Document:

EX-10.1

 II-VI INCORPORATED 

AMENDED AND RESTATED 2012 OMNIBUS INCENTIVE PLAN 

TABLE OF CONTENTS 
  

					
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	 1. PURPOSE
	  	 	A-1	  
		
	 2. DEFINITIONS
	  	 	A-1	  
		
	 2.1 “Award”
	  	 	A-1	  
		
	 2.2 “Award Agreement”
	  	 	A-1	  
		
	 2.3 “Base Price”
	  	 	A-1	  
		
	 2.4 “Board”
	  	 	A-1	  
		
	 2.5 “Change in Control”
	  	 	A-1	  
		
	 2.6 “Code”
	  	 	A-1	  
		
	 2.7 “Committee”
	  	 	A-1	  
		
	 2.8 “Common Stock”
	  	 	A-1	  
		
	 2.9 “Company”
	  	 	A-1	  
		
	 2.10 “Consultant”
	  	 	A-1	  
		
	 2.11 “Deferral Period”
	  	 	A-1	  
		
	 2.12 “Deferred Shares”
	  	 	A-2	  
		
	 2.13 “Effective Date”
	  	 	A-2	  
		
	 2.14 “Employee”
	  	 	A-2	  
		
	 2.15 “Fair Market Value”
	  	 	A-2	  
		
	 2.16 “Freestanding Stock Appreciation Right”
	  	 	A-2	  
		
	 2.17 “Grant Date”
	  	 	A-2	  
		
	 2.18 “Incentive Stock Option”
	  	 	A-2	  
		
	 2.19 “Nonemployee Director”
	  	 	A-2	  
		
	 2.20 “Non-qualified Stock Option”
	  	 	A-2	  
		
	 2.21 “Option”
	  	 	A-2	  
		
	 2.22 “Optionee”
	  	 	A-2	  
		
	 2.23 “Option Price”
	  	 	A-2	  

					
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	 2.24 “Participant”
	  	 	A-2	  
		
	 2.25 “Performance Objectives”
	  	 	A-2	  
		
	 2.26 “Performance Period”
	  	 	A-3	  
		
	 2.27 “Performance Share”
	  	 	A-3	  
		
	 2.28 “Performance Unit”
	  	 	A-3	  
		
	 2.29 “Predecessor Plans”
	  	 	A-3	  
		
	 2.30 “Qualified Performance-Based Award”
	  	 	A-3	  
		
	 2.31 “Restricted Period”
	  	 	A-3	  
		
	 2.32 “Restricted Shares”
	  	 	A-3	  
		
	 2.33 “Restricted Share Units”
	  	 	A-3	  
		
	 2.34 “Section 162(m)”
	  	 	A-3	  
		
	 2.35 “Section 409A”
	  	 	A-3	  
		
	 2.36 “Separation from Service” and “Separate from Service”
	  	 	A-4	  
		
	 2.37 “Shares”
	  	 	A-4	  
		
	 2.38 “Specified Employee”
	  	 	A-4	  
		
	 2.39 “Spread”
	  	 	A-4	  
		
	 2.40 “Stock Appreciation Right”
	  	 	A-4	  
		
	 2.41 “Subsidiary”
	  	 	A-4	  
		
	 2.42 “Tandem Stock Appreciation Right”
	  	 	A-4	  
		
	 3. SHARES AVAILABLE UNDER THE PLAN
	  	 	A-4	  
		
	 3.1 Reserved Shares
	  	 	A-4	  
		
	 3.2 Maximum Calendar Year Award
	  	 	A-4	  
		
	 3.3 Predecessor Plan Options; Forfeitures
	  	 	A-4	  
		
	 4. PLAN ADMINISTRATION
	  	 	A-4	  
		
	 4.1 Authority of Committee
	  	 	A-4	  
		
	 4.2 Committee Delegation
	  	 	A-5	  
		
	 4.3 No Liability
	  	 	A-5	  

					
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	 5. OPTIONS
	  	 	A-5	  
		
	 5.1 Number of Shares
	  	 	A-5	  
		
	 5.2 Option Price
	  	 	A-5	  
		
	 5.3 Consideration
	  	 	A-5	  
		
	 5.4 Cashless Exercise
	  	 	A-5	  
		
	 5.5 Performance-Based Options
	  	 	A-5	  
		
	 5.6 Vesting
	  	 	A-6	  
		
	 5.7 ISO Dollar Limitation
	  	 	A-6	  
		
	 5.8 Exercise Period
	  	 	A-6	  
		
	 5.9 Award Agreement
	  	 	A-6	  
		
	 6. STOCK APPRECIATION RIGHTS
	  	 	A-6	  
		
	 6.1 Payment in Cash or Shares
	  	 	A-6	  
		
	 6.2 Maximum SAR Payment
	  	 	A-6	  
		
	 6.3 Exercise Period
	  	 	A-6	  
		
	 6.4 Change in Control
	  	 	A-6	  
		
	 6.5 Dividend Equivalents
	  	 	A-6	  
		
	 6.6 Performance-Based Stock Appreciation Rights
	  	 	A-6	  
		
	 6.7 Award Agreement
	  	 	A-6	  
		
	 6.8 Tandem Stock Appreciation Rights
	  	 	A-7	  
		
	 6.9 Exercise Period
	  	 	A-7	  
		
	 6.10 Freestanding Stock Appreciation Rights
	  	 	A-7	  
		
	 7. RESTRICTED SHARES AND RESTRICTED SHARE UNITS
	  	 	A-7	  
		
	 7.1 Number of Shares
	  	 	A-7	  
		
	 7.2 Consideration
	  	 	A-7	  
		
	 7.3 Forfeiture/Transfer Restrictions
	  	 	A-7	  
		
	 7.4 Rights/Dividends and Dividend Equivalents.
	  	 	A-7	  
		
	 7.5 Stock Certificate
	  	 	A-7	  
		
	 7.6 Performance-Based Restricted Shares or Restricted Share Units
	  	 	A-8	  
		
	 7.7 Award Agreements
	  	 	A-8	  

					
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	 8. DEFERRED SHARES
	  	 	A-8	  
		
	 8.1 Deferred Compensation
	  	 	A-8	  
		
	 8.2 Consideration
	  	 	A-8	  
		
	 8.3 Deferral Period
	  	 	A-8	  
		
	 8.4 Dividend Equivalents and Other Ownership Rights
	  	 	A-8	  
		
	 8.5 Performance Objectives
	  	 	A-8	  
		
	 8.6 Award Agreement
	  	 	A-8	  
		
	 9. PERFORMANCE SHARES AND PERFORMANCE UNITS
	  	 	A-8	  
		
	 9.1 Number of Performance Shares or Units
	  	 	A-8	  
		
	 9.2 Performance Period
	  	 	A-8	  
		
	 9.3 Performance Objectives
	  	 	A-8	  
		
	 9.4 Threshold Performance Objectives
	  	 	A-8	  
		
	 9.5 Payment of Performance Shares and Units
	  	 	A-8	  
		
	 9.6 Maximum Payment
	  	 	A-9	  
		
	 9.7 Award Agreement
	  	 	A-9	  
		
	 10. TRANSFERABILITY
	  	 	A-9	  
		
	 10.1 Transfer Restrictions
	  	 	A-9	  
		
	 10.2 Limited Transfer Rights
	  	 	A-9	  
		
	 10.3 Restrictions on Transfer
	  	 	A-9	  
		
	 11. ADJUSTMENTS
	  	 	A-9	  
		
	 12. FRACTIONAL SHARES
	  	 	A-10	  
		
	 13. WITHHOLDING TAXES
	  	 	A-10	  
		
	 14. CERTAIN TERMINATIONS OF EMPLOYMENT, HARDSHIP & APPROVED LEAVES OF ABSENCE
	  	 	A-10	  

					
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	 15. FOREIGN PARTICIPANTS
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	 16. AMENDMENTS AND OTHER MATTERS
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	 16.1 Plan Amendments
	  	 	A-10	  
		
	 16.2 Award Deferrals
	  	 	A-10	  
		
	 16.3 Conditional Awards
	  	 	A-11	  
		
	 16.4 Repricing Prohibited
	  	 	A-11	  
		
	 16.5 No Employment Right
	  	 	A-11	  
		
	 16.6 Tax Qualification
	  	 	A-11	  
		
	 17. SECTION 409A
	  	 	A-11	  
		
	 18. EFFECTIVE DATE
	  	 	A-12	  
		
	 19. TERMINATION
	  	 	A-12	  
		
	 20. LIMITATIONS PERIOD
	  	 	A-12	  
		
	 21. GOVERNING LAW
	  	 	A-13	  

 II-VI INCORPORATED 

AMENDED AND RESTATED 2012 OMNIBUS INCENTIVE PLAN 

1. Purpose. The purposes of this II-VI Incorporated Amended and Restated 2012 Omnibus Incentive Plan (the “Plan”) are to optimize
the profitability and growth of the Company by providing certain eligible persons with annual and long-term incentives to continue in the long-term service of the Company and to create in such persons a more direct interest in the future operations
of the Company by relating incentive compensation to increases in shareholder value, so that the income of those participating in the Plan is more closely aligned with the income of the Company’s shareholders. The Plan is also designed to
provide Participants with an incentive for excellence in individual performance, to promote teamwork among Participants, and to motivate, attract and retain the services of employees, consultants and directors for II-VI Incorporated and its
subsidiaries and to provide such persons with incentives and rewards for superior performance. 
 2. Definitions. As used in this Plan and
unless otherwise specified in the applicable Award Agreement, the following terms shall be defined as set forth below: 

2.1 “Award” means any Option, Stock Appreciation Right, Restricted Shares, Restricted Share Units, Deferred Shares,
Performance Shares or Performance Units granted under the Plan. 
 2.2 “Award Agreement” means an agreement,
certificate, resolution or other form of writing or other evidence approved by the Committee which sets forth the terms and conditions of an Award. An Award Agreement may be in an electronic medium and may be limited to a notation on the
Company’s books and records. 
 2.3 “Base Price” means the price to be used as the basis for determining the
Spread upon the exercise of a Freestanding Stock Appreciation Right. 
 2.4 “Board” means the Board of Directors of
the Company. 
 2.5 “Change in Control” means (i) the consummation of any merger or consolidation as a result of which
the Common Stock shall be changed, converted or exchanged (other than a merger with a wholly owned subsidiary of the Company) or any liquidation of the Company or any sale or other disposition of all or substantially all of the assets of the
Company; (ii) the consummation of any merger or consolidation to which the Company is a party as a result of which the “persons” (as that term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended)
who were stockholders of the Company immediately prior to the effective date of the merger or consolidation shall have beneficial ownership of less than a majority of the combined voting power for election of directors of the surviving corporation
following the effective date of such merger or consolidation or (iii) any “person” (as defined above) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then-outstanding securities in a transaction or series of transactions not approved by the Board of Directors.
Notwithstanding the foregoing or any provision of this Plan to the contrary, if an Award is subject to Section 409A (and not excepted therefrom) and a Change in Control is a distribution event for purposes of an Award, the foregoing definition
of Change in Control shall be interpreted, administered and construed in manner necessary to ensure that the occurrence of any such event shall result in a Change in Control only if such event qualifies as a change in the ownership or effective
control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation, as applicable, within the meaning of Treas. Reg. §1.409A-3(i)(5) or any successor provision. 

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

2.7 “Committee” means the Compensation Committee of the Board or its successor. 

2.8 “Common Stock” means the common stock, no par value, of the Company. 

2.9 “Company” means II-VI Incorporated, a Pennsylvania corporation, or any successor corporation. 

2.10 “Consultant” means any non-Employee independent contractor or other service provider engaged by the Company or a
Subsidiary 

 2.11 “Deferral Period” means the period of time during which Deferred
Shares are subject to deferral limitations under Section 8. 
 2.12 “Deferred Shares” means an Award pursuant to
Section 8 of the right to receive Shares at the end of a specified Deferral Period. 
 2.13 “Effective Date” means the
date this Plan is approved by the shareholders of the Company. 
 2.14 “Employee” means any person, including an
officer, employed by the Company or a Subsidiary. 
 2.15 “Fair Market Value” means the fair market value of the
Shares as determined by the Committee from time to time. Unless otherwise determined by the Committee, the fair market value shall be the closing sales price for the Shares reported on a consolidated basis on the Nasdaq National Market (or, if the
Shares are not trading on the Nasdaq National Market, on the principle market on which the Shares are trading) on the relevant date or, if there were no sales on such date, the closing sales price on the nearest preceding date on which sales
occurred. If the Shares are not reported on the basis of closing sale price, then the average of the highest bid and lowest ask prices shall be used to determine fair market value. 

2.16 “Freestanding Stock Appreciation Right” means a Stock Appreciation Right granted pursuant to Section 6 that is
not granted in tandem with an Option or similar right. 
 2.17 “Grant Date” means the date specified by the Committee
on which a grant of an Award shall become effective, which shall not be earlier than the date on which the Committee takes action with respect thereto. 

2.18 “Incentive Stock Option” means any Option that is intended to qualify as an “incentive stock option”
under Code Section 422 or any successor provision. 
 2.19 “Nonemployee Director” means a member of the Board who
is not an Employee. 
 2.20 “Nonqualified Stock Option” means an Option that is not intended to qualify as an
Incentive Stock Option. 
 2.21 “Option” means any option to purchase Shares granted under Section 5. 

2.22 “Optionee” means a Participant who holds an outstanding Option. 

2.23 “Option Price” means the purchase price payable upon the exercise of an Option. 

2.24 “Participant” means an Employee, Consultant or Nonemployee Director who is selected by the Committee to receive
benefits under this Plan, provided that only Employees shall be eligible to receive grants of Incentive Stock Options. 

2.25 “Performance Objectives” means the performance objectives established pursuant to this Plan for Participants who
have received performance-based Awards. Performance Objectives may be described in terms of Company-wide objectives or objectives that are related to the performance of the individual Participant or the Subsidiary, division, department or function
within the Company or Subsidiary in which the Participant is employed. Performance Objectives may be measured on an absolute or relative basis. Relative performance may be measured by a group of peer companies or by a financial market index. Any
Performance Objectives applicable to a Qualified Performance-Based Award shall be limited to any one or more of the following performance criteria, either individually, alternatively or in any combination, and subject to such modifications or
variations as specified by the Committee, applied to either the Company as a whole or to a business unit or Subsidiary, either individually, alternatively or in any combination, and measured over a period of time including any portion of a year,
annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee: return on equity, diluted
or adjusted earnings per share, total earnings, earnings growth, return on capital, return on assets, earnings before interest and taxes, sales, sales growth, gross margin return on investment, increase in the fair market value of the Shares, share
price (including but not limited to, growth measures and total shareholder return), operating profit, net earnings, cash flow (including, but not limited to, operating cash flow and free cash flow), cash flow return on investment (which equals net
cash flow divided by total capital), inventory turns, financial return ratios, total return 

 
to shareholders, market share, earnings measures/ratios, economic value added (EVA), balance sheet measurements such as receivable turnover, internal rate of return, increase in net present value
or expense targets, “Employer of Choice” or similar survey results, customer satisfaction surveys, productivity, expense reduction levels, debt, debt reduction, the completion of acquisitions, business expansion, product diversification,
new or expanded market penetration and other non-financial operating and management performance objectives. To the extent consistent with Section 162(m) of the Code, the Committee may determine, at the time the performance goals are
established, that certain adjustments shall apply, in whole or in part, in such manner as determined by the Committee, to exclude the effect of any of the following events that occur during a performance period: the impairment of tangible or
intangible assets; litigation or claim judgments or settlements; the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; business combinations, reorganizations and/or restructuring
programs, including, but not limited to, reductions in force and early retirement incentives; currency fluctuations; and any extraordinary, unusual, infrequent or non-recurring items, including, but not limited to, such items described in
management’s discussion and analysis of financial condition and results of operations or the financial statements and notes thereto appearing in Company’s annual report for the applicable period. If the Committee determines that a change
in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances or individual performance renders the Performance Objectives unsuitable, the
Committee may modify such Performance Objectives or the related minimum acceptable level of achievement, in whole or in part, upward or downward, as the Committee deems appropriate and equitable; provided, however, that (i) no such adjustment
shall be authorized to the extent that such authority would be inconsistent with the Plan or any award meeting the requirements (or an applicable exception thereto) of Section 162(m), Section 409A or other applicable statutory provision;
and (ii) in the case of a Qualified Performance-Based Award, the Committee shall not use its discretionary authority to increase any Award that is intended to be performance-based compensation under Section 162(m) of the Code. 

2.26 “Performance Period” means the period of time within which the Performance Objectives relating to a
performance-based Award must be achieved. 
 2.27 “Performance Share” means a bookkeeping entry that records the
equivalent of one Share awarded pursuant to Section 9. 
 2.28 “Performance Unit” means a bookkeeping entry that
records a unit equivalent to $1.00 awarded pursuant to Section 9. 
 2.29 “Predecessor Plans” means the II-VI
Incorporated Stock Option Plan of 2001, the II-VI Incorporated 2005 Omnibus Incentive Plan and/or the II-VI Incorporated 2009 Omnibus Incentive Plan. 

2.30 “Qualified Performance-Based Award” means an Award or portion of an Award that is intended to satisfy the
requirements for “qualified performance-based compensation” under Section 162(m). The Committee shall designate any Qualified Performance-Based Award as such at the time of grant. For any Qualified Performance-Based Award under
Section 162(m), performance goals relating to the performance measures set forth above shall be pre-established in writing by the Committee, and achievement thereof certified in writing prior to payment of the Award, as required by
Section 162(m) and regulations promulgated thereunder. All such performance goals shall be established in writing no later than ninety (90) days after the beginning of the applicable performance period; provided however, that for a
performance period of less than one year, the Committee shall take any such actions prior to the lapse of 25% of the performance period. In addition to establishing minimum performance goals below which no compensation shall be payable pursuant to a
Performance Award, the Committee, in its discretion, may create a performance schedule under which an amount less than or more than the target award may be paid so long as the performance goals have been achieved. 

2.31 “Restricted Shares” shall mean an Award of Shares that are granted under and subject to the terms, conditions and
restrictions described in Section 7. 
 2.32 “Restricted Share Units” shall mean an Award of the right to receive (as
the Committee determines) Shares, or cash or other consideration equal to the Fair Market Value of a Share for each Restricted Share Unit, granted under and subject to the terms, conditions and restrictions described in Section 7. 

 2.33 “Section 162(m)” shall mean Section 162(m) of the Code, the
regulations and other binding guidance promulgated thereunder, as they may now exist or may be amended from time to time, or any successor to such section. 

2.34 “Section 409A” shall mean Section 409A of the Code, the regulations and other binding guidance promulgated
thereunder, as they may now exist or may be amended from time to time, or any successor to such section. 
 2.35 “Separation from
Service” and “Separate from Service” shall mean the Participant’s death, retirement or other termination of employment or service with the Company (including all persons treated as a single employer under
Section 414(b) and 414(c) of the Code) that constitutes a “separation from service” (within the meaning of Section 409A). For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions
of Section 414(b) and 414(c) of the Code; provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Section 1563(a)(1),(2) and (3) of the Code and
Treas. Reg. § 1.414(c)-2; provided, further, where legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(h)(3)), the language “at least 20 percent” shall be used instead of “at least 80
percent” in each place it appears. Whether a Participant has Separated from Service will be determined based on all of the facts and circumstances and, to the extent applicable to any Award or benefit, in accordance with the guidance issued
under Section 409A. A Participant will be presumed to have experienced a Separation from Service when the level of bona fide services performed permanently decreases to a level less than twenty percent (20%) of the average level of
bona fide services performed during the immediately preceding thirty-six (36) month period or such other applicable period as provided by Section 409A.2.33 

2.36 “Shares” means shares of Common Stock, as adjusted in accordance with Section 11. 

2.37 “Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph
(5) thereof) of the Company as determined in accordance with the regulations issued under Section 409A and the procedures established by the Company. 

2.38 “Spread” means, in the case of a Freestanding Stock Appreciation Right, the amount by which the Fair Market Value
on the date when any such right is exercised exceeds the Base Price specified in such right or, in the case of a Tandem Stock Appreciation Right, the amount by which the Fair Market Value on the date when any such right is exercised exceeds the
Option Price specified in the related Option. 
 2.39 “Stock Appreciation Right” means a right granted under
Section 6, including a Freestanding Stock Appreciation Right or a Tandem Stock Appreciation Right. 

2.40 “Subsidiary” means a corporation or other entity in which the Company has a direct or indirect ownership or other
equity interest, including any such corporation or other entities which become a Subsidiary after adoption of the Plan; provided that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock
Options, “Subsidiary” means any subsidiary corporation within the meaning of the Code Section 424(f) or any successor provision thereof. 

2.41 “Tandem Stock Appreciation Right” means a Stock Appreciation Right granted pursuant to Section 6 that is
granted in tandem with an Option or any similar right granted under any other plan of the Company. 
 3. Shares Available Under the Plan.  

3.1 Reserved Shares. Subject to adjustment as provided in Section 11, the maximum number of Shares that may be delivered
pursuant to Awards, including Shares issued or transferred in payment of dividends or dividend equivalents paid with respect to Awards, shall not in the aggregate exceed 4,900,000 Shares plus Shares added to the Plan pursuant to Section 3.3.
Such Shares may be Shares of original issuance, Shares held in treasury, or Shares that have been reacquired by the Company. 

3.2 Maximum Calendar Year Award. No Participant may receive Awards representing more than 250,000 Shares in any one calendar
year, subject to adjustment as provided in Section 11, provided, however, that the maximum number of Performance Shares and/or Performance Units that may be granted to a Participant in any one calendar year is 10,000,000. 

 3.3 Predecessor Plan Options; Forfeitures. Upon the effectiveness of this Plan
pursuant to Section 18, no additional options or other awards shall be made pursuant to a Predecessor Plan. To the extent that (i) Options are granted under the Plan, or (ii) any of the options granted under a Predecessor Plan, which
are outstanding as of the Effective Date, shall expire or terminate without being exercised, the Shares covered thereby shall remain available under or be added to the Plan, as the case may be. To the extent that Shares underlying Awards made under
the Plan shall be forfeited, such Shares shall remain available under the Plan. 
 4. Plan Administration.  

4.1 Authority of Committee. This Plan shall be administered by the Committee, provided that the full Board may at any time act
as the Committee. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and discretionary authority to decide all
matters relating to the administration and interpretation of the Plan, provided, however, that ministerial responsibilities of the Plan (e.g., management of day-to-day matters) may be delegated to the Company’s officers, as set forth in
Section 4.2 below. The Committee’s powers include, without limitation, the authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of
Shares to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award, including the discretion to determine the extent to
which Awards will be structured to conform to the requirements applicable to performance-based compensation described in Section 162(m) of the Code; (v) determine whether, to what extent, and under what circumstances Awards may be settled
or exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether,
to what extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the
Board; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem
appropriate for the proper administration of the Plan; (ix) advance the lapse of any waiting period, accelerate any exercise date, waive or modify any restriction applicable to Awards (except those restrictions imposed by law); (x) correct
any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect; and (xi) make any other determination and take any
other action that the Committee deems necessary or desirable for the administration of the Plan. All decisions and determinations of the Committee shall be final, conclusive and binding on the Company, the Participant and any and all interested
parties. Except to the extent prohibited by applicable law or regulation, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may revoke any such allocation at any time. 

4.2 Committee Delegation. Except to the extent prohibited by applicable law or regulation, the Committee may delegate all or
any portion of its responsibilities and powers to any person or persons selected by it, and may revoke such delegation at any time. The Committee may, with respect to Participants whom the Committee determines are not likely to be subject to Code
Section 162(m), delegate to one or more officers of the Company the authority to grant Awards to Participants who are not directors or executive officers of the Company, provided that the Committee shall have fixed the total number of Shares
subject to such Awards. No officer to whom administrative authority has been delegated pursuant to this provision may waive or modify any restriction applicable to an award to such officer under the Plan. 

4.3 No Liability. No member of the Committee shall be liable to any person for any such action taken or determination made in
good faith.  
 5. Options. The Committee may from time to time authorize grants to Participants of options to purchase Shares upon
such terms and conditions as the Committee may determine in accordance with the following provisions: 
 5.1 Number of
Shares. Each grant shall specify the number of Shares to which it pertains. 
 5.2 Option Price. Each grant shall
specify an Option Price per Share, which shall be equal to or greater than the Fair Market Value per Share on the Grant Date. 

 5.3 Consideration. Each grant shall specify the form of consideration to be paid
in satisfaction of the Option Price and the manner of payment of such consideration, which may include (i) cash in the form of currency or check or other cash equivalent acceptable to the Company, (ii) nonforfeitable, unrestricted Shares
owned by the Optionee which have a value at the time of exercise that is equal to the Option Price provided such Shares have been purchased by such Optionee in the open market or have been held by such Optionee for at least six months,
(iii) any other legal consideration that the Committee may deem appropriate, including without limitation any form of consideration authorized under Section 5.4, on such basis as the Committee may determine in accordance with this Plan, or
(iv) any combination of the foregoing. 
 5.4 Cashless Exercise. To the extent permitted by applicable law, any grant
may provide for the deferred payment of the Option Price from the proceeds of the sale through a bank or broker on the date of exercise of some or all of the Shares to which the exercise relates. 

5.5 Performance-Based Options. Any grant of an Option may specify Performance Objectives that must be achieved as a condition
to the exercise of the Option. Each grant of an Option may specify in respect of the specified Performance Objectives a minimum acceptable level of achievement below which no portion of the Option will be exercisable and may set forth a formula for
determining the portion of the Option to be exercisable if performance is at or above such minimum acceptable level but falls short of the maximum achievement of the specified Performance Objectives. 

5.6 Vesting. Each Option grant may specify a period of continuous employment of the Optionee by the Company or any Subsidiary
(or, in the case of a Nonemployee Director, service on the Board) that is necessary before the Options or portions thereof shall become exercisable, and any grant may provide for the earlier exercise of such Option in the event of a Change in
Control of the Company or other similar transaction or event. 
 5.7 ISO Dollar Limitation. Options granted under this Plan
may be Incentive Stock Options, Nonqualified Stock Options or a combination of the foregoing, provided that only Nonqualified Stock Options may be granted to Nonemployee Directors. Each grant shall specify whether (or the extent to which) the Option
is an Incentive Stock Option or a Nonqualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Options designated as Incentive Stock Options are exercisable
for the first time by an Optionee during any calendar year (under all plans of the Company) exceeds $100,000 or such other amount limitation as may be provided in the Code, such Options shall be treated as Nonqualified Stock Options. The terms of
any Incentive Stock Option granted under this Plan shall comply in all respects with the provisions of Code Section 422, or any successor provision thereto, and any regulations promulgated thereunder. 

5.8 Exercise Period. Each Option shall be exercisable at such times and subject to such terms and conditions as the Committee
may, in its sole discretion, specify in the applicable Award Agreement or thereafter. No Option granted under this Plan may be exercised more than ten years from the Grant Date. 

5.9 Award Agreement. Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the
Committee may determine consistent with this Plan. 
 6. Stock Appreciation Rights. The Committee may also authorize grants to Participants
of Stock Appreciation Rights. A Stock Appreciation Right is the right of the Participant to receive from the Company an amount, which shall be determined by the Committee and shall be expressed as a percentage (not exceeding 100 percent) of the
Spread at the time of the exercise of such right. Any grant of Stock Appreciation Rights under this Plan shall be upon such terms and conditions as the Committee may determine in accordance with the following provisions: 

6.1 Payment in Cash or Shares. Any grant may specify that the amount payable upon the exercise of a Stock Appreciation
Right may be paid by the Company in cash, Shares or any combination thereof and may (i) either grant to the Participant or reserve to the Committee the right to elect among those alternatives or (ii) preclude the right of the Participant
to receive and the Company to issue Shares or other equity securities in lieu of cash.  
 6.2 Maximum SAR
Payment. Any grant may specify that the amount payable upon the exercise of a Stock Appreciation Right shall not exceed a maximum amount specified by the Committee on the Grant Date. 

 6.3 Exercise Period. Any grant may specify (i) a waiting period or periods
before Stock Appreciation Rights shall become exercisable and (ii) permissible dates or periods on or during which Stock Appreciation Rights shall be exercisable. 

6.4 Change in Control. Any grant may specify that a Stock Appreciation Right may be exercised only in the event of a Change
in Control of the Company or other similar transaction or event. 
 6.5 Dividend Equivalents. On or after the Grant Date of
any Stock Appreciation Rights, the Committee may, to the extent not inconsistent with Section 162(m) or Section 409A, provide for the payment to the Participant of dividend equivalents thereon in cash or Shares on a current, deferred or
contingent basis. 
 6.6 Performance-Based Stock Appreciation Rights. Any grant of a Stock Appreciation Right may specify
Performance Objectives that must be achieved as a condition to the exercise of the Stock Appreciation Right. Each grant of a Stock Appreciation Right may specify in respect of the specified Performance Objectives a minimum acceptable level of
achievement below which no portion of the Stock Appreciation Right will be exercisable and may set forth a formula for determining the portion of the Stock Appreciation Right to be exercisable if performance is at or above such minimum acceptable
level but falls short of the maximum achievement of the specified Performance Objectives. 
 6.7 Award Agreement. Each
grant shall be evidenced by an Award Agreement which shall describe the subject Stock Appreciation Rights, identify any related Options, state that the Stock Appreciation Rights are subject to all of the terms and conditions of this Plan and contain
such other terms and provisions as the Committee may determine consistent with this Plan. 
 6.8 Tandem Stock Appreciation
Rights. Each grant of a Tandem Stock Appreciation Right shall provide that such Tandem Stock Appreciation Right may be exercised only (i) at a time when the related Option (or any similar right granted under any other plan of the
Company) is also exercisable and the Spread is positive; and (ii) by surrender of all or a portion of the related Option (or such other right) for cancellation in an amount equal to the portion of the Tandem Stock Appreciation Right so
exercised. 
 6.9 Exercise Period. No Stock Appreciation Right granted under this Plan may be exercised more than ten years
from the Grant Date. 
 6.10 Freestanding Stock Appreciation Rights. Regarding Freestanding Stock Appreciation Rights only:

 (i) Each grant shall specify in respect of each Freestanding Stock Appreciation Right a Base Price per Share, which
shall be equal to or greater than the Fair Market Value on the Grant Date; 
 (ii) Successive grants may be made to the
same Participant regardless of whether any Freestanding Stock Appreciation Rights previously granted to such Participant remain unexercised; and 

(iii) Each grant shall specify the period or periods of continuous employment or service of the Participant by the Company
or any Subsidiary that are necessary before the Freestanding Stock Appreciation Rights or installments thereof shall become exercisable, and any grant may provide for the earlier exercise of such rights in the event of a Change in Control of the
Company or other similar transaction or event. 
 7. Restricted Shares and Restricted Share Units. The Committee may also authorize grants
to Participants of Restricted Shares and Restricted Share Units upon such terms and conditions as the Committee may determine in accordance with the following provisions: 

7.1 Number of Shares. Each grant shall specify the number of Shares to be issued to a Participant pursuant to the Award of
Restricted Shares or Restricted Shares Units. 
 7.2 Consideration. Each grant may be made without additional consideration from
the Participant or in consideration of a payment by the Participant that is less than the Fair Market Value on the Grant Date. 
 7.3
Forfeiture/Transfer Restrictions. Each grant of Restricted Shares and Restricted Share Units shall specify the duration of the period during which, and the conditions under which, the Restricted Shares or Restricted Share Units may be
forfeited to the Company, and the other terms and conditions of such Awards. Restricted Shares and Restricted Share Units may not be sold, assigned, transferred, pledged or otherwise encumbered, except, in the case of Restricted Shares, as provided
in the Plan or the applicable Award Agreements. 

 7.4 Rights/Dividends and Dividend Equivalents. Each grant of Restricted Shares shall
constitute an immediate transfer of the ownership of Shares to the Participant in consideration of the performance of services, subject to terms and conditions described in this Section 7 and in the Award Agreement evidencing such Award and
shall entitle the Participant to dividend, voting and other ownership rights. Each grant of Restricted Share Units shall constitute a right to receive Shares, or cash or other consideration equal to the Fair Market Value of a Share for each
Restricted Share Unit granted, subject to the terms and conditions described in this Section 7 and in the Award Agreement evidencing such Award. The Committee may grant dividend equivalent rights to Participants in connection with Awards of
Restricted Share Units. The Committee may specify whether such dividend or dividend equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Shares; provided that, unless otherwise determined by
the Committee, dividends and dividend equivalents shall be subject to all conditions and restrictions of the underlying Restricted Shares and Restricted Share Units to which they relate. 

7.5 Stock Certificate. At the discretion of the Committee, the Company need not issue stock certificates representing Restricted Shares
and such Restricted Shares may be evidenced in book entry form on the books and records of the Company’s transfer agent. If certificates are issued for Restricted Shares, unless otherwise directed by the Committee, all certificates representing
Restricted Shares, together with a stock power that shall be endorsed in blank by the Participant with respect to such Shares, shall be held in custody by the Company until all restrictions thereon have lapsed. 

7.6 Performance-Based Restricted Shares or Restricted Share Units. Any grant or the vesting thereof may be further
conditioned upon the attainment of Performance Objectives established by the Committee in accordance with the applicable provisions of Section 9 regarding Performance Shares and Performance Units. 

7.7 Award Agreements. Each Award of Restricted Shares or Restricted Share Units shall be evidenced by an Award Agreement
containing such terms and provisions as the Committee may determine consistent with this Plan. 
 8. Deferred Shares. To the extent
consistent with the provisions of Section 17 of this Plan, the Committee may authorize grants of Deferred Shares to Participants upon such terms and conditions as the Committee may determine in accordance with the following provisions: 

8.1 Deferred Compensation. Each grant shall constitute the agreement by the Company to issue or transfer Shares to the
Participant in the future in consideration of the performance of services, subject to the fulfillment during the Deferral Period of such conditions as the Committee may specify. 

8.2 Consideration. Each grant may be made without the payment of additional consideration from the Participant or in
consideration of a payment by the Participant that is less than the Fair Market Value on the Grant Date. 
 8.3 Deferral
Period. Each grant shall provide that the Deferred Shares covered thereby shall be subject to a Deferral Period, which shall be fixed by the Committee on the Grant Date, and any grant or sale may provide for the earlier termination of such
period in the event of a Change in Control of the Company or other similar transaction or event. 
 8.4 Dividend Equivalents and
Other Ownership Rights. During the Deferral Period, the Participant shall not have any right to transfer any rights under the Award, shall not have any rights of ownership in the Deferred Shares and shall not have any right to vote such
Deferred Shares, but the Committee may on or after the Grant Date authorize the payment of dividend equivalents on such Deferred Shares in cash or additional Shares on a current, deferred or contingent basis. 

8.5 Performance Objectives. Any grant or the vesting thereof may be further conditioned upon the attainment of Performance
Objectives established by the Committee in accordance with the applicable provisions of Section 9 regarding Performance Shares and Performance Units. 

8.6 Award Agreement. Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the
Committee may determine consistent with this Plan. 

 9. Performance Shares and Performance Units. The Committee may also authorize grants of
Performance Shares and Performance Units, which shall become payable to the Participant only upon the achievement of specified Performance Objectives, upon such terms and conditions as the Committee may determine in accordance with the following
provisions: 
 9.1 Number of Performance Shares or Units. Each grant shall specify the number of Performance Shares or
Performance Units to which it pertains, which may be subject to adjustment to reflect changes in compensation or other factors. 

9.2 Performance Period. The Performance Period with respect to each Performance Share or Performance Unit shall commence on
the Grant Date and may be subject to earlier termination in the event of a Change in Control of the Company or other similar transaction or event. 

9.3 Performance Objectives. Each grant shall specify the Performance Objectives that must be achieved by the Participant or
the Company, as applicable, in order for the Award to be earned. 
 9.4 Threshold Performance Objectives. Each grant may
specify in respect of the specified Performance Objectives a minimum acceptable level of achievement below which no payment will be made and may set forth a formula for determining the amount of any payment to be made if performance is at or above
such minimum acceptable level but falls short of the maximum achievement of the specified Performance Objectives. 
 9.5 Payment of
Performance Shares and Units. Each grant shall specify the time and manner of payment of Performance Shares or Performance Units that shall have been earned, and any grant may specify that any such amount may be paid by the Company in cash,
Shares or any combination thereof and may either grant to the Participant or reserve to the Committee the right to elect among those alternatives. 

9.6 Maximum Payment. Any grant of Performance Shares or Performance Units may specify that the amount payable, or the number
of Shares issued, with respect thereto may not exceed a maximum specified by the Committee on the Grant Date. 
 9.7 Award
Agreement. Each grant shall be evidenced by an Award Agreement which shall state that the Performance Shares or Performance Units are subject to all of the terms and conditions of this Plan and such other terms and provisions as the
Committee may determine consistent with this Plan. 
 10. Transferability.  

10.1 Transfer Restrictions. Except as provided in Section 10.2, no Award granted under this Plan shall be transferable
by a Participant other than by will or the laws of descent and distribution, and Options and Stock Appreciation Rights shall be exercisable during a Participant’s lifetime only by the Participant or, in the event of the Participant’s legal
incapacity, by his guardian or legal representative acting in a fiduciary capacity on behalf of the Participant under state law. Any attempt to transfer an Award in violation of this Plan shall render such Award null and void. 

10.2 Limited Transfer Rights. The Committee may expressly provide in an Award agreement (or an amendment to an Award
agreement) that a Participant may transfer such Award (other than an Incentive Stock Option), in whole or in part, to a spouse or lineal descendant (a “Family Member”), a trust for the exclusive benefit of Family Members, a partnership or
other entity in which all the beneficial owners are Family Members, or any other entity affiliated with the Participant that may be approved by the Committee. Subsequent transfers of Awards shall be prohibited except in accordance with this
Section 10.2. All terms and conditions of the Award, including provisions relating to the termination of the Participant’s employment or service with the Company or a Subsidiary, shall continue to apply following a transfer made in
accordance with this Section 10.2. 
 10.3 Restrictions on Transfer. Any Award made under this Plan may provide that
all or any part of the Shares that are (i) to be issued or transferred by the Company upon the exercise of Options or Stock Appreciation Rights, upon the termination of the Deferral Period applicable to Deferred Shares or upon payment under any
grant of Performance Shares or Performance Units, or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Section 7, shall be subject to further restrictions upon transfer. 

 11. Adjustments. In the event (a) a stock dividend, stock split, combination or exchange of
Shares, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or complete liquidation or other distribution of assets (other
than a normal cash dividend), issuance of rights or warrants to purchase securities or (c) any other corporate transaction or event having an effect similar to any of the foregoing affects the Common Stock such that an adjustment is necessary
in order to prevent dilution or enlargement of the benefits or potential benefits to Participants intended to be made available under the Plan, then the Committee shall, in an equitable manner, make or provide for such adjustments in the
(x) number of Shares covered by outstanding Awards granted hereunder, (y) prices per share applicable to Options and Stock Appreciation Rights granted hereunder, and/or (z) kind of shares covered thereby (including shares of another
issuer), as the Committee in its sole discretion shall determine in good faith to be equitably required in order to prevent such dilution or enlargement of the benefits or intended benefits to Participants. Moreover, in the event of any such
transaction or event, the Committee may provide in substitution for any or all outstanding Awards under this Plan such alternative consideration as it may in good faith determine to be equitable under the circumstances and may cancel all Awards in
exchange for such alternative consideration. If, in connection with any such transaction or event in which the Company does not survive, the amount payable pursuant to any Award, based on consideration per Share to be paid in connection with such
transaction or event and the Base Price, Option Price, Spread or otherwise of the Award, is not a positive amount, the Committee may provide for cancellation of such Award without any payment to the holder thereof. The Committee may also make or
provide for such adjustments in each of the limitations specified in Section 3 as the Committee in its sole discretion may in good faith determine to be appropriate in order to reflect any transaction or event described in this Section 11.
The Committee will not, in any case, make any of the following adjustments: (A) with respect to Awards of Incentive Stock Options, no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate
Section 422(b)(1) of the Code, as from time to time amended, (B) with respect to any Award, no such adjustment shall be authorized to the extent that such authority would be inconsistent with the Plan’s meeting the requirements of
Section 162(m) of the Code, unless otherwise determined by the Board, and (C) with respect to any Award subject to Section 409A, no such adjustment shall be authorized to the extent that such authority would cause the Plan to fail to
comply with Section 409A (or an exception thereto). 
 12. Fractional Shares. The Company shall not be required to issue any
fractional Shares pursuant to this Plan. The Committee may provide for the elimination of fractions or for the settlement thereof in cash. 

13. Withholding Taxes. A Participant may be required to pay to the Company, a Subsidiary or any affiliate, and the Company, Subsidiary or any
affiliate shall have the right and is hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant an amount (in cash, Shares,
other securities, other Awards or other property) sufficient to cover any federal, state, local or foreign income taxes or such other applicable taxes required by law in respect of an Award, its exercise, or any payment or transfer under an Award or
under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. The Company may, in its discretion, permit a Participant (or any beneficiary or other Person
entitled to act) to elect to pay a portion or all of the amount such taxes in such manner as the Committee shall deem to be appropriate, including, but not limited to, authorizing the Company to withhold, or agreeing to surrender to the Company,
Shares owned by such Participant or a portion of such forms of payment that would otherwise be distributed pursuant to an Award. Notwithstanding the foregoing or any provisions of the Plan to the contrary, any broker-assisted cashless exercise shall
comply with the requirements for equity classification of Paragraph 35 of FASB Statement No. 123(R) and any withholding satisfied through a net-settlement shall be limited to the minimum statutory withholding requirements. 

14. Certain Terminations of Employment, Hardship and Approved Leaves of Absence. Notwithstanding any other provision of this Plan to the
contrary, in the event of termination of employment or service by reason of death, disability, normal retirement, early retirement with the consent of the Company or leave of absence approved by the Company, or in the event of hardship or other
special circumstances, of a Participant who holds an Option or Stock Appreciation Right that is not immediately and fully exercisable, any Restricted Shares or Restricted Share Units as to which the substantial risk of forfeiture or the prohibition
or restriction on transfer has not lapsed, any Deferred Shares as to which the Deferral Period is not complete, any Performance Shares or Performance Units that have not 

 
been fully earned, or any Shares that are subject to any transfer restriction pursuant to Section 10.3, the Committee may in its sole discretion take any action that it deems to be equitable
under the circumstances or in the best interests of the Company, including, without limitation, waiving or modifying any limitation or requirement with respect to any Award under this Plan. 

15. Foreign Participants. In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide
for such special terms for Awards to Participants who are foreign nationals, or who are employed by or perform services for the Company or any Subsidiary outside of the United States of America, as the Committee may consider necessary or appropriate
to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it may consider necessary or appropriate for such purposes
without thereby affecting the terms of this Plan as in effect for any other purpose, provided that no such supplements, amendments, restatements or alternative versions shall include any provisions that are inconsistent with the terms of this Plan,
as then in effect, unless this Plan could have been amended to eliminate such inconsistency without further approval by the shareholders of the Company. 

16. Amendments and Other Matters.  

16.1 Plan Amendments. This Plan may be amended from time to time by the Board, but no such amendment shall increase any of
the limitations specified in Section 3, other than to reflect an adjustment made in accordance with Section 11, without the further approval of the shareholders of the Company. The Board may condition any amendment on the approval of the
shareholders of the Company if such approval is necessary or deemed advisable with respect to the applicable listing or other requirements of a national securities exchange or other applicable laws, policies or regulations. Notwithstanding anything
to the contrary contained herein, the Committee may also make any amendments or modifications to this Plan and/or outstanding Awards in order to conform the provisions of the Plan or such Awards with Code Section 409A regardless of whether such
modification, amendment, or termination of the Plan shall adversely affect the rights of a Participant under the Plan or an Award Agreement. 

16.2 Award Deferrals. The Committee may permit Participants to elect to defer the issuance of Shares or the settlement of
Awards in cash under the Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan. In the case of an award of Restricted Shares, the deferral may be effected by the Participant’s agreement to forego or
exchange his or her award of Restricted Shares and receive an award of Deferred Shares. The Committee also may provide that deferred settlements include the payment or crediting of interest on the deferral amounts, or the payment or crediting of
dividend equivalents where the deferral amounts are denominated in Shares. 
 16.3 Conditional Awards. The Committee may
condition the grant of any Award or combination of Awards under the Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or any Subsidiary to the
Participant. 
 16.4 Repricing Prohibited. Except in connection with a corporate transaction involving the Company as
provided for in Section 11, the terms of an outstanding Option or Stock Appreciation Right may not be amended by the Committee to reduce the exercise price of outstanding Options or Stock Appreciation Rights, or cancel outstanding Options or
Stock Appreciation Rights in exchange for cash, other Awards, Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or Stock Appreciation Rights without the approval of the
shareholders of the Company. 
 16.5 No Employment Right. This Plan shall not confer upon any Participant any right with
respect to continuance of employment or other service with the Company or any Subsidiary and shall not interfere in any way with any right that the Company or any Subsidiary would otherwise have to terminate any Participant’s employment or
other service at any time. 
 16.6 Tax Qualifications. To the extent that any provision of this Plan would prevent any
Option that was intended to qualify under particular provisions of the Code from so qualifying, such provision of this Plan shall be null and void with respect to such Option, provided that such provision shall remain in effect with respect to other
Options, and there shall be no further effect on any provision of this Plan. Notwithstanding any provision of this Plan to the contrary, if any benefit or Award under this Plan is intended to qualify as performance-based

 
compensation under Code Section 162(m) and the regulations issued thereunder and a provision of this Plan would prevent such benefit or Award from so qualifying, such provision shall be
administered, interpreted and construed to carry out such intention (or disregarded to the extent such provision cannot be so administered, interpreted or construed). In no event shall any member of the Board, the Committee or the Company (or its
employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Award to satisfy the requirements of Section 162(m), Section 409A or any other applicable statutory or regulatory
provision. 
 17. Section 409A.  

Notwithstanding any provision of the Plan or an Award Agreement to the contrary, if any Award or benefit provided under this Plan is subject
to the provisions of Section 409A, the provisions of the Plan and any applicable Award Agreement shall be administered, interpreted and construed in a manner necessary to comply with Section 409A or an exception thereto (or disregarded to
the extent such provision cannot be so administered, interpreted or construed). The following provisions shall apply, as applicable: 
 (a)
If a Participant is a Specified Employee and a payment subject to Section 409A (and not excepted therefrom) to the Participant is due upon Separation from Service, such payment shall be delayed for a period of six (6) months after the date
the Participant Separates from Service (or, if earlier, the death of the Participant). Any payment that would otherwise have been due or owing during such six-month period will be paid immediately following the end of the six-month period in the
month following the month containing the six-month anniversary of the date of termination unless another compliant date is specified in the applicable agreement. 

(b) For purposes of Section 409A, and to the extent applicable to any Award or benefit under the Plan, it is intended that distribution
events qualify as permissible distribution events for purposes of Section 409A and shall be interpreted and construed accordingly. With respect to payments subject to Section 409A, the Company reserves the right to accelerate and/or defer
any payment to the extent permitted and consistent with Section 409A. Whether a Participant has Separated from Service or employment will be determined based on all of the facts and circumstances and, to the extent applicable to any Award or
benefit, in accordance with the guidance issued under Section 409A. For this purpose, a Participant will be presumed to have experienced a Separation from Service when the level of bona fide services performed permanently decreases to a
level less than twenty percent (20%) of the average level of bona fide services performed during the immediately preceding thirty-six (36) month period or such other applicable period as provided by Section 409A. 

(c) The Committee, in its discretion, may specify the conditions under which the payment of all or any portion of any Award may be deferred
until a later date. Deferrals shall be for such periods or until the occurrence of such events, and upon such terms and conditions, as the Committee shall determine in its discretion, in accordance with the provisions of Section 409A, the
regulations and other binding guidance promulgated thereunder; provided, however, that no deferral shall be permitted with respect to Options, Stock Appreciation Rights and other stock rights subject to Section 409A. An election shall be made
by filing an election with the Company (on a form provided by the Company) on or prior to December 31st of the calendar year immediately preceding the beginning of the calendar year (or other applicable service period) to which such election
relates (or at such other date as may be specified by the Committee to the extent consistent with Section 409A) and shall be irrevocable for such applicable calendar year (or other applicable service period). To the extent authorized, a
Participant who first becomes eligible to participate in the Plan may file an election (“Initial Election”) at any time prior to the 30-day period following the date on which the Participant
initially becomes eligible to participate in the Plan (or at such other date as may be specified by the Committee to the extent consistent with Section 409A). Any such Initial Election shall only apply to compensation earned and payable for
services rendered after the effective date of the Election. 
 (d) The grant of non-qualified Options, Stock Appreciation Rights and other
stock rights subject to Section 409A shall be granted under terms and conditions consistent with Treas. Reg. § 1.409A-1(b)(5) such that any such Award does not constitute a deferral of compensation under Section 409A. Accordingly, any
such Award may be granted to Employees and Directors of the Company and its subsidiaries and affiliates in which the Company has a controlling interest. In determining whether the Company has a controlling interest, the rules of Treas. Reg. §
1.414(c)-2(b)(2)(i) shall apply; provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears; provided, further, where legitimate business reasons exist (within the
meaning of Treas. Reg. § 1.409A-1(b)(5)(iii)(E)(i)), the language “at least 20 percent” shall be used instead of “at least 80 percent” in each place it appears. The rules of Treas. Reg. §§ 1.414(c)-3 and 1.414(c)-4
shall apply for purposes of determining ownership interests. 
 (e) In no event shall any member of the Board, the Committee or the Company
(or its employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Award to satisfy the requirements of Section 409A. 

 18. Effective Date. This Plan shall become effective upon its approval by the shareholders of
the Company. 
 19. Termination. No Award shall be granted from and after the tenth anniversary of the date upon which this Plan is
approved by the shareholders of the Company or after such date that the Board shall have adopted a resolution terminating the Plan. This Plan shall remain in effect with respect to Awards outstanding at that time. 

20. Limitations Period. Any person who believes he or she is being denied any benefit or right under the Plan may file a written claim
with the Committee. Any claim must be delivered to the Committee within forty-five (45) days of the specific event giving rise to the claim. Untimely claims will not be processed and shall be deemed denied. The Committee, or its designated
agent, will notify the Participant of its decision in writing as soon as administratively practicable. Claims not responded to by the Committee in writing within ninety (90) days of the date the written claim is delivered to the Committee shall
be deemed denied. The Committee’s decision is final and conclusive and binding on all persons. No lawsuit relating to the Plan may be filed before a written claim is filed with the Committee and is denied or deemed denied and any lawsuit must
be filed within one year of such denial or deemed denial or be forever barred. 
 21. Governing Law. The validity, construction and effect
of this Plan and any Award hereunder will be determined in accordance with the internal laws of the Commonwealth of Pennsylvania without giving effect to conflict of laws.exhibit_10-1.htm

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”) is dated as of November 3, 2014, between Oramed Pharmaceuticals Inc., a Delaware corporation (the “Company”), and Guangxi Wuzhou Pharmaceutical (Group) Co., Ltd. (广西梧州制药(集团)股份有限公司), a corporation organized under the laws of the People Republic of China (the “Purchaser”).           

 

WHEREAS, subject to the terms and conditions set forth in this Agreement the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing” means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Commission” means the United States Securities and Exchange Commission.

 

“Closing Date” shall have the meaning ascribed to such term in Section 2.1.

 

“Common Stock” means the common stock of the Company, par value $0.012 per share, and any other class of securities into which such securities may hereafter be reclassified or changed into.

 

“Discussion Time” shall have the meaning ascribed to such term in Section 3.2(b).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

  

  

  

 

“Per Share Purchase Price” equals $7.18.

 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.2.

 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(d).

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares” means the shares of Common Stock issued or issuable to the Purchaser pursuant to this Agreement.

 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Subscription Amount” means $5,000,000, in United States dollars and in immediately available funds.

 

“Trading Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE MKT or the New York Stock Exchange.

 

“Transaction Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer Agent” means Continental Stock Transfer & Trust, the current transfer agent of the Company, and any successor transfer agent of the Company.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing. The completion of the purchase and sale of the Shares shall occur on or before November 28, 2014 (the “Closing Date”). On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees to purchase 696,378 shares of Common Stock at the Per Share Purchase Price, for the aggregate amount of $5,000,000. On or before the Closing Date, but no later than 2:00 pm (New York time) on the Closing Date, the Purchaser shall deliver to the Company, via wire transfer, immediately available funds equal to the Subscription Amount and the Company shall, on the Closing Date, deliver or cause to be delivered to the Purchaser the Shares as determined pursuant to Section 2.2(a), and the Company and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Zysman, Aharoni, Gayer and Sullivan & Worcester, LLP at 1633 Broadway New York, NY 10019, or at such other place (or remotely by facsimile or other electronic transmission).

 

  

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2.2           Deliveries.

 

(a)      On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser a copy of a stock certificate evidencing the 696,378 shares of Common Stock purchased hereunder, registered in the name of the Purchaser (the “Stock Certificate”).

 

(b)      On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the Subscription Amount by wire transfer to the account as specified in writing by the Company.

 

2.3           Closing Conditions.

 

(a)      The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)           the accuracy in all material respects on the Closing Date of the representations and warranties of the Purchaser contained herein;

 

(ii)          all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

 

(iii)         the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)      The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)           the accuracy in all material respects on the Closing Date of the representations and warranties of the Company contained herein;

 

(ii)          all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)         the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

  

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(iv)         there shall have been no material adverse change with respect to the Company since the date hereof; and

 

(v)          from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal Trading Market (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Closing), and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchaser:

 

(a)      Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.

 

(b)      Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby, including the issuance of the Securities, has been duly authorized by all necessary action on the part of the Company. This Agreement is the valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

(c)      Issuance of the Securities. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable.

 

(d)      SEC Reports; Financial Statements. The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Exchange Act for at least the one (1) year preceding the date hereof (the “SEC Reports”). As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

  

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(e)      Material Adverse Change. Since the date of the latest SEC Report, there has been no material adverse change in the business or financial condition of the Company.

 

3.2           Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows:

 

(a)      Organization; Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the People Republic of China  with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and performance by the Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)      Short Sales and Confidentiality Prior To The Date Hereof. Other than consummating the transactions contemplated hereunder, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing from the time that the Purchaser was first contacted by the Company regarding the transactions contemplated hereby  (“Discussion Time”). Other than to other Persons party to this Agreement, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

 

(c)      Purchaser acknowledges and agrees that the shares of Common Stock purchased hereunder are ‘restricted securities’ within the meaning of Rule 144 promulgated under the provisions of the Securities Act and that the stock certificate evidencing such shares of Common Stock shall bear a restrictive legend, as customary for such stock certificates.

 

  

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(d)       Investment Purposes.  The Purchaser is acquiring the Shares for his own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has a direct or indirect beneficial interest in such Shares or any portion thereof. 

 

(e)      Investment Experience.  The Purchaser is (i) experienced in making investments of the kind described in this Agreement, (ii) able, by reason of the business and financial experience of its officers (if an entity) and professional advisors (who are not affiliated with or compensated in any way by the Company or any of its affiliates or selling agents), to protect its own interests in connection with the transactions described in this Agreement, and (iii) able to afford the entire loss of its investment in the Shares.

 

(f)       Exemption from Registration.  The undersigned acknowledges his understanding that the offering and sale of the Shares is intended to be exempt from registration under the Securities Act.  In furtherance thereof, in addition to the other representations and warranties of the undersigned made herein, the undersigned further represents and warrants to and agrees with the Company and its affiliates as follows:

 

(i)           The undersigned has been provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional information concerning the offering of the Shares, the Company and all other information to the extent the Company possesses such information or can acquire it without unreasonable effort or expense.

 

(ii)           Accredited Investor.  The undersigned is an “accredited investor” as that term is defined in Rule 501 of the General Rules and Regulations under the Securities Act by reason of Rule 501(a)(3).

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1           Securities Laws Disclosure; Publicity. The Company shall issue, to the extent it is required to do so under applicable law, a Current Report on Form 8-K, disclosing the material terms of the transactions contemplated hereby, and including the Transaction Documents as exhibits thereto. The Company may issue any other press releases with respect to the transactions contemplated hereby, in its sole discretion. The Purchaser shall consult with the Company in issuing any other press releases with respect to the transactions contemplated hereby, and the Purchaser shall not issue any such press release nor otherwise make any such public statement without the prior consent of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the Purchaser shall promptly provide the other party with prior notice of such public statement or communication.

 

  

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4.2           [Reserved]

 

4.3           Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement.

 

4.4           Listing of Common Stock. The Company hereby agrees to use best efforts to maintain the listing and quotation of the Common Stock on a Trading Market, and as soon as reasonably practicable following the Closing (but not later than the Closing Date) to list or quote all of the Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible.

 

4.5           Short Sales and Confidentiality After The Date Hereof. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchase or sale of Common Stock, including Short Sales, during the period commencing with the Discussion Time and ending at such time the transactions contemplated by this Agreement are first publicly announced as described in Section 4.1. The Purchaser covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company as described in Section 4.1, the Purchaser will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing, no Purchaser makes any representation, warranty or covenant hereby that it will not engage in Short Sales in the securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced as described in Section 4.1. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of the Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of the Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement.

 

4.6           Delivery of Shares After Closing. The Company shall deliver, or cause to be delivered, the original Stock Certificate  to the Purchaser within three Trading Days of the Closing Date.

 

ARTICLE V.

MISCELLANEOUS

 

5.1          Termination. This Agreement may be terminated by each party by written notice to the other party, if the Closing has not been consummated on or before January 1 , 2015; provided, however, that no such termination will affect the right of any party to sue for any breach by the other party (or parties).  If the Closing has not been consummated within thirty (30) days after November 28, 2014 because of a default or breach by the Purchaser, or that the Subscription Amount has not been received in full by the Company, then the Purchaser shall pay, without any proof of damage by the Company, to the Company, a break up fee of $1,000,000.  If the Company fails to send the Stock Certificate within thirty (30) days after the Subscription Amount has been received by the Company, then the Company shall pay, without any proof of damage by the Purchaser, to Purchaser a break up fee of $1,000,000.

 

  

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5.1.          After successful closing of this Agreement, the parties will be in position to discuss and consult with each other how to penetrate the Chinese market and the various offers to do so.

 

5.2           Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchaser.

 

5.3           Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4           Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the 2nd Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

5.5           Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and the Purchaser. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.6           Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

  

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5.7           Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Shares, provided such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchaser.”

 

5.8           No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.2.

 

5.9           Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced and be finally resolved by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction.  The arbitration will be conducted in the English language in the city of New York, New York, in accordance with the United States Arbitration Act. There shall be three arbitrators, named in accordance with such rules.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such arbitration, suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

5.10         Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares for the applicable statute of limitations.

 

5.11         Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.  If this Agreement is translated and signed again, in Chinese or another language, then the English version shall prevail.

 

  

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5.12         Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13         Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

5.14         Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto.

 

5.15         WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY  JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH  KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES  FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	
ORAMED PHARMACEUTICALS INC.

	
Address of Notice

	  	
Hi-Tech Park

	  	
2/4 Givat Ram, P.O.Box 

39098, Jerusalem, Israel

 

	
By:

	
/s/ Nadav Kidron

	 	
Fax: +972  73 714 6872

	  
	  	
Name: Nadav Kidron

	 	  	  
	  	
Title: Chief Executive Officer

	 	  	  
	  	
With a copy to (which shall not constitute notice):

	 	  	  

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

  

 

  

 

IN WITNESS WHEREOF, the undersigned has caused this Securities Purchase Agreement to be duly executed by its authorized signatory as of the date first indicated above.

 

	
Name of Purchaser:

	
Guangxi Wuzhou Pharmaceutical (Group) Co., Ltd.

	  	  
	
Signature of Legal Representative of Purchaser:

	
/s/ Xu Shuqing

	  	  
	
Name of Legal Representative:

	
Xu Shuqing

	  	  
	
Title of Legal Representative:

	
Chairman

	  	  
	
Email Address of Legal Representative:

	
gzbaoyu@vip.163.com

	  	  
	
Fax Number of Legal Representative:

	
+867743939029

	  	  
	
Address for Notice of Purchaser:

	
 
1# Industrial Road, Wuzhou Industrial Park, Wuzhou City, Guangxi Province, 543000

 

Address for Delivery of Securities for Purchaser (if not same as address for notice):

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