Document:

CHANGE IN TERMS AGREEMENT

Exhibit 10.1

CHANGE IN TERMS AGREEMENT

								
	Principal

	Loan Date

	Maturity

	Loan No

	Call / Coll

	Account

	Officer

	Initials

	$500,000.00

	03-28-2017

	03-28-2019

	  90-102-0892-3

	TC3

	 TC

References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations.

				
	Borrower:

	PRO-DEX, INC.

2361 MCGAW AVENUE

IRVINE, CA  92614

	Lender:

	Farmers and Merchants Bank of Long Beach, a CA Corp

Lake Forest Office

23772 Rockfield Boulevard

Lake Forest, CA  92630

	 
	 
	 
	 

		
	Principal Amount:  $500,000.00

	Date of Agreement:  April 6, 2018

DESCRIPTION OF EXISTING INDEBTEDNESS.  A loan evidenced by a promissory note dated 03-28-2017, in the original amount of $500,000.00 and referencing loan number 90-102-0892-3 (“Note”).  The outstanding principal balance due under the Note, as of the date of this Agreement, is $0.00.  The principal balance remaining undisbursed is $500,000.00.

DESCRIPTION OF COLLATERAL.  A security interest in certain assets of Borrower described in that certain Commercial Security Agreement dated 03-28-2017 and executed by Borrower in favor of Lender (“Security Instrument”).

DESCRIPTION OF CHANGE IN TERMS.  Effective as of the date of this Agreement, the Note is hereby modified as follows:

(1)

The date on which all outstanding principal is due and payable (together with any accrued but unpaid interest thereon) (“Maturity Date”) is hereby extended to 03-28-2019.

(2)

The payment schedule reflected in the “Payment” paragraph of the Note is amended to require continuing monthly payments of interest only until the Maturity Date as extended above.

CONTINUING VALIDITY.  Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements as evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent by Lender to this Agreement does not waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.  Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of the Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing.  Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.

RESOLUTION, AUTHORIZATION AND/OR CERTIFICATE TO BORROW/GRANT COLLATERAL/GUARANTY ACKNOWLEDGMENT.  The Undersigned hereby acknowledges that except for any changes that are reflected in any Resolutions, Authorizations and/or Certificates of even date   herewith, if any, the information set forth in the existing Loan Documents, including but not limited to any Resolutions, Authorizations and/or Trust Certificates, is current and accurate as of the date of this Agreement.

DOCUMENT EXECUTED IN COUNTERPARTS.  This document may be executed in counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

BUSINESS LOAN AGREEMENT.  This change in Terms Agreement is subject to the terms and conditions as set forth in that certain “Business Loan Agreement” dated 03-28-2017 as modified by “Amendment #1 to Business Loan Agreement” of even date herewith.

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT.  BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

CHANGE IN TERMS SIGNERS:

PRO-DEX, INC.

					
	By:

	/s/ Richard VanKirk

	 
	By:

	/s/ Alisha Charlton

	RICHARD LEE VANKIRK, JR., President of 

PRO-DEX, INC.

	 
	ALISHA KRISTIN CHARLTON, CFO & Secretary of 

PRO-DEX, INC.AMENDMENT #1 TO BUSINESS LOAN AGREEMENT

Exhibit 10.2

AMENDMENT #1 TO BUSINESS LOAN AGREEMENT

								
	Principal

	Loan Date

	Maturity

	Loan No

	Call / Coll

	Account

	Officer

	Initials

	$500,000.00

	03-28-2017

	03-28-2019

	 90-102-0892-3

	TC3

	 TC

References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations.

					
	Borrower:

	PRO-DEX, INC.

2361 MCGAW AVENUE

IRVINE, CA  92614

	Lender:

	Farmers and Merchants Bank of Long Beach, a CA Corp

Lake Forest Office

23772 Rockfield Boulevard

Lake Forest, CA  92630

	 
	 
	 
	 

The undersigned hereby acknowledges and agrees to the following amendments to that certain Business Loan Agreement between Borrower and Lender dated 03-28-2017 (“Agreement”).

DEFINITIONS:   Capitalized terms not defined in this Amendment shall have the meaning given to such terms in the Agreement.

Effective as of 04-06-2018 the Agreement is hereby modified as follows:

(a)

Item “(3)” located in the “Additional Requirements” sub-paragraph of the “Financial Statements” paragraph under the “Affirmative Covenants” section is hereby modified as follows:

(3) As soon as available, but in no event later than 45 days after the end of each half-year, the following reports, prepared by the Borrower, in a form and substance acceptable to Lender:

(A) Accounts Receivable Aging

(B) Accounts Payable Aging

(b)

The “Working Capital Requirements” sub-paragraph located under the “Financial Covenants and Ratios” section is hereby restated in its entirety as follows:

Working Capital Requirements.   Maintain Working Capital in excess of $750,000.00, to be measured after the end of each quarter.

Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct.

All other provisions of the Agreement are to remain unchanged and in full force and effect.

PRIOR TO SIGNING THIS AMENDMENT, EACH BORROWER ACKNOWLEDGES THEY HAVE READ AND UNDERSTOOD ALL THE PROVISIONS THEREOF, AND EACH BORROWER AGREES TO THE TERMS OF THE AMENDMENT.  THIS AMENDMENT TO BUSINESS LOAN AGREEMENT IS DATED April 6, 2018.

BORROWER:

PRO-DEX, INC.

					
	By:

	/s/ Richard VanKirk

	 
	By:

	/s/ Alisha Charlton

	RICHARD LEE VANKIRK, JR., President of 

PRO-DEX, INC.

	 
	ALISHA KRISTIN CHARLTON, CFO & Secretary of 

PRO-DEX, INC.

LENDER:

FARMERS AND MERCHANTS BANK OF LONG BEACH, A CA CORP

		
	By: 

	/s/ Tony Craig

	Tony Craig, Vice PresidentEX-10.10

 Exhibit 10.10 

GOOSEHEAD INSURANCE, INC. EMPLOYEE STOCK PURCHASE PLAN 

Section 1. Purpose. This Goosehead Insurance, Inc. Employee Stock Purchase Plan (the “Plan”) is
intended to provide employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase Shares. The Company intends that the Plan qualify as an “employee stock
purchase plan” under Section 423 of the Code and the Plan shall be interpreted in a manner that is consistent with that intent. 

Section 2. Definitions. 

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

(b) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations
and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 
 (c)
“Committee” means the Board, unless a committee is designated by the Board. If the Board does not designate a committee, references herein to the “Committee” shall refer to the Board. 

(d) “Company” means Goosehead Insurance, Inc., a Delaware corporation, including any successor thereto. 

(e) “Compensation” means base salary, wages, annual bonuses and commissions paid to an Eligible Employee by
the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any
tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay, parental leave pay, jury duty pay and funeral leave pay, but excluding education or tuition
reimbursements, imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses, and income received in connection with stock options or other equity-based awards. 

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

(h) “Effective Date” means the date as of which this Plan is adopted by the Board and approved by the
shareholders of the Company in accordance with Section 18(k). 
 (i) “Employee” means any person who
renders services to the Company or a 

 
Participating Subsidiary as an employee pursuant to an employment relationship with such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact
while the individual is on military leave, sick leave or other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation
Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time specified in Treasury Regulation
Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed by statute or contract, the employment relationship shall be deemed to
have terminated on the first day immediately following such three-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2). 

(j) “Eligible Employee” means an Employee who (i) has been employed by the Company or a
Participating Subsidiary for at least six (6) months and (ii) is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year; provided that executive officers, members of
the Board and managing directors, in each case who are “highly compensated employees” of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code), shall not constitute “Eligible
Employees.” Notwithstanding the foregoing, the Committee (i) may exclude from participation in the Plan or any Offering any other Employees who are “highly compensated employees” or sub-set
of such “highly compensated employees” and (ii) shall exclude any Employees located outside of the United States to the extent permitted under Section 423 of the Code. 

(k) “Enrollment Form” means an agreement pursuant to which an Eligible Employee may elect to enroll in the
Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period. 

(l) “ESPP Share Account” means an account into which Shares purchased with accumulated payroll deductions at
the end of an Offering Period are held on behalf of a Participant. 
 (m) “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(n) “Fair Market Value” means, as of any date, the closing price of a Share on the trading day immediately
preceding the date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock market or exchange on which Shares are quoted or traded, or if Shares are not
so quoted or traded, the fair market value of a Share as determined by the Committee and such determination shall be conclusive and binding on all persons. 

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

 (p) “Offering or Offering Period” means a period of six
months beginning each June 15th and December 15th of each year; provided that, pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven
(27) months) and/or the start and end dates of future Offering Periods. 
 (q) “Participant” means an
Eligible Employee who is actively participating in the Plan. 
 (r) “Participating Subsidiaries” means the
Subsidiaries that have been designated as eligible to participate in the Plan, and such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. 

(s) “Plan” means this Goosehead Insurance, Inc. Employee Stock Purchase Plan, as set forth herein, and as
amended from time to time. 
 (t) “Purchase Date” means the last Trading Day of each Offering
Period. 
 (u) “Purchase Price” means an amount equal to ninety-five percent (95%) (or such greater
percentage as designated by the Committee) of the Fair Market Value of a Share on the Purchase Date; provided that the Purchase Price per Share will in no event be less than the par value of the Shares. 

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

(w) “Share” means a share of the Company’s common stock, $0.01 par value. 

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

Section 3. Administration. 

(a) Administration of Plan. The Plan shall be administered by the Committee which shall have the authority to construe
and interpret the Plan, prescribe, amend and rescind rules relating to the Plan’s administration and take any other actions necessary or desirable for the administration of the Plan including, without limitation, adopting sub-plans applicable
to particular Participating Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The Committee may 

 
correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan. The decisions of the Committee shall be final and binding on all persons. All expenses of
administering the Plan shall be borne by the Company. 
 (b) Delegation of Authority. To the extent permitted by
applicable law, including under Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to (i) one or more officers of the Company some or all of its authority under the Plan and (ii) one or more committees
of the Board some or all of its authority under the Plan. 
 Section 4. Eligibility. In order to participate in
an Offering, an Eligible Employee must deliver a completed Enrollment Form to the Company at least five (5) business days prior to the Offering Date (unless a different time is set by the Company for all Eligible Employees with respect to such
Offering) and must elect his or her payroll deduction rate as described in Section 6. Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an option under the Plan if (i) immediately after the
grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or hold outstanding options to purchase
stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit his or her rights to purchase stock under all employee stock purchase plans
(described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time the option is granted) for each calendar year in which such
option is outstanding at any time. 
 Section 5. Offering Periods. The Plan shall be implemented by a
series of Offering Periods, each of which shall be six (6) months in duration, with new Offering Periods commencing on or about June 15th and December 15th of each year (or such other times as determined by the Committee). The Committee shall
have the authority to change the duration, frequency, start and end dates of Offering Periods. 
 Section 6.
Participation. 
 (a) Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in the
Plan by properly completing an Enrollment Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an
Enrollment Form, which may be electronic, the Eligible Employee authorizes payroll deductions from his or her pay check in an amount equal to at least one percent (1%), but not more than five percent (5%) of his or her Compensation on each pay day
occurring during an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period begins). Payroll deductions shall commence as soon as practicable following the Offering Date and end on
the latest practicable payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on 

 
payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any separate contributions or payments
to the Plan. 
 (b) Election Changes. During an Offering Period, a Participant may decrease his or her rate of
payroll deductions applicable to such Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the Purchase Date. A
Participant may decrease or increase his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days before the start of the next Offering
Period. 
 (c) Automatic Re-enrollment. The deduction rate selected in the
Enrollment Form shall remain in effect for subsequent Offering Periods unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6(b), (ii) withdraws from the Plan in
accordance with Section 10, or (iii) terminates employment or otherwise becomes ineligible to participate in the Plan. 

Section 7. Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall be
granted an option to purchase, on the Purchase Date, a number of Shares determined by dividing the Participant’s accumulated payroll deductions by the applicable Purchase Price; provided, that in no event shall any Participant purchase
more than 2,500 Shares during an Offering Period (subject to adjustment in accordance with Section 17 and the limitations set forth in Section 13 of the Plan). 

Section 8. Exercise of Option/Purchase of Shares. A Participant’s option to purchase Shares
will be exercised automatically on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be purchased with the amounts in the
Participant’s notional account. No fractional Shares may be purchased, but contributions unused in a given Offering Period due to being less than the cost of a Share will be carried forward to the next Offering Period, subject to earlier
withdrawal by the Participant in accordance with Section 10 or termination of employment in accordance with Section 11. 

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

 Section 10. Withdrawal. 

(a) Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment
Form indicating his or her election to withdraw at least fifteen days before the Purchase Date. The accumulated payroll deductions held on behalf of a Participant in his or her notional account (that have not been used to purchase Shares) shall be
paid to the Participant promptly following receipt of the Participant’s Enrollment Form indicating his or her election to withdraw and the Participant’s option shall be automatically terminated. If a Participant withdraws from an Offering
Period, no payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6(a) of the Plan. 

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

Section 11. Termination of Employment; Change in Employment Status. Notwithstanding Section 10, upon
termination of a Participant’s employment for any reason, including death, disability or retirement, or a change in the Participant’s employment status following which the Participant is no longer an Eligible Employee, which in either case
occurs at least ten days before the Purchase Date, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant’s notional account (that have not been used to purchase Shares) shall be returned to
the Participant, or in the case of the Participant’s death, to the person(s) entitled to such amounts by will or the laws of descent and distribution, and the Participant’s option shall be automatically terminated. If the
Participant’s termination of employment or change in status occurs within ten days before a Purchase Date, the accumulated payroll deductions shall be used to purchase Shares on the Purchase Date. 

Section 12. Interest. No interest shall accrue on or be payable with respect to the payroll deductions of a
Participant in the Plan. 
 Section 13. Shares Reserved for Plan. 

(a) Number of Shares. A total of [·] Shares have been reserved as authorized for the grant of options under the Plan. The Shares may be newly issued Shares, treasury Shares or Shares acquired on the open market. The total number of Shares available
for purchase under the Plan shall be increased on the first day of each Company fiscal year following the Effective Date in an amount equal to the least of (i) [·] Shares, (ii) 1% of the Shares authorized on the Effective Date and (iii) such number of Shares as determined by the Board in its discretion; provided that the maximum number of Shares that may be
issued under the Plan in any event shall be [·] Shares (subject to any adjustment in accordance with Section 17).

 (b) Over-subscribed Offerings. The number of Shares which a Participant may

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

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

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

Section 17. Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate
Transactions. 
 (a) Adjustments. In the event that any dividend or other distribution (whether in the form of
cash, Shares, 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 Company’s structure affecting the Shares occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, the Committee will, in such manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the Purchase Price per Share and the number of Shares covered by each
outstanding option under the Plan, and the numerical limits of Section 7 and Section 13. 
 (b) Dissolution or
Liquidation. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will
end immediately prior to the proposed dissolution or liquidation. 

 
The new Purchase Date will be before the date of the Company’s proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written
notice, which may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with
Section 10. 
 (c) Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will
be assumed or an equivalent option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or substitute the option, the Offering Period with respect to which
the option relates will be shortened by setting a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each
Participant with written notice, which may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in
accordance with Section 10. Notwithstanding the foregoing, in the event of a Corporate Transaction, the Committee may also elect to terminate all outstanding Offering Periods in accordance with Section 18(i). 

Section 18. General Provisions. 

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

(b) No Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant
the right to continue as an Employee or in any other capacity. 
 (c) Rights as Shareholder. A Participant will
become a shareholder with respect to the Shares that are purchased pursuant to options granted under the Plan when the Shares are transferred to the Participant’s ESPP Share Account. A Participant will have no rights as a shareholder with
respect to Shares for which an election to participate in an Offering Period has been made until such Participant becomes a shareholder as provided above. 

(d) Successors and Assigns. The Plan shall be binding on the Company and its successors and assigns. 

(e) Entire Plan. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all
prior plans with respect to the subject matter hereof. 
 (f) Compliance with Law. The obligations of the Company
with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Shares shall not be issued with respect to an option granted under the Plan 

 
unless the exercise of such option and the issuance and delivery of the Shares pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities
Act, the Exchange Act, and the requirements of any stock exchange upon which the Shares may then be listed. 
 (g)
Disqualifying Dispositions. Each Participant shall give the Company prompt written notice of any disposition or other transfer of Shares acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer
is made within two years after the Offering Date or within one year after the Purchase Date. Notwithstanding the foregoing, Participants shall not transfer Shares acquired pursuant to the exercise of an option acquired under the Plan to a broker
other than the Designated Broker within two years after the Offering Date or within one year after the Purchase Date. 
 (h)
Term of Plan. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 18(i), shall have a term of ten years. 

(i) Amendment or Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any
time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have been purchased on the next Purchase Date (which may, in the discretion of the Committee,
be accelerated) or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 17). If any Offering Period is terminated before its scheduled expiration, all amounts that have not
been used to purchase Shares will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

(j) Applicable Law. The laws of the State of Delaware shall govern all questions concerning the construction, validity
and interpretation of the Plan, without regard to such state’s conflict of law rules. 
 (k) Shareholder
Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted by the Board. 

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

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

(n) Severability. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such
invalidity or unenforceability shall not affect any other 

 
provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted. 

(o) Headings. The headings of sections herein are included solely for convenience and shall not affect the meaning of
any of the provisions of the Plan.

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