Document:

Exhibit 4.17

 

SKY-MOBI LIMITED

 

2016 SHARE INCENTIVE PLAN

 

Article
I

 

PURPOSE 

 

The purpose of the
Sky-mobi Limited 2016 Share Incentive Plan (the “Plan”) is to promote the success and enhance the value of Sky-mobi
Limited (the “Company”) by linking the personal interests of the selected members of the Board, Employees, and Consultants
to those of Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior
returns to Company shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special
effort the successful conduct of the Company’s operation is largely dependent.

 

Article
II

 

DEFINITIONS
AND CONSTRUCTION 

 

Wherever the following
terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular
pronoun shall include the plural where the context so indicates.

 

2.1           “Administrator”
shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties
of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 12.6, or as to which the Board
has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked such
delegation or the Board has terminated the assumption of such duties.

 

2.2           “Applicable
Accounting Standards” shall mean International Financial Reporting Standards, Generally Accepted Accounting Principles
in the United States, or such other accounting principles or standards as may apply to the Company’s financial statements
under Applicable Law.

 

2.3           “Applicable
Laws ” means (i) the laws of the Cayman Islands as they relate to the Company and its Shares; (ii) the legal requirements
relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations
and government orders of any jurisdiction applicable to Awards granted to residents; and (iii) the rules of any applicable securities
exchange, national market system or automated quotation system on which the Shares are listed, quoted or traded.

 

2.4           “Article
” means an article of this Plan.

 

2.5           “Award”
shall mean an Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a Deferred Share award,
a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Plan (collectively, “Awards”).

 

2.6           “Award
Agreement” shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing
an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator
shall determine consistent with the Plan.

 

     

     

    

 

2.7           “Board”
shall mean the Board of Directors of the Company.

 

2.8           “Code”
shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

 

2.9           “Committee”
shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board, appointed as provided in
Section 10.1.

 

2.10         “Company”
shall mean Sky-mobi Limited , a Cayman Islands corporation.

 

2.11         “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services
rendered by the consultant or adviser 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 securities; and (c) the consultant or adviser
is a natural person who has contracted directly with the Service Recipient to render such services.

 

2.12         
“Corporate Transaction” means any of the following transactions, provided, however, that the Committee shall
determine under (f) and (g) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

 

(a)          an
amalgamation, arrangement, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for
a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following
such transaction the holders of the Company’s voting securities immediately prior to such transaction own fifty percent (50%)
or more of the surviving entity;

 

(b)          the
direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by
a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common
control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender
or exchange offer made directly to the Company’s shareholders which a majority of the Incumbent Board (as defined below)
who are not affiliates or associates of the offer or under Rule 12b-2 promulgated under the Exchange Act do not recommend such
shareholders accept, or

 

(c)          the
individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason to
constitute at least fifty percent (50%) of the Board; provided that if the election, or nomination for election by the Company’s
shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such
new member of the Board shall be considered as a member of the Incumbent Board.

 

(d)          the
sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(e)          the
completion of a voluntary or insolvent liquidation or dissolution of the Company;

 

(f)          any
reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement
(including, but not limited to, a tender offer followed by a reverse takeover) in which the Company survives but (A) the Shares
of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other
property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%)
of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different
from those who held such securities immediately prior to such transaction culminating in such takeover or scheme of arrangement,
but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction;
or

 

     

     

    

 

(g)          acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any
such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

 

2.13         “Deferred
Share” shall mean a right to receive Shares awarded under Section 7.3.

 

2.14         “Director”
shall mean a member of the Board, as constituted from time to time.

 

2.15         “Dividend
Equivalent” shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded
under Section 7.1.

 

2.16         “Effective
Date” shall have the meaning set forth in Section 11.1.

 

2.17         “Eligible
Individual” shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Committee
or the Board resolution of the Company.

 

2.18         “Employee”
means any person who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as
to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient
shall not be sufficient to constitute “employment” by the Service Recipient.

 

2.19         
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.20         
“Fair Market Value ” means, as of any date, the value of Shares determined as follows:

 

(a)          If
the Shares are listed on one or more established and regulated securities exchanges, national market systems or automated quotation
system on which Shares are listed, quoted or traded, its Fair Market Value shall be the closing sales price for such shares (or
the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined
by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable,
on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or
such other source as the Committee deems reliable;

 

(b)          If
the Shares are no listed on an established securities exchange, notational market system or automated quotation system, but are
regularly quoted by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted
by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share
shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices
were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such
other source as the Committee deems reliable; or

 

     

     

    

 

(c)          In
the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof
shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private
placement of the Shares and the development of the Company’s business operations and the general economic and market conditions
since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s
business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares,
or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value, relevant.

 

2.21         “Holder
” shall mean a person who has been granted an Award.

 

2.22         “Incentive
Option ” shall mean an Option that is intended to meet the applicable provisions of Section 422 of the Code.

 

2.23         “Non-
Employee Director” shall mean a Director of the Company who is not an Employee.

 

2.24         “Non-
Qualified Option ” shall mean an Option that is not an Incentive Option.

 

2.25         “Option
” shall mean a right to purchase shares of Shares at a specified exercise price, granted under Article 5. An Option shall
be either a Non-Qualified Option or an Incentive Option; provided, however, that Options granted to Non-Employee
Directors and Consultants shall only be Non-Qualified Options.

 

2.26         
“Parent” means a parent corporation under Section 424(e) of the Code.

 

2.27         
“Plan ” shall mean this Sky-mobi Limited 2016 Share Incentive Plan, as it may be amended or restated from time
to time.

 

2.28         
“Related Entity” means any business, corporation, partnership, limited liability company or other entity in
which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly but which
is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan.

 

2.29         “Restricted
Share” shall mean Shares awarded under Article 6 that is subject to certain restrictions and may be subject to risk of
forfeiture or repurchase.

 

2.30         “Restricted
Share Units ” shall mean the right to receive Shares awarded under Section 9.5.

 

2.31         “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

2.32         
“Service Recipient” means the Company, any Parent or Subsidiary of the Company and any Related Entity to which
a Holder provides services as an Employee, Consultant or as a Director.

 

2.33         “Share”
means an ordinary share (common share) of the Company, and such other securities of the Company that may be substituted for Shares
pursuant to Article 12.

 

2.34         “Share
Appreciation Right” shall mean a share appreciation right granted under Article 8.

 

2.35         “Share
Payment” shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part
of a bonus, deferred compensation or other arrangement, awarded under Section 7.2.

 

2.36         “Subsidiary”
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company
if each of the entities other than the last entity in the unbroken chain beneficially owns, directly or indirectly, at the time
of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of
all classes of securities or interests in one of the other entities in such chain.

 

     

     

    

 

2.37         “Substitute
Award” shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity
awards previously granted by a company or other entity in connection with a corporate transaction, such as a merger, combination,
consolidation or acquisition of property or securities; provided, however, that in no event shall the term “Substitute
Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Share Appreciation
Right.

 

2.38         “Termination
of Service” shall mean,

 

(a)          As
to a Consultant, the time when the engagement of a Holder as a Consultant to a Service Recipient is terminated for any reason,
with or without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations
where the Consultant simultaneously commences or remains in employment or service with the Company, any Subsidiary or any Related
Entity.

 

(b)          As
to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, including,
without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where
the Holder simultaneously commences or remains in employment or service with the Company, any Subsidiary or any Related Entity.

 

(c)          As
to an Employee, the time when the employee-employer relationship between a Holder and the Company or any Subsidiary is terminated
for any reason, including, without limitation, a termination by resignation, discharge, death, disability or retirement; but excluding
terminations where the Holder simultaneously commences or remains in employment or service with the Company, any Subsidiary or
any Related Entity; provided, however, that. The Administrator, in its sole discretion, shall determine the effect of all matters
and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service
resulted from a discharge for cause and all questions of whether particular leaves of absence constitute a Termination of Service;
provided, however, that, with respect to Incentive Options, unless the Administrator otherwise provides in the terms
of the Award Agreement or otherwise, a leave of absence, change in status from an employee to an independent contractor or other
change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave
of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) of the Code and the then
applicable regulations and revenue rulings under said Section. For purposes of the Plan, a Holder’s employee-employer relationship
or consultancy relations shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Holder
ceases to remain a Subsidiary following any merger, sale of securities or other corporate transaction or event (including, without
limitation, a spin-off).

 

2.39         “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to an effective registration statement
under Applicable Law, which results in the Shares being publicly traded on one or more established stock exchanges or national
market systems.

 

     

     

    

 

Article
III

 

SHARES
SUBJECT TO THE PLAN

 

3.1           Number
of Shares.

 

(a)          Subject
to Section 3.1(b), the aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan is 15,000,000.

 

(b)          To
the extent that an Award terminates, expires, or lapses for any reason, or is settled in cash and not Shares, then any Shares subject
to the Award shall again be available for the grant of an Award pursuant to the Plan. Shares delivered by the Holder or withheld
by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon,
may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Shares forfeited by the
Holder or repurchased by the Company at the same or lesser price than paid by the Holder so that the Shares are again returned
to the Company, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). To the extent
permitted by applicable law or any exchange rule, Shares issued in assumption of, or in substitution for, any outstanding awards
of any entity acquired in any form of combination by the Company, any Parent or any Subsidiary shall not be counted against Shares
available for grant pursuant to the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards
shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b),
no Shares may again be optioned, granted or awarded if such action would cause an Incentive Option to fail to qualify as an incentive
stock option under Section 422 of the Code.

 

3.2           Share
Distributed.

Any Shares distributed pursuant to an Award
may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased
on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number
of Shares which otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award.
If the number of Shares represented by an American Depository Share is other than on a one-to –one basis, the limitations
of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares.

 

     

     

    

 

Article
IV

 

GRANTING
OF AWARDS

 

4.1           Participation.
The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and
shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible
Individual shall have any right to be granted an Award pursuant to the Plan.

 

4.2           Award
Agreement. Each Award shall be evidenced by an Award Agreement.

 

4.3           Jurisdictions.
Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in the jurisdictions in which the Service
Recipients operate or have Employees, Non-Employee Directors or Consultants, or in order to comply with the requirements of any
securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries
and Related Entities shall be covered by the Plan; (b) determine which Eligible Individuals are eligible to participate in the
Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals to comply with Applicable Laws or listing
requirements of any securities exchange; (d) establish subplans and modify exercise procedures and other terms and procedures,
to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan
as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations
contained in Sections 3.1; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval
or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any such securities
exchange. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted,
that would violate the any Applicable Laws.

 

4.4           Stand-
Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either
alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem
with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

 

     

     

    

 

Article
V

 

OPTIONS

 

5.1           General
.. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions:

 

(a)          Exercise
Price. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award
Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; provided, however ,
that (i) such exercise price per Share shall be no less than US$0.25 unless otherwise agreed by the Board of the Company, and (ii)
no Option may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date
of grant, without compliance with Section 409A of the Code, or the Holder’s consent. The exercise price per Share subject
to an Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final,
binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable exchange
rule), a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the
approval of the Company’s shareholders or the approval of the affected Holders.

 

(b)          Vesting.
The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by the Administrator
and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is
granted. Such vesting may be based on service with the Service Recipient or any other criteria selected by the Administrator. At
any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it
selects, accelerate the period during which an Option vests. No portion of an Option which is unexercisable at a Holder’s
Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in
the Award Agreement or by action of the Administrator following the grant of the Option.

 

(c)          Time
and Conditions of Exercise. The Administrator shall determine the time or times at which an Option may be exercised in whole
or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares.
The Administrator shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised.

 

(d)          Partial
Exercise. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect
to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect
to a minimum number of shares.

 

(e)          
(e) Manner of Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the
following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office,
as applicable:

 

(i)          A
written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a
portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or
such portion of the Option;

 

(ii)         Such
representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
all Applicable Laws or regulations, and the rules of any securities exchange or automated quotation system on which the Shares
are listed, quoted or traded. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate
to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices
to agents and registrars;

 

     

     

    

 

(iii)        In
the event that the Option shall be exercised pursuant to Section 9.3 by any person or persons other than the Holder, appropriate
proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator;
and

 

(iv)        Full
payment of the exercise price and applicable withholding taxes to share administrator of the Company for the Shares with respect
to which the Option, or portion thereof, is exercised, in a manner permitted by Section 9.1 and 9.2.

 

(f)          Term
.. The term of any Option granted under the Plan shall not exceed ten years, except as provided in Section 9.1. Except as limited
by the requirements of Section 409A or Section 422 of the Code and regulations and rulings thereunder, the Administrator may extend
the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection
with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination
of Service.

 

(g)          Evidence
of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Holder. The Award Agreement shall
include such additional provisions as may be specified by the Committee.

 

5.2           Incentive
Options . Incentive Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive Options
may not be granted to Employees of a Related Entity or to Non-Employee Directors or Consultants. The terms of any Incentive Options
granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions
of this Section 5.2:

 

(a)          Expiration
of Option . An Incentive Option may not be exercised to any extent by anyone after the first to occur of the following events:
(i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement; (ii) Three months after the Holder’s
Termination of Service as an Employee (save in the case of termination on account of Disability or death); and (iii) Two years
after the date of the Holder’s Termination of Service on account of Disability or death. Upon the Holder’s Disability
or death, any Incentive Options exercisable at the Holder’s Disability or death may be exercised by the Holder’s legal
representative or representatives, by the person or persons entitled to do so pursuant to the Holder’s last will and testament,
or, if the Holder fails to make testamentary disposition of such Incentive Option or dies intestate, by the person or persons entitled
to receive the Incentive Option pursuant to the applicable laws of descent and distribution as determined under Applicable Law.

 

(b)          Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect
to which Incentive Options are first exercisable by a Holder in any calendar year may not exceed U.S. $100,000 or such other limitation
as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Options are first exercisable
by a Holder in excess of such limitation, the excess shall be considered Non-Qualified Options.

 

(c)          Ten
Percent Owners. An Incentive Option shall be granted to any individual who, at the date of grant, owns Shares possessing more
than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a
price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five
years from the date of grant.

 

     

     

    

 

(d)          Transfer
Restriction . The Holder shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive
Option within (i) two years from the date of grant of such Incentive Option or (ii) one year after the transfer of such Shares
to the Holder.

 

(e)          Expiration
of Incentive Options . No Award of an Incentive Option may be made pursuant to this Plan after the tenth anniversary of the
Effective Date.

 

(f)          Right
to Exercise. During a Holder’s lifetime, an Incentive Option may be exercised only by the Holder.

 

5.3           Substitute
Awards. Notwithstanding the foregoing provisions of this Article 5 to the contrary, in the case of an Option that is a Substitute
Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of
grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted)
of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x)
the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such
fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant
assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

 

5.4           Substitution
of Share Appreciation Rights. The Administrator may provide in the Award Agreement evidencing the grant of an Option that the
Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time
prior to or upon exercise of such Option; provided, that such Share Appreciation Right shall be exercisable with
respect to the same number of shares of Shares for which such substituted Option would have been exercisable.

 

     

     

    

 

Article
VI

 

AWARD
OF RESTRICTED STOCK

 

6.1           Award
of Restricted Share

 

(a)          The
Administrator is authorized to grant Restricted Share to Eligible Individuals, and shall determine the amount of, and the terms
and conditions, including the restrictions applicable to each award of Restricted Share, which terms and conditions shall not be
inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Share as it deems appropriate.

 

(b)          The
Administrator shall establish the purchase price, if any, and form of payment for Restricted Share; provided, however,
that such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable
Law. In all cases, legal consideration shall be required for each issuance of Restricted Share.

 

6.2           Rights
as Shareholders. Subject to Section 6.4, upon issuance of Restricted Share, the Holder shall have, unless otherwise provided
by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in his or her Award
Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; provided,
however, that, in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall
be subject to the restrictions set forth in Section 6.3.

 

6.3           Restrictions
.. All shares of Restricted Share (including any shares received by Holders thereof with respect to shares of Restricted Share as
a result of share dividends, share splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement,
be subject to such restrictions and vesting requirements as the Administrator shall provide. Such restrictions may include, without
limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination
at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without
limitation, criteria based on the Holder’s duration of employment, directorship or consultancy with the Service Recipient,
or other criteria selected by the Administrator. By action taken after the Restricted Share is issued, the Administrator may, on
such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Share by removing any
or all of the restrictions imposed by the terms of the Award Agreement. Restricted Share may not be sold or encumbered until all
restrictions are terminated or expire.

 

6.4           Repurchase
or Forfeiture of Restricted Share. If no price was paid by the Holder for the Restricted Share, upon a Termination of Service
the Holder’s rights in unvested Restricted Share then subject to restrictions shall lapse, and such Restricted Share shall
be surrendered to the Company and cancelled without consideration. If a purchase price was paid by the Holder for the Restricted
Share, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Share
then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Share or such
other amount as may be specified in the Award Agreement The Administrator in its sole discretion may provide that in the event
of certain events the Holder’s rights in unvested Restricted Share shall not lapse, such Restricted Share shall vest and
shall be non-forfeitable, and if applicable, the Company shall not have a right of repurchase.

 

6.5           Certificates
for Restricted Share. Restricted Share granted pursuant to the Plan may be evidenced in such manner as the Administrator shall
determine. Certificates or book entries evidencing shares of Restricted Share must include an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Share, and the Company may, in its sole discretion, retain physical
possession of any share certificate until such time as all applicable restrictions lapse.

 

     

     

    

 

Article
VII

 

AWARD
OF DIVIDEND EQUIVALENTS, DEFERRED STOCK, STOCK PAYMENTS, RESTRICTED STOCK UNITS

 

7.1           Dividend
Equivalents.

 

(a)          Dividend
Equivalents may be granted by the Administrator based on dividends declared on the Shares, to be credited as of dividend payment
dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed
or expires, as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or additional shares of Shares
by such formula and at such time and subject to such limitations as may be determined by the Administrator.

 

7.2           Share
Payments. The Administrator is authorized to make Share Payments to any Eligible Individual. The number or value of shares
of any Share Payment shall be determined by the Administrator and may be based upon any other criteria, including service to the
Service Recipients, determined by the Administrator. Share Payments may, but are not required to be made in lieu of base salary,
bonus, fees or other cash compensation otherwise payable to such Eligible Individual.

 

7.3           Deferred
Share. The Administrator is authorized to grant Deferred Share to any Eligible Individual. The number of shares of Deferred
Share shall be determined by the Administrator and may be based on any specific criteria, including service to the Service Recipients,
as the Administrator determines, in each case on a specified date or dates or over any period or periods determined by the Administrator.
Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule
or other conditions or criteria set by the Administrator. Unless otherwise provided by the Administrator, a Holder of Deferred
Share shall have no rights as a Company shareholder with respect to such Deferred Share until such time as the Award has vested
and the Shares underlying the Award has been issued to the Holder.

 

7.4           Restricted
Share Units . The Administrator is authorized to grant Restricted Share Units to any Eligible Individual. The number and terms
and conditions of Restricted Share Units shall be determined by the Administrator. The Administrator shall specify the date or
dates on which the Restricted Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting
as it deems appropriate, including service to the Service Recipients, in each case on a specified date or dates or over any period
or periods, as the Administrator determines. The Administrator shall specify, or permit the Holder to elect, the conditions and
dates upon which the shares of Shares underlying the Restricted Share Units which shall be issued, which dates shall not be earlier
than the date as of which the Restricted Share Units vest and become nonforfeitable and which conditions and dates shall be subject
to compliance with Section 409A of the Code, to the extent applicable to the Holder. Restricted Share Units may be paid in cash,
Shares or both, as Determined by the Administrator. On the distribution dates, the Company shall issue to the Holder one unrestricted,
fully transferable Shares (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted Share
Unit.

 

7.5           Term
.. The term of a Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award shall be
set by the Administrator in its sole discretion.

 

     

     

    

 

7.6           Exercise
or Purchase Price. The Administrator may establish the exercise or purchase price of shares of Deferred Share, shares distributed
as a Share Payment award or shares distributed pursuant to a Restricted Share Unit award; provided, however, that
value of the consideration shall not be less than the par value of a share of Shares, unless otherwise permitted by Applicable
Law.

 

7.7           Exercise
upon Termination of Service. A Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share
Unit award is exercisable or distributable only while the Holder is an Employee, Director or Consultant, as applicable. The Administrator,
however, in its sole discretion may provide that the Dividend Equivalent award, Deferred Share award, Share Payment award and/or
Restricted Share Unit award may be exercised or distributed subsequent to a Termination of Service in certain events.

 

Article
VIII

 

AWARD
OF STOCK APPRECIATION RIGHTS

 

8.1           Grant
of Share Appreciation Rights.

 

(a)          The
Administrator is authorized to grant Share Appreciation Rights to Eligible Individuals from time to time, in its sole discretion,
on such terms and conditions as it may determine consistent with the Plan.

 

(b)          A
Share Appreciation Right shall entitle the Holder (or other person entitled to exercise the Share Appreciation Right pursuant to
the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its
terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise
price per share of the Share Appreciation Right from the Share Value on the date of exercise of the Share Appreciation Right by
the number of shares of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations
the Administrator may impose.

 

(c)          The
exercise price per Share subject to an Share Appreciation Right shall be determined by the Administrator and set forth in the Award
Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; provided, however ,
that no Share Appreciation Right may be granted to an individual subject to taxation in the United States at less than the Fair
Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder’s consent. The exercise
price per Share subject to a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator,
the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by
Applicable Laws (including any applicable securities exchange rule), a downward adjustment of the exercise prices of Share Appreciation
Rights mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval
of the affected Holders.

 

(d)          In
the case of an Share Appreciation Right that is a Substitute Award, the price per share of the shares subject to such Share Appreciation
Right may be less than the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate
Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the
aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately
preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of
the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate
exercise price of such shares.

 

     

     

    

 

8.2           Share
Appreciation Right Vesting.

 

(a)          The
period during which the right to exercise, in whole or in part, a Share Appreciation Right vests in the Holder shall be set by
the Administrator and the Administrator may determine that a Share Appreciation Right may not be exercised in whole or in part
for a specified period after it is granted. Such vesting may be based on service with the Service Recipients, or any other criteria
selected by the Administrator. At any time after grant of a Share Appreciation Right, the Administrator may, in its sole discretion
and subject to whatever terms and conditions it selects, accelerate the period during which a Share Appreciation Right vests.

 

(b)          No
portion of a Share Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except
as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the
grant of the Share Appreciation Right.

 

8.3           Manner
of Exercise. All or a portion of an exercisable Share Appreciation Right shall be deemed exercised upon delivery of all of
the following to the share administrator of the Company, or such other person or entity designated by the Administrator, or his,
her or its office, as applicable:

 

(a)          A
written or electronic notice complying with the applicable rules established by the Administrator stating that the Share Appreciation
Right, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the
Share Appreciation Right or such portion of the Share Appreciation Right;

 

(b)          Such
representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator
may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance; and

 

(c)          In
the event that the Share Appreciation Right shall be exercised pursuant to this Section 10.3 by any person or persons other than
the Holder, appropriate proof of the right of such person or persons to exercise the Share Appreciation Right, in the sole discretion
of the Administrator.

 

8.4           Payment.
Amounts payable upon exercise of a Share Appreciation Right shall be in cash, Shares (based on its Fair Market Value as of the
date the Share Appreciation Right is exercised), or a combination of both, as determined by the Administrator.

 

Article
IX

 

ADDITIONAL
TERMS OF AWARDS

 

9.1           Payment.
The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the Plan
shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise
price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required
by the Administrator in order to avoid adverse accounting consequences under Applicable Accounting Standards, in each case, having
a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) following the Trading Date, delivery
of a notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or
vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company
in satisfaction of the aggregate payments required, provided, that payment of such proceeds is then made to the Company
upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator. The Administrator shall
also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other provision
of the Plan to the contrary, no Holder shall be permitted to make payment with respect to any Awards granted under the Plan to
the extent prohibited by Applicable Law.

 

     

     

    

 

9.2           Tax
Withholding. No Shares shall be delivered under the Plan to any Holder until such Holder has made arrangements acceptable to
the Administrator for the satisfaction of any income, employment, social welfare or other tax withholding obligations under Applicable
Laws. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Holder to remit
to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder’s employment,
social welfare or other tax obligations) required by Applicable Laws to be withheld with respect to any taxable event concerning
a Holder arising as a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement
allow a Holder to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares).
The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market
Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory
withholding rates for tax purposes that are applicable to such taxable income. The Administrator shall determine the Fair Market
Value of the Shares, consistent with Applicable Law, for tax withholding obligations due in connection with a broker- assisted
cashless Option or Share Appreciation Right exercise involving the sale of shares to pay the Option or Share Appreciation Right
exercise price or any tax withholding obligation.

 

9.3           Transferability
of Awards.

 

(a)          Except
as otherwise provided in Section 9.3(b):

 

(i)          No
Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and
distribution or, subject to the consent of the Administrator, as required under applicable domestic relations laws, unless and
until such Award has been exercised, or the shares underlying such Award have been issued, and all restrictions applicable to such
shares have lapsed;

 

(ii)         No
Award or interest or right therein shall be liable for the debts, contracts or engagements of the Holder or his successors in interest
or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment
or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void
and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and

 

(iii)        During
the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof) granted to him under the Plan, unless
it has been disposed of pursuant to applicable domestic relations law; after the death of the Holder, any exercisable portion of
an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised
by his personal representative or by any person empowered to do so under the deceased Holder’s will or under the then Applicable
Laws of descent and distribution.

 

     

     

    

 

(b)          Notwithstanding
Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award other than an
Incentive Option to certain persons or entities related to the Holder, including but not limited to members of the Holder’s
family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Holder’s
family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant
to such conditions and procedures as the Administrator may establish, including the following conditions: (i) an Award transferred
shall not be assignable or transferable other than by will or the laws of descent and distribution; (ii) an Award transferred shall
continue to be subject to all the terms and conditions of the Award as applicable to the original Holder (other than the ability
to further transfer the Award); and (iii) the Holder and the permitted transferee shall execute any and all documents requested
by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a permitted transferee,
(B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C) evidence the transfer.

 

(c)          Notwithstanding
Section 9.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of
the Holder and to receive any distribution with respect to any Award upon the Holder’s death. A beneficiary, legal guardian,
legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan
and any Award Agreement applicable to the Holder, except to the extent the Plan and Award Agreement otherwise provide, and to any
additional restrictions deemed necessary or appropriate by the Administrator. If the Holder is married and resides in a community
property jurisdiction, a designation of a person other than the Holder’s spouse as his or her beneficiary with respect to
more than 50% of the Holder’s interest in the Award shall not be effective without the prior written or electronic consent
of the Holder’s spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the person
entitled thereto pursuant to the Holder’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary
designation may be changed or revoked by a Holder at any time provided the change or revocation is filed with the Administrator
prior to the Holder’s death.

 

9.4           Conditions
to Issuance of Shares.

 

(a)          Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries
evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that
the issuance of such shares is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable,
the requirements of any exchange on which the Shares are listed or traded, and the Shares are covered by an effective registration
statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or Committee
may require that a Holder make such reasonable covenants, agreements, and representations as the Board or Committee , in its discretion,
deems advisable in order to comply with any such laws, regulations, or requirements.

 

(b)          All
Share certificates delivered pursuant to the Plan and all shares issued pursuant to book entry procedures are subject to any stop-
transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws, rules
and regulations. The Administrator may place legends on any Shares certificate or book entry to reference restrictions applicable
to the Shares.

 

(c)          The
Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement,
distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

 

     

     

    

 

(d)          No
fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in
lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

 

(e)          Notwithstanding
any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Law, rule or regulation,
the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such
Shares shall be recorded in the books of the Company (or, as applicable, its transfer agent or share plan administrator).

 

9.5           Forfeiture
Provisions. Pursuant to its general authority to determine the terms and conditions applicable to Awards under the Plan, the
Administrator shall have the right to provide, in the terms of Awards made under the Plan, or to require a Holder to agree by separate
written instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively received by the Holder
upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the
Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited,
if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise
of the Award, or (ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the
Company, or which is inimical, contrary or harmful to the interests of the Company, as further defined by the Administrator or
(iii) the Holder incurs a Termination of Service for “cause” (as such term is defined in the sole discretion of the
Administrator, or as set forth in a written agreement relating to such Award between the Company and the Holder).

 

9.6           Applicable
Currency. Unless otherwise required by Applicable Law, or as determined in the discretion of the Administrator, all Awards
shall be designated in U.S. dollars. A Holder may be required to provide evidence that any currency used to pay the exercise price
of any Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance with Applicable Laws, including
foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in another foreign currency,
as permitted by the Administrator, the amount payable will be determined by conversion from U.S. dollars at the exchange rate as
selected by the Administrator on the date of exercise.

 

Article
X

 

ADMINISTRATION

 

10.1         Administrator.
The Compensation Committee (or another committee or a subcommittee of the Board assuming the functions of the Committee under the
Plan) shall administer the Plan (except as otherwise permitted herein) and shall consist of at least two or more Non- Employee
Directors appointed by and holding office at the pleasure of the Board, each of whom shall comply with Applicable Laws. Except
as may otherwise be provided in any charter of the Committee, appointment of Committee members shall be effective upon acceptance
of appointment. Committee members may resign at any time by delivering written or electronic notice to the Board. Vacancies in
the Committee may only be filled by the Board. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members
in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b)
the Board or Committee may delegate its authority hereunder to the extent permitted by Section 10.6.

 

     

     

    

 

10.2         Duties
and Powers of Committee. It shall be the duty of the Committee to conduct the general administration of the Plan in accordance
with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreement, and to adopt such rules
for the administration, interpretation and application of the Plan as are not inconsistent therewith, to interpret, amend or revoke
any such rules and to amend any Award Agreement provided that the rights or obligations of the Holder of the Award that is the
subject of any such Award Agreement are not affected adversely by such amendment, unless the consent of the Holder is obtained
or such amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need not be the same with
respect to each holder. Any such interpretations and rules with respect to Incentive Options shall be consistent with the provisions
of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights
and duties of the Committee under the Plan except with respect to matters which under Applicable Law are required to be determined
in the sole discretion of the Committee.

 

10.3         Action
by the Committee. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee
shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts
approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member
of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any
officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

 

10.4         Authority
of Administrator. Subject to any specific designation in the Plan, the Administrator has the exclusive power, authority and
sole discretion to:

 

(a)          Designate
Eligible Individuals to receive Awards;

 

(b)          Determine
the type or types of Awards to be granted to each Eligible Individual;

 

(c)          Determine
the number of Awards to be granted and the number of shares of Shares to which an Award will relate;

 

(d)          Determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price,
or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture
restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related
to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole
discretion determines;

 

(e)          Determine
whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be
paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

 

(f)          Prescribe
the form of each Award Agreement, which need not be identical for each Holder;

 

(g)          Decide
all other matters that must be determined in connection with an Award;

 

(h)          Establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 

     

     

    

 

(i)          Interpret
the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and

 

(j)          Make
all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable
to administer the Plan.

 

10.5         Decisions
Binding. The Administrator’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement
and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

 

10.6         Delegation
of Authority. To the extent permitted by Applicable Laws, the Board or Committee may from time to time delegate to a committee
of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other
administrative actions pursuant to Article 10; provided, however , that in no event shall an officer be delegated the authority
to grant awards to, or amend awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange
Act, or (b) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any
delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such
delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee
appointed under this Section 10.6 shall serve in such capacity at the pleasure of the Board and the Committee.

 

Article
XI

 

MISCELLANEOUS
PROVISIONS

 

11.1         Effective
Date. The Plan will be effective as of the date it is approved by the Board (the “Effective Date”).

 

11.2         Expiration
Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective
Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms
of the Plan and the applicable Award Agreement.

 

11.3         Amendment,
Suspension or Termination of the Plan . Except as otherwise provided in this Section 11.3, at any time and from time to time,
the Administrator may terminate, amend or modify the Plan; provided, however , that (a) to the extent necessary and desirable
to comply with Applicable Laws, or securities exchange rules, the Company shall obtain board approval of any Plan amendment in
such a manner and to such a degree as required, and (b) board approval is required for any amendment to the Plan that (i) increases
the number of Shares available under the Plan (other than any adjustment as provided by Article 12), (ii) permits the Administrator
to extend the term of the Plan or the exercise period for an Option or Share Appreciation Right beyond ten years from the date
of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. Except as provided in the
Plan or any Award Agreement, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair
any rights or obligations under any Award theretofore granted or awarded.

 

11.4         No
Shareholders Rights. Except as otherwise provided herein, a Holder shall have none of the rights of a shareholder with respect
to shares of Shares covered by any Award until the Holder becomes the record owner of such shares of Shares.

 

     

     

    

 

11.5         Paperless
Administration. In the event that the Company establishes, for itself or using the services of a third party, an automated
system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response,
then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated
system.

 

11.6         Effect
of Plan upon Other Compensation Plans . The adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company or any Subsidiary:
(a) to establish any other forms of incentives or compensation for Employees, Directors or Consultants of the Company or any Subsidiary,
or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate
purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease,
merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company,
firm or association.

 

11.7         Compliance
with Laws . The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of shares of Shares and
the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable
Laws, rules and regulations (including but not limited to securities law and margin requirements), and to such approvals by any
listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection
therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities
shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary
or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable :aw, the Plan and
Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

11.8         Titles
and Headings, References to Sections of the Code or Exchange Act. The titles and headings of the Sections in the Plan are for
convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall
control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

 

11.9         Governing
Law . The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the
Cayman Islands without regard to conflicts of laws thereof.

 

11.10         Section
409A. To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the
Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code.
To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department
of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or
other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event
that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related
Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the
Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are
necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the
benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance and thereby avoid the application of any penalty taxes under such Section.

 

     

     

    

 

11.11         No
Rights to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan,
and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly.

 

11.12         No
Right to Employment or Services . Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right
of the Service Recipient to terminate any Holder’s employment or services at any time, nor confer upon any Holder any right
to continue in the employ or service of any Service Recipient.

 

11.13         Effect
of Plan upon Other Compensation Plans . The adoption of the Plan shall not affect any other compensation or incentive plans
in effect for any Service Recipient. Nothing in the Plan shall be construed to limit the right of any Service Recipient: (a) to
establish any other forms of incentives or compensation for Employees, Directors or Consultants, or (b) to grant or assume options
or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation,
the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of
the business, securities or assets of any corporation, partnership, limited liability company, firm or association.

 

11.14         Unfunded
Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Holder
any rights that are greater than those of a general creditor of the Company or any Subsidiary.

 

11.15         Indemnification
.. To the extent allowable pursuant to applicable law, each member of the Committee or of the Board shall be indemnified and held
harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member
in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or
she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid
by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives
the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend
it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled pursuant to the Company’s amended and restated memorandum of association and the articles
of association of the Company, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold
them harmless.

 

11.16         Relationship
to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to
the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

11.17         Expenses
.. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 

     

     

    

 

Article
XII

 

CHANGES
IN CAPITAL STRUCTURE

 

12.1         Adjustments.
In the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, reorganization
of the Company, including the Company becoming a subsidiary in a transaction not involving a Corporate Transaction, spin-off, recapitalization
or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the
Shares or the share price of a Share, the Administrator shall make such proportionate and equitable adjustments, if any, to reflect
such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited
to, adjustments of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b) the terms
and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect
thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. The form and manner of any such
adjustments shall be determined by the Administrator in its sole discretion.

 

12.2         Corporate
Transactions. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and
between the Company and a Holder, if a Corporate Transaction occurs and a Holder’s Awards are not converted, assumed, or
replaced by a successor as provided in Section 12.3, such Awards shall become fully exercisable and all forfeiture restrictions
on such Awards shall lapse. Upon, or in anticipation of, a Corporate Transaction, the Administrator may in its sole discretion
provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Holder
the right to exercise such Awards during a period of time as the Administrator shall determine, (ii) either the purchase of any
Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award or realization of
the Holder’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt,
if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise of such Award
or realization of the Holder’s rights, then such Award may be terminated by the Company without payment), or (iii) the replacement
of such Award with other rights or property selected by the Administrator in its sole discretion or the assumption of or substitution
of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to
the number and kind of Shares and prices.

 

12.3         Assumption
of Awards – Corporate Transactions. In the event of a Corporate Transaction, each Award may be assumed by the successor
entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in an individual Award Agreement,
an Award will be considered assumed if the Award either is (x) assumed by the successor entity or Parent thereof or replaced with
a comparable Award (as determined by the Administrator) with respect to capital shares (or equivalent) of the successor entity
or Parent thereof or (y) replaced with a cash incentive program of the successor entity which preserves the compensation element
of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same
vesting schedule applicable to such Award. If an Award is assumed in a Corporate Transaction, then such Award, the replacement
Award or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions
on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon termination
of the Holder’s employment or service with all Service Recipients within twelve (12) months of the Corporate Transaction
without cause.

 

     

     

    

 

12.4         Outstanding
Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other
than those specifically referred to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in
the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant
or exercise price of each Award as the Administrator may consider appropriate to prevent dilution or enlargement of rights.

 

12.5         No
Other Rights. Except as expressly provided in the Plan, no Holder shall have any rights by reason of any subdivision or consolidation
of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant
to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into
shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares subject
to an Award or the grant or exercise price of any Award.Exhibit 4.6

 

Globus
Maritime Limited

Equity Incentive Plan of Globus Maritime Limited

 

ARTICLE
I.

General

 

1.1.
        Purpose

 

The
Globus Maritime Limited 2012 Equity Incentive Plan (the “Plan”) is designed to provide certain key Persons
(as defined below), whose initiative and efforts are deemed to be important to the successful conduct of the business of Globus
Maritime Limited, a company formed under the laws of Jersey and domesticated as a corporation into the Marshall Islands (the “Company”),
with incentives to (a) enter into and remain in the service of the Company or its Affiliates (as defined below), (b) acquire
a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance
of the Company.

 

1.2.
        Administration

 

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

 

    	 	1	 

     

    

 

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

 

(c)           Indemnification.
No member of the Board, the Administrator or any employee of the Company or an Affiliate (each such Person, a "Covered
Person") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held harmless by the Company against and from
(i) any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered
Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which
such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement
and (ii) any and all amounts paid by such Covered Person, with the Company's approval, in settlement thereof, or paid by such
Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided
that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once
the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel
of the Company's choice. The foregoing right of indemnification shall not be available to a Covered Person to the extent that
a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal,
determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered
Person's bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by
law or by the Company's Amended and Restated Articles of Incorporation or Amended and Restated By-Laws. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the
Company's Amended and Restated Articles of Incorporation or Amended and Restated By-Laws, as a matter of law, or otherwise, or
any other power that the Company may have to indemnify such Persons or hold them harmless.

 

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

 

    	 	2	 

     

    

 

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

 

1.3.
        Persons Eligible for
Awards

 

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

 

1.4.
        Types of Awards

 

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

 

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

 

(a)           Maximum
Number. Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the Company,
par value $0.004 (“Common Stock”), with respect to which Awards may at any time be granted under the Plan shall
be 1,000,000. The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares
that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any
reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement;
provided that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted
to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery
of shares to the grantee. Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation
pursuant to any Award shall again become available to be delivered pursuant to Awards under the Plan.

 

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

 

(c)           Adjustments.
(i)  In the event that the Administrator determines that any dividend or other distribution (whether in the form of
cash, Company shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Company shares or other securities of the Company,
issuance of warrants or other rights to purchase Company shares or other securities of the Company, or other similar corporate
transaction or event affects the Company shares such that an adjustment is determined by the Administrator to be appropriate or
desirable, then the Administrator shall, in such manner as it may deem equitable or desirable, adjust any or all of the number
of shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards
may be granted under the Plan.

 

    	 	3	 

     

    

 

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

 

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

 

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

 

(2)  cancel,
effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units
(including each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or not then exercisable)
and, in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess,
if any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate
Exercise Price of such Award (it being understood that, in such event, any option or stock appreciation right having a per share
Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right
may be cancelled and terminated without any payment or consideration therefor); or

 

    	 	4	 

     

    

 

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

 

 

1.6.
        Definitions of Certain
Terms

 

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

 

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

 

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

 

(B)                      any
excessive unauthorized absenteeism by the grantee;

 

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

 

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

 

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

 

(F)                      the
grantee’s gross negligence that is injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise;

 

(G)                      the
grantee’s material violation of any of the policies of the Company or an Affiliate, as applicable, including, without limitation,
those policies relating to insider trading;

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

Any
rights the Company or its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal
“for Cause” shall be in addition to any other rights the Company or its Affiliates may have under any other agreement
with a grantee or at law or in equity. Any determination of whether a grantee’s employment, consultancy/service relationship
or Board membership is (or is deemed to have been) terminated “for Cause” shall be made by the Administrator. If,
subsequent to a grantee’s voluntary termination of employment or consultancy/service relationship or voluntarily resignation
from the Board or involuntary termination of employment or consultancy/service relationship without Cause or removal from the
Board other than “for Cause”, it is discovered that the grantee’s employment or consultancy/service relationship
or Board membership could have been terminated “for Cause”, the Administrator may deem such grantee’s employment
or consultancy/service relationship or Board membership to have been terminated “for Cause” upon such discovery and
determination by the Administrator.

 

(c)           “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

ARTICLE
II.

Awards Under The Plan

 

2.1.
        Agreements Evidencing
Awards

 

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

 

2.2.
        Grant of Stock Options
and Stock Appreciation Rights

 

(a)           Stock
Option Grants. The Administrator may grant stock options (“options”) to purchase shares of Common Stock from the
Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions,
as the Administrator shall determine, subject to the provisions of the Plan. No option will be treated as an “incentive
stock option” for purposes of the Code.

 

(b)           Stock
Appreciation Right Grants; Types of Stock Appreciation Rights. The Administrator may grant stock appreciation rights to such
Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the
Administrator shall determine, subject to the provisions of the Plan. The terms of a stock appreciation right may provide that
it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee
and that it shall not be otherwise exercisable. Stock appreciation rights may be granted in connection with all or any part of,
or independently of, any option granted under the Plan.

 

(c)           Nature
of Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the terms of the
Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market
Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock
appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised.
Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise
specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value
of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater
of (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common
Stock. Payment upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair
Market Value on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall
determine. Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject
to the option shall be reduced by the number of shares with respect to which the stock appreciation right is exercised. Upon the
exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the
stock appreciation right shall be reduced by the number of shares with respect to which the option is exercised.

 

    	 	7	 

     

    

 

(d)           Option
Exercise Price. Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and, unless
otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a
share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater
of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common
Stock.

 

2.3.
        Exercise of Options
and Stock Appreciation Rights

 

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

 

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

 

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

 

(c)           Payment
of Exercise Price. Any written notice of exercise of an option shall be accompanied by payment for the shares being purchased.
Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company
or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall
be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value
(determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check
(or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise
Price; or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision, consistent
with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange
Agent), or by any combination of the foregoing payment methods.

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

(d)           Disability.
If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal from the Board by reason of
a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the
time of such termination or dismissal, remain exercisable for a period of one year after such termination or dismissal; provided
that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.
For this purpose, “disability” shall mean any physical or mental condition that would qualify the grantee for a disability
benefit under the long-term disability plan maintained by the Company or an Affiliate, as applicable, or, if there is no such
plan, a physical or mental condition that prevents the grantee from performing the essential functions of the grantee’s
position (with or without reasonable accommodation) for a period of six consecutive months. For the avoidance of doubt, the existence
of such disability shall not constituted a “Cause” as defined in Section 1.6. The existence of a disability shall
be determined by the Administrator.

 

(e)           Death.

 

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

 

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

 

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

 

    	 	10	 

     

    

 

2.5.
        Transferability of
Options and Stock Appreciation Rights

 

Except
as otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of
a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award shall be assignable
or transferable other than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award
Agreement evidencing an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation
rights to (a) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a
trust or trusts for the exclusive benefit of such Immediate Family Members or (c) other parties approved by the Administrator.
Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms
and conditions as were applicable immediately prior to the transfer.

 

2.6.
        Grant of Restricted
Stock

 

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

 

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

 

(c)           Custody
of Stock Certificate. Unless the Administrator shall otherwise determine, any stock certificates issued evidencing shares
of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in
the applicable Award Agreement. The Administrator may direct that such stock certificates bear a legend setting forth the applicable
restrictions on transferability.

 

    	 	11	 

     

    

 

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

 

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

 

2.7.
        Grant of Restricted
Stock Units

 

(a)           Restricted
Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject
to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the
provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the
Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the
Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence of such vesting event
multiplied by the Fair Market Value of a share of Common Stock on the date of vesting. Payment upon vesting of a restricted stock
unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as
the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement.

 

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

 

    	 	12	 

     

    

 

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

 

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

 

(e)           Transferability
of Restricted Stock Units. Except as otherwise provided in an applicable Award Agreement evidencing a restricted stock unit,
no restricted stock unit granted under the Plan shall be assignable or transferable. The Administrator may, in any applicable
Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted stock units to
(i) the grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members
or (iii) other parties approved by the Administrator. Following any such transfer, any transferred restricted stock units shall
continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.

 

    	 	13	 

     

    

 

2.8.
        Grant of Unrestricted
Stock

 

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

 

ARTICLE
III.

Miscellaneous

 

3.1.
        Amendment of the Plan;
Modification of Awards

 

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

 

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

 

(c)           Modification
of Awards. The Administrator may cancel any Award under the Plan. The Administrator also may amend any outstanding Award Agreement,
including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted,
vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement; or
(iii) waive or amend the operation of Sections 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon
termination of employment or consultancy/service relationship and/or dismissal/resignation from the Board; provided, however,
that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to the Award. However, any such cancellation or amendment (other than an amendment pursuant to Section 1.5,
3.5 or 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award
shall be made only with the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise
the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the
Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications,
if any, of such modification under Sections 409A and 457A of the Code with respect to Awards granted under the Plan to individuals
subject to such provisions of the Code.

 

    	 	14	 

     

    

 

3.2.
        Consent Requirement

 

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

 

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

 

3.3.
        Nonassignability

 

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

 

3.4.
        Taxes

 

(a)           Withholding.
A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and Affiliates
shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award
or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable
withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under
the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment
of such taxes. Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the
Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing
condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required
to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld
is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made with respect to all
or any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.

 

    	 	15	 

     

    

 

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

 

3.5.
        Change in Control1

 

(a)           Change
in Control Defined. Unless otherwise set forth in the applicable Award Agreement, for purposes of the Plan, “Change
in Control” shall mean the occurrence of any of the following:

 

(i)           any
“person” (as defined in Section 13(d)(3) of the 1934 Act), company or other entity (other than (A) the
Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
Affiliates, (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company
in substantially the same proportions as their ownership of the aggregate voting power of the capital stock ordinarily entitled
to elect directors of the Company or (D) Firment Trading Limited of Cyprus or any of its Affiliates and Immediate Family
Members of such Affiliates who are natural persons, provided that the Company’s Common Stock remains listed
on a regulated securities exchange) acquires “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the Company;

 

 

1
This definition to be discussed (i.e. whether we need to conform it with the Change
of Control Definitions in the employment agreements of GKK and ESD).

 

    	 	16	 

     

    

 

(ii)          the
sale of all or substantially all the Company’s assets in one or more related transactions to any “person” (as
defined in Section 13(d)(3) of the 1934 Act), company or other entity, other than such a sale (A) to a Subsidiary which
does not involve a material change in the equity holdings of the Company, or (B) to an entity which has acquired all or substantially
all the Company’s assets or (C) to Firment Trading Limited of Cyprus or any of its Affiliates and Immediate Family
Members of such Affiliates who are natural persons) (any such entity described in clause (A), (B) or (C), the “Acquiring
Entity”) if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly
has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the Acquiring Entity) is beneficially owned by the holders of the voting stock of the Company, and such voting power among
the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such
sale, held in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect
directors of the Company immediately prior to such sale;

 

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

 

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

 

Notwithstanding
the foregoing, unless otherwise set forth in the applicable Award Agreement, for each Award subject to Section 409A of the
Code, a Change in Control shall be deemed to occur under this Plan with respect to such Award only if a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also
be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award
only to the extent necessary to avoid adverse tax effects under Section 409A of the Code.

 

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

 

(i)           notwithstanding
any other provision of this Plan, any Award then outstanding shall become fully vested and any restriction and forfeiture provisions
thereon imposed pursuant to the Plan and the Award Agreement shall lapse and any Award in the form of an option or stock appreciation
right shall be immediately exercisable;

 

    	 	17	 

     

    

 

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

 

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

 

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

 

3.6.
        Operation and Conduct
of Business

 

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

 

3.7.
        No Rights to Awards

 

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

 

3.8.
        Right of Discharge
Reserved

 

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

 

    	 	18	 

     

    

 

3.9.
        Non-Uniform Determinations

 

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

 

3.10.
     Other Payments or Awards

 

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

 

3.11.
     Headings

 

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

 

3.12.
     Effective Date and Term of Plan

 

(a)           Adoption;
Stockholder Approval. The Plan was adopted by the Board on October 22, 2012. The Board may, but need not, make the granting
of any Awards under the Plan subject to the approval of the Company’s stockholders.

 

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

 

    	 	19	 

     

    

 

3.13.
     Restriction on Issuance of Stock Pursuant
to Awards

 

The
Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares
of Common Stock are fully paid and non-assessable under applicable law. Notwithstanding anything to the contrary in the Plan or
any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of
shares of Common Stock in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under
the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder
of an Award (a) to represent in writing to the Company that it is the Award holder’s then-intention to acquire the
shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to
postpone the date of exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting
the requirements of all applicable securities laws; and no shares shall be issued or transferred in connection with
any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with
to the satisfaction of the Company and the Administrator. The Company and the Administrator shall have the right to condition
any issuance of shares to any Award holder hereunder on such Person’s undertaking in writing to comply with such restrictions
on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or advisable as a result of
any applicable law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be
subject to such stop transfer orders and other restrictions as the Company or the Administrator may deem advisable under the Plan,
the applicable Award Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such
shares are listed, and any applicable securities or other laws, and certificates representing such shares may contain a legend
to reflect any such restrictions. The Administrator may refuse to issue or transfer any shares or other consideration under an
Award if it determines that the issuance or transfer of such shares or other consideration might violate any applicable law or
regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered
to the Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to
the relevant grantee or other Award holder. Without limiting the generality of the foregoing, no Award granted under the Plan
shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the
Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable
securities laws.

 

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

 

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

 

3.15.
     Severability

 

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

 

    	 	20	 

     

    

 

3.16.
     Sections 409A and 457A

 

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

 

3.17.
     Forfeiture; Clawback

 

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

 

3.18.
     No Trust or Fund Created

 

Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any of its Affiliates and an Award recipient or any other Person. To the extent that any Person acquires
a right to receive payments from the Company or any of its Affiliates pursuant to an Award, such right shall be no greater than
the right of any unsecured general creditor of the Company or its Affiliates.

 

3.19.
     No Fractional Shares

 

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

 

3.20.
     Governing Law and Jurisdiction 

 

The
Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles
of conflict of laws and, unless otherwise set forth in the applicable Award Agreement, any dispute or claim arising out of or
in connection with the Plan, any applicable Award Agreement, their subject matter or formation (including non-contractual disputes
or claims) shall be subject to the exclusive jurisdiction of the courts of Piraeus, Greece.

 

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