Document:

Exhibit 10.1

 

TRANSITION AGREEMENT

 

SEQUENTIAL BRANDS GROUP, INC.
(the “Company”), and Karen Murray (including your successors, assigns, estate, heirs, executors and, administrators,
which shall be collectively hereinafter referred to as “you”) understand that you have resigned your employment with
the Company effective as of the date set forth on the attached Schedule “A” (the “Termination Date”), and
agree to the following (the “Agreement”) in full and final resolution of all matters between them. Reference is made
to your employment agreement dated as of May 4, 2017 by and between you and the Company (the “Employment Agreement”).
Capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning set forth in the Employment Agreement.

 

		1.	Following receipt of this signed Agreement and expiration of the revocation
period set forth below and subject to your compliance with the terms of this Agreement, You and the Company hereby agree that,
from October 1, 2019 through September 30, 2020 (or such earlier date as you violate your obligations hereunder) (the “Consulting
Period”), you shall serve as a Senior Advisor and shall provide such transition and other consulting services as reasonably
requested by the Company from time-to-time. You will be an independent contractor of the Company in providing such services during
the Consulting Period, and the Company shall not have the right to direct or control your performance of such services. In consideration
of such services, the Company shall pay you as follows: (i) $200,000 on the day following the expiration of the revocation period
set forth below; (ii) $150,000 on January 2, 2020; (iii) $150,000 on April 1, 2020; and (iv) $150,000 on July 1, 2020, for a total
fee of up to $650,000 (the “Consulting Fee”) during the Consulting Period. You shall not be eligible to actively participate
in any Company benefit plan after the Termination Date, and you shall be solely responsible for all taxes payable with respect
to the Consulting Fee. Section 5(j)(viii) of the Employment Agreement is incorporated by reference into this Agreement, provided
that any and all references to “Section 5” of the Employment Agreement within Section 5(j)(viii) of the Employment
Agreement shall be replaced with “Section 1 of this Agreement”.

 

		2.	Following receipt of this signed Agreement and expiration of the revocation
period set forth below and subject to your compliance with the terms of this Agreement, in lieu of any pay and benefits specified
in Section 5(j)(ii) of the Employment Agreement or otherwise, the Company will pay you your Annual Bonus (as defined in the Employment
Agreement) for 2019 based on actual achievement of the adjusted EBITDA target in the 2019 budget approved by the board of directors,
paid in accordance with Section 4(b) of the Employment Agreement at the time the Annual Bonus would have been paid in 2020 if your
employment had not terminated. In addition, all of your 33,334 outstanding time-based restricted stock units shall vest upon the
date this Agreement becomes irrevocable and be settled promptly thereafter. You will also be entitled to your 291,883 of unvested
performance-based restricted stock units (the “Unvested PSUs”) to the extent that such Unvested PSUs vest in accordance
with the performance metrics set forth in the grant letters for such Unvested PSUs. To the extent that such performance metrics
set forth in the grant letters for such Unvested PSUs are not achieved, then such Unvested PSUs shall not vest and you shall have
no further rights with respect thereto.

 

		3.	All of your benefits coverage (which includes your dependents) shall end
as set forth on the attached Schedule A. Note that under COBRA, you have the option to extend your health care coverage for up
to eighteen months or any greater period required by state law. To the extent that you elect under COBRA to extend certain benefits,
you shall be responsible for paying for

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the entire premium for
such benefits directly. Further information regarding COBRA and the applicable forms shall be provided under separate cover. If
you have a Flexible Spending Account, you shall have ninety (90) days from your Termination Date to claim eligible expenses incurred
on or prior to your Termination Date; provided that you may have an opportunity to elect under COBRA to continue to make contributions
to your health Flexible Spending Account through the remainder of the calendar year in which the Termination Date occurs, in which
case (and provided you made such contributions) you would be able, for a period of ninety (90) days from the end of such calendar
year, to claim eligible expenses incurred through the end of such calendar year. Regardless of whether you sign this Agreement,
you will be paid out for the number of days of accrued, unused vacation set forth on the attached Schedule A.

 

		4.	Your ability to contribute to the Company’s 401(k) plan will cease
effective the Termination Date. Further information and important tax information will be provided under separate cover.

 

		5.	Effective as of the Termination Date, except as provided in paragraph 1,
you hereby resign from all positions with the Company and its affiliates (including, without limitation, as a member of the boards
of directors of the Company and its subsidiaries).

 

		6.	You agree to direct all prospective employers seeking employment references
to contact in writing the Human Resources Department, or such other person as the Company may designate from time to time. When
contacted in such manner, consistent with Company policy, the Company shall only provide your dates of employment and title to
such prospective employers.

 

		7.	In consideration of the Company’s agreements set forth in this Agreement,
subject to paragraph 8 below, you release and forever discharge the Company and its current and former subsidiaries and affiliates,
the current and former officers, directors, agents, and employees of each of the foregoing and the successors and assigns of each
of the foregoing (which shall be collectively hereinafter referred to as the “Representatives”) from any and all causes
of action, claims, demands, damages, liabilities, liens, costs and expenses (including without limitation attorneys’ fees)
(collectively, “Claims”) of every kind and nature whatsoever, whether known or unknown, related in any way to any acts,
failures to act, omissions, facts or circumstances occurring on or prior to the date of this Agreement, including but not limited
to any and all Claims (i) arising out of or in any way related to your employment with the Company and/or the termination of such
employment, including without limitation Claims in connection with the Employment Agreement or for additional salary, bonus, incentive,
commission, benefits, expenses, vacations, back pay or front pay; (ii) in tort, including but not limited to wrongful or retaliatory
discharge in violation of public policy, emotional distress, slander, defamation, and interference with contractual relations;
(iii) in contract, whether express or implied; (iv) under any Company policy, procedure, benefit plan or other agreement; or (v)
under any and all federal, state or local laws or ordinances, including but not limited to Title VII of the Civil Rights Act of
1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Employee
Retirement Income Security Act (excluding those involving vested benefits in the Company’s 401(k) plan), the Federal Family
and Medical Leave Act, the Sarbanes-Oxley Act, the New York State Human Rights Law, the New York Labor Law, the New York City Human
Rights Law, the New Jersey Law Against Discrimination, and the New Jersey Conscientious Employee Protection Act, the , for harassment
or discrimination on the basis of any protected classification, whistle blowing, or

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retaliation of any kind;
or any other cause of action. You represent and warrant that you are the sole and lawful owner of all right, title and interest
in and to every Claim and other matter that you are releasing hereby and that no other party has received any assignment or other
right of substitution or subrogation to any such Claim or matter. You also represent that you have the full power and authority
to execute this Agreement on behalf of yourself and the other parties that may be included in the definition of “you”
above. However, notwithstanding the foregoing, you are not releasing, and for the avoidance of doubt Claims do not include, your
rights, if any (i) to payment of any authorized but unreimbursed business expenses incurred prior to the termination of your employment
with the Company or any of its subsidiaries in accordance with Section 4(e) of the Employment Agreement, (ii) under any employee
pension or welfare plan or program in which you participate or participated, and (iii) to be indemnified pursuant to Section 8
of the Employment Agreement or pursuant to any other agreements to which you may be entitled to indemnification.

 

		8.	You are not waiving any rights you may have to: (a) your own vested accrued
employee benefits under the Company’s health, welfare, or retirement benefit plans as of the Termination Date; (b) benefits
and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue
claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of
this Agreement.

 

Nothing in this Agreement
prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or
other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency
enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, you agree that if
such an administrative claim is made to such an anti- discrimination agency, you shall not be entitled to recover any individual
monetary relief or other individual remedies.

 

In addition, nothing in
this Agreement, including but not limited to the release of Claims nor the confidentiality and non-disparagement clauses, prohibits
you from: (1) reporting possible violations of U.S. law or regulations, including any possible securities laws violations, to any
governmental agency or entity, including but not limited to the U.S. Department of Justice, the

U.S. Securities and Exchange
Commission, the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower
provisions of law or regulations in the U.S.; or (3) otherwise fully participating in any U.S. governmental whistleblower programs,
including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational Safety
and Health Administration or from receiving individual monetary awards or other individual relief by virtue of participating in
such whistleblower programs.

 

		9.	You understand, subject to the narrow limitations in paragraph 8 above, and
agree that this Agreement extinguishes all claims you may have against the Company and its Representatives, whether such claim
is currently known or unknown, vested or contingent, foreseen or unforeseen. You understand that if any fact concerning any matter
covered by this Agreement is found hereafter to be other than or different from the facts you now believe to be true, you expressly
accept and assume that this Agreement shall be and remain effective, notwithstanding such difference in the facts.

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		10.	You affirm, by signing this Agreement, that you have no potential or actual
claims against the Company or its Representatives regarding any issues relating to or arising out of your employment, directorship,
or the termination thereof, and agree not to file any such actions in court against the Company in any court, tribunal or other
forum, except for any action which may be necessary to enforce the terms of this Agreement or a challenge to the validity of the
waiver under the ADEA. You further affirm that you have been paid and/or have received all compensation, wages, bonuses, commissions,
and/or benefits to which you may be entitled. You also affirm that you have been granted any leave to which you were entitled under
the Family and Medical Leave Act or related state or local leave or disability accommodation laws. You further affirm that you
have no known workplace injuries or occupational diseases and that you have not been retaliated against for reporting any allegations
of wrongdoing by the Company or its officers, including any allegations of corporate fraud.

 

		11.	In exchange for the consideration provided for in this Agreement, the Company,
its parents, subsidiaries, affiliates, directors, shareholders, officers, representatives, agents, successors and assigns, irrevocably
and unconditionally releases you of and from all claims, demands, causes of actions, fees and liabilities of any kind whatsoever,
which they had, now have or may have against you, as of the date of this Agreement, by reason of any actual or alleged act, omission,
transaction, practice, conduct, statement, occurrence, or any other matter, within the reasonable scope of your employment. This
release does not include any willful acts of misconduct or fraud which the Company may not have knowledge of as of the date of
this Agreement. The Company represents that, as of the date of this Agreement, there are no known claims relating to you. For the
avoidance of doubt, the covenants in Sections 6 and 7 of the Employment Agreement shall continue in effect in accordance with their
terms, unless specifically and expressly modified by this Agreement.

 

		12.	Section 7(a) of the Employment Agreement is hereby incorporated by reference,
provided, however, the Company agrees that the “Restricted Period” for purposes of Section 7(a) shall be limited to
a period of six (6) months following the Termination Date.

 

		13.	Section 7(d) of the Employment Agreement is hereby incorporated by reference.
To the extent of any conflict or inconsistency between the provisions of this paragraph 13 and Section 7(d) of the Employment Agreement,
Section 7(d) of the Employment Agreement shall govern. You agree that you shall immediately turn over to the Company any property,
material, documents and/or equipment furnished to and/or maintained by you, in whatever form of media (including in printed form
or stored magnetically, optically or electronically) in connection with your employment with the Company (including but not limited
to books, laptop computer, cell phone, personal digital assistant, identification card, product, merchandise, catalogs, samples,
employee handbook, customer records, price lists, accounts receivable and accounts payable records, computer records and printouts,
supplier records, data analysis and any and all Company-related records on your home computers, cell phones and personal digital
assistants) unless the Company otherwise agrees in writing to allow you to retain any such property, material, documents and/or
equipment. You shall promptly submit to the Company a reimbursement request, with appropriate supporting documentation, for any
outstanding expenses that may be reimbursable under the Company’s regular policy. You shall promptly pay any expenses that
you incurred with respect to which the Company could be liable (e.g., expenses incurred on the Company’s corporate credit
card); if those expenses were properly incurred in connection
with the Company’s business, you shall submit those expenses with appropriate supporting documentation to the Company and
the Company shall reimburse you therefor.

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		14.	You agree that you will not disclose or use for any purpose any trade secrets
or proprietary or confidential information about the Company or its Representatives, whether or not marked as being confidential
and irrespective of the form of communication, including oral as well as written and electronic communication, acquired by you
during your employment; provided, however, that you shall not be held liable under federal or state trade secret law or this or
any other agreement for making a disclosure of a trade secret or other confidential information in confidence to an attorney or
government official for the purpose of investigating or reporting a suspected violation of law or in a court filing under seal.
As used in this Agreement, “confidential information” shall, without limitation, include:

 

		a.	Information relating to the Company’s or any of its subsidiaries’
or affiliates’ business, products, markets, condition (financial or other), operations, assets, liabilities, results of operations,
cash flows, earnings, assets, debts, prices, pricing structure, volume of sales, prospects of the Company, royalty rates, terms
of license agreements, or other financial data;

 

		b.	Supply and service information, such as the names and addresses of suppliers
of goods and services, terms of supply or service or of particular transactions, related information about potential suppliers
to the extent that such information is not generally known to the public, and to the extent that the combination of suppliers or
use of a particular supplier though generally known or available, yields advantages to the Company, the details of which are not
generally known;

 

		c.	Marketing and pricing information, such as details about ongoing or proposed
marketing programs, agreements by or on behalf of the Company, sales forecasts, results of marketing efforts, and information about
impending transactions;

 

		d.	Customer information, such as any compilation of past, or existing or prospective
retail or wholesale customers’ names, addresses or backgrounds, records of purchases and prices, proposals or agreements
between customers and the Company (or its affiliates), status of customers’ accounts or credit, or related information about
actual or prospective customers; or

 

		e.	Notes, analyses, compilations, studies, forecasts, interpretations or other
documents relating to the foregoing in this Section 12(a)-(d).

 

		15.	In addition, you agree for a period of 2 years following
the Termination Date, that you will not, in any way (i) defame or maliciously disparage the Company or any Representative or make
or solicit any comments, statements or the like, to the media, to current, future or former employees or to others, that may be
considered to be derogatory or detrimental to the good name or business reputation of the Company or any Representative, or (ii)
take any direct action against the Company, or any action directly related to the Company, that could reasonably be expected to
harm the Company. You understand that any unauthorized disclosure or disparagement by you or by anyone to whom you disclose such
information will be considered a breach of this Agreement. This restriction shall not apply to any good faith communications with
government agencies or truthful testimony required by law or legal process. The Company agrees for a period of 2 years following
the Termination Date that it will not, in any way (i) defame or maliciously disparage you or make or solicit any comments, statements
or the like, to the media, to current, future or former employers of yours or to others, that may be considered to be derogatory
or detrimental to your good name or your business reputation, or (ii) take any direct action against you, or any action directly
related to you, that could reasonably be expected to harm you. This restriction shall not apply to any good faith communications
with government agencies or truthful testimony required by law or legal process.

 

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		16.	You agree to reasonably cooperate with the Company, together
and all of their respective past and present subsidiaries, affiliates, predecessors, successors and assigns, their legal counsel
and designees regarding any current or future Claim, investigation (internal or otherwise), inquiry or litigation relating to
this matter with which you were involved or had knowledge or which occurred during your employment, with such assistance including,
but not limited to, meetings and other consultations, signing affidavits and documents that are factually accurate, attending
depositions and providing truthful testimony (in each case, without requiring a subpoena); provided, however, that
the Company will reimburse you for your reasonable expenses (including attorneys’ fees and travel expenses) actually incurred
by you in connection with such cooperation (it being understood that if any such expenses are expected to exceed $5,000, you shall
inform the Company prior to incurring such expenses to provide the Company with an opportunity to either agree to reimburse you
for such expenses or advise you not to provide such cooperation necessitating the incurrence of such expenses). In the event your
cooperation is required during the Consulting Period, then if such cooperation is in excess of 8 hours per week (excluding travel
time and lunch and inclusive of consulting time), then the Company shall pay you a fee of $250 per hour for each hour in excess
of 8 hours during such week. In the event your services are required after the expiration or termination of the Consulting Period,
the Company shall pay you a fee of $2,000 for each day your services are required by the Company after the Consulting Period.

 

		17.	You agree to notify the Company within a reasonable period of time should
you learn of a subpoena or other court order requiring your participation in any legal proceeding relating to or stemming from
your employment with the Company. “Reasonable period of time” means sufficiently in advance of the date on which you
must respond to such subpoena or other court order so that the Company can intervene to challenge or quash such subpoena or other
court order.

 

		18.	Section 7(e) of the Employment Agreement is hereby incorporated
by reference. You understand that if you should violate any provision of this Agreement, the Company may take legal action to
enforce the Agreement and may be entitled to any and all other equitable and legal remedies which may be available to it including
monetary damages. You acknowledge that your compliance with paragraphs 11 through 17 of this Agreement is necessary to protect
the business and goodwill of the Company, and that a breach will result in irreparable and continuing damage to the Company, for
which money damages may not provide adequate relief. Consequently, you agree that, in the event you breach, or threaten, or attempt
to breach these provisions of the Agreement, the Company shall be entitled to seek temporary restraining orders and preliminary
or permanent injunctions in order to prevent the occurrence of continuation of such harm and money damages insofar as they can
be determined, and you further agree that in connection with any such request for relief by the Company, the Company shall not
be required to prove that the Company’s remedies at law are inadequate and the Company shall not be required to post any
bond or other security, unless required by law. You acknowledge that these provisions are reasonably and properly required for
the protection of the Company.

 

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		19.	The parties acknowledge that this Agreement is not an admission on either
of their parts. Accordingly, this Agreement may not be admissible in any forum as an admission of any kind; provided that this
sentence shall not prohibit either party from admitting into evidence the terms of this Agreement for the sole purpose of enforcing
such terms. The parties further agree that questions regarding the interpretation of the language of the Agreement shall not be
presumptively interpreted against the drafter as the Agreement is a product of negotiations between the parties.

 

		20.	You acknowledge and understand that:

 

		a.	the above-referenced consideration represent the total payments you will
receive from the Company in return for signing this Agreement and exceeds that to which you would otherwise be entitled;

 

		b.	you shall no longer be considered an employee of the Company after the Termination
Date, and therefore, that the benefits of employment, other than those specifically referenced in this Agreement, will not be available
after such date;

 

		c.	you are not entitled to any additional payments under the Company’s
policies, benefit or commission plans, or any expressed or implied agreement with the Company other than as set forth in this Agreement;

 

		d.	it is in exchange for the good and sufficient consideration provided in this
Agreement that you agree to the provisions herein; and

 

		e.	you have received and agree to Schedule A attached hereto.

 

		21.	You acknowledge that you have the right, and have been advised by the Company,
to consult with an attorney, and that you have done so to the extent you desired prior to executing this Agreement. You understand
that you are entitled to fully consider this Agreement for a period of up to twenty-one (21) days. In the event you sign the Agreement
prior to the expiration of the time to consider this Agreement, the remaining time shall be waived. Further, this Agreement shall
not become effective or enforceable, nor shall any consideration be paid, until after both parties have signed it and eight days
have elapsed from you executing it, providing you have not revoked your Agreement in writing before that date as you may revoke
this Agreement for up to seven (7) days following its execution by sending written notice to the attention of Liz Nissen at the
Company and personally delivering it or postmarking it prior to the end of such seven (7) day period.

 

		22.	Should any provision of this Agreement be held to be
illegal, void or unenforceable, such provision shall be of no force and effect. However, the illegality or unenforceability of
any such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement.

 

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		23.	This Agreement contains the complete understanding between the Company and
you related to the subject matter hereto, and supersedes all prior agreements and understandings between the Company and you related
to the subject matter of this Agreement. Each party agrees that it is not relying on any representations, whether written or oral,
not set forth in this Agreement, in determining to execute this Agreement. This Agreement may not be modified, changed or altered
by any oral promise or statement, nor shall any written modification of this Agreement be binding on the Company until such modification
is approved in writing by an officer of the Company. In signing this Agreement, the parties are not relying on any fact, statement
or assumption not set forth in this Agreement.

 

		24.	You may not assign any of your rights or obligations under this Agreement
without obtaining the express written consent of the Company. Subject to the foregoing, this Agreement shall be binding upon and
inure to the benefit of each party’s respective successors and permitted assigns. This Agreement is made under, and shall
be governed by and construed under, the laws of the State of New York, without reference to principles of choice of law that might
call for application of the substantive law of another jurisdiction. The federal and state courts located in New York County, New
York, shall have sole and exclusive jurisdiction over any dispute arising out of or relating to this Agreement, and each party
hereby expressly consents to the jurisdiction of such courts and waives any objection (whether on grounds of venue, residence,
domicile, inconvenience of forum or otherwise), to such a proceeding brought before such a court.

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By
signing below, the Company and you indicate that they have carefully read and understood the terms of this Agreement and the attached
Schedules, enter into this Agreement knowingly, voluntarily and of their own free will, understand its terms and significance
and intend to abide by its provisions without exception.

 

SEQUENTIAL BRANDS GROUP, INC.

 

 

	By:	/s/ William Sweedler	 	10/1/19	 
	 	William Sweedler	 	Date: 10/1/19	 
	 	Chairman of the Board of Directors	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	/s/ Karen Murray	 	10/1/19	 
	 	Karen Murray	 	Date: 10/1/19	 

 

 

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Schedule A

 

 

 

Name:
Karen Murray

 

Termination
Date: October 1, 2019

 

 

Consideration
subject to your compliance with the Agreement:

 

Consulting
Fee specified in paragraph 1

Payments
specified in paragraph 2, less applicable withholdings

 

 

Benefits:

 

Last
day of benefits coverage:

 

Medical,
Dental, Vision – N/A

401k
 – Termination Date – October 1, 2019

 

Note:
Certain benefits such as health insurance may be continued at your own expense pursuant to COBRA and state law

 

 

By
signing this Agreement, I confirm that I do not have any accrued but unused vacation days.

  

 

	 	/s/ Karen Murray	 	10/1/19	 
	 	Signature	 	Date: 10/1/19	 

 

    	 	 	10Exhibit 10.1

    

  

  

  STAR BULK CARRIERS CORP.

  2019  EQUITY INCENTIVE PLAN

   

  ARTICLE I.

  General

   

  
    
      1.1.     Purpose

    

  

   

  The Star Bulk Carriers Corp. 2019 Equity Incentive Plan (the “Plan”) is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the
    successful conduct of the business of Star Bulk Carriers Corp. (the “Company”), with incentives to (a) enter into and remain in the service of the Company or its Affiliates and Subsidiaries (as defined below), (b) acquire a proprietary interest in the
    success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company.

   

  1.2.     Administration

   

  (a)         Administration.  The Plan shall be administered by the Compensation Committee (the “Compensation Committee”) of the Company’s Board of Directors (the “Board”)
    or such other committee of the Board as may be designated by the Board to administer the Plan (the Compensation Committee or such committee, as applicable, the “Administrator”); in the event the Company is subject to Section 16 of the U.S. Securities
    Exchange Act of 1934, as amended (the “1934 Act”), the Administrator shall be composed of two or more directors, each of whom is a “Non-Employee Director” (a “Non-Employee Director”) under Rule 16b-3 (as promulgated and interpreted by the Securities
    and Exchange Commission (the “SEC”) under the 1934 Act, or any successor rule or regulation thereto as in effect from time to time, Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations
    conferred on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the Persons to receive Awards (as defined below) under the Plan; (2) determine the types of Awards granted to a participant under
    the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to
    what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled,
    forfeited or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to an Award shall be deferred, either automatically or at
    the election of the holder thereof or the Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules
    governing its operation, and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (9) make all determinations necessary or advisable in administering the Plan; (10) correct any defect, supply any omission and
    reconcile any inconsistency in the Plan or any Award Agreement; and (11) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan.  Unless otherwise expressly provided
    in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive and
    binding upon all Persons.

   

  
    1

    
      

  

  (b)         General Right of Delegation.  Except to the extent prohibited by applicable law, the applicable rules of
      a stock exchange or any charter, by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by it and may revoke any such allocation or delegation
      at any time.

   

  (c)         Indemnification.  No member of the Board, the Administrator or any employee of the Company or any of its
      Affiliates (each such Person, a “Covered Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.  Each Covered Person shall be indemnified and held
      harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which
      such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company’s
      approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that the Company shall have the right, at its own expense, to assume
      and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice.  The foregoing right of indemnification
      shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered
      Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Articles of
      Incorporation or Bylaws.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or
      otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless.

   

  (d)         Delegation of Authority to Senior Officers.  The Administrator may, in accordance with the terms of
      Section 1.2(b), delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to employees (other than officers) of the Company and its Subsidiaries (including any such
      prospective employee) and consultants of the Company and its Subsidiaries; provided, however, that in no event shall any such officer be delegated the authority to grant Awards to, or amend Awards held by, the following individuals:
      (i) individuals who are subject to Section 16 of the 1934 Act, or (ii) officers of the Company (or directors of the Company) to whom authority to grant or amend Awards has been delegated hereunder.

   

  
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  (e)         Awards to Non-Employee Directors.  Notwithstanding anything to the contrary contained herein, the Board
      may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards.  In any such case, the Board shall have all the authority and responsibility granted to the
      Administrator herein.

   

  1.3.     Persons Eligible for Awards

   

  The Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee) of the Company and its
    Subsidiaries and Affiliates and consultants and service providers (including individuals who are employed by or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries an Affiliates
    (collectively, “Key Persons”) as the Administrator shall select.

   

  1.4.     Types of Awards

   

  Awards may be made under the Plan in the form of (a) stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units and (e) unrestricted stock, all
    as more fully set forth in the Plan.  The term “Award” means any of the foregoing that are granted under the Plan.

   

  1.5.     Shares Available for Awards; Adjustments for Changes in Capitalization

   

  (a)          Maximum Number.  Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of
      common stock of the Company, par value $0.01 (“Common Stock”), with respect to which Awards may at any time be granted under the Plan shall be 900,000.   The following shares of Common Stock shall again become available for Awards under the Plan: (i)
      any shares that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award
      Agreement; provided that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash
      without the delivery of shares to the grantee.  Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant to Awards under the Plan.

   

  (b)         Source of Shares.  Shares issued pursuant to the Plan may be authorized but unissued Common Stock or
      treasury shares.  The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares.

   

  (c)         Adjustments.  (i)  In the event any dividend or other distribution (whether in the form of cash, Company
      shares, other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other
      rights to purchase Company shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring, affects the Company shares such that an adjustment is determined by the Administrator to be
      appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it may deem equitable, adjust any
      or all of the number of shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan.

   

  
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        (ii)          The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring
          events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any of its Affiliates, or the financial statements of the Company
          or any of its Affiliates, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are
          appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other
          securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or
          assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if
          deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per
          share Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor; provided, however, that with respect to options and stock appreciation rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section
          424(h) of the Code.

      

    

  

   

  
    
      
        (iii)         In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company’s assets or (C) a merger, reorganization or
          consolidation involving the Company or one of its Subsidiaries (as defined below), the Administrator shall have the power to:

      

    

  

   

  
    
      
        (1)  provide that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent right) shall either continue in effect,
          be assumed or an equivalent award shall be substituted therefor by the successor corporation or a parent corporation or subsidiary corporation;

      

    

  

   

  
    
      
        (2)  cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units (including each dividend equivalent
          right related thereto) outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the
          Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate Exercise Price of such Award (it being understood that, in such event, any option or stock appreciation right having a per
          share Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor; or

      

    

  

   

  
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        (3)  notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right shall be fully vested and exercisable
          for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which period shall
          expire no later than immediately prior to the consummation of the corporate transaction).

      

    

  

   

  (iv)         In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):

   

  (A)         The number and type of securities or other property subject to each outstanding Award
      and the Exercise Price or grant price thereof, if applicable, shall be equitably adjusted; and

   

  (B)         The Administrator shall make such equitable adjustments, if any, as the Administrator
      may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations set forth in Sections 1.5(a)).  The
      adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the affected participant and the Company.

   

  1.6.     Definitions of Certain Terms

   

  (a)          The “Fair Market Value” of a share of Common Stock on any day shall be the closing price on the stock exchange
      upon which such shares are listed, as reported for such day in The Wall Street Journal, or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day.  If no quotation is made
      for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding sentence for the next preceding trading day.  Notwithstanding the foregoing, if there is no reported
      closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods
      and procedures as shall be established from time to time by the Administrator.  The “Fair Market Value” of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be
      established from time to time by the Administrator.

   

  (b)          Unless otherwise set forth in an Award Agreement, in connection with a termination of employment or
      consultancy/service relationship or a dismissal from Board membership, for purposes of the Plan, the term “for Cause” shall be defined as follows:

   

  
    
      
        (i)           if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between the grantee, on the one hand, and the Company or
          any of its Affiliates, on the other hand, that contains a definition of “cause” (or similar phrase), for purposes of the Plan, the term “for Cause” shall mean those acts or omissions that would constitute “cause” under such agreement; or 

      

    

  

   

  
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        (ii)          if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term “for Cause” shall mean any of the following: 

      

    

  

  

  

  (A)         any failure by the grantee substantially to perform the grantee’s employment or consultancy/service or Board
      membership duties;

   

  (B)         any excessive unauthorized absenteeism by the grantee;

   

  (C)         any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee
      reports;

   

  (D)         any act or omission by the grantee that is or may be injurious to the Company or any of its Affiliates, whether
      monetarily, reputationally or otherwise;

   

  (E)         any act by the grantee that is inconsistent with the best interests of the Company or any of its Affiliates;

   

  (F)         the grantee’s gross negligence that is injurious to the Company or any of its Affiliates, whether
    monetarily, reputationally or otherwise; 

  

  (G)         the grantee’s material violation of any of the policies of the Company or any of its Affiliates, as applicable,
      including, without limitation, those policies relating to discrimination or sexual harassment;

   

  (H)         the grantee’s material breach of his or her employment or service contract with the Company or any of its
      Affiliates;

   

  (I)          the grantee’s unauthorized (1) removal from the premises of the Company or any of its Affiliates of any
      document (in any medium or form) relating to the Company or any of its Affiliates or the customers or clients of the Company or any of its Affiliates or (2) disclosure to any Person or entity of any of the Company’s, or any of its Affiliates’,
      confidential or proprietary information;

   

  (J)          the grantee’s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that
      constitutes a felony or involves moral turpitude; and

   

  (K)         the grantee’s commission of any act involving dishonesty or fraud.

   

  Any rights the Company or any of its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal “for Cause” shall be in addition to any other rights the
    Company or any of its Affiliates may have under any other agreement with a grantee or at law or in equity.  Any determination of whether a grantee’s employment, consultancy/service relationship or Board membership is (or is deemed to have been)
    terminated “for Cause” shall be made by the Administrator.  If, subsequent to a grantee’s voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary termination of employment or
    consultancy/service relationship without Cause or removal from the Board other than “for Cause”, it is discovered that the grantee’s employment or consultancy/service relationship or Board membership could have been terminated “for Cause”, the
    Administrator may deem such grantee’s employment or consultancy/service relationship or Board membership to have been terminated “for Cause” upon such discovery and determination by the Administrator.

   

  
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  (c)          “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the
      Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.

   

  (d)          “Subsidiary” shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.

   

  (e)          “Exercise Price” shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the price-per-share
      at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.

   

  (f)          “Equity Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend,
      stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value
      of the shares underlying outstanding Awards.

   

  (g)          “Person” shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated
      association, joint venture, joint stock company, governmental body or other entity of any kind.

   

  (h)          “Repricing” shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii)
      cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or
      a stock appreciation right that is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules.

   

  ARTICLE II.

  Awards Under The Plan

   

  2.1.     Agreements Evidencing Awards

   

  Each Award granted under the Plan shall be evidenced by a written certificate (“Award Agreement”), which shall contain such provisions as the Administrator may deem necessary or
    desirable and which may, but need not, require execution or acknowledgment by a grantee.  The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. 

   

  

  
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  2.2.     Grant of Stock Options and Stock Appreciation Rights

   

  (a)          Stock Option Grants.  The Administrator may grant stock options (“options”) to purchase shares
    of Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.  No option will
    be treated as an “incentive stock option” for purposes of the Code.  The Administrator shall not grant an Award in the form of stock options to an individual who is then subject to the requirements of Section 409A of the Code with respect to such Award
    if the Common Stock (as defined below) underlying such Award does not then qualify as “service recipient stock” for purposes of Section 409A. 

  

  (b)         Option Exercise Price.  Each Award Agreement with respect to an option shall set forth the Exercise
      Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such
      Exercise Price be less than the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock.  Repricing of options granted under the Plan shall not be permitted (1) to the
      extent such action could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the
      rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences or if any
      requisite shareholder approval related thereto is not obtained prior to the effective time of such action.

   

  (c)        Stock Appreciation Right Grants; Types of Stock Appreciation Rights.  The Administrator may grant stock
      appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.  The terms of a stock
      appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable.  Stock appreciation rights may be
      granted in connection with all or any part of, or independently of, any option granted under the Plan.  The Administrator shall not grant an Award in the form of stock appreciation rights to any Key Person (i) who is then subject to the requirements
      of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying such Award does not then qualify as “service recipient stock” for purposes of Section 409A or (ii) if such Award would create adverse tax
      consequences for such Key Person under Section 457A of the Code.

   

  
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  (d)          Nature of Stock Appreciation Rights.  The grantee of a stock appreciation right shall have the right,
      subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over the
      Exercise Price of the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised.  Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise
      Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no
      event may such Exercise Price be less than the greater of (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock.  Payment upon exercise of a stock appreciation right shall be in
      cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine.  Repricing of stock appreciation rights granted under
      the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be
      obtained by the Company pursuant to the rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it
      would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.  Upon the exercise of a stock appreciation right granted in connection with an option, the
      number of shares subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is exercised.  Upon the exercise of an option in connection with which a stock appreciation right has been granted, the
      number of shares subject to the stock appreciation right shall be reduced by the number of shares with respect to which the option is exercised.

   

  2.3.     Exercise of Options and Stock Appreciation Rights

   

  Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows:

   

  (a)          Timing and Extent of Exercise.  Options and stock appreciation rights shall be exercisable at such times
      and under such conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was
      granted.  Unless the applicable Award Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable.

   

  (b)          Notice of Exercise.  An option or stock appreciation right shall be exercised by the filing of a written
      notice with the Company or the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator shall prescribe.

   

  (c)        Payment of Exercise Price.  Any written notice of exercise of an option shall be accompanied by payment
      for the shares being purchased.  Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the
      Administrator, which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise
      Price and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion of the Administrator and to the
      extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment
      methods.

   

  
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  (d)         Delivery of Certificates Upon Exercise.  Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving
      payment of the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i)
      deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation rights, for
      which the Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form.  If the method of payment employed upon an option exercise so requires, and if applicable law permits, an
      optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker.

   

  (e)         No Stockholder Rights.  No grantee of an option or stock appreciation right (or other Person having the
      right to exercise such Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such shares.  Except as otherwise provided in Section
      1.5(c), no adjustment shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued.

   

  2.4.     Termination of Employment; Death Subsequent to a Termination of Employment

   

  (a)        General Rule.  Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this
      Section 2.4 or Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board may exercise any outstanding option or stock appreciation right on the following terms and
      conditions: (i) exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise
      must occur within three months after termination of employment or consultancy/service relationship or dismissal from the Board but in no event after the original expiration date of the Award.

   

  (b)        Dismissal “for Cause”.  If a grantee incurs a termination of employment or consultancy/service
      relationship or dismissal from the Board “for Cause”, all options and stock appreciation rights not theretofore exercised shall immediately terminate upon the grantee’s termination of employment or consultancy/service relationship or dismissal from
      the Board.

   

  
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  (c)          Retirement.  If a grantee incurs a termination of employment or consultancy/service relationship or
      dismissal from the Board as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such retirement, remain exercisable for a period of three
      years after such retirement; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.  For this purpose, “retirement” shall mean a grantee’s resignation of
      employment or consultancy/service relationship or dismissal from the Board, with the Company’s or its applicable Affiliate’s prior consent, on or after (i) his or her 65th birthday, (ii) the date on which he or she has attained age 60 and completed
      at least five years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20
      years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate).

   

  (d)         Disability.  If a grantee incurs a termination of employment or consultancy/service relationship or a
      dismissal from the Board by reason of a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination or dismissal, remain exercisable for a period of one year
      after such termination or dismissal of employment; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.  For this purpose, “disability” shall mean any physical
      or mental condition that would qualify the grantee for a disability benefit under the longterm disability plan maintained by the Company or its Affiliate, as applicable, or, if there is no such plan, a physical or mental condition that prevents the
      grantee from performing the essential functions of the grantee’s position (with or without reasonable accommodation) for a period of six consecutive months.  The existence of a disability shall be determined by the Administrator.

   

  (e)          Death.

   

  
    
      
        (i)   Termination of Employment as a Result of Grantee’s Death.  If a grantee incurs a termination of employment or
          consultancy/service relationship or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one
          year after such death; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. 

      

      

      

      

    

  

  
    
      
        (ii)  Restrictions on Exercise Following Death.  Any such exercise of an Award following a grantee’s death shall be made only by the
          grantee’s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee’s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient
          of such specific disposition.  If a grantee’s personal representative or the recipient of a specific disposition under the grantee’s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient
          shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee. 

      

      

      

    

  

  (f)          Administrator Discretion.  The Administrator may, in writing, may waive or modify the application of the
      foregoing provisions of this Section 2.4.

   

  
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  2.5.     Transferability of Options and Stock Appreciation Rights

   

  Except as otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a
    grantee shall be exercisable only by the grantee, and no such Award shall be assignable or transferable other than by will or by the laws of descent and distribution.  The Administrator may, in any applicable Award Agreement evidencing an option or
    stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a trust or trusts for the exclusive benefit of such
    Immediate Family Members or (c) other parties approved by the Administrator.  Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were applicable
    immediately prior to the transfer.
     

  

  2.6.     Grant of Restricted Stock

   

  (a)        Restricted Stock Grants.  The Administrator may grant restricted shares of Common Stock to such Key
      Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions of the Plan.  A grantee of a restricted stock Award shall have no rights
      with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in such form as the Administrator shall determine and, in the event the
      restricted shares are newly issued by the Company, makes payment to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the Administrator) in an amount at least equal to the par value of the
      shares covered by the Award (which payment may be waived at the time of grant of the restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to be fully paid and non-assessable).

   

  (b)         Issuance of Stock Certificate.  Promptly after a grantee accepts a restricted stock Award in accordance
      with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates for the shares of Common Stock covered by the Award or shall establish an account
      evidencing ownership of the stock in uncertificated form.  Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder with respect to the restricted stock, subject to: (i) the
      nontransferability restrictions and forfeiture provision described in the Plan (including paragraphs (d), (e) and (f) of this Section 2.6); (ii) in the Administrator’s sole discretion, a requirement, as set forth in the Award Agreement, that any
      dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained in the
      applicable Award Agreement.

   

  (c)          Custody of Stock Certificate.  Unless the Administrator shall otherwise determine, any stock
      certificates issued evidencing shares of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in the applicable Award Agreement.  The Administrator may direct that such stock
      certificates bear a legend setting forth the applicable restrictions on transferability.

   

  
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  (d)         Nontransferability.  Shares of restricted stock may not be sold, assigned, transferred, pledged or
      otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award Agreement.  The Administrator at the time of grant shall specify the date or dates
      (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.

   

  (e)          Consequence of Termination of Employment.  Unless otherwise set forth in the applicable Award Agreement,
      (i) a grantee’s termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability (as defined in Section 2.4(d)) shall cause the immediate forfeiture of all shares of restricted
      stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal
      from the Board as the result of his or her death or disability, all shares of restricted stock that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date.  Unless otherwise
      determined by the Administrator, all dividends paid on shares forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which
      such dividends are held or otherwise.  The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.6(e).

   

  2.7.     Grant of Restricted Stock Units

   

  (a)          Restricted Stock Unit Grants.  The Administrator may grant restricted stock units to such Key Persons, and in such amounts
      and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.  A restricted stock unit granted under the Plan shall confer upon the grantee a right
      to receive from the Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence of
      such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting.  Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of
      vesting) or both, all as the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which shall be (i) if Section 409A of the Code is applicable to the grantee, within the period
      required by Section 409A such that it qualifies as a “short-term deferral” pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the Administrator shall provide for deferral of the Award in compliance with Section
    409A, (ii) if Section 457A of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the
    grantee, at such time as determined by the Administrator.

  

  

  
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  (b)          Dividend Equivalents.  The Administrator may include in any Award Agreement with respect to a restricted stock unit a
      dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were
      then outstanding.  In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same time
      as the underlying dividends are paid, regardless of the fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award’s vesting event occurs, conditioned upon the occurrence of the vesting event, (ii) made in
      cash, shares of Common Stock or other property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall set forth in the Award Agreement.

   

  (c)          Consequence of Termination of Employment.  Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s
      termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability (as defined in Section 2.4(d)) shall cause the immediate forfeiture of all restricted stock units that have not
      yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as
      the result of his or her death or disability, all restricted stock units that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date.  Unless otherwise determined by the
      Administrator, any dividend equivalent rights on any restricted stock units forfeited under this Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement
      under which such dividends are held or otherwise.  The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(c).

   

  (d)          No Stockholder Rights.  No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company
      with respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the
      form of cash or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13.  Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other
      rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued.

   

  (e)          Transferability of Restricted Stock Units.  Except as otherwise provided in an applicable Award Agreement evidencing a
      restricted stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable.  The Administrator may, in any applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the
      restricted stock units to (i) the grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) other parties approved by the Administrator.  Following any such transfer, any
    transferred restricted stock units shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer. 

   

  
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  2.8.     Grant of Unrestricted Stock

   

  The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such
    amounts and subject to such forfeiture provisions as the Administrator shall determine.  Shares may be thus granted or sold in respect of past services or other valid consideration.

   

  ARTICLE III.

  Miscellaneous

   

  3.1.     Amendment of the Plan; Modification of Awards

   

  (a)         Amendment of the Plan.  The Board may from time to time suspend, discontinue, revise or amend the Plan
      in any respect whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee’s death, the
      Person having the right to exercise the Award).  For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights
      of any grantee.

   

  (b)          Stockholder Approval Requirement.  If required by applicable rules or regulations of a national
      securities exchange or the SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the number of shares which may be issued
      under the Plan, except as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the effect of, a “re-pricing” of any outstanding Award,
      (B) reduce the price at which shares or options to purchase shares may be offered or (C) extends the duration of the Plan or (iv) materially expands the class of Persons eligible to receive Awards under the Plan.

  

  

  (c)         Modification of Awards.  The Administrator may cancel any Award under the Plan.  The Administrator also
      may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or
      conditions set forth in the Award Agreement; or (iii) waive or amend the operation of Section 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the
      Board; provided, however, that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award.  However, any such cancellation or amendment that
      materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise the Award).  In
      making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications
      under Sections 409A and 457A of the Code from such modification.

   

  
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  3.2.     Consent Requirement

   

  (a)          No Plan Action Without Required Consent.  If the Administrator shall at any time determine that any
      Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each
      such action being hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator.

   

  (b)         Consent Defined.  The term “Consent” as used herein with respect to any Plan Action means (i) any and
      all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the
      disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any
      such listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies.

   

  3.3.     Nonassignability

   

  Except as provided in Section 2.4(e), 2.5, 2.6(d) or 2.7(e), (a) no Award or right granted to any Person under the Plan
    or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by
    the grantee or the grantee’s legal representative or the grantee’s permissible successors or assigns (as authorized and determined by the Administrator).  All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any
    permitted successors or assigns.

   

  3.4.     Taxes

   

  (a)          Withholding.  A grantee or other Award holder under the Plan shall be required to pay, in cash, to the
      Company, and the Company and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee
      or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan, and to take such other action as may be necessary in the
      opinion of the Company to satisfy all obligations for payment of such taxes.  Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole
      discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required to be withheld.  Such shares shall be valued
      at their Fair Market Value as of the date on which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  Such a withholding election may be made with respect to all or any portion of the shares to be
      delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.

   

  
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  (b)          Liability for Taxes.  Grantees and holders of Awards are solely responsible and liable for the
      satisfaction of all taxes and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold
      any such Person harmless from any or all of such taxes.  The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any
      Award Agreement, to unilaterally modify any Award in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant election to the extent it would violate Section 409A or
      457A of the Code (to the extent applicable) and (iii) for any distribution event or election that could be expected to violate Section 409A or 457A of the Code, make the distribution only upon the earliest of the first to occur of a “permissible
      distribution event” within the meaning of Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code.  The Administrator shall have the sole discretion to interpret the requirements of the
      Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards.

   

  3.5.     Change in Control

   

  (a) Change in Control Defined.  For purposes of the Plan, “Change in Control” shall mean the occurrence of any of the following:

   

  
    
      
        (i)           any “person” (as defined in Section 13(d)(3) of the 1934 Act), corporation or other entity (other than (A) the Company, (B) any trustee or other fiduciary
          holding securities under an employee benefit plan of the Company or any of its Affiliates, or (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company in substantially the same proportions
          as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company) acquires “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50%
          of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company;

      

    

  

   

  

  
    
      
        (ii)         the sale of all or substantially all the Company’s assets in one or more related transactions to a Person or group of Persons, other than such a sale (A) to a
          Subsidiary which does not involve a change in the equity holdings of the Company or (B) to an entity which has acquired all or substantially all the Company’s assets (any such entity described in clause (A) or (B), the “Acquiring Entity”) if,
          immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly has
          beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock of the Company, and such voting
          power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital stock
          ordinarily entitled to elect directors of the Company immediately prior to such sale;

      

    

  

  

  

  
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  (iii)        any merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of
      which the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving
      entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) and such
      voting power among the Persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital stock
      ordinarily entitled to elect directors of the Company immediately prior to such sale;

   

  (iv)         the approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the
    Company; or 

   

  (v)          during any period of 24 consecutive calendar months, individuals:

   

  
    
      	

            	(A)	
              who were directors of the Company on the first day of such period, or

            

    

  

   

  
    
      	

            	(B)	
              whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of the Company on the first day of such
                period, or whose election or nomination for election were so approved,

            

    

  

   

  shall cease to constitute a majority of the Board.

   

  Notwithstanding the foregoing, for each Award subject to Section 409A of the Code, a Change in Control shall be deemed to occur under this Plan with respect to such Award only if a change in the ownership or effective
    control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award only to the
    extent necessary to avoid adverse tax effects under Section 409A of the Code. 

   

  (b)          Effect of a Change in Control.  Unless the Administrator provides otherwise in a Award Agreement, upon
      the occurrence of a Change in Control:

   

  
    
      
        (i)           notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any Award in the form of an option or stock appreciation
          right shall be immediately exercisable; 

      

    

  

  

  

  
    18

    
      

  

  
    
      
        (ii)          to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such manner as it deems
          appropriate;

      

    

  

   

  
    (iii)         a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for any reason, other than a termination or dismissal “for Cause”, concurrent with or within
      one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the date of his or her termination of employment or
      consultancy/service relationship or dismissal from the Board, until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for under the terms of Section 2.4 without reference to this Section
      3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or consultancy/service relationship or dismissal from the Board.

  

  

  

  (c)          Miscellaneous.  Whenever deemed appropriate by the Administrator, any action referred to in paragraph
      (b)(ii) of this Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction.  For purposes of the Plan and any Award Agreement granted hereunder, the term “Company” shall include any successor to Star
      Bulk Carriers Corp.

   

  3.6.     Operation and Conduct of Business

   

  Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any of its Affiliates from taking any action with respect to the operation and conduct of their
    business that they deem appropriate or in their best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any of its Affiliates, any merger or
    consolidation of the Company or any of its Affiliates, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other
    securities or rights thereof, any dissolution or liquidation of the Company or any of its Affiliates, any sale or transfer of all or any part of the assets or business of the Company or any of its Affiliates, or any other corporate act or proceeding,
    whether of a similar character or otherwise.

   

  3.7.     No Rights to Awards

   

  No Key Person or other Person shall have any claim to be granted any Award under the Plan.

   

  3.8.     Right of Discharge Reserved

   

  Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any of its Affiliates, his or her
    consultancy/service relationship with the Company or any of its Affiliates, or his or her position as a director of the Company or any of its Affiliates, or affect any right that the Company or any of its Affiliates may have to terminate such
    employment or consultancy/service relationship or service as a director.

   

  
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  3.9.     Non-Uniform Determinations

   

  The Administrator’s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made and determined by the
    Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated).  Without limiting the generality of the foregoing, the Administrator shall be entitled,
    among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number
    of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of Awards.

   

  3.10.   Other Payments or Awards

   

  Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under any other plan, arrangement or
    understanding, whether now existing or hereafter in effect.

   

  3.11.   Headings

   

  Any section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define
    the contents of such subdivisions.

   

  3.12.   Effective Date and Term of Plan

   

  (a)          Adoption; Stockholder Approval.  The Plan was adopted by the Board on May 22, 2019.  The Board may, but
      need not, make the granting of any Awards under the Plan subject to the approval of the Company’s stockholders.

   

  (b)         Termination of Plan.  The Board may terminate the Plan at any time.  All Awards made under the Plan
      prior to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.  No Awards may be granted under the Plan following the
      tenth anniversary of the date on which the Plan was adopted by the Board.

   

  
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  3.13.   Restriction on Issuance of Stock Pursuant to Awards

   

  The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable
    under applicable law.  Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in
    cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in
    writing to the Company that it is the Award holder’s then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time
    as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares shall be issued or transferred in
    connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the Administrator.  The Company and the Administrator shall have the
    right to condition any issuance of shares to any Award holder hereunder on such Person’s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or
    advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator may
    deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing
    such shares may contain a legend to reflect any such restrictions.  The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration
    might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award
    shall be promptly refunded to the relevant grantee or other Award holder.  Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be
    outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws.

   

  3.14.   Requirement of Notification of Election Under Section 83(b) of the Code

   

  If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the Code (to include in gross income in the year of transfer the
    amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the election with the U.S. Internal Revenue Service, in addition to any filing and notification required
    pursuant to regulations issued under Section 83(b) of the Code.

   

  3.15.   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 Administrator, 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 Administrator, 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.

   

  
    21

    
      

  

  3.16.   Sections 409A and 457A

   

  To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other
    interpretive guidance issued thereunder.  Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A or 457A of the Code, the
    Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator
    determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of
    Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.

   

  3.17.   Forfeiture; Clawback

   

  The Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock appreciation rights and any realized value with respect
    to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee’s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any of its Affiliates or (ii) a
    financial restatement that reduces the amount of bonus or incentive compensation previously awarded to a grantee that would have been earned had results been properly reported.

   

  3.18.   No Trust or Fund Created

   

  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates and an Award
    recipient or any other Person.  To the extent that any Person acquires a right to receive payments from the Company or any of its Affiliates pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the
    Company or its Affiliates.

   

  3.19.   No Fractional Shares

   

  No fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall be paid or transferred
    in lieu of any fractional shares or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

   

  3.20.   Governing Law

   

  The Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.

   

  

   

    

   22

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