Document:

Exhibit 10.7

 

Execution
Version

 

VOTING AGREEMENT

 

This Voting Agreement
(this “Agreement”) is made as of February 10, 2021, by and among PLBY Group, Inc. (formerly known
as Mountain Crest Acquisition Corp), a Delaware corporation (the “Company”), and each of the entities set forth
on the signature page hereto (each a “Voting Party” and collectively, the “Voting Parties”).
For purposes of this Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed to them
in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Company, MCAC Merger Sub Inc., a Delaware corporation (“Merger Sub”), and Playboy Enterprises, Inc.,
a Delaware corporation (“Playboy”) have entered into that certain Agreement and Plan of Merger (as may be amended
from time to time, the “Merger Agreement”), dated as of September 30, 2020, pursuant to which, on the Effective
Date, the Company, Merger Sub and Playboy intend to effect a merger of Merger Sub with and into Playboy (the “Merger”),
upon which Merger Sub will cease to exist, Playboy will become a wholly owned subsidiary of the Company and the outstanding shares
of Playboy’s common stock will be converted into the right to receive consideration described in the Merger Agreement.

 

WHEREAS,
each of the Voting Parties, currently owns, or on closing of the transactions contemplated by the Merger Agreement, will own, shares
of the Company’s common stock, and wishes to provide for the elections of certain members of the Post-Closing Board of Directors
as described herein.

 

NOW
THEREFORE, in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1.          Agreement
to Vote. During the term of this Agreement, each Voting Party agrees to vote all securities of the Company that such Voting
Party owns from time to time and may vote in the election of the Company’s directors (hereinafter referred to as the “Voting
Shares”), in accordance with the provisions of this Agreement, whether at a regular or special meeting of stockholders
or by written consent.

 

2.          Election
of Boards of Directors. If the closing condition in Section 8.3(o) of the Merger Agreement (the “Closing
Condition”) is satisfied at the Closing, each Voting Party agrees to vote all shares of Common Stock it beneficially
owns in such manner as may be necessary to elect (and maintain in office) Suying Liu as a member of the Second Class of the
Post-Closing Board of Directors as set forth in the Amended and Restated Certificate of Incorporation of the Company, as the same
may be amended and/or restated from time to time.

 

3.          Termination.
This Agreement shall terminate upon the first to occur of the following: (i) upon the Closing if the Closing Condition is
not satisfied at Closing and is instead waived by Playboy; (ii) the first annual meeting of stockholders of the Company at
which the Second Class of the Post-Closing Board of Directors shall be nominated and elected; or (iii) immediately prior
to any vote on or with respect to a transaction pursuant to which a person or group other than current stockholders of the Company,
or their respective Affiliates, will control greater than 50% of the Company’s voting power with respect to the election
of directors of the Company.

 

4.          Grant
of Proxy. The parties agree that this Agreement does not constitute the granting of a proxy to any party or any other person.

 

     

     

    

 

5.          Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach
of this Agreement by any party hereto, that this Agreement shall be specifically enforceable, and that any breach of this Agreement
shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any
claim or defense that there is an adequate remedy at law for such breach or threatened breach and agrees that a party’s rights
would be materially and adversely affected if the obligations of the other parties under this Agreement were not carried out in
accordance with the terms and conditions hereof.

 

6.          Amendments
and Waivers. Except as otherwise provided herein, any provision of this Agreement may be amended or the observance thereof
may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the unanimous
written consent of (a) the Company, and (b) each of the Voting Parties.

 

7.          Stock
Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the
like, any securities issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of this
Agreement.

 

8.          Severability.
In the event that any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

9.          Governing
Law. This Agreement and the legal relations between the parties arising hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York without reference to its conflicts of laws provisions, except that all matters relating
to the fiduciary duties of the Company’s Post-Closing Board of Directors shall be subject to the laws of Delaware.

 

10.        Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

11.        Successors
and Assigns. Except as otherwise expressly provided in this Agreement, the provisions hereof shall inure to the benefit of,
and be binding upon, the successors and assigns of the parties hereto.

 

12.        Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes any
prior agreement or understanding among the parties, with regard to the subjects hereof and thereof, and no party shall be liable
or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein
or therein.

 

[Remainder of page intentionally left
blank; signature page follows]

 

     

     

    

 

This Voting Agreement
is hereby executed effective as of the date first set forth above.

 

	 	PlBY
Group, Inc.,
	 	a Delaware corporation

 

		By:	/s/ Suying Liu
	 	Name: Suying Liu
	 	Title: Chief Executive Officer

 

     

     

    

 

	 	VOTING PARTIES:
	 	 
	 	RT-Icon
Holding LLC
	 	By: RTM-Icon, LLC, its Manager

 

		By:	/s/ Suhail Rizvi
	 	Name: Suhail Rizvi
	 	Title: President

 

     

     

    

 

	 	DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP,
	 	 
	 	By: Drawbridge Special Opportunities GP LLC, its
general partner

 

		By:	/s/ Avraham Dreyfuss
	 	Name: Avraham Dreyfuss
	 	Title: Chief Financial OfficerExhibit 10.8

 

PLBY
GROUP, Inc.

2021 EQUITY and INCENTIVE Compensation PLAN

 

1.            Purpose.
The purpose of this Plan is to permit the grant of awards to non-employee Directors, officers and other employees of the Company
and its Subsidiaries, and certain consultants to the Company and its Subsidiaries, and to provide to such persons incentives and
rewards for service and/or performance.

 

2.           Definitions.
Except as otherwise provided herein, the following are the definitions used in this Plan:

 

(a)            “Appreciation
Right” means a right granted pursuant to Section 5 of this Plan.

 

(b)           “Base
Price” means the price to be used as the basis for determining the Spread upon the exercise of an Appreciation Right.

 

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

 

(d)           “Cash
Incentive Award” means a cash award granted pursuant to Section 8 of this Plan.

 

(e)           “Change
in Control” has the meaning set forth in Section 12 of this Plan.

 

(f)            “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the regulations thereunder, as such law and regulations
may be amended from time to time.

 

(g)           “Committee”
means the Compensation Committee of the Board (or its successor(s)), or any other committee of the Board designated by the Board
to administer this Plan pursuant to Section 10 of this Plan.

 

(h)           “Common
Stock” means the common stock, par value $0.0001 per share, of the Company or any security into which such common stock
may be changed by reason of any transaction or event of the type referred to in Section 11 of this Plan.

 

(i)            “Company”
means PLBY Group, Inc., a Delaware corporation, and its successors.

 

(j)            “Date
of Grant” means the date provided for by the Committee on which a grant of Option Rights, Appreciation Rights, Performance
Shares, Performance Units, Cash Incentive Awards, or other awards contemplated by Section 9 of this Plan, or
a grant or sale of Restricted Stock, Restricted Stock Units, or other awards contemplated by Section 9 of this
Plan, will become effective (which date will not be earlier than the date on which the Committee takes action with respect thereto).

 

(k)           “Director”
means a member of the Board.

 

     

     

    

 

(l)            “Effective
Date” means the date this Plan is approved by the Stockholders.

 

(m)          “Evidence
of Award” means an agreement, certificate, resolution or other type or form of writing or other evidence approved by
the Committee that sets forth the terms and conditions of the awards granted under this Plan. An Evidence of Award may be in an
electronic medium, may be limited to notation on the books and records of the Company and, unless otherwise determined by the Committee,
need not be signed by a representative of the Company or a Participant.

 

(n)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations thereunder,
as such law, rules and regulations may be amended from time to time.

 

(o)           “Incentive
Stock Option” means an Option Right that is intended to qualify as an “incentive stock option” under Section 422
of the Code or any successor provision.

 

(p)           “Management
Objectives” means performance objective or objectives established pursuant to this Plan for Participants who have received
grants of Performance Shares, Performance Units or Cash Incentive Awards or, when so determined by the Committee, Option Rights,
Appreciation Rights, Restricted Stock, Restricted Stock Units, dividend equivalents or other awards pursuant to this Plan and include,
but are not limited to, objectives related to earnings before interest, taxes, depreciation
and amortization, income or net income (loss) (either before or after interest, taxes, depreciation and/or amortization), earnings,
changes in the market price of Common Stock, funds from operations or similar measures, sales, revenue (including recurring revenue),
growth in revenue, enterprise value or economic value added, mergers, acquisitions or other strategic transactions, divestitures,
financings, operating income (loss), cash flow (including, but not limited to, operating cash flow and free cash flow), return
on capital, return on investments, assets, return on assets, net asset turnover, debt (including debt reduction), return on operating
revenue, working capital, regulatory compliance, improvement of financial ratings, annual spend or license annual spend, equity
investments, investing activities and financing activities (or any combination thereof) stockholder returns, dividend ratio, orders,
return on sales, marketing, gross or net profit levels, productivity, volumes produced and/or transported, margins, leverage ratio,
coverage ratio, strategic business objectives (including operating efficiency, geographic business expansion goals, partnerships,
customer/client satisfaction, talent recruitment and retention, productivity ratios, product quality, sales of new products, employee
turnover, supervision of information technology), operating efficiency, productivity, product innovation, number of customers,
customer satisfaction and related metrics, individual performance, quality improvements, growth or growth rate, intellectual property,
expenses or costs (including cost reduction programs), budget comparisons, implementation of projects or processes, formation of
joint ventures, research and development collaborations, marketing or customer service collaborations, employee engagement and
satisfaction, diversity, environmental and social measures, information technology, technology development, human resources management,
litigation, research and development, working capital, earnings (loss) per share of Common Stock, and market share, any of which
may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group.
If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company,
or the manner in which it conducts its business, or other events or circumstances render the Management Objectives unsuitable,
the Committee may in its discretion modify such Management Objectives or the goals or actual levels of achievement regarding the
Management Objectives, in whole or in part, as the Committee deems appropriate and equitable.

 

(q)           “Market
Value per Share” means, as of any particular date, the closing price of a share of Common Stock as reported for that
date on the Nasdaq Stock Market or, if the Common Stock is not then listed on the Nasdaq Stock Market, on any other national securities
exchange on which the Common Stock is listed, or if there are no sales on such date, on the next preceding trading day during which
a sale occurred. If there is no regular public trading market for the Common Stock, then the Market Value per Share shall be the
fair market value as determined in good faith by the Committee. The Committee is authorized to adopt another fair market value
pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value
pricing rules set forth in Section 409A of the Code.

 

     

     

    

 

(r)            “Optionee”
means the optionee named in an Evidence of Award evidencing an outstanding Option Right.

 

(s)           “Option
Price” means the purchase price payable on exercise of an Option Right.

 

(t)            “Option
Right” means the right to purchase Common Stock upon exercise of an award granted pursuant to Section 4
of this Plan.

 

(u)           “Participant”
means a person who is selected by the Committee to receive benefits under this Plan and who is at the time (i) a non-employee
Director, (ii) an officer or other employee of the Company or any Subsidiary, including a person who has agreed to commence
serving in such capacity within 90 days of the Date of Grant, or (iii) a person, including a consultant, who provides services
to the Company or any Subsidiary that are equivalent to those typically provided by an employee (provided such person satisfies
the Form S-8 definition of “employee”).

 

(v)           “Performance
Period” means, in respect of a Cash Incentive Award, Performance Share or Performance Unit, a period of time established
pursuant to Section 8 of this Plan within which the Management Objectives relating to such Cash Incentive Award,
Performance Share or Performance Unit are to be achieved.

 

(w)          “Performance
Share” means a bookkeeping entry that records the equivalent of one share of Common Stock awarded pursuant to Section 8
of this Plan, and may be payable in cash, Common Stock or a combination thereof.

 

(x)            “Performance
Unit” means a bookkeeping entry award granted pursuant to Section 8 of this Plan that records a unit
equivalent to $1.00 or such other value as is determined by the Committee, and may be payable in cash, Common Stock or a combination
thereof.

 

(y)           “Plan”
means this PLBY Group, Inc. 2021 Equity and Incentive Compensation Plan, as may be amended or amended and restated from time
to time.

 

     

     

    

 

(z)            “Restricted
Stock” means Common Stock granted or sold pursuant to Section 6 of this Plan as to which neither the
substantial risk of forfeiture nor the prohibition on transfer has expired.

 

(aa)          “Restricted
Stock Units” means an award made pursuant to Section 7 of this Plan of the right to receive Common
Stock, cash or a combination thereof at the end of the applicable Restriction Period.

 

(bb)         “Restriction
Period” means the period of time during which Restricted Stock Units are subject to restrictions, as provided in Section 7
of this Plan.

 

(cc)          “Spread”
means the excess of the Market Value per Share on the date when an Appreciation Right is exercised over the Base Price provided
for with respect to the Appreciation Right.

 

(dd)         “Stockholder”
means an individual or entity that owns one or more shares of Common Stock.

 

(ee)         “Subsidiary”
means a corporation, company or other entity (i) more than 50% of whose outstanding shares or securities (representing the
right to vote for the election of directors or other managing authority) are or (ii) which does not have outstanding shares
or securities (as may be the case in a partnership, joint venture, limited liability company, unincorporated association or other
similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other
entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company; provided, however, that
for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, “Subsidiary”
means any corporation in which the Company at the time owns or controls, directly or indirectly, more than 50% of the total combined
Voting Power represented by all classes of stock issued by such corporation.

 

(ff)           “Voting
Power” means, at any time, the combined voting power of the then-outstanding securities entitled to vote generally in
the election of Directors in the case of the Company or members of the board of directors or similar body in the case of another
entity.

 

3.           Shares
Available Under this Plan.

 

(a)           Maximum
Shares Available Under this Plan.

 

		(i)	Subject to adjustment as provided in Section 11 of this Plan and the share counting
rules set forth in Section 3(b) of this Plan, the number of shares of Common Stock available under
this Plan for awards of (A) Option Rights or Appreciation Rights, (B) Restricted Stock, (C) Restricted Stock Units,
(D) Performance Shares or Performance Units, (E) awards contemplated by Section 9 of this Plan, or
(F) dividend equivalents paid with respect to awards made under this Plan will not exceed, in the aggregate, 4,262,364 shares
of Common Stock (the “Overall Share Limit”). The Overall Share Limit shall be automatically increased on the
first day of each fiscal year, beginning in 2022 and ending in 2031, by an amount equal to the lesser of (x) 4% of the shares
of Common Stock outstanding on the last day of the immediately preceding fiscal year and (y) such smaller number of shares
as determined by the Board. Such shares may be shares of original issuance or treasury shares or a combination of the foregoing.

 

     

     

    

 

		(ii)	Subject to the share counting rules set forth in Section 3(b) of this
Plan, the aggregate number of shares of Common Stock available under Section 3(a)(i) of this Plan will
be reduced by one share of Common Stock for every one share of Common Stock subject to an award granted under this Plan.

 

(b)           Share
Counting Rules.

 

		(i)	Except as provided in Section 22 of this Plan or herein, if any award granted
under this Plan (in whole or in part) is cancelled or forfeited, expires, is settled for cash, or is unearned, the Common Stock
subject to such award will, to the extent of such cancellation, forfeiture, expiration, cash settlement, or unearned amount, again
be available under Section 3(a)(i) above.

 

		(ii)	Notwithstanding anything to the contrary contained in this Plan: (A) shares of Common Stock
withheld by the Company, tendered or otherwise used in payment of the Option Price of an Option Right will not be added (or added
back, as applicable) to the aggregate number of shares of Common Stock available under Section 3(a)(i) of
this Plan; (B) shares of Common Stock withheld by the Company, tendered or otherwise used to satisfy tax withholding will
not be added (or added back, as applicable) to the aggregate number of shares of Common Stock available under Section 3(a)(i) of
this Plan; (C) shares of Common Stock subject to a share-settled Appreciation Right that are not actually issued in connection
with the settlement of such Appreciation Right on the exercise thereof will not be added back to the aggregate number of shares
of Common Stock available under Section 3(a)(i) of this Plan; and (D) shares of Common Stock reacquired
by the Company on the open market or otherwise using cash proceeds from the exercise of Option Rights will not be added (or added
back, as applicable) to the aggregate number of shares of Common Stock available under Section 3(a)(i) of
this Plan.

 

		(iii)	If, under this Plan, a Participant has elected to give up the right to receive cash compensation
in exchange for Common Stock based on fair market value, such Common Stock will not count against the aggregate limit under Section 3(a)(i) of
this Plan.

 

     

     

    

 

(c)           Limit
on Incentive Stock Options. Notwithstanding anything to the contrary contained in this Plan, and subject to adjustment as provided
in Section 11 of this Plan, the aggregate number of shares of Common Stock actually issued or transferred by
the Company upon the exercise of Incentive Stock Options will not exceed 4,262,364 shares of Common Stock (the “ISO Limit”);
provided, however, that the ISO Limit will increase by 1,451,017 shares of Common Stock on the first day of each
fiscal year beginning in 2022 and ending in 2031; provided, further, that in no event shall the ISO Limit exceed
the Overall Share Limit.

 

(d)           Non-Employee
Director Compensation Limit. Notwithstanding anything to the contrary contained in this Plan, in no event will any non-employee
Director in any one calendar year be granted compensation for such service having an aggregate maximum value (measured at the Date
of Grant as applicable, and calculating the value of any awards based on the grant date fair value for financial reporting purposes)
in excess of $600,000; provided, however, that such compensation limit during the first calendar year on which such
non-employee Director serves on the Board shall be $1,000,000.

 

4.           Option
Rights. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting
to Participants of Option Rights. Each such grant may utilize any or all of the authorizations, and will be subject to all of the
requirements, contained in the following provisions:

 

(a)           Each
grant will specify the number of shares of Common Stock to which it pertains subject to the limitations set forth in Section 3
of this Plan.

 

(b)           Each
grant will specify an Option Price per share of Common Stock, which Option Price (except with respect to awards under Section 22
of this Plan) may not be less than the Market Value per Share on the Date of Grant.

 

(c)           Each
grant will specify whether the Option Price will be payable (i) in cash, by check acceptable to the Company or by wire transfer
of immediately available funds, (ii) by the actual or constructive transfer to the Company of Common Stock owned by the Optionee
having a value at the time of exercise equal to the total Option Price, (iii) subject to any conditions or limitations established
by the Committee, by the withholding of Common Stock otherwise issuable upon exercise of an Option Right pursuant to a “net
exercise” arrangement, (iv) by a combination of such methods of payment, or (v) by such other methods as may be
approved by the Committee.

 

(d)           To
the extent permitted by law, any grant may provide for deferred payment of the Option Price from the proceeds of sale through a
bank or broker on a date satisfactory to the Company of some or all of the Common Stock to which such exercise relates.

 

(e)            Each
grant will specify the period or periods of continuous service by the Optionee with the Company or any Subsidiary, if any, that
is necessary before any Option Rights or installments thereof will vest. Option Rights may provide for continued vesting or the
earlier vesting of such Option Rights, including in the event of the retirement, death, disability or termination of employment
or service of a Participant or in the event of a Change in Control.

 

(f)            Any
grant of Option Rights may specify Management Objectives regarding the vesting of such rights.

 

     

     

    

 

(g)           Option
Rights granted under this Plan may be (i) options, including Incentive Stock Options, that are intended to qualify under particular
provisions of the Code, (ii) options that are not intended to so qualify, or (iii) combinations of the foregoing. Incentive
Stock Options may only be granted to Participants who meet the definition of “employees” under Section 3401(c) of
the Code.

 

(h)           No
Option Right will be exercisable more than 10 years from the Date of Grant. The Committee may provide in any Evidence of Award
for the automatic exercise of an Option Right upon such terms and conditions as established by the Committee.

 

(i)             Option
Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon.

 

(j)            Each
grant of Option Rights will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this Plan and will
contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

5.           Appreciation
Rights.

 

(a)           The
Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting to any Participant
of Appreciation Rights. An Appreciation Right will be the right of the Participant to receive from the Company an amount determined
by the Committee, which will be expressed as a percentage of the Spread (not exceeding 100%) at the time of exercise.

 

(b)           Each
grant of Appreciation Rights may utilize any or all of the authorizations, and will be subject to all of the requirements, contained
in the following provisions:

 

		(i)	Each grant may specify that the amount payable on exercise of an Appreciation Right will be paid
by the Company in cash, Common Stock or any combination thereof.

 

		(ii)	Each grant will specify the period or periods of continuous service by the Participant with the
Company or any Subsidiary, if any, that is necessary before the Appreciation Rights or installments thereof will vest. Appreciation
Rights may provide for continued vesting or the earlier vesting of such Appreciation Rights, including in the event of the retirement,
death, disability or termination of employment or service of a Participant or in the event of a Change in Control.

 

		(iii)	Any grant of Appreciation Rights may specify Management Objectives regarding the vesting of such
Appreciation Rights.

 

		(iv)	Appreciation Rights granted under this Plan may not provide for any dividends or dividend equivalents
thereon.

 

		(v)	Each grant of Appreciation Rights will be evidenced by an Evidence of Award. Each Evidence of Award
will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

     

     

    

 

(c)           Also,
regarding Appreciation Rights:

 

		(i)	Each grant will specify in respect of each Appreciation Right a Base Price, which (except with
respect to awards under Section 22 of this Plan) may not be less than the Market Value per Share on the Date
of Grant; and

 

		(ii)	No Appreciation Right granted under this Plan may be exercised more than 10 years from the Date
of Grant. The Committee may provide in any Evidence of Award for the automatic exercise of an Appreciation Right upon such terms
and conditions as established by the Committee.

 

6.           Restricted
Stock. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the grant or
sale of Restricted Stock to Participants. Each such grant or sale may utilize any or all of the authorizations, and will be subject
to all of the requirements, contained in the following provisions:

 

(a)           Each
such grant or sale will constitute an immediate transfer of the ownership of shares of Common Stock to the Participant in consideration
of the performance of services, entitling such Participant to voting, dividend and other ownership rights, but subject to the substantial
risk of forfeiture and restrictions on transfer hereinafter described.

 

(b)           Each
such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less
than the Market Value per Share on the Date of Grant.

 

(c)           Each
such grant or sale will provide that the Restricted Stock covered by such grant or sale will be subject to a “substantial
risk of forfeiture” within the meaning of Section 83 of the Code for a period to be determined by the Committee on the
Date of Grant or until achievement of Management Objectives referred to in Section 6(e) of this Plan.

 

(d)           Each
such grant or sale will provide that during or after the period for which such substantial risk of forfeiture is to continue, the
transferability of the Restricted Stock will be prohibited or restricted in the manner and to the extent prescribed by the Committee
on the Date of Grant (which restrictions may include rights of repurchase or first refusal of the Company or provisions subjecting
the Restricted Stock to a continuing substantial risk of forfeiture while held by any transferee).

 

(e)           Any
grant of Restricted Stock may specify Management Objectives regarding the vesting of such Restricted Stock.

 

     

     

    

 

(f)            Notwithstanding
anything to the contrary contained in this Plan, Restricted Stock may provide for continued vesting or the earlier vesting of such
Restricted Stock, including in the event of the retirement, death, disability or termination of employment or service of a Participant
or in the event of a Change in Control.

 

(g)           Any
such grant or sale of Restricted Stock may require that any and all dividends or other distributions paid thereon during the period
of such restrictions be automatically deferred and/or reinvested in additional Restricted Stock, which will be subject to the same
restrictions as the underlying award. For the avoidance of doubt, any such dividends or other distributions on Restricted Stock
shall be deferred until, and paid contingent upon, the vesting of such Restricted Stock.

 

(h)            Each
grant or sale of Restricted Stock will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this Plan
and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. Unless otherwise directed
by the Committee, (i) all certificates representing Restricted Stock will be held in custody by the Company until all restrictions
thereon will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are
registered, endorsed in blank and covering such shares or (ii) all Restricted Stock will be held at the Company’s transfer
agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Stock.

 

7.           Restricted
Stock Units. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting
or sale of Restricted Stock Units to Participants. Each such grant or sale may utilize any or all of the authorizations, and will
be subject to all of the requirements, contained in the following provisions:

 

(a)           Each
such grant or sale will constitute the agreement by the Company to deliver Common Stock or cash, or a combination thereof, to the
Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions (which
may include achievement regarding Management Objectives) during the Restriction Period as the Committee may specify.

 

(b)           Each
such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less
than the Market Value per Share on the Date of Grant.

 

(c)           Notwithstanding
anything to the contrary contained in this Plan, Restricted Stock Units may provide for continued vesting or the earlier lapse
or other modification of the Restriction Period, including in the event of the retirement, death, disability or termination of
employment or service of a Participant or in the event of a Change in Control.

 

(d)           During
the Restriction Period, the Participant will have no right to transfer any rights under his or her award and will have no rights
of ownership in the Common Stock deliverable upon payment of the Restricted Stock Units and will have no right to vote them, but
the Committee may, at or after the Date of Grant, authorize the payment of dividend equivalents on such Restricted Stock Units
on a deferred and contingent basis, either in cash or in additional shares of Common Stock; provided, however, that
dividend equivalents or other distributions on Common Stock underlying Restricted Stock Units shall be deferred until and paid
contingent upon the vesting of such Restricted Stock Units.

 

     

     

    

 

(e)           Each
grant or sale of Restricted Stock Units will specify the time and manner of payment of the Restricted Stock Units that have been
earned. Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in Common Stock
or cash, or a combination thereof.

 

(f)            Each
grant or sale of Restricted Stock Units will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this
Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

8.           Cash
Incentive Awards, Performance Shares and Performance Units. The Committee may, from time to time and upon such terms and conditions
as it may determine, authorize the granting of Cash Incentive Awards, Performance Shares and Performance Units. Each such grant
may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:

 

(a)           Each
grant will specify the number or amount of Performance Shares or Performance Units, or cash amount payable with respect to a Cash
Incentive Award, to which it pertains, which number or amount may be subject to adjustment to reflect changes in compensation or
other factors.

 

(b)           The
Performance Period with respect to each Cash Incentive Award or grant of Performance Shares or Performance Units will be such period
of time as will be determined by the Committee, which may be subject to continued vesting or earlier lapse or other modification,
including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the
event of a Change in Control.

 

(c)           Each
grant of a Cash Incentive Award, Performance Shares or Performance Units will specify Management Objectives regarding the earning
of the award.

 

(d)           Each
grant will specify the time and manner of payment of a Cash Incentive Award, Performance Shares or Performance Units that have
been earned.

 

(e)           The
Committee may, on the Date of Grant of Performance Shares or Performance Units, provide for the payment of dividend equivalents
to the holder thereof either in cash or in additional shares of Common Stock, which dividend equivalents shall be subject to deferral
and payment on a contingent basis based on the Participant’s earning and vesting of the Performance Shares or Performance
Units, as applicable, with respect to which such dividend equivalents are paid.

 

(f)            Each
grant of a Cash Incentive Award, Performance Shares or Performance Units will be evidenced by an Evidence of Award. Each Evidence
of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may
approve.

 

     

     

    

 

9.           Other
Awards.

 

(a)           Subject
to applicable law and the applicable limits set forth in Section 3 of this Plan, the Committee may authorize
the grant to any Participant of Common Stock or such other awards that may be denominated or payable in, valued in whole or in
part by reference to, or otherwise based on, or related to, shares of Common Stock or factors that may influence the value of such
shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into
shares of Common Stock, purchase rights for shares of Common Stock, awards with value and payment contingent upon performance of
the Company or specified Subsidiaries, affiliates or other business units thereof or any other factors designated by the Committee,
and awards valued by reference to the book value of the shares of Common Stock or the value of securities of, or the performance
of specified Subsidiaries or affiliates or other business units of the Company. The Committee will determine the terms and conditions
of such awards. Common Stock delivered pursuant to an award in the nature of a purchase right granted under this Section 9
will be purchased for such consideration, paid for at such time, by such methods, and in such forms, including, without limitation,
Common Stock, other awards, cash, notes or other property, as the Committee determines.

 

(b)           Cash
awards, as an element of or supplement to any other award granted under this Plan, may also be granted pursuant to this Section 9.

 

(c)           The
Committee may authorize the grant of shares of Common Stock as a bonus, or may authorize the grant of other awards in lieu of obligations
of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements,
subject to such terms as will be determined by the Committee in a manner that complies with Section 409A of the Code.

 

(d)           The
Committee may, at or after the Date of Grant, authorize the payment of dividends or dividend equivalents on awards granted under
this Section 9 on a deferred and contingent basis, either in cash or in additional shares of Common Stock; provided,
however, that dividend equivalents or other distributions on Common Stock underlying awards granted under this Section 9
shall be deferred until and paid contingent upon the earning and vesting of such awards.

 

(e)           Each
grant of an award under this Section 9 will be evidenced by an Evidence of Award. Each such Evidence of Award
will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve,
and will specify the time and terms of delivery of the applicable award.

 

(f)            Notwithstanding
anything to the contrary contained in this Plan, awards under this Section 9 may provide for the earning or
vesting of, or earlier elimination of restrictions applicable to, such award, including in the event of the retirement, death,
disability or termination of employment or service of a Participant or in the event of a Change in Control.

 

10.         Administration
of this Plan.

 

(a)           This
Plan will be administered by the Committee; provided, that, at the discretion of the Board, the Plan may be administered by the
Board, including with respect to the administration of any responsibilities and duties held by the Committee hereunder. The Committee
may from time to time delegate all or any part of its authority under this Plan to a subcommittee thereof. To the extent of any
such delegation, references in this Plan to the Committee will be deemed to be references to such subcommittee.

 

     

     

    

 

(b)           The
interpretation and construction by the Committee of any provision of this Plan or of any Evidence of Award (or related documents)
and any determination by the Committee pursuant to any provision of this Plan or of any such agreement, notification or document
will be final and conclusive. No member of the Committee shall be liable for any such action or determination made in good faith.
In addition, the Committee is authorized to take any action it determines in its sole discretion to be appropriate subject only
to the express limitations contained in this Plan, and no authorization in any Plan section or other provision of this Plan is
intended or may be deemed to constitute a limitation on the authority of the Committee.

 

(c)           To
the extent permitted by law, the Committee may delegate to one or more of its members, to one or more officers of the Company,
or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee, the subcommittee,
or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect
to any responsibility the Committee, the subcommittee or such person may have under this Plan. The Committee may, by resolution,
authorize one or more officers of the Company to do one or both of the following on the same basis as the Committee: (i) designate
employees to be recipients of awards under this Plan and (ii) determine the size of any such awards; provided, however,
that (A) the Committee will not delegate such responsibilities to any such officer for awards granted to an employee who is
an officer (for purposes of Section 16 of the Exchange Act), a Director, or more than 10% “beneficial owner” (as
such term is defined in Rule 13d-3 promulgated under the Exchange Act) of any class of the Company’s equity securities
that is registered pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with Section 16
of the Exchange Act; (B) the resolution providing for such authorization shall set forth the total number of shares of Common
Stock such officer(s) may grant; and (C) the officer(s) will report periodically to the Committee regarding the
nature and scope of the awards granted pursuant to the authority delegated.

 

11.         Adjustments.
The Committee shall make or provide for such adjustments in the number of and kind of shares of Common Stock covered by outstanding
Option Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units granted
hereunder and, if applicable, in the number of and kind of shares of Common Stock covered by other awards granted pursuant to Section 9
of this Plan, in the Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights, respectively, in
Cash Incentive Awards, and in other award terms, as the Committee, in its sole discretion, determines, in good faith, is equitably
required to prevent dilution or enlargement of the rights of Participants that otherwise would result from (a) any extraordinary
cash dividend, stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of
the Company, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation
or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other corporate transaction
or event having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event or in the event
of a Change in Control, the Committee may provide in substitution for any or all outstanding awards under this Plan such alternative
consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require
in connection therewith the surrender of all awards so replaced in a manner that complies with Section 409A of the Code. In
addition, for each Option Right or Appreciation Right with an Option Price or Base Price, respectively, greater than the consideration
offered in connection with any such transaction or event or Change in Control, the Committee may in its discretion elect to cancel
such Option Right or Appreciation Right without any payment to the person holding such Option Right or Appreciation Right. The
Committee shall also make or provide for such adjustments in the number of shares of Common Stock specified in Section 3
of this Plan as the Committee in its sole discretion, determines, in good faith, is appropriate to reflect any transaction or event
described in this Section 11; provided, however, that any such adjustment to the number specified in Section 3(c) of
this Plan will be made only if and to the extent that such adjustment would not cause any Option Right intended to qualify as an
Incentive Stock Option to fail to so qualify.

 

     

     

    

 

12.          Change
in Control. For purposes of this Plan, except as may be otherwise prescribed by the Committee in an Evidence of Award made
under this Plan or as otherwise provided in another plan or agreement applicable to the Participant, a “Change in Control”
will be deemed to have occurred upon the occurrence (after the Effective Date) of any of the following events:

 

(a)           the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of voting securities of the Company where such acquisition causes such Person to own 50% or more of the combined voting power
of the then outstanding voting securities of the Company entitled to vote generally in the election of Directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this subsection (a),
the following acquisitions shall not be deemed to result in a Change in Control:

 

		(i)	any acquisition directly from the Company that is approved by the Incumbent Board (as defined in
subsection (b) below),

 

		(ii)	any acquisition by the Company,

 

		(iii)	any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company, or

 

		(iv)	any acquisition by any corporation pursuant to a transaction that complies with clauses (i),
(ii) and (iii) of subsection (c) below; provided, further, that if any Person’s
beneficial ownership of the Outstanding Company Voting Securities reaches or exceeds 50% as a result of a transaction described
in clause (i) or (ii) above, and such Person subsequently acquires beneficial ownership of additional voting
securities of the Company, such subsequent acquisition shall be treated as an acquisition that causes such Person to own 50% or
more of the Outstanding Company Voting Securities; and provided, further, that if at least a majority of the members
of the Incumbent Board determines in good faith that a Person has acquired beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 50% or more of the Outstanding Company Voting Securities inadvertently, and such Person
divests as promptly as practicable a sufficient number of shares so that such Person beneficially owns (within the meaning of Rule 13d-3
promulgated under the Exchange Act) less than 50% of the Outstanding Company Voting Securities, then no Change in Control shall
have occurred as a result of such Person’s acquisition;

 

     

     

    

 

(b)           individuals
who, as of the Effective Date, constitute the Board (the “Incumbent Board” as modified by this subsection
(b)) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual
becoming a Director subsequent to the Effective Date whose election, or nomination for election by the Stockholders, was approved
by a vote of at least a majority of the Directors then comprising the Incumbent Board (either by specific vote or by approval of
the proxy statement of the Company in which such person is named as a nominee for Director, without objection to such nomination)
shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened election contest or the use of any proxy access
procedures in the Company’s organizational documents with respect to the election or removal of Directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

 

(c)           consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company
or the acquisition of assets of another corporation or other transaction (“Business Combination”) excluding,
however, such a Business Combination pursuant to which

 

		(i)	the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally
in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation,
an entity that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either
directly or through one or more subsidiaries),

 

		(ii)	no Person (excluding any employee benefit plan (or related trust) of the Company, the Company or
such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of the combined voting
power of the then outstanding securities entitled to vote generally in the election of directors of the entity resulting from such
Business Combination, and

 

     

     

    

 

		(iii)	at least a majority of the members of the board of directors of the corporation resulting from
such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination; or

 

(d)           Stockholder
approval of a complete liquidation or dissolution of the Company except pursuant to a Business Combination that complies with clauses
(i), (ii) and (iii) of subsection (c) above.

 

Notwithstanding the foregoing, with respect
to any award under the Plan that is characterized as “non-qualified deferred compensation” within the meaning of Section 409A
of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of any payment in respect of
such award unless such event would also constitute a “change in ownership,” a “change in effective control”
or a “change in the ownership of a substantial portion of the assets of” the Company under Section 409A of the
Code.

 

13.         Detrimental
Activity and Recapture Provisions. Any Evidence of Award may reference a clawback policy of the Company or provide for the
cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any gain related to an award, or other
provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee from time to
time, if a Participant, either (a) during employment or other service with the Company or a Subsidiary, or (b) within
a specified period after termination of such employment or service, engages in any detrimental activity, as described in the applicable
Evidence of Award or such clawback policy. In addition, notwithstanding anything in this Plan to the contrary, any Evidence of
Award or such clawback policy may also provide for the cancellation or forfeiture of an award or the forfeiture and repayment to
the Company of any Common Stock issued under and/or any other benefit related to an award, or other provisions intended to have
a similar effect, including upon such terms and conditions as may be required by the Committee or under Section 10D of the
Exchange Act and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national
securities exchange or national securities association on which the Common Stock may be traded.

 

14.         Non-U.S.
Participants. In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide
for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary
outside of the United States of America or who provide services to the Company or any Subsidiary under an agreement with a foreign
nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or
custom. Moreover, the Committee may approve such supplements to or amendments, restatements or alternative versions of this Plan
(including sub-plans) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this
Plan as in effect for any other purpose, and the secretary or other appropriate officer of the Company may certify any such document
as having been approved and adopted in the same manner as this Plan. No such special terms, supplements, amendments or restatements,
however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could
have been amended to eliminate such inconsistency without further Stockholder approval.

 

     

     

    

 

15.         Transferability.

 

(a)           Except
as otherwise determined by the Committee, and subject to compliance with Section 17(b) of this Plan and
Section 409A of the Code, no Option Right, Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Share,
Performance Unit, Cash Incentive Award, award contemplated by Section 9 of this Plan or dividend equivalents
paid with respect to awards made under this Plan will be transferable by the Participant except by will or the laws of descent
and distribution. In no event will any such award granted under this Plan be transferred for value. Where transfer is permitted,
references to “Participant” shall be construed, as the Committee deems appropriate, to include any permitted transferee
to whom such award is transferred. Except as otherwise determined by the Committee, Option Rights and Appreciation Rights will
be exercisable during the Participant’s lifetime only by him or her or, in the event of the Participant’s legal incapacity
to do so, by his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state
law or court supervision.

 

(b)           The
Committee may specify on the Date of Grant that part or all of the shares of Common Stock that are (i) to be issued or transferred
by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable
to Restricted Stock Units or upon payment under any grant of Performance Shares or Performance Units or (ii) no longer subject
to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will
be subject to further restrictions on transfer, including minimum holding periods.

 

16.          Withholding
Taxes. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection
with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the Company
for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit
that the Participant or such other person make arrangements satisfactory to the Company for payment of the balance of such taxes
or other amounts required to be withheld, which arrangements (in the discretion of the Committee) may include relinquishment of
a portion of such benefit. Notwithstanding the foregoing, when the Participant is required to pay the Company an amount required
to be withheld under applicable income, employment, tax or other laws, the Committee may require the Participant to satisfy the
obligation, in whole or in part, by having withheld, from the shares of Common Stock delivered or required to be delivered to the
Participant, shares of Common Stock having a value equal to the amount required to be withheld or by delivering to the Company
other shares of Common Stock held by such Participant. The Common Stock used for tax or other withholding will be valued at an
amount equal to the fair market value of such Common Stock on the date the benefit is to be included in Participant’s income.
In no event will the fair market value of the Common Stock to be withheld and delivered pursuant to this Section 16
exceed the minimum amount required to be withheld, unless (i) an additional amount can be withheld and not result in adverse
accounting consequences and (ii) such additional withholding amount is authorized by the Committee. Participants will also
make such arrangements as the Company may require for the payment of any withholding tax or other obligation that may arise in
connection with the disposition of Common Stock acquired upon the exercise of Option Rights.

 

     

     

    

 

17.          Compliance
with Section 409A of the Code.

 

(a)           To
the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions of Section 409A
of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants.
This Plan and any grants made hereunder will be administered in a manner consistent with this intent. Any reference in this Plan
to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such
section by the U.S. Department of the Treasury or the Internal Revenue Service.

 

(b)           Neither
a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation
(within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the
Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s
benefit under this Plan and grants hereunder may not be reduced by, or offset against, any amount owed by a Participant to the
Company or any of its Subsidiaries.

 

(c)           If,
at the time of a Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the
Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology
selected by the Company from time to time) and (ii) the Company makes a good faith determination that an amount payable hereunder
constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be
delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties
under Section 409A of the Code, then the Company will not pay such amount on the otherwise scheduled payment date but will
instead pay it, without interest, on the tenth business day of the seventh month after such separation from service.

 

(d)           Solely
with respect to any award that constitutes nonqualified deferred compensation subject to Section 409A of the Code and that
is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account
of a Change in Control), a Change in Control shall occur only if such event also constitutes a “change in the ownership,”
 “change in effective control,” and/or a “change in the ownership of a substantial portion of assets” of
the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish
a time and form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control
for any purpose in respect of such award.

 

(e)           Notwithstanding
any provision of this Plan and grants hereunder to the contrary, in light of the uncertainty with respect to the proper application
of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company
deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a
Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant
or for a Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under
Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise
hold a Participant harmless from any or all of such taxes or penalties.

 

     

     

    

 

18.            Amendments.

 

(a)           The
Board may at any time and from time to time amend this Plan in whole or in part; provided, however, that if an amendment
to this Plan, for purposes of applicable stock exchange rules and except as permitted under Section 11
of this Plan, (i) would materially increase the benefits accruing to Participants under this Plan, (ii) would materially
increase the number of securities which may be issued under this Plan, (iii) would materially modify the requirements for
participation in this Plan, or (iv) must otherwise be approved by the Stockholders in order to comply with applicable law
or the rules of the Nasdaq Stock Market or, if the Common Stock is not traded on the Nasdaq Stock Market, the principal national
securities exchange upon which the Common Stock is traded or quoted, all as determined by the Board, then, such amendment will
be subject to Stockholder approval and will not be effective unless and until such approval has been obtained.

 

(b)           Except
in connection with a corporate transaction or event described in Section 11 of this Plan or in connection with
a Change in Control, the terms of outstanding awards may not be amended to reduce the Option Price of outstanding Option Rights
or the Base Price of outstanding Appreciation Rights, or cancel outstanding “underwater” Option Rights or Appreciation
Rights (including following a Participant’s voluntary surrender of “underwater” Option Rights or Appreciation
Rights) in exchange for cash, other awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable,
that is less than the Option Price of the original Option Rights or Base Price of the original Appreciation Rights, as applicable,
without Stockholder approval. This Section 18(b) is intended to prohibit the repricing of “underwater”
Option Rights and Appreciation Rights and will not be construed to prohibit the adjustments provided for in Section 11
of this Plan. Notwithstanding any provision of this Plan to the contrary, this Section 18(b) may not be
amended without Stockholder approval.

 

(c)           If
permitted by Section 409A of the Code, but subject to the paragraph that follows, including in the case of termination of
employment or service, or in the case of unforeseeable emergency or other circumstances or in the event of a Change in Control,
to the extent a Participant holds an Option Right or Appreciation Right not immediately exercisable in full, or any Restricted
Stock as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted
Stock Units as to which the Restriction Period has not been completed, or any Cash Incentive Awards, Performance Shares or Performance
Units which have not been fully earned, or any dividend equivalents or other awards made pursuant to Section 9
of this Plan subject to any vesting schedule or transfer restriction, or who holds Common Stock subject to any transfer restriction
imposed pursuant to Section 15(b) of this Plan, the Committee may, in its sole discretion, provide for
continued vesting or accelerate the time at which such Option Right, Appreciation Right or other award may vest or be exercised
or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when
such Restriction Period will end or the time at which such Cash Incentive Awards, Performance Shares or Performance Units will
be deemed to have been earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement
under any such award.

 

     

     

    

 

(d)           Subject
to Section 18(b) of this Plan, the Committee may amend the terms of any award theretofore granted under
this Plan prospectively or retroactively. Except for adjustments made pursuant to Section 11 of this Plan, no
such amendment will materially impair the rights of any Participant without his or her consent. The Board may, in its discretion,
terminate this Plan at any time. Termination of this Plan will not affect the rights of Participants or their successors under
any awards outstanding hereunder and not exercised in full on the date of termination.

 

19.            Governing
Law. This Plan and all grants and awards and actions taken hereunder will be governed by and construed in accordance with the
internal substantive laws of the State of Delaware.

 

20.            Effective
Date/Termination. This Plan will be effective as of the Effective Date. No grant will be made under this Plan on or after the
tenth anniversary of the Effective Date, but all grants made prior to such date will continue in effect thereafter subject to the
terms thereof and of this Plan.

 

21.            Miscellaneous
Provisions.

 

(a)           The
Company will not be required to issue any fractional shares of Common Stock pursuant to this Plan. The Committee may provide for
the elimination of fractions or for the settlement of fractions in cash.

 

(b)           This
Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company
or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate
such Participant’s employment or other service at any time.

 

(c)           Except
with respect to Section 21(e) of this Plan, to the extent that any provision of this Plan would prevent
any Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision will be null
and void with respect to such Option Right. Such provision, however, will remain in effect for other Option Rights and there will
be no further effect on any provision of this Plan.

 

(d)           No
award under this Plan may be exercised by the holder thereof if such exercise, and the receipt of cash or shares thereunder, would
be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having
jurisdiction over this Plan.

 

(e)           Absence
on leave approved by a duly constituted officer of the Company or any of its Subsidiaries will not be considered interruption or
termination of service of any employee for any purposes of this Plan or awards granted hereunder.

 

(f)            No
Participant will have any rights as a Stockholder with respect to any Common Stock subject to awards granted to him or her under
this Plan prior to the date as of which he or she is actually recorded as the holder of such Common Stock upon the share records
of the Company.

 

     

     

    

 

(g)           The
Committee may condition the grant of any award or combination of awards authorized under this Plan on the surrender or deferral
by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary
to the Participant.

 

(h)           Except
with respect to Option Rights and Appreciation Rights, the Committee may permit Participants to elect to defer the issuance of
Common Stock under this Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan and which
are intended to comply with the requirements of Section 409A of the Code. The Committee also may provide that deferred issuances
and settlements include the crediting of dividend equivalents or interest on the deferral amounts.

 

(i)            If
any provision of this Plan is or becomes invalid or unenforceable in any jurisdiction, or would disqualify this Plan or any award
under any law deemed applicable by the Committee, such provision will be construed or deemed amended or limited in scope to conform
to applicable laws or, in the discretion of the Committee, it will be stricken and the remainder of this Plan will remain in full
force and effect. Notwithstanding anything in this Plan or an Evidence of Award to the contrary, nothing in this Plan or in an
Evidence of Award prevents a Participant from providing, without prior notice to the Company, information to governmental authorities
regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental
authorities regarding possible legal violations, and for purpose of clarity a Participant is not prohibited from providing information
voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.

 

22.            Share-Based
Awards in Substitution for Awards Granted by Another Company. Notwithstanding anything in this Plan to the contrary:

 

(a)           Awards
may be granted under this Plan in substitution for or in conversion of, or in connection with an assumption of, stock options,
stock appreciation rights, restricted stock, restricted stock units or other share or share-based awards held by awardees of an
entity engaging in a corporate transaction, including acquisition or merger transactions, with the Company or any Subsidiary. Any
conversion, substitution or assumption will be effective as of the close of the transaction, and, to the extent applicable, will
be conducted in a manner that complies with Section 409A of the Code. The awards so granted may reflect the original terms
of the awards being assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may
account for Common Stock substituted for the securities covered by the original awards and the number of shares subject to the
original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences
in stock prices in connection with the transaction.

 

(b)           In
the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary merges has shares
available under a pre-existing plan previously approved by shareholders and not adopted in contemplation of such acquisition or
merger, the shares available for grant pursuant to the terms of such plan (as adjusted, to the extent appropriate, to reflect such
acquisition or merger) may be used for awards made after such acquisition or merger under this Plan; provided, however, that awards
using such available shares may not be made after the date awards or grants could have been made under the terms of the pre-existing
plan absent the acquisition or merger, and may only be made to individuals who were not employees or directors of the Company or
any Subsidiary prior to such acquisition or merger.

 

(c)           Any
Common Stock that is issued or transferred by, or that is subject to any awards that are granted by, or become obligations of,
the Company under Sections 22(a) or 22(b) of this Plan will not reduce the shares of Common Stock
available for issuance or transfer under this Plan or otherwise count against the limits contained in Section 3
of this Plan, except as otherwise provided in this Plan. In addition, no shares of Common Stock subject to an award that is granted
by, or becomes an obligation of, the Company under Sections 22(a) or 22(b) of this Plan, will be added
to the aggregate limit contained in Section 3(a)(i) of this Plan.

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