Document:

Document

Exhibit 10.3

REVLON, INC.

2022 KEY EMPLOYEE RETENTION PLAN

1.Purpose.  The purpose of this Revlon, Inc. 2022 Key Employee Retention Plan (this “Plan”) is to promote the interests of Revlon, Inc., a Delaware corporation, or any successor corporation (collectively with its subsidiaries, the “Company”) by providing retention payments to certain employees of the Company whose duties are critically important to the Company’s ability to successfully manage its business, particularly in light of the challenging business environment facing the Company.
2.Effective Date of this Plan.  This Plan is effective as of July 1, 2022 (the “Effective Date”).
3.General.  The compensation provided under this Plan is intended to be in addition to all other compensation payable to Participants under any employment agreement or incentive plan or program in effect with the Company.
4.Definitions.  For the purposes of this Plan:
(a)“Award Letter” means the award letter delivered to a Participant that sets forth the Participant’s Total KERP Payment.
(b)“Board” means the Board of Directors of the Company.
(c)“Cause” shall have the meaning set forth in the employment or services agreement between the Participant and the Company, if such an agreement exists and contains a definition of “Cause” or term of similar import; otherwise Cause shall mean (i) gross neglect by the Participant of the Participant’s duties of employment, (ii) conviction of the Participant of any felony, (iii) conviction of the Participant of any lesser crime or offense involving the property of the Company, (iv) willful misconduct by the Participant in connection with the performance of the Participant’s duties of employment or other material breach by the Participant of any agreement between the Participant and the Company, (v) any breach by the Participant of the Revlon Code of Conduct and Business Ethics or (vi) any other conduct on the part of the Participant which would make the Participant’s continued employment by the Company prejudicial in any material respect to the best interests of the Company.  If and to the extent any event of Cause is capable of cure in the good faith determination of the Company, the Company shall provide notice of such event of Cause to the Participant, who shall then have 10 days to cure such event of Cause to the satisfaction of the Company, it being acknowledged and agreed that the Company’s good faith determination as to whether a Cause event is subject to cure shall be final and binding upon the parties.  
(d)“Code” means the Internal Revenue Code of 1986, as amended and the regulations thereunder, as they may from time to time be in effect (and any applicable Internal Revenue Service guidance thereunder).
(e)“Committee” means the Restructuring Committee of the Board, or any other committee authorized by the Board.  If no committee is duly authorized by the Board with respect to this Plan, the term “Committee” shall be deemed to refer to the Board for all purposes of this Plan.
(f)“Disability” shall have the meaning set forth in the employment or services agreement between a Participant and the Company, if such an agreement exists and contains a definition of Disability or term of similar import; otherwise “Disability” means the Participant’s 
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physical or mental disability, whether total or partial, such that the Participant is unable to perform the Participant’s services for: (i) a period of six consecutive months or (ii) shorter periods aggregating six months during any 12 month period. 
(g)“Good Reason” means, without the Participant’s consent:  (i) a reduction in the Participant’s annual base salary of more than 20% or (ii) the required relocation of the Participant’s principal place of employment to a location that increases the Participant’s one-way commute by more than 35 miles (it being understood that temporary relocations on account of disaster or other disruption shall not constitute Good Reason).  Notwithstanding the foregoing, the events described in clauses (i) and (ii) above shall not constitute Good Reason unless the Participant notifies the Company in writing within 10 days of the event giving rise to Good Reason and the Company has failed to cure the circumstances giving rise to Good Reason within 30 days following such notice by the Participant (the “Cure Period”).  If the Company fails to so cure prior to the expiration of the Cure Period, then the Participant may tender his or her resignation for Good Reason, such resignation to be effective no later than 15 days following the end of the Cure Period; it being understood that if the Participant fails to resign within such 15 day period, the Participant’s right to terminate his or her employment for Good Reason on account of such event shall be deemed to be waived.
(h)“KERP Payment” means each of Payment 1, Payment 2, Payment 3, Payment 4, Payment 5 and Payment 6.
(i)“KERP Payment Pool” means the aggregate amount of all KERP Payments available to all Participants under this Plan, which in no case shall be greater than $15.375 million.
(j)“Participant” shall have the meaning as set forth in Section 5 of this Plan.
(k)“Payment 1” means 25% of the Total KERP Payment.
(l)“Payment 2” means 25% of the Total KERP Payment.
(m)“Payment 3” means 12.5% of the Total KERP Payment.
(n)“Payment 4” means 12.5% of the Total KERP Payment. 
(o)“Payment 5” means 12.5% of the Total KERP Payment.
(p)“Payment 6” means 12.5% of the Total KERP Payment.
(q)“Relevant Date” means (i) September 30, 2022 for Payment 1, (ii) December 31, 2022 for Payment 2, (iii) March 31, 2023 for Payment 3, (iv) June 30, 2023 for Payment 4, (v) September 30, 2023 for Payment 5 and (vi) December 31, 2023 for Payment 6.
(r)“Relevant Period” with respect to a KERP Payment means (i) in the case of Payment 1, the period beginning on the Effective Date and ending on September 30, 2022, and (ii) in each of each other KERP Payment, the period (A) beginning on the day immediately following the Relevant Date for the immediately preceding KERP Payment and (B) ending on the Relevant Date for such KERP Payment.
(s)“Sale Event” means a direct or indirect sale, disposition or other transfer to one or more acquirors of (i) beneficial or direct voting control of the Company, (ii) all or substantially all of the assets of the Company, (iii) a majority of the value of the equity securities of the Company or (iv) a sale of the business unit for which a Participant works.  

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(t)“Total KERP Payment” means the amount set forth in the Participant’s Award Letter.
5.Eligible Participants.  Each employee selected by the Committee to participate in the Plan who receives an Award Letter shall be a “Participant” under this Plan.
6.Terms of Participation.  Each Participant shall be eligible to receive each KERP Payment, subject to the provisions of this Plan and the Award Letter, including but not limited to, the Participant’s continued employment with the Company through the Relevant Date for such KERP Payment (in accordance with Section 8(c)), except as otherwise provided in Section 7(a).
7.Termination of Employment; Forfeitures. 
(a)Termination Without Cause; Death, Disability; Resignation for Good Reason.  Notwithstanding anything herein to the contrary, upon a Participant’s involuntary termination by the Company without Cause, termination due to the Participant’s death or Disability, or upon the Participant’s resignation for Good Reason, the Participant (or his or her estate, if applicable) shall receive payment of an amount equal to (x) the KERP Payment for the Relevant Period in which such termination occurs multiplied by (y) a fraction, (i) the numerator of which is the number of calendar days that the Participant was employed during such Relevant Period, and (ii) the denominator of which is the total number of calendar days in such Relevant Period; provided, however, that the Participant’s entitlement to such payment shall be subject to the Participant’s (or, if applicable, his or her estate’s) execution and non-revocation of a release of claims against the Company and its affiliates in the form provided by the Company during the period specified in such release. Such payment shall be paid to the Participant on the Company’s first regularly scheduled payroll date that is at least three business days following the effective date of such release; provided that, if the period during which the Participant may execute such release spans two calendar years, such payment will in all events be made in the second calendar year.  For the avoidance of doubt, in no case shall the Participant’s failure to accept a comparable offer of employment from an acquiror in a Sale Event be considered an involuntary termination by the Company without Cause or a resignation by the Participant for Good Reason.  
(b)Termination for Cause; Voluntary Resignation other than for Good Reason; Forfeiture and Clawback.  Upon a Participant’s voluntary resignation other than for Good Reason or termination by the Company for Cause, (i) the Participant shall forfeit eligibility to receive any KERP Payments that have not yet been paid to the Participant and (ii) if such resignation or termination occurs prior to the earlier of (i) the date of confirmation of a joint chapter 11 plan in the jointly administered cases of Revlon, Inc., Case No. 22-10760 (DSJ), and its debtor affiliates (the “Chapter 11 Cases”) pending in the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”)or (ii) June 30, 2023, the Participant will be required to repay to the Company, promptly (and in any event not later than 30 days) following such resignation or termination, any KERP Payments previously paid to the Participant, net of any taxes paid or payable by the Participant with respect to such KERP Payments.
(c)Reallocation.  In the event that a Participant forfeits or is otherwise no longer entitled to receive a KERP Payment (including due to a forfeiture under Section 7(b)), such KERP Payment shall return to the KERP Payment Pool and may be allocated to new or existing Participants, as determined in the reasonable discretion of the Administrator, or if the Administrator delegates its authority to an officer of the Company pursuant to Section 8, as determined in the reasonable direction of such officer, subject, in all cases, to the terms of this Plan and any bankruptcy court order authorizing this Plan.
8.Plan Administration.  This Plan shall be administered by the Chief Human Resources Officer of the Company or his designee (the “Administrator”), subject to the terms of this Plan 

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and any bankruptcy court order authorizing this Plan.  Subject to any limitations set forth herein, the Administrator shall have the full authority and discretion to take any action as may be necessary to administer and attain the objectives of this Plan and may delegate the authority to administer this Plan to an officer of the Company, provided that no officer of the Company who is also a Participant may administer this Plan on the officer’s own behalf.  The Administrator (or its delegate) shall have full power and authority to construe and interpret this Plan and any interpretation by the Administrator (or its delegate) shall be binding on all Participants and shall be accorded the maximum deference permitted by law.  Such designations, determinations, interpretations and decisions by the Administrator need not be the same with respect to each Participant (whether such Participants are similarly situated or not).
(a)General.  All rights and interests of Participants under this Plan shall be non-assignable and nontransferable, and otherwise not subject to pledge or encumbrance, whether voluntary or involuntary, other than by will or by the laws of descent and distribution.  In connection with any Sale Event, the Company may assign this Plan’s sponsorship, in whole or in part.
(b)Form and Timing of Payment; Withholding.  Any payment due under this Plan shall be made to a Participant in either (i) the same manner as the Participant receives his or her regular paycheck or (ii) by certified mail at the last known address of the Participant in the records of the Company.  Subject to Section 7(a), KERP Payments, to the extent earned, shall be made on the Company’s first regularly scheduled payroll date following the applicable Relevant Date (and in any event not later than 30 days after the applicable Relevant Date).  The Company shall withhold all applicable taxes and any other required withholdings with respect to the payment of any award pursuant to this Plan.  
(c)Unfunded Arrangement; Exclusion of Compensation.  The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to ensure the payment of any award provided for hereunder.  KERP Payments shall not be considered as extraordinary, special incentive compensation, and shall not be included as “earnings,” “wages,” “salary,” or “compensation” in any pension, welfare, life insurance, or other employee benefit plan or arrangement of the Company, except as otherwise provided in any such other benefit plan or arrangement.
(d)Amendment and Termination.  The Company, in its sole discretion, shall have the right to modify, supplement, suspend or terminate this Plan at any time; provided that in no event shall any amendment or termination adversely affect the rights of any Participant regarding any KERP Payment without the prior written consent of the Participant; provided, further, that any material amendment to this Plan, such as an increase in the KERP Payment Pool, may be subject to the prior approval of the Committee and any bankruptcy court with jurisdiction, as applicable.  Subject to the foregoing, this Plan shall terminate upon the satisfaction of all obligations of the Company hereunder.  
(e)Sale Event.  Upon a Sale Event, the Company shall seek to have the acquiror assume the KERP Payments applicable to each Participant who transfers to such acquiror.  If the KERP Payments are not so assumed, this Plan will terminate with respect to each such Participant, provided that the Participant will receive the KERP Payment for the Relevant Period during which the closing of such Sale Event occurs, prorated for the number of days elapsed in the Relevant Period through such closing.   
(f)No Right to Continued Employment.  Nothing contained in this Plan shall in any way affect the right and power of the Company to discharge any Participant or otherwise terminate the Participant’s employment at any time or for any reason or to change the terms of the Participant’s employment in any manner. 

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(g)Expenses of Plan.  Any expense incurred in administering this Plan shall be borne by the Company.
(h)Captions.  Captions preceding the sections hereof are inserted solely as a matter of convenience and in no way define or limit the scope or intent of any provision hereof.
(i)Governing Law.  The administration of this Plan shall be governed by the substantive laws of the State of New York, without regard to principles of conflicts of laws.  Any persons who now are or shall subsequently become Participants in this Plan shall be deemed to consent to this provision.
(j)Jurisdiction.  By accepting an award under this Plan, each Participant (i) agrees that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Plan, whether in contract, tort or otherwise, shall be brought in the federal or state courts in the State of New York, so long as one of such courts shall have subject-matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Plan shall be deemed to have arisen from a transaction of business in the State of New York, provided, that during the pendency of the Chapter 11 Cases, any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Plan, whether in contract, tort or otherwise, shall be brought in the Bankruptcy Court and (ii) hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. 
(k)Notices.  All notices and other communications under this Plan shall be in writing and shall be given by hand delivery to the other party or confirmed fax or overnight courier, or by postage paid first class mail, addressed as follows:
If to the Participant: 
The address of his principal residence as it appears in the Company’s records.  
    If to the Company:
    Revlon, Inc. 
    1 New York Plaza
    New York, NY 10004
    Attention: Andrew Kidd; Ely Bar-Ness
    
or to such other address as any party shall have furnished to the other in writing in accordance with this Section8(k).  Notice and communications shall be effective when actually received by the addressee if given by hand delivery or confirmed fax, when deposited with a courier service if given by overnight courier, or two business days following mailing if delivered by first class mail.
(a)Section 409A. 
(i)This Plan is intended to either comply with, or be exempt from, the requirements of Section 409A of the Code (“Section 409A”).  To the extent that this Plan is not exempt from the requirements of Section 409A, this Plan is intended to comply with the requirements of Section 409A and shall be limited, construed and interpreted in accordance with such intent.  Each Participant’s right to receive any installment payments under this Plan shall be treated as a right to receive a series of separate payments and, accordingly, each such installment 

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payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.  Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest, income inclusion or other penalty that may be imposed on a Participant by Section 409A or for damages for failing to comply with Section 409A. 
(ii)Notwithstanding anything in this Plan to the contrary, any compensation or benefits payable under this Plan that is considered nonqualified deferred compensation under Section 409A and is designated under this Plan as payable upon a Participant’s termination of employment shall be payable only upon the Participant’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”).
(iii)Notwithstanding anything in this Plan to the contrary, if a Participant is deemed by the Company at the time of the Participant’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which the Participant is entitled under this Plan is required in order to avoid a prohibited distribution under Section 409A, such portion of the Participant’s benefits shall not be provided to the Participant prior to the earlier of (A) the expiration of the six-month period measured from the date of the Participant’s Separation from Service or (B) the date of the Participant’s death.  Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to the Participant (or the Participant’s estate or beneficiaries), and any remaining payments due to the Participant under this Plan shall be paid as otherwise provided herein.

6Exhibit 4.1

 

BON
NATURAL LIFE Limited

 

2022
EQUITY INCENTIVE PLAN

 

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TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	I.	ESTABLISHMENT, OBJECTIVES AND DURATION	3
	 	 	 
	II.	DEFINITIONS	3
	 	 	 
	III.	ADMINISTRATION	7
	 	 	 
	IV.	SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS	7
	 	 	 
	V.	ELIGIBILITY AND PARTICIPATION	9
	 	 	 
	VI.	STOCK OPTIONS	9
	 	 	 
	VII.	STOCK APPRECIATION RIGHTS	11
	 	 	 
	VIII.	RESTRICTED STOCK	12
	 	 	 
	IX.	RESTRICTED STOCK UNITS	15
	 	 	 
	X.	PERFORMANCE UNITS AND PERFORMANCE SHARES	16
	 	 	 
	XI.	PERFORMANCE MEASURES	17
	 	 	 
	XII.	BENEFICIARY DESIGNATION	17
	 	 	 
	XIII.	DEFERRALS	18
	 	 	 
	XIV.	RIGHTS OF PARTICIPANTS	18
	 	 	 
	XV.	AMENDMENT, MODIFICATION, TERMINATION AND ADJUSTMENTS	18
	 	 	 
	XVI.	PAYMENT OF PLAN AWARDS AND CONDITIONS THEREON	19
	 	 	 
	XVII.	CHANGE IN CONTROL	19
	 	 	 
	XVIII.	TAX PROVISIONS	20
	 	 	 
	XIX.	INDEMNIFICATION	20
	 	 	 
	XX.	SUCCESSORS	21
	 	 	 
	XXI.	LEGAL CONSTRUCTION	21

 

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BON
NATURAL LIFE LIMITED

2022 EQUITY INCENTIVE PLAN

 

I.
ESTABLISHMENT, OBJECTIVES AND DURATION

 

A.
ESTABLISHMENT OF THE PLAN. Bon Natural Life Limited, a corporation established in the Cayman Islands (hereinafter referred to as the
“Company”), hereby adopts an incentive compensation plan known as the “Bon Natural Life Limited 2022 Equity Incentive
Plan” (hereinafter referred to as the “Plan”), as set forth in this document. The Plan permits the grant of Nonqualified
Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance
Units.

 

The
Plan shall become effective upon adoption hereof by the Board of Directors and the stockholders of the Company (the “Effective
Date”). The Plan shall remain in effect as provided in Section I.C hereof.

 

B.
OBJECTIVES OF THE PLAN. The objectives of the Plan are to optimize the profitability and growth of the Company through incentives which
are consistent with the Company’s goals and which link the personal interests of Participants to those of the Company’s stockholders;
to provide Participants with an incentive for excellence in individual performance; and to promote teamwork among Participants.

 

It
is also intended with respect to the Non-Employee Directors of the Company that the Committee be able to choose from among Awards of
Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock and RSUs which will (a) permit Non-Employee Directors to increase
their ownership and proprietary interest in the Company and enhance their identification with the interests of the Company’s stockholders,
(b) provide a means of compensating Non-Employee Directors that will help attract qualified candidates to serve as Non-Employee Directors,
and (c) induce incumbent Non-Employee Directors to continue to serve if the Board desires that they remain on the Board.

 

C.
DURATION OF THE PLAN. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board of
Directors to amend or terminate the Plan at any time pursuant to Article XV hereof, until all Shares subject to it shall have been purchased
or acquired according to the Plan’s provisions.

 

II.
DEFINITIONS

 

Whenever
used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of
the word shall be capitalized:

 

A.
“AFFILIATE” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange
Act.

 

B.
“AWARD” means, individually or collectively, a grant under this Plan of Nonqualified Stock Options, Incentive Stock Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units.

 

C.
“AWARD AGREEMENT” means an agreement entered into by the Company and each Participant setting forth the terms and provisions
applicable to Awards granted under this Plan.

 

D.
“BENEFICIAL OWNER” or “BENEFICIAL OWNERSHIP” shall have the meaning ascribed to such term in Rule 13d-3 of the
General Rules and Regulations under the Exchange Act.

 

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E.
“BOARD” or “BOARD OF DIRECTORS” means the Board of Directors of the Company.

 

F.
“CHANGE IN CONTROL” shall mean the occurrence, in a single transaction or in a series of related transactions, of any one
or more of the following events:

 

(i)
A transaction or series of transactions (other than an offering of Shares to the general public through a registration statement filed
with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its subsidiaries, an employee
benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly
or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined
voting power of the Company’s securities outstanding immediately after such acquisition; or

 

(ii)
During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any
new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction
described in Section II.F(i) or II.F(iii) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the
two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority
thereof; or

 

(iii)
The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (a) a merger, consolidation, reorganization, or business combination or (b) a sale or other disposition of all or substantially all
of the Company’s assets in any single transaction or series of related transactions or (c) the acquisition of assets or stock of
another entity, in each case other than a transaction:

 

(1)
which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such person, the “SUCCESSOR ENTITY”)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the
transaction, and

 

(2)
after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.9(c)(ii) as beneficially owning 50%
or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the
consummation of the transaction; or

 

(iv)
The Company’s stockholders approve a liquidation or dissolution of the Company.

 

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any portion of an Award that provides for the deferral
of compensation and is subject to Section 409A of the Code, the transaction or event described in subsection (i), (ii), (iii) or (iv)
with respect to such Award (or portion thereof) must also constitute a “change in control event,” as defined in Treasury
Regulation Section 1.409A-3(i)(5) to the extent required by Section 409A.

 

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The
Committee shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change
in Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and
any incidental matters relating thereto; provided that any exercise of authority is in conjunction with a determination of whether a
Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent
with such regulation.

 

G.
“CODE” means the Internal Revenue Code of 1986, as amended from time to time.

 

H.
“COMMITTEE” means the Compensation Committee of the Board (or a successor committee with similar authority) or if no such
committee is named by the Board, then it shall mean the Board.

 

I.
“COMPANY” means Bon Natural Life Limited including any and all Subsidiaries, and any successor thereto as provided in Article
XX herein.

 

J.
“COVERED EMPLOYEE” means a Participant who, as of the date of vesting and/or payout of an Award, as applicable, is one of
the group of “covered employees,” as defined in Code Section 162(m) and the regulations promulgated under Code Section 162(m),
or any successor statute.

 

K.
“DIRECTOR” means any individual who is a member of the Board of Directors of the Company or any Subsidiary; provided, however,
that any Director who is employed by the Company shall be considered an Employee under the Plan.

 

L.
“DISABILITY” with respect to any Award, a Participant shall be considered Disabled if the Participant is considered “disabled”
under the Company’s long-term disability plan then in effect, or if none, then if the Participant qualifies to receive disability
payments under the federal Social Security Act.

 

M.
“EFFECTIVE DATE” shall mean that date on which the Plan has been adopted and approved by both the Board of Directors and
a majority of the stockholders of the Company.

 

N.
“EMPLOYEE” means any full-time, active employee of the Company or its Subsidiaries. Directors who are not employed by the
Company shall not be considered Employees under this Plan.

 

O.
“EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

 

P.
“FAIR MARKET VALUE” shall be determined on the basis of the closing sale price at which Shares have been sold on the principal
securities exchange on which the Shares are traded or, if there is no such sale on the relevant date, then on the last previous day on
which there was such a sale.

 

Q.
“FREESTANDING SAR” means an SAR that is granted independently of any Options, as described in Article VII herein.

 

R.
“INCENTIVE STOCK OPTION” or “ISO” means an option to purchase Shares granted under Article VI herein and which
is designated as an Incentive Stock Option and which is intended to meet the requirements of Code Section 422.

 

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S.
“INSIDER” shall mean an individual who is, on the relevant date, an officer, director or more than ten percent (10%) Beneficial
Owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined
under Section 16 of the Exchange Act.

 

T.
“NON-EMPLOYEE DIRECTOR” shall mean a Director who is not also an Employee.

 

U.
“NON-QUALIFIED STOCK OPTION” or “NQSO” means an option to purchase Shares granted under Article VI herein and
which is not intended to meet the requirements of Code Section 422.

 

V.
“OPTION” means an Incentive Stock Option or a Nonqualified Stock Option, as described in Article VI herein.

 

W.
“OPTION PRICE” means the price at which a Share may be purchased by a Participant pursuant to an Option.

 

X.
“PARTICIPANT” means: (1) an Employee or consultant who has been selected to receive an Award or who has an outstanding Award
granted under the Plan; or (2) a Non-Employee Director who has been selected to receive an Award other than an Incentive Stock Option,
Performance Share or Performance Unit or who has an outstanding Award other than an Incentive Stock Option, Performance Share or Performance
Unit granted under the Plan.

 

Y.
“PERFORMANCE-BASED EXCEPTION” means the performance-based exception from the tax deductibility limitations of Code Section
162(m).

 

Z.
“PERFORMANCE SHARE” means an Award granted to a Participant (other than a Non-Employee Director), as described in Article
X herein, that shall have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

AA.
“PERFORMANCE UNIT” means an Award granted to a Participant (other than a Non-Employee Director), as described in Article
X herein, that shall have an initial value that is established by the Committee on the date of grant.

 

BB.
“PERIOD OF RESTRICTION” means the period during which the transfer of Shares of Restricted Stock or Restricted Stock Units
is limited in some way (based on the passage of time, the achievement of performance goals or upon the occurrence of other events as
determined by the Committee, at its discretion, as specified in the Award Agreement), and the Shares are subject to a substantial risk
of forfeiture, as provided in Article VIII and Article IX herein.

 

CC.
“PERSON” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and
14(d) thereof, including a “group” as defined in Section 13(d) thereof.

 

DD.
“RESTRICTED STOCK” means an Award granted to a Participant pursuant to Article VIII herein.

 

EE.
“RESTRICTED STOCK UNIT” or “RSU” means an award granted to a Participant pursuant to Article IX herein.

 

FF.
“SEPARATION FROM SERVICE” means a termination of employment or other separation from service as described in Code Section
409A and the regulations thereunder.

 

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GG.
“SHARES” means the shares of common stock of the Company.

 

HH.
“SPECIFIED EMPLOYEE” means, with respect to the Company or any of its Subsidiaries, and determined as of the date of an individual’s
separation from service from the Company (1) any officer during the prior twelve (12) month period with annual compensation in excess
of $170,000 (as adjusted from time to time under the Code), (2) a 5-percent owner of the Company’s outstanding equity stock during
the prior twelve (12) month period or (3) a 1-percent owner of the Company’s outstanding equity stock during the prior (12) month
period with annual compensation in excess of $150,000 (as adjusted from time under Code), provided that the Company or any of its Subsidiaries
is publicly-traded within the meaning of Code Section 409A on the date of determination.

 

II.
“STOCK APPRECIATION RIGHT” or “SAR” means an Award, granted alone or, in connection with a related Option, designated
as an SAR, pursuant to the terms of Article VII herein.

 

JJ.
“SUBSIDIARY” means any corporation, partnership, joint venture or other entity in which the Company has a majority voting
interest (including all divisions, affiliates and related entities).

 

KK.
“TANDEM SAR” means an SAR that is granted in connection with a related Option pursuant to Article VII herein, the exercise
of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the
Option, the Tandem SAR shall similarly be canceled).

 

III.
ADMINISTRATION

 

A.
THE COMMITTEE. The Plan shall be administered by the Committee.

 

B.
AUTHORITY OF THE COMMITTEE. Except as limited by law or by the Articles of Incorporation or Bylaws of the Company, and subject to the
provisions herein, the Committee shall have full power to select Employees and Non-Employee Directors who shall participate in the Plan;
determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe
and interpret the Plan and any agreement or instrument entered into under the Plan; establish or amend rules and regulations for the
Plan’s administration; and (subject to the provisions of Article XV herein) amend the terms and conditions of any outstanding Award
to the extent such terms and conditions are within the discretion of the Committee as provided in the Plan. Further, the Committee is
empowered hereby to make all other determinations which may be necessary or advisable for the administration of the Plan. As permitted
by law, the Committee may delegate its authority as identified herein.

 

C.
DECISIONS BINDING. All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders
and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its stockholders, Directors,
Employees, Participants and their estates and beneficiaries.

 

IV.
SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS

 

A.
NUMBER OF SHARES AVAILABLE FOR GRANTS. Subject to adjustment as set forth in Sections IV.B and IV.C herein, the maximum number of Shares
with respect to which Awards may be granted to Participants under the Plan may not exceed, at any given time, fifteen percent (15%) of
the total of: (a) the issued and outstanding shares of the Corporation’s Common Stock, and (b) all shares common stock issuable
upon conversion or exercise of any outstanding securities of the Corporation which are convertible or exercisable into shares of Common
Stock under the terms thereof. Shares issued under the Plan may be either authorized but unissued Shares, treasury Shares or any combination
thereof.

 

    	7

     

    

 

B.
ADJUSTMENTS FOR AWARDS AND PAYOUTS. Unless determined otherwise by the Committee, the following Awards and payouts will reduce, on a
one-for-one basis, the number of Shares available for issuance under the Plan:

 

	 	1.	An Award of an Option;
	 	 	 
	 	2.	An Award of a SAR;
	 	 	 
	 	3.	An Award of Restricted Stock;
	 	 	 
	 	4.	A payout of a Performance
  Share Award in Shares; and
	 	 	 
	 	5.	A payout of a Performance
  Units Award in Shares.

 

Unless
determined otherwise by the Committee, unless a Participant has received a benefit of ownership such as dividend or voting rights with
respect to the Award, the following transactions will restore, on a one-for-one basis, the number of Shares available for issuance under
the Plan:

 

	 	1.	A payout of a SAR or a Tandem SAR in cash;
	 	 	 
	 	2.	A cancellation, termination, expiration, forfeiture or lapse
for any reason (with the exception of the termination of a Tandem SAR upon exercise of the related Options, or the termination of a related
Option upon exercise of the corresponding Tandem SAR) of any Award payable in Shares;
	 	 	 
	 	3.	Shares tendered in payment of the exercise price of an Option;
	 	 	 
	 	4.	Shares withheld for payment of federal, state or local taxes;
	 	 	 
	 	5.	Shares repurchased by the Company with proceeds collected in
connection with the exercise of outstanding Options; and
	 	 	 
	 	6.	The net Shares issued in connection with the exercise of SARs
(as opposed to the full number of Shares underlying the exercised portion of the SAR).

 

C.
ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any change in corporate capitalization such as a stock split or stock dividend, or
a corporate transaction such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property
of the Company, any reorganization (whether or not such reorganization comes within the definition of such term in Code Section 368)
or any partial or complete liquidation of the Company, such adjustment shall be made in the number and class of Shares which are reserved
and may be delivered under Section IV.A, and in the number and class of and/or price of Shares subject to outstanding Awards granted
under the Plan, as may be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or
enlargement of rights; provided, however, that the number of Shares subject to any Award shall always be a whole number.

 

    	8

     

    

 

V.
ELIGIBILITY AND PARTICIPATION

 

A.
ELIGIBILITY. Persons eligible to participate in this Plan include officers and certain key salaried Employees of the Company with potential
to contribute to the success of the Company or its Subsidiaries, including Employees who are members of the Board. Notwithstanding the
foregoing, Non-Employee Directors of the Company or consultants shall be eligible to participate in the Plan with respect to Awards of
Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock and RSUs, as specified in Article VI, Article VII, Article VIII
and Article IX. Except as otherwise specifically provided in this Plan, the Committee shall determine the terms and conditions of any
such Awards to Non-Employee Directors, including the terms and conditions which shall apply upon a termination of the Non-Employee Director’s
service as a member of the Board, and shall have full power and authority in its discretion to administer such Awards, subject to the
terms of the Plan and applicable law.

 

B.
ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time, select in its sole and broad discretion,
upon or without the recommendation of officers of the Company, from all eligible Employees those to whom Awards shall be granted, and
shall determine the nature and amount of each Award.

 

VI.
STOCK OPTIONS

 

A.
GRANT OF OPTIONS. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon such
terms, and at any time and from time to time as shall be determined by the Committee. For purposes of this Article VI, with respect to
NQSOs only, the term “Participant” shall include Non-Employee Directors and consultants of the Company.

 

B.
AWARD AGREEMENT. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the duration of the
Option, the number of Shares to which the Option pertains, and such other provisions as the Committee shall determine. The Award Agreement
also shall specify whether the Option is intended to be an ISO within the meaning of Code Section 422, or an NQSO, whose grant is intended
not to fall under the provisions of Code Section 422.

 

C.
OPTION PRICE. The Option Price for each grant of an Option under this Plan shall be at least equal to one hundred percent (100%) of the
Fair Market Value of a Share on the date the Option is granted. Notwithstanding the foregoing, no ISO shall be granted to any person
who, immediately prior to the grant, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company, unless the Option Price is at least one hundred ten percent (110%) of the Fair Market Value of a Share on the
date of grant of the Option.

 

D.
DURATION OF OPTIONS. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of grant;
provided, however, that no Option shall be exercisable later than the tenth (10th) anniversary following the date of its grant
and provided further that no Option that is an ISO shall be exercisable later than the fifth (5th) anniversary following the
date of its grant to a Participant, who at the time of such grant owns stock possessing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company.

 

E.
EXERCISE OF OPTIONS. Options granted under this Article VI shall be exercisable at such times and be subject to such restrictions and
conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant.

 

F.
PAYMENT. Options granted under this Article VI shall be exercised by the delivery of a written notice of exercise to the Company, setting
forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares.

 

    	9

     

    

 

The
Option Price upon exercise of any Option shall be payable to the Company in full either: (a) in cash or its equivalent; or (b) by tendering
previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Option Price (provided that
the Shares which are tendered must have been held by the Participant for at least six months prior to their tender to satisfy the Option
Price); or (c) by a combination of (a) and (b).

 

The
Committee, in its discretion, may also (a) allow cashless exercise as permitted under Federal Reserve Board’s Regulation T, subject
to applicable securities law restrictions, (b) cashless exercise by the Participant by the Company’s withholding of Shares issuable
upon exercise of an Option, or (c) by any other means which the Committee determines to be consistent with the Plan’s purpose and
applicable law.

 

Subject
to any governing rules or regulations, as soon as practicable after receipt of a written notification of exercise and full payment, the
Company shall deliver to the Participant, in the Participant’s name, Share certificates in an appropriate amount based upon the
number of Shares purchased under the Option(s).

 

G.
RESTRICTIONS ON SHARE TRANSFERABILITY. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of
an Option granted under this Article VI as it may deem advisable, including, without limitation, restrictions under applicable federal
securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under
any blue sky or state securities laws applicable to such Shares.

 

H.
TERMINATION OF EMPLOYMENT BY A PARTICIPANT WHO IS AN EMPLOYEE. With respect to a Participant who is an Employee, each Option Award Agreement
shall set forth the extent to which the Participant shall have the right to exercise the Option following termination of the Participant’s
employment with the Company, with the exception of a termination of employment after a Change in Control, which is controlled by Article
XVII. Such provisions shall be determined in the sole discretion of the Committee but shall conform to the limitations established in
Section VI.D, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Options issued
pursuant to this Article VI, and may reflect distinctions based on the reasons for termination of employment.

 

	 	I.	NONTRANSFERABILITY OF OPTIONS.

 

	 	1.	INCENTIVE STOCK OPTIONS. No ISO granted under the Plan may
be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
Further, all ISOs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant or
the Participant’s legal representative (to the extent permitted under Code Section 422).
	 	 	 
	 	2.	NONQUALIFIED STOCK OPTIONS. No NQSO granted under this Article
VI may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all NQSOs granted to a Participant under
this Article VI shall be exercisable during his or her lifetime only by such Participant or the Participant’s legal representative.

 

    	10

     

    

 

VII.
STOCK APPRECIATION RIGHTS

 

A.
GRANT OF SARS. Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time
as shall be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs or any combination of these forms of
SAR. For purposes of this Article VII, the term “Participant” shall include Non-Employee Directors of the Company and consultants;
provided, however, that a Tandem SAR may not be granted to a Non-Employee Director or consultant unless the related Option is a NQSO.

 

The
Committee shall have complete discretion in determining the number of SARs granted to each Participant (subject to Article IV herein)
and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs.

 

The
grant price of a Freestanding SAR shall equal the Fair Market Value of a Share on the date of grant of the SAR. The grant price of Tandem
SARs shall equal the Option Price of the related Option.

 

B.
EXERCISE OF TANDEM SARS. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender
of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares
for which its related Option is then exercisable.

 

Notwithstanding
any other provision of this Plan to the contrary, with respect to a Tandem SAR granted to an Employee in connection with an ISO: (i)
the Tandem SAR will expire no later than the expiration of the underlying ISO; (ii) the value of the payout with respect to the Tandem
SAR may be for no more than one hundred percent (100%) of the difference between the Option Price of the underlying ISO and the Fair
Market Value of the Shares subject to the underlying ISO at the time the Tandem SAR is exercised; and (iii) the Tandem SAR may be exercised
only when the Fair Market Value of the Shares subject to the ISO exceeds the Option Price of the ISO.

 

C.
EXERCISE OF FREESTANDING SARS. Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion,
imposes upon them.

 

D.
SAR AGREEMENT. Each SAR grant shall be evidenced by an Award Agreement that shall specify the grant price, the term of the SAR, and such
other provisions as the Committee may determine.

 

E.
TERM OF SARS. The term of an SAR granted under the Plan shall be determined by the Committee, in its sole discretion; provided, however,
that such term shall not exceed ten (10) years.

 

F.
PAYMENT OF SAR AMOUNT. Upon exercise of an SAR, a Participant shall be entitled to receive payment from the Company in an amount determined
by multiplying:

 

	 	1.	the difference between the
  Fair Market Value of a Share on the date of exercise over the grant price; by
	 	 	 
	 	2.	the number of Shares with
  respect to which the SAR is exercised.

 

At
the discretion of the Committee, the payment upon SAR exercise may be in cash, in Shares of equivalent value, or in some combination
thereof. The Committee’s determination regarding the form of SAR payout shall be set forth in the Award Agreement pertaining to
the grant of the SAR.

 

    	11

     

    

 

G.
TERMINATION OF EMPLOYMENT BY A PARTICIPANT WHO IS AN EMPLOYEE. With respect to a Participant who is an Employee, each SAR Award Agreement
shall set forth the extent to which the Participant shall have the right to exercise the SAR following termination of the Participant’s
employment with the Company and/or its Subsidiaries, with the exception of a termination of employment that occurs after a Change in
Control, which is controlled by Article XVII. Such provisions shall be determined in the sole discretion of the Committee, shall be included
in the Award Agreement entered into with Participants, need not be uniform among all SARs issued pursuant to the Plan and may reflect
distinctions based on the reasons for termination of employment.

 

H.
NONTRANSFERABILITY OF SARS. No SAR granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement,
all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant or the Participant’s
legal representative.

 

VIII.
RESTRICTED STOCK

 

A.
GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant
Shares of Restricted Stock to Participants in such amounts as the Committee shall determine. For purposes of this Article VIII, the term
“Participant” shall include Non-Employee Directors of the Company and consultants.

 

B.
RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be evidenced by a Restricted Stock Award Agreement that shall specify the
Period(s) of Restriction, the number of Shares of Restricted Stock granted and such other provisions as the Committee shall determine.

 

C.
NONTRANSFERABILITY. Except as provided in this Article VIII and subject to federal securities laws, the Shares of Restricted Stock granted
under the Plan may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until the end of the applicable
Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement, or upon earlier satisfaction
of any other conditions, as specified by the Committee in its sole discretion and as set forth in the Restricted Stock Award Agreement.
All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime
only to such Participant or the Participant’s legal representative for the Period of Restriction.

 

D.
OTHER RESTRICTIONS. Subject to Article XI herein, the Committee may impose such other conditions and/or restrictions on any Shares of
Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants
pay a stipulated purchase price for each Share of Restricted Stock, restrictions based upon the achievement of specific performance goals
(Company-wide, divisional and/or individual), time-based restrictions on vesting following the attainment of the performance goals and/or
restrictions under applicable federal or state securities laws.

 

The
Company may retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied.

 

Except
as otherwise provided in this Article VIII and subject to Federal securities laws, Shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan shall become freely transferable by the Participant after the last day of the applicable Period of Restriction.

 

E.
VOTING RIGHTS. Participants holding Shares of Restricted Stock granted hereunder may be granted the right to exercise full voting rights
with respect to those Shares during the Period of Restriction.

 

    	12

     

    

 

F.
DIVIDENDS AND OTHER DISTRIBUTIONS. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder
shall be credited with regular cash dividends paid with respect to the underlying Shares while they are so held. The Committee may apply
any restrictions to the dividends that the Committee deems appropriate. Without limiting the generality of the preceding sentence, if
the grant or vesting of Restricted Stock granted to a Covered Employee is designed to comply with the requirements of the Performance-Based
Exception, the Committee may apply any restrictions it deems appropriate to the payment of dividends declared with respect to such Restricted
Stock, such that the dividends and/or the Restricted Stock maintain eligibility for the Performance-Based Exception. Notwithstanding
anything to the contrary herein, (i) dividends accrued on Restricted Stock will only be paid if the Restricted Stock vests; and (ii)
for any Award that is governed by Code Section 409A regarding non-qualified deferred compensation, the Committee shall establish the
schedule of any payments of dividends in accordance with the requirements of Code Section 409A or any guidance promulgated thereunder.

 

G.
TERMINATION OF EMPLOYMENT BY A PARTICIPANT WHO IS AN EMPLOYEE. With respect to a Participant who is an Employee, each Restricted Stock
Award Agreement shall set forth the extent to which the Participant shall have the right to receive nonvested Restricted Shares following
termination of the Participant’s employment with the Company. Such provisions shall be determined in the sole discretion of the
Committee, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Shares of Restricted
Stock issued pursuant to the Plan and may reflect distinctions based on the reasons for termination of employment.

 

H.
VESTING OF RESTRICTED STOCK AWARDS. Unless otherwise provided in the Plan or under an Award Agreement: (1) all Awards of Restricted Stock
that vest based on the passage of time which are granted to a Participant shall vest no more rapidly than pro-rata over a three (3) year
period from the date of grant (the “Time-Based Restricted Stock”); and (2) all Awards of Restricted Stock that vest based
on the achievement of specific measures designed to satisfy the Performance-Based Exception or other performance measures which are granted
to a Participant shall vest no more rapidly than one (1) year from the date of grant (the “Performance-Based Restricted Stock”);
provided, however: (1) up to ten percent (10%) of the Time-Based Restricted Stock Awards, Performance-Based Restricted Stock Awards,
or both, may by designation of the Committee (as reflected in the Restricted Stock Award Agreement), be subject to a more accelerated
time-based vesting schedule or performance-based vesting schedule, as the case may be; and (2) Restricted Stock Awards which fully vest
upon certain termination events as determined by the Committee and specified in the Employee’s Restricted Stock Award Agreement
(or as a result of termination from the Board as a Non-Employee Director pursuant to Section VIII.I.3.f.) or a Change in Control shall
not count as part of this ten percent (10%) pool.

 

I.
ADDITIONAL PROVISIONS RELATED TO RESTRICTED STOCK AWARDS TO NON-EMPLOYEE DIRECTORS.

 

	 	1.	AWARD
  DATES. Effective as of the date specified by the Committee in its sole discretion, each Non-Employee Director will be awarded such
  number of Shares of Restricted Stock as determined by the Board, after consideration of the recommendation of the Committee. Non-Employee
  Directors may, but need not, be awarded the same number of Shares of Restricted Stock. A Non-Employee Director who is first elected
  to the Board on a date subsequent to the date specified by the Committee in its sole discretion will be awarded such number of Shares
  of Restricted Stock as of such date of election as determined by the Board, after consideration of the recommendation of the Committee.

 

    	13

     

    

 

	 	2.	DIVIDEND RIGHTS
  OF HOLDERS OF RESTRICTED STOCK. Notwithstanding Section VIII.F., upon issuance of a Restricted Stock Agreement, the Non-Employee Director
  in whose name the Restricted Stock Agreement is registered will, subject to the provisions of the Plan have the right to receive cash
  dividends and other cash distributions thereon.
	 	 	 
	 	3.	PERIOD OF RESTRICTION. Restricted
  Stock will be subject to the restrictions set forth in Section VIII.I.4. and the other provisions of the Plan during the Period of
  Restriction commencing on the date as of which the Restricted Stock is awarded (the “Award Date”) and ending on the earliest
  of the first to occur of the following:

 

	 	a.	the retirement of the Non-Employee
  Director from the Board in compliance with the Board’s retirement policy as then in effect;
	 	 	 
	 	b.	the termination of the Non-Employee
  Director’s service on the Board as a result of the Non-Employee Director’s not being nominated for reelection by the Board;
	 	 	 
	 	c.	the termination of the Non-Employee
  Director’s service on the Board because of the Non-Employee Director’s resignation or failure to stand for reelection with
  the consent of the Company’s Board (which means approval by at least 80% of the Directors voting, with the affected Non-Employee
  Director abstaining);
	 	 	 
	 	d.	the termination of the Non-Employee
  Director’s service on the Board because the Non-Employee Director, although nominated for reelection by the Board, is not reelected
  by the stockholders;
	 	 	 
	 	e.	the termination of the Non-Employee
  Director’s service on the Board because of (i) the Non-Employee’s Director’s resignation at the request of the Nominating
  and Governance Committee of the Board (or successor committee), (ii) the Non-Employee Director’s removal by action of the stockholders
  or by the Board, or (iii) a Change in Control of the Company;
	 	 	 
	 	f.	the termination of the Non-Employee
  Director’s service on the Board because of Disability or death; or
	 	 	 
	 	g.	the vesting of the Restricted
  Stock.

 

Section
VIII.I.3.a. through g. above are subject to the further restrictions that a removal or resignation for “Cause” will be deemed
to not constitute completion of the Period of Restriction and will result in a forfeiture of Restricted Stock not previously vested under
Section VIII.I.4. For purposes of this Plan, “Cause” will be a good faith determination by the Board that the Non-Employee
Director (i) failed to substantially perform his or her duties (other than a failure resulting from his or her incapacity due to physical
or mental illness) after a written demand for substantial performance has been delivered to him or her by the Board, which demand specifically
identifies the manner in which the Board believes such Non-Employee Director has not substantially performed his or her duties; (ii)
has engaged in conduct the consequences of which are materially adverse to the Company, monetarily or otherwise; or (iii) has pleaded
guilty or nolo contendere to or been convicted of a felony. The Non-Employee Director will not be deemed to have been terminated
for Cause unless there will have been delivered to the Non-Employee Director a letter from the Board setting forth the reasons for the
Company’s termination of the Non-Employee Director for Cause and, with respect to (i) or (ii), stating that the Non-Employee Director
has failed to cure such reason for termination within thirty (30) days after the Non-Employee Director’s receipt of such notice.

 

    	14

     

    

 

	 	4.	FORFEITURE OF RESTRICTED
  STOCK. As of the date (“Termination Date”) a Non-Employee Director ceases to be a member of the Board for any reason, including
  but not limited to removal or resignation for Cause, the Non-Employee Director shall forfeit to the Company all Restricted Stock awarded
  to the Non-Employee Director for which the Period of Restriction has not ended pursuant to Section VIII.I.3. as of or prior to the
  Termination Date.

 

IX.
RESTRICTED STOCK UNITS

 

A.
GRANT OF RESTRICTED STOCK UNITS. Subject to the terms of the Plan, RSUs may be granted to Participants in such amounts and upon such
terms, and at any time and from time to time, as shall be determined by the Committee. For purposes of this Article IX, the term “Participant”
shall include Non-Employee Directors of the Company and consultants.

 

B.
RESTRICTED STOCK UNIT AGREEMENT. Each RSU grant shall be evidenced by a Restricted Stock Unit Award Agreement that shall specify the
Period(s) of Restriction, the number of RSUs granted, and such other provisions as the Committee may determine.

 

C.
VALUE OF RESTRICTED STOCK UNIT. Each RSU shall have a value that is equal to the Fair Market Value of a Share on the date of grant.

 

D.
FORM AND TIMING OF PAYMENT OF RESTRICTED STOCK UNITS. Settlement of vested RSUs may be made in the form of (i) cash, (ii) Shares or (iii)
any combination of both, as determined by the Committee at the time of the grant of the RSUs, in its sole discretion. Vested RSUs shall
be settled in a lump sum as soon as administratively practicable after the vesting date, but in no event later than two and one-half
(2 1⁄2) months following the vesting date. The amount of such settlement shall be equal to the Fair Market Value of the RSUs on
the vesting date.

 

E.
DIVIDEND EQUIVALENTS. Each RSU shall be credited with an amount equal to the dividends paid on a Share between the date of grant and
the date such RSU is paid to the Participant (if at all). Dividend equivalents shall vest, if at all, upon the same terms and conditions
governing the vesting of RSUs under the Plan. Payment of the dividend equivalent shall be made at the same time as payment of the RSU
and shall be made without interest or other adjustment. If the RSU is forfeited, the Participant shall have no right to dividend equivalents.

 

F.
VOTING RIGHTS. The holders of RSUs shall have no voting rights.

 

G.
NONTRANSFERABILITY. RSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will
or by laws of descent and distribution.

 

    	15

     

    

 

X.
PERFORMANCE UNITS AND PERFORMANCE SHARES

 

A.
GRANT OF PERFORMANCE UNITS/SHARES. Subject to the terms of the Plan, Performance Units and/or Performance Shares may be granted to Participants
in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee.

 

B.
PERFORMANCE UNIT/SHARE AGREEMENT. Each Performance Unit or Performance Share grant shall be evidenced by a Performance Unit or Performance
Share Award Agreement, as the case may be, that shall specify the number of Performance Units or Performance Shares granted and such
other provisions as the Committee may determine.

 

C.
VALUE OF PERFORMANCE UNITS/SHARES. Each Performance Unit shall have an initial value that is established by the Committee at the time
of grant. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant. The Committee
shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the number and/or
value of Performance Units/Shares that will be paid out to the Participant. For purposes of this Article X, the time period during which
the performance goals must be met shall be called a “Performance Period.”

 

D.
EARNING OF PERFORMANCE UNITS/SHARES. Subject to the terms of this Plan, after the applicable Performance Period has ended, the holder
of Performance Units/Shares shall be entitled to receive payout on the number and value of Performance Units/Shares earned by the Participant
over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved.

 

E.
FORM AND TIMING OF PAYMENT OF PERFORMANCE UNITS/SHARES. Payment of earned Performance Units/Shares shall be made in a single lump sum
following the close of the applicable Performance Period. Subject to the terms of this Plan, the Committee, in its sole discretion, may
pay earned Performance Units/Shares in the form of cash or in Shares (or in a combination thereof) which have an aggregate Fair Market
Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period. Such Shares may be
granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form
of payout of such Awards shall be set forth in the Award Agreement pertaining to the grant of the Award. Payment shall be made no later
than two and one-half (2 1⁄2) months following the close of the Performance Period.

 

F.
SEPARATION FROM SERVICE DUE TO DEATH OR DISABILITY. In the event the Participant incurs a Separation From Service by reason of death
or Disability during a Performance Period, the Participant shall not receive a payout of the Performance Units/Shares, unless determined
otherwise by the Committee or set forth in the Participant’s Award Agreement.

 

Payment
of earned Performance Units/Shares shall be made at a time specified by the Committee in its sole discretion and set forth in the Participant’s
Award Agreement.

 

G.
TERMINATION OF EMPLOYMENT FOR OTHER REASONS. In the event that a Participant’s employment terminates for any reason other than
those reasons set forth in Section X.F. herein, all Performance Units/Shares intended to qualify for the Performance-Based Exception
shall be forfeited by the Participant to the Company.

 

H.
NONTRANSFERABILITY. Except as otherwise provided in a Participant’s Award Agreement, Performance Units/Shares may not be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant’s Award Agreement, a Participant’s rights under the Plan shall be
exercisable during the Participant’s lifetime only by the Participant or the Participant’s legal representative.

 

    	16

     

    

 

I.
NO DIVIDEND AND VOTING RIGHTS. Participants will not be entitled to receive any dividends declared with respect to Shares which have
been earned in connection with grants of Performance Units and/or Performance Shares, but not yet distributed to Participants nor shall
Participants have voting rights with respect to such Shares.

 

XI.
PERFORMANCE MEASURES

 

Unless
and until the Committee proposes for stockholder vote and the Company’s stockholders approve a change in the general performance
measures set forth in this Article XI, the attainment of which may determine the degree of payout and/or vesting with respect to Awards
to Covered Employees which measures are designed to qualify for the Performance-Based Exception, the performance measure(s) to be used
for purposes of such grants may be measured at the Company level, at a Subsidiary or Affiliate level, or at an operating unit level and
shall be chosen from among the following: net income either before or after taxes (including adjusted net income), share price, earnings
per share (basic or diluted), total stockholder return, return on assets, return on equity, operating income, return on capital or investment,
cash flow or adjusted cash flow from operations, economic value added or adjusted cash flow per Share (net income plus or minus change
in operating assets and liabilities), debt level, cost reduction targets, and equity ratios.

 

The
Committee shall have the discretion to adjust the determinations of the degree of attainment of the preestablished performance goals;
provided, however, that Awards which are designed to qualify for the Performance-Based Exception, and which are held by Covered Employees,
may not be adjusted upward (the Committee shall retain the discretion to adjust such Awards downward).

 

In
the event that applicable tax and/or securities laws or exchange listing standards change to permit Committee discretion to alter the
governing performance measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make
such changes without obtaining stockholder approval. In addition, in the event that the Committee determines that it is advisable to
grant Awards which shall not qualify for the Performance-Based Exception, the Committee may make such grants without satisfying the requirements
of Code Section 162(m).

 

In
the case of any Award which is granted subject to the condition that a specified performance measure be achieved, no payment under such
Award shall be made prior to the time that the Committee certifies in writing that the performance measure has been satisfied, in accordance
with Internal Revenue Service requirements. No such certification is required, however, in the case of an Award that is based solely
on an increase in the value of a Share from the date such Award was made.

 

XII.
BENEFICIARY DESIGNATION

 

Each
Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively)
to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each
such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will
be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. In the absence of
any such designated beneficiary, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s
estate.

 

    	17

     

    

 

XIII.
DEFERRALS

 

The
Committee may permit or require a Participant to defer such Participant’s receipt of the payment of cash or the delivery of Shares
that would otherwise be due to such Participant by virtue of the exercise of an Option or SAR, the lapse or waiver of restrictions with
respect to Restricted Stock or Restricted Stock Units, or the satisfaction of any requirements or goals with respect to Performance Units/Shares.
If any such deferral election is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for
such payment deferrals, provided, however, all deferrals shall be made in accordance with all applicable requirements of Code Section
409A or any guidance promulgated thereunder.

 

XIV.
RIGHTS OF EMPLOYEES

 

A.
EMPLOYMENT. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s
employment at any time, nor confer upon any Participant any right to continue in the employ of the Company.

 

B.
PARTICIPATION. No Employee shall have the right to be selected to receive an Award under this Plan or, having been so selected, to be
selected to receive a future Award.

 

XV.
AMENDMENT, MODIFICATION, TERMINATION AND ADJUSTMENTS

 

A.
AMENDMENT, MODIFICATION, AND TERMINATION. Subject to the terms of the Plan, the Board, upon recommendation of the Committee, may at any
time and from time to time, alter, amend, suspend or terminate the Plan in whole or in part for any purpose which the Committee deems
appropriate and that is otherwise consistent with Code Section 409A; provided, however, no amendment shall, without shareholder approval,
(i) materially increase the benefits accruing to Participants under the Plan; (ii) materially increase the number of securities which
may be issued under the Plan; or (iii) materially modify the requirements for participation in the Plan.

 

Except
in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary
cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the
terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options
or SARs in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original
Options or SARs without shareholder approval.

 

B.
ADJUSTMENT OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS. The Committee may make adjustments in the terms and
conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation,
the events described in Section IV.C. hereof) affecting the Company or the financial statements of the Company or of changes in applicable
laws, regulations or accounting principles, whenever the Committee 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; provided that unless the
Committee determines otherwise, no such adjustment shall be authorized to the extent that such authority would be inconsistent with the
Plan or Awards meeting the requirements of Code Sections 162(m) and 409A, as from time to time amended.

 

C.
AWARDS PREVIOUSLY GRANTED. Notwithstanding any other provision of the Plan to the contrary (but subject to Section XV.B. hereof), no
termination, amendment or modification of the Plan shall adversely affect in any material way any Award previously granted under the
Plan without the written consent of the Participant holding such Award.

 

    	18

     

    

 

D.
COMPLIANCE WITH CODE SECTION 162(m). At all times when Code Section 162(m) is applicable, all Awards granted under this Plan shall comply
with the requirements of Code Section 162(m); provided, however, that in the event the Committee determines that such compliance is not
desired with respect to any Award or Awards available for grant under the Plan, then compliance with Code Section 162(m) will not be
required. In addition, in the event that changes are made to Code Section 162(m) to permit greater flexibility with respect to any Award
or Awards available under the Plan, the Committee may, subject to this Article XV, make any adjustments it deems appropriate consistent
with the changes made to Code Section 162(m).

 

XVI.
PAYMENT OF PLAN AWARDS AND CONDITIONS THEREON

 

A.
EFFECT OF COMPETITIVE ACTIVITY. Anything contained in the Plan to the contrary notwithstanding, unless otherwise covered in an employment
agreement by and between the Company and the Participant, with respect to any Participant who is an Employee, if the employment of any
Participant shall terminate, for any reason other than death, while any Award to such Participant is outstanding hereunder, and such
Participant has not yet received the Shares covered by such Award or otherwise received the full benefit of such Award, such Participant,
if otherwise entitled thereto, shall receive such Shares or benefit only if, during the entire period from the date of such Participant’s
termination to the date of such receipt, such Participant shall have earned such Award by making himself or herself available, upon request,
at reasonable times and upon a reasonable basis, to consult with, supply information to, and otherwise cooperate with the Company or
any Subsidiary or Affiliate thereof with respect to any matter that shall have been handled by him or her or under his or her supervision
while he or she was in the employ of the Company or of any Subsidiary or Affiliate thereof.

 

B.
NONFULFILLMENT OF COMPETITIVE ACTIVITY CONDITIONS; WAIVERS UNDER THE PLAN. In the event of a Participant’s nonfulfillment of any
condition set forth in Section XVI.A. hereof, such Participant’s rights under any Award shall be forfeited and canceled forthwith;
provided, however, that the nonfulfillment of such condition may at any time (whether before, at the time of, or subsequent to termination
of employment) be waived by the Committee upon its determination that in its sole judgment there shall not have been and will not be
any substantial adverse effect upon the Company or any Subsidiary or Affiliate thereof by reason of the nonfulfillment of such condition.

 

XVII.
CHANGE IN CONTROL

 

A.
TREATMENT OF OUTSTANDING AWARDS. Notwithstanding any provisions in the Participant’s Employment Agreement to the contrary, but
subject to Section XVII.B. herein or the Plan governing the particular Award, upon the occurrence of a Change in Control:

 

	 	1.	any and all Options and SARs
  granted hereunder shall become fully-vested and immediately exercisable;
	 	 	 
	 	2.	any Periods of Restriction
  and restrictions imposed on Restricted Stock or RSUs which are not intended to qualify for the Performance-Based Exception shall lapse;
  and
	 	 	 
	 	3.	any Award intended to qualify
  for the Performance-Based Exception shall be earned in accordance with the applicable Award Agreement.

 

B.
TERMINATION, AMENDMENT AND MODIFICATIONS OF CHANGE-IN-CONTROL PROVISIONS. Notwithstanding any other provision of the Plan or any Award
Agreement provision, the provisions of this Article XVII may not be terminated, amended or modified on or after the date of an event,
commencing upon material discussions by the Board respecting a possible transaction that would result in a Change in Control, which is
likely to give rise to a Change in Control to affect adversely any Award theretofore granted under the Plan without the prior written
consent of the Participant with respect to said Participant’s outstanding Awards.

 

    	19

     

    

 

XVIII.
TAX PROVISIONS

 

A.
TAX WITHHOLDING. The Company shall have the power and the right to deduct or withhold, or require a Participant who is an Employee to
remit to the Company, an amount sufficient to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation
to be withheld with respect to any taxable event arising as a result of this Plan.

 

B.
SHARE WITHHOLDING. With respect to withholding required upon the exercise of Options or SARs, upon the lapse of restrictions on Restricted
Stock or Restricted RSUs, upon achievement of the performance goals on Performance Shares or Performance Units or upon any other taxable
event arising as a result of Awards granted hereunder, Participants who are Employees may elect, subject to the approval of the Committee,
to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the
date the tax is to be determined at least equal to the minimum, but not more than the maximum, statutory tax which could be imposed on
the transaction. All such elections shall be irrevocable, made in writing, and signed by the Participant, and shall be subject to any
restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

 

C.
REQUIREMENT OF NOTIFICATION OF CODE SECTION 83(b) ELECTION. If any Participants shall make an election under Code Section 83(b) (to include
in gross income in the year of transfer the amounts specified in Code Section 83(b)) or under a similar provisions of the laws of a jurisdiction
outside the United States, such Participant shall notify the Company of such election within ten (10) days after filing notice of the
election with the Internal Revenue Service or other government authority, in addition to any filing and notification required pursuant
to regulations issued under Code Section 83(b) or other applicable provision.

 

D.
REQUIREMENT OF NOTIFICATION UPON DISQUALIFYING DISPOSITION UNDER CODE SECTION 421(b). If any Participant shall make any disposition of
shares of stock delivered pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section 421(b)
(relating to certain disqualifying dispositions), such Participant shall notify the Company of such disposition within ten (10) days
thereof.

 

XIX.
INDEMNIFICATION

 

Each
person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by the Company against
and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action
taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he
or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle
and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law or otherwise,
or any power that the Company may have to indemnify them or hold them harmless.

 

    	20

     

    

 

XX.
SUCCESSORS

 

All
obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or
substantially all of the business or assets of the Company.

 

XXI.
LEGAL CONSTRUCTION

 

A.
GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the
plural shall include the singular, and the singular shall include the plural.

 

B.
SEVERABILITY. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not
been included.

 

C.
REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules
and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

D.
SECURITIES LAW COMPLIANCE. With respect to Insiders, transactions under this Plan are intended to comply with all applicable conditions
of Rule 16b-3 or its successors under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails to so
comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee.

 

E.
CODE SECTION 409A COMPLIANCE. Notwithstanding any other provision of this Plan to the contrary, all Awards under this Plan that are subject
to Code Section 409A shall be designed and administered in a manner that does not result in the imposition of tax or penalties under
Code Section 409A. Accordingly, Awards under this Plan that are subject to Code Section 409A shall comply with the following requirements,
as applicable.

 

	 	1.	Distribution to Specified
  Employees Upon Separation from Service. To the extent that payment under an Award which is subject to Code Section 409A is due
  to a Specified Employee on account of the Specified Employee’s Separation from Service from the Company or its Affiliate or Subsidiary,
  such payment shall be delayed until the first day of the seventh (7th) month following such Separation from Service (or
  as soon as practicable thereafter). The Committee, in its discretion, may provide in the Award document for the payment of interest
  at a rate set by the Committee for such six-month period. In the event that a payment under an Award is exempt from Code Section 409A,
  payment shall be made to a Specified Employee without any such six-month delay.
	 	 	 
	 	2.	No Acceleration of Payment.
  To the extent that an Award is subject to Code Section 409A, payment under such Award shall not be accelerated from the date(s) specified
  in the Award documents as of the date of grant.
	 	 	 
	 	3.	Subsequent Delay in Payment.
  To the extent that an Award is subject to Code Section 409A, payment under such Award shall not be deferred beyond the dates specified
  in the Award document as of the date of grant, unless the Committee or Participant, as the case may be, makes the decision to delay
  payment at least one year prior to the scheduled payment date, and payment is delayed at least five (5) years.

 

F.
GOVERNING LAW. To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance with
and governed by the laws of the Cayman Islands.

 

 

 

    	21

     

    

 

C
E R T I F I C A T I O N S

 

On
behalf of the Company, the undersigned hereby certifies that this Bon Natural Life Limited 2022 Equity Incentive Plan has been approved
by the Board of Directors of the Company as of October 28, 2022.

 

	 	BON NATURAL
    LIFE LIMITED
	 	 	 
	 	By:	/s/
    Yongwei Hu 

	 	 	 
	 	Print Name: 	Yongwei Hu

	 	 	 
	 	Title: 	CEO

 

On
behalf of the Company, the undersigned hereby certifies that this Bon Natural Life Limited 2022 Equity Incentive Plan has been approved
by a majority of the stockholders of the Company as of _________________________, 2022.

 

	 	BON NATURAL
    LIFE LIMITED
	 	 	 
	 	By:	                           

	 	 	 
	 	Print Name: 	

	 	 	 
	 	Title: 	                

 

    	22

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