Document:

Non-Employee Directors' Stock Option Plan, as amended

 Exhibit 10.5a 
 HOT TOPIC, INC. 
 1996 NON-EMPLOYEE DIRECTORS’ STOCK OPTION PLAN 
 Adopted on June 14, 1996 
 Approved by Shareholders on July 9, 1996 
 Amended on February 18, 1998 
 Approved by Shareholders on May 27, 1998 
 Amended on February 24, 2000 
 Approved by Shareholders on June 28, 2000 
 Amended on March 17, 2005 
 Approved by Shareholders on June 15, 2005 
 Amended on March 23, 2007 
 Shares Subject to the Plan Automatically Adjusted on December 27, 1999,
 December 27, 2000, February 6, 2002 and September 2, 2003. 
 1.
PURPOSE. 
 (a) The purpose of the 1996 Non-Employee Directors’ Stock Option Plan (the “Plan”) is to
provide a means by which each director of Hot Topic, Inc. (the “Company”) who is not otherwise at the time of grant an employee of or consultant to the Company or of any Affiliate of the Company (each such person being hereafter referred
to as a “Non-Employee Director”) will be given an opportunity to purchase stock of the Company. 
 (b) The word
“Affiliate” as used in the Plan means any parent corporation or subsidiary corporation of the Company as those terms are defined in Sections 424(e) and (f), respectively, of the Internal Revenue Code of 1986, as amended from time to time
(the “Code”). 
 (c) The Company, by means of the Plan, seeks to retain the services of persons now serving as Non-Employee
Directors of the Company, to secure and retain the services of persons capable of serving in such capacity, and to provide incentives for such persons to exert maximum efforts for the success of the Company. 
  

 1. 

 2. ADMINISTRATION. 
 (a) The Plan shall be administered by the Board of Directors of the Company (the “Board”), unless and until the Board delegates administration to a committee, as provided in subparagraph 2(b).

 (b) The Board may delegate administration of the Plan to a committee composed of not fewer than two (2) members of the Board
(the “Committee”). If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, subject, however, to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. 
 3. SHARES SUBJECT TO THE PLAN. 
 (a) Subject to the provisions of paragraph 10 relating to adjustments upon changes in stock, the stock that may be sold pursuant to options
granted under the Plan shall not exceed in the aggregate seven hundred twenty thousand (720,000) shares of the Company’s common stock. If any option granted under the Plan shall for any reason expire or otherwise terminate without having
been exercised in full, the stock not purchased under such option shall again become available for the Plan. 
 (b) The stock subject
to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 
 4. ELIGIBILITY. 
 Options shall be granted only to Non-Employee Directors of the Company. 
 5. GRANTS. 
 (a) Each person who is elected or appointed for the first time to
be a Non-Employee Director shall automatically be granted, upon the date of his or her initial election or appointment, an option to purchase ten thousand (10,000) shares of common stock (an “Initial Grant”), provided however
that in the case of a new Non-Employee Chairman of the Board, such person shall automatically be granted, upon the date of his or her initial election or appointment, an option to purchase fifteen thousand (15,000) shares of common stock.

 (b) On the date of each annual meeting of shareholders, commencing with the 2000 annual meeting, each person who is then a
Non-Employee Director shall automatically be granted an option to purchase two thousand five hundred (2,500) shares of common stock (an “Annual Grant”), provided however that in the case of a Non-Employee Chairman of the Board,
such person shall automatically be granted, on each such annual meeting date, an option to purchase three thousand seven hundred fifty 

  

 2. 

 
(3,750) shares. Notwithstanding the foregoing, a Non-Employee Director shall not be entitled to an Annual Grant if (i) such Non-Employee Director has
served as a Non-Employee Director for less than three (3) months, or (ii) such Non-Employee failed to attend at least seventy five percent (75%) of the meetings (A) of the Board which occurred while the Non-Employee Director was
a member of the Board and (B) of each committee of which such Non-Employee Director was a member. 
 (c) Non-Employee Directors
may also be granted options to purchase shares in amounts deemed appropriate by the Board of Directors. 
 6. OPTION
PROVISIONS. 
 Each option shall be subject to the following terms and conditions: 
 (a) The term of each option commences on the date it is granted and, unless sooner terminated as set forth herein, expires on the date
(“Expiration Date”) ten (10) years from the date of grant. If the optionee’s service as a Non-Employee Director or employee of or consultant to the Company or any Affiliate terminates for any reason or for no reason, the option
shall terminate on the earlier of the Expiration Date or the date one hundred twenty (120) days following the date of termination of such service; provided however that if such termination of service is due to the optionee’s death,
the option shall terminate on the earlier of the Expiration Date or twelve (12) months following the date of the optionee’s death. In any and all circumstances, an option may be exercised following termination of the optionee’s
service as a Non-Employee Director or employee of or consultant to the Company or any Affiliate only as to that number of shares as to which it was exercisable as of the date of termination of all such service under the provisions of subparagraph
6(e). 
 (b) The exercise price of each option shall be one hundred percent (100%) of the fair market value of the stock subject
to such option on the date such option is granted. 
 (c) Payment of the exercise price of each option is due in full in cash upon any
exercise when the number of shares being purchased upon such exercise is less than 100 shares; but when the number of shares being purchased upon an exercise is 100 or more shares, the optionee may elect to make payment of the exercise price under
one of the following alternatives: 
 (i) Payment of the exercise price per share in cash at the time of exercise; 
 (ii) Provided that at the time of the exercise the Company’s common stock is publicly traded and quoted regularly in The Wall Street
Journal, payment by 

  

 3. 

 
delivery of shares of common stock of the Company already owned by the optionee, held for the period required to avoid a charge to the Company’s
reported earnings, and owned free and clear of any liens, claims, encumbrances or security interest, which common stock shall be valued at its fair market value on the date preceding the date of exercise; or 
 (iii) Provided that at the time of the exercise the Company’s common stock is publicly traded and quoted regularly in The Wall Street
Journal, payment pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board which results in the receipt of cash (or check) by the Company either prior to the issuance of shares of the Company’s common
stock or pursuant to the terms of irrevocable instructions issued by the optionee prior to the issuance of shares of the Company’s common stock. 
 (iv) Payment by a combination of the methods of payment specified in subparagraph 6(c)(i) and 6(c)(iii) above. 
 (d) An option shall not be transferable except by will or by the laws of descent and distribution, or pursuant to a domestic relations order, and shall be exercisable during the lifetime of the person to whom
the option is granted only by such person (or by his guardian or legal representative) or transferee pursuant to such an order. Notwithstanding the foregoing, the optionee may, by delivering written notice to the Company in a form satisfactory to
the Company, designate a third party who, in the event of the death of the optionee, shall thereafter be entitled to exercise the option. 
 (e) The option shall become exercisable in installments over a period of four (4) years from the date of grant as follows: twenty-five percent (25%) shall be exercisable commencing on the date one year after the date of
grant of the option and six and one-quarter percent (6.25%) shall be exercisable at the end of each calendar quarter thereafter, provided that the optionee has, during the entire period prior to such vesting date, continuously served as a
Non-Employee Director or employee of or consultant to the Company or any Affiliate of the Company, whereupon such option shall become fully exercisable in accordance with its terms with respect to that portion of the shares represented by that
installment. 
 (f) The Company may require any optionee, or any person to whom an option is transferred under subparagraph 6(d), as a
condition of exercising any such option: (i) to give written assurances satisfactory to the Company as to the optionee’s knowledge and experience in financial and business matters; and (ii) to give written assurances satisfactory to
the Company stating that such person is acquiring the stock subject to the option for such person’s own account and not with any present intention of selling or otherwise distributing the stock. These requirements, and any assurances given
pursuant to such requirements, shall be inoperative if (i) the issuance of the shares upon the exercise of the option has been registered under a then-currently-effective registration 

  

 4. 

 
statement under the Securities Act of 1933, as amended (the “Securities Act”), or (ii), as to any particular requirement, a determination is made
by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may require any optionee to provide such other representations, written assurances or information which the
Company shall determine is necessary, desirable or appropriate to comply with applicable securities laws as a condition of granting an option to the optionee or permitting the optionee to exercise the option. The Company may, upon advice of counsel
to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the
stock. 
 (g) Notwithstanding anything to the contrary contained herein, an option may not be exercised unless the shares issuable
upon exercise of such option are then registered under the Securities Act or, if such shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities
Act. 
 7. COVENANTS OF THE COMPANY. 
 (a) During the terms of the options granted under the Plan, the Company shall keep available at all times the number of shares of stock required to
satisfy such options. 
 (b) The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the
Plan such authority as may be required to issue and sell shares of stock upon exercise of the options granted under the Plan; provided however that this undertaking shall not require the Company to register under the Securities Act either the
Plan, any option granted under the Plan, or any stock issued or issuable pursuant to any such option. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the
Company deems necessary for the lawful issuance and sale of stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell stock upon exercise of such options. 
 8. USE OF PROCEEDS FROM STOCK. 
 Proceeds from the sale of stock pursuant to options granted under the Plan shall constitute general funds of the Company. 
 9. MISCELLANEOUS. 
 (a) Neither
an optionee nor any person to whom an option is transferred under subparagraph 6(d) shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares subject to such option unless and until such person has
satisfied all requirements for exercise of the option pursuant to its terms. 
  

 5. 

 (b) Nothing in the Plan, or in any instrument executed pursuant thereto, shall confer upon any
Non-Employee Director any right to continue in the service of the Company or any Affiliate in any capacity or shall affect any right of the Company, its Board or shareholders or any Affiliate to remove any Non-Employee Director pursuant to the
Company’s Bylaws and the provisions of the laws of the Company’s state of incorporation. 
 (c) No Non-Employee Director,
individually or as a member of a group, and no beneficiary or other person claiming under or through him, shall have any right, title or interest in or to any option reserved for the purposes of the Plan except as to such shares of common stock, if
any, as shall have been reserved for him pursuant to an option granted to him. 
 (d) In connection with each option made pursuant to
the Plan, it shall be a condition precedent to the Company’s obligation to issue or transfer shares to a Non-Employee Director, or to evidence the removal of any restrictions on transfer, that such Non-Employee Director make arrangements
satisfactory to the Company to insure that the amount of any federal or other withholding tax required to be withheld with respect to such sale or transfer, or such removal or lapse, is made available to the Company for timely payment of such tax.

 (e) As used in this Plan, “fair market value” means, as of any date, the value of the common stock of the Company
determined as follows: 
 (i) If the common stock is listed on any established stock exchange, the fair market value of a share of
common stock shall be the closing sales price for such stock (or the closing bid, if no sales were reported, and in each case rounded up where necessary to the nearest whole cent) as quoted on such exchange (or the exchange with the greatest volume
of trading in common stock) on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable. 
 (ii) Unless otherwise provided by the Board, if there is no closing sales price (or closing bid, if no sales were reported) for the common stock on the date of determination, then the fair market value shall be
the closing selling price (or closing bid, if no sales were reported) on the last preceding date for which such quotation exists. 
 (iii) In the absence of such listing for the common stock, the fair market value shall be determined in good faith by the Board. 
  

 6. 

 10. ADJUSTMENTS UPON CHANGES IN STOCK.

 (a) If any change is made in the stock subject to the Plan, or subject to any option granted under the Plan (through merger,
consolidation, reorganization, recapitalization, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the
receipt of consideration by the Company), the Plan and outstanding options will be appropriately adjusted in the class(es) and maximum number of shares subject to the Plan and the class(es) and number of shares and price per share of stock subject
to outstanding options. Such adjustments shall be made by the Board, the determination of which shall be final, binding and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a “transaction not
involving the receipt of consideration by the Company.”) 
 (b) In the event of: (1) a dissolution, liquidation, or sale of
all or substantially all of the assets of the Company; (2) a merger or consolidation in which the Company is not the surviving corporation; (3) a reverse merger in which the Company is the surviving corporation but the shares of the
Company’s common stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (4) the acquisition by any person, entity or group
within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or
maintained by the Company or any Affiliate of the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty
percent (50%) of the combined voting power entitled to vote in the election of directors, then the time during which options outstanding under the Plan may be exercised shall be accelerated prior to such event and the options terminated if not
exercised after such acceleration and at or prior to such event. 
 11. AMENDMENT OF THE PLAN.

 (a) The Board at any time, and from time to time, may amend the Plan and/or some or all outstanding options granted under the
Plan. Except as provided in paragraph 10 relating to adjustments upon changes in stock, no amendment shall be effective unless approved by the shareholders of the Company within twelve (12) months before or after the adoption of the amendment
if such amendment requires shareholder approval in order for the Plan to comply with the requirements of Rule 16b-3 promulgated under the Exchange Act, Section 162(m) of the Internal Revenue Code or any securities exchange requirements.

  

 7. 

 (b) Rights and obligations under any option granted before any amendment of the Plan shall not be
impaired by such amendment unless (i) the Company requests the consent of the person to whom the option was granted and (ii) such person consents in writing. 
 12. TERMINATION OR SUSPENSION OF THE PLAN. 
 (a) The Board may suspend or terminate the Plan at any time. No options may be granted under the Plan while the Plan is suspended or after it is terminated. 
 (b) Rights and obligations under any option granted while the Plan is in effect shall not be impaired by suspension or termination of the Plan,
except with the consent of the person to whom the option was granted. 
 (c) The Plan shall terminate upon the occurrence of any of
the events described in Section 10(b) above. 
 13. EFFECTIVE DATE OF PLAN;
CONDITIONS OF EXERCISE. 
 (a) The Plan shall become effective upon adoption by the
Board of Directors, subject to the condition subsequent that the Plan is approved by the shareholders of the Company. 
 (b) No
option granted under the Plan shall be exercised or exercisable unless and until the condition of subparagraph 13(a) above has been met. 
  

 8.Employee Stock Purchase Plan, as amended

 Exhibit 10.6a 
 HOT TOPIC, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 Adopted June 14, 1996 
 Approved
by the Stockholders on July 9, 1996 
 Amended March 23, 2007 
 Shares Subject to the Plan Automatically Adjusted on December 27, 1999, 
 December 27, 2000, February 6, 2002 and September 2, 2003 
 1. PURPOSE. 
 (a) The purpose of the Employee Stock Purchase Plan (the “Plan”) is to provide a means by which employees of Hot Topic, Inc., a
California corporation (the “Company”), and its Affiliates, as defined in subparagraph 1(b), which are designated as provided in subparagraph 2(b), may be given an opportunity to purchase stock of the Company. 
 (b) The word “Affiliate” as used in the Plan means any parent corporation or subsidiary corporation of the Company, as those terms are
defined in Sections 424(e) and (f), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (c) The
Company, by means of the Plan, seeks to retain the services of its employees, to secure and retain the services of new employees, and to provide incentives for such persons to exert maximum efforts for the success of the Company. 
 (d) The Company intends that the rights to purchase stock of the Company granted under the Plan be considered options issued under an
“employee stock purchase plan” as that term is defined in Section 423(b) of the Code. 
 2. ADMINISTRATION. 

(a) The Plan shall be administered by the Board of Directors (the “Board”) of the Company unless and until the Board delegates
administration to a Committee, as provided in subparagraph 2(c). Whether or not the Board has delegated administration, the Board shall have the final power to determine all questions of policy and expediency that may arise in the administration of
the Plan. 
 (b) The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 (i) To determine when and how rights to purchase stock of the Company shall be granted and the provisions of each offering of such
rights (which need not be identical). 
 (ii) To designate from time to time which Affiliates of the Company shall be eligible to
participate in the Plan. 
 (iii) To construe and interpret the Plan and rights granted under it, and to establish,
amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the
Plan fully effective. 
  

 1. 

 (iv) To amend the Plan as provided in paragraph 13. 
 (v) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and its Affiliates and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code. 
 (c) The Board may delegate administration of the Plan to a Committee composed of not fewer than two (2) members of the Board (the
“Committee”). If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, subject, however, to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. 
 3. SHARES SUBJECT TO THE PLAN. 
 (a) Subject to the provisions of paragraph 12 relating to adjustments upon changes in stock, the stock that may be sold pursuant to rights granted
under the Plan shall not exceed in the aggregate one million three hundred fifty thousand (1,350,000) shares of the Company’s common stock (the “Common Stock”). If any right granted under the Plan shall for any reason terminate
without having been exercised, the Common Stock not purchased under such right shall again become available for the Plan. 
 (b) The stock subject to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 
 4.
GRANT OF RIGHTS; OFFERING. 
 (a) The Board or the Committee may from
time to time grant or provide for the grant of rights to purchase Common Stock of the Company under the Plan to eligible employees (an “Offering”) on a date or dates (the “Offering Date(s)”) selected by the Board or the
Committee. Each Offering shall be in such form and shall contain such terms and conditions as the Board or the Committee shall deem appropriate, which shall comply with the requirements of Section 423(b)(5) of the Code that all employees
granted rights to purchase stock under the Plan shall have the same rights and privileges. The terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings
need not be identical, but each Offering shall include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering shall be effective, which period
shall not exceed twenty-seven (27) months beginning with the Offering Date, and the substance of the provisions contained in paragraphs 5 through 8, inclusive. 
  

 2. 

 (b) If an employee has more than one right outstanding under the Plan, unless he or she otherwise
indicates in agreements or notices delivered hereunder: (1) each agreement or notice delivered by that employee will be deemed to apply to all of his or her rights under the Plan, and (2) a right with a lower exercise price (or an
earlier-granted right, if two rights have identical exercise prices), will be exercised to the fullest possible extent before a right with a higher exercise price (or a later-granted right, if two rights have identical exercise prices) will be
exercised. 
 5. ELIGIBILITY. 
 (a) Rights may be granted only to employees of the Company or, as the Board or the Committee may designate as provided in subparagraph 2(b), to employees of any Affiliate of the Company. Except as provided in subparagraph 5(b), an
employee of the Company or any Affiliate shall not be eligible to be granted rights under the Plan, unless, on the Offering Date, such employee has been in the employ of the Company or any Affiliate for such continuous period preceding such grant as
the Board or the Committee may require, but in no event shall the required period of continuous employment be equal to or greater than two (2) years. In addition, unless otherwise determined by the Board or the Committee and set forth in the
terms of the applicable Offering, no employee of the Company or any Affiliate shall be eligible to be granted rights under the Plan, unless, on the Offering Date, such employee’s customary employment with the Company or such Affiliate is for at
least twenty (20) hours per week and at least five (5) months per calendar year. 
 (b) The Board or the Committee may
provide that each person who, during the course of an Offering, first becomes an eligible employee of the Company or designated Affiliate will, on a date or dates specified in the Offering which coincides with the day on which such person becomes an
eligible employee or occurs thereafter, receive a right under that Offering, which right shall thereafter be deemed to be a part of that Offering. Such right shall have the same characteristics as any rights originally granted under that Offering,
as described herein, except that: 
 (i) the date on which such right is granted shall be the “Offering Date” of such right
for all purposes, including determination of the exercise price of such right; 
 (ii) the period of the Offering with respect to such
right shall begin on its Offering Date and end coincident with the end of such Offering; and 
 (iii) the Board or the Committee may
provide that if such person first becomes an eligible employee within a specified period of time before the end of the Offering, he or she will not receive any right under that Offering. 
 (c) No employee shall be eligible for the grant of any rights under the Plan if, immediately after any such rights are granted, such employee owns
stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Affiliate. For purposes of this subparagraph 5(c), the rules of Section 424(d) of the Code shall apply
in determining the stock ownership of any employee, and stock which such employee may purchase under all outstanding rights and options shall be treated as stock owned by such employee. 
  

 3. 

 (d) An eligible employee may be granted rights under the Plan only if such rights, together with
any other rights granted under “employee stock purchase plans” of the Company and any Affiliates, as specified by Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase stock of the Company or any
Affiliate to accrue at a rate which exceeds twenty-five thousand dollars ($25,000) of fair market value of such stock (determined at the time such rights are granted) for each calendar year in which such rights are outstanding at any time.

 (e) Officers of the Company and any designated Affiliate shall be eligible to participate in Offerings under the Plan, provided,
however, that the Board may provide in an Offering that certain employees who are highly compensated employees within the meaning of Section 423(b)(4)(D) of the Code shall not be eligible to participate. 
 6. RIGHTS; PURCHASE PRICE. 
 (a) On each Offering Date, each eligible employee, pursuant to an Offering made under the Plan, shall be granted the right to purchase up to the number of shares of Common Stock of the Company purchasable with
a percentage designated by the Board or the Committee not exceeding ten percent (10%) of such employee’s Earnings (as defined in subparagraph 7(a)) during the period which begins on the Offering Date (or such later date as the Board or the
Committee determines for a particular Offering) and ends on the date stated in the Offering, which date shall be no later than the end of the Offering. The Board or the Committee shall establish one or more dates during an Offering (the
“Purchase Date(s)”) on which rights granted under the Plan shall be exercised and purchases of Common Stock carried out in accordance with such Offering. 
 (b) In connection with each Offering made under the Plan, the Board or the Committee may specify a maximum number of shares that may be purchased by any employee as well as a maximum aggregate number of shares
that may be purchased by all eligible employees pursuant to such Offering. In addition, in connection with each Offering that contains more than one Purchase Date, the Board or the Committee may specify a maximum aggregate number of shares which may
be purchased by all eligible employees on any given Purchase Date under the Offering. If the aggregate purchase of shares upon exercise of rights granted under the Offering would exceed any such maximum aggregate number, the Board or the Committee
shall make a pro rata allocation of the shares available in as nearly a uniform manner as shall be practicable and as it shall deem to be equitable. 
 (c) The purchase price of stock acquired pursuant to rights granted under the Plan shall be not less than the lesser of: 
 (i) an amount equal to eighty-five percent (85%) of the fair market value of the stock on the Offering Date; or 
  

 4. 

 (ii) an amount equal to eighty-five percent (85%) of the fair market value of the stock on
the Purchase Date. 
 (d) As used in this Plan and any Offering under this Plan, “fair market value” means, as of any date,
the value of the Common Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange, the fair
market value of a share of Common Stock shall be the closing sales price for such Common Stock (or the closing bid, if no sales were reported, and in each case rounded up where necessary to the nearest whole cent) as quoted on such exchange (or the
exchange with the greatest volume of trading in common stock) on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable. 
 (ii) Unless otherwise provided by the Board, if there is no closing sales price (or closing bid, if no sales were reported) for the Common Stock
on the date of determination, then the fair market value shall be the closing selling price (or closing bid, if no sales were reported) on the last preceding date for which such quotation exists. 
 (iii) In the absence of such listing for the Common Stock, the fair market value shall be determined in good faith by the Board. 
 7. PARTICIPATION; WITHDRAWAL; TERMINATION. 
 (a) An eligible employee may become a participant in the Plan pursuant to an Offering by delivering a participation agreement to the Company within
the time specified in the Offering, in such form as the Company provides. Each such agreement shall authorize payroll deductions of up to the maximum percentage specified by the Board or the Committee of such employee’s Earnings during the
Offering. “Earnings” is defined as an employee’s regular salary or wages (including amounts thereof elected to be deferred by the employee, that would otherwise have been paid, under any arrangement established by the Company intended
to comply with Section 401(k), Section 402(e)(3), Section 125, Section 402(h), or Section 403(b) of the Code, and also including any deferrals under a non-qualified deferred compensation plan or arrangement established by
the Company), which shall include or exclude (as provided for each Offering) the following items of compensation: bonuses, commissions, overtime pay, incentive pay, profit sharing, other remuneration paid directly to the employee, the cost of
employee benefits paid for by the Company or an Affiliate, education or tuition reimbursements, imputed income arising under any group insurance or benefit program, traveling expenses, business and moving expense reimbursements, income received in
connection with stock options, contributions made by the Company or an Affiliate under any employee benefit plan, and similar items of compensation, as determined by the Board or Committee. The payroll deductions made for each participant shall be
credited to an account for such participant under the Plan and shall be deposited with the general funds of the Company. A participant may reduce (including to zero) or increase such payroll deductions, and an eligible employee may begin such
payroll deductions, after the beginning of any Offering only as provided for in the Offering. A participant may make additional payments into his or her account only if specifically provided for in the Offering and only if the participant has not
had the maximum amount withheld during the Offering. 
  

 5. 

 (b) At any time during an Offering, a participant may terminate his or her payroll deductions
under the Plan and withdraw from the Offering by delivering to the Company a notice of withdrawal in such form as the Company provides. Such withdrawal may be elected at any time prior to the end of the Offering except as provided by the Board or
the Committee in the Offering. Upon such withdrawal from the Offering by a participant, the Company shall distribute to such participant all of his or her accumulated payroll deductions (reduced to the extent, if any, such deductions have been used
to acquire stock for the participant) under the Offering, without interest, and such participant’s interest in that Offering shall be automatically terminated. A participant’s withdrawal from an Offering will have no effect upon such
participant’s eligibility to participate in any other Offerings under the Plan but such participant will be required to deliver a new participation agreement in order to participate in subsequent Offerings under the Plan. 
 (c) Rights granted pursuant to any Offering under the Plan shall terminate immediately upon cessation of any participating employee’s
employment with the Company and any designated Affiliate, for any reason, and the Company shall distribute to such terminated employee all of his or her accumulated payroll deductions (reduced to the extent, if any, such deductions have been used to
acquire stock for the terminated employee) under the Offering, without interest. 
 (d) Rights granted under the Plan shall not be
transferable by a participant otherwise than by will or the laws of descent and distribution, or by a beneficiary designation as provided in paragraph 14 and, otherwise during his or her lifetime, shall be exercisable only by the person to whom such
rights are granted. 
 8. EXERCISE. 
 (a) On each Purchase Date specified therefor in the relevant Offering, each participant’s accumulated payroll deductions and other additional payments specifically provided for in the Offering (without any
increase for interest) will be applied to the purchase of whole shares of stock of the Company, up to the maximum number of shares permitted pursuant to the terms of the Plan and the applicable Offering, at the purchase price specified in the
Offering. No fractional shares shall be issued upon the exercise of rights granted under the Plan. The amount, if any, of accumulated payroll deductions remaining in each participant’s account after the purchase of shares which is less than the
amount required to purchase one share of stock on the final Purchase Date of an Offering shall be held in each such participant’s account for the purchase of shares under the next Offering under the Plan, unless such participant withdraws from
such next Offering, as provided in subparagraph 7(b), or is no longer eligible to be granted rights under the Plan, as provided in paragraph 5, in which case such amount shall be distributed to the participant after such final Purchase Date,
without interest. The amount, if any, of accumulated payroll deductions remaining in any participant’s account after the purchase of shares which is equal to the amount required to purchase whole shares of stock on the final Purchase Date of an
Offering shall be distributed in full to the participant after such Purchase Date, without interest. 
  

 6. 

 (b) No rights granted under the Plan may be exercised to any extent unless the shares to be issued
upon such exercise under the Plan (including rights granted thereunder) are covered by an effective registration statement pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the Plan is in material compliance
with all applicable state, foreign and other securities and other laws applicable to the Plan. If on a Purchase Date in any Offering hereunder the Plan is not so registered or in such compliance, no rights granted under the Plan or any Offering
shall be exercised on such Purchase Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective registration statement and such compliance, except that the Purchase Date shall not be delayed more than twelve
(12) months and the Purchase Date shall in no event be more than twenty-seven (27) months from the Offering Date. If on the Purchase Date of any Offering hereunder, as delayed to the maximum extent permissible, the Plan is not registered
and in such compliance, no rights granted under the Plan or any Offering shall be exercised and all payroll deductions accumulated during the Offering (reduced to the extent, if any, such deductions have been used to acquire stock) shall be
distributed to the participants, without interest. 
 9. COVENANTS OF THE COMPANY.

 (a) During the terms of the rights granted under the Plan, the Company shall keep available at all times the number of shares of
stock required to satisfy such rights. 
 (b) The Company shall seek to obtain from each federal, state, foreign or other regulatory
commission or agency having jurisdiction over the Plan such authority as may be required to issue and sell shares of stock upon exercise of the rights granted under the Plan. If, after reasonable efforts, the Company is unable to obtain from any
such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell stock upon
exercise of such rights unless and until such authority is obtained. 
 10. USE OF PROCEEDS
FROM STOCK. 
 Proceeds from the sale of stock pursuant to rights granted under the Plan shall constitute
general funds of the Company. 
 11. RIGHTS AS A SHAREHOLDER. 
 A participant shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares subject to rights granted
under the Plan unless and until the participant’s shareholdings acquired upon exercise of rights hereunder are recorded in the books of the Company. 
  

 7. 

 12. ADJUSTMENTS UPON CHANGES IN STOCK.

 (a) If any change is made in the stock subject to the Plan, or subject to any rights granted under the Plan (through merger,
consolidation, reorganization, recapitalization, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the
receipt of consideration by the Company), the Plan and outstanding rights will be appropriately adjusted in the class(es) and maximum number of shares subject to the Plan and the class(es) and number of shares and price per share of stock subject to
outstanding rights. Such adjustments shall be made by the Board or the Committee, the determination of which shall be final, binding and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a
“transaction not involving the receipt of consideration by the Company.”) 
 (b) In the event of: (1) a dissolution or
liquidation of the Company; (2) a merger or consolidation in which the Company is not the surviving corporation; (3) a reverse merger in which the Company is the surviving corporation but the shares of the Company’s Common Stock
outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (4) the acquisition by any person, entity or group within the meaning of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act” or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company or any
Affiliate of the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty percent (50%) of the combined
voting power entitled to vote in the election of directors, then, as determined by the Board in its sole discretion (i) any surviving or acquiring corporation may assume outstanding rights or substitute similar rights for those under the Plan,
(ii) such rights may continue in full force and effect, or (iii) participants’ accumulated payroll deductions may be used to purchase Common Stock immediately prior to the transaction described above and the participants’ rights
under the ongoing Offering terminated. 
 13. AMENDMENT OF THE PLAN. 
 (a) The Board at any time, and from time to time, may amend the Plan. However, except as provided in paragraph 12 relating to adjustments upon
changes in stock, no amendment shall be effective unless approved by the shareholders of the Company within twelve (12) months before or after the adoption of the amendment, where the amendment will: 
 (i) Increase the number of shares reserved for rights under the Plan; 
 (ii) Modify the provisions as to eligibility for participation in the Plan (to the extent such modification requires shareholder
approval in order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code or to comply with the requirements of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (“Rule
16b-3”)); or 
  

 8. 

 (iii) Modify the Plan in any other way if such modification requires shareholder
approval in order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code or to comply with the requirements of Rule 16b-3. 
 It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible employees with the maximum benefits provided or to be provided under the
provisions of the Code and the regulations promulgated thereunder relating to employee stock purchase plans and/or to bring the Plan and/or rights granted under it into compliance therewith. 
 (b) Rights and obligations under any rights granted before amendment of the Plan shall not be altered or impaired by any amendment of the Plan,
except with the consent of the person to whom such rights were granted, or except as necessary to comply with any laws or governmental regulations, or except as necessary to ensure that the Plan and/or rights granted under the Plan comply with the
requirements of Section 423 of the Code. 
 14. DESIGNATION OF BENEFICIARY. 
 (a) A participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant’s
account under the Plan in the event of such participant’s death subsequent to the end of an Offering but prior to delivery to the participant of such shares and cash. In addition, a participant may file a written designation of a beneficiary
who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death during an Offering. 
 (b) Such designation of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at
the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the
Company), the Company, in its sole discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other
person as the Company may designate. 
 15. TERMINATION OR SUSPENSION OF THE
PLAN. 
 (a) The Board in its discretion, may suspend or terminate the Plan at any time. No rights may be granted
under the Plan while the Plan is suspended or after it is terminated. 
 (b) Rights and obligations under any rights granted while the
Plan is in effect shall not be altered or impaired by suspension or termination of the Plan, except as expressly provided in the Plan or with the consent of the person to whom such rights were granted, or except as necessary to comply with any laws
or governmental regulation, or except as necessary to ensure that the Plan and/or rights granted under the Plan comply with the requirements of Section 423 of the Code. 
  

 9. 

 16. EFFECTIVE DATE OF PLAN. 
 The Plan shall become effective on the same day that the Company’s initial public offering of shares of common stock becomes effective (the
“Effective Date”), but no rights granted under the Plan shall be exercised unless and until the Plan has been approved by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted by the
Board or the Committee, which date may be prior to the Effective Date. 
  

 10.

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