Document:

Exhibit
4.9

STAR BULK
CARRIERS CORP. 

2021
EQUITY INCENTIVE PLAN 

ARTICLE
I.

	General

1.1. Purpose

The Star
Bulk Carriers Corp. 2021 Equity Incentive Plan (the “Plan”) is designed to provide certain key persons, whose initiative and
efforts are deemed to be important to the successful conduct of the business of Star Bulk Carriers Corp. (the “Company”),
with incentives to (a) enter into and remain in the service of the Company or its Affiliates and Subsidiaries (as defined below), (b)
acquire a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance
of the Company.

1.2. Administration

(a)            
Administration. The Plan shall be administered by the Compensation Committee (the “Compensation Committee”)
of the Company’s Board of Directors (the “Board”) or such other committee of the Board as may be designated by the
Board to administer the Plan (the Compensation Committee or such committee, as applicable, the “Administrator”); in the event
the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”), the Administrator
shall be composed of two or more directors, each of whom is a “Non-Employee Director” (a “Non-Employee Director”)
under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the “SEC”) under the 1934 Act,
or any successor rule or regulation thereto as in effect from time to time, Subject to the terms of the Plan and applicable law, and
in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full
power and authority to: (1) designate the Persons to receive Awards (as defined below) under the Plan; (2) determine the types of Awards
granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights
or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether,
and to what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards
or other property, or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited
or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other
property and other amounts payable with respect to an Award shall be deferred, either automatically or at the election of the holder
thereof or the Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe,
amend, rescind or waive rules and regulations relating to the Plan, including rules governing its operation, and appoint such agents
as it shall deem appropriate for the proper administration of the Plan; (9) make all determinations necessary or advisable in administering
the Plan; (10) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (11) make
any other determination and take any other action

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that the Administrator deems
necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator,
may be made at any time and shall be final, conclusive and binding upon all Persons.

(b)            
General Right of Delegation. Except to the extent prohibited by applicable law, the applicable rules of a stock exchange
or any charter, by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities
to any Person or Persons selected by it and may revoke any such allocation or delegation at any time.

(c)             
Indemnification. No member of the Board, the Administrator or any employee of the Company or any of its Affiliates
(each such Person, a "Covered Person") shall be liable for any action taken or omitted to be taken or any determination made
in good faith with respect to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held harmless by the Company
against and from (i) any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered
Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such
Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any
and all amounts paid by such Covered Person, with the Company's approval, in settlement thereof, or paid by such Covered Person in satisfaction
of any judgment in any such action, suit or proceeding against such Covered 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 a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication,
in either case not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification
claim resulted from such Covered 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 Articles of Incorporation or Bylaws. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company's Articles of Incorporation
or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless.

(d)            
Delegation of Authority to Senior Officers. The Administrator may, in accordance with the terms of Section 1.2(b), delegate,
on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to
employees (other than officers) of the Company and its Subsidiaries (including any such prospective employee) and consultants of the Company
and its Subsidiaries; provided, however, that in no event shall any such officer be delegated the authority to grant Awards
to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of the 1934 Act, or (ii) officers
of the Company (or directors of the Company) to whom authority to grant or amend Awards has been delegated hereunder.

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(e)             
 Awards to Non-Employee Directors. Notwithstanding anything to the contrary contained herein, the Board may, in its
sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such
Awards. In any such case, the Board shall have all the authority and responsibility granted to the Administrator herein.

1.3. Persons Eligible
for Awards

The Persons
eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee)
of the Company and its Subsidiaries and Affiliates and consultants and service providers (including individuals who are employed by or
provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries an Affiliates
(collectively, “Key Persons”) as the Administrator shall select.

1.4. Types of Awards

Awards
may be made under the Plan in the form of (a) stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock
units and (e) unrestricted stock, all as more fully set forth in the Plan. The term “Award” means any of the foregoing that
are granted under the Plan.

1.5. Shares Available
for Awards; Adjustments for Changes in Capitalization

(a)             
Maximum Number. Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock
of the Company, par value $0.01 (“Common Stock”), with respect to which Awards may at any time be granted under the Plan shall
be 515,000. The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares that are subject
to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii)
any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided that any dividend equivalent
rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares
in respect of which an Award is settled for cash without the delivery of shares to the grantee. Any shares tendered or withheld to satisfy
the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant
to Awards under the Plan.

(b)            
Source of Shares. Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares.
The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth
such restrictions on transferability as may apply to such shares.

(c)             
Adjustments. (i) In the event any dividend or other distribution (whether in the form of cash, Company shares, other
securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase
or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares or other
securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring, affects the

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Company shares such that an
adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it
may deem equitable, adjust any or all of the number of shares or other securities of the Company (or number and kind of other securities
or property) with respect to which Awards may be granted under the Plan.

 (ii)                          The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined
below), other than an Equity Restructuring) affecting the Company, any of its Affiliates, or the financial statements of the Company or
any of its Affiliates, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities
exchange, accounting principles or law, whenever the Administrator determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award,
including providing for (A) adjustment to (1) the number of shares or other securities of the Company (or number and kind of other securities
or property) subject to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect
to any Award and (B) a substitution or assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on,
Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event,
or, if deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation
of such Award (it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal
to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled
and terminated without any payment or consideration therefor; provided, however, that with respect to options and stock appreciation rights,
unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section 424(h) of
the Code.

(iii)                           In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company’s assets
or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries (as defined below), the Administrator
shall have the power to:

     (1)                      provide that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent
right) shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor corporation or
a parent corporation or subsidiary corporation;

     (2)
                     cancel, effective immediately prior to the
occurrence of such event, options, stock appreciation rights and/or restricted stock units (including each dividend equivalent right
related thereto) outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such
cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as
of a date specified by the Administrator) of the shares subject to such Award over the aggregate Exercise Price of such Award (it
being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in

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 excess of, the Fair Market
Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration
therefor; or

    (3)                 notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right
shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator
may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which period
shall expire no later than immediately prior to the consummation of the corporate transaction).

(iv)        In
connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):

(A)          
The number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant price
thereof, if applicable, shall be equitably adjusted; and

(B)           
The Administrator shall make such equitable adjustments, if any, as the Administrator may deem appropriate to reflect such
Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited
to, adjustments of the limitations set forth in Sections 1.5(a)). The adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary
and shall be final and binding on the affected participant and the Company.

1.6. Definitions of Certain
Terms

(a)             
The “Fair Market Value” of a share of Common Stock on any day shall be the closing price on the stock exchange
upon which such shares are listed, as reported for such day in The Wall Street Journal, or, if no such price is reported for such day,
the average of the high bid and low asked price of Common Stock as reported for such day. If no quotation is made for the applicable day,
the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding sentence for
the next preceding trading day. Notwithstanding the foregoing, if there is no reported closing price or high bid/low asked price that
satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share
of Common Stock on any day shall be determined by such methods and procedures as shall be established from time to time by the Administrator.
The “Fair Market Value” of any property other than Common Stock shall be the fair market value of such property determined
by such methods and procedures as shall be established from time to time by the Administrator.

(b)            
Unless otherwise set forth in an Award Agreement, in connection with a termination of employment or consultancy/service
relationship or a dismissal from Board membership, for purposes of the Plan, the term “for Cause” shall be defined as follows:

(i)
             if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship
between the grantee, on the one hand, and the Company or any of its Affiliates, on the other hand, that contains a definition of

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“cause” (or similar
phrase), for purposes of the Plan, the term “for Cause” shall mean those acts or omissions that would constitute “cause”
under such agreement; or

(ii)               if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term "for Cause" shall mean any of the
following:

(A)           
any failure by the grantee substantially to perform the grantee’s employment or consultancy/service or Board membership
duties;

(B)           
any excessive unauthorized absenteeism by the grantee;

(C)           
any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;

(D)           
any act or omission by the grantee that is or may be injurious to the Company or any of its Affiliates, whether monetarily,
reputationally or otherwise;

(E)           
any act by the grantee that is inconsistent with the best interests of the Company or any of its Affiliates;

(F)            
the grantee’s gross negligence that is injurious to the Company

or any of
its Affiliates, whether monetarily, reputationally or otherwise;

(G)           
the grantee’s material violation of any of the policies of the Company or any of its Affiliates, as applicable, including,
without limitation, those policies relating to discrimination or sexual harassment;

(H)           
the grantee’s material breach of his or her employment or service contract with the Company or any of its Affiliates;

(I)             
the grantee’s unauthorized (1) removal from the premises of the Company or any of its Affiliates of any document (in
any medium or form) relating to the Company or any of its Affiliates or the customers or clients of the Company or any of its Affiliates
or (2) disclosure to any Person or entity of any of the Company’s, or any of its Affiliates’, confidential or proprietary
information;

(J)             
the grantee’s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a
felony or involves moral turpitude; and

(K)           
the grantee’s commission of any act involving dishonesty or fraud.

Any rights
the Company or any of its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal “for
Cause” shall be in addition to any other rights the Company or any of its Affiliates may have under any other agreement with a grantee
or at law or in equity. Any determination of whether a grantee’s employment, consultancy/service relationship or Board membership
is (or is deemed to have been) terminated “for Cause” shall be made by the Administrator. If, subsequent to a grantee’s
voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary termination
of employment or

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consultancy/service relationship
without Cause or removal from the Board other than “for Cause”, it is discovered that the grantee’s employment or consultancy/service
relationship or Board membership could have been terminated “for Cause”, the Administrator may deem such grantee’s employment
or consultancy/service relationship or Board membership to have been terminated “for Cause” upon such discovery and determination
by the Administrator.

(c)             
“Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control
with, the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.

(d)            
“Subsidiary” shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.

(e)             
“Exercise Price” shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the
price-per-share at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price
specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.

(f)             
“Equity Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a
stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the
shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the
shares underlying outstanding Awards.

(g)            
"Person" shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or
unincorporated association, joint venture, joint stock company, governmental body or other entity of any kind.

(h)            
“Repricing” shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been
granted, (ii) cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds
the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or a stock appreciation
right that is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules.

ARTICLE
II. 

Awards
Under The Plan 

2.1. Agreements Evidencing
Awards

Each
Award granted under the Plan shall be evidenced by a written certificate (“Award Agreement”), which shall contain such provisions
as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee. The
Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.

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2.2. Grant of Stock Options
and Stock Appreciation Rights

(a)             
Stock Option Grants. The Administrator may grant stock options

(“options”)
to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture
provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. No option will
be treated as an “incentive stock option” for purposes of the Code. The Administrator shall not grant an Award in the form
of stock options to an individual who is then subject to the requirements of Section 409A of the Code with respect to such Award if the
Common Stock (as defined below) underlying such Award does not then qualify as “service recipient stock” for purposes of Section
409A.

(b)            
Option Exercise Price. Each Award Agreement with respect to an option shall set forth the Exercise Price of such
Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market
Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater
of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock. Repricing
of options granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee
under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be
obtained by the Company pursuant to the rules of any applicable stock exchange on which the Common Stock is then listed, and any action
that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences
or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.

(c)             
Stock Appreciation Right Grants; Types of Stock Appreciation Rights. The Administrator may grant stock appreciation
rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions,
as the Administrator shall determine, subject to the provisions of the Plan. The terms of a stock appreciation right may provide that
it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and
that it shall not be otherwise exercisable. Stock appreciation rights may be granted in connection with all or any part of, or independently
of, any option granted under the Plan. The Administrator shall not grant an Award in the form of stock appreciation rights to any Key
Person (i) who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock (as defined
below) underlying such Award does not then qualify as “service recipient stock” for purposes of Section 409A or (ii) if such
Award would create adverse tax consequences for such Key Person under Section 457A of the Code.

(d)            
Nature of Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the
terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market
Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation
right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised. Each Award Agreement with
respect to a stock appreciation right shall set forth the Exercise Price of

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such Award and, unless otherwise
specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a
share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (A) the
Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock. Payment upon exercise
of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise
of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Repricing of stock appreciation
rights granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee
under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be
obtained by the Company pursuant to the rules of any applicable stock exchange on which the Common Stock is then listed, and any action
that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it would cause such adverse
tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.
Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall
be reduced by the number of shares with respect to which the stock appreciation right is exercised. Upon the exercise of an option in
connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall
be reduced by the number of shares with respect to which the option is exercised.

2.3. Exercise of Options
and Stock Appreciation Rights

Subject
to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable
as follows:

(a)             
Timing and Extent of Exercise. Options and stock appreciation rights shall be exercisable at such times and under
such conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion
of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted. Unless the applicable Award
Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares
as to which such Award is then exercisable.

(b)            
Notice of Exercise. An option or stock appreciation right shall be exercised by the filing of a written notice with
the Company or the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the
Administrator shall prescribe.

(c)             
Payment of Exercise Price. Any written notice of exercise of an option shall be accompanied by payment for the shares
being purchased. Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company
or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be given or
withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as
of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or the equivalent thereof
acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the

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sole discretion of the Administrator
and to the extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time
to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment methods.

(d)            
Delivery of Certificates Upon Exercise. Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of
the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines
payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such other
Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award
has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be made in shares or (ii)
establish an account evidencing ownership of the stock in uncertificated form. If the method of payment employed upon an option exercise
so requires, and if applicable law permits, an optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the
stock certificate(s) to the optionee’s stockbroker.

(e)             
No Stockholder Rights. No grantee of an option or stock appreciation right (or other Person having the right to exercise
such Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance
of a stock certificate to such Person for such shares. Except as otherwise provided in Section 1.5(c), no adjustment shall be made for
dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which
the record date is prior to the date such stock certificate is issued.

2.4. Termination of Employment;
Death Subsequent to a Termination of Employment

(a)             
General Rule. Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4
or Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board
may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise may be made only to
the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship
or dismissal from the Board, as applicable; and (ii) exercise must occur within three months after termination of employment or consultancy/service
relationship or dismissal from the Board but in no event after the original expiration date of the Award.

(b)            
Dismissal “for Cause”. If a grantee incurs a termination of employment or consultancy/service relationship
or dismissal from the Board “for Cause”, all options and stock appreciation rights not theretofore exercised shall immediately
terminate upon the grantee’s termination of employment or consultancy/service relationship or dismissal from the Board.

(c)             
Retirement. If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from
the Board as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to
the extent exercisable at the time of such retirement, remain exercisable for a period of

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three years after such retirement;
provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the
Award. For this purpose, “retirement” shall mean a grantee’s resignation of employment or consultancy/service relationship
or dismissal from the Board, with the Company’s or its applicable Affiliate’s prior consent, on or after (i) his or her 65th
birthday, (ii) the date on which he or she has attained age 60 and completed at least five years of service with the Company or one or
more of its Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the Administrator,
on or after his or her having completed at least 20 years of service with the Company or one or more of its Affiliates (using any method
of calculation the Administrator deems appropriate).

(d)            
Disability. If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal from
the Board by reason of a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable
at the time of such termination or dismissal, remain exercisable for a period of one year after such termination or dismissal of employment;
provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the
Award. For this purpose, “disability” shall mean any physical or mental condition that would qualify the grantee for a disability
benefit under the longterm disability plan maintained by the Company or its Affiliate, as applicable, or, if there is no such plan, a
physical or mental condition that prevents the grantee from performing the essential functions of the grantee’s position (with or
without reasonable accommodation) for a period of six consecutive months. The existence of a disability shall be determined by the Administrator.

(e)             
Death.

(i)                 Termination of Employment as a Result of Grantee’s Death. If a grantee incurs a termination of employment or consultancy/service
relationship or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation right shall, to
the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided that in no event
may such option or stock appreciation right be exercised following the original expiration date of the Award.

(ii)             Restrictions on Exercise Following Death. Any such exercise of an Award following a grantee’s death shall be made only by the
grantee’s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the
grantee’s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific
disposition. If a grantee’s personal representative or the recipient of a specific disposition under the grantee’s will shall
be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms
and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.

(f)             
Administrator Discretion. The Administrator may, in writing, may waive or modify the application of the foregoing
provisions of this Section 2.4.

    	 	11	 

    	 

    

2.5. Transferability of
Options and Stock Appreciation Rights

Except
as otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee,
each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award shall be assignable or transferable other
than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement evidencing an option
or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee’s
spouse, children or grandchildren

(“Immediate
Family Members”), (b) a trust or trusts for the exclusive benefit of such Immediate Family Members or (c) other parties approved
by the Administrator. Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject
to the same terms and conditions as were applicable immediately prior to the transfer.

2.6. Grant of Restricted
Stock

(a)             
Restricted Stock Grants. The Administrator may grant restricted shares of Common Stock to such Key Persons, in such
amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject
to the provisions of the Plan. A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee
accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in
such form as the Administrator shall determine and, in the event the restricted shares are newly issued by the Company, makes payment
to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the Administrator) in
an amount at least equal to the par value of the shares covered by the Award (which payment may be waived at the time of grant of the
restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to be fully paid and non-assessable).

(b)            
Issuance of Stock Certificate. Promptly after a grantee accepts a restricted stock Award in accordance with Section
2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock
certificates for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated
form. Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder
with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provision described in the Plan
(including paragraphs (d), (e) and (f) of this Section 2.6); (ii) in the Administrator’s sole discretion, a requirement, as set
forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator,
shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained
in the applicable Award Agreement.

(c)             
Custody of Stock Certificate. Unless the Administrator shall otherwise determine, any stock certificates issued evidencing
shares of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in

    	 	12	 

    	 

    

the applicable Award Agreement.
The Administrator may direct that such stock certificates bear a legend setting forth the applicable restrictions on transferability.

(d)            
Nontransferability. Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered
or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable
Award Agreement. The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment
of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.

(e)             
Consequence of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s
termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability
(as defined in Section 2.4(d)) shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested as of the
date of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a
termination of employment or consultancy/service relationship or dismissal from the Board as the result of his or her death or disability,
all shares of restricted stock that have not yet vested as of the date of such termination or departure from the Board shall immediately
vest as of such date. Unless otherwise determined by the Administrator, all dividends paid on shares forfeited under this Section 2.6(e)
that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement
under which such dividends are held or otherwise. The Administrator may, in writing, waive or modify the application of the foregoing
provisions of this Section 2.6(e).

2.7. Grant of Restricted
Stock Units

(a)        Restricted
Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject to such
vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the
Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the Company, conditioned upon
the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such
grantee’s restricted stock units that vest upon the occurrence of such vesting event multiplied by the Fair Market Value of a share
of Common Stock on the date of vesting. Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock
(valued at their Fair Market Value on the date of vesting) or both, all as the Administrator shall determine, and such payments shall
be made to the grantee at such time as provided in the Award Agreement, which shall be (i) if Section 409A of the Code is applicable to
the grantee, within the period required by Section 409A such that it qualifies as a “short-term deferral” pursuant to Section
409A and the Treasury Regulations issued thereunder, unless the

Administrator
shall provide for deferral of the Award in compliance with Section 409A,

(ii) if Section
457A of the Code is applicable to the grantee, within the period required by

Section 457A(d)(3)(B)
such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the grantee,
at such time as determined by the Administrator.

    	 	13	 

    	 

    

(b)            
 Dividend Equivalents. The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend
equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award
is outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were then outstanding. In the event such
a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder
of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are paid, regardless of the
fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award’s vesting event occurs, conditioned
upon the occurrence of the vesting event, (ii) made in cash, shares of Common Stock or other property and (iii) subject to such other
vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall set forth in
the Award Agreement.

(c)             
Consequence of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s
termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability
(as defined in Section 2.4(d)) shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date
of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination
of employment or consultancy/service relationship or dismissal from the Board as the result of his or her death or disability, all restricted
stock units that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such
date. Unless otherwise determined by the Administrator, any dividend equivalent rights on any restricted stock units forfeited under this
Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any
escrow arrangement under which such dividends are held or otherwise. The Administrator may, in writing, waive or modify the application
of the foregoing provisions of this Section 2.7(c).

(d)            
No Stockholder Rights. No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company
with respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award (it
being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company
shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in Section 1.5(c), no adjustment
to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether
in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued.

(e)             
Transferability of Restricted Stock Units. Except as otherwise provided in an applicable Award Agreement evidencing
a restricted stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable. The Administrator may, in
any applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted stock units
to (i) the grantee’s

Immediate Family
Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) other parties approved by the Administrator.
Following any such transfer, any transferred restricted stock units shall continue to be

    	 	14	 

    	 

    

subject to the same terms and conditions
as were applicable immediately prior to the transfer.

2.8. Grant of Unrestricted
Stock

The Administrator
may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such
Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine. Shares may be thus granted
or sold in respect of past services or other valid consideration.

ARTICLE III.	Miscellaneous

 

3.1. Amendment of the
Plan; Modification of Awards

(a)             
Amendment of the Plan. The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect
whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore
made under the Plan without the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise the
Award). For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment
of any Award shall not be considered to materially impair any rights of any grantee.

(b)            
Stockholder Approval Requirement. If required by applicable rules or regulations of a national securities exchange or the
SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available
under the Plan, (ii) materially increases the number of shares which may be issued under the Plan, except as permitted pursuant to Section
1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has
the effect of, a “re-pricing” of any outstanding Award, (B) reduce the price at which shares or options to purchase shares
may be offered or (C) extends the duration of the Plan or (iv) materially expands the class of Persons eligible to receive Awards under
the Plan.

(c)             
Modification of Awards. The Administrator may cancel any Award under the Plan. The Administrator also may amend any
outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award
becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement;
or (iii) waive or amend the operation of Section 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of
employment or consultancy/service relationship or dismissal from the Board; provided, however, that no such amendment shall be made without
shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award. However,
any such cancellation or amendment that materially impairs the rights or materially increases the obligations of a grantee under an outstanding
Award shall be made only with the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise
the Award). In making any

    	 	15	 

    	 

    

modification to an Award (e.g.,
an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e)
or 2.7(c)), the Administrator may consider the implications under Sections 409A and 457A of the Code from such modification.

3.2. Consent Requirement

(a)             
No Plan Action Without Required Consent. If the Administrator shall at any time determine that any Consent (as defined
below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase
of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as
a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have
been effected or obtained to the full satisfaction of the Administrator.

(b)            
Consent Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and
all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law,
rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares,
or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing,
registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made
and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies.

3.3. Nonassignability

Except
as provided in Section 2.4(e), 2.5, 2.6(d) or 2.7(e), (a) no Award or right granted to any Person under the Plan or under any Award Agreement
shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all rights granted under the
Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee’s legal representative
or the grantee’s permissible successors or assigns (as authorized and determined by the Administrator). All terms and conditions
of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns.

3.4. Taxes

(a)             
Withholding. A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and
the Company and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer
made under any Award or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount
of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an
Award or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for
payment of such taxes. Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the
Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing condition
by

    	 	16	 

    	 

    

electing to have the Company
withhold from delivery shares having a value equal to the amount of minimum tax required to be withheld. Such shares shall be valued at
their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be settled
in cash. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award
as may be approved by the Administrator in its sole discretion.

(b)            
Liability for Taxes. Grantees and holders of Awards are solely responsible and liable for the satisfaction of all
taxes and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and
457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all
of such taxes. The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to
grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award in a manner that
(i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant election
to the extent it would violate Section 409A or 457A of the Code (to the extent applicable) and (iii) for any distribution event or election
that could be expected to violate Section 409A or 457A of the Code, make the distribution only upon the earliest of the first to occur
of a "permissible distribution event" within the meaning of Section 409A of the Code or a distribution event that the participant
elects in accordance with Section 409A of the Code. The Administrator shall have the sole discretion to interpret the requirements of
the Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards.

3.5. Change in Control

(a) Change
in Control Defined. For purposes of the Plan, “Change in Control” shall mean the occurrence of any of the following:

(i)            any “person” (as defined in Section 13(d)(3) of the 1934 Act), corporation or other entity (other than (A) the Company,
(B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, or (C) any
company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company in substantially the same proportions
as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company) acquires
“beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate
voting power of the capital stock ordinarily entitled to elect directors of the Company;

(ii)         the sale
of all or substantially all the Company’s assets in one or more related transactions to a Person or group of Persons, other than
such a sale (A) to a Subsidiary which does not involve a change in the equity holdings of the Company or(B) to an entity which has acquired
all or substantially all the Company’s assets (any such entity described in clause (A) or (B), the “Acquiring Entity”)
if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the Acquiring Entity (or, if applicable, the ultimate parent entity that

    	 	17	 

    	 

    

directly or indirectly has beneficial
ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the

Acquiring
Entity) is beneficially owned by the holders of the voting stock of the Company, and such voting power among the persons who were holders
of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same
proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior
to such sale;

(iii)         any merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of which the holders of the
voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or
indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving entity (or, if applicable, the
ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the
capital stock ordinarily entitled to elect directors of the surviving entity) and such voting power among the Persons who were
holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially
the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company
immediately prior to such sale;

(iv)         
 the approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the Company; or

(v)        
during any period of 24 consecutive calendar months, individuals:

		(A)	who were directors of the Company on the first day of such period, or

		(B)	whose election or nomination for election to the Board was recommended or approved
by at least a majority of the directors then still in office who were directors of the Company on the first day of such period, or whose
election or nomination for election were so approved,

shall cease
to constitute a majority of the Board.

Notwithstanding the
foregoing, for each Award subject to Section 409A of the Code, a Change in Control shall be deemed to occur under this Plan with respect
to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion
of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code, provided that such limitation
shall apply

to such
Award only to the extent necessary to avoid adverse tax effects under Section 409A of the Code.

(b)            
Effect of a Change in Control. Unless the Administrator provides otherwise in a Award Agreement, upon the occurrence
of a Change in Control:                

	

(i)
         notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any Award in the form of
an option or stock appreciation right shall be immediately exercisable;

    	 	18	 

    	 

    

                            (ii)                to
the extend permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in
such manner as it deems appropriate;

                           (iii)               a
grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for any reason, other
than a termination or dismissal “for Cause”, concurrent with or within one year following the Change in Control may exercise
any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the
date of his or her termination of employment or consultancy/service relationship or dismissal from the Board, until the earlier of (A)
the original expiration date of the Award and (B) the later of (x) the date provided for under the terms of Section 2.4 without reference
to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or consultancy/service relationship
or dismissal from the Board.

(c)             
Miscellaneous. Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this
Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction. For purposes of the Plan and
any Award Agreement granted hereunder, the term “Company” shall include any successor to Star Bulk Carriers Corp.

3.6. Operation and Conduct
of Business

Nothing in
the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any of its Affiliates from taking any action
with respect to the operation and conduct of their business that they deem appropriate or in their best interests, including any or all
adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any of its Affiliates,
any merger or consolidation of the Company or any of its Affiliates, any issuance of Company shares or other securities or subscription
rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other securities
or rights thereof, any dissolution or liquidation of the Company or any of its Affiliates, any sale or transfer of all or any part of
the assets or business of the Company or any of its Affiliates, or any other corporate act or proceeding, whether of a similar character
or otherwise.

3.7. No Rights to Awards

No Key
Person or other Person shall have any claim to be granted any Award under the Plan.

3.8. Right of Discharge
Reserved

Nothing
in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any
of its Affiliates, his or her consultancy/service relationship with the Company or any of its Affiliates, or his or her position as a
director of the Company or any of its Affiliates, or affect any right that the Company or any of its Affiliates may have to terminate
such employment or consultancy/service relationship or service as a director.

    	 	19	 

    	 

    

3.9. Non-Uniform Determinations

The Administrator’s
determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made
and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether
or not such Persons are similarly situated). Without limiting the generality of the foregoing, the Administrator shall be entitled, among
other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a)
the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number of shares to be covered by,
or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions
of Awards.

3.10. Other Payments or
Awards

Nothing
contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under
any other plan, arrangement or understanding, whether now existing or hereafter in effect.

3.11. Headings

Any section,
subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand,
limit or otherwise define the contents of such subdivisions.

3.12. Effective Date and
Term of Plan

(a)             
Adoption; Stockholder Approval. The Plan was adopted by the Board on June 7,2021. The Board may, but need not, make
the granting of any Awards under the Plan subject to the approval of the Company’s stockholders.

(b)            
Termination of Plan. The Board may terminate the Plan at any time. All Awards made under the Plan prior to its termination
shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and
the applicable Award Agreements. No Awards may be granted under the Plan following the tenth anniversary of the date on which the Plan
was adopted by the Board.

3.13. Restriction on Issuance
of Stock Pursuant to Awards

The Company
shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock
are fully paid and non-assessable under applicable law. Notwithstanding anything to the contrary in the Plan or any Award Agreement, at
the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange
for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator
may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in writing to the
Company that it is the Award holder’s then-intention to acquire the shares with respect to which the Award is granted for investment
and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time as the Company has available for
delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no

    	 	20	 

    	 

    

shares shall be issued or transferred
in connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied
with to the satisfaction of the Company and the Administrator. The Company and the Administrator shall have the right to condition any
issuance of shares to any Award holder hereunder on such Person’s undertaking in writing to comply with such restrictions on the
subsequent transfer of such shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable
law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop
transfer orders and other restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement
or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable
securities or other laws, and certificates representing such shares may contain a legend to reflect any such restrictions. The Administrator
may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such
shares or other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section
16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such
Award shall be promptly refunded to the relevant grantee or other Award holder. Without limiting the generality of the foregoing, no Award
granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless
and until the Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any
applicable securities laws.

3.14. Requirement of Notification
of Election Under Section 83(b) of the Code

If an Award
recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the Code (to
include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator
of such election within ten days of filing notice of the election with the U.S. Internal Revenue Service, in addition to any filing and
notification required pursuant to regulations issued under Section 83(b) of the Code.

3.15. Severability

If any provision
of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or
Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed
or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the
Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person
or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

3.16. Sections 409A and
457A

To the
extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department
of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan or any applicable
Award Agreement to the contrary, in the event that

    	 	21	 

    	 

    

the Administrator determines
that any Award may be subject to Section 409A or 457A of the Code, the Administrator may adopt such amendments to the Plan and the applicable
Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take
any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A
and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with
the requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of
penalty taxes under Sections 409A and 457A of the Code.

3.17. Forfeiture; Clawback

The Administrator
may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock appreciation
rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee’s
breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any of
its Affiliates or (ii) a financial restatement that reduces the amount of bonus or incentive compensation previously awarded to a grantee
that would have been earned had results been properly reported.

3.18. No Trust or Fund
Created

Neither the
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 of its Affiliates and an Award recipient or any other Person. To the extent that any Person acquires a right to receive
payments from the Company or any of its Affiliates pursuant to an Award, such right shall be no greater than the right of any unsecured
general creditor of the Company or its Affiliates.

3.19. No Fractional Shares

No fractional
shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities,
or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional shares or any rights thereto
shall be canceled, terminated, or otherwise eliminated.

3.20. Governing Law

The Plan
will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict
of laws.

 

    	 	22Exhibit 10.14

 

[GORILLA
TECHNOLOGY GROUP INC. LETTERHEAD]

 

March
2, 2022

 

Via
Email

 

Mr.
Rajesh Natarajan

 

		Re:	Offer
of Employment

 

Dear
Raj:

 

We
are pleased to present the following offer of employment (“Agreement”) with Gorilla Technology Group Inc. (the “Company”).

 

Position
and Duties

 

Commencing
on the date of your acceptance of this offer of employment, you will serve as the Company’s Chief Innovation Officer (“CIO”)
and will report to the Company’s Chief Executive Officer. Upon the Company’s completion of its previously announced merger
with Global SPAC Partners Co. (the “Business Combination”), currently anticipated to close in the second quarter of
2022, you and the Company will enter into a more formal employment agreement. Any such employment agreement must be signed off by the
Company’s new Board of Directors after the Business Combination.

 

Your
role as CIO is to develop an innovation strategy to drive change and growth, and cultivate innovation capabilities within the organization;
create an innovation portfolio and roadmap to drive growth and spur investment; assess competition and maintain overall market awareness;
identify business opportunities, new technologies and develop new capabilities to address said opportunities; oversee new innovations
as they are introduced to the marketplace; ensure innovations provide value to customers; evaluate and balance risk/reward for innovation
and organizational objectives; and such other duties as are consistent with your position.

 

Compensation

 

Your
monthly salary will be $15,000 (Fifteen Thousand Dollars USD) per month, pro-rated for partial months, less withholding and deductions
applicable to wages under applicable federal and state law in the United States of America. The Company will pay your salary on a monthly
basis. You will not be eligible for any employee benefits from the Company until the date of the Business Combination.

 

Expenses

 

The
Company will reimburse you for all reasonable business expenses incurred in regard to your employment, including travel expenses and
reasonable per diems, subject to the Company’s receipt of appropriate documentation of such expenses, prior to the Business Combination.

 

     

     

    

 

Offer of Employment

March 2, 2022

Page 2

 

Confidentiality

 

You
will have access to information about the Company and your employment with the Company shall bring you into close contact with confidential
and proprietary information of the Company (“Confidential Information”). For purposes of this Agreement, “Confidential
Information” means all non-public and proprietary information, whether oral, written, or electronic, to which you are given access
by the Company or is made available to you in connection with your work under this Agreement. In recognition of the foregoing, you agree,
at all times during the employment and thereafter, to hold in confidence, and not to use, except for the benefit of the Company, or to
disclose to any person without written authorization of the Company, any Confidential Information.

 

Employment
Term

 

The
Company agrees to employ you until the Business Combination is completed. Your employment until the Business Combination is completed
may be terminated only for “Cause” as defined in this Agreement and only by a vote of a majority of the Company’s Board.
For purposes of this Agreement, “Cause” means, fraud, willful misconduct, or gross negligence, or an articulable and defensible
reason relating to the performance of your duties that is not cured within seven days’ written notice from the Company specifically
describing the Cause condition.

 

If
the Company terminates your employment for any reason other than fraud, willful misconduct, or gross negligence, the Company will pay
you as severance, in a lump sum, an amount equal to twelve months of your monthly salary, less deductions applicable to wages, within
five (5) business days after the termination.

 

Indemnification
and Insurance

 

The
Company agrees that it shall indemnify you to the greatest extent permissible under applicable law for all claims that arise from or
relate to your employment by the Company or your status as officer of the Company. Moreover, the Company agrees that, prior to you performing
any work for the Company, the Company will cause you to be listed as an insured on any and all insurance policies the Company carries
to protect officers and directors from claims. The level of insurance coverage provided to you shall be no less than that provided to
other officers of the Company.

 

Choice
of Law

 

This
Agreement will be governed by the laws of the United States of America and the State of Washington, regardless of principles of conflicts
of laws.

 

*
* * *

 

     

     

    

 

Offer of Employment

March 2, 2022

Page 3

 

If
you wish to accept employment at the Company under the terms described above, please sign and date this letter and return it to us. Please
retain copies for your records.

 

	 	Sincerely,
	 	 
	 	GORILLA TECHNOLOGY GROUP INC.
	 	 	 
	 	By: 	/s/ Tomoyuki Nii
	 	 	Tomoyuki Nii
	 	 	Chairman, Board of Directors

 

I
understand and accept the terms of this employment offer.

 

/s/
Rajesh Natarajan

Rajesh
Natarajan

 

March
11, 2022

Date

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