Document:

Exhibit

BJ’S WHOLESALE CLUB
Annual Incentive Plan
Effective January 29, 2017

TABLE OF CONTENTS

	
							
	1
	

	 
	PURPOSE
	 
	3
	

	2
	

	 
	DEFINITIONS
	 
	3
	

	3
	

	 
	DESCRIPTION OF AWARDS
	 
	4
	

	4
	

	 
	ELIGIBILITY
	 
	4
	

	5
	

	 
	DETERMINATION OF AWARDS
	 
	5
	

	6
	

	 
	TERMINATION OF EMPLOYMENT/LEAVE OF ABSENCE
	 
	5
	

	7
	

	 
	TARGET AWARD PAYMENTS
	 
	6
	

	8
	

	 
	ADMINISTRATION
	 
	6
	

	9
	

	 
	DESIGNATION OF BENEFICIARY
	 
	6
	

	10
	

	 
	NOTICES
	 
	7
	

	11
	

	 
	RIGHTS OF PARTICIPANTS
	 
	7
	

	12
	

	 
	NO EMPLOYMENT RIGHTS
	 
	7
	

	13
	

	 
	NONALIENATION OF AWARDS
	 
	7
	

	14
	

	 
	TERMINATION, AMENDMENT, AND MODIFICATION
	 
	8
	

	15
	

	 
	HEADING AND CAPTIONS
	 
	8
	

	16
	

	 
	GOVERNING LAW
	 
	8
	

	17
	

	 
	MISCELLANEOUS PROVISIONS
	 
	8
	

BJs Wholesale Club Annual Incentive Plan                                2
Confidential - Internal Use Only

1.PURPOSE
The purpose of the BJ’s Wholesale Club, Inc. Annual Incentive Plan (“AIP”) is to provide employees who are key to the growth and profitability of BJ’s Wholesale Club, Inc. and its subsidiaries with reward opportunities commensurate with performance relative to specified objectives. The “AIP” serves as a means to communicate the Company’s priorities, support the Company’s business plans, and encourage cooperation among employees within and between different organizational units.

2.DEFINITIONS
Unless the context requires otherwise, the following expressions as used in the Plan shall have the meanings ascribed to each below, it being understood that the masculine, feminine and neuter pronouns are used interchangeably, and that each comprehends the others.
“Board” shall mean the Board of Directors of BJ’s Wholesale Club, Inc.
“Company” shall mean BJ’s Wholesale Club, Inc. and its subsidiaries.
“Fiscal Year” shall mean the 52 or 53 week period ending on the Saturday closest to January 31 in each year.
“Participant” shall mean an employee of the Company who is designated a participant pursuant to Section 4 below.
“Performance Criterion” shall mean the standard(s) of measurement on Company performance and individual performance for each Performance Period as established by the Board pursuant to paragraph (a) of Section 3 below.
“Performance Goals” shall mean the levels of performance with respect to each Performance Criterion at which awards are payable pursuant to this Plan. Performance Goals are established by the Board pursuant to paragraph (b) of Section 3 below.
“Performance Period” shall mean a part or all of a Fiscal Year, or more than one Fiscal Year, in each case as determined by the Board.
“Plan” shall mean BJ’s Wholesale Club, Inc. Annual Incentive Plan.
Annual Salary Total: In the context of the Plan, Annual Salary Total refers to the amount of base salary paid to the Participant during the Plan year as recorded in BJ’s Human Resource Information System of record. It covers only periods when an employee is a Participant and has an active employment status. Annual Salary Total includes only base salary paid through the Company’s standard payroll processes and it does not include any additional payments that may be made to a Participant, such as overtime pay, bonus payments, car allowance, equity compensation, the value of employee benefits, or any other forms of compensation.
BJs Wholesale Club Annual Incentive Plan                                3
Confidential - Internal Use Only

3.    DESCRIPTION OF AWARDS
Designation of Performance Criteria. The Board shall determine one or more Performance Criteria for said Performance Period and the relative weight to be given to each Performance Criterion. Performance Criteria and the weighting thereof may vary
by Participant and may be different for different Performance Periods.    Such
Performance Criteria shall be such qualitative or quantitative criteria as the Board may determine in its sole discretion and may be absolute or relative in their terms or measured against or in relationship to other companies comparably, similarly or otherwise situated, or a market index.
Performance Goals. The Board shall establish a range of Performance Goals from minimum to target to maximum for each Performance Criterion for said Performance Period. Performance Goals may vary by Participant, may be different for different Performance Periods and may be particular to a Participant or the department, branch, line of business, subsidiary or other unit in which the Participant works. At any time designated by the Board prior to award payment, appropriate adjustments in the Performance Goals may be made as the Board shall, in its sole discretion, determine.
Award Opportunity. The Board shall assign to each Participant the minimum, target, and maximum award opportunities to be earned for said Performance Period. Award opportunity may be expressed as a fixed amount or as a percentage of the Participant’s base salary earned for the Performance Period. The Board may provide for automatic modifications in the minimum, target or maximum award opportunities for a Participant in the event of a change in the Participant’s position occurring during the Performance Period.

4.    ELIGIBILITY
For each Performance Period, the Board shall designate Participants to receive annual cash incentive awards, subject to the terms and conditions of the Plan. Participants in the Plan shall be employees of the Company, including such executives and other persons as the SVP Human Resources shall, at any time, designate as Participants for said Performance Period.
If an employee becomes a Participant after the beginning of an existing Performance Period, a pro-rated award will be made for such Participant for such Performance Period. The award will be pro-rated based on the number of weeks the employee is in the eligible role. If the Participant was in one or more eligible roles during the Performance Period, the award will be pro-rated based on the number of weeks the employee was in each role. If the Participant moves from an eligible role into a non-eligible role during the Performance Period, he or she will receive a pro-rated award based on the number of weeks the employee was in the eligible role.

BJs Wholesale Club Annual Incentive Plan                                4
Confidential - Internal Use Only

5.    DETERMINATION OF AWARDS
Achievement of all Performance Goals will result in payment of a Participant’s target award. Failure to achieve Performance Goals may result in a decrease or elimination of the Participant’s award. Exceeding performance goals may result in an award greater than the target award, but not greater than a maximum award defined annually. Notwithstanding the foregoing, the Board in its discretion, may adjust the amount payable under an incentive award.

6.    TERMINATION OF EMPLOYMENT/LEAVE OF ABSENCE
Except as otherwise provided in an employment agreement or in the Board’s discretion, in the event of termination of employment of a Participant for any reason prior to the last day of the Performance Period (such date, the “Required Employment Date”), a Participant shall have no further rights under the Plan thereafter and shall not be entitled to payment of the portion of any award otherwise payable under the Plan on the Payment Date (as defined in Section 9 below).
If termination of employment occurs during the Performance Period (i) by reason of death, or (ii) due to normal retirement (for Plan purposes, normal retirement age is defined as on or after age 65), or (iii) due to early retirement (for Plan purposes, early retirement is defined as on or after age 55 and with a minimum of ten years of service with the company). A prorated portion of the award will be based on the salary earned up to the termination date. The payment will be based on the award that would otherwise have been paid to the Participant based on performance relative to the Performance Goals.
The SVP Human Resources may direct that some or all of the award for both current year balance and prior year balances that would otherwise have been paid to the Participant based on performance relative to the Performance Goals be paid, taking into account the duration of employment during the Performance Period, the Participant’s performance, and such other factors as the SVP Human Resources shall deem appropriate.”
If a Participant is on an approved absence from work for any period in excess of 90 days (in total) during the Performance Period, the incentive award payment will be pro-rated to reflect active employment for the Plan Year. See Section 4 for pro-rating parameters.
If the Participant leaves the Company and returns in 90 days or fewer, he or she will receive a pro-rated award based on the number of weeks the employee was employed in the eligible role.
In the event of termination of employment for cause or misconduct, as defined and determined by the Company, in its sole discretion, no payment shall be made with regard to any prior or current Performance Period.

BJs Wholesale Club Annual Incentive Plan                                5
Confidential - Internal Use Only

7.    TARGET AWARD PAYMENTS
Within 90 days of the fiscal year end, unless otherwise determined by the Board, payment will be made in cash with respect to the award earned by the Participant (such payment date, the “Payment Date”).

8.    ADMINISTRATION
This Plan shall be administered by the Board. The Board shall have full authority to interpret the Plan; to establish, amend, and rescind rules for carrying out the Plan; to administer the Plan; to determine the terms and provisions of any agreements pertaining to the Plan; and to make all other determinations necessary or advisable for its administration.
Any person objecting to any interpretation, rule, determination or other action made or taken by the Board which affects said person shall have the right to appeal in writing to the Company, setting forth the objections in reasonable detail, provided that such appeal shall be made within 90 days after declaration of such interpretation, rule, or other determination, or such additional time as the Company shall deem reasonable.
The Board shall not be bound to any standards of uniformity or similarity of action, interpretation or conduct in the discharge of its duties hereunder, regardless of the apparent similarity of the matters coming before the Board. Its determination shall be binding on all parties.
Neither the Company nor any member of former member of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any award of payment made under the Plan.

9.    DESIGNATION OF BENEFICIARY
Subject to applicable law, each Participant shall have the right to file with the Company a written designation of one or more persons as beneficiary(ies) who shall be entitled to receive the amount, if any, payable under the Plan upon the Participant’s death. A Participant may from time to time revoke or change the beneficiary by filing a new designation with the Company. The last such designation received by the Company shall be controlling; provided, however, that no designation, change, or revocation thereof shall be effective unless received by the Company prior to the Participant’s death, and in no event shall it be effective as of a date prior to receipt.
If no such beneficiary designation is in effect at the time of a Participant’s death, if no designated beneficiary survives the Participant, or if such designation conflicts with law, the amount payable under the Plan upon the Participant’s death shall be made to the Participant’s estate. If the Company is in doubt as to the right of any person to receive any amount, the Company may retain such amount, without liability for any interest thereon, until the rights thereto are determined, or the Company may pay such amount into any court of appropriate jurisdiction, and such payment shall be a complete discharge of the liability of the Plan, the company, the Board therefore.

BJs Wholesale Club Annual Incentive Plan                                6
Confidential - Internal Use Only

10.    NOTICES
Any notice required or permitted to be given shall be deemed given if directed to the person to whom addressed at such address and mailed by regular United States mail, first-class and prepaid. If any item mailed to such address is returned undeliverable to the addressee, mailing will be suspended until the Participant furnishes the proper address. Notice may also be given by means of intercompany email.

11.    RIGHTS OF PARTICIPANTS
Nothing contained in the Plan and no action taken pursuant to the Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant or such Participant’s legal representative or designated beneficiary, or other persons.
If, and to the extent than any Participant or his legal representative or designated beneficiary, as the case may be, acquires a right to receive any payment from the Company pursuant to the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company.

12.    NO EMPLOYMENT RIGHTS
Nothing in the Plan or any other document describing or referring to the Plan shall be deemed to confer on any Participant the right to continue in the employ of the Company or affect the right of the Company to terminate the employment of any such person with or without cause.

13.    NONALIENATION OF AWARDS
No amounts payable or other rights under the Plan shall be sold, transferred, assigned, pledged, or otherwise disposed of or encumbered by a Participant, except as provided herein, nor shall they be subject to attachment, garnishment, execution, or other creditor’s processes.

14.    WITHHOLDING TAX
The Company shall have the right to deduct withholding taxes from any payments made pursuant to the Plan, or make such other provisions as it deems necessary or appropriate to satisfy its obligations for withholding federal, state, or local income or other taxes from payments to the Participant.

BJs Wholesale Club Annual Incentive Plan                                7
Confidential - Internal Use Only

15.    TERMINATION, AMENDMENT, AND MODIFICATION
The Board may from time to time amend, modify, or discontinue the Plan or any provision hereof. No amendment to, or discontinuance or termination of, the Plan shall, without the written consent of the Participant, adversely affect any rights of such Participant that have vested. This Plan shall continue until terminated by the Board.

16.    HEADING AND CAPTIONS

The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan.

17.    GOVERNING LAW
This Plan shall be construed and enforced according to the laws of the Commonwealth of Massachusetts (without regard to any choice-of-law principles of the laws of such state that would require application of the laws of any other state), to the extent not preempted by Federal law, which shall otherwise control. The state and federal courts in the Commonwealth of Massachusetts will have the exclusive jurisdiction to resolve any disputes arising out of or related to the AIP, and any Participant hereunder voluntarily submits to the jurisdiction over his/her person by a court of competent jurisdiction located within the Commonwealth of Massachusetts. The Company and any Participant hereunder expressly waive any right to a jury trial with respect to any dispute arising out of or related to the Plan.

18.    MISCELLANEOUS PROVISIONS
All costs and expenses involved in administering the Plan as provided herein, or incident thereto, shall be borne by the Company.
If any Participant shall also participate in other incentive plans of the Company, the board shall determine the amount, if any, by which such Participant’s award under the Plan shall be adjusted, so as to coordinate the benefits under the Plan with the other plans.
The Board may, in its sole discretion, reduce or eliminate awards granted or money payable to any Participant or all Participants if it determines that such awards or payments may cause the Company to violate any applicable law, regulation, controls, or guidelines. Such reduction or elimination may be made notwithstanding that the possible violation might be eliminated by reducing or not increasing compensation or benefits of other employees, it being the intent of the Plan not to inhibit the discretion of the Company to provide such forms and amounts of compensation and benefits to employees as it deems advisable.

BJs Wholesale Club Annual Incentive Plan                                8
Confidential - Internal Use OnlyEXHIBIT
4.2

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As
of March 16, 2020 (the “Exhibit Date”), NTN Buzztime, Inc. (the “Company,” “we,” “our”
and “us”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange
Act”): common stock, $0.005 par value per share (“common stock”).

 

General

 

The
following is a brief description of the rights of our common stock. The description is qualified in its entirety by reference
to, and should be read together with, our Restated Certificate of Incorporation (as amended, “Certificate”), our Bylaws
(as amended, “Bylaws”), and the applicable provisions of the Delaware General Corporation Law (the “DGCL”).
Our Certificate and Bylaws are filed as exhibits to our Annual Report on Form 10-K of which this exhibit is a part. Our Annual
Report on Form 10-K is filed with the U.S. Securities and Exchange Commission and is publicly available. We encourage you to read
our Certificate, our Bylaws and the applicable provisions of the DGCL for additional information.

 

Authorized
Capital

 

We
are authorized to issue up to 15,000,000 shares of common stock and up to 1,000,000 shares of preferred stock, $0.005 par value
per share (the “preferred stock”). As of the Exhibit Date, we had 156,112 shares of preferred stock designated as
Series A Cumulative Convertible Preferred Stock, all of which were issued and outstanding as of the Exhibit Date.

 

Rights
of Holders of our Common Stock

 

Dividend
Rights. Subject to preferences that may apply to any then outstanding preferred stock, holders of our common stock are entitled
to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.

 

Voting
Rights. Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders,
including the election of directors. Our stockholders do not have cumulative voting rights.

 

Liquidation
Rights. In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share
ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities
and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock. Upon
our liquidation, dissolution or winding up, each share of our Series A Cumulative Convertible Preferred Stock has a preference
over our common stock to the extent of $1.00 per share, but is not otherwise entitled to share in the proceeds of any liquidation,
dissolution or winding up.

 

No
Preemptive Rights. Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are
no redemption or sinking fund provisions applicable to our common stock.

 

Rights
of Preferred Stock May be Senior to Rights of Common Stock. Our board of directors has the authority, without further action
by our stockholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and
restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights,
terms of redemption, and liquidation preferences, any or all of which may be greater than the rights of the holders of our common
stock.

 

    	 

    	 

    

 

Anti-Takeover
Effect Provisions

 

Certain
provisions in our Certificate and in our Bylaws may have an anti-takeover effect, including:

 

Number
of Directors. The number of directors on our board of directors is established by our board of directors, which may delay
the ability of stockholders to change the composition of a majority of our board of directors.

 

No
Cumulative Voting. Our stockholders cannot cumulate their votes in the election of directors, which limits the ability of
minority stockholders to elect director candidates.

 

Filling
of Vacancies. Our board of directors have the exclusive right to elect a director to fill any vacancy or newly created directorship.

 

Removing
Directors. A director may be removed only by the affirmative vote of the holders of 80% of the combined voting power of the
then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class.

 

Prohibition
on Written Consent. Our stockholders are prohibited from acting by written consent, which forces stockholder action to be
taken at an annual or special meeting of our stockholders. The affirmative vote of the holders of at least 80% of the voting power
of all shares entitled to vote generally in the election of directors, voting together as a single class, is required to alter,
amend, or repeal, or adopt any provision inconsistent with, the foregoing.

 

Calling
Special Meetings. Special meetings of our stockholders may be called only by our board of directors, which may delay the ability
of our stockholders to force consideration of a proposal or to take action, including the removal of directors. The affirmative
vote of the holders of at least 80% of the voting power of all shares entitled to vote generally in the election of directors,
voting together as a single class, is required to alter, amend, or repeal, or adopt any provision inconsistent with, the foregoing.

 

Advance
Notice Procedures. Stockholders must comply with the advance notice procedures in our Bylaws to nominate candidates to our
board of directors and to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential
acquirer from soliciting proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control
of us.

 

Bylaw
Amendments. Our board of directors, by majority vote, may amend or repeal our Bylaws and may adopt new Bylaws. Our stockholders
may not adopt, amend, or repeal our Bylaws or adopt new Bylaws except by the vote or written consent of at least 66 2/3% of the
voting power of the Company. These provisions may inhibit the ability of an acquirer from amending our Certificate or our Bylaws
to facilitate a hostile acquisition and may allow our board of directors to take additional actions to prevent a hostile acquisition.

 

Preferred
Stock. Our board of directors can determine to issue shares of preferred stock and to determine the price and other terms
of those shares, including preferences and voting rights, without stockholder approval, which could significantly dilute the ownership
of a hostile acquirer.

 

Additional
Authorized Shares of Capital Stock. The shares of authorized common stock and preferred stock available for issuance under
our Certificate could be issued at such times, under such circumstances, and with such terms as to impede a change in control.

 

    	 

    	 

    

 

Repurchases
From Controlling Persons. Subject to certain exceptions, no purchase by the Company from any Controlling Person (as defined
below) of shares of our stock owned by such Controlling Person shall be made at a price exceeding the average price paid by such
Controlling Person for all shares of our stock acquired by such Controlling Person during the two-year period preceding the date
of such proposed purchase unless such purchase is approved by the affirmative vote of not less than a majority of the voting power
of the shares of our stock entitled to vote held by Disinterested Stockholders (as defined below). The foregoing may not be amended
without the affirmative vote of not less than a majority of our stock entitled to vote thereon; provided, however, that if, at
the time of such vote, there shall be one or more Controlling Persons, such affirmative vote shall include the affirmative vote
in favor of such amendment of not less than a majority of the voting power of the shares of our stock entitled to vote thereon
held by Disinterested Stockholders. “Controlling Person” means any individual, corporation, partnership, trust, association
or other organization or entity (including any group formed for the purpose of acquiring, voting or holding our securities) which
either directly, or indirectly through one or more intermediaries, owns, beneficially or of record, or controls by agreement,
voting trust or otherwise, at least 10% of the voting power of our stock, and such term also includes any corporation, partnership,
trust, association or other organization or entity in which one or more Controlling Persons have the power, through the ownership
of voting securities, by contract, or otherwise, to influence significantly any of the management, activities or policies of such
corporation, partnership, trust, association, other organization or entity. “Disinterested Stockholders” means those
holders of our stock entitled to vote on any matter, none of which is a Controlling Person.

 

In
addition, we are subject to Section 203 of the DGCL, which, subject to certain exceptions, prohibits a Delaware corporation from
engaging in any “business combination” with any “interested stockholder” for three years following the
date that such stockholder became an interested stockholder, unless: (i) before such date, the board of directors of the corporation
approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
(ii) on consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes
of determining the number of shares outstanding those shares owned (a) by persons who are directors and also officers and (b)
by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject
to the plan will be tendered in a tender or exchange offer; or (iii) on or after such date, the business combination is approved
by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative
vote of at least 66 2⁄3% of the outstanding voting stock not owned by the interested stockholder.

 

The
term “business combination” generally includes mergers or consolidations resulting in a financial benefit to the interested
stockholder. The term “interested stockholder” generally means any person, other than the corporation and any direct
or indirect majority-owned subsidiary of the corporation, who, together with affiliates and associates, owns (or owned within
three years prior to the determination of interested stockholder status) 15% or more of the outstanding voting stock of the corporation.

 

Exclusive
Forum

 

Our
Bylaws provides that, unless we consent in writing to the selection of an alternative forum, the state courts of the State of
Delaware (or, if no such state court has jurisdiction, the federal district court for the District of Delaware) shall be the sole
and exclusive forum for (A) any derivative action or proceeding brought on the Company’s behalf, (B) any action asserting
a claim of breach of a fiduciary duty owed by any director or officer or stockholder of the Company to the Company or its stockholders,
(C) any action asserting a claim against the Company or any director or officer or stockholder of the Company arising pursuant
to any provision of the DGCL or the Certificate or the Bylaws, or (D) any action asserting a claim against the Company or any
director or officer or stockholder of the Company governed by the internal affairs doctrine.

 

Dissenters’
Rights of Appraisal and Payment

 

Under
the DGCL, with certain exceptions, our stockholders have appraisal rights in connection with a merger or consolidation of the
Company. Under the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation
will have the right to receive payment of the fair value of their shares as determined by the Delaware courts.

 

Listing

 

Our
common stock is listed on the NYSE American under the symbol “NTN.”

 

Transfer
Agent and Registrar

 

The
transfer agent for our common stock is American Stock Transfer & Trust Company, LLC.

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