Option, (ii) Shares delivered to the Company to pay the exercise
price of an Option, (iii) Shares not issued or delivered to satisfy withholding taxes related to an Award, and (iv) Shares repurchased
on the open market with the proceeds obtained from an Option exercise.

 

The limitations established
by this Section 6 shall be subject to adjustment as provided in Section 19.

 

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		7.	TERMS AND CONDITIONS OF OPTIONS.

 

Options granted to
Employees and Directors pursuant to the Plan shall be evidenced by written Option Agreements in such form as the Administrator
shall determine, subject to the following terms and conditions:

 

 (a) Number of Shares. Each Option shall state the number of Shares to which it pertains, which shall be subject to adjustment in accordance with Section 19.

 

 (b) Exercise Price. Each Option shall state the Exercise Price, determined by the Administrator, which shall not be less than the Fair Market Value of a Share on the date of grant, except as provided in Section 19.

 

 (c) Medium and Time of Payment. The Purchase Price shall be payable in full in United States dollars upon the exercise of the Option; provided that with the consent of the Administrator and in accordance with its rules and regulations, the Purchase Price may be paid by the surrender of Shares in good form for transfer, owned by the person exercising the Option and having a Fair Market Value on the date of exercise equal to the Purchase Price, or in any combination of cash and Shares, or in such acceptable form of payment as approved by the Administrator, so long as the total of the cash and the Fair Market Value of the Shares surrendered equals the Purchase Price. No Shares shall be issued until full payment has been made.

 

 (d) Term and Exercise of Options; Nontransferability of Options. Each Option shall state the date after which it shall cease to be exercisable. No Option shall be exercisable after the expiration of ten years from the date it is granted or such lesser period established by the Administrator. Except as provided in Section 15(a) or in the event of a Participant’s death or Disability, an Option shall not become vested before the expiration of one year from the date the Option is granted. An Option shall, during a Participant’s lifetime, be exercisable only by the Participant. No Option or any right granted thereunder shall be transferable by the Participant by operation of law or otherwise, other than by will or the laws of descent and distribution. Notwithstanding the foregoing, (i) a Participant may designate a Beneficiary to succeed, after the Participant’s death, to all of the Participant’s Options outstanding on the date of death; (ii) a Nonstatutory Stock Option or any right granted thereunder may be transferable pursuant to a qualified domestic relations order as defined in the Code or Title I of the Employee Retirement Income Security Act; and (iii) any Participant may voluntarily transfer any Nonstatutory Stock Option to a Family Member as a gift or through a transfer to an entity domiciled in the United States in which more than 50% of the voting or beneficial interests are owned by Family Members (or the Participant) in exchange for an interest in that entity. In the event of any attempt by a Participant to alienate, assign, pledge, hypothecate or otherwise dispose of an Option or of any right thereunder, except as provided herein, or in the event of the levy of any attachment, execution or similar process upon the rights or interest hereby conferred, the Company at its election may terminate the affected Option by notice to the Participant, and the Option shall thereupon become null and void.

 

 (e) Termination of Employment. In the event that a Participant who is an Employee ceases to be employed by the Company or any of its Affiliates for any reason, such Participant (or in the case of death, such Participant’s designated Beneficiary) shall have the right (subject to the limitation that no Option may be exercised after its stated expiration date) to exercise the Option, to the extent that, at the date of termination of employment, the Option had vested pursuant to the terms of the Option Agreement with respect to which such Option was granted and had not previously been exercised, either:

 

(i)       within
four months after such termination of employment; or

 

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(ii)       in
the case of Retirement or death within one year after the date thereof; or

 

(iii)       in
the case of Disability, within one year from the date the Committee or its delegate determines that the Participant is Disabled;
or

 

(iv)       on
such other terms established by the Committee in the Agreement or otherwise prior to termination.

 

However, in addition
to the rights and obligations established in Section 16 below, if the employment of a Participant is terminated by the Company
or an Affiliate by reason of Cause, such Option shall cease to be exercisable at the time of the Participant’s termination
of employment. The independent members of the Board or the Independent Committee shall determine whether a Participant’s
employment is terminated by reason of Cause. In making such determination, such body shall act fairly and shall give the Participant
an opportunity to be heard and present evidence on his or her behalf. If a Participant’s employment terminates for reasons
other than Cause, but Cause is discovered after the termination and is determined to have occurred by such body, all outstanding
Options shall cease to be exercisable upon such determination.

 

For purposes of this
Section, the employment relationship will be treated as continuing while the Participant is on military leave, sick leave (including
short-term disability) or other bona fide leave of absence (to be determined in the sole discretion of the Administrator, in accordance
with rules and regulations construing Code Sections 422(a)(2) and 409A). Notwithstanding the foregoing, in the case of an Incentive
Stock Option, employment shall not be deemed to continue beyond three months after the Participant ceased active employment, unless
the Participant’s reemployment rights are guaranteed by statute or by contract. In the event that an Incentive Stock Option
is exercised after the period following termination of employment that is required for qualification under Code Section 422(b),
such Option shall be treated as a Nonqualified Stock Option for all Plan purposes.

 

In the event a Non-Employee
Director terminates service as a Director, the former Director (or his or her designated Beneficiary in the event of the Non-Employee
Director’s death) shall have the right (subject to the limitation that no Option may be exercised after its stated expiration
date) to exercise the Option (to the extent vested pursuant to the terms of the Option Agreement and not previously exercised)
within one year after such termination or on such other terms established by the Board in the Agreement or otherwise prior to termination
of service.

 

(f)       Rights
as a Shareholder. A Participant or a transferee of a Participant shall have no rights as a shareholder with respect to any
Shares covered by his or her Option until the date of issuance of a stock certificate for such Shares. No adjustment shall be made
for dividends, distributions or other rights for which the record date is prior to the date such stock certificate is issued, except
as provided in Section 19.

 

(g)       Modification,
Extension and Renewal of Options. Subject to the terms and conditions and within the limitations of the Plan, including the
limitations of Section 22, the Administrator may modify, extend or renew outstanding Options granted to Employees and Directors
under the Plan. Notwithstanding the foregoing, however, no modification of an Option shall, without the consent of the Participant,
alter or impair any rights or obligations under any Option previously granted under the Plan or cause any Option to fail to be
exempt from the requirements of Code Section 409A.

 

(h)       Limitation
of Incentive Stock Option Awards. If and to the extent that the aggregate Fair Market Value (determined as of the date the
Option is granted) of the Shares with respect to which any Incentive Stock Options are exercisable for the first time by a Participant
during any calendar year under this Plan and all other plans maintained by the Company, its parent or its Subsidiaries exceeds
$100,000, the excess (taking into account the order in which they were granted) shall be treated as Nonqualified Stock Options.

 

(i)       No
Reload Options. Options that provide for the automatic grant of another Option upon exercise of the original Option may not
be granted under the Plan.

 

    	 	 7	 

     

    

 

(j)       Other
Provisions. The Option Agreement shall contain such other provisions that are consistent with the terms of the Plan, including,
without limitation, restrictions upon the exercise of the Option, as the Administrator shall deem advisable.

 

		8.	STOCK APPRECIATION RIGHTS.

 

Stock Appreciation
Rights granted to Participants pursuant to the Plan may be granted alone, in addition to or in conjunction with, Options.

 

(a)       Number
of Shares. Each Stock Appreciation Right shall state the number of Shares or Share Equivalents to which it pertains, which
shall be subject to adjustment in accordance with Section 19.

 

(b)       Calculation
of Appreciation; Exercise Price. The appreciation distribution payable on the exercise of a Stock Appreciation Right will be
equal to the excess of (i) the aggregate Fair Market Value (on the day before the date of exercise of the Stock Appreciation Right)
of a number of Shares equal to the number of Shares or Share Equivalents in which the Participant is vested under such Stock Appreciation
Right on such date, over (ii) the Exercise Price determined by the Administrator on the date of grant of the Stock Appreciation
Right, which shall not be less than 100% of the Fair Market Value of a Share on the date of grant.

 

(c)       Term
and Exercise of Stock Appreciation Rights. Each Stock Appreciation Right shall state the time or times when it may become exercisable.
No Stock Appreciation Right shall be exercisable after the expiration of ten years from the date it is granted or such lesser period
established by the Administrator. Except as provided in Section 15(a) or in the event of a Participant’s death or Disability,
a Stock Appreciation Right shall not become vested before the expiration of one year from the date the Stock Appreciation Right
is granted.

 

(d)       Payment.
The appreciation distribution in respect of a Stock Appreciation Right may be paid in Common Stock or in cash, or any combination
of the two, or in any other form of consideration as determined by the Administrator and contained in the Stock Appreciation Right
Agreement.

 

(e)       Limitations
on Transferability. A Stock Appreciation Right shall, during a Participant’s lifetime, be exercisable only by the Participant.
No Stock Appreciation Right or any right granted thereunder shall be transferable by the Participant by operation of law or otherwise,
other than by will or the laws of descent and distribution. Notwithstanding the foregoing, a Participant may designate a beneficiary
to succeed, after the Participant’s death, to all of the Participant’s Stock Appreciation Rights outstanding on the
date of termination of employment. Each Stock Appreciation Right Agreement shall set forth the extent to which the Participant
shall have the right to exercise the Stock Appreciation Right following termination of the Participant’s employment or service
with the Company and its Affiliates. Such provisions shall be determined in the sole discretion of the Administrator, need not
be uniform among all Stock Appreciation Right Agreements entered into pursuant to the Plan and may reflect distinctions based on
the reasons for termination of employment.

 

(f)       Termination
of Employment. Subject to the limitation that no Stock Appreciation Right may be exercised after its stated expiration date,
each Stock Appreciation Right Agreement shall set forth the extent to which the Participant shall have the right to exercise the
Stock Appreciation Right, to the extent vested, following termination of the Participant’s employment of service with the
Company and its Affiliates. Such provisions shall be determined in the sole discretion of the Administrator, need not be uniform
among all Stock Appreciation Rights Agreements entered into pursuant to the Plan and may reflect distinctions based on the reasons
for termination of employment.

 

(g)       Rights
as a Shareholder. A Participant or a transferee of a Participant shall have no rights as a shareholder with respect to any
Shares covered by his or her Stock Appreciation Right until the date of issuance of such Shares. Except as provided in Section
19, no adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such
Shares are issued.

 

(h)       Other
Terms and Conditions. The Stock Appreciation Right Agreement may contain such other terms and conditions, including restrictions
or conditions on the vesting of the Stock Appreciation Right or the conditions under which the Stock Appreciation Right may be
forfeited, as may be determined by the Administrator that are consistent with the Plan.

 

    	 	 8	 

     

    

 

		9.	RESTRICTED STOCK.

 

(a)       Grants.
Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine the Employees and
Directors to whom, and the time or times at which, grants of Restricted Stock will be made, the number of shares of Restricted
Stock to be awarded, the price (if any) to be paid by the recipient of Restricted Stock, the time or times within which such Awards
may be subject to forfeiture and all other terms and conditions of the Awards; provided, however, that except as
provided in Section 15(b) or in the event of a Participant’s death or Disability, Restricted Stock shall have a vesting period
of not less than one year. The Administrator may condition the grant of Restricted Stock upon the attainment of specified performance
objectives established by the Administrator pursuant to Section 14 or such other factors as the Administrator may determine, in
its sole discretion. In addition to the foregoing restrictions, except with respect to a maximum of 5% of the shares authorized
for issuance under Section 6, (x) any Awards of Restricted Stock which vest on the basis of the Participant’s length of service
with the Company or its subsidiaries shall not provide for vesting that is any more rapid than pro rata vesting over a three-year
period, and (y) any Awards of Restricted Stock which provide for vesting upon the attainment of performance goals shall provide
for a performance period of at least 12 months.

 

The terms of each
Restricted Stock Award shall be set forth in a Restricted Stock Agreement between the Company and the Participant, which Agreement
shall contain such provisions as the Administrator determines to be necessary or appropriate to carry out the intent of the Plan.
Each Participant receiving a Restricted Stock Award shall be issued a stock certificate in respect of such shares of Restricted
Stock. Such certificate shall be registered in the name of such Participant and shall bear an appropriate legend referring to the
terms, conditions and restrictions applicable to such Award. The Administrator shall require that stock certificates evidencing
such shares be held by the Company until the restrictions lapse and that, as a condition of any Restricted Stock Award, the Participant
shall deliver to the Company a stock power relating to the stock covered by such Award.

 

(b)       Restrictions
and Conditions. The shares of Restricted Stock awarded pursuant to this Section 9 shall be subject to the following restrictions
and conditions:

 

(i)       During
a period set by the Administrator commencing with the date of such Award (the “Restriction Period”), the Participant
shall not be permitted to sell, transfer, pledge, assign or encumber shares of Restricted Stock awarded under the Plan. Within
these limits, the Administrator, in its sole discretion, may provide for the lapse of such restrictions in installments and may
accelerate or waive such restrictions in whole or in part, based on service, performance or such other factors or criteria as the
Administrator may determine in its sole discretion; provided that the Administrator may not waive the one-year vesting restriction
in the proviso of Section 9(a).

 

(ii)       Except
as provided in this paragraph (ii) and paragraph (i) above, the Participant shall have, with respect to the shares of Restricted
Stock, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any cash
dividends; provided that the Administrator shall provide that either (A) the payment of ordinary cash dividends shall be
delayed unless and until the underlying Restricted Stock becomes vested or (B) such ordinary cash dividends shall be invested in
additional shares of Restricted Stock (or Share Equivalents or Restricted Stock Units) to the extent available under Section 6,
which shall be subject to the same restrictions as the underlying Restricted Stock. Stock dividends issued with respect to Restricted
Stock shall be treated as additional shares of Restricted Stock that are subject to the same restrictions and other terms and conditions
that apply to the shares with respect to which such dividends are issued.

 

(iii)       The
Administrator shall specify the conditions under which shares of Restricted Stock shall vest or be forfeited and such conditions
shall be set forth in the Restricted Stock Agreement.

 

    	 	 9	 

     

    

 

(iv)       If
and when the Restriction Period applicable to shares of Restricted Stock expires without a prior forfeiture of the Restricted Stock,
certificates for an appropriate number of unrestricted shares shall be delivered promptly to the Participant, and the certificates
for the shares of Restricted Stock shall be cancelled.

 

		10.	RESTRICTED STOCK UNITS.

 

(a)       Grants.
Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine the Employees and
Directors to whom, and the time or times at which, grants of Restricted Stock Units will be made, the number of Restricted Stock
Units to be awarded, the price (if any) to be paid by the recipient of the Restricted Stock Units, the time or times within which
such Restricted Stock Units may be subject to forfeiture and all other terms and conditions of the Restricted Stock Unit Awards;
provided, however, that except as set forth in Section 15(b) or in the event of a Participant’s death or Disability,
Restricted Stock Units shall have a vesting period of not less than one year. The Administrator may condition the grant of Restricted
Stock Unit Awards upon the attainment of specified performance objectives established by the Administrator pursuant to Section
14 or such other factors as the Administrator may determine, in its sole discretion. In addition to the foregoing restrictions,
except with respect to a maximum of 5% of the shares authorized for issuance under Section 6, (x) any Restricted Stock Units which
vest on the basis of the Participant’s length of service with the Company or its subsidiaries shall not provide for vesting
that is any more rapid than pro rata vesting over a three-year period, and (y) any Restricted Stock Units which provide for vesting
upon the attainment of performance goals shall provide for a performance period of at least 12 months.

 

The terms of each
Restricted Stock Unit Award shall be set forth in a Restricted Stock Unit Award Agreement between the Company and the Participant,
which Agreement shall contain such provisions as the Administrator determines to be necessary or appropriate to carry out the intent
of the Plan. With respect to a Restricted Stock Unit Award, no certificate for shares of stock shall be issued at the time the
grant is made (nor shall any book entry be made in the records of the Company), and the Participant shall have no right to or interest
in shares of stock of the Company as a result of the grant of Restricted Stock Units.

 

(b)       Restrictions
and Conditions. The Restricted Stock Units awarded pursuant to this Section 10 shall be subject to the following restrictions
and conditions:

 

(i)       At
the time of grant of a Restricted Stock Unit Award, the Administrator may impose such restrictions or conditions on the vesting
of the Restricted Stock Units, as the Administrator deems appropriate. Within these limits, the Administrator, in its sole discretion,
may provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part,
based on service, performance, or such other factors or criteria as the Administrator may determine in its sole discretion; provided
that the Administrator may not waive the one-year vesting restriction in the proviso of Section 10(a). The foregoing notwithstanding,
no action pursuant to the preceding sentence may alter the time of payment of the Restricted Stock Unit Award if such alteration
would cause the Award to be subject to penalty under Code Section 409A.

 

(ii)       Dividend
equivalents may be credited in respect of Restricted Stock Units, as the Administrator deems appropriate. Such dividend equivalents
may be paid in cash (when the underlying Restricted Stock Unit vests) or converted into additional Restricted Stock Units by dividing
(1) the aggregate amount or value of the dividends paid with respect to that number of Shares equal to the number of Restricted
Stock Units then credited by (2) the Fair Market Value per Share on the payment date for such dividend. The additional Restricted
Stock Units credited by reason of such dividend equivalents will be subject to all of the terms and conditions (including the vesting
schedule) of the underlying Restricted Stock Unit Award to which they relate.

 

(iii)       The
Administrator shall specify the conditions under which Restricted Stock Units shall vest or be forfeited and such conditions shall
be set forth in the Restricted Stock Unit Agreement.

 

(c)       Deferral
Election. Each recipient of a Restricted Stock Unit Award may be eligible, subject to Administrator approval, to elect to defer
all or a percentage of any Shares he or she may be entitled to receive upon the lapse of any restrictions or vesting period to
which the Award is subject. This election shall be made by giving notice in a manner and within the time prescribed by the Administrator
and in compliance with the requirements of Code Section 409A. Each Participant must indicate the percentage (expressed in whole
percentages) he or she elects to defer of any Shares he or she may be entitled to receive. If no notice is given, the Participant
shall be deemed to have made no deferral election. Each deferral election filed with the Administrator shall become irrevocable
on and after the prescribed deadline.

 

    	 	 10	 

     

    

 

		11.	PERFORMANCE SHARES.

 

(a)       Grants.
Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine the Employees and
Directors to whom, and the time or times at which, grants of Performance Shares will be made, the number of Performance Shares
to be awarded, the price (if any) to be paid by the recipient of the Performance Shares, the time or times within which such Performance
Shares may be subject to forfeiture and all other terms and conditions of the Performance Share Awards; provided, however,
that except as set forth in Section 15(b) or in the event of a Participant’s death or Disability, Performance Shares shall
have a vesting period of not less than one year. The Administrator may condition the grant of Performance Share Awards upon the
attainment of specified performance objectives established by the Administrator pursuant to Section 14 or such other factors as
the Administrator may determine, in its sole discretion.

 

The terms of each
Performance Share Award shall be set forth in a Performance Share Award Agreement between the Company and the Participant, which
Agreement shall contain such provisions as the Administrator determines to be necessary or appropriate to carry out the intent
of the Plan. With respect to a Performance Share Award, no certificate for shares of stock shall be issued at the time the grant
is made (nor shall any book entry be made in the records of the Company), and the Participant shall have no right to or interest
in shares of stock of the Company as a result of the grant of Performance Shares.

 

(b)       Restrictions
and Conditions. The Performance Shares awarded pursuant to this Section 11 shall be subject to the following restrictions and
conditions:

 

(i)       At
the time of grant of a Performance Share Award, the Administrator may set performance objectives in its discretion which, depending
on the extent to which they are met, will determined the number of Performance Shares that will be paid out to the Participant.
The time period during which the performance objectives must be met will be called the “Performance Period.” After
the applicable Performance Period has ended, the recipient of the Performance Shares will be entitled to receive the number of
Performance Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which
the corresponding performance objectives have been achieved. After the grant of a Performance Share Award, the Administrator, in
its sole discretion, may reduce or waive any performance objective for such Performance Share Award; provided, however,
that the Administrator may not waive the restriction in the proviso of Section 11(a) and further provided that no performance
objective may be waived or reduced for a Covered Employee and further provided that no such action may alter the time of
payment of the Performance Share Award if such alteration would cause the award to be subject to penalty under Code Section 409A.

 

(ii)       Dividend
equivalents will not be credited in respect of any unearned Performance Share Award during the applicable Performance Period.

 

		12.	OTHER SHARE-BASED AWARDS.

 

(a)       Grants.
Other Awards of Shares and other Awards that are valued in whole or in part by reference to, or are otherwise based on, Shares
(“Other Share-Based Awards”), may be granted either alone or in addition to or in conjunction with other Awards under
this Plan. Awards under this Section 12 may include (without limitation) Stock Rights, the grant of Shares conditioned upon some
specified event, the payment of cash based upon the performance of the Shares or the grant of securities convertible into Shares.

 

    	 	 11	 

     

    

 

Subject to the provisions
of the Plan, the Administrator shall have sole and complete authority to determine the Employees and Directors to whom and the
time or times at which Other Share-Based Awards shall be made, the number of Shares or other securities, if any, to be granted
pursuant to Other Share-Based Awards, and all other conditions of the Other Share-Based Awards; provided, however,
that except as set forth in Section 15(b) or in the event of a Participant’s death or Disability, Other Share-Based Awards
shall have a vesting period of not less than one year. The Administrator may condition the grant of an Other Share-Based Award
upon the attainment of specified performance goals or such other factors as the Administrator shall determine, in its sole discretion.
In granting an Other Share-Based Award, the Administrator may determine that the recipient of an Other Share-Based Award shall
be entitled to receive, currently or on a deferred basis, interest or dividends or dividend equivalents with respect to the Shares
or other securities covered by the Award, and the Administrator may provide that such amounts (if any) shall be deemed to have
been reinvested in additional Shares or otherwise reinvested; provided that the Administrator shall provide that either
(A) the payment of ordinary cash dividends shall be delayed unless and until the underlying Award becomes vested or (B) such ordinary
cash dividends shall be invested in additional Shares, Share Equivalents or Restricted Stock Units to the extent available under
Section 6, which shall be subject to the same restrictions as the underlying Award. The terms of any Other Share-Based Award shall
be set forth in an Other Share-Based Award Agreement between the Company and the Participant, which Agreement shall contain such
provisions as the Administrator determines to be necessary or appropriate to carry out the intent of the Plan.

 

(b)       Terms
and Conditions. In addition to the terms and conditions specified in the Other Share-Based Award Agreement, Other Share-Based
Awards shall be subject to the following:

 

(i)       Any
Other Share-Based Award may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which the
Shares are issued or the Award becomes payable, or, if later, the date on which any applicable restriction, performance or deferral
period lapses.

 

(ii)       The
Other Share-Based Award Agreement shall contain provisions dealing with the disposition of such Award in the event of termination
of the Employee's employment or the Director’s service prior to the exercise, realization or payment of such Award, and,
subject to the achievement of one-year minimum vesting (unless otherwise in connection with a Change-in-Control), the Administrator
in its sole discretion may provide for payment of the Award in the event of the Participant’s Disability or death, with such
provisions to take account of the specific nature and purpose of the Award.

 

		13.	OTHER PAYMENTS IN SHARES.

 

Shares may be issued
under this Plan to satisfy the payment of all or part of an award pursuant to the Company’s annual bonus plan. In addition,
all or part of any Director’s fees may be paid in Shares or Share Equivalents issued under this Plan. Any Shares issued pursuant
to this Section 13 shall reduce the number of Shares authorized under Section 6 but shall not be considered an Award for purposes
of the maximum grant limitation in Section 5(b).

 

		14.	PERFORMANCE OBJECTIVES.

 

(a)       Authority
to Establish. The Administrator shall determine the terms and conditions of Awards at the date of grant or thereafter; provided
that performance objectives for each year, if any, shall be established by the Administrator not later than the latest date permissible
under Code Section 162(m).

 

(b)       Criteria.
To the extent that such Awards are paid to Employees the performance objectives to be used, if any, shall be expressed in terms
of one or more of the following: total shareholder return; earnings per share; stock price; return on equity; net earnings; income
from continuing operations; related return ratios; cash flow; net earnings growth; earnings before interest, taxes, depreciation
and amortization (“EBITDA”); gross or operating margins; productivity ratios; expense targets; operating efficiency;
market share; customer satisfaction; working capital targets (including, but not limited to days sales outstanding); return on
assets; increase in revenues; decrease in expenses; increase in funds from operations (“FFO”); and increase in FFO
per share. Awards may be based on performance against objectives for more than one Subsidiary or segment of the Company. For example,
awards for a Participant employed by the Company may be based on overall corporate performance against objectives, but awards for
a Participant employed by a Subsidiary may be based on a combination of corporate, segment and Subsidiary performance against objectives.
Performance objectives, if any, established by the Administrator may be (but need not be) different from year-to-year, and different
performance objectives may be applicable to different Participants. Performance objectives may be determined on an absolute basis
or relative to internal goals or relative to levels attained in prior years or related to other companies or indices or as ratios
expressing relationships between two or more performance objectives. In addition, performance objectives may be based upon the
attainment of specified levels of Company performance under one or more of the measures described above relative to the performance
of other corporations.

 

    	 	 12	 

     

    

 

(c)       Adjustments.
The Committee shall specify the manner of adjustment of any performance objectives to the extent necessary to prevent dilution
or enlargement of any award as a result of extraordinary events or circumstances, as determined by the Committee, or to exclude
the effects of extraordinary, unusual or nonrecurring items; changes in applicable laws, regulations, or accounting principles;
currency fluctuations; discontinued operations; noncash items, such as amortization, depreciation or reserves; asset impairment;
or any recapitalization, restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-off, split-up, combination,
liquidation, dissolution, sale of assets or other similar corporate transaction. Any adjustment to performance objectives pursuant
to this Section 14(c) shall be done in accordance with Code Section 162(m).

 

		15.	CHANGE-IN-CONTROL.

 

(a)       Effect
of Change-in-Control on Options and Stock Appreciation Rights. Subject to the limitations set forth in Section 15(c), in the
event of a Change-in-Control, the surviving, continuing, successor or purchasing Company or other business entity or parent thereof,
as the case may be (the “Acquiror”) may, without the consent of any Participant, either assume or continue the Company’s
rights and obligations under outstanding Options and Stock Appreciation Rights or substitute for outstanding Options and Stock
Appreciation Rights substantially equivalent options covering the Acquiror’s stock. All Options and Stock Appreciation Rights
assumed or continued by the Acquiror in connection with a Change-in-Control will become fully vested and exercisable if the Participant’s
employment is terminated without Cause at any time during the 12-month period following the Change-in-Control.

 

Any Option or Stock
Appreciation Right granted one year or more prior to the Change-in-Control that is neither assumed nor continued by the Acquiror
in connection with the Change-in-Control shall, contingent on the Change-in-Control, become fully vested and exercisable immediately
prior to the Change-in-Control. Any Option or Stock Appreciation Right granted less than one year prior to the Change-in-Control
that is neither assumed nor continued by the Acquiror in connection with the Change-in-Control shall, to the extent not previously
vested and exercisable, immediately prior to the Change-in-Control become vested and exercisable as to the number of Shares subject
to such Option or Stock Appreciation Right equal to (i) the number of Shares originally subject to such Option or Stock Appreciation
Right, multiplied by (ii) the number of whole months between the Grant Date and the Change-in-Control, divided by (iii) the number
of months between the Grant Date and the date on which all Shares originally subject to such Option or Stock Appreciation Right
would have been fully vested and exercisable; and such Option or Stock Appreciation Right shall terminate with respect to all remaining
Shares subject to such Option or Stock Appreciation Right.

 

(b) Effect of Change-in-Control
on Awards Other Than Options. Subject to the limitations set forth in Section 15(c), in the event of a Change-in-Control, the
Acquiror may, without the consent of any Participant, either assume or continue the Company’s rights and obligations under
outstanding Awards other than Options or substitute for such Awards substantially equivalent awards covering the Acquiror’s
stock. All Awards other than Options assumed or continued by the Acquiror in connection with a Change-in-Control will become fully
vested and all restrictions on such Awards will lapse if the Participant’s employment is terminated without Cause at any
time during the 12-month period following the Change-in-Control. Any Award that is neither assumed nor continued by the Acquiror
in connection with the Change-in-Control shall, upon the Change-in-Control, become fully vested and all restrictions shall be released
immediately prior to the Change-in-Control, and all Restricted Unit Awards and Performance Share Awards shall become immediately
payable. Notwithstanding anything in this Section 15(b) to the contrary, with respect to any Award of Restricted Stock Units or
Performance Shares granted under this Plan that constitutes deferred compensation within the meaning of Section 409A of the Code,
if the Change-in-Control does not constitute a “change in effective ownership or control” of the Company within the
meaning of Section 409A of the Code, Restricted Stock Units and Performance Shares shall vest as provided in this Section 15(b),
but shall be payable to the Participant in accordance with the payment provisions of the applicable Award Agreement.

 

    	 	 13	 

     

    

 

(c) Limitation
on Acceleration. In connection with any acceleration of vesting or change in exercisability upon or after a Change-in-Control,
if any amount or benefit to be paid or provided under an Award or under any other agreement between a Participant and Company would
be an Excess Parachute Payment (including after taking into account the value, to the maximum extent permitted by Code Section
280G, of covenants by or restrictions on Participant following the Change-in-Control), then the payments and benefits to be paid
or provided will be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such
payment or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that the foregoing
reduction will not be made if such reduction would result in a Participant’s receiving an After-Tax Amount less than 90%
of the After-Tax Amount of the payments Participant would have received under such Awards or any other agreement without regard
to this limitation. Whether requested by a Participant or the Company, the determination of whether any reduction in such payments
or benefits is required pursuant to the preceding sentence, and the value to be assigned to any covenants by or restrictions on
Participant, for purposes of determining the amount, if any, of the Excess Parachute Payment will be made at the expense of the
Company by the Company’s independent accountants or benefits consultant. The fact that a Participant’s right to payments
or benefits may be reduced by reason of the limitations contained in this paragraph will not of itself limit or otherwise affect
any other rights of a Participant under any other agreement. In the event that any payment or benefit intended to be provided is
required to be reduced pursuant to this paragraph, a Participant will be entitled to designate the payments and/or benefits to
be so reduced in order to give effect to this paragraph, provided, however, if any such payments and/or benefits
constitute deferred compensation within the meaning of Section 409A, the following rules shall apply: first a pro rata reduction
of (i) cash payments subject to Section 409A of the Code as deferred compensation and (ii) cash payments not subject to Section
409A of the Code, and second a pro rata cancellation of (x) equity-based compensation subject to Section 409A of the Code as deferred
compensation and (y) equity-based compensation not subject to Section 409A of the Code. The Company will provide Participant with
all information reasonably requested by Participant to permit Participant to make such designation. In the event that Participant
fails to make such designation within ten business days after receiving notice from the Company of a reduction under this paragraph,
the Company may effect such reduction in any manner it deems appropriate.

 

		16.	FORFEITURE FOR CAUSE.

 

Notwithstanding any
other provision of this Plan to the contrary, if the independent members of the Board or the Independent Committee determines that
a Participant has engaged in conduct which constitutes Cause, the following provisions shall apply:

 

(a)       Any
outstanding Option shall immediately and automatically terminate, be forfeited and shall cease to be exercisable, without limitation.
In addition, any shares of Restricted Stock, Restricted Stock Units or Performance Shares as to which the restrictions have not
lapsed shall immediately and automatically be forfeited, all of the rights of the Participant to such shares or share equivalents
shall immediately terminate, and any Restricted Stock shall be returned to the Company.

 

(b)       The
lapse of restrictions on or vesting of Restricted Stock, Restricted Stock Units or Performance Shares that have vested or upon
which the restrictions have lapsed within the 36-month period immediately prior to the date it is determined that the Participant
engaged in conduct constituting Cause (the “Determination Date”) shall be rescinded and all outstanding Awards shall
be canceled. The Participant shall deliver to the Company the Shares delivered upon vesting or lapse of restrictions if such vesting
or lapse of restrictions has been rescinded and the Shares retained by the Participant.

 

    	 	 14	 

     

    

 

(c)       The
independent members of the Board or the Independent Committee may, to the extent permitted by applicable law, rescind any Awards
made to the Participant within the 36-month period immediately prior to the Determination Date.

 

(d)       The
independent members of the Board or the Independent Committee may, to the extent permitted by applicable law, recover any gains
realized from the sale of vested Shares or the sale or other disposition of any Shares issued or issuable upon the exercise of
an Option, in the case of any such sale or other disposition during the 36-month period immediately prior to the Determination
Date.

 

The independent members
of the Board or the Independent Committee shall determine in such body’s sole discretion whether the Participant has engaged
in conduct that constitutes Cause.

 

Any provision of this
Section 16 which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited
in a manner that is valid and enforceable and that comes closest to the business objectives intended by such invalid or unenforceable
provision, without invalidating or rendering unenforceable the remaining provisions of this Section 16.

 

		17.	RECOUPMENT.

 

Dodd-Frank Clawback.
The Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange
Act and any rules promulgated thereunder. Without limiting the foregoing, the Committee may provide in award agreements or with
respect to any Award granted hereunder that, in event of a financial restatement that reduces amount of previously awarded incentive
compensation that would not have been earned had results been properly reported, outstanding awards will be cancelled and Company
may clawback (i.e., recapture) realized Option/Stock Appreciation Right gains and realized value for vested Restricted Stock or
Restricted Stock Units or earned Performance Shares or Other Share-Based Awards within 12 months preceding financial restatement.

 

Recoupment in the
Event of Restatement. Notwithstanding any other provision of this Plan to the contrary, if the Company’s financial statements
are the subject of a restatement due to misconduct, fraud or malfeasance, then the following shall apply:

 

(a)       To
the extent permitted by governing law, the independent members of the Board or the Independent Committee may, in its discretion,
(i) rescind any Excess Equity Award or portion thereof made to an Executive Officer within the 36-month period immediately prior
to the date such material restatement is first publicly disclosed and (ii) in the event that an Executive Officer has sold or otherwise
disposed of some or all of the Shares subject to the Excess Equity Award, recover any gains made from the sale or other disposition
of such Shares that was effected during the 36-month period immediately prior to the date such material restatement is first publicly
disclosed. In no event shall the Company be required to award an Executive Officer additional equity incentive compensation should
the restated financial statements result in a higher equity incentive payment.

 

(b)       In
addition to the foregoing, the independent members of the Board or the Independent Committee may, in its discretion, require that
an Executive Officer pay the Company, in cash and upon demand, Option Proceeds resulting from the sale or other disposition of
Shares issued or issuable upon the exercise of an Option if the sale or disposition was effected during the 36-month period immediately
prior to the date such material restatement is first publicly disclosed.

 

Any provision of this
Section 17 which is determined by a court of competent jurisdiction to be invalid or unenforceable should be construed or limited
in a manner that is valid and enforceable and that comes closest to the business objectives intended by such invalid or unenforceable
provision, without invalidating or rendering unenforceable the remaining provisions of this Section 17.

 

		18.	TERM OF PLAN.

 

Awards may be granted
pursuant to the Plan until the termination of the Plan on January 10, 2022.

 

    	 	 15	 

     

    

 

		19.	RECAPITALIZATION.

 

Subject to any required
action by the shareholders, the number of Shares covered by this Plan as provided in Section 6, the maximum grant limitation in
Section 5(b), the number of Shares or Share Equivalents covered by or referenced in each outstanding Award, and the Exercise Price
of each outstanding Option or Stock Appreciation Right and any price required to be paid for Restricted Stock or Other Share-Based
Award shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a subdivision
or consolidation of Shares, the payment of a stock dividend (but only of Common Stock) or any other increase or decrease in the
number of such Shares effected without receipt of consideration by the Company or the declaration of a dividend payable in cash
that has a material effect on the price of issued Shares.

 

Subject to any required
action by the shareholders, if the Company shall be a party to any merger, consolidation or other reorganization, each outstanding
Award shall pertain and apply to the securities to which a holder of the number of Shares or Share Equivalents subject to the Award
would have been entitled. In the event of a change in the Common Stock as presently constituted, which is limited to a change of
all of its authorized shares with par value into the same number of shares with a different par value or without par value, the
shares resulting from any such change shall be deemed to be the Common Stock within the meaning of the Plan.

 

To the extent that
the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Administrator, whose
determination in that respect shall be final, binding and conclusive, provided that each Incentive Stock Option granted pursuant
to this Plan shall not be adjusted in a manner that causes the Option to fail to continue to qualify as an incentive stock option
within the meaning of Code Section 422 or subject the Option to the requirements of Code Section 409A.

 

Except as expressly
provided in this Section 19, a Participant shall have no rights by reason of any subdivision or consolidation of shares of stock
of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class
or by reason of any dissolution, liquidation, merger or consolidation or spin-off of assets or stock of another company, and any
issue by the Company of shares of stock of any class or securities convertible into shares of stock of any class, shall not affect
the number or price of Shares subject to the Award.

 

The grant of an Award
pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations
or changes in its capital or business structure or to merge or consolidate or to dissolve, liquidate, sell or transfer all or any
part of its business assets.

 

		20.	SECURITIES LAW REQUIREMENTS AND LIMITATION OF RIGHTS.

 

(a)       Securities
Law. No Shares shall be issued pursuant to the Plan unless and until the Company has determined that: (i) it and the Participant
have taken all actions required to register the Shares under the Securities Act of 1933 or perfect an exemption from registration;
(ii) any applicable listing requirement of any stock exchange on which the Common Stock is listed has been satisfied; and (iii)
any other applicable provision of state or federal law has been satisfied.

 

(b)       Employment
Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain employed
by the Company or an Affiliate or to remain a Director. The Company and its Affiliates reserve the right to terminate the employment
of any employee at any time, with or without cause or for no cause, subject only to a written employment contract (if any), and
the Board reserves the right to terminate a Director’s membership on the Board for cause in accordance with the Company’s
Restated Certificate of Incorporation.

 

(c)       Shareholders'
Rights. Except as provided by the Administrator in accordance with Section 12, a Participant shall have no dividend rights,
voting rights or other rights as a shareholder with respect to any Shares covered by his or her Award prior to the issuance of
a stock certificate for such Shares. No adjustment shall be made for cash dividends or other rights for which the record date is
prior to the date when such certificate is issued.

 

    	 	 16	 

     

    

 

(d)       Creditors’
Rights. A holder of an Other Share-Based Award shall have no rights other than those of a general creditor of the Company.
An Other Share-Based Award shall represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions
of the applicable Other Share-Based Award Agreement. An Other Share-Based Award shall not be deemed to create a trust for the benefit
of any individual.

 

		21.	BENEFICIARY DESIGNATION.

 

Participants and their
Beneficiaries may designate on the prescribed form one or more Beneficiaries to whom distribution shall be made of any Award outstanding
at the time of the Participant’s or Beneficiary’s death. A Participant or Beneficiary may change such designation at
any time by filing the prescribed form with the Administrator. If a Beneficiary has not been designated or if no designated Beneficiary
survives the Participant or Beneficiary, distribution will be made to the residuary beneficiary under the terms of the Participant’s
or Beneficiary’s last will and testament or, in the absence of a last will and testament, to the Participant’s or Beneficiary’s
estate as Beneficiary.

 

		22.	AMENDMENT OF THE PLAN.

 

The Board may suspend
or discontinue the Plan or revise or amend it with respect to any Shares at the time not subject to Awards except that, without
approval of the shareholders of the Company, no such revision or amendment shall:

 

		(a)	Increase the number of Shares subject to the Plan;

 

		(b)	Change the designation in Section 5 of the class of Employees
eligible to receive Awards;

 

		(c)	Decrease the price at which Incentive Stock Options may
be granted;

 

		(d)	Remove the administration of the Plan from the Administrator;

 

		(e)	Amend Section 23; or

 

		(f)	Amend this Section 22 to defeat its purpose.

 

Notwithstanding anything
to the contrary in the Plan, the Committee may grant Awards with such terms, or create sub-plans, as may be necessary for the purpose
of qualifying for preferred tax treatment under non-U.S. tax laws or complying with local rules and regulations.

 

		23.	NO AUTHORITY TO REPRICE.

 

Without the consent
of the shareholders of the Company, except as provided in Section 19, the Administrator shall have no authority to effect (i) the
repricing of any outstanding Options or Stock Appreciation Rights under the Plan, (ii) the cancellation of any outstanding Options
or Stock Appreciation Rights under the Plan and the grant in substitution therefor of new Options or Stock Appreciation Rights,
or of new Restricted Stock or Restricted Stock Units or Other Stock-Based Awards, in any case covering the same or different numbers
of shares of Common Stock that has the effect of an indirect repricing, or (iii) cashing out Options or Stock Appreciation Rights
that have an Exercise Price greater than the then-Fair Market Value of the Shares.

 

		24.	NO OBLIGATION TO EXERCISE OPTION.

 

The granting of an
Option shall impose no obligation upon the Participant to exercise such Option.

 

    	 	 17	 

     

    

 

		25.	APPROVAL OF SHAREHOLDERS.

 

This Plan and any
amendments requiring shareholder approval pursuant to Section 22 shall be subject to approval by affirmative vote of the shareholders
of the Company. Such vote shall be taken at the first annual meeting of shareholders following the adoption of the Plan or of any
such amendments, or any adjournment of such meeting.

 

		26.	WITHHOLDING TAXES.

 

(a)       General.
To the extent required by applicable law, the person exercising any Option granted under the Plan or the recipient of any payment
or distribution under the Plan shall make arrangements satisfactory to the Company for the satisfaction of any applicable withholding
tax obligations. The Company shall not be required to make such payment or distribution until such obligations are satisfied.

 

(b)       Other
Awards. The Administrator may permit a Participant who exercises Nonqualified Stock Options or who vests in Restricted Stock
Awards, Restricted Stock Unit Awards, Performance Share Awards or, as applicable, Stock Appreciation Rights and Other Share-Based
Awards, to satisfy all or part of his or her tax obligations, up to the maximum amount necessary to satisfy federal, state, and
local taxes, domestic or foreign tax obligations with respect to any taxable event arising as a result of the Plan, by having the
Company withhold a portion of the Shares that otherwise would be issued to him or her under such Awards. Such Shares shall be valued
at the Fair Market Value on the day preceding the day when taxes otherwise would be withheld in cash. The payment of withholding
taxes by surrendering Shares to the Company, if permitted by the Administrator, shall be subject to such restrictions as the Administrator
may impose, including any restrictions required by rules of the Securities and Exchange Commission.

 

		27.	SUCCESSORS AND ASSIGNS.

 

The Plan shall be
binding upon the Company, its successors and assigns, and any parent Company of the Company’s successors or assigns. Notwithstanding
that the Plan may be binding upon a successor or assign by operation of law, the Company shall require any successor or assign
to expressly assume and agree to be bound by the Plan in the same manner and to the same extent that the Company would be if no
succession or assignment had taken place.

 

		28.	EXECUTION.

 

To record the adoption
of the Plan as amended and restated on March 7, 2018, the Company has caused its authorized officer to execute the same.

 

	 	ABM INDUSTRIES INCORPORATED	 
	 	 	 	 
	 	By: 	/s/ David R. Goodes	
	 	 	David R. Goodes	 
	 	 	Senior Vice President, Chief Human

                                           Resources Officer
	 

 

    	 	 18

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