Document:

Exhibit 10.5

    

    

    

    ONEWATER MARINE INC.

    

    

    2020 OMNIBUS INCENTIVE PLAN

     

    1.           DEFINITIONS.

     

    Unless otherwise specified or unless the context otherwise requires, the following terms, as used in this OneWater Marine Inc. 2020 Omnibus Incentive Plan,
      have the following meanings:

     

    
      
        	

              	(a)	
                Administrator means the Board, unless it has delegated power to act on its behalf to the Committee, in which case the term
                    Administrator means the Committee.

              

      

    

     

    
      
        	

              	(b)	
                Affiliate means any corporation, partnership, limited liability company, limited liability partnership, association, trust
                    or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company.  For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms
                    “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting
                    power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting
                    securities, by contract, or otherwise.

              

      

    

     

    
      
        	

              	(c)	
                Agreement means a written or electronic document setting forth the terms of a Stock Right delivered pursuant to the Plan
                    in such form as the Administrator shall approve.

              

      

    

     

    
      
        	

              	(d)	
                Board means the Board of Directors of the Company.

              

      

    

     

    
      
        	

              	(e)	
                Cause, with respect to any Participant (a) has the meaning in such Participant’s employment agreement, or (b) if such
                    Participant is not a party to an employment agreement, it means any of the following (i) willfully damaging the property, business, reputation or goodwill of the Company or any Affiliate; (ii) conviction of, or plea of nolo contendere
                    with respect to, a felony; (iii) committing a crime of dishonesty, including theft, dishonesty, fraud or embezzlement; (iv) willfully neglecting the duties to be performed by Participant in connection with his employment or service with
                    the Company or any Affiliate which is not the result of illness or accident; (v) sexually harassing, or discriminating against (based upon a protected classification), any other employee of the Company or any Affiliate or creating a
                    hostile work environment for other employees of the Company or any Affiliate; (vi) failing for any reason to correct, cease or otherwise alter any insubordination, failure to comply with instructions or other act or omission that in the
                    opinion of the Board adversely affects the Company’s or any Affiliate’s business or operations; or (vii) a breach of any of the material terms of Participant’s employment agreement or any noncompetition agreement between the Participant
                    and the Company or any Affiliates. As to the matters listed in clauses (iv), (v), (vi) and (vi), Cause shall exist only if Participant fails to cure (if such action, inaction or circumstance is curable) as promptly as possible (not to
                    exceed 10 days) following Participant’s receipt of written notice from the Company or any affiliate describing such matter in reasonable detail; provided, however, that if Participant has previously received written notice for a
                    substantially similar matter that otherwise constitutes Cause, then, even if Participant cured the matter following the prior written notice, Participant shall not have a right to notice and cure a second time for the substantially
                    similar matter.

              

      

    

      

    

    
      
        

    

    
    
      
        	

              	(f)	
                Change in Control means the occurrence of any of the following events:

              

      

    

     

    Ownership.  Any
        “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%)
        or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant
        to a transaction or a series of related transactions which the Board does not approve; or

     

    Merger/Sale of Assets.  (A) A merger or consolidation of the Company whether or not approved by the Board, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
        represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) more than fifty percent (50%) of the total voting power represented by the voting securities of the
        Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a
        transaction requiring shareholder approval; or

     

    Change in Board Composition.  A change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors.  “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of
        February 7, 2020, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose
        election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company).

     

    
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    Provided, that if any payment or benefit payable hereunder upon or following a Change in
        Control would be required to comply with the limitations of Section 409A(a)(2)(A)(v) of the Code in order to avoid an additional tax under Section 409A of the Code, such payment or benefit shall be made only if such Change in Control constitutes a
        change in ownership or control of the Company, or a change in ownership of the Company’s assets in accordance with Section 409A of the Code.

     

    
      
        	

              	(g)	
                Code means the United States Internal Revenue Code of 1986, as amended, including any successor statute, regulation and
                    guidance thereto.

              

      

    

     

    
      
        	

              	(h)	
                Committee means the committee of the Board to which the Board has delegated power to act under or pursuant to the
                    provisions of the Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members.

              

      

    

     

    
      
        	

              	(i)	
                Common Stock means shares of the Company’s Class A common stock, par value $0.01 per share.

              

      

    

     

    
      
        	

              	(j)	
                Company means OneWater Marine Inc., a Delaware corporation.

              

      

    

     

    
      
        	

              	(k)	
                Consultant means any natural person who is an advisor or consultant who provides bona fide services to the Company or its
                    Affiliates, provided that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s or its Affiliates’
                    securities.

              

      

    

     

    
      
        	

              	(l)	
                Corporate Transaction means a merger, consolidation, or sale of all or substantially all of the Company’s assets or the
                    acquisition of all of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a single entity other than a transaction to merely change the state of incorporation.

              

      

    

     

    
      
        	

              	(m)	
                Disability or Disabled means permanent and total disability as defined in Section
                    22(e)(3) of the Code.

              

      

    

     

    
      
        	

              	(n)	
                Disqualifying Disposition has the meaning given to such term in Section 29 of the Plan.

              

      

    

     

    
      
        	

              	(o)	
                Employee means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also
                    serving as an officer or director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan.

              

      

    

     

    
      
        	

              	(p)	
                Exchange Act means the Exchange Act of 1934, as amended.

              

      

    

     

    
      
        	

              	(q)	
                Fair Market Value of a Share of Common Stock means:

              

      

    

     

    
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    (1)          If the Common Stock is listed on a national securities exchange or traded in the over‐the‐counter market and sales prices are regularly reported for the Common Stock,
      the closing or, if not applicable, the last price of the Common Stock on the composite tape or other comparable reporting system on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date;

     

    (2)          If the Common Stock is not traded on a national securities exchange but is traded on the over‐the‐counter market, if sales prices are not regularly reported for the
      Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter
      market on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date; and

     

    If the Common Stock is neither listed on a national securities exchange nor traded in the over‐the‐counter market, such value as the Administrator, in good faith, shall determine in compliance with
      applicable laws.

     

    
      
        	

              	(r)	
                Incumbent Director has the meaning given to such term in Section 1(f) of the Plan.

              

      

    

     

    
      
        	

              	(s)	
                ISO means an option intended to qualify as an incentive stock option under Section 422 of the Code.

              

      

    

     

    
      
        	

              	(t)	
                Non‐Qualified Option means an option which is not intended to qualify as an ISO.

              

      

    

     

    
      
        	

              	(u)	
                Option means an ISO or Non‐Qualified Option granted under the Plan.

              

      

    

     

    
      
        	

              	(v)	
                Participant means an Employee, director or Consultant of the Company or an Affiliate to whom one or more Stock Rights are
                    granted under the Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires. A Participant must be an “employee” of the Company or any of its parents or subsidiaries within the meaning of
                    General Instruction A.1(a) to Form S-8 if such individual is granted a Stock Right that may be settled in Shares.

              

      

    

     

    
      
        	

              	(w)	
                Performance-Based Award means a Stock Grant or Stock-Based Award which vests based on the attainment of written
                    Performance Goals as set forth in Section 9 hereof.

              

      

    

     

    
      
        	

              	(x)	
                Performance Goals means performance goals determined by the Administrator in its sole discretion and set forth in an
                    Agreement. The Administrator has the authority to take appropriate action with respect to the Performance Goals (including, without limitation, making adjustments to the Performance Goals or determining the satisfaction of the
                    Performance Goals in connection with a Corporate Transaction) provided that any such action does not otherwise violate the terms of the Plan.

              

      

    

     

    
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              	(y)	
                Plan means this OneWater Marine Inc. 2020 Omnibus Incentive Plan.

              

      

    

     

    
      
        	

              	(z)	
                Qualified Member means a member of the Board who is (i) a “non-employee director” within the meaning of Rule 16b-3(b)(3),
                    and (ii) “independent” under the listing standards or rules of the securities exchange upon which the Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards
                    or rules.

              

      

    

     

    
      
        	

              	(aa)	
                Rule 16b-3 means Rule 16b-3, promulgated by the SEC under Section 16 of the Exchange Act.

              

      

    

     

    
      
        	

              	(bb)	
                SAR Period has the meaning given to such term in Section 6(c)(ii) of the Plan.

              

      

    

     

    
      
        	

              	(cc)	
                Securities Act means the Securities Act of 1933, as amended.

              

      

    

     

    
      
        	

              	(dd)	
                Shares means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares
                    of capital stock into which the Shares are changed or for which they are exchanged within the provisions of Section 3 of the Plan.  The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in
                    its treasury, or both.

              

      

    

     

    
      
        	

              	(ee)	
                Stock-Based Award means a grant by the Company under the Plan of an equity award or an equity-based award, which is not
                    an Option or a Stock Grant.

              

      

    

     

    
      
        	

              	(ff)	
                Stock Grant means a grant by the Company of Shares under the Plan.

              

      

    

     

    
      
        	

              	(gg)	
                Stock Right means a right to Shares or the value of Shares of the Company granted pursuant to the Plan—an ISO, a
                    Non-Qualified Option, a Stock Grant or a Stock-Based Award.

              

      

    

     

    
      
        	

              	(hh)	
                Substitute Award has the meaning given to such term in Section 25(f) of the Plan.

              

      

    

     

    
      
        	

              	(ii)	
                Successor Board has the meaning given to such term in Section 25(b) of the Plan.

              

      

    

     

    
      
        	

              	(jj)	
                Survivor means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s
                    rights to a Stock Right by will or by the laws of descent and distribution.

              

      

    

     

    2.          PURPOSES OF THE PLAN.

     

    The Plan is intended to encourage ownership of Shares and to provide incentive compensation, including incentive compensation measured by reference to the value of Shares, by Employees and directors
      of and certain Consultants to the Company and its Affiliates in order to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to promote the success of
      the Company or of an Affiliate.  The Plan provides for the granting of ISOs, Non‐Qualified Options, Stock Grants and Stock-Based Awards.

     

    
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     3.          SHARES SUBJECT TO THE PLAN.

     

    
      
        	(a)	
                The number of Shares which may be issued from time to time pursuant to this Plan shall be ten percent (10%) of the fully diluted shares of the Company outstanding from time to time, or the equivalent of such number of Shares after the
                  Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Section 25 of the Plan.

              

      

    

     

    
      
        	 (b)	
                Other than with respect to Substitute Awards, to the extent that a Stock-Based Award expires or is canceled, forfeited, terminated, settled in cash, or otherwise is settled without issuance to the Participant of the full number of
                  Shares to which the Stock-Based Award related, the unissued Shares will again be available for grant under the Plan. Shares forfeited with respect to Stock Grants and Stock-Based Awards, Shares withheld in payment of the exercise price,
                  or taxes relating to a Stock-Based Award, and Shares equal to the number of Shares surrendered in payment of any exercise price, or taxes relating to a Stock-Based Award, shall be deemed to constitute Shares not issued to the Participant
                  and shall be deemed to again be available for Stock-Based Awards under the Plan; provided, however, that such shares shall not become available for issuance hereunder if the applicable shares are withheld or surrendered following the
                  termination of the Plan.

              

      

    

     

    
      
        	(c)	
                In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity, the Board may grant a Stock Right in substitution for any options or other stock or
                  stock-based awards granted by such entity or an affiliate thereof.  Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations contained in the Plan.  Substitute
                  Awards shall not count against the overall share limit set forth in Section 3(a), except as may be required by reason of Section 422 and related provisions of the Code.

              

      

    

     

    
      
        	(d)	
                Subject to the provisions of Section 25, Adjustments, the maximum number of Shares that may be issued pursuant to the exercise of ISOs is equal to 673,777.

              

      

    

     

    4.           ADMINISTRATION OF THE PLAN.

     

    The Administrator of the Plan will be the Board, except to the extent the Board delegates its authority to the Committee, in which case the Committee shall be the Administrator.  Subject to the
      provisions of the Plan, the Administrator is authorized to:

     

    
      
        	(a)	
                Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable for the administration of the Plan;

              

      

    

     

    
      
        	(b)	
                Determine which Employees, directors and Consultants shall be granted Stock Rights;

              

      

    

     

    
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        	(c)	
                Determine the number of Shares for which a Stock Right or Stock Rights shall be granted, provided however that the maximum amount of cash and Shares subject to a Stock Right (calculated based on grant date fair value for financial
                  reporting purposes) granted in any calendar year to any individual non-employee director shall not exceed $75,000 in the case of an incumbent director or $75,000 in the case of a new director
                  during his or her first year of service;

              

      

    

     

    
      
        	(d)	
                Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted;

              

      

    

     

    
      
        	(e)	
                Amend any term or condition of any outstanding Stock Right, provided that such term or condition as amended is not prohibited by the Plan;

              

      

    

     

    
      
        	(f)	
                Determine and make any adjustments in the Performance Goals included in any Performance-Based Awards in compliance with (d) above; and

              

      

    

     

    
      
        	(g)	
                Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or take advantage of any tax or other laws applicable to the Company, any Affiliate or to
                  Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock Rights or Shares issuable pursuant to a Stock Right; provided, however, that all
                  such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of potential tax consequences under Section 409A of the Code and preserving the tax status under Section 422 of the Code of
                  those Options which are designated as ISOs.  The interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise determined by the Board, if the
                  Administrator is the Committee.  In addition, if the Administrator is the Committee, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee.

              

      

    

     

    To the extent permitted under applicable law, the Board or the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or
      any portion of its responsibilities and powers to any other person selected by it in accordance with applicable law. The Board or the Committee may revoke any such allocation or delegation at any time.  Notwithstanding the foregoing, only the Board
      or the Committee shall be authorized to grant, modify or otherwise delegate its duties with respect to a Stock Right to any director of the Company or to any “officer” of the Company as defined by Rule 16a-1 under the Exchange Act.

     

    5.           ELIGIBILITY FOR PARTICIPATION.

     

    The Administrator will, in its sole discretion, determine the Participants to whom Stock Rights will be granted under the Plan; provided, however, that each Participant must be an Employee, director
      or Consultant of the Company or of an Affiliate at the time a Stock Right is granted.  Notwithstanding the foregoing, the Administrator may authorize the grant of a Stock Right to a person not then an Employee, director or Consultant of the Company
      or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. 
      ISOs may be granted only to Employees who are deemed to be residents of the United States for tax purposes.  Non‐Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or Consultant of the Company or an
      Affiliate.  The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock Rights or any grant under any other benefit plan established by the
      Company or any Affiliate for Employees, directors or Consultants.

     

    
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    6.           TERMS AND CONDITIONS OF OPTIONS AND SARS.

     

    Each Option shall be set forth in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant.  The Administrator may provide
      that Options be granted subject to such terms and conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the
      shareholders of the Company of this Plan or any amendments thereto.  The Option Agreements shall be subject to at least the following terms and conditions:

     

    
      
        	(a)	
                Non‐Qualified Options:  Each Option intended to be a Non‐Qualified Option shall be subject to the terms and conditions
                    which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non‐Qualified Option:

              

      

    

     

    
      
        	

              	(i)	
                Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option,
                    which exercise price shall be determined by the Administrator and shall be at least equal to the Fair Market Value per share of the Common Stock on the date of grant of the Option, except as otherwise provided by the Administrator in
                    the case of Substitute Awards or any other revision or change to an Option that would not constitute a modification of the Option for purposes of Sections 422 or 409A of the Code.

              

      

    

     

    
      
        	

              	(ii)	
                Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains.

              

      

    

     

    
      
        	

              	(iii)	
                Vesting:  Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it
                    may no longer be exercised, and may provide that the Option rights accrue or become exercisable in installments over a period of months or years, or upon the occurrence of certain performance conditions or the attainment of stated goals
                    or events, provided, however, that notwithstanding any such date or dates, the Administrator may, in its sole discretion, accelerate the date on which it is first exercisable at any time for any reason.

              

      

    

     

    
      
        	

              	(iv)	
                Term of Option:  Each Option shall terminate not more than ten (10) years from the date of the grant or at such earlier
                    time as the Option Agreement may provide, provided, that if the such term would expire at a time when trading in the Shares is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the term
                    shall be automatically extended until the 30th day following the expiration of such prohibition.

              

      

    

     

    
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        	(b)	
                ISOs:  Each Option intended to be an ISO shall be issued only to an Employee who is deemed to be a resident of the United
                    States for tax purposes, and shall be subject to the following terms and conditions, with such additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and
                    relevant regulations and rulings of the Internal Revenue Service:

              

      

    

     

    
      
        	

              	(i)	
                Minimum Standards:  The ISO shall meet the minimum standards required of Non‐Qualified Options, as described in Section
                    6(a) above, except clause (i) and (iv) thereunder.

              

      

    

     

    
      
        	

              	(ii)	
                Exercise Price:  Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable
                    attribution rules in Section 424(d) of the Code and except as otherwise provided by the Administrator in the case of any other revision or change to an Option (including with respect to Substitute Awards) that would not constitute a
                    modification of the Option for purposes of Sections 422 of the Code:

              

      

    

     

    
      
        	

              	A.	
                Ten percent (10%) or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be
                  less than one hundred percent (100%) of the Fair Market Value per share of the Common Stock on the date of grant of the Option; or

              

      

    

     

    
      
        	

              	B.	
                More than ten percent (10%) of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than one hundred ten percent (110%)
                  of the Fair Market Value per share of the Common Stock on the date of grant of the Option.

              

      

    

     

    
      
        	

              	(iii)	
                Term of Option:  For Participants who own:

              

      

    

     

    
      
        	

              	A.	
                Ten percent (10%) or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten (10) years from the date of the
                  grant or at such earlier time as the Option Agreement may provide; or

              

      

    

     

    
      
        	

              	B.	
                More than ten percent (10%) of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five (5) years from the date of the grant or at such earlier time as the
                  Option Agreement may provide.

              

      

    

     

    
      
        	 (c)	
                Stock Appreciation Rights. Each SAR granted under the Plan shall be evidenced by a SAR Agreement. Each SAR so granted
                    shall be subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable SAR Agreement. Any Option granted under the Plan may include tandem SARs.
                    The Administrator also may award SARs to Participants independent of any Option.

              

      

    

     

    
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              (i)

            	
              Strike price. Each SAR Agreement shall state the strike price (per share) of the Shares covered by each SAR, which strike
                  price shall be determined by the Administrator and shall be at least equal to the Fair Market Value per share of the Common Stock on the date of grant of the SAR, except as otherwise provided by the Administrator in the case of Substitute
                  Awards. Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a strike price equal to the exercise price of the corresponding Option.

            

    

    

    

    
      	 	
              (ii)

            	
              Vesting and Expiration; Termination. A SAR granted in connection with an Option shall become exercisable and shall
                  expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable in such manner and on such date or dates or upon such event or
                  events as determined by the Administrator including, without limitation, Performance Goals; provided, however, that notwithstanding any such vesting dates or events, the Administrator may, in its sole discretion, accelerate the vesting of
                  any SAR at any time and for any reason. SARs shall expire upon a date determined by the Administrator, not to exceed ten (10) years from the date of grant (the “SAR Period”); provided, that if the SAR Period would expire at a time when
                  trading in the Shares is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition.

            

    

    

    

    
      	 	
              (iii)

            	
              Method of Exercise. SARs which have become exercisable may be exercised by delivery of written or electronic notice of
                  exercise to the Company in accordance with the terms of the Agreement, specifying the number of SARs to be exercised and the date on which such SARs were awarded.

            

    

    

    

    7.           TERMS AND CONDITIONS OF STOCK GRANTS.

     

    Each Stock Grant to a Participant shall state the principal terms in an Agreement duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant.  The
      Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards:

     

    
      
        	(a)	
                Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase price shall be determined by the Administrator but shall not be less than the minimum consideration required by
                  the Delaware General Corporation Law, if any, on the date of the grant of the Stock Grant;

              

      

    

     

    
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        	(b)	
                Each Agreement shall state the number of Shares to which the Stock Grant pertains;

              

      

    

     

    
      
        	(c)	
                Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant, including the time period or attainment of Performance Goals or such other performance criteria upon
                  which such rights shall accrue and the purchase price therefore, if any, provided, however, that notwithstanding any such date or dates, the Administrator may, in its sole discretion, accelerate the date on which it first vests at any
                  time for any reason; and

              

      

    

     

    
      
        	(d)	
                Participants holding Stock Grants will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise at the time the Stock Grant is made. If any such
                  dividends or distributions are paid in Shares, the Shares may, as determined by the Administrator, be subject to the same restrictions on transferability and forfeitability as the Stock Grant with respect to which they were paid.

              

      

    

     

    8.          TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS AND CASH-BASED AWARDS.

     

    The Administrator shall have the right to grant other Stock-Based Awards based upon the Common Stock and other cash-based awards having such terms and conditions as the Administrator may determine,
      including, without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible into Shares and the grant of phantom stock awards or stock units, provided, however, that notwithstanding any such date or dates,
      the Administrator may, in its sole discretion, accelerate the date on which it first vests at any time for any reason. The principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company and, to the extent
      required by law or requested by the Company, by the Participant.  The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of
      the Company.  Each Agreement shall include the terms of any right of the Company including the right to terminate the Stock-Based Award without the issuance of Shares, the terms of any vesting conditions, Performance Goals or events upon which Shares
      shall be issued, provided that dividends (other than stock dividends to be issued pursuant to Section 25 of the Plan) or dividend equivalents may accrue but shall not be paid prior to and may be paid only to the extent that the Shares subject to the
      Stock-Based Award vest. The principal terms of each cash-based award shall be evidenced in such form as the Administrator may determine from time to time.

     

    Participants holding other Stock-Based Awards will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise at the
      time the Stock-Based Award is made. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Stock-Based Award with respect to which they were paid,
      unless otherwise determined by the Administrator.

    

    

    
      11

      
        

    

    The Company intends that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the Code or meet the requirements of Sections (2), (3) and (4) of
      subsection (a) of Section 409A of the Code, to the extent applicable, and be operated in accordance with Section 409A so that any compensation deferred under any Stock-Based Award (and applicable investment earnings) shall not be included in income
      under Section 409A of the Code.  Any ambiguities in the Plan shall be construed to effect the intent as described in this Section 8.

     

    9.           PERFORMANCE-BASED AWARDS.

     

    The Administrator shall determine whether, with respect to a performance period, the applicable Performance Goals have been met with respect to a given Participant and, if they have, to so certify
      and ascertain the amount of the applicable Performance-Based Award.  The number of Shares issued in respect of a Performance-Based Award determined by the Administrator for a performance period shall be paid to the Participant at such time as
      determined by the Administrator in its sole discretion after the end of such performance period.  Participants holding other performance-based awards will be entitled to receive all dividends and other distributions paid with respect to such Shares,
      unless the Administrator provides otherwise at the time the performance-based award is made. Unless otherwise determined by the Administrator, if any such dividends or distributions are paid in Shares, the Shares will be subject to the same
      restrictions on transferability and forfeitability as the Performance-Based Award with respect to which they were paid.

     

    10.         EXERCISE OF OPTIONS AND ISSUE OF SHARES; SETTLEMENT OF SARS.

     

    An Option (or any part or installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the Administrator, which may include electronic
      notice), together with provision for payment of the aggregate exercise price in accordance with this Section for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement. 
      Such notice shall be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is being exercised and shall
      contain any representation required by the Plan or the Option Agreement.  Payment of the exercise price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check; or (b) at the discretion
      of the Administrator, through delivery of shares of Common Stock having a Fair Market Value equal as of the date of the exercise to the aggregate cash exercise price for the number of Shares as to which the Option is being exercised; or (c) at the
      discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise price for the
      number of Shares as to which the Option is being exercised; or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established with a securities brokerage firm, and approved by the Administrator; or (e) at the
      discretion of the Administrator, by any combination of (a), (b), (c) and (d) above or (f) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may determine. Notwithstanding the foregoing, the
      Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the Code.

     

    
      12

      
        

    

    The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s Survivors, as the case may be).  In determining what
      constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or “blue sky”
      laws) which requires the Company to take any action with respect to the Shares prior to their issuance.  The Shares shall, upon delivery, be fully paid, non-assessable Shares.

     

    Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of the Fair Market
      Value of one share of Common Stock on the exercise date over the strike price, less an amount equal to any Federal, state, local, and non-U.S. income, employment, and any other applicable taxes required to be withheld. The Company shall pay such
      amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Administrator. Any fractional shares of Common Stock shall be settled in cash.

     

    11.         PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.

     

    Any Stock Grant or Stock-Based Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being granted shall be made (a) in United States dollars
      in cash or by check; or (b) at the discretion of the Administrator, through delivery of shares of Common Stock and having a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award; or (c) at the
      discretion of the Administrator, by any combination of (a) and (b) above; or (d) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may determine.

     

    The Company shall, when required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award was made to the Participant (or to the
      Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable Agreement.  In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may
      be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance.

     

    12.         RIGHTS AS A SHAREHOLDER.

     

    No Participant to whom a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right except after due exercise of an Option or SAR for
      Shares or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or purchase price, if any, for the Shares being purchased and registration of the Shares in the Company’s share register in the name of the Participant, and
      except as otherwise set forth herein or in an Agreement with respect to dividends or dividend equivalents.

     

    
      13

      
        

    

    13.         ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.

     

    By its terms, a Stock Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as approved by the
      Administrator in its discretion and set forth in the applicable Agreement, provided that no Stock Right may be transferred by a Participant for value; provided, however, transfers contemplated pursuant to a domestic relations order will not be deemed
      to be transfers for value.  Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above shall no longer qualify as an ISO.  The designation of a beneficiary of a Stock Right by a Participant, with the prior approval
      of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Section.  Except as provided above, during the Participant’s lifetime, a Stock Right shall only be exercisable by or issued
      to such Participant (or his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted
      transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and
      void.

     

    14.         EFFECT ON OPTIONS OR SARS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.

     

    Except as otherwise provided in a Participant’s Option or SAR Agreement, in the event of a termination of service (whether as an Employee, director or Consultant) with the Company or an Affiliate
      before the Participant has exercised an Option or SAR, the following rules apply:

     

    
      
        	(a)	
                A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than termination for Cause, Disability, or death for which events there are special rules in Sections 15, 16,
                  and 17, respectively), may exercise any Option or SAR granted to him or her to the extent that the Option or SAR is exercisable on the date of such termination of service, but only within such term as the Administrator has designated in a
                  Participant’s Option Agreement.

              

      

    

     

    
      
        	(b)	
                Except as provided in Subsection (c) below, or Section 16 or 17, in no event may an Option intended to be an ISO be exercised later than three months after the Participant’s termination of employment.

              

      

    

     

    
      
        	(c)	
                The provisions of this Section, and not the provisions of Section 16 or 17, shall apply to a Participant who subsequently becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however,
                  in the case of a Participant’s Disability or death within three months after the termination of employment, director status or consultancy, the Participant or the Participant’s Survivors may exercise the Option or SAR within one year
                  after the date of the Participant’s termination of service, but in no event after the date of expiration of the term of the Option or SAR, respectively.

              

      

    

     

    
      14

      
        

    

    
      
        	(d)	
                Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status or termination of consultancy, but prior to the exercise of an Option or SAR, the Administrator
                  determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith cease to have any right to exercise any Option or SAR.

              

      

    

     

    
      
        	(e)	
                A Participant to whom an Option or SAR has been granted under the Plan who is absent from the Company or an Affiliate because of temporary disability (any disability other than a Disability as defined in Section 1 hereof), or who is on
                  leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an
                  Affiliate, except as the Administrator may otherwise expressly provide; provided, however, that, for ISOs, any leave of absence granted by the Administrator of greater than three months, unless pursuant to a contract or statute that
                  guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option on the date that is six months following the commencement of such leave of absence.

              

      

    

     

    
      
        	(f)	
                Except as required by law or as set forth in a Participant’s Option or SAR Agreement, Options or SARs granted under the Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates,
                  so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate.

              

      

    

     

    15.         EFFECT ON OPTIONS OR SARS OF TERMINATION OF SERVICE FOR CAUSE.

     

    Except as otherwise provided in a Participant’s Option or SAR Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an
      Affiliate is terminated for Cause prior to the time that all his or her outstanding Options or SARs have been exercised:

     

    
      
        	(a)	
                All outstanding and unexercised Options or SARs as of the time the Participant is notified his or her service is terminated for Cause will immediately be forfeited.

              

      

    

     

    
      
        	(b)	
                Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination.  If the Administrator determines, subsequent
                  to a Participant’s termination of service but prior to the exercise of an Option or SAR, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then the right to
                  exercise any Option or SAR is forfeited.

              

      

    

     

    
      15

      
        

    

    16.         EFFECT ON OPTIONS OR SARS OF TERMINATION OF SERVICE FOR DISABILITY.

     

    Except as otherwise provided in a Participant’s Option or SAR Agreement:

     

    
      
        	(a)	
                Except as otherwise provided in an Agreement, a Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability may exercise any Option or SAR granted to such Participant to
                  the extent that the Option or SAR has become exercisable but has not been exercised on the date of the Participant’s termination of service due to Disability.

              

      

    

     

    
      
        	(b)	
                A Disabled Participant may exercise the Option or SAR only within the period ending one year after the date of the Participant’s termination of service due to Disability, notwithstanding that the Participant might have been able to
                  exercise the Option or SAR as to some or all of the Shares on a later date if the Participant had not been terminated due to Disability and had continued to be an Employee, director or Consultant or, if earlier, within the originally
                  prescribed term of the Option or SAR.

              

      

    

     

    
      
        	(c)	
                The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such
                  Participant, in which case such procedure shall be used for such determination).  If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by
                  the Company.

              

      

    

     

    17.         EFFECT ON OPTIONS OR SARS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

     

    Except as otherwise provided in a Participant’s Option or SAR Agreement:

     

    
      
        	(a)	
                Except as otherwise provided in an Agreement, in the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate, such Option or SAR may be exercised by the
                  Participant’s Survivors to the extent that the Option or SAR has become exercisable but has not been exercised on the date of death.

              

      

    

     

    
      
        	(b)	
                If the Participant’s Survivors wish to exercise the Option or SAR, they must take all necessary steps to exercise the Option or SAR within one year after the date of death of such Participant, notwithstanding that the decedent might
                  have been able to exercise the Option or SAR as to some or all of the Shares on a later date if he or she had not died and had continued to be an Employee, director or Consultant or, if earlier, within the originally prescribed term of
                  the Option.

              

      

    

     

    18.         EFFECT OF TERMINATION OF SERVICE ON UNACCEPTED STOCK GRANTS AND STOCK-BASED AWARDS.

     

    In the event of a termination of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock Grant or a
      Stock-Based Award and paid the purchase price, if required, such grant shall terminate.

     

    
      16

      
        

    

    For purposes of this Section 18 and Section 19 below, a Participant to whom a Stock Grant or a Stock-Based Award has been issued under the Plan who is absent from work with the Company or with an
      Affiliate because of temporary disability (any disability other than a Disability as defined in Section 1 hereof), or who is on an approved leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of
      such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.

     

    

    

    19.         EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE, DEATH OR DISABILITY.

     

    Except as otherwise provided in a Participant’s Agreement, in the event of a termination of service for any reason (whether as an Employee, director or Consultant), other than termination for Cause,
      death or Disability for which there are special rules in Sections 20, 21, and 22 below, before all forfeiture provisions or Company rights of repurchase shall have lapsed, then the Company shall have the right to cancel or repurchase that number of
      Shares subject to a Stock Grant or Stock-Based Award as to which the Company’s forfeiture or repurchase rights have not lapsed.

     

    20.         EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR CAUSE.

     

    Except as otherwise provided in a Participant’s Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an Affiliate is
      terminated for Cause:

     

    
      
        	(a)	
                All Shares subject to any Stock Grant or Stock-Based Award that remain subject to forfeiture provisions or as to which the Company shall have a repurchase right shall be immediately forfeited to the Company as of the time the
                  Participant is notified his or her service is terminated for Cause.

              

      

    

     

    
      
        	(b)	
                Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination.  If the Administrator determines, subsequent
                  to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then all Shares subject to any Stock Grant or Stock-Based Award
                  that remained subject to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to the Company.

              

      

    

     

    21.         EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR DISABILITY.

     

    Except as otherwise provided in a Participant’s Agreement, if a Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability, any Shares
      underlying such Stock Rights subject to forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of Disability, will be forfeited or subject to repurchase, as applicable, upon such termination.

    

     

    
      17

      
        

    

    The Administrator shall make the determination both as to whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another agreement
      between the Company and such Participant, in which case such procedure shall be used for such determination).  If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination
      shall be paid for by the Company.

     

    22.         EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

     

    Except as otherwise provided in a Participant’s Agreement, the following rules apply in the event of the death of a Participant while the Participant is an Employee, director or Consultant of the
      Company or of an Affiliate, , any Shares underlying such Stock Rights subject to forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, will be forfeited or subject to repurchase, as applicable, upon such
      termination.

     

    23.         PURCHASE FOR INVESTMENT.

     

    Unless the offering and sale of the Shares shall have been effectively registered under the Securities Act, the Company shall be under no obligation to issue Shares under the Plan unless and until
      the following conditions have been fulfilled:

     

    
      
        	(a)	
                The person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares, that such person is acquiring such Shares for his or her own account, for investment, and not with a view to, or for sale in connection
                  with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend (or a legend in substantially similar form) which shall be endorsed upon the certificate
                  evidencing the Shares issued pursuant to such exercise or such grant of a Stock Right:

              

      

    

     

    “The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a
      pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption
      from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.”

     

    
      
        	(b)	
                At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued in compliance with the Securities Act without registration thereunder.

              

      

    

     

    
      18

      
        

    

    24.         DISSOLUTION OR LIQUIDATION OF THE COMPANY.

     

    Upon the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not
      been accepted, to the extent required under the applicable Agreement, will terminate and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the
      Participant or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date
      immediately prior to such dissolution or liquidation.  Upon the dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the
      applicable Agreement.

     

    25.         ADJUSTMENTS.

     

    Upon the occurrence of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as hereinafter provided, unless otherwise
      specifically provided in a Participant’s Agreement.

     

    
      
        	(a)	
                Stock Dividends and Stock Splits.  If (i) the shares of Common Stock shall be subdivided or combined into a greater or
                    smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities of the Company or other
                    non-cash assets are distributed with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder shall be appropriately increased or decreased proportionately, and appropriate
                    adjustments shall be made including, in the exercise, strike or purchase price per share and, as determined by the Administrator in its sole discretion, in the Performance Goals applicable to outstanding Performance-Based Awards to
                    reflect such events.  The number of Shares subject to the limitations in Section 3(a) and 4(c) shall also be proportionately adjusted upon the occurrence of such events.

              

      

    

     

    
      
        	(b)	
                Corporate Transactions.

              

      

    

     

    In the event that the Company is subject to a Corporate Transaction, including a Change in Control, outstanding Stock Rights acquired under the Plan shall be subject to the
      agreement evidencing the Corporate Transaction, which need not treat all outstanding Stock Rights in an identical manner (including different Stock Rights held by the same Participant). Such agreement, without the Participant’s consent, shall provide
      for one or more of the following with respect to all outstanding Stock Rights as of the effective date of such Corporate Transaction:

     

    (i) The continuation of an outstanding Stock Right by the Company (if the Company is the successor entity).

     

    (ii) The assumption of an outstanding Stock Right by the successor or acquiring entity (if any) of such Corporate Transaction (or by its parents, if any), which assumption will
      be binding on all selected Participants; provided that the exercise price or strike price and the number and nature of shares issuable upon exercise of any Option or SAR, or any award that is subject to Section 409A of the Code, will be adjusted
      appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable.

     

    
      19

      
        

    

    (iii) The substitution by the successor or acquiring entity in such Corporate Transaction (or by its parents, if any) of equivalent awards with substantially the same terms for
      such outstanding Stock Rights (except that the exercise price or strike price and the number and nature of shares issuable upon exercise of any Option or SAR, respectively, or any award that is subject to Section 409A of the Code, will be adjusted
      appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable).

     

    (iv) The full or partial acceleration of exercisability or vesting and accelerated expiration of an outstanding Stock Right and lapse of the Company’s right to repurchase or
      re-acquire shares acquired under a Stock Right or lapse of forfeiture rights with respect to shares acquired under a Stock Right.

     

    (v) The settlement of such outstanding Stock Right (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor entity (or its parent, if
      any) with a Fair Market Value equal to the required amount per Share provided in the definitive agreement evidencing the Corporate Transaction, as determined by the Committee in its sole discretion, followed by the cancellation of such Stock Rights;
      provided however, that such Stock Right may be cancelled without consideration if such Stock Right has no value, as determined by the Committee in its sole discretion (which will include, but not be limited, to situations where the per Share exercise
      price of an Option or the per Share strike price of an SAR exceeds the required amount per Share provided in the definitive agreement evidencing the Corporate Transaction). Subject to compliance with Section 409A of the Code, such payment may be made
      in installments and may be deferred until the date or dates the Stock Right would have become exercisable or vested. Such payment may be subject to vesting based on the Participant’s continuous service status. For purposes of this paragraph, the Fair
      Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

     

    The Board shall have full power and authority to assign the Company’s right to repurchase or re-acquire or forfeiture rights to such successor or acquiring corporation. In
      addition, in the event such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute Stock Rights, as provided above, pursuant to a Corporate Transaction, the Committee will notify the Participant in writing or
      electronically that such Stock Right will be exercisable (to the extent vested and exercisable pursuant to its terms) for a period of time determined by the Committee in its sole discretion, and such Stock Right will terminate upon the expiration of
      such period.

     

    
      
        	 (c)	
                Recapitalization or Reorganization.  In the event of a recapitalization or reorganization of the Company other than a
                    Corporate Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or SAR or accepting a Stock Grant
                    after the recapitalization or reorganization shall be entitled to receive for the price paid upon such exercise or acceptance if any, the number of replacement securities which would have been received by the Participant in the
                    recapitalization or reorganization of the Company if such Option or SAR had been exercised or Stock Grant accepted prior to such recapitalization or reorganization.

              

      

    

     

    
      20

      
        

    

    
      
        	(d)	
                Adjustments to Stock-Based Awards.  Upon the happening of any of the events described in Subsections (a), (b) or (c)
                    above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subsections.  The Administrator or the Successor Board shall determine the specific adjustments to be made under this
                    Section 25, including, but not limited to the effect of any, Corporate Transaction and Change in Control and, subject to Section 4, its determination shall be conclusive.

              

      

    

     

    
      
        	 (e)	
                Assumption of Awards by the Company. The Company, from time to time, may substitute or assume outstanding awards granted
                    by another company, whether in connection with an acquisition of such other company or otherwise, by either (a) granting a Stock Right under this Plan in substitution of such other company’s award; or (b) assuming such award as if it
                    had been granted under this Plan if the terms of such assumed award could be applied to a Stock Right granted under this Plan (a “Substitute Award”). Such substitution or assumption will be permissible if the holder of the Substitute
                    Award would have been eligible to be granted a Stock Right under this Plan if the other company had applied the rules of this Plan to such grant. The exercise price and the number and nature of Shares issuable upon exercise or
                    settlement of any such Substitute Award will be adjusted appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable.

              

      

    

     

    26.         ISSUANCES OF SECURITIES.

     

    Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason
      thereof shall be made with respect to, the number or price of shares subject to Stock Rights.  Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of
      the Company prior to any issuance of Shares pursuant to a Stock Right.

     

    27.         FRACTIONAL SHARES.

     

    No fractional shares shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value
      thereof.

     

    28.          WITHHOLDING.

     

    In the event that any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act withholdings or other amounts are required by applicable law or governmental
      regulation to be withheld from the Participant’s salary, wages or other remuneration in connection with the issuance of a Stock Right or Shares under the Plan or for any other reason required by law, the Company may withhold from the Participant’s
      compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, up to the statutory maximum amount of such withholdings unless a different
      withholding arrangement, including the use of shares of the Company’s Common Stock is authorized by the Administrator (and permitted by law).  For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall
      be determined in the manner set forth under the definition of Fair Market Value provided in Section 1 above, as of the most recent practicable date prior to the date of exercise.  If the Fair Market Value of the shares withheld is less than the
      amount of payroll withholdings required, the Participant may be required to advance the difference in cash to the Company or the Affiliate employer.   Any determination made by the Committee to allow a Participant who is subject to Rule 16b-3 to pay
      taxes with shares of Common Stock through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board.

     

    
      21

      
        

    

    29.         NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

     

    Each Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired pursuant to the exercise of an
      ISO.  A “Disqualifying Disposition” is defined in Section 424(c) of the Code and includes any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one year
      after the date the Employee acquired Shares by exercising the ISO, except as otherwise provided in Section 424(c) of the Code.  If the Employee has died before such Shares are sold, these holding period requirements do not apply and no Disqualifying
      Disposition can occur thereafter.

     

    30.          TERMINATION OF THE PLAN.

     

    The Plan will terminate on February 6, 2030 the date which is ten years from the earlier of the date of its
      adoption by the Board and the date of its approval by the shareholders of the Company.  The Plan may be terminated at an earlier date by vote of the shareholders or the Board of the Company; provided, however, that any such earlier termination shall
      not affect any Agreements executed prior to the effective date of such termination.  Termination of the Plan shall not affect any Stock Rights theretofore granted.

     

    31.          AMENDMENT OF THE PLAN AND AGREEMENTS.

     

    The Plan may be amended by the shareholders of the Company.  The Plan may also be amended by the Administrator; provided that any amendment approved by the Administrator which the Administrator
      determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval including, without limitation, to the extent necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock
      Rights to be granted under the Plan for favorable federal income tax treatment as may be afforded ISOs under Section 422 of the Code and to the extent necessary to qualify the Shares issuable under the Plan for listing on any national securities
      exchange or quotation in any national automated quotation system of securities dealers.  Other than as set forth in Section 25 of the Plan, the Administrator may not, without shareholder approval, reduce the exercise price of an Option or SAR or
      cancel any outstanding Option or SAR in exchange for a replacement option or SAR having a lower exercise price, any Stock Grant, any other Stock-Based Award or for cash. In addition, the Administrator may not take any other action that is considered
      a direct or indirect “repricing” for purposes of the shareholder approval rules of the applicable securities exchange or inter-dealer quotation system on which the Shares are listed, including any other action that is treated as a repricing under
      generally accepted accounting principles.  Any modification or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him or her, unless such amendment is
      required by applicable law or necessary to preserve the economic value of such Stock Right.  With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse to the Participant but
      which is not inconsistent with the Plan.  In the discretion of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant.  Nothing in this Section 31 shall limit the
      Administrator’s authority to take any action permitted pursuant to Section 25.

    

    

    
      22

      
        

    

    32.          EMPLOYMENT OR OTHER RELATIONSHIP.

     

    Nothing in this Plan or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to prevent a
      Participant from terminating his or her own employment, consultancy or director status or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time.

     

    33.         SECTION 409A.

     

    If a Participant is a “specified employee” as defined in Section 409A of the Code (and as applied according to procedures of the Company and its Affiliates) as of his “separation from service” (as
      such term is defined in Treasury Regulation § 1.409A-1(h)), to the extent any payment under this Plan or pursuant to the grant of a Stock-Based Award constitutes deferred compensation (after taking into account any applicable exemptions from Section
      409A of the Code), and to the extent required by Section 409A of the Code, no payments due under this Plan or pursuant to a Stock-Based Award may be made until the earlier of: (i) the first day of the seventh month following the Participant’s
      separation from service, or (ii) the Participant’s date of death; provided, however, that any payments delayed during this six-month period shall be paid in the aggregate in a lump sum, without interest, on the first day of the seventh month
      following the Participant’s separation from service.

     

    The Administrator shall administer the Plan with a view toward ensuring that Stock Rights under the Plan that are subject to Section 409A of the Code comply with the requirements thereof and that
      Options under the Plan be exempt from the requirements of Section 409A of the Code, but neither the Administrator nor any member of the Board, nor the Company nor any of its Affiliates, nor any other person acting hereunder on behalf of the Company,
      the Administrator or the Board shall be liable to a Participant or any Survivor by reason of the acceleration of any income, or the imposition of any additional tax or penalty, with respect to a Stock Right, whether by reason of a failure to satisfy
      the requirements of Section 409A of the Code or otherwise.

     

    34.         INDEMNITY.

     

    Neither the Board nor the Administrator, nor any members of either, nor any employees of the Company or any parent, subsidiary, or other Affiliate, shall be liable for any act, omission,
      interpretation, construction or determination made in good faith in connection with their responsibilities with respect to this Plan, and the Company hereby agrees to indemnify the members of the Board, the members of the Committee, and the employees
      of the Company and its parent or subsidiaries in respect of any claim, loss, damage, or expense (including reasonable counsel fees) arising from any such act, omission, interpretation, construction or determination to the full extent permitted by
      law.

     

    
      23

      
        

    

    35.         CLAWBACK/RECOVERY POLICY.

     

    All Stock Rights granted under the Plan will be subject to clawback or recoupment under any clawback or recoupment policy adopted by the Board or the Committee or required by applicable law during
      the term of Participant’s employment or other service with the Company that is applicable to Employees, directors or Consultants of the Company. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions in an
      Agreement as the Administrator determines necessary or appropriate. No recovery of compensation under such a clawback or recoupment policy will be an event giving rise to a right to voluntarily terminate employment upon a “resignation for good
      reason,” or for a “constructive termination” or any similar term under any plan or agreement with the Company.

     

    36.         GOVERNING LAW.

     

    This Plan shall be construed and enforced in accordance with the law of the State of Delaware.

     

    

    

    24Exhibit 10.6

    

    ONE WATER MARINE HOLDINGS, LLC

    EMPLOYMENT AGREEMENT

    (Austin Singleton)

    

    

    THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into in Atlanta, Georgia between ONE WATER MARINE HOLDINGS, LLC,
      a Delaware limited liability company (the “Company”), and PHILIP A. SINGLETON, JR. (“Executive”), as of February 11, 2020 (the “Effective Date”).

    

    

    Background Facts:

    

    

    
      
        	

              	A.	
                The Company wishes to continue to employ Executive as its Chief Executive Officer (the “Position”); and

              

      

    

    

    

    
      
        	

              	B.	
                Executive wishes to continue his employment relationship with the Company; and

              

      

    

    

    

    
      
        	

              	C.	
                OneWater Marine Inc., a Delaware corporation, (“OWM Public”) is traded on NASDAQ and holds as its only asset a significant equity interest in the Company and will benefit from this Agreement.

              

      

    

    

    

    NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties, intending to be legally bound, agree as follows, and by the execution of the joinder to this
      Agreement, OWM Public agrees that the Executive shall hold the same Position with OWM Public. OWM Public will be a third-party beneficiary hereof and will honor all provisions of this Agreement applicable to it:

    

    

    SECTION 1.          TERM OF EMPLOYMENT

    

    

    The Company agrees to employ Executive, and Executive agrees to be employed by the Company, for a period beginning on the Commencement Date and ending four (4) years thereafter, unless otherwise
      terminated as provided herein (the “Term”).

    

    

    SECTION 2.          DEFINITIONS

    

    

    A.          “Affiliates” means those entities the majority of the control over which is held by the Company or another Affiliate\Persons controlled by,
      controlling or under common control with the Company.

    

    

    B.          “Board of Managers” means the Board of Managers of the Company which shall be made up of the same individuals, holding the same positions as the
      Board of Directors of OWM Public, as it shall exist from time to time.

    

    

    C.          “Cause” means the occurrence of any one or more of the following:

    
      
        

    

    
    (1)          Executive has been convicted of, or pleads guilty or nolo contendere to, a felony involving dishonesty, theft,
      misappropriation, embezzlement, fraud crimes against property or person, or any act of moral turpitude which negatively impacts the Company; or

    

    

    (2)          Executive intentionally furnishes materially false, misleading, or gross omissive information concerning a substantial matter material to the Company or persons to
      whom Executive reports; or

    

    

    (3)          Executive intentionally and wrongfully materially damages material assets of the Company; or

    

    

    (4)          Executive inappropriately discloses Confidential Information of the Company which has a material economic effect on the Company; or

    

    

    (5)          Executive engages in any activity which would constitute a breach of the duty of loyalty as hereinafter defined; or

    

    

    (6)          Executive solicits or accepts compensation in any form from any source other than the Company with respect to his service on behalf of the Company (excluding customary
      business gifts of nominal value); or

    

    

    (7)          Executive breaches in any material fashion any stated employment policy or provision of the Company’s ethics policy when adopted and
      which could reasonably be expected to expose the Company to liability in any material financial respect or negatively impact the Company or its business reputation in any material financial effect; or

    

    

    (8)          Executive commits a material breach of this Agreement which is not cured within fifteen (15) days after written notice is received by Executive in sufficient detail to
      permit Executive to understand the nature of the breach.; or

    

    

    (9)          Executive engages in acts or omissions which constitute a material failure to follow reasonable and lawful directives of the Company, provided, however, that such acts
      or omissions are not cured by Executive within fifteen (15) days following the Company’s giving notice to Executive that the Company considers such acts or omissions to be “Cause” under this Agreement.

    

    

    Failure to meet performance standards or objectives that does not involve any acts or omissions identified in (1) through (8) above shall not constitute Cause for purposes hereof.  For purposes of this definition of
      “Cause,” the term “Company” includes each of its Affiliates.

    

    

    D.          “Change in Control” means the occurrence of any of the following; provided, however, that the acquisition by conversion or otherwise of equity
      interests in the Company by OWM Public shall not be considered in applying the conditions below; and provided, further, however that any of the following which occur with respect to OWM Public itself (with the term “Company” including OWM Public and
      the term Board of Managers including the Board of Directors of OWM Public) shall also constitute a Change in Control:

    
      2

      
        

    

    (1)          The Board of Managers approves the sale of all or substantially all of the assets of the Company in a single transaction or series of related transactions;

    

    

    (2)          The Company sells and/or one or more equity holders sells a sufficient amount of its equity interests (whether by tender offer, original issuance, or a single or
      series of related purchase and sale agreements and/or transactions) sufficient to confer on the purchaser or purchasers thereof (whether individually or a group acting in concert) beneficial ownership of at least fifty percent (50) of the combined
      voting power of the voting securities of the Company;

    

    

    (3)          The Company is party to a merger, consolidation or combination, other than any merger, consolidation or combination that would result in the holders of the voting
      securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting
      securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation or combination; or

    

    

    (4)          A majority of the Board of Managers consists of individuals who are not Continuing Directors (for this purpose, a Continuing Director is an individual who (i) was a
      director of the Company on the Effective Date or (ii) whose election or nomination as a manager of the Company is approved by a vote of at least a majority of the managers then comprising the Continuing Directors).

    

    

    For purposes hereof, the definition of a Change of Control shall be construed and interpreted so as to comply with the definition contained in Code Section 409A.

    

    

    E.          “Code” means the Internal Revenue Code of 1986, as amended.  Any reference to a specific provision of the Code shall be deemed to refer to any
      successor provision thereto and the regulations promulgated thereunder.

    

    

    F.          “Commencement Date” shall be the Effective Date of this Agreement.

    

    

    G.          “Company” means One Water Marine Holdings, LLC, a Delaware limited liability company; for the purposes of this Agreement.

    

    

    H.          “Company Operating Agreement” means the Restated Operating Agreement of the Company dated February 11, 2020, as amended from time to time.

    

    

    I.          “Committee” means the Company’s Compensation Committee or, if no such committee exists, the term Compensation Committee shall mean the Company’s
      Board of Managers.

    
      3

      
        

    

    J.          “Continuation Period” means a period equal to twenty-four (24) months.  There shall be no Continuation Period following a termination by the
      Company or its Affiliates for Cause or a termination by Executive without Good Reason.

    

    

    K.          “Current Insurance Coverage” means medical, dental, life and accident and disability insurance with coverage consistent with the lesser of (i) the
      coverage in effect immediately prior to Executive’s termination, or (ii) the coverage in effect from time to time as applied to persons in positions similar to the position held by Executive at the time of termination.

    

    

    L.          “Disability” means Executive’s inability, due to physical or mental incapacity, to perform his duties under this Agreement, with a reasonable accommodation, on a
      full-time basis for a period of three (3) consecutive months along with the Executive’s treating physician’s statement that in such physician’s opinion that his condition will not sufficiently improve within that period to be able to resume
      substantially all of his duties on a full time basis.  Any dispute as to Disability shall be conclusively determined in the manner set forth in Section 7.G below.

    

    

    M.          “Executives” is defined to mean named executive officers including Philip A. Singleton, Jr.

    

    

    N.          “GAAP” means generally accepted accounting principles” as practiced in the United States.

    

    

    O.          “Good Reason” means the occurrence of any one or more of the following:

    

    

    (1)          A material and continuing failure to pay to Executive compensation and benefits (as described in Section 4) that have been earned, if any, by Executive, except failure
      to pay or provide compensation or benefits that are in dispute between the Company and Executive unless such failure continues following the resolution of such dispute; or

    

    

    (2)          A material reduction in Executive’s compensation or benefits (as described in Section 4) other than a uniform reduction applied to all Executives of the Company that
      does not result in a reduction of Base Salary of more than fifteen percent (15%); or

    

    

    (3)          Any failure by the Company to comply with any of the material provisions of this Agreement and which is not remedied by the Company within fifteen (15) days after
      receipt of notice thereof given by Executive; or

    

    

    (4)          Any requirement that Executive perform duties that, in the good faith and reasonable professional judgment of Executive, after consultation with the Board of Managers
      of the Company, are inconsistent with ethical or lawful business practices; or

    

    

    (5)          Executive’s being required to relocate to a principal place of employment more than fifty (50) miles from his current principal place of employment in Atlanta, Georgia
      during the Term; or

    
      4

      
        

    

    If following a Change in Control only, there occurs a material change in Executive’s duties, roles, or responsibilities.  For purposes of this subsection, “material change” shall be of such a character that a
      reasonable person serving in a like or similar executive capacity would feel compelled to resign from employment.  Examples of “material change” include, but are not limited to substantial reduction of Executive’s authority to make decisions relating
      to his business responsibilities; Executive being required to assume or perform substantially greater responsibilities (without reasonable additional compensation) than previously required to perform; substantial reduction of Executive’s
      responsibilities for personnel matters relating to his business operations; substantial alteration or change in Executive’s work schedule; any restructuring or reassignment of any of Executive’s responsibilities, in a manner that diminishes them or
      is materially adverse to Executive, from that which was in effect at the time of the Change in Control; and other substantial changes in Executive’s terms or conditions of employment not related to Executive’s principal business responsibilities. 
      Good Reason pursuant to this subsection shall not exist unless (a) Executive’s “material change” has existed for a period of at least two months; (b) Executive has consulted with management senior to Executive and his supervisor, in a good faith
      effort to resolve the issues giving Executive reason to believe a “material change” has occurred; (c) Executive gives written notice of Executive’s resignation for Good Reason under this paragraph within six months following the commencement of the
      “material change,” and (d) Executive’s Termination Date is within thirty (30) days of delivery such notice.  For purposes of this definition of “Good Reason,” the term “Company” includes each of its Affiliates.

    

    

    P.          “OWM Public” means OneWater Marine Inc., a Delaware corporation.

    

    

    Q.          ”Termination Date” means the date of Executive’s termination of employment, or if Executive continues to provide services to the Company or its
      409A affiliates following his termination of employment, such later date as is considered a separation from service from the Company and its 409A affiliates within the meaning of Code Section 409A.  For purposes of this Agreement, Executive’s
      “termination of employment” shall be presumed to occur when the Company and Executive reasonably anticipate that no further services will be performed by Executive for the Company and its 409A affiliates or that the level of bona fide services
      Executive will perform as an employee of the Company and its 409A affiliates will permanently decrease to no more than 20% of the average level of bona fide services performed by Executive (whether as an
      employee or independent contractor) for the Company and its 409A affiliates over the immediately preceding 36-month period (or such lesser period of services).  Whether Executive has experienced a termination of employment shall be determined by the
      Company in good faith with any dispute resolved in accordance with the provisions of Section 7.  G and consistent with Section 409A of the Code.  Notwithstanding the foregoing, if Executive takes a leave of absence for purposes of military leave,
      sick leave or other such bona fide reason, Executive will not be deemed to have experienced a termination of employment for the first six (6) months of such leave of absence, or if longer, for so long as
      Executive’s right to reemployment is provided either by statute or by contract, including this Agreement; provided that if the leave of absence is due to a medically determinable physical or mental impairment that can be expected to result in death
      or last for a continuous period of not less than six (6) months, where such impairment causes Executive to be unable to perform the duties of his position of employment or any substantially similar position of employment, with or without a reasonable
      accommodation, the leave may be extended by the Company for up to twenty-nine (29) months without causing a termination of employment.  For purposes hereof, the term “409A affiliate” means each entity that is required to be included in the Company’s
      controlled group of corporations within the meaning of Section 414(b) of the Code, or that is under common control with the Company within the meaning of Section 414(c) of the Code; provided, however, that the phrase “at least 50 percent” shall be
      used in place of the phrase “at least 80 percent” each place it appears therein or in the regulations thereunder.

    
      5

      
        

    

    

    

    

    

    SECTION 3.          TITLE; POWERS AND RESPONSIBILITIES

    

    

    A.          Title.  Executive shall be the Chief Executive Officer of the Company and each of its Affiliates, or such other title as designated by the
      Company’s Board of Managers.  Executive shall assume those duties under this Agreement as of the Commencement Date.

    

    

    B.          Powers and Responsibilities.

    

    

    (1)          As Chief Executive Officer, Executive shall have responsibility for overall oversight and operation of all aspects of the Company’s business, subject to the directives
      of the Board of Managers, and shall have the duties and responsibilities normally applicable to the chief executive of a publicly traded corporation, with respect to the Company and its Affiliates.  Executive shall use Executive’s reasonable best
      efforts to faithfully perform the duties of his Position and shall perform such duties as are usually performed by a person serving in Executive’s position with a business similar in size and scope as the Company and such other additional duties as
      may be prescribed from time to time by the Board of Managers of the Company which are reasonable and consistent with the Company’s operations, taking into account officer’s expertise and job responsibilities.  Executive agrees to devote Executive’s
      full business time and attention to the business and affairs of the Company; provided, this is not intended to prevent Executive from participating in personal, charitable or civic activities which do not interfere with the discharge of his
      responsibilities as the CEO in any material respects hereinafter referred to as “Permitted Exceptions”.   Executive shall serve on such boards and in such offices of the Company or its subsidiaries as the Company’s Board of Managers reasonably
      requests without additional compensation but not to overwhelm and interfere with the discharge of his primary responsibilities to the Company.

    

    

    (2)          Executive, as a condition to his employment under this Agreement, represents and warrants that he can assume and fulfill responsibilities described in Section 3.B
      without any risk of violating any non-compete or other restrictive covenant or other agreement to which he is a party.  During the Term, Executive shall not enter into any agreement that would preclude, hinder or impair his ability to fulfill
      responsibilities described in Section 3.B specifically or this Agreement generally except the Permitted Exceptions referred to in Section 3.B.

    

    

    (3)          The Company  represents and warrants that it has the legal ability to engage the Executive to assume and fulfill responsibilities described in Section 3.B without any
      risk of violating any of its governance documents, or any other agreements it has with any other entity in the world  including without limitation any lending documents, any other documents, any SEC documents, Orders, Decrees or restriction, any
      other State, Federal, and or municipal agreements, orders, decrees or the like  contracts of any kind, State, Federal and Municipal court orders, judgments, agreements with third parties  or any other restrictive provision contained in any contract,
      governance documents and or court or quasi court  order(s) or rule(s) or regulation(s) of any federal and/ or state and or municipal law to which it is a party.

    
      6

      
        

    

    SECTION 4.          COMPENSATION AND BENEFITS

    

    

    The compensation and benefits described in this Section 4 shall be the total and exclusive consideration to be paid to or for the benefit of Executive, in whatever form and from whatever source
      derived, on account of his service to the Company and its Affiliates, unless otherwise approved in advance by the Company in writing.

    

    

    A.          Base Salary.  Executive’s base salary shall be $670,000.00 per year payable monthly (or more frequently) beginning on the effective date of OWM
      Public’s initial public offering, with annual increases, if any, thereafter, as may be determined in the sole discretion of the Committee (“Base Salary”).  The Base Salary and any payments to Executive during
      any Continuation Period shall be payable in accordance with the Company’s standard payroll practices and policies (unless otherwise expressly provided herein) and shall be subject to such withholdings as required by law or as otherwise permissible
      under such practices or policies.  From the Effective Date through September 30, 2022, the Executive’s current base salary shall continue to apply.

    

    

    B.          Annual Incentive Bonus.  Executive shall be eligible to receive an annual incentive bonus each calendar year which is a percentage or multiple of
      $520,000 (the “Annual Bonus”).  The Annual Bonus shall be awarded upon Executive’s achieving reasonable goals annually as set forth by the Committee, and paid to Executive in a lump sum promptly after it has
      been awarded, but in any event on or before the later of (i) ninety (90) days after the end of the fiscal year with respect to which the Annual Bonus was awarded, or (ii) ten (10) days following the issue of the audited financials for the fiscal year
      with respect to which the Annual Bonus was awarded (but, in any event, during the fiscal year following the year to which the Annual Bonus relates).  Nothing in this Section 4.B guarantees that an Annual Bonus will be paid in any given year, but
      instead the Annual Bonus must be earned by Executive on the terms set forth herein, if at all; provided, however, that the criteria shall be adopted in good faith and not with the intent of discriminating against the Executive.  The Annual Bonus
      shall be calculated and paid on a quarterly basis with the payment to be made within thirty (30) days following the end of each fiscal quarter based on meeting the Performance Criteria for the year to date through the end of the fiscal quarter then
      ended.  The Annual Bonus shall be subject to a true-up at the end of each fiscal year so that the total Annual Bonus paid with respect to the entire year is neither above or below the appropriate Annual Bonus or the entire year.

    

    

    
      
        	

              	(1)	
                The Annual Bonus and will be determined by actual (not pro-forma) performance in 2 areas (the “Performance Criteria”):

              

      

    

    

    

    
      
        	

              	•	
                pre-tax income bonus (80% of overall bonus target)

              

      

    

    

    

    
      
        	

              	•	
                aged inventory bonus (20% of overall bonus target)

              

      

    

    
      7

      
        

    

    
      
        	

              	(2)	
                The criteria for each performance area will be determined annually by the Committee, with the input of management.  The Committee will set minimum increases in each of the annual targets from year to year as appropriate.  Specifically,
                  the pre-tax income budget will be agreed upon annually by the Board of Managers after recommendations from the Committee with due consideration given to Executive’s input and will be based on the annual budget suggested by management. 
                  The approved pre-tax income budget becomes the “Target” for determining the annual pre-tax income bonus.

              

      

    

    

    

    
      
        	

              	(3)	
                The “Threshold” for receiving any pre-tax income bonus is achieving 80% of the budgeted pre-tax income and the “Maximum” pre-tax income bonus is paid at 140% of budgeted pre-tax income.  The pre-tax income bonus is 50% of pre-tax
                  income bonus target at “Threshold” and 200% of pre-tax income bonus target at “Maximum”.  In between “Threshold” and “Maximum” the pre-tax income bonus is a straight-line progression between 50% and 200%.  Thus, if the actual pre-tax
                  income is exactly the budgeted amount, the pre-tax income bonus would be 100% of the pre-tax income bonus target.  For purposes of this calculation, the board may use its discretion to include or exclude certain one-time items included in
                  the calculation of pre-tax income. However, subject to the prior sentence GAAP will be applied consistently with this calculation and exercise as is used in the preceding two years financial statements and income tax returns.

              

      

    

    

    

    
      
        	

              	(4)	
                The calculation of the aged inventory bonus will be similar in structure to the pre-tax income bonus and will include a threshold of 80% and a maximum performance level of 140%, with bonus payouts of 50% to 200% based on straight-line
                  progression between threshold and maximum performance.  The Compensation Committee will work with management to develop appropriate threshold and maximum targets for the aged inventory management bonus targets.  Annual incentive will be
                  paid annually based on the audited financial statements and after approval of the calculation by the Compensation Committee.

              

      

    

    

    

    C.          Equity Grants.  The Executive shall  also receive equity grants annually, beginning with the Company’s fiscal year beginning October 1, 2019, in
      the form of Restricted Shares (defined below) constituting forty percent (40%) of the total possible equity Grant, and Performance Shares (defined below) constituting sixty percent (60%) of the total possible equity Grant.  Notwithstanding anything
      herein to the contrary, to avoid excessive dilution, a maximum number of Restricted Shares and Performance Shares to be issued annually in the aggregate to the Executive and all other executives receiving equity grants for the year in question may be
      set in the sole discretion of the Committee.

    

    

    
      
        	

              	(1)	
                “Restricted Shares” represent a right to receive Class A shares in OWM Public as more fully described in the Articles of Incorporation of OWM Public (“Class A
                    Shares”).  Restricted Shares shall vest ratably over a forty-eight (48) month period so long as the Executive remains employed by the Company and its Affiliates as of the end of each calendar month unless such vesting is
                  accelerated as otherwise provided herein.  Executive’s annual number of Restricted Shares shall have a total value of $208,000 (the “Restricted Share Value”).

              

      

    

    
      8

      
        

    

    
      
        	

              	(2)	
                “Performance Shares” represent a right to receive Class A Shares. Executive’s annual number of “Target Performance Shares” shall have a total value of
                  $312,000 (the “Performance Share Value”).  The ultimate number of Performance Shares to be earned will be determined based on the performance of the Company versus specific performance objectives
                  established by the Committee for the fiscal year following the year in which the Value Date (described below) falls (the “Measurement Period”).  The number of such Target Performance Shares
                  ultimately earned shall range from 0-175% of the number of Target Performance Shares calculated as the annual incentive calculation is calculated and will include performance against the Performance Criteria, or such other performance
                  criteria as are established by the Committee from time to time.  The Performance Shares earned will vest ratably over a thirty-six (36) month period.

              

      

    

    

    

    
      
        	

              	(3)	
                The number of Restricted Shares to be granted to equal the Restricted Share Value and the number of Target Performance Shares to be granted to equal the Performance Share Value, shall be determined based on the closing price of the
                  Class A Shares on NASDAQ as of the day of the equity grant in question (the “Value Date”); provided, however, the
                  number of Restricted Shares to be granted in connection with the initial public offering of OWM Public shall be determined based on the price offered to the underwriters in the offering.

              

      

    

    

    

    
      
        	

              	(4)	
                For avoidance of doubt, except as otherwise provided herein, any Equity Grants which have not vested as of the Executive’s Termination Date shall be forfeited and shall not vest.

              

      

    

    

    

    D.          Annual Review.  In October of each year, the Committee shall meet with Executive to (i) assess Executive’s performance during the prior calendar
      year compared to the goals established in his prior annual review, and award Executive the Annual Bonus and the Equity Grants for the prior calendar year based on that assessment, (ii) adjust Executive’s Base Salary for the current calendar year,
      taking into account such factors as the increased cost of living, any changes in  Executive’s allowances or benefits, Executive’s development as an employee, and his standing in the community and in his profession, (iii) in consultation with
      Executive, set reasonable performance goals for the current year and (iv) his performance directly or indirectly related to the growth and success of the Company All performance related compensation and equity grants shall be determined after the
      Company has received its audited financials for the year in question. For clarity, the audit financial statements will be provided to the Executive immediately upon receipt by the Company. In addition, any computations related to any of the provision
      above in this Section 4 will be provided to the Executive in sufficient time for Executive’s review prior to any meeting and explanation of the benefits and the decisions made in declaring the benefits.  For the portion of the fiscal year during
      which,  and following the time, the gross revenue of the Company exceeds $1 billion and for with respect to each second fiscal year thereafter, the Committee shall review the Executive’s Base Salary, Annual Bonus and Equity Grants after consulting
      with a nationally recognized compensation consultant (such as Aon Consultants) to bring such compensation in line with the then peer group of companies.

    
      9

      
        

    

    E.          End of Term.  At the end of the Term (unless due to a termination by the Company or its Affiliates for Cause), Executive’s unpaid Base Salary,
      Bonus and Equity Grants (to the extent vested) shall be prorated on a daily basis through the Termination Date and promptly paid to Executive, subject to such withholdings as required by law, with Performance Shares calculated with respect to the
      performance for the full fiscal year during which the term ended and prorated as of the Termination Date.

    

    

    F.          Employee Benefit Plans.  Executive shall be entitled to receive such benefits as medical, dental, life, accident and disability insurance, to the
      same extent and for as long as the Company or an Affiliate maintains such plans for its other senior Executives, provided however that such plans will not be intended to be discriminatory among the Executives.

    

    

    G.          Personal Time Off.  Executive shall receive a combined total of thirty (30) days’ paid vacation and holidays each year during the Term, to be
      taken in increments of two weeks or less.  Up to ten (10) days of vacation or holiday time not used during any calendar year of the Term will be carried forward to the next calendar year only, and any unused balance remaining after the carryover year
      will be forfeited.  In no event will the Company or any Affiliate have any obligation to pay Executive for any unused vacation or holiday time not used.

    

    

    H.          Expense Reimbursements.  Executive shall be reimbursed for expenses incurred in furtherance of Company business in accordance with the Company’s
      standard policies of which Executive has been made aware in writing, and applicable laws in effect from time to time.

    

    

    I.            Indemnification.  With respect to Executive’s acts or
      failures to act during his employment in Executive’s capacity as an officer, employee or agent of the Company, Executive shall be entitled to indemnification from the Company, and to liability insurance coverage (if any), on the same basis as other
      officers of the Company.  Executive shall be indemnified by the Company, and the Company shall pay Executive’s related expenses as provided in the Company’s Operating Agreement.

    

    

    SECTION 5.          TERMINATION OF EMPLOYMENT

    

    

    A.          General.  The Board of Managers shall have the right to terminate Executive’s employment and this Agreement at any time with or without Cause, and
      Executive shall have the right to terminate his employment and this Agreement at any time with or without Good Reason; provided that obligations under this Section 5, Section 6 and Section 7 shall survive termination of the Agreement.  The Board of
      Managers may delegate its power to terminate Executive to the person to whom Executive reports if the Executive is other than the Chief Executive Officer. If the Company intends to offer re-employment to Executive following the end of the Term of
      this Agreement on terms different from those then in effect, it will present its offer no later than thirty (30) days before the end of the Term.  If no offer of different terms is made during such thirty (30) day period, then the Company shall be
      deemed to have offered the Executive a renewal of this Agreement on the same terms as the then current terms of this Agreement.

    
      10

      
        

    

    
      
        	

              	(1)	
                If the offer contains compensation and benefits not materially less advantageous to Executive than those set forth in this Agreement and Executive does not accept that offer within thirty (30) days following the offer having been made,
                  then upon the expiration of the then current Term of this Agreement, Executive shall be deemed to have terminated his employment without Good Reason.

              

      

    

    

    

    
      
        	

              	(2)	
                If the offer contains compensation and benefits which are materially less advantageous to Executive than those set forth in this Agreement and Executive does not accept that offer within thirty (30) days following the offer having been
                  made, then upon the expiration of the then current Term of this Agreement, Executive shall be deemed to have been terminated by the Company and its Affiliates without Cause.

              

      

    

    

    

    B.          Termination by Board of Managers without Cause or by Executive for Good Reason.  If the Company or any Affiliate terminates Executive’s employment
      without Cause, or Executive resigns for Good Reason, then in either of those circumstances, the Company’s only obligation to Executive under this Agreement (except as provided below with respect to termination for Disability or death) shall be to pay
      Executive:

    

    

    
      
        	

              	(1)	
                his earned but unpaid Base Salary and Annual Bonus, if any, prorated on a daily basis up to the Termination Date; and

              

      

    

    

    

    
      
        	

              	(2)	
                any expense reimbursement payments owed to Executive for expenses incurred prior to the Termination Date; and

              

      

    

    

    

    
      
        	

              	(3)	
                severance payments (collectively, “Severance”) in an aggregate amount equal to (i) two hundred percent (200%) of the sum of the Executive’s Base Salary which he received during the full fiscal
                  year immediately preceding the fiscal year in which the termination occurred (the “Base Year”), and (ii) continuation of the Annual Bonus paid based on the Company’s achievement of the Performance
                  Criteria each year (pro-rated for partial fiscal years) during the Continuation Period.  For avoidance of doubt, (x) if the termination is effective on the last day of fiscal year, then the year then ending shall be the Base Year, (y) the
                  Severance shall not include any Equity Grants, and (z) the Annual Bonus shall be paid only if, and to the extent, the continuing executives receive their Annual Bonus based on the then existing Performance Criteria.  Executive’s Severance
                  shall be payable in installments, consistent with the Company’s payroll periods then in effect, for the length of the Continuation Period beginning upon Executive’s Termination Date, and subject to such withholdings as required by law;
                  provided, however, any Annual Bonuses paid during the Continuation Period will be paid at the time such Annual Bonus, if any, is paid to continuing executives based on the then existing Performance Criteria; and

              

      

    

    

    

    
      
        	

              	(4)	
                during the Continuation Period Executive shall also continue to receive, at the Company’s cost, the Current Insurance Coverage;

              

      

    

    
      11

      
        

    

    
      
        	

              	(5)	
                provided however, that as a condition to receiving such Severance and continuation of Current Insurance Coverage, Executive shall exchange with the Company a reasonable separation agreement and mutual release agreement in form
                  acceptable to the Company and Executive, both acting reasonably; and provided further that if the taxable value of the continued life and accident and disability coverage to Executive during the Continuation Period exceeds the annual
                  dollar limit in effect under Code Section 402(g)(1)(B) for the year of such termination or is not otherwise exempt from section 409A of the Code, then Executive shall pay the premiums in excess of such limit for such coverage during the
                  Continuation Period and after the end of the Continuation Period, the Company shall reimburse Executive for the amount of the premiums paid by Executive, without interest thereon.  Moreover, payment of the Severance (or portion thereof)
                  shall be delayed, if required, and to the extent required to comply with Code Section 409A.

              

      

    

    

    

    C.          Termination by the Board of Managers for Cause or by Executive without Good Reason.  If the Board of Managers of the Company terminates
      Executive’s employment for Cause or Executive resigns without Good Reason, the Company’s only obligation to Executive under this Agreement shall be to pay Executive his earned but unpaid Base Salary, if any, up to the Termination Date, and the
      Company shall have no obligation to pay any unpaid Annual Bonus or Equity Grant with respect to the year during which the Termination Date occurs or to pay any Severance.  The Company shall only be obligated to make such payments and provide such
      benefits under any employee benefit plan, program or policy in which Executive was a participant as are explicitly required to be paid to Executive by the terms of any such benefit plan, program or policy following the Termination Date.

    

    

    D.          Termination for Disability.  Subject to the terms of Section 2 (“Disability”), after  six (6) consecutive months of such disability leave of
      absence, Executive’s service may be terminated by the Company.  In the event Executive is terminated from employment due to Disability, the Company shall:

    

    

    (1)          Pay Executive his Base Salary only for twelve (12) months following such termination with a credit for any disability insurance proceeds paid to the Executive;
      provided that if such payment exceeds the applicable dollar amount in effect under Code Section 402(g)(1)(B) for the year in which such termination occurs or is not otherwise exempt from section 409A of the Code, then the payment in excess of such
      applicable dollar amount shall be paid following six (6) months after Executive’s Termination Date;

    

    

    (2)          Pay Executive his unpaid Annual Bonus, if any, for the calendar year in which such termination of employment occurs, prorated  for the number of days in such fiscal
      year through the end of the month in which Executive’s employment terminates and calculated as though the Company achieved 100% of its target levels of performance; provided that if such payment exceeds the applicable dollar amount in effect under
      Code Section 402(g)(1)(B) for the year in which such termination occurs or is not otherwise exempt from section 409A of the Code, then the payment in excess of such applicable dollar amount shall be paid following six (6) months after Executive’s
      Termination Date;

    
      12

      
        

    

    (3)          Pay or cause the payment of benefits to which Executive is entitled under the terms of any disability plan of the Company covering Executive at the time of such
      Disability:

    

    

    (4)          Pay premiums for COBRA coverage as provided in Section 5.F; and

    

    

    (5)          Make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and policy in which Executive was a
      participant; provided no payments made under Section 5.D(2) or Section 5.D(3) shall be taken into account in computing any payments or benefits described in this Section 5.D(6).

    

    

    Notwithstanding Executive’s Disability, during the period of Disability leave, Executive shall be paid in full (net of insurance) as if he were actively performing services.  Executive agrees to simultaneously use any
      available leave under the Family and Medical Leave Act of 1993 during such disability leave of absence.  During the period of such Disability leave of absence, the Board of Managers may designate someone to perform Executive’s duties.  Executive
      shall have the right to return to full-time service so long as he is able to resume and faithfully perform his full-time duties.

    

    

    E.          Death.  If Executive’s employment terminates as a result of his death, the Company shall:

    

    

    (1)          Pay to Executive’s estate Executive’s Base Salary through the end of the month in which Executive’s employment terminates as soon as practicable after Executive’s
      death;

    

    

    (2)          Pay to Executive’s estate his Annual Bonus, if any, for the calendar year in which such termination of employment occurs, prorated  for the number of days in such
      fiscal year through the end of the month in which Executive’s employment terminates due to death and calculated as though the Company achieved 100% of its target levels of performance;

    

    

    (3)          Pay to Executive’s estate a one-time payment of $1 million which may be covered by the Company maintaining key man insurance on Executive;

    

    

    (4)          Make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and policy in which Executive was a
      participant; provided no payments made under Section 5.E(2) shall be taken into account in computing any payments or benefits described in this Section 5.E(3); and

    

    

    (5)          Provide Current Insurance Coverage or pay COBRA premiums, as applicable, for Executive’s dependents for the period of one year.

    
      13

      
        

    

    (6)          Any amounts payable to Executive under this Agreement which are unpaid at the date of Executive’s death or payable hereunder or otherwise by reason of Executive’s
      death, shall be paid in accordance with the terms of this Agreement to Executive’s estate; provided that if there is a specific beneficiary designation in place for any specific amount payable, then payment of such amount shall be made to such
      beneficiary.

    

    

    (7)          All unvested Equity Grants held by the Executive shall automatically vest on such Executive’s death except for Performance Shares which shall only vest as such are
      earned based on realization of the Performance Criteria applicable to such grants.

    

    

    F.          Benefit Continuation.  Upon termination of Executive’s employment, Executive shall be provided notice of his right to continue his group health
      insurance coverage(s) subject to the terms of the plans and as provided under COBRA.  Provided Executive is eligible for and elects COBRA coverage, and has not been terminated from employment for Cause or resigned without Good Reason, then the
      Company shall pay Executive’s COBRA premiums commencing on the date of Executive’s termination of employment and continuing for the applicable Continuation Period in order to continue Executive’s health insurance coverage and maintain such coverage
      in effect; provided that following the end of the COBRA continuation period, if Executive’s health insurance coverage is provided under a health plan that is subject to Code Section 105(h), benefits payable under such health plan shall comply with
      the requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv) and, if necessary, the Company or an Affiliate shall amend such health plan to comply therewith.

    

    

    G.          Relinquishment of Corporate Positions. Upon Executive’s termination of Employment for any of the reason cited above, then and in such event,
      Executive shall automatically cease to be an officer and/or director of the Company and OWM Public and their Affiliates as of his Termination Date of employment.

    

    

    H.          Limitation.  Anything in this Agreement to the contrary notwithstanding, Executive’s entitlement to or payments under any other plan or agreement
      shall be limited to the extent necessary so that no payment to be made to Executive on account of termination of his employment with the Company and its Affiliates will be subject to the excise tax imposed by Code Section 4999, but only if, by reason
      of such limitation, Executive’s net after tax benefit shall exceed the net after tax benefit if such reduction were not made.  “Net after tax benefit” shall mean (i) the sum of all payments and benefits that Executive is then entitled to receive
      under any section of this Agreement or other plan or agreement that would constitute a “parachute payment” within the meaning of Section 280G of the Code, less (ii) the amount of federal income tax payable with respect to the payments and benefits
      described in clause (i) above calculated at the maximum marginal income tax rate for each year in which such payments and benefits shall be paid to Executive (based upon the rate in effect for such year as set forth in the Code at the time of the
      first payment of the foregoing), less (iii) the amount of excise tax imposed with respect to the payments and benefits described in clause (i) above by Section 4999 of the Code.  Any limitation under this Section 5.H of Executive’s entitlement to
      payments shall be made in the manner and in the order directed by Executive.

    
      14

      
        

    

    SECTION 6.          COVENANTS BY EXECUTIVE

    

    

    A.          Company Property.  Upon the termination of Executive’s employment for any reason, Executive shall promptly return all Company Property which had
      been entrusted or made available to Executive by the Company.  “Property” means all records, files, memoranda, communication, reports, price lists, plans for current or prospective business operations, customer lists, drawings, plans, sketches, keys,
      codes, computer hardware and software and other property of any kind or description prepared, used or possessed by Executive during Executive’s employment by the Company and its Affiliates (and any duplicates of any such Property) together with any
      and all information, ideas, concepts, discoveries, processes, intellectual property, inventions and the like conceived, made, developed or acquired at any time by Executive individually or with others during Executive’s employment which relate to the
      Company and/or its Affiliates or its products or services or operations.  For elimination of doubt, Company Property does not include Executive’s Rolodex or Contacts file, the personal data maintained on his computer and other electronic devices and
      all of the above identified property which Executive knew or owned prior to his Employment by the Company.

    

    

    B.          Trade Secrets.  Executive agrees that Executive shall hold in a fiduciary capacity for the benefit of the Company and its Affiliates and shall not
      directly or indirectly use or disclose any Trade Secret that Executive may have acquired during the term of Executive’s employment by the Company and its Affiliates for so long as such information remains a Trade Secret.  “Trade Secret” means
      information, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing or a process that (1) derives economic value, actual or potential, from not being
      generally known to, and not being generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (2) has been the subject of reasonable efforts by the Company or its Affiliates to
      maintain its secrecy.  This Section 6.B is intended to provide rights to the Company and its Affiliates which are in addition to, not in lieu of, those rights the Company and its Affiliates have under the common law or applicable statutes for the
      protection of trade secrets. Notwithstanding the foregoing the parties hereto acknowledge that some of the information and ideas, concepts and plans and procedure were developed by Executive prior to his association with Company and its Affiliates
      and, thus, are his to use and share.

    

    

    C.          Confidential Information.  During the Term and continuing thereafter indefinitely, Executive shall hold in a fiduciary capacity for the benefit of
      the Company, and shall not directly or indirectly use or disclose, any Confidential Information that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive is authorized to have access to such
      information) during the term of, and in the course of, or as a result of Executive’s employment by the Company and its Affiliates without the prior written consent of the Board of Managers unless and except to the extent that such disclosure is (i)
      made in the ordinary course of Executive’s performance of his duties under this Agreement or (ii) required by any subpoena or other legal process (in which event Executive will give the Company prompt notice of such subpoena or other legal process in
      order to permit the Company to seek appropriate protective orders); provided, however, that nothing contained in this Agreement shall limit Executive’s ability to communicate with any federal or state government agency or otherwise participate in any
      investigation or proceeding that may be conducted by any such federal or state government agency, including by providing documents or other Confidential Information, without notice to the Company or the Board of Managers. This Agreement does not
      limit Executive’s right to receive an award for any information provided to any federal or state government agency.  “Confidential Information” means any secret, confidential or proprietary information possessed by the Company or any of its
      subsidiaries or affiliates, including, without limitation, trade secrets, customer or supplier lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists, market studies, business
      plans, operational methods, marketing plans or strategies, advertising campaigns, information regarding customers or suppliers, computer software programs (including object code and source code), data and documentation data, base technologies,
      systems, structures and architectures, inventions and ideas, past current and planned research and development, compilations, devices, methods, techniques, processes, financial information and data, business acquisition plans and new personnel
      acquisition plans and the terms and conditions of this Agreement that has not become generally available to the public.  Notwithstanding anything to the contrary contained herein, the term “Confidential Information” shall in no event apply to any
      information which (x) was generally available to or known by the public prior to the Commencement Date; (y) has become generally available to or known by the public after the Commencement Date other than as the result of a direct or indirect
      disclosure by Executive; and (z) was known and used by Executive prior to his Employment by the Company.  Subject to the exceptions in this paragraph, the existence and terms of this Agreement are confidential and are not to be disclosed to or
      discussed with any other person except Executive’s attorneys, accountants, bankers and financial advisors.

    
      15

      
        

    

    D.          Restriction.  During the Term and for a period of two years thereafter, Executive will not be an employee, agent, director, stockholder or owner
      (except of not more than a 5% interest in the voting securities of any publicly traded entity), partner, consultant, financial backer, creditor or be otherwise directly or indirectly connected with or participate in the ownership, management,
      operation or control of any business, firm, proprietorship, corporation, partnership, association, entity, venture or other form or property ownership a material part of the business activities of which (a “Competing
        Business”) is the development, ownership, leasing or management of retail marine dealerships and related operations (“Business”) within an area (the “Restricted Area”)

      which is (i) any state in which the Company or any of its Affiliates conducted any part of the Business in any material respect  within the  twelve (12) months preceding the Termination Date.  Notwithstanding the foregoing, nothing in this Agreement
      shall be construed as limiting Executive’s ability to invest personally in real estate or other investments which do not constitute a Competing Business, subject to the limitations of this Section 6 generally.

    

    

    E.          Non-Solicitation.  During the Term and for a period of two years thereafter (such period is referred to as the “No

        Recruit Period”), Executive will not solicit or attempt to solicit, either directly or indirectly, any person that he knows or should reasonably know to be an employee of the Company, whether any such employees are now or hereafter through
      the No Recruit Period so employed or engaged by the Company, to terminate or alter their employment with the Company.   The foregoing is not intended to limit any legal rights or remedies that any employee of the Company or any Affiliate may have
      under common law with regard to any interference by Executive at any time with the contractual relationship the Company or any Affiliate may have with any of its employees.

    

    

    F.          Reasonable and Continuing Obligations.  Executive agrees that Executive’s obligations under this Section 6 are obligations which will continue
      beyond the date Executive’s employment terminates and that such obligations are reasonable, fair and equitable in scope.  The terms and duration are necessary to protect the Company’s legitimate business interests and are a material inducement to the
      Company to enter into this Agreement.  Executive further acknowledges that the consideration for this Section 6 is his employment or continued employment.  Executive will not be paid any additional compensation during this Restricted Period for
      application or enforcement of the restrictive covenants contained in this Section 6.

    
      16

      
        

    

    G.          Work Product.  The term “Work Product” includes any and all information, programs, concepts, processes,
      discoveries, improvements, formulas, know-how and inventions, in any form whatsoever, relating to the business or activities of the Company, or resulting from or suggested by any work developed by Executive in connection with the Company, or by
      Executive at the Company’s request during his employment with the Company. Executive acknowledges that all Work Product developed during the Term is property of the Company and/or its Affiliates and accordingly, Executive does hereby irrevocably
      assign all Work Product developed by Executive to the Company and agrees:  (a) to assign to the Company, free from any obligation of the Company to Executive, all of Executive’s right, title and interest in and to Work Product conceived, discovered,
      researched, or developed by Executive either solely or jointly with others during the term of this Agreement and for three (3) months after the termination or nonrenewal of this Agreement; and (b) to disclose to the Company promptly and in writing
      such Work Product upon Executive’s acquisition thereof.

    

    

    H.          Cooperation.  During and subsequent to termination of the employment of Executive, Executive will, at no costs to the Executive, cooperate with
      the Company and furnish any and all complete and truthful information, testimony or affidavits in connection with any matter that arose during Executive’s employment, that in any way relates to the business or operations of the Company or any of its
      subsidiary corporations, divisions or affiliates, or of which Executive may have any knowledge or involvement; and will consult with and provide information to the Company and its representatives concerning such matters.  Executive shall not
      undermine the authority of the Company, its Board of Managers or others within the Company to whom Executive reports, nor speak or publish disparaging information about the Company or its Affiliates.  Subsequent to the termination of the employment
      of Executive, the parties will make their good faith best efforts to have such cooperation performed at reasonable times and places and in a manner as not to unreasonably interfere with any other employment in which Executive may then be engaged.
      Nothing in this Agreement shall be construed or interpreted as requiring Executive to provide any testimony, sworn statement or declaration that is not complete and truthful. However if Executive does travel outside the metropolitan area in the
      United States where Executive then resides to provide any testimony or otherwise provide any such assistance, then the Company will reimburse Executive for any reasonable, ordinary and necessary travel and lodging expenses incurred by Executive to do
      so based on “first class” accommodations as to travel, food, lodging and transportation provided Executive submits all documentation required under the Company’s standard travel expense reimbursement policies of which Executive has been made aware in
      writing, and as otherwise may be reasonably required to satisfy any requirements under applicable tax laws for the Company or its Affiliates to deduct those expenses. Nothing in this Agreement shall be construed or interpreted as requiring Executive
      to provide any testimony or affidavit that is not complete and truthful.

    

    

    I.          Remedies.  Executive recognizes that his duties may entail the receipt of Trade Secrets and Confidential Information as defined in this Section
      6.  Those Trade Secrets and Confidential Information have been developed by the Company and/or its Affiliates at substantial cost and constitute valuable and unique property of the Company and its Affiliates.  Moreover, each of the provisions of this
      Section 6 have been specifically bargained for by the Company as a condition of the benefits derived by Executive hereunder.  Accordingly, Executive acknowledges that protection of Trade Secrets and Confidential Information is a legitimate business
      interest.   Subject to Dispute Resolution determination, if Executive shall breach the covenants contained in this Section 6 in a “material respect”, the Company shall have no further obligation to make any payment to Executive pursuant to this
      Agreement, other than any accrued wages earned and owed to Executive at the time of termination and/or Severance Payments due prior to the breach, and may recover from Executive all such damages as it may be entitled to at law or in equity.  In
      addition, Executive acknowledges that any such breach may result in irreparable harm to the Company.  The Company shall be entitled to seek specific performance of the covenants in this Section 6, including entry of a temporary restraining order in
      state or federal court, preliminary and permanent injunctive relief against activities in violation of this Section 6, or both, or other appropriate judicial remedy, writ or order, in addition to any damages and legal expenses which the Company or
      any Affiliate may be legally entitled to recover.  Executive acknowledges and agrees that the covenants in this Section 6 shall be construed as agreements independent of any other provision of this Agreement or any other agreement between the Company
      or any Affiliate and Executive, and that the existence of any claim or cause of action by Executive against the Company or any Affiliate, whether predicated upon this Agreement or any other agreement, shall not constitute a defense to the enforcement
      by the Company or any Affiliate of such covenants.

    
      17

      
        

    

    SECTION 7.          MISCELLANEOUS

    

    

    A.          Notices.  Notices and all other communications shall be in writing and shall be deemed to have been duly given when personally delivered, the next
      day if by facsimile transmission and/or overnight delivery by a recognized overnight carrier (such as Federal Express or UPS) or three (3) days when mailed by United States postal service, registered or certified mail with a copy to the addressee by
      email.  Notices to the Company shall be sent to:

    

    

    To Executive:

    

    

    	 	
            Mr. Philip A. Singleton, Jr.

          	 
	 	 	 
	 	

          	 
	 	
            

            

          	 
	 	 	 
	 	
            Copy to:

          	 
	 	
            Bruce L. Gordon

          	 
	 	
            Gordon, Dana & Gilmore, LLC

          	 
	 	
            600 University Park Place, Suite 100

          	 
	 	
            Birmingham, Alabama 35209

          	 
	 	
            

            

          	 
	 	 	 

    
      To the Company:

    

    	 	 	 
	 	
            One Water Marine Holdings, LLC

          	 
	 	
            Attn: Mitchell W. Legler, Chairman

          	 
	 	
            4471 Legendary Dr.

          	 
	 	
            Destin, Florida 32541

          	 
	 	
            

            

          	 
	 	 	 
	 	 	 
	 	
            Copy to:

          	 
	 	 	 
	 	
            Michael Gold, Esq

          	 
	 	
            6515 Shiloh Rd. Ste 100

          	 
	 	
            Alpharetta, GA 30005

          	 
	 	
            

            

          	 

    

    

    Notices and communications to Executive shall be sent to the address Executive most recently provided to the Company.

    

    

    B.          No Waiver.  No failure by either the Company or Executive at any time to give notice of any breach by the other of, or to require compliance with,
      any condition or provision of this Agreement shall be deemed a waiver of any provisions or conditions of this Agreement.

    

    

    C.          Governing Law.  This Agreement shall be governed by Georgia law without reference to the choice of law principles thereof.

    

    

    D.          Assignment; Parties.  This Agreement shall be binding upon and inure to the benefit of the Company and
      any successor in interest to the Company. The Company may assign this Agreement to any affiliate or successor that acquires all or substantially all of the assets and business of the Company or a majority of the voting interests of the Company,
      expressly including OWM Public which is hereby declared a third-party beneficiary of this Agreement.  The Company will require any successor (whether direct or indirect, by operation of law, by purchase, merger, consolidation or otherwise to all or
      substantially all of the business and/or assets of the Company) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
      As used in this Agreement, “Company” shall mean Company as defined above and, unless the context otherwise requires, any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or
      otherwise.  Executive’s rights and obligations under this Agreement are personal and shall not be assigned or transferred.  The Executive’s obligations under this Agreement are not assignable. Notwithstanding any assignment by Company nothing herein
      will eliminate the Company and other obligors from the payment of the amounts due hereunder.

    
      18

      
        

    

    E.          Other Agreements.  This Agreement replaces and merges any and all previous agreements and understandings
      regarding all the terms and conditions of Executive’s employment relationship with the Company, and this Agreement constitutes the entire agreement between the Company and Executive with respect to such terms and conditions.

    

    

    F.          Amendment.  No amendment to this Agreement shall be effective unless it is in writing and signed by the
      Company and by Executive.

    

    

    G.          Invalidity and Severability.  If any part of this Agreement is held by a court of competent jurisdiction
      to be invalid or otherwise unenforceable, the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable part shall be deemed not to be part of this Agreement.

    

    

    H.          Dispute Resolution.  If a dispute arises between the parties as
      to the proper interpretation or application of this Agreement, or if a party believes that the other party is in violation hereof and the alleged breach is not cured within ten (10) business days after notice from the complaining party to the other
      party, then unless both of the parties agree in writing to waive the provisions of this Section 7.H, their dispute shall be resolved exclusively by binding arbitration conducted in accordance with the Georgia Arbitration Code (the “Arbitration Rules,” which term shall include any replacement of that code, however designated, and the administrative rules and court decisions implementing or interpreting same), except as may be expressly
      modified herein.  Judgment on any award rendered by the arbitrator may be entered in the appropriate state court of Fulton County, Georgia having jurisdiction thereof.

    

    

    (1)          Arbitrator; Venue.  The arbitration shall take place in Atlanta, Georgia before a three (3) panel of arbitrators to be
      mutually agreed upon by the parties involved in the dispute.  In the event such parties cannot agree on a three (3) panel of  neutral arbitrators within ten (10) days after a party calls for the arbitration of a dispute hereunder, each party shall
      within seven (7) days thereafter select a representative who (i) is currently a circuit court mediator certified under the rules of the Georgia Supreme Court, (ii) is not affiliated with or related to either party or either party’s attorneys or
      accountants, and (iii) has his or her principal office in Fulton County, Georgia or the adjacent counties. Under no circumstances will the American Arbitration Association be used for this dispute resolution.

    

    

    (2)          Discovery.  Notwithstanding anything to the contrary contained in Section 682.08 or elsewhere in the Arbitration Rules, the
      parties shall be permitted full discovery in any arbitration proceedings as provided by the Georgia Rules of Civil Procedure, subject to review by the panel of arbitrators of any allegation of abuse of discovery rights allowed by the Georgia
      Rules of Civil Procedure.

    
      19

      
        

    

    (3)          Injunctive Relief.  Any party to the arbitration may apply to the panel of arbitrators for the entry of injunctive relief
      until the arbitration award is rendered or the controversy is otherwise resolved.  Any such injunctive relief shall be in addition to any and all other remedies available to the parties under this Agreement.

    

    

    (4)          Limitation of Remedies.  The measure of damages under this Agreement in connection with a breach by a party shall be the
      actual damages sustained by the other party or parties, and the panel of arbitrators is not authorized to award incidental, consequential, treble, punitive or other multiple damages or to modify this Agreement, and the jurisdiction of the arbitrator
      shall be so limited.

    

    

    (5)          Costs and Fees.  The arbitrator may, in the panel of arbitrators’ sole and absolute discretion, award to the substantially
      prevailing party, if any, as determined by the arbitrator, all of the substantially prevailing party’s costs and fees for the dispute in question. “Costs and fees” mean all reasonable pre-award expenses of the arbitration, including the arbitrator’s
      fees, out-of-pocket expenses such as courier and copying costs, witness fees, and attorneys’ fees.

    

    

    (6)          Final Award.  The arbitrator shall in every case make a reasoned award, which shall be final and conclusive except as
      otherwise provided in the Arbitration Rules, and the failure of the arbitrator to make a reasoned award shall be grounds for vacating the award upon the motion of either party pursuant to Section 682.13 of the Arbitration Rules.

    

    

    (7)          Disability.  Physical incapacity of Executive, if questioned by the Company and disputed by Executive, shall be determined as
      a factual matter in accordance with this Section 7.H following the procedures set forth above.  Mental incapacity of Executive, if questioned by the Company and disputed by Executive, shall be determined in accordance with Georgia law, except that:

    

    

    (a)          Executive shall be represented by an attorney employed by Executive and compensated by the Company, rather than by a judicially appointed attorney.

    

    

    (b)          All required appointments, orders and findings shall be made by the arbitrator rather than the court, except that an order of the court may be sought to enforce or
      appeal the results of arbitration.

    

    

    (c)          All costs of arbitration to determine Executive’s mental incapacity, including all experts’ fees and expenses and the attorney’s fees and expenses of both parties,
      shall be paid by the Company.

    

    

    (8)          Confidentiality.  Neither a party nor the arbitrator may disclose the existence, content, or results of any arbitration
      hereunder without the prior written consent of both parties, except as may be required by law to be filed in court or in order to appeal or enforce the award.

    
      20

      
        

    

    (9)          Joint and Several Liability.  The Company and its Affiliates shall be jointly and severally liable for any awards (and
      judgments thereon) entered in Executive’s favor.

    

    

    I.          Counterparts.  This Agreement may be executed in counterparts each of which shall be deemed an original,
      but all of which together shall constitute one and the same instrument.

    

    

    J.          Section 409A.  The intent of the parties is that payments and benefits under this Agreement comply with,
      or be exempt from, Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be
      interpreted and administered consistent with such intent.

    

    

    (1)          For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of
      separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within sixty calendar days following the
      Termination Date”), the actual date of payment within the specified period shall be within the sole discretion of the Company.  In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this
      Agreement that is considered non-qualified deferred compensation.

    

    

    (2)          In addition, notwithstanding anything in this Agreement to the contrary, if at the time of Executive’s “separation from service” the Company determines that Executive
      is a “specified employee” (such terms within the meaning of Section 409A), then to the extent any payment or benefit that Executive becomes entitled to under this Agreement on account of Executive’s separation from service would be considered
      deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6) months and
      one day after your separation from service, or (ii) Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been
      paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

    

    

    (3)          With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to
      reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses
      eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided, that this clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because
      such expenses are subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of the taxable year following the taxable year in which the expense was incurred.

    

    

    [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

    
      21

      
        

    

    [SIGNATURE PAGE OF EMPLOYMENT AGREEMENT]

    

    

    IN WITNESS WHEREOF, the Company (for itself and each of its Affiliates) and Executive have executed this Agreement effective as of the Effective Date.

    

    

    

    

    	 	
            Company:

          
	 	 	 
	 	
            ONE WATER MARINE HOLDINGS, LLC

          
	 	 	 
	 	
            By:

          	 /s/ Mitchell W. Legler

          
	 	

          	
            Mitchell W. Legler, Chairman

          
	 	 	 
	 	
            Executive:

          
	 	 /s/ Philip A. Singleton, Jr.  

          
	 	
            PHILIP A. SINGLETON, JR.

          
	 	 	 

    Joinder

    

    

    By signing below, the undersigned OneWater Marine Inc., a Delaware corporation, does hereby agree to be bound by the terms of the preceding agreement as apply to the undersigned.

    

    

    Dated as of the date of the foregoing agreement.

    	 	 	 
	 	
            ONEWATER MARINE INC.

          
	 	 	 
	 	
            By:

          	 /s/ Mitchell W. Legler
	 	 	
            Mitchell W. Legler, Chairman

          
	 	

          

     

    

     22

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