Document:

Exhibit 10.1

 

COLOR
STAR TECHNOLOGY CO., LTD.

2021 EQUITY INCENTIVE PLAN

 

1.
Purpose. The purpose of the Color Star Technology Co., Ltd. 2021 Equity Incentive Plan is to provide a means through which the
Company and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, managers, employees,
consultants and advisors (and prospective directors, officers, managers, employees, consultants and advisors) of the Company and its
Affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may (but need not) be
measured by reference to the value of Ordinary shares, thereby strengthening their commitment to the welfare of the Company and its Affiliates
and aligning their interests with those of the Company’s stockholders.

 

2.
Definitions. The following definitions shall be applicable throughout this Plan:

 

(a)
“Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or is under
common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a
significant interest as determined by the Committee in its discretion. The term “control” (including, with correlative meaning,
the terms “controlled by” and “under common control with”), as applied to any person or entity, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether
through the ownership of voting or other securities, by contract or otherwise.

 

(b)
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award and Performance Compensation Award granted under this Plan.

 

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

 

(d)
“Business Combination” has the meaning given such term in the definition of “Change in Control.”

 

(e)
“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in
New York City are authorized or obligated by federal law or executive order to be closed.

 

(f)
“Cause” means, in the case of a particular Award, unless the applicable Award agreement states otherwise, (i)
the Company or an Affiliate having “cause” to terminate a Participant’s employment or service, as defined in any employment
or consulting agreement or similar document or policy between the Participant and the Company or an Affiliate in effect at the time of
such termination or (ii) in the absence of any such employment or consulting agreement, document or policy (or the absence of any definition
of “Cause” contained therein), (A) a continuing material breach or material default (including, without limitation, any material
dereliction of duty) by Participant of any agreement between the Participant and the Company, except for any such breach or default which
is caused by the physical disability of the Participant (as determined by a neutral physician), or a continuing failure by the Participant
to follow the direction of a duly authorized representative of the Company; (B) gross negligence, willful misfeasance or breach of fiduciary
duty by the Participant; (C) the commission by the Participant of an act of fraud, embezzlement, misappropriation of the Company or its
Affiliate’s assets or any felony or other crime of dishonesty in connection with the Participant’s duties; (D) conviction
of the Participant of a felony or any other crime that would materially and adversely affect: (i) the business reputation of the Company
or (ii) the performance of the Participant’s duties to the Company, or (E) failure by a Participant to follow the
lawful directions of a superior officer or the Board. Any determination of whether Cause exists shall be made by the Committee in its
sole discretion. 

 

(g)
“Change in Control” shall, in the case of a particular Award, unless the applicable Award agreement states
otherwise or contains a different definition of “Change in Control,” be deemed to occur upon:

  

     

     

    

 

(i)
An acquisition (whether directly from the Company or otherwise) of any voting securities of the Company (the “Voting Securities”)
by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities and Exchange Act of
1934, as amended (the “Exchange Act”)), immediately after which such Person has ownership of more than one-half
(1/2) of the combined voting power of the Company’s then outstanding Voting Securities.

 

(ii)
The individuals who constitute the members of the Board cease, by reason of a financing, merger, combination, acquisition, takeover or
other non-ordinary course transaction affecting the Company, to constitute at least forty percent (40%) of the members of the Board;
or

 

(iii)
The consummation of any of the following events:

 

(A)
A merger, consolidation or reorganization involving the Company, where either or both of the events described in clauses (i) or (ii)
above would be the result;

 

(B)
A liquidation or dissolution of or appointment of a receiver, rehabilitator, conservator or similar person for, or the filing by a third
party of an involuntary bankruptcy against, the Company; provided, however, that to the extent necessary to comply with Section 409A
of the Code, the occurrence of an event described in this subsection (B) shall not permit the settlement of Restricted Stock Units granted
under this Plan; or

 

(C)
An agreement for the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer
to a subsidiary of the Company).

 

(h)
“Closing Price” means (A) during such time as the Ordinary shares are registered under Section 12 of the Exchange
Act, the closing price of the Ordinary shares as reported by an established stock exchange or automated quotation system on the day for
which such value is to be determined, or, if no sale of the Ordinary shares shall have been made on any such stock exchange or automated
quotation system that day, on the next preceding day on which there was a sale of such Ordinary shares, or (B) during any such time as
the Ordinary shares are not listed upon an established stock exchange or automated quotation system, the mean between dealer “bid”
and “ask” prices of the Ordinary shares in the over-the-counter market on the day for which such value is to be determined,
as reported by the Financial Industry Regulatory Authority, Inc., or (C) during any such time as the Ordinary shares cannot be valued
pursuant to (A) or (B) above, the fair market value shall be as determined by the Committee considering all relevant information including,
by example and not by limitation, the services of an independent appraiser.

 

(i)
“Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in this Plan
to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments
or successor provisions to such section, regulations or guidance.

 

 

(j)
“Committee” means a committee of at least two people as the Board may appoint to administer this Plan or, if
no such committee has been appointed by the Board, the Board. Unless altered by an action of the Board, the Committee shall be the Compensation
Committee of the Board.

 

(k)
“Ordinary shares” means the ordinary shares, par value $0.001 per share, of the Company (and any stock or other
securities into which such ordinary shares may be converted or into which they may be exchanged).

 

(l)
“Company” means Color Star Technology Co., Ltd., a Cayman Islands exempted company, together with its successors
and assigns.

 

(m)
“Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be
specified in such authorization.

 

(n)
“Disability” means a “permanent and total” disability incurred by a Participant while in the employ
of the Company or an Affiliate. For this purpose, a permanent and total disability shall mean that the Participant is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months.

 

(o)
“Effective Date” means the date when the Plan is adopted by the Board.

 

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(p)
“Eligible Director” means a person who is (i) a “non-employee director” within the meaning of Rule
16b-3 under the Exchange Act, and (ii) an “outside director” within the meaning of Section 162(m) of the Code.

 

(q)
“Eligible Person” means any (i) individual employed by the Company or an Affiliate; provided, however,
that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility
is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of the Company
or an Affiliate; (iii) consultant or advisor to the Company or an Affiliate, provided that if the Securities Act applies such persons
must be eligible to be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employees, directors,
officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would
satisfy the provisions of clauses (i) through (iii) above once he or she begins employment with or begins providing services to the Company
or its Affiliates).

 

(r)
“Exchange Act” has the meaning given such term in the definition of “Change in Control,” and any
reference in this Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations
or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations
or guidance.

 

(s)
“Exercise Price” has the meaning given such term in Section 7(b) of this Plan.

 

(t)
“Fair Market Value”, unless otherwise provided by the Committee in accordance with all applicable laws, rules
regulations and standards, means, on a given date, (i) if the Ordinary shares (A) are listed on a national securities exchange or (B)
are not listed on a national securities exchange, but is quoted by the OTC Markets Group, Inc. (www.otcmarkets.com) or any successor
or alternative recognized over-the-counter market or another inter-dealer quotation system, on a last sale basis, the average selling
price of the Ordinary shares reported on such national securities exchange or other inter-dealer quotation system, determined as the
arithmetic mean of such selling prices over the thirty (30)-Business Day period preceding the Date of Grant, weighted based on the volume
of trading of such Ordinary shares on each trading day during such period; or (ii) if the Ordinary shares are not listed on a national
securities exchange or quoted in an inter-dealer quotation system on a last sale basis, the amount determined by the Committee in good
faith to be the fair market value of the Ordinary shares. 

 

(u)
“Immediate Family Members” shall have the meaning set forth in Section 15(b) of this Plan.

 

(v)
“Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option as
described in Section 422 of the Code and otherwise meets the requirements set forth in this Plan.

 

(w)
“Indemnifiable Person” shall have the meaning set forth in Section 4(e) of this Plan.

 

(x)
“Intellectual Property Products” shall have the meaning set forth in Section 15(c) of this Plan.

 

(y)
“Mature Shares” means Ordinary shares owned by a Participant that are not subject to any pledge or security
interest and that have been either previously acquired by the Participant on the open market or meet such other requirements, if any,
as the Committee may determine are necessary in order to avoid an accounting earnings charge on account of the use of such shares to
pay the Exercise Price or satisfy a withholding obligation of the Participant.

 

(z)
“Negative Discretion” shall mean the discretion authorized by this Plan to be applied by the Committee to eliminate
or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code.

 

(aa)
“Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 

(bb)
“Option” means an Award granted under Section 7 of this Plan.

 

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(cc)
“Option Period” has the meaning given such term in Section 7(c) of this Plan.

 

(dd)
“Outstanding Company Ordinary shares” has the meaning given such term in the definition of “Change in
Control.”

 

(ee)
“Outstanding Company Voting Securities” has the meaning given such term in the definition of “Change
in Control.”

 

(ff)
“Participant” means an Eligible Person who has been selected by the Committee to participate in this Plan and
to receive an Award pursuant to Section 6 of this Plan.

 

(gg)
“Performance Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation
Award pursuant to Section 11 of this Plan. 

 

(hh)
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of
establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under this Plan.

 

(ii)
“Performance Formula” shall mean, for a Performance Period, the one or more objective formulae applied against
the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all,
some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period.

 

(jj)
“Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee
for the Performance Period based upon the Performance Criteria.

 

(kk)
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which the
attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment
of, a Performance Compensation Award.

 

(ll)
“Permitted Transferee” shall have the meaning set forth in Section 15(b) of this Plan.

 

(mm)
“Person” has the meaning given such term in the definition of “Change in Control.”

 

(nn)
“Plan” means this Color Star Technology Co., Ltd. 2021 Equity Incentive Plan, as amended from time to time.

 

(oo)
“Retirement” means the fulfillment of each of the following conditions: (i) the Participant is good standing
with the Company as determined by the Committee; (ii) the voluntary termination by a Participant of such Participant’s employment
or service to the Company and (B) that at the time of such voluntary termination, the sum of: (1) the Participant’s age (calculated
to the nearest month, with any resulting fraction of a year being calculated as the number of months in the year divided by 12) and (2)
the Participant’s years of employment or service with the Company (calculated to the nearest month, with any resulting fraction
of a year being calculated as the number of months in the year divided by 12) equals at least 62 (provided that, in any case, the foregoing
shall only be applicable if, at the time of Retirement, the Participant shall be at least 55 years of age and shall have been employed
by or served with the Company for no less than 5 years).

 

(pp)
“Restricted Period” means the period of time determined by the Committee during which an Award is subject to
restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award
has been earned.

 

(qq)
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver Ordinary shares, cash, other securities
or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously
employed or provide continuous services for a specified period of time), granted under Section 9 of this Plan.

 

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(rr)
“Restricted Stock” means Ordinary shares, subject to certain specified restrictions (including, without limitation,
a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted
under Section 9 of this Plan. 

 

(ss)
“SAR Period” has the meaning given such term in Section 8(c) of this Plan.

 

(tt)
“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in this
Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other official interpretative guidance
under such section, and any amendments or successor provisions to such section, rules, regulations or guidance.

 

(uu)
“Stock Appreciation Right” or “SAR” means an Award granted under Section
8 of this Plan which meets all of the requirements of Section 1.409A-1(b)(5)(i)(B) of the Treasury Regulations.

 

(vv)
“Stock Bonus Award” means an Award granted under Section 10 of this Plan.

 

(ww)        “Strike
Price” means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case of a SAR
granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent of an Option,
the Fair Market Value on the Date of Grant.

 

(xx)
“Subsidiary” means, with respect to any specified Person:

 

(i)
any corporation, association or other business entity of which more than 50% of the total voting power of shares of Outstanding Company
Voting Securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)
any partnership or limited liability company (or any comparable foreign entity) (a) the sole general partner or managing member (or functional
equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (b) the only general partners
or managing members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof).

 

(yy)
“Substitute Award” has the meaning given such term in Section 5(e).

 

(zz)
“Treasury Regulations” means any regulations, whether proposed, temporary or final, promulgated by the U.S.
Department of Treasury under the Code, and any successor provisions.

 

3.
Effective Date; Duration. The Plan shall be effective as of the Effective Date, but no Award shall be exercised or paid (or, in
the case of a stock Award, shall be granted unless contingent on stockholder approval) unless and until this Plan has been approved by
the stockholders of the Company, which approval shall be within twelve (12) months after the Effective Date. The expiration date of this
Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however,
that such expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue to apply to such
Awards.

 

4.
Administration.

 

(a)
The Committee shall administer this Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange
Act (if the Board is not acting as the Committee under this Plan) or necessary to obtain the exception for performance-based compensation
under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee shall, at the time he takes any action
with respect to an Award under this Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as
an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under this Plan. The acts
of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee
shall be deemed the acts of the Committee. Whether a quorum is present shall be determined based on the Committee’s charter as
approved by the Board.

 

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(b)
Subject to the provisions of this Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other
express powers and authorizations conferred on the Committee by this Plan and its charter, to: (i) designate Participants; (ii) determine
the type or types of Awards to be granted to a Participant; (iii) determine the number of Ordinary shares to be covered by, or with respect
to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions
of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Ordinary
shares, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards
may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the
delivery of cash, Ordinary shares, other securities, other Awards or other property and other amounts payable with respect to an Award;
(vii) interpret, administer, reconcile any inconsistency in, settle any controversy regarding, correct any defect in and/or complete
any omission in this Plan and any instrument or agreement relating to, or Award granted under, this Plan; (viii) establish, amend, suspend,
or waive any rules, conditions and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration
of this Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other
determination and take any other action that the Committee deems necessary or desirable for the administration of this Plan.

 

(c)
The Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with
respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and
that may be so delegated as a matter of law, except for grants of Awards to persons (i) subject to Section 16 of the Exchange Act or
(ii) who are, or who are reasonably expected to be, “covered employees” for purposes of Section 162(m) of the Code.

 

(d)
Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations, and other decisions under or with
respect to this Plan or any Award or any documents evidencing Awards granted pursuant to this Plan shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

 

(e)
No member of the Board, the Committee, delegate of the Committee or any employee, advisor or agent of the Company or the Board or the
Committee (each such person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to
be taken or any determination made in good faith with respect to this Plan or any Award hereunder. Each Indemnifiable Person shall be
indemnified and held harmless by the Company against and from (and the Company shall pay or reimburse on demand for) any loss, cost,
liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection
with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable
Person may be involved by reason of any action taken or omitted to be taken under this Plan or any Award agreement and against and from
any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable
Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided,
that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company
gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s
choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment
or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the
acts or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s
bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s
Certificate of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such Indemnifiable Persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of
law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

 

(f)
Notwithstanding anything to the contrary contained in this Plan, the Board may, in its sole discretion, at any time and from time to
time, grant Awards and administer this Plan with respect to such Awards. In any such case, the Board shall have all the authority granted
to the Committee under this Plan.

  

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5.
Grant of Awards; Shares Subject to this Plan; Limitations.

 

(a)
The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus
Awards and/or Performance Compensation Awards to one or more Eligible Persons.

 

(b)
Subject to Section 3, Section 11 and Section 12 of this Plan, the Committee is authorized to deliver under this Plan an aggregate of
Eight Million Five Hundred Thousand (8,500,000) Ordinary Shares. Each Ordinary share subject to an Option or a Stock Appreciation Right
will reduce the number of Ordinary shares available for issuance by one share, and each Ordinary share underlying an Award of Restricted
Stock, Restricted Stock Units, Stock Bonus Awards and Performance Compensation Awards will reduce the number of Ordinary shares available
for issuance by one shares.

 

(c)
Ordinary shares underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash shall be
available again for Awards under this Plan at the same ratio at which they were previously granted. Notwithstanding the foregoing, the
following Ordinary shares shall not be available again for Awards under the Plan: (i) shares tendered or held back upon the exercise
of an Option or settlement of an Award to cover the Exercise Price of an Award; (ii) shares that are used or withheld to satisfy tax
obligations of the Participant; and (iii) shares subject to a Stock Appreciation Right that are not issued in connection with the stock
settlement of the SAR upon exercise thereof.

 

(d)
Ordinary shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of
the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

 

(e)
Subject to compliance with Section 1.409A-3(f) of the Treasury Regulations, Awards may, in the sole discretion of the Committee, be granted
under this Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company
or with which the Company combines (“Substitute Awards”). The number of Ordinary shares underlying any Substitute
Awards shall be counted against the aggregate number of Ordinary shares available for Awards under this Plan.

 

6.
Eligibility. Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received
written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in
this Plan.

 

7.
Options.

 

(a)
Generally. Each Option granted under this Plan shall be evidenced by an Award agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each
Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with
this Plan as may be reflected in the applicable Award agreement. All Options granted under this Plan shall be Nonqualified Stock Options
unless the applicable Award agreement expressly states that the Option is intended to be an Incentive Stock Option. Notwithstanding any
designation of an Option, to the extent that the aggregate Fair Market Value of Ordinary shares with respect to which Options designated
as Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company
or any Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonqualified Stock Options. Incentive Stock Options shall
be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall be granted
to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive
Stock Option unless this Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder
approval requirements of Section 422(b)(1) of the Code, provided that any Option intended to be an Incentive Stock Option shall not fail
to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock
Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall
be subject to and comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be
an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under this Plan.

 

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(b)
Exercise Price. The exercise price (“Exercise Price”) per Ordinary share for each Option shall
not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however, that
in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing
more than 10% of the voting power of all classes of shares of the Company or any Affiliate, the Exercise Price per share shall not be
less than 110% of the Fair Market Value per share on the Date of Grant; and, provided further, that notwithstanding
any provision herein to the contrary, the Exercise Price shall not be less than the par value per Ordinary share.

 

(c)
Vesting and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by
the Committee and as set forth in the applicable Award agreement, and shall expire after such period, not to exceed ten (10) years from
the Date of Grant, as may be determined by the Committee (the “Option Period”); provided, however,
that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant
who on the Date of Grant owns shares representing more than 10% of the voting power of all classes of shares of the Company or any Affiliate; and, provided, further,
that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability
of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability.
Unless otherwise provided by the Committee in an Award agreement:

 

(i)
an Option shall vest and become exercisable with respect to 100% of the Ordinary shares subject to such Option on the third (3rd)
anniversary of the Date of Grant;

 

 

(ii)
the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option, and the
vested portion of such Option shall remain exercisable for:

 

(A)
one year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the Option Period;

 

(B)
for directors, officers and employees of the Company only, for the remainder of the Option Period following termination of employment
or service by reason of such Participant’s Retirement (it being understood that any Incentive Stock Option held by the Participant
shall be treated as a Nonqualified Stock Option if exercise is not undertaken within 90 days of the date of Retirement);

 

(C)
90 calendar days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the expiration
of the Option Period; and

 

(iii)
both the unvested and the vested portion of an Option shall immediately expire upon the termination of the Participant’s employment
or service by the Company for Cause.

 

(d)
Method of Exercise and Form of Payment. No Ordinary shares shall be delivered pursuant to any exercise of an Option until
payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal
to any federal, state, local and non-U.S. income and employment taxes required to be withheld. Options that have become exercisable may
be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award agreement
accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check (subject to collection), cash equivalent
and/or vested Ordinary shares valued at the Closing Price at the time the Option is exercised (including, pursuant to procedures approved
by the Committee, by means of attestation of ownership of a sufficient number of Ordinary shares in lieu of actual delivery of such shares
to the Company); provided, however, that such Ordinary shares are not subject to any pledge or other security
interest and are Mature Shares and; (ii) by such other method as the Committee may permit in accordance with applicable law, in its sole
discretion, including without limitation: (A) in other property having a fair market value (as determined by the Committee in its discretion)
on the date of exercise equal to the Exercise Price or (B) if there is a public market for the Ordinary shares at such time, by means
of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to
a stockbroker to sell the Ordinary shares otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company
an amount equal to the Exercise Price or (C) by a “net exercise” method whereby the Company withholds from the delivery of
the Ordinary shares for which the Option was exercised that number of Ordinary shares having a Closing Price equal to the aggregate Exercise
Price for the Ordinary shares for which the Option was exercised. Any fractional Ordinary shares shall be settled in cash. 

 

 

    8

     

    

 

(e)
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option
under this Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Ordinary shares
acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without
limitation, any sale) of such Ordinary shares before the later of (A) two years after the Date of Grant of the Incentive Stock Option
or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance
with procedures established by the Committee, retain possession of any Ordinary shares acquired pursuant to the exercise of an Incentive
Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.

 

(f)
Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option
in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or
the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities
exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8.
Stock Appreciation Rights.

 

(a)
Generally. Each SAR granted under this Plan shall be evidenced by an Award agreement (whether in paper or electronic medium
(including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR
so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with this Plan
as may be reflected in the applicable Award agreement. Any Option granted under this Plan may include tandem SARs. The Committee also
may award SARs to Eligible Persons independent of any Option.

 

(b)
Vesting and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according
to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest
and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such
period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided,
however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability
of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. Unless
otherwise provided by the Committee in an Award agreement:

 

(i)
a SAR shall vest and become exercisable with respect to 100% of the Ordinary shares subject to such SAR on the third anniversary of the
Date of Grant;

 

(ii)
the unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the vested
portion of such SAR shall remain exercisable for:

 

(A)
one year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the SAR Period; 

 

(B)
for directors, officers and employees of the Company only, for the remainder of the SAR Period following termination of employment or
service by reason of such Participant’s Retirement;

 

    9

     

    

 

(C)
90 calendar days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the expiration
of the SAR Period; and

 

(iii)
both the unvested and the vested portion of a SAR shall expire immediately upon the termination of the Participant’s employment
or service by the Company for Cause.

 

(c)
Method of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise
to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs
were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an option,
the SAR Period), the Closing Price exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if
applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised
by the Participant on such last day and the Company shall make the appropriate payment therefor.

 

(d)
Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject
to the SAR that are being exercised multiplied by the excess, if any, of the Closing Price of one Ordinary share on the exercise date
over the Strike Price, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld.
The Company shall pay such amount in cash, in Ordinary shares valued at fair market value, or any combination thereof, as determined
by the Committee. Any fractional Ordinary share shall be settled in cash.

 

9.
Restricted Stock and Restricted Stock Units.

 

(a)
Generally. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award agreement (whether
in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract
with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not
inconsistent with this Plan as may be reflected in the applicable Award agreement.

 

(b)
Restricted Accounts; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account
shall be established in the Participant’s name at the Company’s transfer agent and, if the Committee determines that the
Restricted Stock shall be held by the Company or in escrow rather than held in such restricted account pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered
by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an
escrow agreement and blank share power within the amount of time specified by the Committee, the Award shall be null and void ab
initio. Subject to the restrictions set forth in this Section 9 and the applicable Award agreement, the Participant generally shall
have the rights and privileges of a stockholder as to such Restricted Stock, including without limitation the right to vote such Restricted
Stock and the right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates
issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and
as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. 

 

(c)
Vesting; Acceleration of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award agreement: (i) the
Restricted Period shall lapse with respect to 100% of the Restricted Stock and Restricted Stock Units on the third (3rd) anniversary
of the Date of Grant; and (ii) the unvested portion of Restricted Stock and Restricted Stock Units shall terminate and be forfeited upon
termination of employment or service of the Participant granted the applicable Award.

 

(d)
Delivery of Restricted Stock and Settlement of Restricted Stock Units. (i) Upon the expiration of the Restricted Period
with respect to any shares of Restricted Stock, the restrictions set forth in the applicable certificate shall be of no further force
or effect with respect to such shares, except as set forth in the applicable Award agreement. If an escrow arrangement is used, upon
such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate evidencing the
shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired (rounded down
to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular
share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in Ordinary shares
having a Closing Price equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited,
the Participant shall have no right to such dividends (except as otherwise set forth by the Committee in the applicable Award agreement).

 

    10

     

    

 

(ii)
Unless otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one Ordinary share for each
such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion
and subject to the requirements of Section 409A of the Code, elect to (i) pay cash or part cash and part Ordinary share in lieu of delivering
only Ordinary shares in respect of such Restricted Stock Units or (ii) defer the delivery of Ordinary shares (or cash or part Ordinary
shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation
of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Ordinary shares, the amount
of such payment shall be equal to the Closing Price of the Ordinary shares as of the date on which the Restricted Period lapsed with
respect to such Restricted Stock Units, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required
to be withheld.

 

10.
Stock Bonus Awards. The Committee may issue unrestricted Ordinary shares, or other Awards denominated in Ordinary shares, under
this Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to time
in its sole discretion determine. Each Stock Bonus Award granted under this Plan shall be evidenced by an Award agreement (whether in
paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with
the Company)). Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with this Plan as may be reflected
in the applicable Award agreement. 

 

11.
Performance Compensation Awards.

 

(a)
Generally. The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10
of this Plan, to designate such Award as a Performance Compensation Award intended to qualify as “performance-based compensation”
under Section 162(m) of the Code. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate
such Award as a Performance Compensation Award intended to qualify as “performance-based compensation” under Section 162(m)
of the Code.

 

(b)
Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period,
the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards
to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance
Goals(s) that is (are) to apply and the Performance Formula. Within the first 90 calendar days of a Performance Period (or, if longer
or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable), the Committee shall, with regard to the
Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters
enumerated in the immediately preceding sentence and record the same in writing.

 

(c)
Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on
the attainment of specific levels of performance of the Company and/or one or more Affiliates, divisions or operational units, or any
combination of the foregoing, as determined by the Committee. Any one or more of the Performance Criteria adopted by the Committee may
be used on an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business
unit(s) of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the
above Performance Criteria may be compared to the performance of a selected group of comparison companies, or a published or special
index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee also
has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance
Criteria specified in this paragraph. To the extent required under Section 162(m) of the Code, the Committee shall, within the first
90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code),
define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter
promptly communicate such Performance Criteria to the Participant.

 

    11

     

    

 

(d)
Modification of Performance Goal(s). In the event that applicable tax and/or securities laws change to permit Committee
discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall
have sole discretion to make such alterations without obtaining stockholder approval. The Committee is authorized at any time during
the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m)
of the Code, if applicable), or at any time thereafter to the extent the exercise of such authority at such time would not cause the
Performance Compensation Awards granted to any Participant for such Performance Period to fail to qualify as “performance-based
compensation” under Section 162(m) of the Code, in its sole discretion, to adjust or modify the calculation of a Performance Goal
for such Performance Period, based on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation
or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules
affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in
Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and analysis
of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year;
(vi) acquisitions or divestitures; (vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof;
(viii) foreign exchange gains and losses; and (ix) a change in the Company’s fiscal year. 

 

(e)
Payment of Performance Compensation Awards.

 

(i)
Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement, a Participant must be employed
by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for
such Performance Period.

 

(ii)
Limitation. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the
extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance
Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance
Goals.

 

(iii)
Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing whether,
and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing
that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then
determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period and, in so
doing, may apply Negative Discretion.

 

(iv)
Use of Negative Discretion. In determining the actual amount of an individual Participant’s Performance Compensation
Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the
Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such reduction or elimination
is appropriate. The Committee shall not have the discretion, except as is otherwise provided in this Plan, to (A) grant or provide payment
in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not
been attained; or (B) increase a Performance Compensation Award above the applicable limitations set forth in Section 5 of this Plan.

 

(f)
Timing of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants
as soon as administratively practicable following completion of the certifications required by this Section 11, but in no event later
than two-and-one-half months following the end of the fiscal year during which the Performance Period is completed in order to comply
with the short-term deferral rules under Section 1.409A-1(b)(4) of the Treasury Regulations. Notwithstanding the foregoing, payment of
a Performance Compensation Award may be delayed, as permitted by Section 1.409A-2(b)(7)(i) of the Treasury Regulations, to the extent
that the Company reasonably anticipates that if such payment were made as scheduled, the Company’s tax deduction with respect to
such payment would not be permitted due to the application of Section 162(m) of the Code.

 

    12

     

    

 

12.
Changes in Capital Structure and Similar Events. In the event of (a) any dividend or other distribution (whether in the form of
cash, Ordinary shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger,
amalgamation, consolidation, split-up, split-off, combination, repurchase or exchange of Ordinary shares or other securities of the Company,
issuance of warrants or other rights to acquire Ordinary shares or other securities of the Company, or other similar corporate transaction
or event (including, without limitation, a Change in Control) that affects the Ordinary shares, or (b) unusual or nonrecurring events
(including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company
or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange
or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee
in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments that are equitable, including
without limitation any or all of the following:

 

(i)
adjusting any or all of (A) the number of Ordinary shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under this Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of this Plan) and (B) the terms of any outstanding Award,
including, without limitation, (1) the number of Ordinary shares or other securities of the Company (or number and kind of other securities
or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect
to any Award or (3) any applicable performance measures (including, without limitation, Performance Criteria and Performance Goals);

 

(ii)
providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions on, or termination of,
Awards or providing for a period of time for exercise prior to the occurrence of such event; and

 

(iii)
subject to the requirements of Section 409A of the Code, canceling any one or more outstanding Awards and causing to be paid to the holders
thereof, in cash, Ordinary shares, other securities or other property, or any combination thereof, the value of such Awards, if any,
as determined by the Committee (which if applicable may be based upon the price per Ordinary share received or to be received by other
stockholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment
in an amount equal to the excess, if any, of the fair market value (as of a date specified by the Committee) of the Ordinary shares subject
to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that,
in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the fair market value of
a Ordinary share subject thereto may be canceled and terminated without any payment or consideration therefor);

 

provided, however,
that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Statement
of Financial Accounting Standards No. 123 (revised 2004) or ASC Topic 718, or any successor thereto), the Committee shall make an equitable
or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock Options under
this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification”
within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall be made in a manner that does not
adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice
of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

13.
Effect of Change in Control. Except to the extent otherwise provided in an Award agreement or as determined by the Committee in
its sole discretion, in the event of a Change in Control, notwithstanding any provision of this Plan to the contrary, with respect to
all or any portion of a particular outstanding Award or Awards:

 

(a)
all of the then outstanding Options and SARs may immediately vest and may become immediately exercisable as of a time prior to the Change
in Control; 

 

(b)
the Restricted Period may expire as of a time prior to the Change in Control (including without limitation a waiver of any applicable
Performance Goals);

  

    13

     

    

 

(c)
Performance Periods in effect on the date the Change in Control occurs may end on such date, and the Committee (i) shall determine the
extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited or unaudited financial
information or other information then available as it deems relevant and (ii) may cause the Participant to receive partial or full payment
of Awards for each such Performance Period based upon the Committee’s determination of the degree of attainment of the Performance
Goals, or assuming that the applicable “target” levels of performance have been attained or on such other basis determined
by the Committee.

 

To
the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) through (c) shall occur in a manner
and at a time which allows affected Participants the ability to participate in the Change in Control transactions with respect to the
Ordinary shares subject to their Awards. In the event no action is taken by the Committee to allow for the changes set forth in immediately
preceding clauses (a) through (c), then no changes to the Award shall be effected.

 

14.
Amendments and Termination.

 

(a)
Amendment and Termination of this Plan. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any
portion thereof at any time; provided, that (i) no amendment to the definition of Eligible Employee in Section 2, Section
5(i), Section 11(c) or Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be made without stockholder
approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder approval
if such approval is necessary to comply with any tax or regulatory requirement applicable to this Plan (including, without limitation,
as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Ordinary
shares may be listed or quoted or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code); and, provided, further,
that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights
of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the prior
written consent of the affected Participant, holder or beneficiary.

 

(b)
Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award agreement,
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award agreement, prospectively or retroactively; provided, however that any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights
of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected
Participant; and, provided, further, that without stockholder approval, except as otherwise permitted
under Section 12 of this Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any
SAR, (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR, another Award or cash or
take any action that would have the effect of treating such Award as a new Award for tax or accounting purposes and (iii) the Committee
may not take any other action that is considered a “repricing” for purposes of the stockholder approval rules of the applicable
securities exchange or inter-dealer quotation system on which the Ordinary shares are listed or quoted. 

 

15.
General.

 

(a)
Award Agreements. Each Award under this Plan shall be evidenced by an Award agreement, which shall be delivered to the
Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third
party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including
without limitation, the effect on such Award of the death, Disability or termination of employment or service of a Participant, or of
such other events as may be determined by the Committee. The Company’s failure to specify any term of any Award in any particular
Award agreement shall not invalidate such term, provided such terms was duly adopted by the Board or the Committee.

  

    14

     

    

 

(b)
Nontransferability; Trading Restrictions.

 

(i)
Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable law,
by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(ii)
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred
by a Participant, with or without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
agreement to preserve the purposes of this Plan, to: (A) any person who is a “family member” of the Participant, as such
term is used in the instructions to Form S-8 under the Securities Act (collectively, the “Immediate Family Members”);
(B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; or (C) a partnership or limited liability
company whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee
as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award agreement
(each transferee described in clauses (A), (B) (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided,
that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and
the Committee notifies the Participant in writing that such a transfer would comply with the requirements of this Plan.

 

(iii)
The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and
any reference in this Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution;
(B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement
on an appropriate form covering the Ordinary shares to be acquired pursuant to the exercise of such Option if the Committee determines,
consistent with any applicable Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee or
the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have
been required to be given to the Participant under this Plan or otherwise; and (D) the consequences of the termination of the Participant’s
employment by, or services to, the Company or an Affiliate under the terms of this Plan and the applicable Award agreement shall continue
to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee
only to the extent, and for the periods, specified in this Plan and the applicable Award agreement.

 

(iv)
The Committee shall have the right, either on an Award-by-Award basis or as a matter of policy for all Awards or one or more classes
of Awards, to condition the delivery of vested Ordinary shares received in connection with such Award on the Participant’s agreement
to such restrictions as the Committee may determine. 

 

(c)
Tax Withholding.

 

(i)
A Participant shall be required to pay to the Company or any Affiliate, or the Company or any Affiliate shall have the right and is hereby
authorized to withhold, from any cash, Ordinary shares, other securities or other property deliverable under any Award or from any compensation
or other amounts owing to a Participant, the amount (in cash, Ordinary shares, other securities or other property) of any required withholding
taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under this Plan and to take such other action
as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and
taxes.

 

(ii)
Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole
or in part, the foregoing withholding liability by (A) the delivery of Ordinary shares (which are not subject to any pledge or other
security interest and are Mature Shares) owned by the Participant having a fair market value equal to such withholding liability or (B)
having the Company withhold from the number of Ordinary shares otherwise issuable or deliverable pursuant to the exercise or settlement
of the Award a number of shares with a fair market value equal to such withholding liability (but no more than the minimum required statutory
withholding liability).

 

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(d)
No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person,
shall have any claim or right to be granted an Award under this Plan or, having been selected for the grant of an Award, to be selected
for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards.
The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the
same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly
situated. Neither this Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the
employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service
on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting
relationship, free from any liability or any claim under this Plan, unless otherwise expressly provided in this Plan or any Award agreement.
By accepting an Award under this Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting
of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under this Plan
or any Award agreement, notwithstanding any provision to the contrary in any written employment contract or other agreement between the
Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

 

(e)
International Participants. With respect to Participants who reside or work outside of the United States of America and
who are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee
may in its sole discretion amend the terms of this Plan or outstanding Awards (or establish a sub-plan) with respect to such Participants
in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant,
the Company or its Affiliates. 

 

(f)
Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more
persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under this
Plan upon his or her death. A Participant may, from time to time, revoke or change his or her beneficiary designation without the consent
of any prior beneficiary by filing a new designation with the Committee. The last such designation filed with the Committee shall be
controlling; provided, however, that no designation, or change or revocation thereof, shall be effective
unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to
such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if
the Participant is unmarried at the time of death, his or her estate. Upon the occurrence of a Participant’s divorce (as evidenced
by a final order or decree of divorce), any spousal designation previously given by such Participant shall automatically terminate.

 

(g)
Termination of Employment/Service. Unless determined otherwise by the Committee at any point following such event: (i)
neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or
service with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or
service with the Company or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates terminates,
but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or vice-versa), such
change in status shall not be considered a termination of employment with the Company or an Affiliate.

 

(h)
No Rights as a Stockholder. Except as otherwise specifically provided in this Plan or any Award agreement, no person shall
be entitled to the privileges of ownership in respect of Ordinary shares that are subject to Awards hereunder until such shares have
been issued or delivered to that person.

 

    16

     

    

 

(i)
Government and Other Regulations.

 

(i)
The obligation of the Company to settle Awards in Ordinary shares or other consideration shall be subject to all applicable laws, rules,
and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award
to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell
or selling, any Ordinary shares pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities
Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company,
that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions
of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act
any of the Ordinary shares to be offered or sold under this Plan. The Committee shall have the authority to provide that all certificates
for Ordinary shares or other securities of the Company or any Affiliate delivered under this Plan shall be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under this Plan, the applicable Award agreement, the federal securities
laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer
quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state, local
or non-U.S. laws, and, without limiting the generality of Section 9 of this Plan, the Committee may cause a legend or legends to be put
on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in this Plan to the contrary,
the Committee reserves the right to add any additional terms or provisions to any Award granted under this Plan that it in its sole discretion
deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction
the Award is subject. 

 

(ii)
The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of Ordinary shares from the public markets,
the Company’s issuance of Ordinary shares to the Participant, the Participant’s acquisition of Ordinary shares from the Company
and/or the Participant’s sale of Ordinary shares to the public markets, illegal, impracticable or inadvisable. If the Committee
determines to cancel all or any portion of an Award in accordance with the foregoing, unless doing so would violate Section 409A of the
Code, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate fair market value of the Ordinary shares
subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have
been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively)
or any amount payable as a condition of delivery of Ordinary shares (in the case of any other Award). Such amount shall be delivered
to the Participant as soon as practicable following the cancellation of such Award or portion thereof. The Committee shall have the discretion
to consider and take action to mitigate the tax consequence to the Participant in cancelling an Award in accordance with this clause.

 

(j)
Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable
under this Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to
such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee
so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other
person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall
be a complete discharge of the liability of the Committee and the Company therefor.

 

(k)
Nonexclusivity of this Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders
of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than under
this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(l)
No Trust or Fund Created. Neither this Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity,
on the other hand. No provision of this Plan or any Award shall require the Company, for the purpose of satisfying any obligations under
this Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate
any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated
or separately maintained or administered fund for such purposes. Participants shall have no rights under this Plan other than as general
unsecured creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance
of services, they shall have the same rights as other employees under general law.

 

    17

     

    

 

(m)
Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing
to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made
by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with this
Plan by any agent of the Company or the Committee or the Board, other than himself.

 

(n)
Relationship to Other Benefits. No payment under this Plan shall be taken into account in determining any benefits under
any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided
in such other plan.

 

(o)
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the Cayman Islands,
without giving effect to the conflict of laws provisions.

 

(p)
Severability. If any provision of this Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal,
or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify this Plan or any Award under any law
deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws in the manner
that most closely reflects the original intent of the Award or the Plan, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of this Plan or the Award, such provision shall be construed or deemed
stricken as to such jurisdiction, person or entity or Award and the remainder of this Plan and any such Award shall remain in full force
and effect.

 

(q)
Obligations Binding on Successors. The obligations of the Company under this Plan shall be binding upon any successor corporation
or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(r)
Code Section 162(m) Approval. If so determined by the Committee, the provisions of this Plan regarding Performance Compensation
Awards shall be disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs in the fifth year following
the year in which stockholders previously approved such provisions, in each case in order for certain Awards granted after such time
to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing in this clause, however, shall affect the validity
of Awards granted after such time if such stockholder approval has not been obtained.

 

(s)
Expenses; Gender; Titles and Headings. The expenses of administering this Plan shall be borne by the Company and its Affiliates.
Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in
this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather than such titles or
headings shall control.

 

    18

     

    

 

(t)
Other Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt
of Ordinary shares under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its
sole and absolute discretion. 

 

(u)
Section 409A. The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from,
the requirements of Section 409A of the Code. The Plan and all Awards granted under this Plan shall be administered, interpreted, and
construed in a manner consistent with Section 409A of the Code to the extent necessary to avoid the imposition of additional taxes under
Section 409A(a)(1)(B) of the Code. Notwithstanding anything in this Plan to the contrary, in no event shall the Committee exercise its
discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within
the meaning of Section 409A of the Code unless, and solely to the extent that, such accelerated payment or settlement is permissible
under Section 1.409A-3(j)(4) of the Treasury Regulations. If a Participant is a “specified employee” (within the meaning
of Section 1.409A-1(i) of the Treasury Regulations) at any time during the twelve (12)-month period ending on the date of his termination
of employment, and any Award hereunder subject to the requirements of Section 409A of the Code is to be satisfied on account of the Participant’s
termination of employment, satisfaction of such Award shall be suspended until the date that is six (6) months after the date of such
termination of employment.

 

(v)
Payments. Participants shall be required to pay, to the extent required by applicable law, any amounts required to
receive Ordinary shares under any Award made under this Plan.

 

 

 19lxrp_ex41.htm

EXHIBIT 4.1
  
 LEXARIA BIOSCIENCE CORP. 
EQUITY INCENTIVE PLAN
  
 1. Purposes of the Plan. The purposes of this Plan are:
  
 (a) to attract and retain the best available personnel for positions of substantial responsibility,
  
 (b) to provide additional incentive to Employees, Directors, and Consultants, and 
  
 (c) to promote the success of the Company’s business.
  
 The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units.
  
 2. Definitions. As used herein, the following definitions will apply:
  
 (a) “Administrator” means the Board or any of its committees as will be administering the Plan, in accordance with Section 4 of the Plan.
  
 (b) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
  
 (c) “Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted Stock Units.
  
 (d) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.
  
 (e) “Board” means the Board of Directors of the Company.
  
 (f) “Change in Control” means the occurrence of any of the following events:
  
 (i) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change in Control; or 
  
 (ii) Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
  
 	 
	
	

	 

  
 (iii) Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
  
 (iv) For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company.
  
 (v) Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.
  
 (vi) Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (A) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (B) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
  
 (g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code.
  
 (h) “Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof.
  
 (i) “Company” means Lexaria Bioscience Corp., a Nevada corporation.
  
 (j) “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity. 
  
 (k) “Director” means a member of the Board.
  
 (l) “Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 
  
 (m) “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
  
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended.
  
 	 
	-2-
	

	 

  
 (o) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.
  
 (p) “Fair Market Value” means, as of any date, the value of the Shares determined as follows:
  
 (i) If the Shares are listed on any established stock exchange or a national market system, including without limitation the Canadian Securities Exchange (the “CSE”), the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market of The Nasdaq Stock Market, or the NYSE American, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable Notwithstanding the foregoing, in the event that the Shares are listed on the CSE, for the purposes of establishing the exercise price of any Options, the Fair Market Value shall not be lower than the greater of the closing market price of the Shares on the CSE on (A) the trading day prior to the date of grant of the Options, and (B) the date of grant of the Options;
  
 (ii) If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Shares on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
  
 (iii) In the absence of an established market for the Shares, the Fair Market Value will be determined in good faith by the Administrator.
  
 (q) “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder.
  
 (r) “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
  
 (s) “Option” means a stock option granted pursuant to the Plan.
  
 (t) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).
  
 (u) “Participant” means the holder of an outstanding Award.
  
 (v) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock is subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.
  
 (w) “Plan” means this Equity Incentive Plan.
  
 (x) “Restricted Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant to the early exercise of an Option.
  
 	 
	-3-
	

	 

  
 (y) “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
  
 (z) “Service Provider” means an Employee, Director, or Consultant.
  
 (aa) “Share” means a share of the Common Stock, which is intended to qualify as service recipient stock under Treasury Regulation 1.409A-1(b)(5)(iii), as adjusted in accordance with Section 13 of the Plan.
  
 (bb) “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated as a Stock Appreciation Right.
  
 (cc) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).
  
 3. Stock Subject to the Plan. 
  
 (a) Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to Awards and sold under the Plan is 510,4331 Shares. The Shares may be authorized but unissued, or reacquired Shares.
  
 (b) Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased Shares (or, for Awards other than Options or Stock Appreciation Rights, the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. 
  
 (c) Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.
  
 4. Administration of the Plan. 
  
 (a) Procedure. The Plan will be administered by (i) the Board or (ii) a Committee, which Committee will be constituted to satisfy Applicable Laws.
  
 _____________
 1 Reflects 30 for 1 post reverse stock split and approved amendment on June 28, 2021
  
 	 
	-4-
	

	 

  
 (b) Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:
  
 (i) to determine the Fair Market Value;
  
 (ii) to select the Service Providers to whom Awards may be granted hereunder;
  
 (iii) to determine the number of Shares to be covered by each Award granted hereunder;
  
 (iv) to approve forms of Award Agreements for use under the Plan;
  
 (v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;
  
 (vi) to institute and determine the terms and conditions of an Exchange Program;
  
 (vii) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 
  
 (viii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws;
  
 (ix) to modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d));
  
 (x) to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;
  
 (xi) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;
  
 (xii) to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant under an Award; and
  
 (xiii) to make all other determinations deemed necessary or advisable for administering the Plan.
  
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards.
  
 5. Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.
  
 	 
	-5-
	

	 

  
 6. Stock Options.
  
 (a) Grant of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, will determine.
  
 (b) Option Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
  
 (c) Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder. Subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 3(b). 
  
 (d) Term of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.
  
 (e) Option Exercise Price and Consideration.
  
 (i) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Code Section 424(a). 
  
 (ii) Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.
  
 (iii) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: (A) cash; (B) check; (C) promissory note, to the extent permitted by Applicable Laws, (D) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (E) consideration received by the Company under cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (F) by net exercise, (G) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws, or (H) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably expected to benefit the Company.
  
 	 
	-6-
	

	 

   
 (f) Exercise of Option.
  
 (i) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share.
  
 (A) An Option will be deemed exercised when the Company receives: (I) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (II) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan.
  
 (B) Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
  
 (ii) Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within thirty (30) days of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination, except that a Participant dismissed from employment or service for cause shall have his or her Option immediately terminated without any right to exercise same. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
  
 (iii) Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within twelve (12) months of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
  
 	 
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 (iv) Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within twelve (12) months following the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
  
 7. Stock Appreciation Rights. 
  
 (a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 
  
 (b) Number of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation Rights.
  
 (c) Exercise Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan.
  
 (d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
  
 (e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.
  
 (f) Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:
  
 (i) The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times
  
 (ii) The number of Shares with respect to which the Stock Appreciation Right is exercised.
  
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.
  
 	 
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 8. Restricted Stock.
  
 (a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.
  
 (b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.
  
 (c) Transferability. Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.
  
 (d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.
  
 (e) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 
  
 (f) Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may not exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 
  
 (g) Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid.
  
 (h) Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan.
  
 9. Restricted Stock Units.
  
 (a) Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.
  
 (b) Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.
  
 	 
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 (c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.
  
 (d) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both.
  
 (e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.
  
 10. Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled, or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement, or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.
  
 11. Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (a) any leave of absence approved by the Company or (b) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
  
 12. Limited Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent and distribution, and (iii) as permitted by all Applicable Laws, to the extent applicable.
  
 13. Adjustments; Dissolution or Liquidation; Merger or Change in Control.
  
 (a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award.
  
 	 
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 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.
  
 (c) Merger or Change in Control. 
  
 (i) In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant’s consent, including, without limitation, that (A) Awards will be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (B) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (C) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (D) (I) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (II) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (E) any combination of the foregoing. In taking any of the actions permitted under this Section 13(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.
  
 (ii) In the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.
  
 (iii) For the purposes of this Section 13(c), an Award will be considered assumed if, following the merger or Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common shares of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject to such Award, to be solely common shares of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Shares in the merger or Change in Control.
  
 	 
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 (iv) Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 
  
 (v) Notwithstanding anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.
  
 14. Tax Withholding.
  
 (a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof). 
  
 (b) Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state, or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.
  
 15. No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. Under no circumstances shall any person ceasing to be an employee, officer or consultant of the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Plan which such employee might otherwise have enjoyed but for termination of employment or engagement, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise.
  
 16. Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.
  
 	 
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 17. Term of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner terminated under Section 18, it will continue in effect for a term of ten (10) years from the later of (a) the effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan.
  
 18. Amendment and Termination of the Plan.
  
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend, or terminate the Plan. 
  
 (b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws. 
  
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.
  
 19. Conditions Upon Issuance of Shares.
  
 (a) Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with all Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.
  
 (b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
  
 (c) Acceptance of Conditions. By participating in the Plan, each Participant shall be deemed to have accepted all the conditions of the Plan and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.
  
 20. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.
  
 21. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 
  
 22. Governing Law. The validity and construction of this Plan and the instruments evidencing the Awards hereunder shall be governed by the laws of the State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan and the instruments evidencing the Awards hereunder to the substantive laws of any other jurisdiction.
  
 Approved by the Board of Directors: May 1, 2019
  
 Approved by the Shareholders: June 20, 2019
   
    
 	-13-

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