Document:

Exhibit 10.4

    

    

    EXCELERATE ENERGY, INC.

    LONG-TERM INCENTIVE PLAN

    

    

    	1.	
            Purpose

          

    

    

    The purpose of this Excelerate Energy, Inc. Long-Term Incentive Plan (the “Plan”) is to promote and closely align the interests of employees, officers,
      non-employee directors and other service providers of Excelerate Energy, Inc. and its stockholders by providing stock-based compensation and other performance-based compensation. The objectives of the Plan are to attract and retain the best available
      employees for positions of substantial responsibility and to motivate Participants to optimize the profitability and growth of the Company through incentives that are consistent with the Company’s goals and that link the personal interests of
      Participants to those of the Company’s stockholders. The Plan provides for the grant of Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock, Other Stock-Based Awards and Incentive Bonuses.

    

    

    	2.	
            Definitions

          

    

    

    As used in the Plan, the following terms shall have the meanings set forth below:

    

    

    (a)          “Act” means the Securities Exchange Act of 1934, as amended.

     

    

    (b)          “Affiliate” means with respect to any Person, any other Person that directly or indirectly, through one or more
      intermediaries, Controls, is Controlled by, or is under common Control with, such first Person.

     

    

    (c)          “Award” means an Option, Stock Appreciation Right, Restricted Stock Unit, Restricted Stock, Other Stock-Based Award or
      Incentive Bonus granted to a Participant pursuant to the provisions of the Plan, any of which may be subject to performance conditions. 

     

    

    (d)         “Award Agreement” means a written or electronic agreement or other instrument as may be approved from time to time by the
      Committee and designated as such implementing the grant of each Award. An Award Agreement may be in the form of an agreement to be executed by both the Participant and an authorized representative of the Company or certificates, notices or similar
      instruments as approved by the Committee and designated as such.

     

    

    (e)          “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Act.

     

    

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

     

    

    (g)        “Cause” has the meaning set forth in the written employment, offer, services or severance agreement or letter between the
      Participant and the Company or an Affiliate, or if there is no such agreement or no such term is defined in such agreement, means the Participant (i) committing a serious act that constitutes fraud, theft or dishonesty; (ii) engaging in misconduct or
      gross neglect that has caused serious injury, monetary or reputational, to the Company or an Affiliate;  (iii) being indicted, charged, convicted of or pleading guilty or “no contest” to a felony or any criminal act involving moral turpitude; (iv)
      ceasing to fulfill his or her duties under any agreement with the Company or an Affiliate, materially breaching his or her obligations under any agreement with the Company or an Affiliate or refusing or failing to carry out his or her duties under
      any agreement with the Company or an Affiliate or to obey reasonable, ethical and legal orders or instructions from the Company.  A Participant’s employment or service will be deemed to have been terminated for Cause if it is determined subsequent to
      such Participant’s Termination of Employment that grounds for a Termination of Employment for Cause existed at the time of such Termination of Employment, as determined by the Committee.

     

    

    
      
        

    

    
    

    

    (h)          “Change in Control” means, except as otherwise provided in an Award Agreement, the occurrence of any one of the following:

    

    

    (i)          any Third Party Stakeholder becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power
      of the Company’s then outstanding voting securities; or

    

    

    (ii)         the following individuals cease for any reason to constitute a majority of the directors of the Company then serving: (A) individuals who, on the Effective Date,
      constitute the Board, and (B) any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation) whose appointment by the
      Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least 2/3 of the directors then still in office who either were directors on the Effective Date or whose appointment or nomination for election
      was previously so approved or recommended by the directors referred to in this clause (B);

    

    

    (iii)        there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary of the Company with any other corporation or other entity, and,
      immediately after the consummation of such merger or consolidation, either (A) the members of the Board immediately before the merger or consolidation do not constitute at least a majority of the board of directors of the company surviving the merger
      or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (B) all of the Persons who were the respective Beneficial Owners of the voting securities of the Company immediately before such merger or consolidation do not Beneficially
      Own, directly or indirectly, more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation; or

    

    

    (iv)        the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company, or there is consummated an agreement or series of related
      agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets, other than the sale or other disposition by the Company of all or substantially all of the Company’s assets to
      an entity, more than 50% of the combined voting power of the voting securities of which are Beneficially Owned by shareholders of the Company in substantially the same proportions as their Beneficial Ownership of such securities of the Company
      immediately before such sale.

    

    

    (i)          “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations issued
      thereunder.

     

    

    
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    (j)          “Committee” means the Compensation Committee of the Board (or any successor committee) or such other committee as designated
      by the Board to administer the Plan under Section 6.

    

    

    (k)          “Common Stock” means the Class A common stock of the Company, $0.001 par value per share, or such other class or kind of
      shares or other securities as may be applicable under Section 16.

    

    

    (l)          “Company” means Excelerate Energy, Inc., a Delaware corporation, and except as utilized in the definition of Change in
      Control, any successor corporation.

    

    

    (m)        “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies
      of a Person, whether through ownership of voting securities, by contract or otherwise.

    

    

    (n)         “Disability” has the meaning set forth in a written employment, offer, services or severance agreement or letter between the
      Participant and the Company or an Affiliate, or if there is no such agreement or no such term is defined in such agreement, means, as determined by the Company in good faith, the Participant’s inability to  perform  the  essential  functions  of 
      Participant’s  position because of physical or mental illness, incapacity or disability.

    

    

    (o)         “Dividend Equivalent” means an amount payable in cash or Common Stock, as determined by the Committee, equal to the dividends
      that would have been paid to the Participant if the share of Common Stock with respect to which the Dividend Equivalent relates had been owned by the Participant.

    

    

    (p)          “Effective Date” means the date on which the Plan takes effect, as defined pursuant to Section 4.

    

    

    (q)        “Eligible Person” any current or prospective employee, officer, non-employee director or other service provider of the Company
      or any of its Affiliates; provided however that Incentive Stock Options may only be granted to employees of the Company or any of its “subsidiary corporations” within the meaning of Section 424 of the Code.

    

    

    (r)          “Fair Market Value” means as of any date, the value of the Common Stock determined as follows: (i) if the Common Stock is
      listed on any established stock exchange, system or market, its Fair Market Value shall be the closing price for the Common Stock as quoted on such exchange, system or market as reported in the Wall Street Journal or such other source as the
      Committee deems reliable (or, if no sale of Common Stock is reported for such date, on the next preceding date on which any sale shall have been reported); and (ii) in the absence of an established market for the Common Stock, the Fair Market Value
      thereof shall be determined in good faith by the Committee by the reasonable application of a reasonable valuation method, taking into account factors consistent with Treas. Reg. Sec. 409A-1(b)(5)(iv)(B) as the Committee deems appropriate.

    

    

    (s)          “Incentive Bonus” means a bonus opportunity awarded under Section 12 pursuant to which a Participant may become
      entitled to receive an amount based on satisfaction of such performance criteria established for a specified performance period as specified in the Award Agreement.

     

    

    
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    (t)          “Incentive Stock Option” means an Option that is intended to qualify as an “incentive stock option” within the meaning of
      Section 422 of the Code.

    

    

    (u)          “Nonqualified Stock Option” means an Option that is not intended to qualify as an “incentive stock option” within the meaning
      of Section 422 of the Code.

    

    

    (v)         “Option” means a right to purchase a number of shares of Common Stock at such exercise price, at such times and on such other
      terms and conditions as are specified in or determined pursuant to an Award Agreement. Options granted pursuant to the Plan may be Incentive Stock Options or Nonqualified Stock Options.

    

    

    (w)         “Other Stock-Based Award” means an Award granted to an Eligible Person under Section 11.

    

    

    (x)          “Participant” means any Eligible Person to whom Awards have been granted from time to time by the Committee and any authorized
      transferee of such individual.

    

    

    (y)          “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
      business association, organization, governmental entity, or other entity.

    

    

    (z)         “Restricted Stock” means an Award or issuance of Common Stock the vesting and/or transferability of which is subject during
      specified periods of time to such conditions (including continued employment or engagement or performance conditions) and terms as the Committee deems appropriate.

    

    

    (aa)       “Restricted Stock Unit” means an Award denominated in units of Common Stock under which the issuance of shares of Common Stock
      (or cash payment in lieu thereof) is subject to such conditions (including continued employment or engagement or performance conditions) and terms as the Committee deems appropriate.

    

    

    (bb)       “Separation from Service” or “Separates from Service” means a
      Termination of Employment that constitutes a “separation from service” within the meaning of Section 409A of the Code.

    

    

    (cc)       “Stock Appreciation Right” or “SAR” means a right that entitles the
      Participant to receive, in cash or Common Stock or a combination thereof, as determined by the Committee, value equal to the excess of (i) the Fair Market Value of a specified number of shares of Common Stock at the time of exercise over (ii) the
      exercise price of the right, as established by the Committee on the date of grant.

    

    

    (dd)       “Subsidiary” means any business association (including a corporation or a partnership, other than the Company) in an unbroken
      chain of such associations beginning with the Company if each of the associations other than the last association in the unbroken chain owns equity interests (including stock or partnership interests) possessing 50% or more of the total combined
      voting power of all classes of equity interests in one of the other associations in such chain.

     

    

    
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    (ee)       “Substitute Awards” means Awards granted or Common Stock issued by the Company in assumption of, or in substitution or exchange
      for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.

    

    

    (ff)         “Termination of Employment” means ceasing to serve as an employee of the Company and its Subsidiaries or, with respect to a
      non-employee director or other service provider, ceasing to serve as such for the Company and its Subsidiaries, except that with respect to all or any Awards held by a Participant (i) the Committee may determine that a leave of absence or employment
      on a less than full-time basis is considered a “Termination of Employment,” (ii) service as a member of the Board shall constitute continued employment with respect to Awards granted to a Participant while he or she served as an employee, (iii)
      service as an employee of the Company or a Subsidiary shall constitute continued employment with respect to Awards granted to a Participant while he or she served as a member of the Board or other service provider, and (iv) the Committee may
      determine that a transition from employment with the Company or an Affiliate to service to the Company or an Affiliate other than as an employee shall constitute a “Termination of Employment”. The Committee shall determine whether any corporate
      transaction, such as a sale or spin-off of a division or Subsidiary that employs or engages a Participant, shall be deemed to result in a Termination of Employment with the Company and its Affiliates for purposes of any affected Participant’s Awards,
      and the Committee’s decision shall be final and binding.

    

    

    (gg)       “Third Party Stakeholder” means any Person or any group of Persons, the acting together of which would constitute a “group” for
      purposes of Section 13(d) of the Act, or any successor provisions thereto, excluding the Company, Excelerate Energy Limited Partnership, any Person who is or becomes a party to that certain Tax Receivable Agreement dated as of [●], 2022 by and among
      the Company, Excelerate Energy Limited Partnership, and the other parties thereto (each, a “TRA Party”), and each of their respective Affiliates. For purposes of this definition, the
      Affiliates of a TRA Party shall include the estate of a TRA Party and any Person who is a successor of a TRA Party as a direct result of a gift, bequest, or similar transfer.

    

    

    	3.	
            Eligibility

          

    

    

    Any Eligible Person is eligible for selection by the Committee to receive an Award.

    

    

    	4.	
            Effective Date and Termination of Plan

          

    

    

    This Plan became effective on [●] (the “Effective Date”). The Plan shall remain available for the grant of Awards until the 10th anniversary of the Effective
      Date. Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Board may determine. Termination of the Plan will not affect the rights and obligations of the Participants and the Company arising under Awards theretofore
      granted.

     

    

    
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    	5.	
            Shares Subject to the Plan and to Awards

          

    

    

    (a)         Aggregate Limits. The aggregate number of shares of Common Stock issuable under the Plan shall be equal to (i) [●], plus (ii) any shares of
      Common Stock added as a result of the following sentence (collectively, the “Share Pool”). The Share Pool will automatically increase on January 1 of each year beginning in 2023 and ending
      with a final increase on January 1, 2032 in an amount equal to [●]% of the total number of shares of Common Stock outstanding on the preceding December 31; provided, however, that the Committee may provide that there will be no January 1 increase in
      the Share Pool for any such year or that the increase in the Share Pool for any such year will be a smaller number of shares of Common Stock than would otherwise occur pursuant to this sentence. The aggregate number of shares of Common Stock
      available for grant under this Plan and the number of shares of Common Stock subject to Awards outstanding at the time of any event described in Section 16 shall be subject to adjustment as provided in Section 16. The shares of Common
      Stock issued pursuant to Awards granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market.

    

    

    (b)         Issuance of Shares. For purposes of Section 5(a), the aggregate number of shares of Common Stock issued under this Plan at any time shall
      equal only the number of shares of Common Stock actually issued upon exercise or settlement of an Award. Shares of Common Stock subject to Awards that have been canceled, expired, forfeited or otherwise not issued under an Award and shares of Common
      Stock subject to Awards settled in cash shall not count as shares of Common Stock issued under this Plan. The aggregate number of shares available for issuance under this Plan at any time shall not be reduced by (i) shares subject to Awards that have
      been terminated, expired unexercised, forfeited or settled in cash, (ii) shares subject to Awards that have been retained or withheld by the Company in payment or satisfaction of the exercise price, purchase price or tax withholding obligation of an
      Award, or (iii) shares subject to Awards that otherwise do not result in the issuance of shares in connection with payment or settlement thereof. In addition, shares that have been delivered (either actually or by attestation) to the Company in
      payment or satisfaction of the exercise price, purchase price or tax withholding obligation of an Award shall be available for issuance under this Plan.

    

    

    (c)          Substitute Awards. Substitute Awards shall not reduce the shares of Common Stock authorized for issuance under the Plan or authorized for grant
      to a Participant in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which the Company or any Subsidiary combines, has shares available under a pre-existing plan approved by stockholders
      and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation
      ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the
      shares of Common Stock authorized for issuance under the Plan; provided that, Awards using such available shares (i) shall 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 combination, (ii) shall only be made to individuals who were not employees or service providers of the Company or its Affiliates at the time of such acquisition or combination, and (iii) shall comply with the requirements of any stock
      exchange or market or quotation system on which the Common Stock is traded, listed or quoted.

     

    

    
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    (d)         Tax Code Limits. The aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options granted
      under this Plan shall be equal to [●], which number shall be calculated and adjusted pursuant to Section 16 only to the extent that such calculation or adjustment will not affect the status of any Option intended to qualify as an Incentive
      Stock Option under Section 422 of the Code.

    

    

    (e)         Limits on Non-Employee Director Compensation. The aggregate dollar value of equity-based (based on the grant date fair market value of
      equity-based Awards) and cash compensation granted under this Plan or otherwise during any calendar year to any non-employee director shall not exceed $700,000.

    

    

    	6.	
            Administration of the Plan

          

    

    

    (a)          Administrator of the Plan. The Plan shall be administered by the Committee. The Board shall fill vacancies on, and from time to time may remove
      or add members to, the Committee. The Committee shall act pursuant to a majority vote or unanimous written consent. Any power of the Committee may also be exercised by the Board. To the extent that any permitted action taken by the Board conflicts
      with action taken by the Committee, the Board action shall control. To the maximum extent permissible under applicable law, the Committee (or any successor) may by resolution delegate any or all of its authority to one or more subcommittees composed
      of one or more directors and/or officers of the Company, and any such subcommittee shall be treated as the Committee for all purposes under this Plan. Notwithstanding the foregoing, if the Board or the Committee (or any successor) delegates to a
      subcommittee comprised of one or more officers of the Company (who are not also directors) the authority to grant Awards, the resolution so authorizing such subcommittee shall specify the total number of shares of Common Stock such subcommittee may
      award pursuant to such delegated authority, and no such subcommittee shall designate any officer serving thereon or any officer (within the meaning of Section 16 of the Act) or non-employee director of the Company as a recipient of any Awards granted
      under such delegated authority. The Committee hereby delegates to and designates the Chief Human Resources Officer of the Company (or such other officer with similar authority), and to his or her delegates or designees, the authority to assist the
      Committee in the day-to-day administration of the Plan and of Awards granted under the Plan, including those powers set forth in Section 6(b)(iv) through (ix) and to execute Award Agreements or other documents entered into under this
      Plan on behalf of the Committee or the Company. The Committee may further designate and delegate to one or more additional officers or employees of the Company or any Subsidiary, and/or one or more agents, authority to assist the Committee in any or
      all aspects of the day-to-day administration of the Plan and/or of Awards granted under the Plan.

    

    

    (b)          Powers of Committee. Subject to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things that it
      determines to be necessary or appropriate in connection with the administration of this Plan, including:

    

    

    (i)          to prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein;

    

    

    (ii)          to determine which Persons are Eligible Persons, to which of such Eligible Persons, if any, Awards shall be granted hereunder and the timing of any such Awards;

    

    

    (iii)         to prescribe and amend the terms of the Award Agreements, to grant Awards and determine the terms and conditions thereof;

    

    

    
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    (iv)         to establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, retention, vesting, exercisability
      or settlement of any Award;

    

    

    (v)          to prescribe and amend the terms of or form of any document or notice required to be delivered to the Company by Participants under this Plan;

    

    

    (vi)         to determine the extent to which adjustments are required pursuant to Section 16;

    

    

    (vii)        to interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any Award granted hereunder, and to make exceptions to
      any such provisions if the Committee, in good faith, determines that it is appropriate to do so;

    

    

    (viii)       to approve corrections in the documentation or administration of any Award; and

    

    

    (ix)         to make all other determinations deemed necessary or advisable for the administration of this Plan.

    

    

    Notwithstanding anything in this Plan to the contrary, with respect to any Award that is “deferred compensation” under Section 409A of the Code, the Committee shall exercise its discretion in a manner that causes such
      Awards to be compliant with or exempt from the requirements of Section 409A of the Code. Without limiting the foregoing, unless expressly agreed to in writing by the Participant holding such Award, the Committee shall not take any action with respect
      to any Award which constitutes (x) a modification of a stock right within the meaning of Treas. Reg. Sec. 1.409A-1(b)(5)(v)(B) so as to constitute the grant of a new stock right, (y) an extension of a stock right, including the addition of a feature
      for the deferral of compensation within the meaning of Treas. Reg. Sec. 1.409A-1 (b)(5)(v)(C), or (z) an impermissible acceleration of a payment date or a subsequent deferral of a stock right subject to Section 409A of the Code within the meaning of
      Treas. Reg. Sec. 1.409A-1(b)(5)(v)(E).

    

    

    The Committee may, in its sole and absolute discretion, without amendment to the Plan but subject to the limitations otherwise set forth in Section 20, waive or amend the operation of Plan provisions respecting
      exercise after Termination of Employment. The Committee or any member thereof may, in its sole and absolute discretion, except as otherwise provided in Section 20, waive, settle or adjust any of the terms of any Award so as to avoid
      unanticipated consequences or address unanticipated events (including any temporary closure of an applicable stock exchange, disruption of communications or natural catastrophe).

    

    

    (c)          Determinations by the Committee. All decisions, determinations and interpretations by the Committee regarding the Plan, any rules and regulations
      under the Plan and the terms and conditions of, or operation of, any Award granted hereunder, shall be final and binding on all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any Award. The
      Committee shall consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations, including the recommendations or advice of any officer or other employee of the Company and
      such attorneys, consultants and accountants as it may select. Members of the Board and members of the Committee acting under the Plan shall be fully protected in relying in good faith upon the advice of counsel and shall incur no liability except for
      as a result of gross negligence or willful misconduct in the performance of their duties.

     

    

    
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    (d)          Subsidiary Awards. In the case of a grant of an Award to any Participant employed by a Subsidiary, such grant may, if the Committee so directs,
      be implemented by the Company issuing any subject shares of Common Stock to the Subsidiary, for such lawful consideration as the Committee may determine, upon the condition or understanding that the Subsidiary will transfer the shares of Common Stock
      to the Participant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. Notwithstanding any other provision hereof, such Award may be issued by and in the name of the Subsidiary and shall be
      deemed granted on such date as the Committee shall determine.

    

    

    	7.	
            Plan Awards

          

    

    

    (a)          Terms Set Forth in Award Agreement. Awards may be granted to Eligible Persons as determined by the Committee at any time and from time to time
      prior to the termination of the Plan. The terms and conditions of each Award shall be set forth in an Award Agreement in a form approved by the Committee for such Award, which Award Agreement may contain such terms and conditions as specified from
      time to time by the Committee, provided such terms and conditions do not conflict with the Plan. The Award Agreement for any Award (other than Restricted Stock Awards) shall include the time or times at or within which and the consideration, if any,
      for which any shares of Common Stock or cash, as applicable, may be acquired from the Company. The terms of Awards may vary among Participants, and the Plan does not impose upon the Committee any requirement to make Awards subject to uniform terms.
      Accordingly, the terms of individual Award Agreements may vary.

    

    

    (b)          Termination of Employment. Subject to the express provisions of the Plan, the Committee shall specify before, at, or after the time of grant of
      an Award the provisions governing the effect(s) upon an Award of a Participant’s Termination of Employment.

    

    

    (c)          Rights of a Stockholder. Except as otherwise set forth in the applicable Award Agreement, a Participant shall have no rights as a stockholder
      (including voting rights) with respect to shares of Common Stock covered by an Award, other than Restricted Stock, until the date the Participant becomes the holder of record of such shares of Common Stock. No adjustment shall be made for dividends
      or other rights for which the record date is prior to such date, except as provided in Sections 10(b), 11(b) or 16 of this Plan or as otherwise provided by the Committee.

    

    

    (d)          No Fractional Shares.  No fractional shares of Common Stock shall be issued pursuant to an Award or in settlement thereof.

     

    

    
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    	8.	
            Options

          

    

    

    (a)          Grant, Term and Price. The grant, issuance, retention, vesting and/or settlement of any Option shall occur at such time and be subject to such
      terms and conditions as determined by the Committee or under criteria established by the Committee, which may include conditions based on continued employment or engagement, passage of time, attainment of age and/or service requirements, and/or
      satisfaction of performance conditions. The term of an Option shall in no event be greater than 10 years; provided, however, the term of an Option (other than an Incentive Stock Option) shall be automatically extended if, at the time of its scheduled
      expiration, the Participant holding such Option is prohibited by law or the Company’s insider trading policy from exercising the Option, which extension shall expire on the 30th day following the date such prohibition no longer applies. The Committee
      will establish the price at which Common Stock may be purchased upon exercise of an Option, which in no event will be less than the Fair Market Value of such shares on the date of grant; provided, however, that the exercise price per share of Common
      Stock with respect to an Option that is granted as a Substitute Award may be less than the Fair Market Value of the shares of Common Stock on the date such Option is granted if such exercise price is based on a formula set forth in the terms of the
      options held by such optionees or in the terms of the agreement providing for such merger or other acquisition that satisfies the requirements of (i) Section 409A of the Code, if such options held by such optionees are not intended to qualify as
      “incentive stock options” within the meaning of Section 422 of the Code, and (ii) Section 424(a) of the Code, if such options held by such optionees are intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code.
      The exercise price of any Option may be paid in cash or such other method as determined by the Committee, including an irrevocable commitment by a broker to pay over such amount from a sale of the shares of Common Stock issuable under an Option, the
      delivery of previously owned shares of Common Stock or withholding of shares of Common Stock otherwise deliverable upon exercise.

    

    

    (b)          No Repricing without Stockholder Approval. Other than in connection with a change in the Company’s capitalization (as described in Section 16),

      the Committee shall not, without stockholder approval, reduce the exercise price of a previously awarded Option, and at any time when the exercise price of a previously awarded Option is above the Fair Market Value of a share of Common Stock, the
      Committee shall not, without stockholder approval, cancel and re-grant or exchange such Option for cash or a new Award with a lower (or no) exercise price.

    

    

    (c)          No Reload Grants. Options shall not be granted under the Plan in consideration for, and shall not be conditioned upon the delivery of, shares of
      Common Stock to the Company in payment of the exercise price and/or tax withholding obligation under any other employee stock option.

     

    

    
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    (d)          Incentive Stock Options. Notwithstanding anything to the contrary in this Section 8, in the case of the grant of an Incentive Stock
      Option, if the Participant owns stock possessing more than 10% of the combined voting power of all classes of stock of the Company, the exercise price of such Option must be at least 110% of the Fair Market Value of the shares of Common Stock on the
      date of grant and the Option must expire within a period of not more than five years from the date of grant. Notwithstanding anything in this Section 8 to the contrary, Options designated as Incentive Stock Options shall not be eligible for
      treatment under the Code as Incentive Stock Options (and will be deemed to be Nonqualified Stock Options) to the extent that either (i) the aggregate Fair Market Value of shares of Common Stock (determined as of the time of grant) with respect to
      which such Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (ii) such
      Options otherwise remain exercisable but are not exercised within three months (or such other period of time provided in Section 422 of the Code) of separation of service (as determined in accordance with Section 3401(c) of the Code and the
      regulations promulgated thereunder).

    

    

    (e)          No Stockholder Rights. Participants shall have no voting rights and will have no rights to receive dividends or Dividend Equivalents in respect
      of an Option or any shares of Common Stock subject to an Option until the Participant has become the holder of record of such shares.

    

    

    	9.	
            Stock Appreciation Rights

          

    

    

    (a)          General Terms. The grant, issuance, retention, vesting and/or settlement of any Stock Appreciation Right shall occur at such time and be subject
      to such terms and conditions as determined by the Committee or under criteria established by the Committee, which may include conditions based on continued employment or engagement, passage of time, attainment of age and/or service requirements,
      and/or satisfaction of performance conditions. The term of Stock Appreciation Right shall in no event be greater than 10 years; provided, however, the term of an Stock Appreciation Right shall be automatically extended if, at the time of its
      scheduled expiration, the Participant holding such Stock Appreciation Right is prohibited by law or the Company’s insider trading policy from exercising the Stock Appreciation Right which extension shall expire on the 30th day following the date such
      prohibition no longer applies.  Stock Appreciation Rights may be granted to Participants from time to time either in tandem with or as a component of Options granted under the Plan (“tandem SARs”)

      or not in conjunction with other Awards (“freestanding SARs”). Upon exercise of a tandem SAR as to some or all of the shares covered by the grant, the related Option shall be canceled
      automatically to the extent of the number of shares covered by such exercise. Conversely, if the related Option is exercised as to some or all of the shares covered by the grant, the related tandem SAR, if any, shall be canceled automatically to the
      extent of the number of shares covered by the Option exercise. Any Stock Appreciation Right granted in tandem with an Option may be granted at the same time such Option is granted or at any time thereafter before exercise or expiration of such
      Option, provided that the Fair Market Value of Common Stock on the date of the SAR’s grant is not greater than the exercise price of the related Option. All freestanding SARs shall be granted subject to the same terms and conditions applicable to
      Options as set forth in Section 8 and all tandem SARs shall have the same exercise price as the Option to which they relate. Subject to the provisions of Section 8 and the immediately preceding sentence, the Committee may impose such
      other conditions or restrictions on any Stock Appreciation Right as it shall deem appropriate. Stock Appreciation Rights may be settled in Common Stock, cash, Restricted Stock or a combination thereof, as determined by the Committee and set forth in
      the applicable Award Agreement.

    

    

    (b)          No Repricing without Stockholder Approval. Other than in connection with a change in the Company’s capitalization (as described in Section 16),

      the Committee shall not, without stockholder approval, reduce the exercise price of a previously awarded Stock Appreciation Right, and at any time when the exercise price of a previously awarded Stock Appreciation Right is above the Fair Market Value
      of a share of Common Stock, the Committee shall not, without stockholder approval, cancel and re-grant or exchange such Stock Appreciation Right for cash or a new Award with a lower (or no) exercise price.

     

    

    
      11

      
        

    

    

    

    (c)          No Stockholder Rights. Participants shall have no voting rights and will have no rights to receive dividends or Dividend Equivalents in respect
      of an Award of Stock Appreciation Rights or any shares of Common Stock subject to an Award of Stock Appreciation Rights until the Participant has become the holder of record of such shares.

    

    

    	10.	
            Restricted Stock and Restricted Stock Units

          

    

    

    (a)          Vesting and Performance Criteria. The grant, issuance, vesting and/or settlement of any Award of Restricted Stock or Restricted Stock Units shall
      occur at such time and be subject to such terms and conditions as determined by the Committee or under criteria established by the Committee, which may include conditions based on continued employment or engagement, passage of time, attainment of age
      and/or service requirements, and/or satisfaction of performance conditions. In addition, the Committee shall have the right to grant Restricted Stock or Restricted Stock Unit Awards as the form of payment for grants or rights earned or due under
      other stockholder-approved compensation plans or arrangements of the Company.

    

    

    (b)          Dividends and Distributions. Participants in whose name Restricted Stock is granted shall be entitled to receive all dividends and other
      distributions paid with respect to those shares of Common Stock, unless determined otherwise by the Committee. The Committee will determine whether any such dividends or distributions will be automatically reinvested in additional shares of
      Restricted Stock and/or subject to the same restrictions on transferability and vesting conditions as the Restricted Stock with respect to which they were distributed or whether such dividends or distributions will be paid in cash. Shares underlying
      Restricted Stock Units shall be entitled to dividends or distributions only to the extent provided by the Committee.

    

    

    	11.	
            Other Stock-Based Awards

          

    

    

    (a)          General Terms. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible Persons 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, Common Stock, as deemed by the Committee to be consistent with the purposes of the Plan. The Committee shall determine the terms and
      conditions of such Other Stock-Based Awards. Common Stock delivered pursuant to an Other Stock-Based Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such times, by
      such methods, and in such forms, including cash, Common Stock, other Awards, or other property, as the Committee shall determine.

    

    

    (b)          Dividends and Distributions. Shares underlying Other Stock-Based Awards shall be entitled to dividends or distributions only to the extent
      provided by the Committee.

    

    

    	12.	
            Incentive Bonuses

          

    

    

    (a)          Performance Criteria. The Committee shall establish the performance criteria and level of achievement versus such criteria that shall determine
      the amount payable under an Incentive Bonus, which may include a target, threshold and/or maximum amount payable and any formula for determining such achievement, and which criteria may be based on performance conditions.

     

    

    
      12

      
        

    

    

    

    (b)          Timing and Form of Payment. The Committee shall determine the timing of payment of any Incentive Bonus. Payment of the amount due under an
      Incentive Bonus may be made in cash or in Common Stock, as determined by the Committee.

    

    

    (c)          Discretionary Adjustments. Notwithstanding satisfaction of any performance goals and, the amount paid under an Incentive Bonus on account of
      either corporate performance or personal performance evaluations may be adjusted by the Committee on the basis of such further considerations as the Committee shall determine.

    

    

    	13.	
            Performance Awards

          

    

    

    The Committee may establish performance criteria and level of achievement versus such criteria that shall determine the number of shares of Common Stock, Restricted Stock Units, or cash to be granted, retained, vested,
      issued or issuable under or in settlement of or the amount payable pursuant to an Award (any such Award, a “Performance Award”). A Performance Award may be identified as “Performance Share,”
      “Performance Equity,” “Performance Unit” or other such term as chosen by the Committee.

    

    

    	14.	
            Deferral of Payment

          

    

    

    The Committee may, in an Award Agreement or otherwise, provide for the deferred delivery of Common Stock or cash upon vesting or other events with respect to Restricted Stock Units, Other Stock-Based Awards or in
      payment or satisfaction of an Incentive Bonus. Notwithstanding anything herein to the contrary, in no event will any election to defer the delivery of Common Stock or any other payment with respect to any Award be allowed if the Committee determines,
      in its sole discretion, that the deferral would result in the imposition of the additional tax under Section 409A(a)(1)(B) of the Code. No Award shall provide for deferral of compensation that does not comply with Section 409A of the Code. The
      Company, any Subsidiary or Affiliate which is in existence or hereafter comes into existence, the Board and the Committee shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with,
      Section 409A of the Code is not so exempt or compliant or for any action taken by the Board or the Committee in respect thereof.

    

    

    	15.	
            Conditions and Restrictions Upon Securities Subject to Awards

          

    

    

    The Committee may provide that the Common Stock issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions,
      conditions or limitations as the Committee in its discretion may specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including conditions on vesting or transferability,
      forfeiture or repurchase provisions and method of payment for the Common Stock issued upon exercise, vesting or settlement of such Award (including the actual or constructive surrender of Common Stock already owned by the Participant) or payment of
      taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued
      under an Award, including (a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and holders of other Company equity
      compensation arrangements, (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers and (d) provisions requiring Common Stock be sold on the open market or to the Company in order to satisfy tax withholding or
      other obligations.

     

    

    
      13

      
        

    

    

    

    	16.	
            Adjustment of and Changes in the Stock

          

    

    

    (a)          The number and kind of shares of Common Stock available for issuance under this Plan (including under any Awards then outstanding), and the number and kind of shares of Common Stock
      subject to the limits set forth in Section 5, shall be equitably adjusted by the Committee to reflect any reorganization, reclassification, combination of shares, stock split, reverse stock split, spin-off, dividend or distribution of
      securities, property or cash (other than regular, quarterly cash dividends), or any other event or transaction that affects the number or kind of shares of Common Stock outstanding. Such adjustment may be designed to comply with Section 424 of the
      Code or may be designed to treat the shares of Common Stock available under the Plan and subject to Awards as if they were all outstanding on the record date for such event or transaction or to increase the number of such shares of Common Stock to
      reflect a deemed reinvestment in shares of Common Stock of the amount distributed to the Company’s securityholders. The terms of any outstanding Award shall also be equitably adjusted by the Committee as to price, number or kind of shares of Common
      Stock subject to such Award, vesting, performance criteria, and other terms to reflect the foregoing events, which adjustments need not be uniform as between different Awards or different types of Awards. No fractional shares of Common Stock shall be
      issued or issuable pursuant to such an adjustment.

    

    

    (b)          In the event there shall be any other change in the number or kind of outstanding shares of Common Stock, or any stock or other securities into which such Common Stock shall have been
      changed, or for which it shall have been exchanged, by reason of a Change in Control, other merger, consolidation or otherwise, then the Committee shall determine the appropriate and equitable adjustment to be effected, which adjustments need not be
      uniform between different Awards or different types of Awards. In addition, in the event of such change described in this paragraph, the Committee may accelerate the time or times at which any Award may be exercised, consistent with and as otherwise
      permitted under Section 409A of the Code, and may provide for cancellation of such accelerated Awards that are not exercised within a time prescribed by the Committee in its sole discretion.

     

    

    
      14

      
        

    

    

    

    (c)          Unless otherwise expressly provided in the Award Agreement or another contract, including an employment, offer, services or severance agreement or letter, or under the terms of a
      transaction constituting a Change in Control, the Committee may provide that any or all of the following shall occur upon a Participant’s Termination of Employment without Cause within 24 months following a Change in Control: (i) in the case of an
      Option or Stock Appreciation Right, the Participant shall have the ability to exercise any portion of the Option or Stock Appreciation Right not previously exercisable, (ii) in the case of any Award the vesting of which is in whole or in part subject
      to performance criteria or an Incentive Bonus, all conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse and the Participant shall have the right to
      receive a payment based on target level achievement or actual performance through a date determined by the Committee, and (iii) in the case of outstanding Restricted Stock, Restricted Stock Units or Other Stock-Based Awards (other than those
      referenced in subsection (ii)), all conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse. Notwithstanding anything herein to the contrary, in the
      event of a Change in Control in which the acquiring or surviving company in the transaction does not assume or continue outstanding Awards or issue substitute awards upon the Change in Control, immediately prior to the Change in Control, all Awards
      that are not assumed, continued or substituted for shall be treated as follows effective immediately prior to the Change in Control: (A) in the case of an Option or Stock Appreciation Right, the Participant shall have the ability to exercise such
      Option or Stock Appreciation Right, including any portion of the Option or Stock Appreciation Right not previously exercisable, (B) in the case of any Award the vesting of which is in whole or in part subject to performance criteria or an Incentive
      Bonus, all conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse and the Participant shall have the right to receive a payment based on target level
      achievement or actual performance through a date determined by the Committee, as determined by the Committee, and (C) in the case of outstanding Restricted Stock, Restricted Stock Units or Other Stock-Based Awards (other than those referenced in
      subsection (B)), all conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse. In no event shall any action be taken pursuant to this Section 16(c)
      that would change the payment or settlement date of an Award in a manner that would result in the imposition of any additional taxes or penalties pursuant to Section 409A of the Code.

    

    

    (d)          Notwithstanding anything in this Section 16 to the contrary, in the event of a Change in Control, the Committee may provide for the cancellation and cash settlement of all
      outstanding Awards upon such Change in Control (including the cancellation for no consideration of any Option or Stock Appreciation Right with an exercise price that equals or exceeds the per share consideration in such transaction).

    

    

    (e)          Notwithstanding anything in this Section 16 to the contrary, an adjustment to an Option or Stock Appreciation Right under this Section 16 shall be made in a manner that
      will not result in the grant of a new Option or Stock Appreciation Right under Section 409A of the Code.

    

    

    	17.	
            Transferability

          

    

    

    Each Award may not be sold, transferred for value, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by will or the laws of descent and distribution, and each Option or Stock
      Appreciation Right shall be exercisable only by the Participant during his or her lifetime. Notwithstanding the foregoing, (a) outstanding Options may be exercised following the Participant’s death by the Participant’s beneficiaries or as permitted
      by the Committee and (b) as permitted by the Committee, a Participant may transfer or assign an Award as a gift to any “family member” (as such term is defined for purposes of the Registration Statement on Form S-8) (an “Assignee Entity”), provided that such Assignee Entity shall be entitled to exercise assigned Options and Stock Appreciation Rights only during the lifetime of the assigning Participant (or following the assigning
      Participant’s death, by the Participant’s beneficiaries or as otherwise permitted by the Committee) and provided further that such Assignee Entity shall not further sell, pledge, transfer, assign or otherwise alienate or hypothecate such Award.

     

    

    
      15

      
        

    

    

    

    	18.	
            Compliance with Laws and Regulations

          

    

    

    (a)          This Plan, the grant, issuance, vesting, exercise and settlement of Awards hereunder, and the obligation of the Company to sell, issue or deliver shares of Common Stock under such
      Awards, shall be subject to all applicable foreign, federal, state and local laws, rules and regulations, stock exchange rules and regulations, and to such approvals by any governmental or regulatory agency as may be required. The Company shall not
      be required to register in a Participant’s name or deliver Common Stock prior to the completion of any registration or qualification of such shares under any foreign, federal, state or local law or any ruling or regulation of any government body
      which the Committee shall determine to be necessary or advisable. To the extent the Company is unable to or the Committee deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
      counsel to be necessary to the lawful issuance and sale of any shares of Common Stock hereunder, the Company and its Subsidiaries shall be relieved of any liability with respect to the failure to issue or sell such shares of Common Stock as to which
      such requisite authority shall not have been obtained. No Option shall be exercisable and no Common Stock shall be issued and/or transferable under any other Award unless a registration statement with respect to the Common Stock underlying such
      Option is effective and current or the Company has determined, in its sole and absolute discretion, that such registration is unnecessary.

    

    

    (b)          In the event an Award is granted to or held by a Participant who is employed or providing services outside the United States, the Committee may, in its sole discretion, modify the
      provisions of the Plan or of such Award, or create sub-plans, as they pertain to such individual to comply with applicable foreign law or to recognize differences in local law, currency or tax policy. The Committee may also impose conditions on the
      grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s obligations with respect to tax equalization for Participants employed outside their home country.

    

    

    	19.	
            Withholding

          

    

    

    To the extent required by applicable federal, state, local or foreign law, the Committee may, and/or a Participant shall, make arrangements satisfactory to the Company for the satisfaction of any withholding tax
      obligations that arise with respect to any Award or the issuance or sale of any shares of Common Stock. The Company shall not be required to recognize any Participant rights under an Award, to issue shares of Common Stock or to recognize the
      disposition of such shares of Common Stock until such obligations are satisfied. To the extent permitted or required by the Committee, these obligations may or shall be satisfied by the Company withholding cash from any compensation otherwise payable
      to or for the benefit of a Participant, the Company withholding a portion of the shares of Common Stock that otherwise would be issued to a Participant under such Award or any other Award held by the Participant, or by the Participant tendering to
      the Company cash or, if allowed by the Committee, shares of Common Stock.

     

    

    
      16

      
        

    

    

    

    	20.	
            Amendment of the Plan or Awards

          

    

    

    The Board may amend, alter, suspend or terminate this Plan, and the Committee may amend or alter any Award Agreement or other document evidencing an Award made under this Plan; however, except as provided pursuant to
      the provisions of Section 16, no such amendment shall, without the approval of the stockholders of the Company:

    

    

    (a)          increase the maximum number of shares of Common Stock for which Awards may be granted under this Plan;

    

    

    (b)          reduce the price at which Options may be granted below the price provided for in Section 8(a);

    

    

    (c)          reprice outstanding Options or SARs as described in Sections 8(b) and 9(b);

    

    

    (d)          extend the term of this Plan;

    

    

    (e)          change the class of Persons eligible to be Participants;

    

    

    (f)          increase the individual maximum limits in Section 5(e); or

    

    

    (g)          otherwise amend the Plan in any manner requiring stockholder approval by law or the rules of any stock exchange or market or quotation system on which the Common Stock is traded, listed
      or quoted.

    

    

    No amendment or alteration to the Plan or an Award or Award Agreement shall be made which would materially impair the rights of the holder of an Award without such holder’s consent; provided that no such consent shall
      be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or
      regulation or to meet the requirements of, or avoid adverse financial accounting consequences under, any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under such Award, or that any such
      diminishment has been adequately compensated.

    

    

    	21.	
            No Liability of Company

          

    

    

    The Company, any Subsidiary or Affiliate which is in existence or hereafter comes into existence, the Board, the Committee and any delegate thereof shall not be liable to a Participant or any other person as to: (a)
      the non-issuance or sale of shares of Common Stock as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any
      shares of Common Stock hereunder; and (b) any tax consequence expected, but not realized, by any Participant or other person due to the receipt, vesting, exercise or settlement of any Award granted hereunder.

    

    

    	22.	
            Non-Exclusivity of Plan

          

    

    

    Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Committee
      to adopt such other incentive arrangements as either may deem desirable, including the granting of equity awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

     

    

    
      17

      
        

    

    
      

      

      	23.	
              Governing Law

            

      

      

      This Plan and any agreements or other documents hereunder shall be interpreted and construed in accordance with the laws of the State of Delaware and applicable federal law. Any reference in this Plan or in the
        agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability.

       

      

    

    	24.	
            No Right to Employment, Reelection or Continued Service

          

    

    

    Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its Affiliates to terminate any Participant’s employment, service on the Board or
      service at any time or for any reason not prohibited by law, nor shall this Plan or an Award itself confer upon any Participant any right to continue his or her employment or service for any specified period of time. Neither an Award nor any benefits
      arising under this Plan shall constitute an employment contract with the Company, any Subsidiary and/or its Affiliates. Subject to Sections 4 and 20, this Plan and the benefits hereunder may be terminated at any time in the sole and
      exclusive discretion of the Board without giving rise to any liability on the part of the Company, its Subsidiaries and/or its Affiliates.

    

    

    	25.	
            Specified Employee Delay

          

    

    

    To the extent any payment under this Plan is considered deferred compensation subject to the restrictions contained in Section 409A of the Code, such payment may not be made to a specified employee (as determined in
      accordance with a uniform policy adopted by the Company with respect to all arrangements subject to Section 409A of the Code) upon Separation from Service before the date that is six months after the specified employee’s Separation form Service (or,
      if earlier, the specified employee’s death). Any payment that would otherwise be made during this period of delay shall be accumulated and paid on the sixth month plus one day following the specified employee’s Separation from Service (or, if
      earlier, as soon as administratively practicable after the specified employee’s death).

    

    

    	26.	
            No Liability of Committee Members

          

    

    

    No member of the Committee shall be personally liable by reason of any contract or other instrument executed by such member or on his or her behalf in his or her capacity as a member of the Committee nor for any
      mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee, officer or director of the Company to whom any duty or power relating to the administration or
      interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan,
      unless arising out of such Person’s own fraud or willful bad faith; provided, however, that approval of the Board shall be required for the payment of any amount in settlement of a claim against any such Person. The foregoing right of indemnification
      shall not be exclusive of any other rights of indemnification to which such Persons may be entitled under the Company’s Certificate of Incorporation and Bylaws (as each may be amended from time to time), as a matter of law, or otherwise, or any power
      that the Company may have to indemnify them or hold them harmless.

     

    

    
      18

      
        

    

    

    

    	27.	
            Severability

          

    

    

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

    

    

    	28.	
            Unfunded Plan

          

    

    

    The Plan is intended to be an unfunded plan. Participants are and shall at all times be general creditors of the Company with respect to their Awards. If the Committee or the Company chooses to set aside funds in a
      trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or insolvency.

    

    

    	29.	
            Clawback/Recoupment

          

    

    

    Awards granted under this Plan will be subject to recoupment in accordance with any clawback policy that the Company adopts or is required to adopt pursuant to the listing standards of any national securities exchange
      or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Committee may impose such other clawback, recovery or
      recoupment provisions in an Award Agreement as the Committee determines necessary or appropriate, including a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of misconduct. No
      recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or be deemed a “constructive termination” (or any similar term) as such terms are used in any agreement between any Participant
      and the Company.

    

    

    	30.	
            Beneficiary Designation

          

    

    

    Participants may designate beneficiaries with respect to Awards under the Plan in accordance with the procedures determined by the Committee. In the absence of a beneficiary designation, a Participant’s estate will be
      the deemed beneficiary.

    

    

    	31.	
            Interpretation

          

    

    

    Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference and shall not be deemed in any way material or relevant to the construction or interpretation of the Plan
      or any provision thereof. Words in the masculine gender shall include the feminine gender, and where appropriate, the plural shall include the singular and the singular shall include the plural. The use herein of the word “including” following any
      general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as
      “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general
      statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof
      and not prohibited by the Plan.

    

    

  

  19Exhibit 10.5

    

    

    	
            

          	
            EXCELERATE ENERGY L.P.

            2445 Technology Forest Blvd., Level 6

            The Woodlands, TX 77381 USA

             

            

            T:  +1 832 813 7100

            F:  +1 832 813 7103

             

            

            excelerateenergy.com

             

             

            STEVEN KOBOS

            President & Managing Director

          

    

    

    

    

    April 3, 2020

    

    

    Dana Armstrong

      Via Korn Ferry

    

    

    Dear Dana:

    

    

    We are pleased to extend our conditional offer to you for the position of Chief Financial Officer at Excelerate Energy, LP. The following is intended to confirm our mutual understanding regarding compensation and other
      terms of the offer.

    

    

    The terms of the offer are as follows:

    

    

    	

          	•	
            The anticipated start date of employment will be April 27, 2020.

          

    

    

    	

          	•	
            An annual base salary of $350,000.00 payable in biweekly installments in arrears, less usual, and customary payroll deductions.

          

    

    

    	

          	•	
            A one-time signing bonus of $50,000.00 payable on your first payroll less usual and customary payroll deductions.

          

    

    

    	

          	•	
            The position of Chief Financial Officer reports to the Managing Director, Steven Kobos, and your responsibilities will be as set forth in the Position Description that we discussed.  The Company may change the position and/or person to
              whom you report and the responsibilities of your position at the Company’s discretion.

          

    

    

    	

          	•	
            Excelerate will provide to you an employment agreement for a three-year term.  The contract shall include a one-year severance valued at $550,000 if you are terminated without cause.

          

    

    

    	

          	•	
            You are eligible to participate in the Company’s annual incentive compensation plan (“IC Plan”), pursuant to which IC Plan compensation may be payable based on the Company’s performance, your contribution to the Company’s success and
              subject to the terms and conditions specified in the IC Plan document. Your initial IC Plan target will be 65% of your base salary.  All IC Plan compensation is subject to satisfactory performance and to the condition precedent that the
              employee be continuously employed and actively at work during the IC Plan year and on the date on which the IC Plan compensation is paid. Excelerate will guarantee $550,000.00 total compensation for Year 1 (inclusive of salary and
              bonus).

          

     

    

    
      
        

    

    
      
        

        

      

    

    

    

    	

          	•	
            The Company offers a competitive and comprehensive benefits program.  You will be eligible to participate in our medical, dental, life, AD&D, disability, 401K, and flexible benefits program effective the first day of the month
              following your date of hire subject to the terms of each benefit plan.  More information regarding these benefits will be provided to you soon.

          

    

    

    	

          	•	
            You will accrue 5.85 hours of paid time off (“PTO”) each pay period up to a maximum of 19 work days per year in accordance with the Company’s PTO policy.  Excelerate offers two floating holidays per year after one full year of employment
              and you will be offered one floating holiday during the first year.   Excelerate also recognizes nine regular holidays annually.

          

    

    

    All offers of employment are contingent upon negative drug screen results, a satisfactory background check and execution of the Company’s standard Confidential Information & Inventions Agreement and Foreign Corrupt
      Practices Act Compliance Certificate. We will provide you information regarding the drug screening and you will be responsible for participating in the screening within one week from the time you receive the information.

    

    

    By signing this letter you confirm that (i) until your employment with your existing employer is terminated you will fulfill your duty of loyalty to your current employer; (ii) you will comply with all obligations
      respecting confidential information of your current employer, including any such obligations respecting customer lists and customer information and the like; and (iii) you have provided to the Company all agreements which in any way restrict your
      ability to work on behalf of the Company (i.e. non-competition and non-solicitation agreements and or similar provisions which may be contained in other agreements).

    

    

    Please contact me to discuss any questions you might have.

    

    

    To indicate your acceptance of this offer, please sign below and return to me by Tuesday, April 6, at 5:00 p.m.  My email is                  .

    

    

    I look forward to your response.

    

    

    Yours very truly,

    

    

    /s/ Steven Kobos

    

    

    Steven Kobos

    Managing Director

    Excelerate Energy Limited Partnership

     

    

    
      
        

    

    
      
        

        

      

    

    

    

    The provisions of this offer of employment have been read, are understood, and the offer is accepted. I understand that my employment is contingent upon negative drug screen results, a satisfactory background check and
      execution of the Company’s standard Confidential Information & Inventions Agreement and Foreign Corrupt Practices Act Compliance Certificate.

    

    

    	
            Accepted:

          	
            /s/ Dana Armstrong

          	
            Date:

          	
            4/3/20

          
	 	
            Dana Armstrong

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