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Exhibit 4.7

NOVUME SOLUTIONS, INC.

2017 EQUITY AWARD PLAN

 

 

Section 1

Purpose; Definitions

 

The
2017 Equity Award Plan of Novume Solutions, Inc., a Delaware
corporation (the “Company”), is intended to
promote the best interests of the Company and its stockholders by
(i) assisting the Company and its Affiliates in the recruitment
and/or retention of persons with ability and initiative, (ii)
providing an incentive to such persons to contribute to the growth
and success of the Company’s businesses by affording such
persons equity participation in the Company, and (iii) associating
the interests of such persons with those of the Company and its
Affiliates and stockholders. The following capitalized terms shall
have the following respective meanings when used in the
Plan:

 

(a)
“Administrator”
means the Board, or its Committee appointed in accordance with
Section 3 of
the Plan, as shall be administering the Plan.

 

(b)
“Affiliate”
means (i) any Subsidiary of the Company, (ii) any Parent of the
Company, (iii) any corporation, or trade or business (including,
without limitation, a partnership, limited liability company or
other entity) which is directly or indirectly controlled fifty
percent (50%) or more (whether by ownership of stock, assets or an
equivalent ownership interest or voting interest) by the Company or
one of its Affiliates, (iv) any other entity in which the Company
or any of its Affiliates has a material equity interest and which
is designated as an “Affiliate” by resolution of the
Committee; and (v) any executive officer, director or ten percent
(10%) shareholder of the Company.

 

(c)
“Applicable
Laws” means the legal requirements relating to the
administration of plans providing one or more of the types of
Awards described in the Plan and the issuance of Shares thereunder
pursuant to U.S. state corporate laws, U.S. federal and state
securities laws, the Code, any stock exchange rules or regulations
and the applicable laws, rules and regulations of any foreign
country or jurisdiction where Awards are, or will be, granted under
the Plan.

 

(d)
“Award” means a
grant of an Option, Restricted Stock, including a Restricted Stock
Purchase Right, Restricted Stock Unit, Stock Appreciation Right,
Performance Award, Performance Share, Performance Unit or other
stock-based Award under the Plan, all on a standalone, combination
or tandem basis, as described in or granted under the
Plan.

 

(e)
“Award
Agreement” means a written agreement between the
Company and a Recipient evidencing the terms and conditions of an
individual Award. The Award Agreement is subject to the terms and
conditions of the Plan.

 

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

 

(g)
“Cause” shall
mean, unless otherwise set forth in an Award Agreement or
determined in writing by the Administrator, termination of a
Recipient’s Continuous Service Status by the Company for any
of the following reasons: (i) the conviction of the Recipient
for committing, or entering a plea of nolo contendere by the
Recipient with respect to, a felony under federal or state law or a
crime involving moral turpitude; (ii) the commission of an act
of personal dishonesty, embezzlement, or fraud involving personal
profit that has caused or is reasonably expected to result in
material injury to the Company; (iii) the willful misconduct,
gross negligence or deliberate failure on the part of the Recipient
to perform his or her employment duties with the Company in any
material respect; (iv) the unauthorized use or disclosure by
Recipient of any proprietary information or trade secrets of the
Company or any other party to whom the Recipient owes an obligation
of nondisclosure as a result of his or her relationship with the
Company; or (v) the failure to comply with Company policies or
agreements with the Company, in any material respect.

 

(h)
“Change in
Control” shall mean the occurrence of any of the
following events, each of which shall be determined independently
of the others: (i) any “Person” (as hereinafter
defined) becomes a “beneficial owner” (as such term is
used in Rule 13d-3 promulgated under the Exchange Act) of a
majority of the stock of the Company entitled to vote in the
election of directors of the Company; (ii) individuals who are
Continuing Directors of the Company (as hereinafter defined) cease
to constitute a majority of the members of the Board;
(iii) stockholders of the Company adopt and consummate
(x) a plan of liquidation for all or substantially all of the
assets of the Company or (y) an agreement providing for the
distribution of all or substantially all of the assets of the
Company; (iv) consummation of a merger, consolidation, other
form of business combination or a sale of all or substantially all
of its assets, with an unaffiliated third party, unless the
business of the Company following consummation of such merger,
consolidation or other business combination is continued following
any such transaction by a resulting entity (which may be, but need
not be, the Company) and the stockholders of the Company
immediately prior to such transaction hold, directly or indirectly,
at least a majority of the voting power of the resulting entity;
provided, however, that a merger or consolidation
effected to implement a recapitalization of the Company (or similar
transaction) shall not constitute a Change in Control;
(v) there is a Change in Control of the Company of a nature
that is reported in response to Item 5.01 of Current Report on
Form 8-K or any similar item, schedule or form under the Exchange
Act, as in effect at the time of the change, whether or not the
Company is then subject to such reporting requirements; or
(vi) the Company consummates a transaction which constitutes a
“Rule 13e-3 transaction” (as such term is defined in
Rule 13e-3 of the Exchange Act).

 

(i)
“Code”means the
Internal Revenue Code of 1986, as amended or replaced from time to
time.

 

(j)
“Committee”
means one or more committee or subcommittees of the Board appointed
by the Board to administer the Plan, in accordance with
Section 3
below.

 

(k)
“Common
Stock”means the common stock, par value $0.0001, of
the Company.

 

(l)
“Company” has
the meaning set forth above in this Section 1 of the
Plan.

 

(m)
“Consultant”
means any person, including an advisor (but excluding an Employee),
who is engaged by the Company or any Affiliate to render services
and is compensated for such services, and any director of the
Company whether compensated for such services or not.

 

(n)
“Continuing
Directors” shall mean the members of the Board on the
Effective Date, provided that any person becoming a member of the
Board subsequent to such date whose election or nomination for
election was supported by at least a majority of the directors who
then comprised the Continuing Directors shall be considered to be a
Continuing Director; provided,
however, that no individual initially elected or nominated
as a Director as a result of an actual or threatened election
contest with respect to Directors or as a result of any other
actual or threatened solicitation of proxies by or on behalf of any
person other than the Board shall be deemed to be a Continuing
Director.

 

(o)
“Continuous Service
Status” means the absence of any interruption or
termination of service as an Employee or Consultant. Continuous
Service Status as an Employee or Consultant shall not be considered
interrupted in the case of: (i) sick leave; (ii) military
leave; (iii) any other leave of absence approved by the
Administrator, provided
that, for purposes of Incentive Stock Options, such leave is
for a period of not more than ninety (90) days, unless
reemployment upon the expiration of such leave is guaranteed by
contract or statute, or unless provided otherwise pursuant to
Company policy adopted from time to time; or (iv) in the case
of transfers between locations of the Company or between the
Company, any of its Affiliates or any of their respective
successors. A change in status from an Employee to a Consultant or
from a Consultant to an Employee will not constitute an
interruption of Continuous Service Status so long as under the new
title the person is still required to perform “substantial
future services” (within the meaning of Treas. Reg. §
1.409A-1(d)) to the Company, its Affiliates or their respective
successors.

 

(p)
“Director”
means a director serving on the Board who is not also an Employee;
and who has been duly elected to the Board by the stockholders of
the Company or by the Board under applicable corporate law. Neither
service as a Director nor payment of a director’s fee by the
Company shall, without more, constitute “employment” by
the Company.

 

(q)
“Disability”
means permanent and total disability as determined under procedures
established by the Administrator for the purposes of the Plan;
provided, however, that
(i) with respect to an Incentive Stock Option, such Disability
must also fall within the meaning of “permanent and total
disability” as defined in Section 22(e)(3) of the Code,
and (ii) with respect to all Awards, to the extent required by
Section 409A of the Code, such Disability must also fall
within the meaning of “disabled” as defined in
Section 409A(a)(2)(C) of the Code.

 

(r)
“Effective
Date” means the date described in Section 15(a) of the
Plan.

 

(s)
“Employee”
means any common-law employee of the Company or any Affiliate,
including Officers employed by the Company or any Affiliate;
provided, however, that a
person serving solely as an interim officer of the Company or any
Affiliate shall not be deemed an Employee for the purposes of the
Plan. Neither service as a Director nor payment of a
director’s fee by the Company shall, without more, constitute
“employment” by the Company.

 

(t)
“Exchange
Act”means the Securities Exchange Act of 1934, as
amended from time to time, and any successor thereto, or the rules
and regulations promulgated thereunder.

 

(u)
“Fair Market
Value” means, as of any date, the value of Common
Stock determined as follows:

 

(i) If
the Common Stock is listed on a U.S. national securities exchange,
its Fair Market Value shall be either the mean of the highest and
lowest reported sale prices of the stock (or, if no sales were
reported, the average of the closing bid and asked price) or the
last reported sale price of the stock, as determined by the
Administrator in its discretion, on a U.S. national securities
exchange for any given day or, if not listed on such exchange, on
any other national securities exchange on which the Common Stock is
listed as reported in The Wall Street Journal or such other source
as the Administrator deems reliable;

 

(ii) If
the Common Stock is regularly quoted by a recognized securities
dealer but selling prices are not reported, the Fair Market Value
of a Share of Common Stock shall be either the mean between the
high bid and low asked prices or the last asked price, as
determined by the Administrator for the Common Stock on any given
day, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable;

 

(iii)
In the absence of an established regular public market for the
Common Stock, the Fair Market Value shall be determined in good
faith by the Administrator pursuant to the reasonable application
of a reasonable valuation method in accordance with the provisions
of Section 409A of the Code and the regulations thereunder
and, with respect to an Incentive Stock Option, in accordance with
such regulations as may be issued under the Code; provided that with respect to an
individual described in Section 5(c)(i)(A)(1)
hereof, this Section 1(s)(iii) shall
not be available if the resulting price fails to represent the Fair
Market Value of the stock on the date of grant as determined in
accordance with Sections 1(s)(i) or
(ii) above.

 

(v)
“Incentive Stock
Option” means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of
the Code and the regulations promulgated thereunder.

 

(w)
“Listed Security”means any security of the Company
that is listed or approved for listing on a national securities
exchange or designated or approved for designation as a national
market system security on an interdealer quotation system by the
Financial Industry Regulatory Authority (FINRA).

 

(x)
“Non-Qualified Stock
Option” means any Option that is not an Incentive
Stock Option.

 

(y)
“Officer”
unless otherwise noted herein, means a person who is an officer of
the Company or Affiliate.

 

(z)
“Option” means
a stock option granted pursuant to the Plan.

 

(aa)
“Parent” means
a “parent corporation,” whether now or hereafter
existing, as defined in Section 424(e) of the Code, or any
successor provision.

 

(bb)
“Performance
Award” means an Award granted pursuant to Section 6(b) of the
Plan.

 

(cc)
“Performance
Share” means an Award granted pursuant to Section 6(c) of the Plan
of a unit valued by reference to a designated number of Shares,
which value may be paid to the Recipient upon achievement of such
performance goals as the Administrator may establish.

 

(dd)
“Performance
Unit” means an Award granted pursuant to Section 6(d) of the Plan
of a unit valued by reference to a designated number of Shares,
which value may be paid to the Recipient upon achievement of such
performance goals as the Administrator may establish.

 

(ee)
“Plan” has the
meaning set forth above in this Section 1 of the
Plan.

 

(ab)
“Recipient”
means an Employee, former Employee, Consultant, former Consultant,
Director or former Director who holds an outstanding
Award.

 

(ac)
“Reprice” means
the reduction of the exercise price of Options or Stock
Appreciation Rights previously awarded, and, at any time when the
exercise price of Options or Stock Appreciation Rights is above the
Fair Market Value of a share of Common Stock, the cancellation and
re-grant or the exchange of such outstanding Options or Stock
Appreciation Rights for either cash or a new Award with a lower (or
no) exercise price.

 

(ad)
“Restricted
Stock” means Shares of Common Stock acquired pursuant
to a grant of an Award or Restricted Stock Purchase Right under
Section 4 of
the Plan.

 

 (ae)
“Restricted Stock Purchase
Right” means the right to purchase Common Stock
pursuant to Section 4 of the
Plan.

 

(af)
“Restricted Stock
Unit” means a notional account established pursuant to
an Award granted pursuant to Section 4 of the Plan that
is (i) valued solely by reference to shares of Common Stock,
(ii) subject to restrictions specified in the Award Agreement,
and (iii) payable in Common Stock, cash or a combination
thereof. The Restricted Stock Unit awarded to the Recipient will
vest according to time-based or performance-based criteria
specified in the Award Agreement.

 

(ag)
“Retirement”
means an Employee’s retirement from active employment with
the Company or any Affiliate as determined under a pension plan of
the Company or any Affiliate applicable to the Employee; or the
Employee’s termination of employment at or after age 55
under circumstances that the Administrator, in its sole discretion,
deems equivalent to retirement.

 

(ah)
“Rule 16b-3”
means Rule 16b-3 promulgated under Section 16 of the Exchange
Act, as such rule may be amended from time to time, and any
successor rule, regulation, or statue fulfilling the same or a
similar function.

 

(ai)
“Section 162(m)
Exception” means the exception on “applicable
employee remuneration” under Section 162(m) of the Code
for “qualified performance-based
compensation.”

 

(aj)
“Service
Provider” means an Employee, Director or
Consultant.

 

(ak)
“Stock Appreciation
Right” means an Award granted pursuant to Section 6(a) of the
Plan.

 

(al)
“Share” means a
share of the Common Stock, as adjusted in accordance with
Section 9 of
the Plan.

 

(am)
“Subsidiary”
means a “subsidiary corporation,” whether now or
hereafter existing, as defined in Section 424(f) of the
Code.

 

(an)
“Substitute
Awards” means Awards granted or Shares issued by the
Company in assumption of, or in substitution or exchange for,
awards previously granted, or the right or obligation to make
future awards, in each case by a company acquired by the Company or
any Affiliate or with which the Company or any Affiliate
combines.

 

Section 2

Shares Subject to the Plan

 

(a)
Shares Available for
Issuance. Subject to the provisions of Section 9 of the Plan, the
aggregate maximum number of Shares available for grants of Awards
under the Plan is 3,000,000 Shares. Awards may be issued entirely
in the form of Incentive Stock Options or through any combination
of any one or more of the forms of Awards authorized under the
terms of the Plan. The Shares subject to an Award under the Plan
may be authorized but unissued, or reacquired Common Stock or
treasury shares.

 

(b)
Shares Eligible for
Reissuance. If any Shares subject to an Award are forfeited,
an Award expires or otherwise terminates without issuance of
Shares, or an Award is settled for cash (in whole or in part) or
otherwise does not result in the issuance of all or a portion of
the Shares subject to such Award (including on payment in Shares on
exercise of a Stock Appreciation Right), such Shares shall, to the
extent of such forfeiture, expiration, termination, cash settlement
or non-issuance, be added to the Shares available for grant under
the Plan on a one-for-one basis. In the event that (i) any
Option or other Award granted hereunder is exercised through the
tendering of Shares (either actually or by attestation) or by the
withholding of Shares by the Company, or (ii) withholding tax
liabilities arising from such Option or other Award are satisfied
by the tendering of Shares (either actually or by attestation) or
by the withholding of Shares by the Company, then in each such case
the Shares so tendered or withheld shall be added to the Shares
available for grant under the Plan on a one-for-one
basis.

 

(c)
Dividends on Awards with
Performance Goals. If an Award under the Plan is subject to
vesting based on achievement of certain performance goals, any
dividend and dividend equivalents with respect to such Award shall
be paid only upon and to the extent that the underlying Award
vests.

 

(d)
Substitute Awards.
Substitute Awards shall not reduce the Shares authorized for grant
under the Plan, nor shall Shares subject to a Substitute Award be
added to the Shares available for Awards under the Plan as provided
in paragraph (a) above. Additionally, in the event that a
company acquired by the Company or any Affiliate, or with which the
Company or any Affiliate combines, has shares available under a
pre-existing plan approved by stockholders and not adopted in
contemplation of such acquisition or combination, the shares
available for grant pursuant to the terms of such pre-existing plan
(as adjusted, to the extent appropriate, using the exchange ratio
or other valuation ratio or formula used in such acquisition or
combination to determine the consideration payable to the holders
of common stock of the entities party to such acquisition or
combination) may be used for Awards under the Plan and shall not
reduce the Shares authorized for grant under the Plan (and Shares
subject to such Awards shall not be added to the Shares available
for Awards under the Plan as provided in paragraphs (a) and
(b) above); provided,
that Awards using such available shares shall not be made
after the date awards or grants could have been made under the
terms of the pre-existing plan, absent the acquisition or
combination, and shall only be made to individuals who were not
Employees or Directors prior to such acquisition or
combination.

 

Section 3

Administration of the Plan

 

(a)
Administration; Committee
Composition. The Plan shall be administered by the Board or
a Committee, or a combination thereof, as determined by the Board;
provided, that, if
applicable, with (i) respect to any Award that is intended to
satisfy the requirements of Rule 16b-3, such Committee shall
consist of at least the number of Directors as is required by Rule
16b-3 and each such Director shall satisfy the required
qualifications of such rule and (ii) with respect to any Award
that is intended to satisfy the requirements of the
Section 162(m) Exception, such Committee shall consist of at
least the number of Directors satisfying the requirements of the
Section 162(m) Exception. Committee members shall serve for
such term(s) as the Board may determine, subject to removal by the
Board at any time. The Committee shall act by a majority of its
members, or if there are only two members of such Committee, by
unanimous consent of both members. If at any time there is no
Committee in office, the functions of the Committee specified in
the Plan shall be carried out by the Board.

 

(b)
Powers of the
Administrator. Except for the terms and conditions
explicitly set forth in the Plan, and in the case of a Committee,
the specific duties delegated by the Board to such Committee, the
Administrator shall have exclusive authority, in its discretion, to
determine the Fair Market Value of the Common Stock in accordance
with Section 1(s) of the Plan
and to determine all matters relating to Awards under the Plan,
including the selection of individuals to be granted an Award, the
type of Award, the number of shares of Common Stock subject to an
Award, all terms, conditions, restrictions and limitations, if any,
including, without limitation, vesting, acceleration of vesting,
exercisability, termination, substitution, cancellation,
forfeiture, or repurchase of an Award and the terms of any
instrument that evidences the Award. The Administrator shall also
have exclusive authority to interpret the Plan and its rules and
regulations, and to make all other determinations deemed necessary
or advisable under or for administering the Plan, subject to
Section 13 of
the Plan. All actions taken and determinations made by the
Administrator pursuant to the Plan shall be conclusive and binding
on all parties involved or affected. The Administrator may, by a
majority of its members then in office, authorize any one or more
of its members or any Officer of the Company to execute and deliver
documents on behalf of the Administrator, or delegate to an Officer
of the Company the authority to make decisions pursuant to
Section 5(d)
of the Plan, provided that
the Administrator may not delegate its authority with regard to the
selection for participation of or the granting of Awards to persons
subject to Section 13 of the Exchange Act.

 

(c)
Compliance with Section 409A
of the Code. Awards granted under the Plan shall be designed
and administered in such a manner that they are either exempt from
the application of, or comply with, the requirements of
Section 409A of the Code and the regulations thereunder. To
the extent that the Administrator determines that any Award granted
under the Plan is subject to Section 409A of the Code, the
Award Agreement shall incorporate the terms and conditions
necessary to avoid the imposition of an additional tax under
Section 409A of the Code upon a Recipient. Notwithstanding any
other provision of the Plan or any Award Agreement (unless the
Award Agreement provides otherwise with respect to this
Section 3):
(i) an Award shall not be granted, deferred, accelerated,
extended, paid out, settled, substituted or modified under the Plan
in a manner that would result in the imposition of an additional
tax under Section 409A of the Code upon a Recipient; and
(ii) if an Award constitutes “deferred
compensation” within the meaning of Section 409A of the
Code, and if the Recipient holding the Award is a “specified
employee” (as defined in Section 409A of the Code, with
such classification to be determined in accordance with the
methodology established by the Company), no distribution or payment
of any amount on account of a “separation from service”
(as defined in Section 409A of the Code) shall be made before
a date that is six (6) months following the date of such
separation from service, or, if earlier, the date of the
Recipient’s death. Although the Company intends to administer
the Plan so that Awards will be exempt from, or will comply with,
the

requirements
of Section 409A of the Code, the Company does not warrant that
any Award under the Plan will qualify for favorable tax treatment
under Section 409A of the Code or any other provision of
federal, state, local or non-United States law. Neither the
Company, nor its Affiliates, nor their respective Directors,
Officers, Employees or advisers shall be liable to any Recipient
(or any other individual claiming a benefit through the Recipient)
for any tax, interest, or penalties the Recipient might owe as a
result of the grant, holding, vesting, exercise, or payment of any
Award under the Plan.

 

(d)
“Double Trigger”
Change in Control Vesting. Unless otherwise expressly set
forth in an award agreement, if awards granted under the Plan are
assumed by a successor in connection with a change in control of
the Company, such awards will not automatically vest and pay out
solely as a result of the Change in Control.

 

Section 4

Restricted Stock Award, Restricted Stock Purchase Right and
Restricted Stock Units

 

(a)
Awards of Restricted Stock and
Restricted Stock Units and Restricted Stock Purchase Rights.
Shares of Restricted Stock or Restricted Stock Units may be issued
either alone, in addition to, or in tandem with other Awards
granted under the Plan and/or cash awards made outside of the Plan.
The Administrator shall determine the individuals to whom it will
award Restricted Stock or Restricted Stock Units under the Plan,
and it shall advise the Recipient in writing, by means of an Award
Agreement, of the terms, conditions and restrictions related to the
Award, including the number of Shares of Restricted Stock or
Restricted Stock Units to be awarded to the Recipient, the price to
be paid, if any, the time or times within which such Awards may be
subject to forfeiture and any other terms and conditions of the
Awards, in addition to those contained in this Section 4. The purchase
price of the Shares subject to the Restricted Stock Purchase Rights
shall be as determined by the Administrator. The Administrator may
condition the grant or vesting of Restricted Stock or Restricted
Stock Units upon the attainment of specified performance goals of
the Recipient or of the Company, its Affiliates for or within which
the Recipient is primarily employed, or upon such other factors as
the Administrator shall determine. The provisions of an Award need
not be the same with respect to each Recipient. The terms of the
Award of Restricted Stock or Restricted Stock Units shall comply in
all respects with Applicable Law and the terms of the
Plan.

 

(b)
Awards and Certificates.
Each Award shall be confirmed by, and subject to the terms of, an
Award Agreement. Shares of Restricted Stock shall be evidenced in
such manner as the Administrator may deem appropriate, including
book-entry registration or issuance of one or more stock
certificates. The Administrator may require that the certificates
evidencing such Shares be held in custody by the Company until the
restrictions thereon shall have lapsed and that, as a condition of
any Award of Restricted Stock, the Recipient shall have delivered
to the Company a stock power, endorsed in blank, relating to the
Shares covered by such Award. Any certificate issued with respect
to Shares of Restricted Stock shall be registered in the name of
such Recipient and shall bear an appropriate legend referring to
the terms, conditions and restrictions applicable to such Award,
substantially in the following form:

 

“THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER AND OTHER TERMS AND CONDITIONS (INCLUDING FORFEITURE) SET
FORTH IN THE NOVUME SOLUTIONS, INC. 2017 EQUITY AWARD PLAN AND THE
AWARD AGREEMENT, BETWEEN THE COMPANY AND THE REGISTERED HOLDER.
COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE AT THE OFFICE
OF THE SECRETARY OF NOVUME SOLUTIONS, INC. ANY TRANSFER OR
PURPORTED TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IN
VIOLATION OF SUCH AWARD AGREEMENT SHALL BE NULL AND
VOID.”

 

(c) If
and when the Restriction Period (hereinafter defined) expires
without a prior forfeiture of the Restricted Stock subject to such
Restriction Period, the Recipient may request that unlegended
certificates for such Shares be delivered to the Recipient. Such
certificates may bear a legend pursuant to Section 13, despite the
removal of any legend under this Section 4.

 

(d)
Terms and Conditions.
Shares of Restricted Stock and Restricted Stock Units shall be
subject to the following terms and conditions:

 

(i)
Restriction Period. Subject
to the provisions of the Plan and the terms of the Award Agreement,
during a period set by the Administrator, commencing with the date
of grant of such Award (the “Restriction Period”),
which shall not be less than one (1) year, the Recipient shall
not be permitted to sell, assign, transfer, pledge or otherwise
encumber Shares of Restricted Stock or Restricted Stock Units (the
“Restrictions”). The
Administrator may provide for the lapse of such Restrictions in
installments or otherwise and may accelerate or waive such
Restrictions, in whole or in part, in each case based on period of
service, performance of the Recipient or of the Company, its
Affiliates, division or department for which the Recipient is
employed or such other factors or criteria as the Administrator may
determine.

 

(ii)
Repurchase Option. Unless
the Administrator determines otherwise, the Award Agreement
granting a Restricted Stock Purchase Right of Restricted Stock
shall grant the Company a repurchase option exercisable during the
Restriction Period upon the voluntary or involuntary termination of
the Recipient’s employment with the Company for any reason
(including death or disability). Subject to any requirements of the
Applicable Laws, the terms of the Company’s repurchase option
(including without limitation the price at which, and the
consideration for which, it may be exercised, and the events upon
which it shall lapse) shall be as determined by the Administrator
in its sole discretion and reflected in the Award Agreement for
such Restricted Stock Purchase Rights.

 

(iii)
Rights of Restricted Stock
Recipients. Except as provided in this Section 4(d) of the Plan,
the applicable Award Agreement and Applicable Law, the Recipient
shall have, with respect to the Shares of Restricted Stock, all of
the rights of a stockholder of the Company holding the class or
series of Common Stock that is the subject of the Award Agreement,
including, if so provided in the Award Agreement, the right to vote
the Shares and the right to receive any cash dividends. Unless
otherwise determined by the Administrator in the applicable Award
Agreement for the Restriction Period, (A) cash dividends on
the Shares that are the subject of the Award Agreement shall be
paid in cash to the Recipient and may be subject to forfeiture as
provided in the Award Agreement and (B) dividends payable in
Common Stock shall be paid in the form of Restricted Stock. If
there is a pro rata distribution of warrants or other rights to
acquire shares of Common Stock, then the Recipient shall have the
right to participate in or receive such warrants or other rights,
provided, however, that any
shares of Common Stock acquired pursuant to the exercise of such
warrants or other rights shall be subject to the same vesting
requirements and restrictions as the underlying Common
Stock.

 

(iv)
Rights of Restricted Stock Unit
Recipients. The Recipient of Restricted Stock Units shall
not have any of the rights of a stockholder of the Company and has
no right to vote any shares of Common Stock or to receive any cash
dividend. The Administrator shall be entitled to specify in a
Restricted Stock Unit Award Agreement that in the event that the
Company declares a dividend on its Common Stock, the Company will
hold in escrow an amount in cash equal to the dividend that would
have been paid on the Restricted Stock Units had they been
converted into the same number of shares of Common Stock and held
by Recipient on the record date of such dividend. Upon adjustment
and vesting of the Restricted Stock Unit, any cash payment due with
respect to such dividends shall be made to the
Recipient.

 

(v)
Termination of Service Provider
Relationship. Except to the extent otherwise provided in the
applicable Award Agreement or the Plan or otherwise expressly
authorized by the Administrator in its sole discretion, if a
Recipient ceases to be a Service Provider for any reason during the
Restriction Period, all Shares or Restricted Stock Units still
subject to restriction shall be forfeited by the
Recipient.

 

(e)
Other Provisions. The Award
Agreement shall contain such other terms, provisions and conditions
not inconsistent with the Plan as may be determined by the
Administrator in its sole discretion, including, without
limitation, provisions relating to tax matters including wage
withholding requirements and prohibitions on elections by the
Recipient under Section 83(b) of the Code. In addition, the
terms of the Award Agreements for Restricted Stock or Restricted
Stock Units need not be the same with respect to each
Recipient.

 

Section 5

Options

 

(a) Limitations on Options. For a
Director, each Option shall be designated in the written Award
Agreement as a Non-Qualified Stock Option. For an Employee, each
Option shall be designated in the written Award Agreement as either
an Incentive Stock Option or a Non-Qualified Stock Option. However,
notwithstanding such designation for an Employee, to the extent
that Incentive Stock Options are amended, the aggregate Fair Market
Value of the Shares with respect to which Incentive Stock Options
are exercisable for the first time by the Recipient during any
calendar year (under all plans of the Company and any Affiliate)
exceeds $100,000 or other circumstances exist that would cause the
Options to lose their status as Incentive Stock Options, such
Options shall be treated as Non-Qualified Stock Options. For
purposes of this Section 5, Incentive Stock
Options shall be taken into account in the order in which they were
granted. The Fair Market Value of the Sharesshall be determined as
of the time the Option with respect to such Shares is granted. If
an Option is granted hereunder that is part Incentive Stock
Option and part Non-Qualified Stock Option due to becoming
first exercisable in any calendar year in excess of $100,000, the
Incentive Stock Option portion of such Option shall become
exercisable first in such calendar year, and the Non-Qualified
Stock Option portion shall commence becoming exercisable once the
$100,000 limit has been reached.

 

(b)
Term of Option. The term of
each Option shall be stated in the Award Agreement but shall be no
longer than ten (10) years from the date of grant or such
shorter term as may be provided in the Award Agreement. Moreover,
in the case of an Incentive Stock Option granted to a Recipient
who, at the time the Incentive Stock Option is granted, owns stock
representing more than ten percent (10%) of the voting power
of all classes of stock of the Company or any Subsidiary (taking
into account the attribution rules under Section 424(d) of the
Code), the term of the Incentive Stock Option shall be five
(5) years from the date of grant or such shorter term as may
be provided in the Award Agreement.

 

(c)
Option Exercise Price and
Consideration.

 

(i)
Exercise Price. The per
share exercise price for the Shares to be issued pursuant to
exercise of an Option shall be determined by the Administrator,
subject to the following:

 

(A) In
the case of an Incentive Stock Option,

 

(1)
granted to an Employee who, at the time the Incentive Stock Option
is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the
Company or any Subsidiary (taking into account the attribution
rules under Section 424(d) of the Code), the per Share
exercise price shall be not less than 110% of the Fair Market Value
per Share on the date of grant, or

 

(2)
granted to any Employee other than an Employee described in
paragraph (A)(1) immediately above, the per Share exercise
price shall be not less than 100% of the Fair Market Value per
Share on the date of grant.

 

(B) In
the case of a Non-Qualified Stock Option, the per Share exercise
price shall be not less than 100% of the Fair Market Value per
Share on the date of grant; provided, that in the case of
Substitute Awards, the exercise price may be less than 100% of Fair
Market Value per Share on the date of grant.

 

(ii)
Waiting Period and Exercise
Dates. The Administrator shall have the authority, subject
to the terms of the Plan, to determine any vesting restriction or
limitation or waiting period with respect to any Option granted to
a Recipient or the Shares acquired pursuant to the exercise of such
Option; provided, however,
that such vesting restriction or limitation or waiting period shall
not be less than one (1) year.

 

(iii)
Form of Consideration. The
Administrator shall determine the acceptable form of consideration
for exercising an Option, including the method of payment. In the
case of an Incentive Stock Option, the Administrator shall
determine the acceptable form of consideration at the time of
grant. Unless limited by the Administrator, such consideration may
consist entirely of:

 

(A)
cash (in the form of a certified or bank check or such other
instrument as the Company may accept);

 

(B)
other Shares owned on the date of exercise of the Option by the
Recipient based on the Fair Market Value of the Common Stock on the
date the Option is exercised; provided, however, that in the case of an
Incentive Stock Option, the right to make a payment in the form of
already owned Shares may be authorized only at the time the Option
is granted;

 

(C) any
combination of (A) and (B) above;

 

(D) by
delivery of a properly executed exercise notice together with such
other documentation as the Administrator and a qualified broker, if
applicable, shall require to effect an exercise of the Option, and
delivery to the Company of the proceeds required to pay the
exercise price;

 

(E) by
requesting that the Company withhold such number of Shares then
issuable upon exercise of the Option as will have a Fair Market
Value equal to the exercise price of the Shares being acquired upon
the exercise of the Option; or

 

(F)
such other consideration and method of payment for the issuance of
Shares to the extent permitted by the Administrator and Applicable
Laws.

 

(d)
Exercise of
Option.

 

(i)
Procedure for Exercise; Rights as
a Stockholder. Except as otherwise authorized by the
Administrator, any Option granted hereunder shall be exercisable
according to the terms of the Plan and at such times and under such
conditions as determined by the Administrator and set forth in the
Award Agreement. If the Administrator provides that any Option is
exercisable only in installments, the Administrator may at any time
waive such installment exercise provisions, in whole or in part,
based on such factors as the Administrator may determine. The
Administrator may at any time, in whole or in part, accelerate the
exercisability of any Option.

 

An
Option shall be deemed exercised when the Company receives:
(i) written notice of exercise (in accordance with the Award
Agreement) from the person entitled to exercise the Option, and
(ii) full payment for the Shares with respect to which the
Option is exercised. Full payment may consist of any consideration
and method of payment authorized by the Administrator in accordance
with Section 5(c)(iii) of the
Plan and permitted by the Award Agreement. Shares issued upon
exercise of an Option shall be issued in the name of the Recipient.
Until the stock certificate evidencing such Shares is issued (as
evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to
vote or receive dividends or any other rights as a stockholder
shall exist with respect to such Shares, notwithstanding the
exercise of the Option. The Company shall issue (or cause to be
issued) such stock certificate promptly after the Option is
exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the stock
certificate is issued, except as provided in Section 9 of the
Plan.

 

(ii)
Termination of Relationship as
Employee. If a Recipient ceases to be an Employee, other
than for Cause or upon the Recipient’s death, Disability or
Retirement, the Recipient, subject to the restrictions of this
Section 5(d)(ii), may
exercise his or her Option within the time specified in this
Section 5(d)(ii) to the
extent that the Option is vested on the date of termination,
including any acceleration of vesting granted by the Administrator,
and has not yet expired as set forth in the Award Agreement. Unless
otherwise set forth in the Award Agreement, such Option may be
exercised as follows: (i) if the Option is a Non-Qualified
Stock Option, it shall remain exercisable for the lesser of the
remaining term of the Option or three (3) months from the date
of such termination of the relationship as a Service Provider;
provided, however, that if
the Recipient dies within such three-month period, any unexercised
Option held by such Recipient shall, notwithstanding the expiration
of such three-month period, continue to be exercisable (to the
extent to which it was exercisable at the time of death) for the
lesser of a period of twelve (12) months from the date of such
death, the expiration of the stated term of such Option; or
(ii) if the Option is an Incentive Stock Option, it shall
remain exercisable for the lesser of the term of the Option or
three (3) months following the Recipient’s termination
of his or her relationship as a Service Provider; provided, however, that if the Recipient dies
within such three-month period, any unexercised Option held by such
Recipient shall, notwithstanding the expiration of such three-month
period continue to be exercisable (to the extent to which it was
exercisable at the time of death) for the lesser of a period of
twelve (12) months from the date of such death, the expiration
of the stated term of such Option, or the exercise period that
applies for purposes of Section 422 of the Code. If, on the
date of termination, the Recipient is not vested as to his or her
entire Option and the Administrator has not granted any
acceleration of vesting, the Shares covered by the unvested portion
of the Option shall revert to the Plan. If a Recipient ceases to be
a Service Provider for Cause, the Option shall immediately
terminate, and the Shares covered by such Option shall revert to
the Plan. If, after termination, the Recipient does not exercise
his or her Option within the time specified herein, the Option
shall terminate, and the Shares covered by such Option shall revert
to the Plan.

 

Notwithstanding the
above, in the event of a Recipient’s change in status from
Employee to non-Employee Officer or Director, the Recipient shall
not automatically be treated as if the Recipient terminated his or
her relationship as a Service Provider, nor shall the Recipient be
treated as ceasing to provide services to the Company solely as a
result of such change in status. In the event a Recipient’s
status changes from Employee to non-Employee Officer or Director,
an Incentive Stock Option held by the Recipient shall cease to be
treated as an Incentive Stock Option and shall be treated for tax
purposes as a Non-Qualified Stock Option three (3) months and
one (1) day following such change of status.

 

(iii)
Disability of Employee. If,
as a result of the Recipient’s Disability, a Recipient ceases
to be an Employee, the Recipient may exercise his or her Option
subject to the restrictions of this Section 5(d)(iii) and
within the period of time specified herein to the extent the Option
is vested on the date of termination, including any acceleration of
vesting granted by the Administrator, and has not yet expired as
set forth in the Award Agreement. Unless otherwise set forth in the
Award Agreement, such Option shall be exercisable for the lesser of
the remaining period of time specified in the Award Agreement or
twelve (12) months from the date of such termination. If, on
the date of termination, the Recipient is not vested as to his or
her entire Option and the Administrator has not granted any
acceleration of vesting, the Shares covered by the unvested portion
of the Option shall revert to the Plan. If, after termination, the
Recipient does not exercise his or her Option within the time
specified herein, the Option shall terminate, and the Shares
covered by such Option shall revert to the Plan. In the event of
termination of employment by reason of Disability, if an Incentive
Stock Option is exercised after the expiration of the exercise
periods applicable under Section 422 of the Code, such Option
will thereafter be treated as a Non-Qualified Stock
Option.

 

(iv)
Death of Employee. If a
Recipient dies while an Employee, the Option may be exercised
subject to the restrictions of this Section 5(d)(iv) and
within such period of time as is specified in the Award Agreement
(but in no event later than the earlier of twelve (12) months
from the date of such death or the expiration of the term of such
Option as set forth in the Award Agreement), but only to the extent
that the Option is vested on the date of death, including any
acceleration of vesting granted by the Administrator, and has not
yet expired as set forth in the Award Agreement. If, at the time of
death, the Recipient is not vested as to his or her entire Option
and the Administrator has not granted any acceleration of vesting,
the Shares covered by the unvested portion of the Option shall
immediately revert to the Plan. The Option may be exercised by the
executor or administrator of the Recipient’s estate or, if
none, by the person(s) entitled to exercise the Option under the
Recipient’s will or the applicable laws of descent or
distribution. If the Option is not so exercised within the time
specified herein, the Option shall terminate, and the Shares
covered by such Option shall revert to the Plan. In the event of
termination of employment by reason of death, if an Incentive Stock
Option is exercised after the expiration of the exercise periods
that apply for purposes of Section 422 of the Code, such
Option will thereafter be treated as a Non-Qualified Stock
Option.

 

(v)
Retirement of
Employee.

 

(A)
Non-Qualified Stock
Options. If, as a result of the Recipient’s
Retirement, a Recipient ceases to be an Employee, the Recipient
may, subject to the restrictions of this Section 5(d)(v), exercise
his or her Non-Qualified Stock Option within the time specified
herein to the extent the Option is vested on the date of
termination, including any acceleration of vesting granted by the
Administrator, and has not yet expired as set forth in the Award
Agreement. Unless otherwise set forth in the Award Agreement, such
Option may be exercised for the lesser of the remaining period of
time specified in the Award Agreement or three (3) years
following the Recipient’s Retirement. Notwithstanding the
foregoing, if the Recipient dies within such three-year (or
shorter) period, any unexercised Non-Qualified Stock Option held by
such Recipient shall, notwithstanding the expiration of such
period, continue to be exercisable to the extent to which it was
exercisable at the time of death for a period of twelve
(12) months from the date of death or the expiration of the
stated term of such Option, whichever period is
shorter.

 

(B)
Incentive Stock Options. If
the Recipient holds an Incentive Stock Option and ceases to be an
Employee by reason of his or her Retirement, such Incentive Stock
Option may continue to be exercisable by the Recipient to the
extent to which it was exercisable at the time of Retirement for a
period of three (3) months from the date of Retirement or the
expiration of the stated term of such Option, whichever period is
the shorter of the two. Notwithstanding the foregoing, if the
Recipient dies within such three-month period, any unexercised
Incentive Stock Option held by such Recipient shall,
notwithstanding the expiration of such period, continue to be
exercisable to the extent to which it was exercisable at the time
of death for a period of twelve (12) months from the date of
such death, the expiration of the stated term of such Option, or
the exercise period that applies for purposes of Section 422
of the Code, whichever period is shorter.

 

If, on
the date of termination due to Retirement, the Recipient is not
vested as to his or her entire Option and the Administrator has not
granted any acceleration of vesting, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after
termination due to Retirement, the Option is not exercised within
the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall revert to the
Plan.

 

(vi)
Termination of Relationship as
Director. Except as otherwise set forth in the Award
Agreement, if a Recipient ceases to be a Director, other than for
Cause, the Recipient, subject to the restrictions of this
Section 5(d)(vi) and to
the extent that the Option is vested on the date of termination of
service as a Director, including any acceleration of vesting
granted by the Administrator, may exercise his or her Option for
the lesser of the remaining term of the Option or three
(3) years from the date of such termination of the service as
a Director. If, on the date of termination, the Recipient is not
vested as to his or her entire Option and the Administrator has not
granted any acceleration of vesting, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If a
Recipient ceases to be a Director for Cause, the Option shall
immediately terminate, and the Shares covered by such Option shall
revert to the Plan. If, after termination, the Recipient does not
exercise his or her Option within the time specified herein, the
Option shall terminate, and the Shares covered by such Option shall
revert to the Plan.

 

(vii)
Death of Director. If a
Recipient dies while a Director, the Option may be exercised
subject to the restrictions of this Section 5(d)(vii) and
within such period of time as is specified in the Award Agreement
(but in no event later than the earlier of three (3) years or
the expiration of the term of such Option as set forth in the Award
Agreement), but only to the extent that the Option is vested on the
date of death, including any acceleration of vesting granted by the
Administrator, and has not yet expired as set forth in the Award
Agreement. If, at the time of death, the Recipient is not vested as
to his or her entire Option and the Administrator has not granted
any acceleration of vesting, the Shares covered by the unvested
portion of the Option shall immediately revert to the Plan. The
Option may be exercised by the executor or administrator of the
Recipient’s estate or, if none, by the person(s) entitled to
exercise the Option under the Recipient’s will or the
applicable laws of descent or distribution. If the Option is not so
exercised within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to
the Plan.

 

(viii)
Cash Out Provisions. On
receipt of written notice of exercise, to the extent permitted by
Section 409A of the Code and the regulations thereunder, the
Administrator may elect, but shall not be required, to cash out all
or any part of the shares of Common Stock for which an Option is
being exercised by paying the Recipient an amount, in cash, equal
to the excess of the Fair Market Value of the Common Stock over the
option price times the number of shares of Common Stock for which
an Option is being exercised on the effective date of such cash
out. Cash outs pursuant to this Section 5(d)(viii)
relating to Options held by Recipients who are actually or
potentially subject to Section 16(b) of the Exchange Act shall
comply with the provisions of Section 16 of the Exchange Act
and the rules promulgated thereunder, to the extent
applicable.

 

(ix)
No Option Repricing. Except
as provided in Section 9 of the Plan, the
Administrator shall not be permitted to Reprice an Option after the
date of grant without the approval of the Company’s
stockholders.

 

Section 6

Other Awards

 

The
Administrator, in its sole discretion, but subject to the terms of
the Plan, may grant the following types of Awards (in addition to
or in combination with the Awards of Options and Restricted Stock
described above) under the Plan on a standalone, combination or
tandem basis:

 

(a)
Stock Appreciation Right.
The Administrator may grant a right to receive the excess of the
Fair Market Value of a Share on the date the Stock Appreciation
Right is exercised over the Fair Market Value of a Share on the
date the Stock Appreciation Right was granted (the
“Spread”). Upon exercise
of a Stock Appreciation Right, the Spread with respect to a Stock
Appreciation Right will be payable in cash, Shares with a total
Fair Market Value equal to the Spread or a combination of these
two. The terms of the Award Agreements granting Stock Appreciation
Rights need not be the same with respect to each Recipient. The
term of each Stock Appreciation Right shall be stated in the Award
Agreement but shall be no longer than ten (10) years from the
date of grant or such shorter term as may be provided in the Award
Agreement. A Stock Appreciation Right shall be subject to
adjustment as provided in Section 9 of the Plan.
Except as provided in Section 9 of the Plan, the
Administrator shall not be permitted to Reprice a Stock
Appreciation Right after the date of grant without the approval of
the Company’s stockholders. The Administrator may provide for
the automatic exercise on the last day of the term for any Stock
Appreciation Right where the Fair Market Value of the Stock
Appreciation Right is greater than zero.

 

(b)
Performance Award. The
Administrator may grant a Performance Award based on the
performance of the Recipient over a specified performance period. A
Performance Award may be awarded to an Employee contingent upon
future performance of the Company or any Affiliate, division or
department thereof in which such Employee is employed, if
applicable, during the performance period. The Administrator shall
establish the performance measures applicable to such performance
prior to the beginning of the performance period, but subject to
such later revisions as the Administrator may deem appropriate to
reflect significant, unforeseen events or changes. The Performance
Award may consist of a right to receive Shares (or cash in an
amount equal to the Fair Market Value thereof) or the right to
receive an amount equal to the appreciation, if any, in the Fair
Market Value of Shares over a specified period. Payment of a
Performance Award may be made following the end of the performance
period in cash, Shares (based on the Fair Market Value on the
payment date) or a combination thereof, as determined by the
Administrator, and in a lump sum or installments as determined by
the Administrator. Except as otherwise provided in an Award
Agreement or as determined by the Administrator, a Performance
Award shall terminate if the Recipient does not remain continuously
in the employ of the Company at all times during the applicable
performance period. The terms of the Award Agreements granting
Performance Awards need not be the same with respect to each
Recipient.

 

(c)
Performance Shares. The
Administrator may grant Performance Shares to a Recipient.
Performance Shares may be awarded to an Employee contingent upon
future performance of the Company or any Affiliate, division or
department thereof in which such Employee is employed, if
applicable, during the performance period. The Administrator will
set the performance periods and performance objectives that,
depending on the extent to which they are met, will determine the
number of Performance Shares payable in cash, Shares, or a
combination of cash and Shares, as applicable. Unless otherwise
provided in an Award Agreement or determined by the Administrator,
Performance Share Awards shall terminate if the Recipient does not
remain an Employee of the Company or its Affiliates at all times
during the applicable performance period. The terms of the Award
Agreements granting Performance Shares need not be the same with
respect to each Recipient.

 

(d)
Performance Units. The
Administrator may grant Performance Units that will result in a
payment to an Employee only if performance goals established by the
Administrator are achieved. The Administrator will set the
performance periods and performance objectives that, depending on
the extent to which they are met, will determine the amount of
Performance Units payable in cash, Shares, or a combination of cash
and Shares, as applicable. Unless otherwise provided in an Award
Agreement or determined by the Administrator, Performance Unit
awards shall terminate if the Recipient does not remain an Employee
of the Company, or its Affiliates at all times during the
applicable performance period. The terms of the Award Agreements
granting Performance Units need not be the same with respect to
each Recipient.

 

(e)
Other Share-Based Awards.
The Administrator may, in its discretion, grant other Share-based
Awards which are related to or serve a similar function to those
Awards set forth in this Section 6.

 

Section 7

Qualified Performance-Based Compensation

 

The
Administrator may designate any Award as “qualified
performance-based compensation” for purposes of the
Section 162(m) Exception. Accordingly, in the case of such
Awards, the Plan shall be administered and the provisions of the
Plan or any related Award Agreement shall be interpreted in a
manner consistent with the Section 162(m) Exception. Any
Awards designated as “qualified performance-based
compensation” shall be conditioned on the achievement of
objective goals based on one or more of the following performance
measures as determined by the Administrator:

 

(i)
earnings;

 

(ii)
operating profits (including measures of earnings before interest,
taxes, depreciation and amortization (“EBITDA”), or adjusted
EBITDA);

 

(iii)
free cash flow or adjusted free cash flow;

 

(iv)
cash from operating activities;

 

(v)
revenues;

 

(vi)
net income (before or after tax);

 

(vii)
financial return ratios;

 

(viii)
market performance;

 

(ix)
stockholder return and/or value;

 

(x) net
profits;

 

(xi)
earnings per share;

 

(xii)
profit returns and margins;

 

(xiii)
stock price;

 

(xv)
working capital;

 

(xvi)
capital investments;

 

(xvii)
returns on assets;

 

(xviii)
returns on equity;

 

(xix)
returns on capital investments;

 

(xx)
selling, general and administrative expenses;

 

(xxi)
discounted cash flows;

 

(xxii)
productivity;

 

(xxiii)
expense targets;

 

(xxiv)
market share;

 

(xxv)
cost control measures;

 

(xxvi)
strategic initiatives;

 

(xxvii)
changes between years or periods that are determined with respect
to any of the above-listed performance criteria;

 

(xxviii) net
present value;

 

(xxix)
sales volume;

 

(xxx)
cash conversion costs;

 

(xxxi)
leverage ratios;

 

(xxxii)
maintenance of liquidity;

 

(xxxiii)
integration of acquired businesses;

 

(xxxiv)
operational efficiencies, including Lean Six Sigma
initiatives;

 

(xxxv)
regulatory compliance, including the Sarbanes-Oxley Act of 2002;
and

 

(xxxvi)
economic profit.

 

Performance
criteria may be measured solely on a Company, Affiliate or business
unit basis, on specific capital projects or groups of projects or a
combination thereof. Further, performance criteria may reflect
absolute entity performance or a relative comparison of entity
performance to the performance of a peer group of entities or other
external measure of the selected performance criteria. The measure
for any such award may include or exclude items to retain the
intents and purposes of specific objectives, such as losses from
discontinued operations, extraordinary gains or losses, the
cumulative effect of accounting changes, acquisitions or
divestitures, foreign exchange impacts, acceleration of payments,
costs of capital invested, discount factors, and any unusual or
nonrecurring gain or loss. The performance criteria (and any
exclusions) will be established by the Administrator before the
earlier of (i) 90 days after the commencement of the
applicable performance period and (ii) 25% of the performance
period has elapsed and will not be subject to change (although
future awards may be based on different performance criteria). The
performance periods may extend over one (1) to five
(5) calendar years, and may overlap one another.

 

Notwithstanding any
provision of the Plan (other than Article 11), with respect to any
Award that is subject to this Section 7, the
Administrator may adjust downwards, but not upwards, the amount
payable pursuant to such Award, and the Administrator may not waive
the achievement of the applicable performance goals except in the
case of the death or disability of the Recipient or as otherwise
determined by the Administrator in special circumstances. The
Administrator must certify, in writing the amount of the Award for
each Recipient for such performance period before payment of the
Award is made

 

Section 8

Non-Transferability of Awards

 

Unless
otherwise specified by the Administrator in the Award Agreement, an
Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than (i) by
will or by the laws of descent or distribution, (ii) pursuant
to a qualified domestic relations order (as defined in the Code or
Title I of the Employee Retirement Income Security Act of
1974, as amended, or the rules thereunder), (iii) to family
members of a Recipient or trusts for the benefit of family members
of a Recipient in transactions not involving payment of
consideration or (iv) as permitted by Rule 701 of the
Securities Act of 1933, as amended (the “Securities Act”). Options
and other Awards may be exercised, during the lifetime of the
Recipient, only by the Recipient or by the guardian or legal
representative of the Recipient or by an alternate payee pursuant
to a qualified domestic relations order. Any attempt to assign,
pledge or otherwise transfer any Award or any right or privileges
conferred thereby, contrary to the Plan, or the sale or levy or
similar process upon the rights and privileges conferred hereby,
shall be void.

 

Section 9

Adjustments upon Changes in Capitalization

 

Subject
to any required action by the stockholders of the Company, the
number of Shares covered by each outstanding Award and the number
of Shares which have been authorized for issuance under the Plan
but as to which no Awards have yet been granted or which have been
returned to the Plan upon cancellation or expiration of an Award,
as well as the price per Share covered by each such outstanding
Award, shall be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting
from a stock split, reverse stock split, stock dividend, special
cash dividend, combination or reclassification of the Common Stock,
or any other increase or decrease in the number of issued shares of
Common Stock effected without receipt of consideration by the
Company; provided, however,
that (a) conversion of any convertible securities of the
Company shall not be deemed to have been “effected without
receipt of consideration;” and (b) no adjustment shall
be made below par value and no fractional shares of Common Stock
shall be issued. Such adjustment shall be made by the Board in its
sole discretion, whose determination in that respect shall be
final, binding and conclusive. In the event of an extraordinary
cash dividend, the Administrator may, in its sole discretion,
equitably adjust the aggregate number of Shares available under the
Plan, as well as the exercise price, number of Shares and other
appropriate terms of any outstanding Award in order to preserve the
intended benefits of the Plan. Except as expressly provided herein,
no issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of Shares subject to an
Award.

 

Section 10

Eligibility for Awards

 

Awards
may be granted to Employees and Directors. In addition, an Award
may be granted to a person who is offered employment by the Company
or an Affiliate, provided
that such Award shall be immediately forfeited if such
person does not accept such offer of employment within such time
period as the Company or Affiliate may establish. If otherwise
eligible, an Employee or Director who has been granted an Award may
be granted additional Awards.

 

Section 11

Date of Grant

 

The
date of grant of an Award shall be, for all purposes, the date on
which the Administrator makes the determination granting such
Award, or such other later date as is determined by the
Administrator. Notice of the determination shall be provided to
each Recipient within a reasonable time after the date of such
grant.

 

Section 12

Amendment and Termination of the Plan

 

(a)
Amendment and Termination.
Subject to this Section 12, the Board may
at any time amend, alter, suspend or terminate the Plan. Subject to
Section 7 and
the other terms of the Plan, the Administrator may amend the terms
of any Award theretofore granted, prospectively or retroactively,
but no such amendment shall impair the rights of any Recipient
without the Recipient’s consent.

 

(b)
Stockholder Approval. The
Company shall obtain stockholder approval of any material Plan
amendment and any amendment to the extent necessary and desirable
to comply with the Code (or other applicable law, rule or
regulation, including the requirements of any exchange or quotation
system on which the Common Stock is listed or quoted). Such
stockholder approval, if required, shall be obtained in such a
manner and to such a degree as is required by the Applicable Law,
rule or regulation.

 

(c)
Effect of Amendment or
Termination. No amendment, alteration, suspension or
termination of the Plan shall impair the rights of any Recipient
(except such an amendment made to comply with Applicable Law,
including without limitation, Section 409A of the Code, stock
exchange rules or accounting rules), unless mutually agreed
otherwise between the Recipient and the Administrator, which
agreement must be in writing and signed by the Recipient and the
Company.

 

Section 13

Conditions upon Issuance of Shares

 

(a)
Legal Compliance.
Notwithstanding any other provision of the Plan or any agreement
entered into by the Company pursuant to the Plan, the Company shall
not be obligated, and shall have no liability for failure, to issue
or deliver any Shares under the Plan unless such issuance or
delivery would comply with the Applicable Laws, with such
compliance determined by the Company in consultation with its legal
counsel. As a condition to receiving an Award, the Company may
require the Recipient to represent and warrant at the time of any
such exercise, purchase or vesting that the Shares are being
purchased or held only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of
counsel for the Company, such a representation is required by law.
Shares issued upon exercise, purchase or vesting of Awards granted
prior to the date on which the Common Stock becomes a Listed
Security shall be subject to certain restrictions on transfer and
certain conditions regarding the voting rights of such Shares, as
reflected in the applicable Award Agreement. In addition, Awards
issued prior to the date on which the Common Stock becomes a Listed
Security shall require the Recipient to agree to a lock-up
agreement in connection with public offerings of the
Company’s stock that applies to all capital stock and rights
to purchase capital stock of the Company held by the Recipient on
such terms and subject to such conditions as are reflected in the
applicable Award Agreement. The Administrator may cause a legend or
legends to be placed on any certificates for Shares or other
securities delivered under the Plan as it may deem appropriate to
make reference to such legal rules and restrictions, or to impose
any restrictions on transfer.

 

(b)
Withholding Obligations.
The Administrator may take such steps as are considered necessary
or appropriate for the withholding of any federal, state, local or
foreign taxes of any kind which the Company is required by any law
or regulation of any governmental authority to withhold in
connection with any Award under the Plan, including, without
limiting the generality of the foregoing, the withholding of all or
any portion of any payment or the withholding of the issue of
Common Stock to be issued under the Plan, until such time as the
Recipient has paid the Company for any amount which the Company is
required to withhold with respect to taxes. Unless otherwise
determined by the Administrator, withholding obligations may be
settled with vested Common Stock, including vested Common Stock
that is part of the Award that gives rise to the withholding
requirement. The Administrator may establish such procedures as it
deems appropriate, including the making of irrevocable elections,
for the settlement of withholding obligations with vested Common
Stock.

 

(c)
Inability to Obtain
Authority. The inability of the Company to obtain authority
from any regulatory body having jurisdiction, which authority is
deemed by the Company’s counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the
Company of any liability in respect of the failure to issue or sell
such Shares as to which such requisite authority shall not have
been obtained.

 

(d)
Grants Exceeding Allotted
Shares. If the number of Shares covered by an Award exceeds,
as of the date of grant, the number of Shares which may be issued
under the Plan without additional stockholder approval, such Award
shall be void with respect to such excess Shares, unless
stockholder approval of an amendment sufficiently increasing the
number of Shares subject to the Plan is timely obtained in
accordance with Applicable Law and Section 12(b) of the
Plan.

 

Section 14

Information and Documents to Recipients

 

Prior
to the date, if any, upon which the Common Stock becomes a Listed
Security and if required by the Applicable Laws, the Company shall
provide financial statements at least annually to each Recipient
during the period such Recipient has one or more Awards
outstanding, and in the case of an individual who acquired Shares
pursuant to the Plan, during the period such individual owns such
Shares. The Company shall not be required to provide such
information if the issuance of Awards under the Plan is limited to
key employees whose duties in connection with the Company assure
their access to equivalent information. Furthermore, prior to the
date, if any, upon which the Common Stock becomes a Listed
Security, to the extent that the Company is relying on the
exemption from registration under Section 12(g) of the
Exchange Act provided in Rule 12h-1(f)(1) under the Exchange Act,
the Company shall provide each Recipient the information described
in Rules 701(e)(3), (4), and (5) under the Securities Act
not less frequently than every six months with the financial
statements being not more than 180 days old and with such
information provided either by physical or electronic delivery to
the Recipient or by written notice to the Recipients of the
availability of the information on an Internet site that may be
password-protected and of any password needed to access the
information.

 

Section 15

General Provisions

 

(a)
Term of Plan. The Plan
shall become effective upon its approval by the stockholders of the
Company (“Effective
Date”), provided that such approval occurs on or
before the first anniversary of the date of its adoption by the
Board. Such stockholder approval shall be obtained in the manner
and to the degree required under Applicable Laws and the rules of
any stock exchange upon which the Common Stock is listed. It shall
continue in effect for a term of ten (10) years unless
terminated earlier under Section 12 of the
Plan.

 

(b)
No Contract of Employment.
Neither the Plan nor any Award hereunder shall confer upon an
individual any right with respect to continuing such
individual’s employment relationship with the Company, nor
shall they interfere in any way with such individual’s right
or the Company’s right to terminate such employment
relationship at any time, with or without cause.

 

(c)
Severability. In the event
that 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.

 

(d)
Governing Law. The Plan and
all Awards made and actions taken thereunder shall be governed by
and construed in accordance with the laws of the State of
Delaware.

 

(e)
Prohibition on Loans to
Recipients. The Company shall not lend funds to any
Recipient for the purpose of paying the exercise or base price
associated with any Award or for the purpose of paying any taxes
associated with the exercise or vesting of an Award.

 

(f)
Unfunded Status of Plan. It
is intended that the Plan constitute an “unfunded” plan
for incentive and deferred compensation. The Administrator may
authorize the creation of trusts or other arrangements to meet the
obligations created under the Plan to deliver Common Stock or make
payment; provided, however,
that, unless the Administrator otherwise determines, the existence
of such trusts or other arrangements is consistent with the
“unfunded” status of the Plan.

 

(g)
Liability of Administrator.
Except as provided under Applicable Law, no member of the Board or
the Committee will be liable for any action or determination made
in good faith by the Board or the Committee with respect to the
Plan or any Award under it. Neither the Company, the Board nor the
Committee, nor any Affiliate, nor any directors, officers or
employees thereof, shall be liable to any Recipient or other person
if it is determined for any reason by the Internal Revenue Service
or any court that an Incentive Stock Option granted hereunder does
not qualify for tax treatment as an “incentive stock
option” under Section 422 of the Code.

 

(h)
Return and/or Forfeiture of
Performance-Based Payments or Awards. Notwithstanding any
other provision in this Plan or in any Award Agreement, in the
event that pursuant to the terms or requirements of the
Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and
Consumer Protection Act, or of any applicable laws, rules or
regulations promulgated by the Securities and Exchange Commission
from time to time, and in the event any Award is based upon the
satisfaction of financial performance metrics which are
subsequently reversed due to a restatement or reclassification of
financial results of the Company, then any payments made or awards
granted shall be returned and forfeited to the extent required and
as provided by applicable laws, rules, regulations or listing
requirements.

 

(i)
Participants in Foreign
Countries. The Administrator shall have the authority to
adopt such modifications, procedures and sub-plans as may be
necessary or desirable to comply with provisions of the laws of
foreign countries in which the Company or its Affiliates may
operate to assure the viability of the benefits from Awards granted
to Recipients performing services in such countries and to meet the
objectives of the Plan.

 

*            *           
 *Blueprint

Exhibit 4.8

 

NOVUME SOLUTIONS, INC.

NON-QUALIFIED STOCK OPTION GRANT AGREEMENT

 

THIS
AGREEMENT (“Agreement”), is dated
this 27th
day of September, 2017, and effective as of August 28, 2017,
between Novume Solutions, Inc., a Delaware corporation (the
“Company”), and
Steve Ellis (the
“Grantee”). 

 

WITNESSETH:

 

WHEREAS, the
Grantee is a former non-employee director of Brekford Traffic
Safety, Inc., a Delaware corporation (“Brekford”), which became
a wholly-owned subsidiary of the Company pursuant to the
consummation of a merger transaction (the “Merger”) that closed on
August 28, 2017;

 

WHEREAS, on
July 6, 2015 (the
“Original Grant
Date”), Grantee received a grant of options (the
“Brekford
Options”) to purchase up to 75,000 shares of the
common stock, par value $0.0001 per share, of Brekford, under
Brekford’s 2008 Stock Incentive Plan (“Brekford Plan”), pursuant
to the terms of the agreement attached as Exhibit A hereto (the
“Original Grant
Agreement”) and the terms of the Brekford
Plan;

 

WHEREAS, upon
consummation of the Merger, the Brekford Options were fully vested
and they were automatically converted into options to purchase up
to 5,000 shares of the common stock, par value $0.0001 per share,
of the Company (“Common Stock”), upon the
closing of the Merger in accordance with the terms of the merger
agreement;

 

WHEREAS, upon
consummation of the Merger, Grantee ceased to provide services to
Brekford;

 

NOW,
THEREFORE, in consideration of the various covenants and agreements
contained herein, and intending to be legally bound hereby, the
parties hereto agree as follows:

 

1.
Grant of Option.
The Company hereby grants to the Grantee fully-vested options (the
“Options”) to purchase all
or part of an aggregate of 5,000 shares of Common Stock (the
“Shares”), subject to the
requirements set forth in this Agreement. The Option is a
Non-Qualified Stock Option and is not intended to qualify as an
“incentive stock option” as that term is used in
Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”).

 

2.
Exercise Price. The
per share purchase price of the Shares issuable upon exercise of
the Options shall be $3.60
(the “Exercise
Price”), being the product of the original exercise
price of $0.24 under the Brekford Option and fifteen, as required
by the terms of the merger agreement.

 

3.
Term. The term of
the Options shall expire on February 28, 2018, being the date on
which the Brekford Options would have expired under the terms of
the Original Grant Agreement and the Brekford Plan, and, being,
specifically, 180 days after the Grantee ceased providing services
to Brekford.

 

4.
Exercise.

 

 (a) Subject
to the terms and conditions of this Agreement, the Options may be
exercised by written notice delivered to the Company or its
designated representative in the manner and at the address for
notices set forth in Section 9
hereof. Such notice shall state that the Options are being
exercised thereby and shall specify the number of Shares for which
the Options are being exercised. The notice shall be signed by
the person or persons exercising the Options and shall be
accompanied by payment in full of the Exercise Price for such
Shares being acquired upon the exercise of the
Options. Payment of such Exercise Price may be made by one of
the following methods:

 (i) in cash
(in the form of a certified or bank check or such other instrument
as the Administrator may accept);

 

 (ii) in any
combination of (a) and (b) above;

 

(iii)
by delivery of a properly executed exercise notice together with
such other documentation as the Company’s Board of Directors
(the “Board”) and a qualified
broker, if applicable, shall require to effect an exercise of the
Options, and delivery to the Company of the proceeds required to
pay the Exercise Price; or

 

(iv) by
requesting that the Company withhold such number of Shares then
issuable upon exercise of the Options as will have a Fair Market
Value equal to the Exercise Price of the Shares being acquired upon
the exercise of the Options. “Fair Market Value” means,
as of any date, the value of Common Stock determined as follows:
(a) if the Common Stock is listed on a U.S. national securities
exchange, its Fair Market Value shall be either the mean of the
highest and lowest reported sale prices of the stock (or, if no
sales were reported, the average of the closing bid and asked
price) or the last reported sale price of the stock, as determined
by the Administrator in its discretion, on a U.S. national
securities exchange for any given day or, if not listed on such
exchange, on any other national securities exchange on which the
Common Stock is listed as reported in The Wall Street Journal or
such other source as the Administrator deems reliable; (b) If the
Common Stock is regularly quoted by a recognized securities dealer
but selling prices are not reported, the Fair Market Value of a
Share of Common Stock shall be either the mean between the high bid
and low asked prices or the last asked price, as determined by the
Board for the Common Stock on any given day, as reported in The
Wall Street Journal or such other source as the Board deems
reliable; or (c) in the absence of an established regular public
market for the Common Stock, the Fair Market Value shall be
determined in good faith by the Board pursuant to the reasonable
application of a reasonable valuation method in accordance with the
provisions of Section 409A of the Code and the regulations
thereunder and, with respect to an Incentive Stock Option, in
accordance with such regulations as may be issued under the
Code.

 

If the
tender of shares of Common Stock as payment of the Exercise Price
would result in the issuance of fractional shares of Common Stock,
the Company shall instead return the balance in cash or by check to
the Grantee. If the Options are exercised by any person or
persons other than the Grantee, the notice described in this shall
be accompanied by appropriate proof (as determined by the Board) of
the right of such person or persons to exercise the Options under
the terms of this Agreement. The Company shall issue and
deliver, in the name of the person or persons exercising the
Options, a certificate or certificates representing such Shares as
soon as practicable after notice and payment are received and the
exercise is approved.

 

(b) The
Options may be exercised in accordance with the terms of this
Agreement with respect to any whole number of Shares, but in no
event may an Options be exercised as to fewer than one hundred
(100) Shares at any one time, or the remaining Shares covered
by the Options if less than two hundred (200).

 

(c) The
Grantee shall have no rights of a stockholder with respect to
Shares to be acquired by the exercise of the Options until the date
of issuance of a certificate or certificates representing such
Shares. No adjustment shall be made for dividends or other
rights for which the record date is prior to the date such stock
certificate is issued. All Shares purchased upon the exercise
of the Options as provided herein shall be fully paid and
non-assessable.

 

(d) The
Grantee agrees that no later than the date as of which an amount
first becomes includible in his gross income for federal income tax
purposes with respect to the Options, the Grantee shall pay to the
Company, or make arrangements satisfactory to the Company regarding
the payment of, any federal, state, local or foreign taxes of any
kind required by law to be withheld with respect to such
amount. Withholding obligations may be settled with shares of
Common Stock, including Shares that are acquired upon exercise of
the Options. The obligations of the Company under this
Agreement shall be conditional on such payment or
arrangements.

 

6.
Non-Transferability. These
Options may not be sold, pledged, assigned, hypothecated,
transferred or disposed of in any manner other than (i) by
will or the laws of descent or distribution or (ii) pursuant
to a qualified domestic relations order (as defined in the Code or
Title I of the Employee Retirement Income Security Act of 1974, as
amended, or the rules thereunder). These Options may be
exercised, during the lifetime of the Grantee, only by the Grantee,
his guardian or his legal representative, or by an alternate payee
pursuant to a qualified domestic relations order. Any attempt
to assign, pledge or otherwise transfer the Options or of any right
or privilege conferred thereby, or the sale or levy or similar
process upon the rights and privileges conferred hereby, shall be
void.

 

7.
Adjustment upon Changes in
Capitalization. If, during the term of this Agreement, there
shall be any merger, reorganization, consolidation,
recapitalization, stock dividend, special cash dividend, stock
split, reverse stock split, rights offering or extraordinary
distribution with respect to the Common Stock, or other change in
corporate structure affecting the Common Stock shall make or cause
to be made an appropriate and equitable substitution, adjustment or
treatment in the aggregate number, kind and Exercise Price of
Shares subject to these Options; provided, however, that in no event
shall the Exercise Price be adjusted below the par value of a share
of Common Stock, nor shall any fraction of a Share be issued upon
the exercise of the Option. Any securities, awards or rights issued
pursuant to this Section 7 shall be subject
to the same restrictions as the underlying Shares to which they
relate.

 

8.
Conditions upon Issuance
of Option. As a condition to the exercise of the Option, the
Company may require the Grantee to represent and warrant at the
time of any such exercise that the Shares are being purchased only
for investment and without any present intention to sell or
distribute such Shares if, in the opinion of legal counsel for the
Company, such a representation is required by any relevant
provision of law.

 

9.
Miscellaneous.

 

(a)
Successors. This
Agreement and all the terms and provisions hereof shall be binding
upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, heirs and successors, except as
expressly herein otherwise provided.

 

 (b)
Entire Agreement;
Modification. This Agreement contains the entire
understanding between the parties with respect to the matters
referred to herein.

 

(c)
Capitalized Terms;
Headings; Pronouns; Governing Law. The descriptive headings
of the respective sections and subsections of this Agreement are
inserted for convenience of reference only and shall not be deemed
to modify or construe the provisions which follow them. Any use of
any masculine pronoun shall include the feminine and vice-versa and
any use of a singular, the plural and vice-versa, as the context
and facts may require. The construction and interpretation of this
Agreement shall be governed in all respects by the laws of the
State of Delaware.

 

(d)
Notices. Each
notice relating to this Agreement shall be in writing and shall be
sufficiently given if delivered by registered or certified mail, or
by a nationally recognized overnight delivery service, with postage
or charges prepaid, to the address hereinafter provided in this
Section 13.
Any such notice or communication given by first-class mail shall be
deemed to have been given two business days after the date so
mailed, and such notice or communication given by overnight
delivery service shall be deemed to have been given one business
day after the date so sent, provided such notice or communication
arrives at its destination. Each notice to the Company shall be
addressed to it at its offices at 14420 Albemarle Point Place,
Suite 200, Chantilly, VA, 20151 (attention: Chief Financial
Officer), with a copy to the Secretary of the Company or to such
other designee of the Company. Each notice to the Grantee shall be
addressed to the Grantee at the Grantee’s address shown on
the signature page hereof.

 

(e)
Severability.
Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement or the
application thereof to any party or circumstance shall be
prohibited by or invalid under applicable law, such provision shall
be ineffective to the minimal extent of such provision or the
remaining provisions of this Agreement or the application of such
provision to other parties or circumstances.

 

(f)
Counterpart
Execution. This Agreement may be executed in counterparts,
each of which shall constitute an original and all of which, when
taken together, shall constitute the entire document.

 

*            *           
 *

 

 

 

 

 

IN WITNESS WHEREOF, the Company has
caused this Agreement to be duly executed by its officer thereunto
duly authorized, and the Grantee has executed this Agreement all as
of the day and year first above written.

 

	
 

	

NOVUME SOLUTIONS, INC.

	
 

	

By: /s/ Robert A.
Berman

	

Its:
Chief Executive Officer

 

/s/
Steve Ellis

Steve
Ellis

Address:

 
                 
                 
      

 

 

 

 

 

 

EXHIBIT A

Original Grant Agreement

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