Document:

EX-10.1

 Exhibit 10.1 

ARENA PHARMACEUTICALS, INC. 

2009 EMPLOYEE STOCK PURCHASE PLAN, AS AMENDED 

1.        Purpose. The purpose of the Plan is to provide employees of Arena Pharmaceuticals, Inc.
(the “Company”) and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock
Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that
section of the Code. 
 The 2009 Employee Stock Purchase Plan became effective as of the Company’s 2009 Annual Meeting of Stockholders,
and the 2009 Employee Stock Purchase Plan, as amended on February 10, 2012, became effective as of the Company’s 2012 Annual Meeting of Stockholders. This 2009 Employee Stock Purchase Plan, as amended on February 12, 2015, is
effective as of the Company’s 2015 Annual Meeting of Stockholders. 
 2.
       Definitions. 
 (a)       “Authorization Form”
shall mean a form established by the Plan Administrator authorizing payroll deductions, as set forth in Section 4, and containing such other terms and conditions as the Company from time to time may determine. 

(b)       “Board” shall mean the Board of Directors of the Company. 

(c)       “Code” shall mean the Internal Revenue Code of 1986, as amended. References to specific
sections of the Code shall be taken to be references to corresponding sections of any successor statute. 
 (d)
      “Committee” shall mean the committee of members of the Board designated as the Committee in Section 14. 

(e)       “Common Stock” shall mean the common stock of the Company. 

(f)       “Company” shall mean Arena Pharmaceuticals, Inc., or any successor by merger or otherwise,
and any Designated Subsidiary of the Company. 
 (g)       “Compensation” shall mean all base gross
earnings, commissions, overtime, and shift premium before giving effect to any compensation reductions made in connection with plans described in section 401(k) or 125 of the Code, but exclusive of payments for any other compensation. 

(h)       “Designated Subsidiary” shall mean any Subsidiary that has been designated by the Board from
time to time in its sole discretion as eligible to participate in the Plan. For purposes of the Plan, Arena Pharmaceuticals GmbH shall be deemed to have been designated by the Board as a Designated Subsidiary. 

 (i)         “Employee” shall mean any
individual who is an Employee of the Company for tax purposes whose customary employment with the Company is at least twenty (20) hours per week. For purposes of the Plan, the employment relationship shall be treated as continuing intact while
the individual is on sick leave or other leave of absence approved by the Company. Where the period of leave exceeds three months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment
relationship shall be deemed to have terminated on the first day immediately following such three-month period. 
 (j)
        “Enrollment Date” shall mean the first Trading Day of each Offering Period. 
 (k)
        “Exercise Date” shall mean the last Trading Day of each Purchase Period. 
 (l)
        “Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows: 

(1)       The per share closing price of the Common Stock as reported on the NASDAQ Stock Market on that date
(or if there was no reported closing price on such date, on the last preceding date on which the closing price was reported); 
 (2)
      If the Common Stock is not then listed on the NASDAQ Stock Market, the per share closing price of the Common Stock on such other principal U.S. national securities exchange on which the Common Stock is listed (or
if there was no reported closing price on such date, on the last preceding date on which the closing price was reported); 
 (3)
      If the Common Stock is not listed on any U.S. national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the final ask price of the Common Stock reported on such date (or,
if there is no such sale on such date, then on the last preceding date on which a sale was reported); or 
 (4)
      If the Common Stock is neither listed on a U.S. national securities exchange nor quoted on an inter-dealer quotation system on a last sale basis, the Fair Market Value shall be determined by the Committee in its
sole discretion using appropriate criteria. 
 (m)       “Offering Periods” shall mean the periods
established pursuant to Section 4. 
 (n)       “Plan” shall mean this 2009 Employee Stock
Purchase Plan, as amended, and as further amended from time to time. 
 (o)       “Plan
Administrator” shall mean the Company acting through its authorized officers. 
 (p)       “Purchase
Period” shall mean, except as otherwise determined by the Committee, the three (3) month period commencing on the next Trading Day following the preceding Exercise Date and ending with the next Exercise Date, except that the first Purchase
Period of any Offering Period shall commence on the Enrollment Date and end with the next Exercise Date. 

  
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 (q)       “Purchase Price” shall mean 85% of the Fair
Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be adjusted by the Board pursuant to Section 20. 

(r)       “Reserves” shall mean the number of shares of Common Stock covered by each option under the
Plan that have not yet been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option. 

(s)       “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than 50% of
the voting shares are held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 

(t)       “Trading Day” shall mean a day on which the NASDAQ Stock Market (or such other principal
U.S. national securities exchange Common Stock is listed) is open for trading. 
 3.
       Eligibility. 
 (a)      All Employees who are employed by the
Company at least one (1) day before a given Enrollment Date shall be eligible to participate in the Plan. 
 (b)
      Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to the extent that, immediately after the grant, such Employee (or any other person whose
stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined
voting power or value of all classes of the capital stock of the Company or of any parent or subsidiary corporation, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans of the Company and any
parent or subsidiary corporation accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar year in which such option
is outstanding at any time. 
 4.        Offering Periods. 

(a)       Plan Implementation. The Plan shall be implemented by consecutive, overlapping Offering Periods
with a new Offering Period commencing on the first Trading Day on or after January 1, April 1, July 1, and October 1 of each year, or on such other date as the Board or the Committee shall determine, and continuing
thereafter until terminated in accordance with Section 20 hereof. Offering Periods existing under the Plan immediately prior to the Company’s 2015 Annual Meeting of Stockholders shall continue under the Plan. 

(b)       Offering Period Duration. Each Offering Period shall be for a period of twenty-four
(24) months during which an option granted pursuant to the Plan may be exercised. 
 (c)
      Automatic Transfer to Lower Price Offering Period. To the extent permitted by any applicable laws, regulations, rules of the NASDAQ Stock Market (or such other principal U.S. national securities exchange on
which the Common Stock is listed), if the Fair Market Value of the Common Stock on the Enrollment Date of a new Offering Period is lower than the 

  
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Fair Market Value of the Common Stock on the Enrollment Date of the immediately preceding Offering Period, then all participants in the immediately preceding Offering Period shall be
automatically withdrawn from such Offering Period immediately after the exercise of their option on the Exercise Date immediately preceding the new Offering Period and automatically re-enrolled in the new Offering Period as of the first day thereof.

 (d)       Changes in Offering Period. The Board or the Committee shall have the power to change the
duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without stockholder approval if notice of such change is announced to Employees prior to the scheduled beginning of the first Offering Period to
be affected thereafter. 
 5.        Participation. 

(a)       An Employee may become a participant in the Plan by completing an Authorization Form and filing it
with the Plan Administrator prior to the applicable Enrollment Date. 
 (b)       Payroll deductions for a
participant shall commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in
Section 10 hereof. 
 6.        Payroll Deductions. 

(a)       At the time a participant files his or her Authorization Form, he or she shall elect to have payroll
deductions made on each payday during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation which he or she receives on each pay day during the Offering Period (or such other percentage as may be established
by the Board or the Committee from time to time in its sole discretion). 
 (b)       All payroll deductions
made for a participant shall be credited to his or her account under the Plan and shall be withheld in whole percentages only. A participant may not make any additional payments into such account. 

(c)       A participant may discontinue his or her participation in the Plan as provided in Section 10
hereof, or may increase or decrease the rate of his or her payroll deductions during the Offering Period by filing with the Plan Administrator a new Authorization Form authorizing a change in payroll deduction rate. The Board or the Committee may,
in its discretion, limit the number of participation rate changes during any Offering Period. Any such reduction or increase would be effective beginning with the first Purchase Period that begins no earlier than 5 business days after the Plan
Administrator’s receipt of a new Authorization Form from the participant, unless otherwise determined by the Plan Administrator. A participant’s Authorization Form shall remain in effect for successive Offering Periods unless terminated as
provided in Section 10 hereof. 
 (d)       Notwithstanding the foregoing, to the extent necessary to
comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant’s payroll deductions may be decreased to zero percent (0%) at any time during a Purchase Period. Payroll deductions shall

  
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recommence at the rate provided in such participant’s Authorization Form at the beginning of the first Purchase Period that is scheduled to end in the following calendar year, unless
terminated by the participant as provided in Section 10 hereof. 
 (e)       At the time the option is
exercised, in whole or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s federal, state, or other tax withholding
obligations, if any, which arise upon the exercise of the option. If the participant makes a disposition, within the meaning of Section 424(c) of the Code and regulations promulgated thereunder, of any shares of Common Stock issued to such
participant pursuant to the exercise of an option, and such disposition occurs within the two-year period commencing on the day after the Enrollment Date or within the one-year period commencing on the day after the Exercise Date, such participant
shall, within five (5) days of such disposition, notify the Company thereof. In addition, in order to satisfy the requirement to withhold the amount (if any) of federal, state or local taxes that the Company or Subsidiary determines is
applicable, the Company and any Subsidiary may deduct such amount from any other compensation payable to the participant. 
 7.
       Grant of Option. On the Enrollment Date of each Offering Period, each Employee participating in such Offering Period shall be granted an option to purchase on each Exercise Date during such Offering
Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined by dividing such Employee’s payroll deductions accumulated prior to such Exercise Date and retained in the participant’s
account as of the Exercise Date by the applicable Purchase Price; provided that in no event shall an Employee be permitted to purchase during each Purchase Period more than Six Hundred Twenty Five (625) shares of the Company’s Common Stock
(subject to any adjustment pursuant to Section 19), and provided further that such purchase shall be subject to the limitations set forth in Sections 3(b) and 13 hereof. The Board or the Committee may, for future Offering Periods, increase or
decrease, in its absolute discretion, the maximum number of shares of the Company’s Common Stock an Employee may purchase during each Purchase Period of such Offering Period. Exercise of the option shall occur as provided in Section 8
hereof, unless the participant has withdrawn pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period. 

8.        Exercise of Option. 

(a)       Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option
for the purchase of shares shall be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll
deductions in his or her account. No fractional shares shall be purchased; any payroll deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account for
the subsequent Purchase Period or Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other monies left over in a participant’s account after the Exercise Date shall be returned to the
participant. During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her. 

  
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 (b)       If the Board or the Committee determines that, on a given
Exercise Date, the number of shares with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or
(ii) the number of shares available for sale under the Plan on such Exercise Date, the Board may in its sole discretion (x) provide that the Company shall make a pro rata allocation of the shares of Common Stock available for purchase on
such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise
Date, and continue all Offering Periods then in effect, or (y) provide that the Company shall make a pro rata allocation of the shares available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as
shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to
Section 20 hereof. The Company may make pro rata allocations of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for
issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. 
 9.
       Delivery. As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to each participant, as appropriate, the shares purchased upon
exercise of his or her option in a certificate or uncertificated form. 
 10.      Withdrawal. 

(a)       A participant may withdraw all but not less than all the payroll deductions credited to his or her
account and not yet used to exercise his or her option under the Plan at any time by giving written notice to Plan Administrator which is received at least ten (10) days prior to the Exercise Date (or such other notice period as may be
established by the Plan Administrator from time to time in its sole discretion). All of the participant’s payroll deductions credited to his or her account shall be paid to such participant promptly after receipt of notice of withdrawal and
such participant’s option for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period,
payroll deductions shall not resume at the beginning of the succeeding Offering Period unless the participant delivers to the Plan Administrator a new Authorization Form. 

(b)       A participant’s withdrawal from an Offering Period shall not have any effect upon his or her
eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination of the Offering Period from which the participant withdraws. 

11.      Termination of Employment. Upon a participant’s ceasing to be an Employee, for any reason,
he or she shall be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to exercise the option shall be returned to such participant or,
in the case of his or her death, to the person or persons entitled thereto under Section 15 hereof, and such participant’s option shall be automatically terminated. 

  
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 12.      Interest. No interest shall accrue on the payroll
deductions of a participant in the Plan. 
 13.      Stock. 

(a)       Subject to adjustment upon changes in capitalization of the Company as provided in Section 19
hereof, the maximum number of shares of the Company’s Common Stock which shall be made available for future sale under the Plan with respect to Exercise Dates shall be One Million Five Hundred Thousand (1,500,000) shares, effective as of
the Company’s 2015 Annual Meeting of Stockholders. 
 (b)       The participant shall have no interest or
voting rights in shares covered by his or her option until such option has been exercised. 
 (c)       Shares
to be delivered to a participant under the Plan shall be registered in the name of the participant or in the name of the participant and his or her spouse. 

14.      Administration. The “Committee” shall mean the Compensation Committee of the Board, a
subcommittee thereof formed by the Compensation Committee to act as the Committee hereunder or such other committee of members of the Board as delegated by the Board. The Board or the Committee shall administer the Plan. The Board or the Committee
shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision and determination made by the
Board or the Committee shall, to the full extent permitted by law, be final and binding upon all parties. The Company will pay all expenses incurred in the administration of the Plan. No member of the Committee or individual acting on behalf of the
Plan Administrator shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Committee and individuals acting on behalf of the Plan Administrator shall be fully
indemnified by the Company with respect to any such good faith action, determination or interpretation. 

15.      Designation of Beneficiary. 

(a)       A participant may file with the Plan Administrator a written designation of a beneficiary who is to
receive any shares and cash from the participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and
cash. In addition, a participant may file with the Plan Administrator a written designation of a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to the
exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 

(b)       Such designation of beneficiary may be changed by the participant at any time by written notice to the
Plan Administrator. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the
executor or administrator of the estate of the participant, or if no such executor or administrator has been 

  
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appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the participant, or
if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

16.      Transferability. Neither payroll deductions credited to a participant’s account nor any
rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15
hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with
Section 10 hereof. 
 17.      Use of Funds. All payroll deductions received or held by the
Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

18.      Reports. Individual accounts shall be maintained for each participant in the Plan. Statements of
account shall be given to participating Employees at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 

19.      Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale. 

(a)       Changes in Capitalization. Subject to any required action by the stockholders of the Company,
the Reserves, the maximum number of shares each participant may purchase each Purchase Period (pursuant to Section 7), as well as the price per share and the number of shares of Common Stock covered by each option under the Plan which have not
yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, extraordinary cash dividend, combination or
reclassification of the Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company
shall not be deemed to have been “effected without receipt of consideration”. Such adjustment shall be made by the Board or the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an option. 
 (b)       Dissolution or Liquidation. In the event of a
dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such dissolution or
liquidation, unless provided otherwise by the Board. The New Exercise Date shall be before the date of the Company’s dissolution or liquidation. The Board shall notify each participant in writing, at least ten (10) business days prior to
the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that 

  
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the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in
Section 10 hereof. 
 (c)       Merger or Asset Sale. In the event of a sale of all or
substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a parent or subsidiary of the
successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, any Purchase Periods then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”) and any
Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s sale or merger. The Board shall notify each participant in writing, at least ten (10) business days prior
to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date
the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

20.      Amendment or Termination. 

(a)       The Board may at any time and for any reason terminate or amend the Plan. Except as provided in
Section 19 hereof, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board on any Exercise Date if the Board determines that the termination of the Offering Period or the Plan
is in the best interests of the Company and its stockholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any option theretofore granted which adversely affects the rights of any
participant. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or rule of the NASDAQ Stock Market or such other principal U.S. national securities exchange
Common Stock is listed), the Company shall obtain stockholder approval in such a manner and to such a degree as required. 
 (b)
      Without stockholder approval and without regard to whether any participant rights may be considered to have been “adversely affected,” the Board or the Committee shall be entitled to change the Offering
Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the
amount designated by a participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures
to ensure that amounts applied toward the purchase of Common Stock for each participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Board or the
Committee determines in its sole discretion advisable which are consistent with the Plan. 
 (c)       In the
event the Board determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or
eliminate such accounting consequences including, but not limited to: 

  
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 (1)       altering the Purchase Price for any Offering Period
including an Offering Period underway at the time of the change in Purchase Price (provided that any altered Purchase Price cannot be lower than the lower of 85% of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the
Exercise Date); 
 (2)       shortening any Offering Period so that the Offering Period ends on a new
Exercise Date, including an Offering Period underway at the time of the Board action; and 
 (3)
      allocating shares. 
 Such modifications or amendments shall not require stockholder approval or the consent of any Plan
participants. 
 21.        Notices. All notices or other communications by a participant to
the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22.        Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended,
the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of the NASDAQ Stock Market (or any other principal U.S. national securities exchange on which the Common Stock may then be
listed), and shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the
time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 
 23.        Term of Plan. The Plan shall
continue in effect until terminated by the Board. 
 24.        Miscellaneous. 

(a)        Administrative Costs. The Company shall pay the administrative expenses associated with
the operation of the Plan (other than brokerage commissions resulting from sales of Common Stock directed by an Employee or, in the case of his or her death, any person who acquires the Common Stock pursuant to Section 15). 

(b)        No Employment Rights. Participation in the Plan shall not give an Employee any right to
continue in the employment of the Company, and shall not affect the right of the Company to terminate the Employee’s employment at any time, with or without cause. 

  
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 (c)       Repurchase of Stock. The Company shall not be
required to purchase or repurchase from any Employee any of the shares of Common Stock that the Employee acquires under the Plan. 
 (d)
      Internal Revenue Code and ERISA Considerations. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of section 423 of the Internal Revenue Code of 1986, as
amended, and the regulations thereunder. The provisions of the Plan, accordingly, shall be construed so as to comply with the requirements of that section of the Code or any successor provision, and the regulations thereunder. The Plan is not
intended and shall not be construed as constituting an “employee benefit plan,” within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 

(e)       Headings, Captions, Gender. The headings and captions herein are for convenience of reference
only and shall not be considered as part of the text. The masculine shall include the feminine, and vice versa. 
 (f)
      Severability of Provisions, Prevailing Law. The provisions of the Plan shall be deemed severable. If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable in whole or in
part by a court of competent jurisdiction or by reason of a change in a law or regulation, such provision shall (a) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so
limited shall remain in full force and effect, and (b) not affect any other provision of the Plan or part thereof, each of which shall remain in full force and effect. The Plan shall be governed by the laws of the State of California to the
extent such laws are not in conflict with, or superseded by, federal law. 

  
 11Exhibit 10.1

 

WILHELMINA INTERNATIONAL, INC.

 

2015 INCENTIVE PLAN

 

		1.	Purpose of the Plan.

 

This 2015 Incentive Plan
(the “Plan”) is intended as an incentive, to retain in the employ of and as directors, officers, consultants, advisors
and employees to Wilhelmina International, Inc., a Delaware corporation (the “Company”) and any Subsidiary of the Company,
within the meaning of Section 424(f) of the United States Internal Revenue Code of 1986, as amended (the “Code”), persons
of training, experience and ability, to attract new directors, officers, consultants, advisors and employees whose services are
considered valuable, to encourage the sense of proprietorship and to stimulate the active interest of such persons in the development
and financial success of the Company and its Subsidiaries.

 

Certain options granted
pursuant to the Plan may constitute incentive stock options within the meaning of Section 422 of the Code (the “Incentive
Options”) while certain other options granted pursuant to the Plan may be nonqualified stock options (the “Nonqualified
Options”). Incentive Options and Nonqualified Options are hereinafter referred to collectively as “Options.”

 

The Company intends that
the Plan meet the requirements of Rule 16b-3 (“Rule 16b-3”) promulgated under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) and that transactions of the type specified in subparagraphs (c) to (f) inclusive of
Rule 16b-3 by officers and directors of the Company pursuant to the Plan will be exempt from the operation of Section 16(b) of
the Exchange Act. Further, the Plan shall satisfy the performance-based compensation exception to the limitation on the Company’s
tax deductions imposed by Section 162(m) of the Code with respect to those Options and stock appreciation rights (“Stock
Appreciation Rights”) for which qualification for such exception is intended (“Section 162(m) Grants”). In all
cases, the terms, provisions, conditions and limitations of the Plan shall be construed and interpreted consistent with the Company’s
intent as stated in this Section 1.

 

		2.	Administration of the Plan.

 

The Board of Directors
of the Company (the “Board”) shall appoint and maintain as administrator of the Plan a Committee (the “Committee”),
which may be the Compensation Committee of the Board, consisting of two or more directors who are “Non-Employee Directors”
(as such term is defined in Rule 16b-3) and “Outside Directors” (as such term is defined in Section 162(m) of the Code),
which shall serve at the pleasure of the Board. Except for Section 162(m) Grants, the Committee, subject to Sections 3, 4 and 5
hereof, shall recommend for approval by the Board recipients of Options, Stock Appreciation Rights, restricted stock (“Restricted
Stock”) and other equity incentives or stock or stock based awards (“Equity Incentives”), the terms and conditions
of respective Option, Stock Appreciation Rights, Restricted Stock and Equity Incentives agreements (which need not be identical)
and which Options granted under the Plan shall be Incentive Options and which shall be Nonqualified Options. With respect to Section
162(m) Grants, the Committee, subject to Sections 3, 4 and 5 hereof, shall have full power and authority to designate recipients
of Options and Stock Appreciation Rights and to determine the terms and conditions of respective Options and Stock Appreciation
Rights (which need not be identical) and whether Options shall be Incentive Options or Nonqualified Options, all subject to ratification
by the Board. To the extent any Option does not qualify as an Incentive Option, it shall constitute a separate Nonqualified Option.

 

    	 

    	 

    

Subject to the provisions
of the Plan, the Committee shall interpret the Plan and all Options, Stock Appreciation Rights, Restricted Stock and Equity Incentives
granted under the Plan, shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other
determinations necessary or advisable for the administration of the Plan and shall correct any defects or supply any omission or
reconcile any inconsistency in the Plan or in any Options, Stock Appreciation Rights, Restricted Stock or Equity Incentives granted
under the Plan in the manner and to the extent that the Committee deems desirable to carry into effect the Plan or any Options,
Stock Appreciation Rights, Restricted Stock or Equity Incentives. The act or determination of a majority of the Committee shall
be the act or determination of the Committee and any decision reduced to writing and signed by all of the members of the Committee
shall be fully effective as if it had been made by a majority at a meeting duly held. Subject to the provisions of the Plan, any
action taken or determination made by the Committee pursuant to this and the other Sections of the Plan shall be final, binding
and conclusive on all parties.

 

In the event that for
any reason the Committee is unable to act or if the Committee at the time of any grant, award or other acquisition under the Plan
does not consist of two or more Non-Employee Directors, or if there shall be no such Committee, then the Plan shall be administered
by the Board, and references herein to the Committee (except in the proviso to this sentence) shall be deemed to be references
to the Board, and any such grant, award or other acquisition may be approved or ratified in any other manner contemplated by subparagraph
(d) of Rule 16b-3; provided, however, that grants to the Company’s Chief Executive Officer or to any other
covered employee within the meaning of Section 162(m) of the Code that are intended to qualify as Section 162(m) Grants may only
be granted by the Committee, subject to ratification by the Board.

 

		3.	Designation of Optionees and Grantees.

 

The persons eligible
for participation in the Plan as recipients of Options (the “Optionees”), Stock Appreciation Rights, Restricted Stock
or Equity Incentives (respectively, the “Grantees”) shall include directors, officers and employees of, and consultants
and advisors to, the Company or any Subsidiary; provided that Incentive Options may only be granted to employees of the Company
and the Subsidiaries. In recommending to the Board (or selecting, in the case of Section 162(m) Grants) Optionees and Grantees,
and the number of shares to be covered by each Option, Stock Appreciation Right, Restricted Stock or Equity Incentive granted to
Optionees or Grantees, the Committee may consider any factors it deems relevant, including without limitation, the office or position
held by the Optionee or Grantee or the Optionee or Grantee’s relationship to the Company, the Optionee or Grantee’s
degree of responsibility for and contribution to the growth and success of the Company or any Subsidiary, the Optionee or Grantee’s
length of service, promotions and potential. An Optionee or Grantee who has been granted an Option, Stock Appreciation Right, Restricted
Stock or Equity Incentive hereunder may be granted an additional Option or Options, Stock Appreciation Right(s), Restricted Stock
or Equity Incentive(s).

 

		4.	Stock Reserved for the Plan.

 

Subject to adjustment
as provided in Section 10 hereof, a total of 500,000 shares of the Company’s Common Stock, $0.01 par value per share (the
“Stock”), shall be subject to the Plan, all of which may be Incentive Options. The maximum number of shares of Stock
that may be subject to Options and Stock Appreciation Rights granted under the Plan to any individual in any calendar year shall
not exceed 250,000 and the method of counting such shares shall conform to any requirements applicable to performance-based compensation
under Section 162(m) of the Code, if qualification as performance-based compensation under Section 162(m) of the Code is intended.
The shares of Stock subject to the Plan shall consist of unissued shares, treasury shares or previously issued shares held by any
Subsidiary of the Company, and such amount of shares of Stock shall be and is hereby reserved for such purpose. Any of such shares
of Stock that may remain unsold and that are not subject to outstanding Options at the termination of the Plan shall cease to be
reserved for the purposes of the Plan, but until termination of the Plan the Company shall at all times reserve a sufficient number
of shares of Stock to meet the requirements of the Plan. Should any Option, Stock Appreciation Right, Restricted Stock, or Equity
Incentives expire or be canceled prior to its exercise or vesting in full or should the number of shares of Stock to be delivered
upon the exercise or vesting in full of an Option, Stock Appreciation Right, Restricted Stock, or Equity Incentives be reduced
for any reason, the shares of Stock theretofore subject to such Option, Stock Appreciation Right, Restricted Stock, or Equity Incentives
may be subject to future grants under the Plan, except in the case of an Option or Stock Appreciation Right where such reissuance
is inconsistent with the provisions of Section 162(m) of the Code where qualification as performance-based compensation under Section
162(m) of the Code is intended.

 

    	 

    	 

    

		5.	Terms and Conditions of Options.

 

Options granted under
the Plan shall be subject to the following conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of the Plan, as the Committee shall deem desirable:

 

(a)Option Price.
The purchase price of each share of Stock purchasable under an Option shall be determined by the Committee at the time of grant,
but shall not be less than 100% of the Fair Market Value (as defined below) of such share of Stock on the date the Option is granted;
provided, however, that with respect to an Optionee who, at the time an Incentive Option is granted, owns (within
the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company
or of any Subsidiary, the purchase price per share of Stock under an Incentive Option shall be at least 110% of the Fair Market
Value per share of Stock on the date of grant. The exercise price for each Option shall be subject to adjustment as provided in
Section 10 below. “Fair Market Value” means the closing price of publicly traded shares of Stock on the business day
immediately prior to the grant on the principal securities exchange on which shares of Stock are listed (if the shares of Stock
are so listed), or on the NASDAQ Stock Market (if the shares of Stock are regularly quoted on the NASDAQ Stock Market), or, if
not so listed or regularly quoted, the mean between the closing bid and asked prices of publicly traded shares of Stock in the
over-the-counter market, or, if such bid and asked prices shall not be available, as reported by any nationally recognized quotation
service selected by the Company, or as determined by the Committee in a manner consistent with the provisions of the Code. Anything
in this Section 5(a) to the contrary notwithstanding, in no event shall the purchase price of a share of Stock be less than the
minimum price permitted under the rules and policies of any national securities exchange on which the shares of Stock are listed.

 

(b)Option Term.
The term of each Option shall be fixed by the Committee, but no Option shall be exercisable more than ten years after the date
such Option is granted and in the case of an Incentive Option granted to an Optionee who, at the time such Incentive Option is
granted, owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes
of stock of the Company or of any Subsidiary, no such Incentive Option shall be exercisable more than five years after the date
such Incentive Option is granted.

 

(c)Exercisability.
Subject to Section 5(e) hereof, Options shall be exercisable at such time or times and subject to such terms and conditions as
shall be determined by the Committee.

 

    	 

    	 

    

Upon the occurrence of
a “Change in Control” (as hereinafter defined), the Committee may accelerate the vesting and exercisability of outstanding
Options, in whole or in part, as determined by the Committee in its sole discretion. In its sole discretion, the Committee may
also determine that, upon the occurrence of a Change in Control, each outstanding Option shall terminate within a specified number
of days after notice to the Optionee thereunder, and each such Optionee shall receive, with respect to each share of Company Stock
subject to such Option, an amount equal to the excess of the Fair Market Value of such shares immediately prior to such Change
in Control over the exercise price per share of such Option; such amount shall be payable in cash, in one or more kinds of property
(including the property, if any, payable in the transaction) or a combination thereof, as the Committee shall determine in its
sole discretion.

 

For purposes of the Plan, a Change in Control shall
be deemed to have occurred if:

 

(i)a
tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding voting
securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of the surviving
or resulting corporation shall be owned in the aggregate by the stockholders of the Company (as of the time immediately prior to
the commencement of such offer), any employee benefit plan of the Company or its Subsidiaries, and their affiliates;

 

(ii)the
Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more than
50% of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate by the stockholders
of the Company (as of the time immediately prior to such transaction), any employee benefit plan of the Company or its Subsidiaries,
and their affiliates;

 

(iii)the
Company shall sell substantially all of its assets to another corporation that is not wholly owned by the Company, unless as a
result of such sale more than 50% of such assets shall be owned in the aggregate by the stockholders of the Company (as of the
time immediately prior to such transaction), any employee benefit plan of the Company or its Subsidiaries and their affiliates;
or

 

(iv)a
Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving
or resulting corporation shall be owned in the aggregate by the stockholders of the Company (as of the time immediately prior to
the first acquisition of such securities by such Person), any employee benefit plan of the Company or its Subsidiaries, and their
affiliates.

 

For purposes of this
Section 5(c), ownership of voting securities shall take into account and shall include ownership as determined by applying the
provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange Act. In addition, for such purposes, “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof;
however, a Person shall not include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities pursuant
to an offering of such securities; or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportion as their ownership of stock of the Company.

 

    	 

    	 

    

(d)Method of Exercise.
Options to the extent then exercisable may be exercised in whole or in part at any time during the option period, by giving written
notice to the Company specifying the number of shares of Stock to be purchased, accompanied by payment in full of the purchase
price, in cash, or by check or such other instrument as may be acceptable to the Committee. As determined by the Committee, in
its sole discretion, at or after grant, payment in full or in part may be made at the election of the Optionee (i) in the form
of Stock owned by the Optionee (based on the Fair Market Value of the Stock on the trading day before the Option is exercised)
which is not the subject of any pledge or security interest, (ii) in the form of shares of Stock withheld by the Company from the
shares of Stock otherwise to be received with such withheld shares of Stock having a Fair Market Value on the date of exercise
equal to the exercise price of the Option, or (iii) by a combination of the foregoing, provided that the combined value of all
cash and cash equivalents and the Fair Market Value of any shares surrendered to the Company is at least equal to such exercise
price and except with respect to (ii) above, such method of payment will not cause a disqualifying disposition of all or a portion
of the Stock received upon exercise of an Incentive Option. An Optionee shall have the right to dividends and other rights of a
stockholder with respect to shares of Stock purchased upon exercise of an Option at such time as the Optionee (i) has given written
notice of exercise and has paid in full for such shares and (ii) has satisfied such conditions that may be imposed by the Company
with respect to the withholding of taxes.

 

(e)Limit on Value
of Incentive Option. The aggregate Fair Market Value, determined as of the date the Incentive Option is granted, of Stock for
which Incentive Options are exercisable for the first time by any Optionee during any calendar year under the Plan (and/or any
other stock option plans of the Company or any Subsidiary) shall not exceed $100,000.

 

		6.	Terms and Conditions of Stock Appreciation Rights.

 

Stock Appreciation Rights
shall be granted with an exercise price that is not less than 100% of the Fair Market Value (as defined in Section 5(a) herein)
of a share of Common Stock on the date the Stock Appreciation Right is granted and shall be exercisable at such time or times and
subject to such other terms and conditions as shall be determined by the Committee. Unless otherwise provided, Stock Appreciation
Rights shall become immediately exercisable and shall remain exercisable until expiration, cancellation or termination of the award.
Such rights may be exercised in whole or in part by giving written notice to the Company. Stock Appreciation Rights to the extent
then exercisable may be exercised for payment in cash, shares of Common Stock or a combination of both, as the Committee shall
deem desirable, equal to: (i) the excess of the Fair Market Value as defined in Section 5(a) herein of a share of Common Stock
on the date of exercise over (ii) the exercise price of such Stock Appreciation Right.

 

		7.	Terms and Conditions of Restricted Stock.

 

Restricted Stock may
be granted under this Plan aside from, or in association with, any other award and shall be subject to the following conditions
and shall contain such additional terms and conditions (including provisions relating to the acceleration of vesting of Restricted
Stock upon a Change of Control), not inconsistent with the terms of the Plan, as the Committee shall deem desirable:

 

(a)Grantee rights.
A Grantee shall have no rights to an award of Restricted Stock unless and until Grantee accepts the award within the period prescribed
by the Committee and, if the Committee shall deem desirable, makes payment to the Company in cash, or by check or such other instrument
as may be acceptable to the Committee. After acceptance and issuance of a certificate or certificates, as provided for below, the
Grantee shall have the rights of a stockholder with respect to Restricted Stock subject to the non-transferability and forfeiture
restrictions described in Section 7(d) below.

 

(b)Issuance of
certificates. The Company shall issue in the Grantee’s name a certificate or certificates for the shares of Common Stock
associated with the award promptly after the Grantee accepts such award.

 

    	 

    	 

    

(c)Delivery of
certificates. Unless otherwise provided, any certificate or certificates issued evidencing shares of Restricted Stock shall
not be delivered to the Grantee until such shares are free of any restrictions specified by the Committee at the time of grant.

 

(d)Forfeitability,
Non-transferability of Restricted Stock. Shares of Restricted Stock are forfeitable until the terms of the Restricted Stock
grant have been satisfied. Shares of Restricted Stock are not transferable until the date on which the Committee has specified
such restrictions has lapsed. Unless otherwise provided, distributions of additional shares or property in the form of dividends
or otherwise in respect of shares of Restricted Stock shall be subject to the same restrictions as such shares of Restricted Stock.

 

(e)Change of Control.
Upon the occurrence of a Change in Control, the Committee may accelerate the vesting of outstanding Restricted Stock, in whole
or in part, as determined by the Committee in its sole discretion.

 

		8.	Other Equity Incentives or Stock Based Awards.

 

The Committee, in the
case of Equity Incentives intended to satisfy the requirements of Section 162(m) of the Code, may grant or, in all other cases,
may recommend to the Board the grant of Equity Incentives (including the grant of unrestricted shares) to such key persons, in
such amounts and subject to such terms and conditions, as the Committee shall in its discretion determine, subject to the provisions
of the Plan. Such awards may entail the transfer of actual shares of Common Stock to Plan participants, or payment in cash or otherwise
of amounts based on the value of shares of Common Stock.

 

		9.	Term of Plan.

 

No Option, Stock Appreciation
Rights, Restricted Stock or Equity Incentives shall be granted pursuant to the Plan on the date which is ten years from the effective
date of the Plan, but Options, Stock Appreciation Rights or Equity Incentives theretofore granted may extend beyond that date.

 

		10.	Capital Change of the Company.

 

In the event of any merger,
reorganization, consolidation, recapitalization, stock dividend, or similar type of corporate restructuring affecting the Stock,
the Committee shall make an appropriate and equitable adjustment in the number and kind of shares reserved for issuance under the
Plan and in the number and option price of shares subject to outstanding Options granted under the Plan, to the end that after
such event each Optionee’s proportionate interest shall be maintained as immediately before the occurrence of such event.
The Committee shall, to the extent feasible, make such other adjustments as may be required under the tax laws so that any Incentive
Options previously granted shall not be deemed modified within the meaning of Sections 424(h) or 409A of the Code. Appropriate
adjustments shall also be made in the case of outstanding Stock Appreciation Rights and Restricted Stock granted under the Plan.

 

    	 

    	 

    

		11.	Purchase for Investment.

 

Unless the Options
and shares covered by the Plan have been registered under the Securities Act of 1933, as amended (the “Securities Act”),
or the Company has determined that such registration is unnecessary, each person exercising or receiving Options, Stock Appreciation
Rights, Restricted Stock or Equity Incentives under the Plan may be required by the Company to give a representation in writing
that he is acquiring the securities (if issued) for his own account for investment and not with a view to, or for sale in connection
with, the distribution of any part thereof.

 

		12.	Taxes.

 

(a)The Company
may make such provisions as it may deem appropriate, consistent with applicable law, in connection with any Options, Stock Appreciation
Rights, Restricted Stock or Equity Incentives granted under the Plan with respect to the withholding of any taxes (including income
or employment taxes) or any other tax matters.

 

(b)If any Grantee,
in connection with the acquisition of Restricted Stock, makes the election permitted under Section 83(b) of the Code (that is,
an election to include in gross income in the year of transfer the amounts specified in Section 83(b)), such Grantee shall notify
the Company of the election with the Internal Revenue Service pursuant to regulations issued under the authority of Code Section
83(b).

 

(c)If any Grantee
shall make any disposition of shares of Stock issued pursuant to the exercise of an Incentive Option under the circumstances described
in Section 421(b) of the Code (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition
within 10 days hereof.

 

		13.	Effective Date of Plan.

 

The Plan shall be
effective on April 27, 2015; provided, however, that if, and only if, certain options are intended to qualify as
Incentive Stock Options, the Plan must subsequently be approved by majority vote of the Company’s stockholders no later than
April 27, 2016, and further, that in the event certain Option grants hereunder are intended to qualify as performance-based compensation
within the meaning of Section 162(m) of the Code, the requirements as to shareholder approval set forth in Section 162(m) of the
Code are satisfied.

 

		14.	Amendment and Termination, Section 409A of the Code.

 

The Board may amend,
suspend, or terminate the Plan, except that no amendment shall be made that would impair the rights of any Optionee or Grantee
under any Option, Stock Appreciation Right, Restricted Stock or Equity Incentive theretofore granted without the Optionee or Grantee’s
consent, and except that, following approval of the Plan by stockholders, no amendment shall be made without the approval of the
stockholders of the Company if (i) so required pursuant to the rules of any securities exchange or similar regulatory body, or
(ii) if such amendment would:

 

(a)materially
increase the number of shares that may be issued under the Plan, except as is provided in Section 10;

 

(b)materially
increase the benefits accruing to the Optionees or Grantees under the Plan;

 

    	 

    	 

    

(c)materially
modify the requirements as to eligibility for participation in the Plan;

 

(d)decrease the
exercise price of an Incentive Option to less than 100% of the Fair Market Value per share of Stock on the date of grant thereof
or the exercise price of a Nonqualified Option to less than 100% of the Fair Market Value per share of Stock on the date of grant
thereof; or

 

(e)extend the
term of any Option beyond that provided for in Section 5(b).

 

The Committee may
amend the terms of any Option, Stock Appreciation Right, Restricted Stock or Equity Incentive theretofore granted, prospectively
or retroactively, but no such amendment shall (except as provided in the succeeding paragraph) impair the rights of any Optionee
or Grantee without the Optionee or Grantee’s consent. The Committee may also substitute new Options, Stock Appreciation Rights
or Restricted Stock for previously granted Options, Stock Appreciation Rights or Restricted Stock including options granted under
other plans applicable to the participant and previously granted Options having higher option prices, upon such terms as the Committee
may deem appropriate, subject to ratification by the Board.

 

It is the intention
of the Board that the Plan comply strictly with the provisions of Section 409A of the Code and Treasury regulations and other Internal
Revenue Service guidance promulgated thereunder (the “Section 409A Rules”) and the Committee and the Board shall exercise
its discretion in granting Options, Stock Appreciation Rights, Restricted Stock and Equity Incentives hereunder (and the terms
of such grants) in a manner consistent with that intent.  To the extent permitted under the Section 409A Rules, the Plan and
any grant of an Option, Stock Appreciation Right, Restricted Stock or Equity Incentive hereunder may be amended from time to time
(without, in the case of an award, the consent of the participant) as may be necessary or appropriate to comply with the Section
409A Rules and preserve the intended tax treatment of the award, including without limitation, by adopting an amendment intended
to (i) exempt the award from the Section 409A Rules or (ii) comply with the Section 409A Rules; provided, however, that nothing
herein shall create any obligation on the part of the Board, the Committee or the Company to adopt any such amendment or to take
any other action, nor shall the Board, the Committee or the Company have any liability for failing to do so.  Notwithstanding
anything to the contrary herein, neither the Board, the Committee nor the Company guarantees any particular tax result relating
to any award under the Plan.

 

		15.	Government Regulations.

 

The Plan, and the grant
and exercise of Options, Stock Appreciation Rights, Restricted Stock and Equity Incentives hereunder, and the obligation of the
Company to sell and deliver shares under such Options, Stock Appreciation Rights, Restricted Stock and Equity Incentives shall
be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies, national securities
exchanges and interdealer quotation systems as may be required.

 

		16.	General Provisions.

 

(a)Certificates.
All certificates for shares of Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations and other requirements of the U.S. Securities and Exchange Commission,
or other securities commission having jurisdiction, any applicable Federal or state securities law, any stock exchange or interdealer
quotation system upon which the Stock is then listed or traded and the Committee may cause a legend or legends to be placed on
any such certificates to make appropriate reference to such restrictions.

 

    	 

    	 

    

(b)Employment
Matters. The adoption of the Plan shall not confer upon any Optionee or Grantee of the Company or any Subsidiary any right
to continued employment or, in the case of an Optionee or Grantee who is a director, continued service as a director, with the
Company or a Subsidiary, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary
to terminate the employment of any of its employees, the service of any of its directors or the retention of any of its consultants
or advisors at any time.

 

(c)Limitation
of Liability. No member of the Board or the Committee, or any officer or employee of the Company acting on behalf of the Board
or the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect
to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company acting on their
behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action,
determination or interpretation.

 

(d)Registration
of Stock. Notwithstanding any other provision in the Plan, no Option may be exercised unless and until the Stock to be issued
upon the exercise thereof has been registered under the Securities Act and applicable state securities laws, or are, in the opinion
of counsel to the Company, exempt from such registration in the United States. The Company shall not be under any obligation to
register under applicable federal or state securities laws any Stock to be issued upon the exercise of an Option granted hereunder
in order to permit the exercise of an Option and the issuance and sale of the Stock subject to such Option, although the Company
may in its sole discretion register such Stock at such time as the Company shall determine. If the Company chooses to comply with
such an exemption from registration, the Stock issued under the Plan may, at the direction of the Committee, bear an appropriate
restrictive legend restricting the transfer or pledge of the Stock represented thereby, and the Committee may also give appropriate
stop transfer instructions with respect to such Stock to the Company’s transfer agent.

 

(e)Non-transferability.
Options and Stock Appreciation Rights granted hereunder are not transferable (except pursuant to a qualified domestic relations
order or as required by law) and may be exercised solely by the Optionee or Grantee during his lifetime or after his death by the
person or persons entitled thereto under his will or the laws of descent and distribution. The Committee, in its sole discretion,
may permit a transfer of a Nonqualified Option to (i) a trust for the benefit of the Optionee or (ii) a member of the Optionee’s
immediate family (or a trust for his or her benefit). Any attempt to transfer, assign, pledge or otherwise dispose of, or to subject
to execution, attachment or similar process, any Option or Stock Appreciation Right contrary to the provisions hereof shall be
void and ineffective and shall give no right to the purported transferee.

 

(f)No rights as
a Stockholder. No Optionee or Grantee (or other person having the right to exercise such award) shall have any of the rights
of a stockholder of the Company with respect to shares subject to such award until the issuance of a stock certificate to such
person for such shares. Except as otherwise provided herein, no adjustment shall be made for dividends, distributions or other
rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior
to the date such stock certificate is issued.

 

(g)Termination
by Death. Unless otherwise determined by the Committee, if any Optionee or Grantee’s employment with or service to the
Company or any Subsidiary terminates by reason of death, the Option or Stock Appreciation Right may thereafter be exercised, to
the extent then exercisable (or on such accelerated basis as the Committee shall determine at or after grant), by the legal representative
of the estate or by the legatee of the Optionee or Grantee under the will of the Optionee or Grantee, for a period of one year
after the date of such death or until the expiration of the stated term of such Option or Stock Appreciation Right as provided
under the Plan, whichever period is shorter.

 

    	 

    	 

    

(h)Termination
by Reason of Disability. Unless otherwise determined by the Committee, if any Optionee or Grantee’s employment with or
service to the Company or any Subsidiary terminates by reason of total and permanent disability, within the meaning of Section
22(e)(3) of the Code (“Disability”), any Option or Stock Appreciation Right held by such Optionee or Grantee may thereafter
be exercised, to the extent it was exercisable at the time of termination due to Disability (or on such accelerated basis as the
Committee shall determine at or after grant), but may not be exercised after 60 days after the date of such termination of employment
or service or the expiration of the stated term of such Option or Stock Appreciation Right, whichever period is shorter; provided,
however, that, if the Optionee or Grantee dies within such 60-day period, any unexercised Option or Stock Appreciation Right
held by such Optionee or Grantee shall thereafter be exercisable to the extent to which it was exercisable at the time of death
for a period of one year after the date of such death or for the stated term of such Option or Stock Appreciation Right, whichever
period is shorter.

 

(i)Termination
by Reason of Retirement. Unless otherwise determined by the Committee, if any Optionee or Grantee’s employment with or
service to the Company or any Subsidiary terminates by reason of Normal or Early Retirement (as such terms are defined below),
any Option or Stock Appreciation Right held by such Optionee or Grantee may thereafter be exercised to the extent it was exercisable
at the time of such Retirement (or on such accelerated basis as the Committee shall determine at or after grant), but may not be
exercised after 60 days after the date of such termination of employment or service or the expiration of the stated term of such
Option or Stock Appreciation Right, whichever period is shorter; provided, however, that, if the Optionee or Grantee
dies within such 60-day period, any unexercised Option or Stock Appreciation Right held by such Optionee or Grantee shall thereafter
be exercisable, to the extent to which it was exercisable at the time of death, for a period of one year after the date of such
death or for the stated term of such Option or Stock Appreciation Right, whichever period is shorter. For purposes of this paragraph
(i), “Normal Retirement” shall mean retirement from active employment with the Company or any Subsidiary on or after
the normal retirement date specified in the applicable Company or Subsidiary pension plan or if no such pension plan exists, age
65, and “Early Retirement” shall mean retirement from active employment with the Company or any Subsidiary pursuant
to the early retirement provisions of the applicable Company or Subsidiary pension plan or if no such pension plan exists, age
55.

 

(j)Other Termination.
Unless otherwise determined by the Committee, if any Optionee or Grantee’s employment with or service to the Company or any
Subsidiary terminates for any reason other than death, Disability or Normal or Early Retirement, the Option or Stock Appreciation
Right shall thereupon terminate, except that the portion of any Option or Stock Appreciation Right that was exercisable on the
date of such termination of employment or service may be exercised for the lesser of 30 days after the date of termination or the
balance of such Option or Stock Appreciation Right’s term if the Optionee or Grantee’s employment or service with the
Company or any Subsidiary is terminated by the Company or such Subsidiary without cause or for good reason by the Optionee or Grantee
(the determination as to whether termination was for cause or for good reason to be made by the Committee). The transfer of an
Optionee or Grantee from the employ of or service to the Company to the employ of or service to a Subsidiary, or vice versa, or
from one Subsidiary to another, shall not be deemed to constitute a termination of employment or service for purposes of the Plan.

 

    	 

    	 

    

(k)Clawback.
The Committee shall, in all appropriate circumstances and in accordance with guidance issued by the U.S. Securities and Exchange
Commission, require reimbursement of any annual incentive payment including Incentive Options and Nonqualified Options to an executive
officer where: (i) the payment was predicated upon achieving certain financial results that were subsequently the subject of a
substantial restatement of Company financial statements filed with the U.S. Securities and Exchange Commission; and (ii) a lower
payment would have been made to the executive based upon the restated financial results. In each such instance, the Committee shall,
to the extent practicable and in a manner consistent with Section 409A of the Code, seek to recover from the individual executive
the amount by which the individual executive’s incentive payments for the three year period preceding the accounting restatement
exceeded the lower payment that would have been made based on the restated financial results. For purposes of this policy, the
term “executive officer” means any officer who has been designated an executive officer by the Board.

 

Wilhelmina International, Inc.

 

April 27, 2015

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