Document:

Exhibit 10.6

 

FORM OF SECOND AMENDED AND
RESTATED SERVICES AGREEMENT

 

SECOND AMENDED AND RESTATED SERVICES
AGREEMENT (the “Agreement”), dated [●], 2015, by and between Continental Grain Company, a Delaware
corporation (“CGC”), and Wayne Farms LLC, a Delaware limited liability company (the
“Company”).

 

WHEREAS, CGC and the Company are parties to
the Services Agreement dated as of March 4, 2005 between CGC and the Company;

 

WHEREAS, the Services Agreement was amended
and restated in its entirety as of August 30, 2013 (as amended, supplemented and otherwise modified through the date hereof, the
“Existing Agreement”);

 

WHEREAS, the Company and CGC desire to amend
and restate the Existing Agreement in its entirety.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, the parties hereby agree that effective as of the date hereof, the Existing Agreement
shall be amended and restated in its entirety as follows:

 

1.         
Provision of Services. Subject to the terms and conditions of this Agreement (including, without limitation,
Section 5 hereof), during the term of this Agreement, CGC agrees to provide to the Company the following services (collectively,
“Services”):

 

1.1            
Treasury Administration. CGC agrees to make its treasury staff available to the Company to provide any necessary
treasury services (of the type and to the extent made available to the other Subsidiaries and divisions of CGC) from time to time
upon reasonable request by the Company.

 

1.2            
Insurance Administration. CGC agrees to make its insurance staff available to the Company for the purpose of evaluating
the Company’s commercial property and liability exposures, negotiating, purchasing and maintaining appropriate insurance
coverages, administering relationships with the insurance markets and negotiation and settlement of claims.

 

1.3            
Federal, State and Local Tax Administration. CGC agrees to make qualified, administrative and other professional
personnel available to the Company to prepare and file federal, state and local income or gross receipts tax returns, abandoned
property tax returns, state qualification filings, payroll, FICA and other federal, state and local withholding returns and state
annual reports, to provide advice on federal, state and local income or gross receipt taxes and tax planning to assure compliance
with all federal, state and local tax obligations of the Company and to represent the Company with respect to any audits, hearings
or appeals by federal, state or local tax jurisdictions pertaining to any tax filings made by the Company.

    	 

    	 

    

1.4            
Public Relations and Communications. CGC agrees to provide consulting services to the Company relating to shareholder
and public relations and for external and internal (i.e., employee) communications.

 

1.5            
Human Resources. CGC agrees to make its Human Resources Department available for consulting services to the Company
for employment, employee relations, management training, succession planning, employee benefits, compensation, and executive compensation
programs; for compliance with federal, state, and local government regulations which require Company-supplied information (e.g.,
ERISA, nondiscrimination); and for providing certain consolidated payroll as well as workmen’s compensation and employee
benefit administration services (e.g., retirement plan administration).

 

1.6            
Legal. CGC agrees to make its in-house legal counsel and staff available to the Company for day-to-day legal advice
of the type provided by such persons to the Company prior to the date of this Agreement. CGC also agrees to use its commercially
reasonable efforts to procure the services of outside legal counsel from time to time at the reasonable request of the Company.

 

1.7            
Environmental Consulting Services. CGC agrees to make its personnel available to the Company for the purpose of evaluating
the Company’s environmental and worker health and safety matters, including compliance with its obligations under relevant
laws and regulations and agreements.

 

1.8            
Third Party Services. CGC agrees to use its commercially reasonable efforts to procure the services of an agricultural
economics and futures consulting service and other third party service providers on behalf of the Company as the Company may reasonably
request from time to time.

 

1.9            
Other. CGC agrees to provide to the Company, at the reasonable request of the Company, other corporate services that
it provides to other Subsidiaries and divisions of CGC from time to time.

 

2.         
Insurance. Subject to the terms and conditions of this Agreement (including, without limitation, Section 3
hereof), CGC agrees to continue to provide the Company coverage under insurance policies maintained by CGC or under separate insurance
policies maintained for the Company for the types of insurance coverage set forth on Schedule A (the “Insurance Coverage”);
provided, that (i) the Company shall pay all self insurance and deductible amounts attributable to insurance provided
to the Company hereunder and (ii) CGC shall not be obligated to permit participation in such insurance coverage if the applicable
insurer is not willing to extend such insurance coverage to the Company or if the extension of coverage to the Company results
in any significant increase in the portion of the insurance premium paid for CGC’s coverage (unless the Company reimburses
CGC for such increase).

 

    	2

    	 

    

3.         
Availability; Conflict; Service Providers; Additional Services.

 

3.1            
Availability; Conflict. Notwithstanding anything herein to the contrary, CGC shall only be obligated to use its
commercially reasonable efforts to provide any Service or Insurance Coverage hereunder and, without limiting the generality of
the foregoing, may, in its sole discretion, decline to provide any Service or Insurance Coverage hereunder if: (a) facilities
or personnel of CGC are not reasonably available to provide such Service or Insurance Coverage on a nondiscriminatory basis; (b) providing
such Service or Insurance Coverage would interfere (other than in an insignificant manner) with CGC’s conduct of its businesses;
(c) in CGC’s good faith reasonable judgment, CGC’s providing such Service or Insurance Coverage could reasonably
result in significant tax disadvantages for CGC, could reasonably conflict with any applicable law, regulation, ordinance or policies
(provided, that such policies apply generally to substantially all of CGC’s Subsidiaries receiving such Service or
Insurance Coverage of CGC) or could reasonably result in a conflict of interests; or (d) providing such Service or Insurance
Coverage would violate any agreement with any third party (it being understood that CGC shall not and shall cause its Subsidiaries
not to enter into any agreement which is intended to frustrate the provisions of this Agreement).

 

3.2            
Service Providers. Services or Insurance Coverage to be provided by CGC hereunder may be provided by employees of
CGC or any of its Subsidiaries, or by third parties selected by CGC. To the extent third party personnel or services are provided,
CGC shall make such personnel and services available to the Company on the same basis as such third party personnel and services
are made available to the other Subsidiaries and divisions of CGC from time to time. If CGC does not provide any Service or Insurance
Coverage for any of the reasons enumerated herein, the Company will not be obligated to pay for any such items that CGC does not
provide.

 

3.3            
Additional Services. At any time prior to the termination of this Agreement, the parties may add additional services
to be provided by CGC to the Company pursuant to the terms of this Agreement, including additional fees and/or allocations of costs
associated with the provision of such additional services, subject to the approval of the Board of Directors of the Company.

 

4.         
Price and Payment for Services and Insurance Coverage.

 

4.1            
Management and Services. For the Services described in Section 1, other management services provided to the
Company by senior management of CGC and in consideration of the retention by CGC of certain obligations with respect to the Continental
Grain Company Pension Plan, the Company shall pay to CGC a fee in an amount determined in accordance with the following sentence
(the “Management and Services Fee”). The Management and Services Fee shall initially be $6,000,000 per year
and shall be reduced by $250,000 each year on the anniversary of the Agreement; provided, that in the event the Company
and CGC determine to terminate any portion of the services provided hereunder, the parties shall negotiate an appropriate reduction
in the Management and Services Fee.

 

4.2            
Insurance. For the Insurance Coverage described in Section 2, CGC shall bill the Company at a price equal to
the actual cost to CGC of including the Company on such policies, based on a reasonable cost accounting method of determining the
Company’s percentage share of such premiums, as determined by CGC in a manner consistent with allocations made to other Subsidiaries
and divisions of CGC.

 

    	3

    	 

    

4.3            
Reimbursement of Third Party Costs. The Company shall reimburse CGC for its allocated portion of third party payments
incurred by CGC in connection with the provision of the Services and the Insurance Coverage and for other third party services
procured by CGC on behalf of the Company (collectively, “Third Party Services”).

 

4.4            
Billing and Payment.

 

(a)           
Billing Generally. CGC shall invoice the Company: (i) for the Management and Services Fee, on a monthly basis
in advance on the first day of each fiscal month of the Company and (ii) for Third Party Services and for any Insurance Coverage
provided to the Company, upon or reasonably prior to the payment by CGC of such costs or insurance premiums (such invoice to include
the approximate date when CGC intends to pay (or accrue) such costs or insurance premiums).

 

(b)          
Payment. The Company shall pay in full the amounts due as stated on each such CGC invoice within 30 days after
the date of such invoice; provided, that in connection with clause (ii) of paragraph (a) above, CGC shall not send invoices
to the Company unreasonably in advance of the date the amounts covered thereby are due or payable. In the case of any bona fide
dispute as to any portion of amounts owed hereunder, so long as the Company pays the undisputed portion thereof, the failure to
pay the disputed portion thereof shall not be deemed a default hereunder for a reasonable period of time in order that the parties
may in good faith resolve such dispute.

 

4.5            
Taxes. In addition to the payments to be made by the Company under Section 4.4, the Company shall pay all taxes,
including without limitation sales and use tax (but excluding any tax based upon net income of CGC) if imposed by any government
or governmental authority as a result of payment of amounts by the Company under Section 4.4(a).

 

5.         
Term and Termination.

 

5.1            
Term. The initial term of this Agreement is from the date hereof through the fifth anniversary of the date hereof
(the “Initial Term”). After the Initial Term, unless terminated pursuant to Section 5.2, the Agreement
shall be automatically renewed for additional one-year terms (each, a “Renewal Term”).

 

5.2            
Termination. CGC may terminate this Agreement on any date on or after the date hereof by providing the Company with
written notice thereof given at least 90 days prior to the effective date of termination. After the expiration of the Initial
Term, the Company, acting through the determination of the board of directors of Wayne Farms, Inc., its managing member, may terminate
this Agreement by providing CGC with written notice thereof at least 180 days prior to the expiration of a Renewal Term. The
Company shall pay CGC all amounts due hereunder for the Services, the Third Party Services and the Insurance Coverage provided
by CGC prior to the effective date of termination, and for any unpaid Management and Services Fees, including, without limitation,
any unpaid Management and Services Fees for the month in which such termination becomes effective, in each case subject to proration
for any partial fiscal month in the event of a termination pursuant to this Section 5.2 prior to the end of any fiscal month, within
30 days after the effective date of termination. If the Company or any Subsidiary of the Company ceases for any reason to
be a Subsidiary of CGC, CGC shall cease to be obligated to provide the Services or Insurance Coverage provided hereunder by CGC
and its Subsidiaries effective on the date such entity ceases to be a Subsidiary of CGC.

 

    	4

    	 

    

5.3            
Default and Remedies.

 

(a)           
Event of Default. Either party shall be in default hereunder if (i) such party commits a material breach of
any term of this Agreement and such breach continues uncured for 30 days (or 10 days in the case of a failure by the Company to
pay CGC thereof any sums payable to CGC under this Agreement) following receipt of written notice thereof from the other party;
(ii) such party makes an assignment for the benefit of any creditor; (iii) there is a filing of an involuntary case for
the entry of relief against such party under any bankruptcy, insolvency or similar law for the relief of debtors and such case
remains undismissed for 30 days or more; (iv) a trustee or receiver is appointed for such party or its assets or any substantial
part thereof; or (v) such party files a voluntary petition under any bankruptcy, insolvency or similar law of the relief of
debtors.

 

(b)          
Remedies.

 

(i)      
In the event of any default by the Company hereunder, CGC may exercise any or all of the following remedies: (A) declare
immediately due and payable all sums for which the Company is liable under this Agreement; (B) decline to perform any of its
obligations hereunder; and/or (C) terminate this Agreement.

 

(ii)      In the event of any default by CGC hereunder, the Company may terminate this Agreement and recover any Management and Services
Fees paid in advance for Services not performed.

 

(iii)     In addition to the remedies set forth in clauses (i) and (ii), a nondefaulting party shall have all other remedies
available at law or equity, subject to subsection (c) below.

 

(c)           
Limitation on Remedies. IN NO EVENT SHALL CGC, ITS SUBSIDIARIES AND ITS AFFILIATES (INCLUDING THEIR DIRECTORS, OFFICERS,
EMPLOYEES AND AGENTS) (COLLECTIVELY, THE “CGC PARTIES”) BE LIABLE FOR ANY PUNITIVE, INDIRECT, SPECIAL, INCIDENTAL
OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOSS OF ANTICIPATED PROFITS, IN CONNECTION WITH OR ARISING OUT OF THE
SERVICES AND INSURANCE COVERAGE PROVIDED UNDER OR RELATING TO THIS AGREEMENT. Notwithstanding the forum in which any claim or action
may be brought or asserted, CGC’s or its Subsidiaries’ liability for acts or omissions arising from or relating to
its obligation to provide the Services and Insurance Coverage under this Agreement shall be limited to repayment, as general damages,
of payments for Services and Insurance Coverage provided pursuant to this Agreement unless such act or omission resulted from the
gross negligence or willful misconduct of CGC or such Subsidiary, in which case CGC’s liability shall be limited to the amount
reasonably necessary for the Company to procure substitute services, software or insurance coverage or guarantees. With respect
to such Services and Insurance Coverage, CGC and its Subsidiaries shall in no circumstances have any other financial liability
whatsoever. The Company agrees that the provisions of this Section 5.3(c) limiting their remedies and liquidating their damages
are reasonable in the circumstances existing on the date of this Agreement.

 

    	5

    	 

    

6.         
Indemnification by the Company. The Company shall indemnify and hold CGC and the other CGC Parties harmless
from and against any losses, liabilities, claims, damages, obligations, payments, cost and expenses which may be asserted against
CGC or any other CGC Party by any third party by reason, or as a result, of any acts or omissions of CGC or the CGC Parties in
connection with the Services and Insurance Coverage provided under this Agreement, including, but not limited to, claims arising
out of the negligence of CGC or the CGC Parties in connection with, or related to, the Services and Insurance Coverage provided
under this Agreement.

 

7.         
General Provisions.

 

7.1            
Notices. All communications to any party hereunder shall be in writing and shall be delivered in person or sent by
facsimile, email, telegram, telex, by registered or certified mail (postage prepaid, return receipt requested) or by reputable
overnight courier to the respective parties at the following addresses (or at such other address for a party as shall be specified
in a notice given in accordance with this Section 7.1) (and shall be deemed to have been given as of the date so delivered
or sent):

 

if to the Company, to:

Wayne Farms LLC

4110 Continental Drive

Oakwood, Georgia 30566

Facsimile: (770) 538-2164

Attn: Barbara Mistarz, Esq.

Email: barb.mistarz@waynefarms.com

 

if to CGC, to:

Continental Grain Company

277 Park Avenue

New York, New York 10172

Facsimile: (212) 527-1540

Attention: Michael Mayberry, Esq.

Email: Michael.Mayberry@conti.com

 

7.2            
Definitions. As used herein, unless the context otherwise requires:

 

“Subsidiaries” means, as
to any specified person or entity, any corporation, partnership, limited liability company or other entity of which at least a
majority of the securities or other ownership interests having ordinary voting power for the election of directors or other persons
performing similar functions are at the time owned directly or indirectly by such specified person or entity.

 

    	6

    	 

    

7.3            
Force Majeure. A party shall not be deemed to have materially breached this Agreement to the extent that performance
of its obligations or attempts to cure any breach are delayed or prevented by reason of any act of God, fire, natural disaster,
accident, act of government, shortage of materials or supplies, or any other cause beyond the reasonable control of such party
(a “Force Majeure”); provided that the party whose performance is delayed or prevented promptly notifies
the other party of the Force Majeure cause of such prevention or delay; and provided, further, that if the prevention or
delay of such party’s performance of this Agreement continues for more than 60 days, then the other party may terminate this
Agreement by giving written notice of termination.

 

7.4            
Independent Contractors. The parties shall operate as, and have the status of, independent contractors and shall
not act as or be an agent, partner or co-venturer of the other party. No employee of CGC or any of its Subsidiaries or affiliates
engaged in performing Services or involved in the provision by CGC of any Insurance Coverage shall, under any circumstances, be
considered to be employees of the Company or any of its Subsidiaries or affiliates and no employee of the Company or any of its
Subsidiaries or affiliates shall be considered to be employees of CGC by reason of this Agreement, or the provision of any Services
or Insurance Coverage. Neither party shall have any right or authority to assume or create any obligations or to make any representations
or warranties on behalf of any other party, whether express or implied, or to bind the other party in any respect whatsoever.

 

7.5            
Confidentiality and Nondisclosure. Each party hereby covenants and agrees with the other that, except as may be required
by law, rule or regulation, or required in order to fulfill such party’s obligations under this Agreement, such party shall
not at any time reveal, divulge, disclose or make known to any person or entity (other than the parties and their respective affiliates
or their respective accountants or legal counsel) any confidential or proprietary information concerning the other that was obtained
in connection with performance of this Agreement. The obligations of confidentiality under this Section 7.5 shall not apply
with respect to any portions of such information that: (i) become public knowledge without breach of this Agreement or any
other agreements concerning confidentiality; (ii) are generally disclosed by a party who is not bound by any agreement of
confidentiality; or (iii) must be disclosed pursuant to applicable law, regulation or order, in which case the disclosing
party shall promptly notify the other party of any such requirement and shall permit the other party to seek confidential treatment
for such information.

 

7.6            
No Implied Licenses or Assignments. Nothing in this Agreement is to be construed as an assignment or grant of any
right, title or interest in any trademark, copyright, design or trade dress, patent right or other intellectual or industrial property
right.

 

7.7            
Amendment and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties. No waiver of this Agreement or of any provision hereof shall be effective unless in writing
and signed by the party against whom such waiver is sought to be enforced. Any waiver of any right or default hereunder shall be
effective only in the instance given and shall not operate as or imply a waiver of any other or similar right or default on any
subsequent occasion.

 

    	7

    	 

    

7.8            
Assignment. Except as permitted under Section 3, neither party shall be entitled to assign its rights or delegate
its obligations under this Agreement to any third party without the prior written consent of the other party. Except as permitted
under Section 3, any attempted or purported assignment or delegation without such required consent shall be void. Subject
to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective permitted
successors and assigns.

 

7.9            
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without regard to principles of conflicts of laws that would indicate the applicability of the laws of any other jurisdiction.

 

7.10            
Severability. If any provision of this Agreement (or portion thereof) is determined by a court of competent jurisdiction
to be invalid, illegal, or otherwise unenforceable, then such provision shall, to the extent permitted by the court, not be voided
but shall instead be construed to give effect to its intent to the maximum extent permissible under applicable law and the remainder
of this Agreement shall remain in full force and effect according to its terms.

 

7.11            
Sections and Headings. The headings contained herein are for the convenience of reference only and are not intended
to define, limit, expand, or describe the scope or intent of any clause or provision of this Agreement.

 

7.12            
Entire Agreement. This Agreement, together with all schedules hereto, constitutes the entire agreement and understanding
of the parties relating to the subject matter hereof and supersedes all prior negotiations and understandings among the parties,
both oral and written, regarding such subject matter.

 

7.13            
Counterparts. This Agreement may be signed in counterparts and all signed copies of this Agreement shall together
constitute one original of this Agreement.

 

7.14            
No Third Party Beneficiaries. Nothing contained in this Agreement, express or implied, is intended to or shall confer
upon anyone other than the parties hereto (and their permitted successors and assigns and persons entitled to the benefit of Section 6)
any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

7.15            
Waiver of Jury Trial. Each party acknowledges and agrees that any controversy
that may arise under this agreement is likely to involve complicated and difficult issues, and therefore each party hereby irrevocably
and unconditionally waives any right such party may have to a trial by jury.

 

    	8

    	 

    

7.16            
Amendment and Restatement. This Agreement amends and restates in its entirety the Existing Agreement. The execution,
delivery and effectiveness of this Agreement shall not extinguish the obligations of the parties under the Existing Agreement with
respect to periods prior to the date hereof or operate as a waiver of any right, power or remedy of any party under the Existing
Agreement.

 

[Remainder of page is intentionally left
blank.]

 

    	9

    	 

    

IN WITNESS WHEREOF, the parties hereto have
duly executed and delivered this Agreement effective as of the day and year first written above.

	 	 
	 	CONTINENTAL GRAIN COMPANY
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    
	 	 	 
	 	 	 
	 	WAYNE FARMS LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    

 

 

 

 

 

 

 

 

Signature page to the Second Amended and
Restated Services Agreement

 

    	 

    	 

    

SCHEDULE A

 

Types of Insurance Coverage

 

·        
Commercial General Liability

·        
Automobile Liability

·        
Workers Compensation and Employers Liability

·        
Umbrella and Excess Liability

·        
All Risk Property

·        
Business Interruption and Extra Expense

·        
Directors and Officers Liability

·        
Fiduciary Liability

·        
ERISA Fidelity

·        
Livestock

·        
Inland, Air and Ocean Marine Cargo

·        
Builder’s Risks

·        
Disability

·        
Life

·        
Such other insurance as may from time to time be deemed prudentExhibit 10.8

 

Form of Wayne Farms, Inc.
Management Incentive Plan
 
 

 

1.     
Purpose. The Wayne Farms, Inc. Management Incentive Plan (the “Plan”) is intended to help
Wayne Farms, Inc., a Delaware corporation (including any successor thereto, the “Company”) and its Affiliates
(i) attract and retain key personnel by providing them the opportunity to acquire an equity interest in the Company or other incentive
compensation measured by reference to the value of Common Stock and (ii) align the interests of key personnel with those of the
Company’s shareholders.

 

2.     
Effective Date; Duration. The Plan shall be effective as of [ ] (the “Effective Date”). The
expiration date of the Plan, on and after which date no Awards may be granted, shall be the tenth anniversary of the Effective
Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions
of the Plan shall continue to apply to such Awards.

 

3.     
Definitions. The following definitions shall apply throughout the Plan.

 

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

 

(b)              
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award and/or Performance Compensation Award granted
under the Plan.

 

(c)               
“Beneficial Ownership” has the meaning set forth in Rule 13d-3 promulgated under Section 13 of the Exchange
Act.

 

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

 

(e)               
“Cause” means, in the case of a particular Award, unless the applicable Award agreement states otherwise,
the Company or an Affiliate having “cause” to terminate the Participant’s employment or service, (i) as such
term is defined in any employment, consulting, change-in-control, severance or any other agreement between the Participant and
the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment, consulting,
change-in-control, severance or other agreement (or the absence of any definition of “cause” or term of similar import
therein), due to the Participant’s (A) willful misconduct or gross neglect of his duties; (B) having engaged in conduct harmful
(whether financially, reputationally or otherwise) to the Company or an Affiliate; (C) failure or refusal to perform his duties;
(D) conviction of, or guilty or no contest plea to, a felony or any crime involving dishonesty or moral turpitude; (E) willful
violation of the written policies of the Company or an Affiliate; (F) misappropriation or misuse of Company or Affiliate funds
or property or other act of personal dishonesty in connection with his employment; or (G) willful breach of fiduciary duty. The
determination of whether Cause exists shall be made by the Committee in its sole discretion.

 

    	 

    	2

    

(f)               
“Change in Control” shall, in the case of a particular Award, unless the applicable Award agreement (or
any employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate)
states otherwise, be deemed to occur upon any of the following events:

 

(i)                
the acquisition by any Person of Beneficial Ownership of 50% or more (on a fully diluted basis) of either (A) the then outstanding
shares of Common Stock, including Common Stock issuable upon the exercise of options or warrants, the conversion of convertible
stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common
Stock”); or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote
in the election of directors (the “Outstanding Company Voting Securities”); but excluding any acquisition
by the Company or any of its Affiliates, or by the Investor, its Permitted Transferees or any of their respective Affiliates or
by any employee benefit plan sponsored or maintained by the Company or any of its Affiliates;

 

(ii)              
a change in the composition of the Board such that members of the Board during any consecutive 12-month period (the “Incumbent
Directors”) cease to constitute a majority of the Board. Any person becoming a director through election or nomination
for election approved by a valid vote of at least two-thirds of the Incumbent Directors shall be deemed an Incumbent Director;
provided, however, that no individual becoming a director as a result of an actual or threatened election contest,
as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual
or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent
Director;

 

(iii)            
the approval by the shareholders of the Company of a plan of complete dissolution or liquidation of the Company; or

 

(iv)            
the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form
of corporate transaction involving the Company (a “Business Combination”), or sale, transfer or other
disposition of all or substantially all of the business or assets of the Company to an entity that is not an Affiliate of the Company
(a “Sale”), unless immediately following such Business Combination or Sale: (A) more than 50% of the
total voting power of the entity resulting from such Business Combination or the entity that acquired all or substantially all
of the business or assets of the Company in such Sale (in either case, the “Surviving Company”), or the
ultimate parent entity that has Beneficial Ownership of sufficient voting power to elect a majority of the board of directors (or
analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding
Company Voting Securities that were outstanding immediately prior to such Business Combination or Sale (or, if applicable, is represented
by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination or Sale), and
such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company
Voting Securities among the holders thereof immediately prior to the Business Combination or Sale, (B) no Person (other than any
employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is or becomes the beneficial owner,
directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members
of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving
Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company
(or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination or Sale were
Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination
or Sale.

 

(g)               
“Class A Common Stock” means the Class A common stock of the Company, par value $0.00001per share (and
any stock or other securities into which such common shares may be converted or into which it may be exchanged).

 

(h)              
“Code” means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto. References
to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and
any amendments or successors thereto.

 

(i)                
“Committee” means the Compensation Committee of the Board or subcommittee thereof if required with respect
to actions taken to obtain the exception for performance-based compensation under Section 162(m) of the Code or to comply with
Rule 16b-3 promulgated under the Exchange Act in respect of Awards or, if no such Compensation Committee or subcommittee thereof
exists, the Board.

 

    	 

    	3

    

(j)                
“Common Stock” means collectively or individually the Class A Common Stock.

 

(k)              
“Disability” means cause for termination of the Participant’s employment or service due to a determination
that the Participant is disabled in accordance with a long-term disability insurance program maintained by the Company or a determination
by the U.S. Social Security Administration that the Participant is totally disabled.

 

(l)                
“Eligible Person” means any (i) individual employed by the Company or an Affiliate; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person; (ii) director or
officer of the Company or an Affiliate; (iii) consultant or advisor to the Company or an Affiliate who may be offered securities
registrable on Form S-8 under the Securities Act; or (iv) prospective employee, director, officer, consultant or advisor who has
accepted an offer of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses
(i) through (iii) above once he begins employment with or providing services to the Company or its Affiliates.

 

(m)            
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto.
References to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or
other interpretative guidance under such section or rule, and any amendments or successors thereto.

 

(n)              
 “Fair Market Value” means, on a given date, (i) if the Common Stock is listed on a national securities
exchange, the closing sales price of the Common Stock reported on such exchange on such date, or, if there is no such sale on that
date, then on the last preceding date on which such a sale was reported; or (ii) if the Common Stock is not listed on any national
securities exchange, the amount determined by the Committee in good faith to be the fair market value of the Common Stock.

 

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

 

(p)              
“Investor” means Continental Grain Company.

 

(q)              
“NASDAQ” means The Nasdaq Global Market.

 

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

 

(s)               
“Option” means an Award granted under Section 7 of the Plan.

 

(t)                
“Performance Compensation Award” means an Award designated by the Committee as a Performance Compensation
Award pursuant to Section 11 of the Plan.

 

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

 

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

 

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

 

    	 

    	4

    

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

 

(y)              
“Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly,
by the shareholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company.

 

(z)               
“Restricted Stock” means an Award of Common Stock, subject to certain specified restrictions, granted
under Section 9 of the Plan.

 

(aa)           
 “Restricted Stock Unit” means an Award of an unfunded and unsecured promise to deliver shares of Common
Stock, cash, other securities or other property, subject to certain specified restrictions, granted under Section 9 of the Plan.

 

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

 

(cc)           
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of the
Plan.

 

4.     
Administration. 

 

(a)               
The Committee shall administer the Plan, and shall have the sole and plenary authority to: (i) designate Participants; (ii)
determine the type, size, and terms and conditions of Awards to be granted; (iii) determine the method by which an Award may be
settled, exercised, canceled, forfeited, or suspended; (iv) determine the circumstances under which the delivery of cash, property
or other amounts payable with respect to an Award may be deferred either automatically or at the Participant’s or Committee’s
election; (v) interpret and administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the
Plan and any Award granted under, the Plan; (vi) establish, amend, suspend, or waive any rules and regulations and appoint such
agents as the Committee shall deem appropriate for the proper administration of the Plan; (vii) accelerate the vesting, delivery
or exercisability of, payment for or lapse of restrictions on, or waive any condition in respect of, Awards; and (viii) make any
other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan
or to comply with any applicable law, including Section 162(m) of the Code. To the extent required to comply with the provisions
of Rule 16b-3 promulgated under the Exchange Act (if applicable and if the Board is not acting as the Committee under the Plan)
or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, or any exception or exemption
under the rules of NASDAQ or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed
or quoted, as applicable, it is intended that each member of the Committee shall, at the time he takes any action with respect
to an Award under the Plan, be (i) a “non-employee director” within the meaning of Rule 16b-3 promulgated under the
Exchange Act and (ii) an “outside director” within the meaning of Section 162(m) of the Code and/or (iii) an “independent
director” under the rules of NASDAQ or any other securities exchange or inter-dealer quotation service on which the Common
Stock is listed or quoted (“Eligible Director”). However, the fact that a Committee member shall fail
to qualify as an Eligible Director shall not invalidate any Award granted or action taken by the Committee that is otherwise validly
granted or taken under the Plan.

 

(b)              
The Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may
delegate all or any part of its responsibilities and powers to any person(s) selected by it, except for grants of Awards to persons
(i) who are non-employee members of the Board or otherwise are subject to Section 16 of the Exchange Act or (ii) who are or may
reasonably be expected to be “covered employees” for purposes of Section 162(m) of the Code. Any such allocation or
delegation may be revoked by the Committee at any time.

 

    	 

    	5

    

(c)               
As further set forth in Section 15(f) of the Plan, the Committee shall have the authority to amend the Plan and Awards to
the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on terms
and conditions comparable to those afforded to Eligible Persons located within the United States; provided, however,
that no such action shall be taken without shareholder approval if such approval is required by applicable law or regulation.

 

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

 

(e)               
No member of the Board, the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the
Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall
be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’
fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or
proceeding to which such Indemnifiable Person may be involved as a party, witness or otherwise by reason of any action taken or
omitted to be taken or determination made under the Plan or any Award agreement and against and from any and all amounts paid by
such Indemnifiable Person with the Company’s approval (not to be unreasonably withheld), in settlement thereof, or paid by
such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person,
and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall
include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined as
provided below that the Indemnifiable Person is not entitled to be indemnified); 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 recognized standing of the Company’s
choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment
or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that
the acts or omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such
Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited
by law or by the Company’s Certificate of Incorporation or By-laws. The foregoing right of indemnification shall not be exclusive
of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s
Certificate of Incorporation or By-laws, as a matter of law, individual indemnification agreement or contract or otherwise, or
any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

 

(f)               
The Board may at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. In any
such case, the Board shall have all the authority granted to the Committee under the Plan.

 

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

 

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

 

    	 

    	6

    

(b)              
Subject to Section 12 of the Plan and subsection (e) below, the following limitations apply to the grant of Awards: (i)
no more than [ ]1 shares of Class A Common Stock may
be delivered in the aggregate pursuant to Awards granted under the Plan; (ii) no more than [ ] shares of Class A Common Stock may
be subject to grants of Options or SARs under the Plan to any single Participant during any 12-month period; (iii) no more than
[ ]2 shares of Class A Common Stock may be delivered
pursuant to the exercise of Incentive Stock Options granted under the Plan; (iv) no more than [ ] shares of Class A Common Stock
may be delivered in respect of Performance Compensation Awards denominated in shares of Common Stock granted pursuant to Section
11 of the Plan to any Participant for a single Performance Period (or with respect to each single fiscal year in the event a Performance
Period extends beyond a single fiscal year), or in the event such Performance Compensation Award is paid in cash, other securities,
other Awards or other property, no more than the Fair Market Value of [ ] shares of Class A Common Stock on the last day of the
Performance Period to which such Award relates; (v) the maximum amount that can be paid to any individual Participant for a single
fiscal year during a Performance Period (or with respect to each single year in the event a Performance Period extends beyond a
single year) pursuant to a Performance Compensation Award denominated in cash described in Section 11(a) of the Plan shall be [$
] and (vi) the maximum amount (based on the fair value of shares of Common Stock on the date of grant as determined in accordance
with applicable financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee director
shall be $[ ].

 

(c)               
Shares of Common Stock shall be deemed to have been used in settlement of Awards whether or not they are actually delivered
or the Fair Market Value equivalent of such shares is paid in cash; provided, however, that if shares of Common Stock
issued upon exercise, vesting or settlement of an Award, or shares of Common Stock owned by the Participant are surrendered or
tendered to the Company in payment of the Exercise Price or any taxes required to be withheld in respect of an Award, in each case,
in accordance with the terms and conditions of the Plan and any applicable Award agreement, such surrendered or tendered shares
shall again become available for other Awards; provided, further, that in no event shall such shares increase the
number of shares of Common Stock that may be delivered pursuant to Incentive Stock Options. If and to the extent all or any portion
of an Award expires, terminates or is canceled or forfeited for any reason without the Participant having received any benefit
therefrom, the shares covered by such Award or portion thereof shall again become available for other Awards. For purposes of the
foregoing sentence, the Participant shall not be deemed to have received any “benefit” (i) in the case of forfeited
Restricted Stock by reason of having enjoyed voting rights and dividend rights prior to the date of forfeiture or (ii) in the case
of an Award canceled by reason of a new Award being granted in substitution therefor.

 

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

 

(e)               
The Committee may grant Awards in assumption of, or in substitution for, outstanding awards previously granted by the Company
or any Affiliate or an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute
Awards”), and such Substitute Awards shall not be counted against the aggregate number of shares of Common Stock
available for Awards; provided, that Substitute Awards issued or intended as “incentive stock options” within
the meaning of Section 422 of the Code shall be counted against the aggregate number of Incentive Stock Options available under
the Plan.

 

 

1
Insert number equal to the 5% of fully-diluted shares outstanding.

 

2
Insert number equal to the 5% of fully-diluted shares outstanding.

    	 

    	7

    

6.     
Eligibility. Participation shall be limited to Eligible Persons who have been selected by the Committee and who have
entered into an Award agreement with respect to an Award granted to them under the Plan (each such Eligible Person, a “Participant”).

 

7.     
Options.

 

(a)               
Generally. Each Option shall be subject to the conditions set forth in the Plan and in the Award agreement. All Options
granted under the Plan shall be Nonqualified Stock Options unless the Award agreement expressly states otherwise. Incentive Stock
Options shall be granted only subject to and in compliance with Section 422 of the Code, and only to Eligible Persons who are employees
of the Company and its Affiliates and who are eligible to receive an Incentive Stock Option under the Code. If for any reason an
Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then,
to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately
granted under the Plan.

 

(b)              
Exercise Price. The exercise price (“Exercise Price”) per share of Common Stock for each
Option shall not be less than 100% of the Fair Market Value of such share, determined as of the date of grant. Any modification
to the Exercise Price of an outstanding Option shall be subject to the prohibition on repricing set forth in Section 14(b).

 

(c)               
Vesting, Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration
of Options. The period between date of grant and the scheduled expiration date of the Option (“Option Period”)
shall not exceed ten years, unless the Option Period (other than in the case of an Incentive Stock Option) would expire at a time
when trading in the shares of Common Stock is prohibited by the Company’s securities trading policy or a Company-imposed
“blackout period”, in which case the Option Period shall be automatically extended until the 30th day following the
expiration of such prohibition (so long as such extension shall not violate Section 409A of the Code). The Committee may accelerate
the vesting and/or exercisability of any Option, which acceleration shall not affect any other terms and conditions of such Option.

 

(d)              
Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of
an Option until the Participant has made payment in full to the Company of the Exercise Price and an amount equal to any U.S. Federal,
state and local income and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related
items required to be withheld. Options may be exercised by delivery of written or electronic notice of exercise to the Company
or its designee (including a third party administrator) in accordance with the terms of the Option accompanied by payment of the
Exercise Price. The Exercise Price and all applicable required withholding taxes shall be payable (i) in cash, check, cash equivalent
and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures
approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual
delivery of such shares to the Company); provided, that such shares of Common Stock are not subject to any pledge or other
security interest; or (ii) by such other method as the Committee may permit, including without limitation: (A) in other property
having a Fair Market Value on the date of exercise equal to the Exercise Price and all applicable required withholding taxes; (B)
if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise”
pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock
otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price
and all applicable required withholding taxes; or (C) by means of a “net exercise” procedure effected by withholding
the minimum number of shares of Common Stock otherwise deliverable in respect of an Option that are needed to pay for the Exercise
Price and all applicable required withholding taxes. Notwithstanding the foregoing, unless otherwise determined by the Committee,
if on the last day of the Option Period, the Fair Market Value exceeds the Exercise Price, the Participant has not exercised the
Option, and the Option has not expired, such Option shall be deemed to have been exercised by the Participant on such last day
by means of a “net exercise” procedure described above. Any fractional shares of Common Stock shall be settled in cash.

 

    	 

    	8

    

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

 

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

 

(g)               
Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to the contrary in this Section 7, if
an Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of
all classes of stock of the Company or of a subsidiary or a parent of the Company, the Option Period shall not exceed five years
from the date of grant of such Option and the Option Price shall be at least 110% of the Fair Market Value (on the date of grant)
of the shares subject to the Option.

 

(h)              
$100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined
as of the date of grant) of shares of Common Stock for which Incentive Stock Options are exercisable for the first time by any
Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall
be treated as Nonqualified Stock Options.

 

8.     
Stock Appreciation Rights (SARs). 

 

(a)               
Generally. Each SAR shall be subject to the conditions set forth in the Plan and the Award agreement. Any Option
granted under the Plan may include a tandem SAR. The Committee also may award SARs independent of any Option.

 

(b)              
Strike Price. The strike price (“Strike Price”) per share of Common Stock for each SAR
shall not be less than 100% of the Fair Market Value of such share (determined as of the date of grant); provided, however,
that a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the
Exercise Price of the corresponding Option. Any modification to the Strike Price of an outstanding SAR shall be subject to the
prohibition on repricing set forth in Section 14(b).

 

(c)               
Vesting and Expiration. A SAR granted in tandem with an Option shall become exercisable and shall expire according
to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independently of an Option shall
vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire
after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”);
provided, however, that notwithstanding any vesting or exercisability dates set by the Committee, the Committee may
accelerate the vesting and/or exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR
other than with respect to vesting and/or exercisability. If the SAR Period would expire at a time when trading in the shares of
Common Stock is prohibited by the Company’s securities trading policy or a Company-imposed “blackout period”,
the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition (so long as such
extension shall not violate Section 409A of the Code).

 

    	 

    	9

    

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

 

(e)               
Payment. Upon the exercise of a SAR, the Company shall pay to the holder thereof an amount equal to the number of
shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common
Stock on the exercise date over the Strike Price, less an amount equal to any U.S. Federal, state and local income and employment
taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. The
Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined
by the Committee. Any fractional shares of Common Stock shall be settled in cash.

 

9.     
Restricted Stock and Restricted Stock Units. 

 

(a)               
Generally. Each Restricted Stock and Restricted Stock Unit grant shall be subject to the conditions set forth in
the Plan and the Award agreement. The Committee shall establish restrictions applicable to such Restricted Stock and Restricted
Stock Units, including the period over which the restrictions shall apply (the “Restricted Period”),
and the time or times at which Restricted Stock or Restricted Stock Units shall become vested. The Committee may accelerate the
vesting and/or the lapse of any or all of the restrictions on the Restricted Stock and Restricted Stock Units, which acceleration
shall not affect any other terms and conditions of such Awards. No shares shall be issued at the time an Award of Restricted Stock
Units is made, and the Company will not be required to set aside a fund for the payment of any such Award.

 

(b)              
Stock Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause
share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s
directions. The Committee also may cause a stock certificate registered in the name of the Participant to be issued. In such event,
the Committee may provide that such certificates shall be held by the Company or in escrow rather than delivered to the Participant
pending vesting and release of restrictions, in which case the Committee may require the Participant to execute and deliver to
the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed
in blank) with respect to the Restricted Stock. If the Participant shall fail to execute and deliver the escrow agreement and blank
stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions
set forth in this Section 9 and the Award agreement, the Participant shall have the rights and privileges of a shareholder as to
such Restricted Stock, including without limitation the right to vote such Restricted Stock.

 

(c)               
Restrictions; Forfeiture. Restricted Stock and Restricted Stock Units awarded to the Participant shall be subject
to forfeiture until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the
Committee, and shall be subject to the restrictions on transferability set forth in the Award agreement. In the event of any forfeiture,
all rights of the Participant to such Restricted Stock (or as a shareholder with respect thereto), and/or to such Restricted Stock
Units, as applicable, including to any dividends and/or dividend equivalents that may have been accumulated and withheld during
the Restricted Period in respect thereof, shall terminate without further action or obligation on the part of the Company. The
Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units
whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date
of the Restricted Stock Award or Restricted Stock Unit Award, such action is appropriate.

 

(d)              
Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

 

(i)    
Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock and the attainment of any other
vesting criteria, the restrictions set forth in the applicable Award agreement shall be of no further force or effect, except as
set forth in the Award agreement. If an escrow arrangement is used, upon such expiration the Company shall deliver to the Participant
or his beneficiary (via book entry notation or, if applicable, in stock certificate form) the shares of Restricted Stock with respect
to which the Restricted Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld
by the Committee and attributable to the Restricted Stock shall be distributed to the Participant in cash or in shares of Common
Stock having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions
on such share.

 

    	 

    	10

    

(ii)              
Unless otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period and the attainment
of any other vesting criteria established by the Committee, with respect to any outstanding Restricted Stock Units, the Company
shall deliver to the Participant, or his beneficiary (via book entry notation or, if applicable, in stock certificate form), one
share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit which
has not then been forfeited and with respect to which the Restricted Period has expired and any other such vesting criteria are
attained (“Released Unit”); provided, however, that the Committee may elect to (i) pay
cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Released Units or
(ii) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration
of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment
is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the
Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. To the extent provided
in an Award agreement, the holder of outstanding Restricted Stock Units shall be entitled to be credited with dividend equivalent
payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, if determined by the Committee,
in shares of Common Stock having a Fair Market Value equal to the amount of such dividends (and interest may, if determined by
the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the
Committee), which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the
underlying Restricted Stock Units are settled following the release of restrictions on such Restricted Stock Units, and, if such
Restricted Stock Units are forfeited, the holder thereof shall have no right to such dividend equivalent payments.

 

(e)               
Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan, if any, shall
bear a legend substantially in the form of the following in addition to any other information the Company deems appropriate until
the lapse of all restrictions with respect to such Common Stock:

 

TRANSFER OF THIS CERTIFICATE
AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE WAYNE FARMS, INC. MANAGEMENT INCENTIVE PLAN AND A
RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF __________, BETWEEN WAYNE FARMS, INC. AND _________. A COPY OF SUCH PLAN AND AWARD
AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF WAYNE FARMS, INC.

 

10. 
Other Stock-Based Awards. The Committee may issue unrestricted Common Stock, rights to receive future grants of Awards,
or other Awards denominated in Common Stock (including performance shares or performance units), or Awards that provide for cash
payments based in whole or in part on the value or future value of shares of Common Stock under the Plan to Eligible Persons, alone
or in tandem with other Awards, in such amounts as the Committee shall from time to time determine (“Other Stock-Based
Awards”). Each Other Stock-Based Award shall be evidenced by an Award agreement which may include conditions including
without limitation the payment by the Participant of the Fair Market Value of such shares of Common Stock on the date of grant.

 

11. 
Performance Compensation Awards. 

 

(a)               
Generally. The Committee shall have the authority, at or before the time of grant of any Award described in Sections
7 through 10 of the Plan, to designate such Award as a Performance Compensation Award intended to qualify as “performance-based
compensation” under Section 162(m) of the Code. In addition, the Committee shall have the authority to make an award of a
cash bonus to any Participant and designate such Award as a Performance Compensation Award intended to qualify as “performance
based compensation” under Section 162(m). Notwithstanding the foregoing, (i) any Award to a Participant who is a “covered
employee” within the meaning of Section 162(m) for a fiscal year that satisfies the requirements of this Section 11 may be
treated as a Performance Compensation Award in the absence of any such Committee designation and (ii) if the Company determines
that a Participant who has been granted an Award designated as a Performance Compensation Award is not (or is no longer) a “covered
employee” within the meaning of Section 162(m), the terms and conditions of such Award may be modified without regard to
any restrictions or limitations set forth in this Section 11 (but subject otherwise to the provisions of Section 14 of the Plan).

 

    	 

    	11

    

(b)              
Discretion of Committee with Respect to Performance Compensation Awards. The Committee may select the length of a
Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria used to establish the
Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) and the Performance Formula. Within the first 90 days
of a Performance Period (or the maximum period allowed under Section 162(m) of the Code), the Committee shall, with regard to the
Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters
enumerated in the immediately preceding sentence and record the same in writing (which may be in the form of minutes of a meeting
of the Committee).

 

(c)               
Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) may be based
on the attainment of specific levels of performance of the Company (and/or one or more Affiliates, divisions or operational and/or
business units, product lines, brands, business segments, administrative departments, units, or any combination of the foregoing)
and shall be limited to the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per
share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit
or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, but not limited to,
return on investment, assets, net assets, capital, gross revenue or gross revenue growth, invested capital, equity or sales); (vii)
cash flow measures (including, but not limited to, operating cash flow, free cash flow and cash flow return on capital), which
may but are not required to be measured on a per-share basis; (viii) earnings before or after taxes, interest, depreciation, and
amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including,
but not limited to, growth measures and total shareholder return); (xii) expense targets or cost reduction goals, general and administrative
expense savings; (xiii) operating efficiency; (xiv) objective measures of customer satisfaction; (xv) working capital targets;
(xvi) measures of economic value added or other ’‘value creation’’ metrics; (xvii) enterprise value; (xviii)
stockholder return; (xix) client retention; (xx) competitive market metrics; (xxi) employee retention; (xxii) objective measures
of personal targets, goals or completion of projects (including but not limited to succession and hiring projects, completion of
specific acquisitions, reorganizations or other corporate transactions or capital-raising transactions, expansions of specific
business operations and meeting divisional or project budgets); (xxiii) system-wide revenues; (xxiv) cost of capital, debt leverage
year-end cash position or book value; (xxv) strategic objectives, development of new product lines and related revenue, sales and
margin targets, or international operations; or (xxvi) any combination of the foregoing. Any one or more of the Performance Criteria
may be stated as a percentage of another Performance Criteria, or a percentage of a prior period’s Performance Criteria,
or used on an absolute, relative or adjusted basis to measure the performance of the Company and/or one or more Affiliates as a
whole or any divisions or operational and/or business units, product lines, brands, business segments, administrative departments
of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above
Performance Criteria may be compared to the performance of a group of comparator companies, or a published or special index that
the Committee deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide
for accelerated vesting, delivery and exercisability of any Award based on the achievement of Performance Goals pursuant to the
Performance Criteria specified in this paragraph. To the extent required under Section 162(m) of the Code, the Committee shall,
within the first 90 days of a Performance Period (or within the maximum period allowed under Section 162(m) of the Code), define
in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period.

 

(d)              
Modification of Performance Goal(s). The Committee may alter Performance Criteria without obtaining shareholder approval
if applicable tax and/or securities laws so permit. The Committee may modify the calculation of a Performance Goal during the first
90 days of a Performance Period (or within the maximum period allowed under Section 162(m) of the Code), or at any time thereafter
if the change would not cause any Performance Compensation Award to fail to qualify as “performance-based compensation”
under Section 162(m), to reflect any of the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements;
(iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv)
any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Standards Codification
Topic 225-20 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition
and results of operations appearing in the Company’s annual report to shareholders for the applicable year; (vi) acquisitions
or divestitures; (vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii)
foreign exchange gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Company’s
fiscal year.

 

    	 

    	12

    

(e)    Payment of Performance Compensation Awards.

 

(i)    
Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement or any employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, the Participant must be
employed by or rendering services for the Company or an Affiliate on the last day of a Performance Period to be eligible for payment
in respect of a Performance Compensation Award for such Performance Period.

 

(ii)              
Limitation. Unless otherwise provided in the applicable Award agreement, or any employment, consulting, change-in-control,
severance or other agreement between the Participant and the Company or an Affiliate, the Participant shall be eligible to receive
payment or delivery, as applicable, in respect of a Performance Compensation Award only to the extent the Committee determines
that: (A) the Performance Goals for such period are achieved, as determined by the Committee; and (B) all or some of the portion
of such Participant’s Performance Compensation Award has been earned for the Performance Period based on the application
of the Performance Formula to such achieved Performance Goals, as determined by the Committee; provided, however,
that if so provided by the Committee in its sole discretion, in the event of (x) the termination of the Participant’s employment
or service by the Company other than for Cause (and other than due to death or Disability), in each case within 12 months following
a Change in Control, or (y) the termination of a Participant’s employment or service due to the Participant’s death
or Disability, the Participant shall receive payment in respect of a Performance Compensation Award based on (1) actual performance
through the date of termination as determined by the Committee, or (2) if the Committee determines that measurement of actual performance
cannot be reasonably assessed, the assumed achievement of target performance as determined by the Committee (but not to the extent
that application of this clause (2) would cause Section 162(m) of the Code to result in the loss of the deduction of the compensation
payable in respect of such Performance Compensation Award for any Participant reasonably expected to be a “covered employee”
within the meaning of Section 162(m) of the Code), in each case prorated based on the time elapsed from the date of grant to the
date of termination of employment or service.

 

(iii)            
Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing
(which may be in the form of minutes of a meeting of the Committee) whether, and to what extent, the Performance Goals for the
Performance Period have been achieved and, if so, calculate and certify in writing (which may be in the form of minutes of a meeting
of the Committee) that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula.
The Committee shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the
Performance Period and, in so doing, may apply discretion to eliminate or reduce the size of a Performance Compensation Award consistent
with Section 162(m) of the Code. Unless otherwise provided in the applicable Award agreement, the Committee shall not have the
discretion to (A) provide payment or delivery in respect of Performance Compensation Awards for a Performance Period if the Performance
Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable
limitations set forth in Section 5 of the Plan.

 

(f)               
Timing of Award Payments. Unless otherwise provided in the applicable Award agreement, Performance Compensation Awards
granted for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of
the certifications required by this Section 11. Any Performance Compensation Award that has been deferred shall not (between the
date as of which the Award is deferred and the payment date) increase (i) with respect to a Performance Compensation Award that
is payable in cash, by a measuring factor for each fiscal year greater than a reasonable rate of interest set by the Committee
or (ii) with respect to a Performance Compensation Award that is payable in shares of Common Stock, by an amount greater than the
appreciation of a share of Common Stock from the date such Award is deferred to the payment date. Unless otherwise provided in
an Award agreement, any Performance Compensation Award that is deferred and is otherwise payable in shares of Common Stock shall
be credited (during the period between the date as of which the Award is deferred and the payment date) with dividend equivalents
(in a manner consistent with the methodology set forth in the last sentence of Section 9(d)(ii)).

 

    	 

    	13

    

12. 
Changes in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends)
or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase
or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares
of Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation,
a Change in Control) that affects the shares of Common Stock, or (b) unusual or nonrecurring events (including, without limitation,
a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes
in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer
quotation service, accounting principles or law, such that in any case an adjustment is determined by the Committee to be necessary
or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation
any or all of the following: (i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company
(or number and kind of other securities or other property) which may be delivered in respect of Awards or with respect to which
Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of
the Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or
other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to
which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award or (3) any applicable performance
measures (including, without limitation, Performance Criteria, Performance Formula and Performance Goals); (ii) providing for a
substitution or assumption of Awards (or awards of an acquiring company), accelerating the delivery, vesting and/or exercisability
of, lapse of restrictions and/or other conditions on, or termination of, Awards or providing for a period of time (which shall
not be required to be more than ten (10) days) for Participants to exercise outstanding Awards prior to the occurrence of such
event (and any such Award not so exercised shall terminate upon the occurrence of such event); and (iii) cancelling any one or
more outstanding Awards (or awards of an acquiring company) and causing to be paid to the holders thereof, in cash, shares of Common
Stock, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee
(which if applicable may be based upon the price per share of Common Stock received or to be received by other shareholders of
the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount
equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject
to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood
that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market
Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor);
provided, however, that the Committee shall make an equitable or proportionate adjustment to outstanding Awards to
reflect any “equity restructuring” (within the meaning of the Financial Accounting Standards Codification Topic 718
(or any successor pronouncement thereto)). Except as otherwise determined by the Committee, any adjustment in Incentive Stock Options
under this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting
a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall
be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 promulgated under the Exchange
Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive
and binding for all purposes.

 

13. 
Effect of Change in Control. Except to the extent otherwise provided in an Award agreement, or any applicable employment,
consulting, change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, in the event
of a Change in Control, notwithstanding any provision of the Plan to the contrary:

 

(a)               
In the event the Participant’s employment with the Company or an Affiliate is terminated by the Company or Affiliate
without Cause (and other than due to death or Disability) on or within 12 months following a Change in Control, the Committee may
provide that all Options and SARs held by such Participant shall become immediately exercisable with respect to 100% of the shares
subject to such Options and SARs, and that the Restricted Period (and any other conditions) shall expire immediately with respect
to 100% of the shares of Restricted Stock and Restricted Stock Units and any other Awards held by such Participant (including a
waiver of any applicable Performance Goals); provided, that in the event the vesting or exercisability of any Award would
otherwise be subject to the achievement of performance conditions, the portion of such Award that shall become fully vested and
immediately exercisable shall be based on the assumed achievement of target performance as determined by the Committee and prorated
for the number of days elapsed from the grant date of such Award through the date of termination.

 

    	 

    	14

    

(b)              
In addition, the Committee may upon at least ten (10) days’ advance notice to the affected persons, cancel any outstanding
Award and pay to the holders thereof, in cash, securities or other property (including of the acquiring or successor company),
or any combination thereof, the value of such Awards based upon the price per share of Common Stock received or to be received
by other shareholders of the Company in the event. Notwithstanding the above, the Committee shall exercise such discretion over
any Award subject to Code Section 409A at the time such Award is granted.

 

To the extent practicable, the provisions
of this Section 13 shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change
in Control transaction with respect to the Common Stock subject to their Awards.

 

14. 
Amendments and Termination. 

 

(a)               
Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or
any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation or termination
shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable
to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or
inter-dealer quotation service on which the shares of Common Stock may be listed or quoted, for changes in GAAP to new accounting
standards, or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code); provided, further,
that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights
of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without
the consent of the affected Participant, holder or beneficiary, unless the Committee determines that such amendment, alteration,
suspension, discontinuance or termination either is required or advisable in order for the Company, the Plan or the Award to satisfy
any applicable law or regulation. Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 14(b)
without shareholder approval.

 

(b)              
Amendment of Award Agreements. The Committee may, to the extent not inconsistent with the terms of any applicable
Award agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate,
any Award theretofore granted or the associated Award agreement, prospectively or retroactively (including after the Participant’s
termination of employment or service with the Company); provided, that any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect
to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant unless the
Committee determines that such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination either is
required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation; provided,
further, that except as otherwise permitted under Section 12 of the Plan, if (i) the Committee reduces the Exercise Price
of any Option or the Strike Price of any SAR, (ii) the Committee cancels any outstanding Option or SAR and replaces it with a new
Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash in a manner which would
either (A) be reportable on the Company’s proxy statement or Form 10-K (if applicable) as Options which have been “repriced”
(as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B) result in any “repricing”
for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment) or
(iii) the Committee takes any other action which is considered a “repricing” for purposes of the shareholder approval
rules of the applicable securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, then,
in the case of the immediately preceding clauses (i) through (iii), any such action shall not be effective without shareholder
approval.

 

15. 
General. 

 

(a)               
Award Agreements; Other Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall
be delivered to the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. An Award
agreement may be in written or electronic form and shall be signed (either in written or electronic form) by the Participant and
a duly authorized representative of the Company. The terms of any Award agreement, or any employment, change-in-control, severance
or other agreement in effect with the Participant, may have terms or features different from and/or additional to those set forth
in the Plan, and, unless expressly provided otherwise in such Award or other agreement, shall control in the event of any conflict
with the terms of the Plan.

 

    	 

    	15

    

(b)           Nontransferability. 

 

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

 

(ii)              
Notwithstanding the foregoing, the Committee may permit Awards (other than Incentive Stock Options) to be transferred by
the Participant, without consideration, subject to such rules as the Committee may adopt, to: (A) any person who is a “family
member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor
form of registration statements promulgated by the Securities and Exchange Commission (collectively, the “Immediate
Family Members”); (B) a trust solely for the benefit of the Participant and his Immediate Family Members; (C) a partnership
or limited liability company whose only partners or shareholders are the Participant and his Immediate Family Members; or (D) any
other transferee as may be approved either (1) by the Board or the Committee, or (2) as provided in the applicable Award agreement;
(each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a “Permitted Transferee”);
provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed
transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

 

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

 

(c)               
Dividends and Dividend Equivalents. The Committee may provide the Participant as part of an Award with dividends
or dividend equivalents, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current
or deferred basis, on such terms and conditions as may be determined by the Committee, including, without limitation, payment directly
to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares
of Common Stock, Restricted Stock or other Awards; provided, that no dividends or dividend equivalents shall be payable
in respect of outstanding (i) Options or SARs or (ii) unearned Performance Compensation Awards or other unearned Awards subject
to performance conditions (other than or in addition to the passage of time); provided, further, that dividend equivalents
may be accumulated in respect of unearned Awards and paid as soon as administratively practicable, but no more than 60 days, after
such Awards are earned and become payable or distributable (and the right to any such accumulated dividends or dividend equivalents
shall be forfeited upon the forfeiture of the Award to which such dividends or dividend equivalents relate).

 

    	 

    	16

    

(d)              
Tax Withholding.

 

(i)                
The Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the
right (but not the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or
other property deliverable under any Award or from any compensation or other amounts owing to the Participant, the amount (in cash,
Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any
payment or transfer under an Award or under the Plan and to take such other action as the Committee or the Company deem necessary
to satisfy all obligations for the payment of such withholding taxes.

 

(ii)              
Without limiting the generality of clause (i) above, the Committee may permit the Participant to satisfy, in whole or in
part, the foregoing withholding liability by (A) payment in cash; (B) the delivery of shares of Common Stock (which are not subject
to any pledge or other security interest) owned by the Participant having a Fair Market Value equal to such withholding liability
or (C) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the
exercise or settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability.

 

(e)               
No Claim to Awards; No Rights to Continued Employment. No employee of the Company or an Affiliate, or other person,
shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected
for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries
of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto
need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants
are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right
to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any
rights to continued service on the Board.

 

(f)               
International Participants. With respect to Participants who reside or work outside of the United States and who
are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the
Committee may amend the terms of the Plan or appendices thereto, or outstanding Awards, with respect to such Participants, in order
to conform such terms with or accommodate the requirements of local laws, procedures or practices or to obtain more favorable tax
or other treatment for the Participant, the Company or its Affiliates. Without limiting the generality of this subsection, the
Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death,
disability, retirement or other terminations of employment, available methods of exercise or settlement of an Award, payment of
income, social insurance contributions or payroll taxes, withholding procedures and handling of any stock certificates or other
indicia of ownership which vary with local requirements. The Committee may also adopt rules, procedures or sub-plans applicable
to particular Affiliates or locations.

 

(g)               
Beneficiary Designation. The Participant’s beneficiary shall be deemed to be his spouse (or domestic partner
if such status is recognized by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time
of death, his estate, except to the extent a different beneficiary is designated in accordance with procedures that may be established
by the Committee from time to time for such purpose. Notwithstanding the foregoing, in the absence of a beneficiary validly designated
under such Committee-established procedures and/or applicable law who is living (or in existence) at the time of death of a Participant
residing or working outside the United States, any required distribution under the Plan shall be made to the executor or administrator
of the estate of the Participant, or to such other individual as may be prescribed by applicable law.

 

(h)              
Termination of Employment or Service. Except as otherwise provided in an Award agreement, or any employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, unless determined otherwise
by the Committee: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including,
without limitation, a call to active duty for military service through a Reserve or National guard unit) nor a transfer from employment
or service with the Company to employment or service with an Affiliate (or vice versa) shall be considered a termination of employment
or service with the Company or an Affiliate; and (ii) if the Participant’s employment with the Company or its Affiliates
terminates, but such Participant continues to provide services with the Company or its Affiliates in a non-employee capacity (including
as a Non-Employee Director) (or vice versa), such change in status shall not be considered a termination of employment or service
with the Company or an Affiliate for purposes of the Plan.

 

    	 

    	17

    

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

 

(j)            Government and Other Regulations. 

 

(i)                
Nothing in the Plan shall be deemed to authorize the Committee or Board or any members thereof to take any action contrary
to applicable law or regulation, or rules of NASDAQ or any other securities exchange or inter-dealer quotation service on which
the Common Stock is listed or quoted.

 

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

 

(iii)            
The Committee may cancel an Award or any portion thereof if it determines that legal or contractual restrictions and/or
blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public
markets, the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of Common Stock from
the Company and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If
the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, unless prevented by applicable
laws, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares
of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that
the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case
of an Option or SAR, respectively) or any amount payable as a condition of delivery of shares of Common Stock (in the case of any
other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award
or portion thereof.

 

(k)              
No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under a similar
provision of law may be made unless expressly permitted by the terms of the applicable Award agreement or by action of the Committee
in writing prior to the making of such election. If the Participant, in connection with the acquisition of shares of Common Stock
under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant
shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or
other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other
applicable provision.

 

    	 

    	18

    

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

 

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

 

(n)              
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 Affiliate, on the one hand, and the Participant or other
person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying
any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made
or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of
the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under the Plan other than as unsecured general creditors of the Company.

 

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

 

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

 

(q)              
Purchase for Investment. Whether or not the Options and shares covered by the Plan have been registered under the
Securities Act, each person exercising an Option under the Plan or acquiring shares under the Plan, may be required by the Company
to give a representation in writing that such person is acquiring such shares for investment and not with a view to, or for sale
in connection with, the distribution of any part thereof. The Company will endorse any necessary legend referring to the foregoing
restriction upon the certificate or certificates representing any shares issued or transferred to the Participant upon the exercise
of any Option granted under the Plan.

 

(r)                
Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which could
cause the application of the laws of any jurisdiction other than the State of Delaware.

 

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

 

    	 

    	19

    

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

 

(u)           409A of the Code.

 

(i)                
It is intended that the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and
interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant
is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant
in connection with the Plan or any other plan maintained by the Company, including any taxes and penalties under Section 409A of
the Code, and neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant or
any beneficiary harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred
compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and
substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A of the Code.
For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan
is designated as a separate payment.

 

(ii)              
Notwithstanding anything in the Plan to the contrary, if the Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments or deliveries in respect of any Awards that are “deferred compensation”
subject to Section 409A of the Code shall be made to such Participant prior to the date that is six months after the date of such
Participant’s “separation from service” within the meaning of Section 409A of the Code or, if earlier, the Participant’s
date of death. All such delayed payments or deliveries will be paid or delivered (without interest) in a single lump sum on the
earliest date permitted under Section 409A of the Code that is also a business day.

 

(iii)            
In the event that the timing of payments in respect of any Award that would otherwise be considered “deferred compensation”
subject to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall
be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective
control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section
409A of the Code and any Treasury Regulations promulgated thereunder or (B) a Disability, no such acceleration shall be permitted
unless the Disability also satisfies the definition of “Disability” pursuant to Section 409A of the Code and any Treasury
Regulations promulgated thereunder.

 

(v)              
Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, an Award agreement may provide that
the Committee may cancel such Award if the Participant, without the consent of the Company, has engaged in or engages in activity
that is in conflict with or adverse to the interest of the Company or any Affiliate while employed by or providing services to
the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, or violates
a non-competition, non-solicitation, non-disparagement or non-disclosure covenant or agreement with the Company or any Affiliate,
as determined by the Committee. The Committee may also provide in an Award agreement that in such event, the Participant will forfeit
any compensation, gain or other value realized thereafter on the vesting, exercise or settlement of such Award, the sale or other
transfer of such Award, or the sale of shares of Common Stock acquired in respect of such Award, and must promptly repay such amounts
to the Company. The Committee may also provide in an Award agreement that if the Participant receives any amount in excess of what
the Participant should have received under the terms of the Award for any reason (including without limitation by reason of a financial
restatement, mistake in calculations or other administrative error), all as determined by the Committee, then the Participant shall
be required to promptly repay any such excess amount to the Company. To the extent required by applicable law (including, without
limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act) and/or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer quotation service on which the
Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company, Awards shall be subject
(including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated
by reference into all outstanding Award agreements).

 

    	 

    	20

    

(w)             
No Representations or Covenants With Respect to Tax Qualification. Although the Company may endeavor to (i) qualify
an Award for favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation
to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall
be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the
Plan.

 

(x)              
Code Section 162(m) Re-approval. If the Company becomes subject to the provisions of Section 162(m) of the Code,
the Committee may, for purposes of exempting certain Awards granted after such time from the deduction limitations of Section 162(m)
of the Code, submit the provisions of the Plan regarding Performance Compensation Awards for re-approval by the shareholders of
the Company (i) prior to the first shareholder meeting at which directors are to be elected that occurs in calendar year 2019,
or such earlier time as required under applicable Treasury Regulations, and (ii) thereafter not later than every five years in
accordance with applicable Treasury Regulations. Nothing in this subsection, however, shall affect the validity of Awards granted
after such time if such shareholder approval has not been obtained.

 

(y)              
Expenses; Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its
Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of
the sections in 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.

 

*   *   *

 

As adopted by the Board of Directors of the Company on [   ].

 

As approved by the shareholders of the Company on [   ].

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]