Document:

EX-10.1

 Exhibit 10.1 

 

			
	 

  
	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 June 12, 2017 

Dear Leonard: 
 We are pleased to offer
you employment with Volt Information Sciences, Inc. (the “Company”) under the terms and conditions set forth below in this employment agreement (this “Agreement”). This Agreement is made between Leonard Naujokas (hereinafter
referred to as “Employee” or “you”) and the Company. Such terms and conditions take effect on June 12, 2017 (the “Effective Date”). Unless otherwise mutually agreed to between the parties, in the event your
employment does not become effective on the Effective Date for any reason, this Agreement, including without limitation the Initial Grant (as defined below), shall be null and void ab initio. 

 

	1.	 Position 

You will serve as Vice President, Corporate Controller and Chief Accounting Officer, reporting to and subject to the direction
of the Chief Financial Officer of the Company (the “CFO”). 
  

	2.	 Duties and Responsibilities 

You will devote your full business time and attention to the responsibilities of the position of Vice President, Corporate
Controller and Chief Accounting Officer. You agree that you will comply with all of the Company’s policies, procedures and rules, as now existing or as subsequently adopted, modified or supplemented by the Company from time to time. You further
agree that you will comply with all applicable laws, rules and regulations governing your business and conduct. You acknowledge that the Company is a global organization and that your duties and responsibilities are global in scope. 

 

	3.	 Definitions 

3.1 “Cause” means: (a) embezzlement or misappropriation by you of funds of the Company; (b) your
conviction of, or plea of guilty to or plea of nolo contendere to any felony; (c) your commission of any act of dishonesty, deceit, or fraud which causes material economic harm to the Company; (d) a willful breach by you of a fiduciary
duty owed to the Company; (e) a material breach by you of any provision of this Agreement; (f) a willful failure by you to substantially perform the duties assigned to you by the Company; (g) a material violation by you of any rule,
policy or procedure of the Company, or any contractual, statutory or common law duties owed to the Company; or (h) engaging in activities or conduct reasonably likely to impair the reputation, operations, prospects or business relations of the
Company, including, without limitation publicly making disparaging or derogatory statements about the Company or engaging in conduct involving any immoral acts. 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 3.2 “Company Group” means the Company and its
subsidiaries and affiliates. 
 3.3 “Good Reason” means the occurrence of any of the following events which
continues uncured for a period of not less thirty (30) days following written notice given by you to the Company within ninety (90) days following the initial occurrence of such event, unless you specifically agree in writing that such
event shall not be Good Reason: (a) an aggregate reduction of ten percent (10%) or more in your Base Salary, unless such reduction is part of a general reduction applicable to all or substantially all senior executives of the Company;
(b) a change of fifty (50) miles or more in the geographic location in which you then work; (c) a material and adverse change to, or a material reduction of, your duties and responsibilities to the Company; or (d) the
Company’s material breach of this Agreement. 
  

	4.	 Compensation 

All elements of your compensation and any other payments set forth in this Agreement shall be paid according to the
Company’s normal payroll practices, less all required withholdings and deductions. You acknowledge and agree that the Company shall have authority to recover any compensation you receive that is required to be recovered by the Sarbanes-Oxley
Act of 2002, the Dodd-Frank Act of 2010, or any rules or regulations promulgated in connection therewith. 
 4.1 Base
Salary 
 Your base salary will be at an annual rate of $240,000 (as in effect from time to time, your “Base
Salary”). Your Base Salary will be reviewed on an annual basis and may be adjusted from time to time at the sole discretion of the Company. 

4.2 Annual Incentive Plan 

You will be eligible to receive a performance-based annual incentive award in accordance with the Company’s Annual
Incentive Plan (as amended from time to time, the “Volt AIP”). Unless subsequently revised by the Company, your total target annual incentive award opportunity will be 25% of your Base Salary, which will be prorated for fiscal year 2017
based on the Effective Date and equates to $54,130. The terms of your annual incentive award will be communicated to you separately, and such communication (in connection with the Volt AIP Plan) shall govern the terms of your annual incentive award.

 4.3 Initial Grant 

The Company will grant to you the following equity-based award pursuant to the 2015 Volt Equity Incentive Plan (the
“Initial Grant”). The Initial Grant will be evidenced by applicable award agreements (the “Initial Award Agreements”). The Initial Award Agreements will provide as follows: 

Subject to the terms of a Phantom Unit Award Agreement under the Company’s 2015 Equity Incentive Plan, you will be issued
phantom units (the “Units”) on or around June 14, 2017, with a total target value at time of grant of $30,000, subject to ratable vesting over three years 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
on each of the first three anniversaries of the grant date of such Units. Such Units represent the right to receive an amount in cash, within 10 days following the applicable vesting date, equal
to the product of (i) the number of Units that vested and became non-forfeitable; and (ii) the closing per share price of the Company’s common stock on the applicable vesting date, less applicable tax withholdings. 

 

	5.	 Benefits 

You will be eligible to participate in the Company’s employee benefit plans and programs generally available to similarly
situated executives of the Company, subject to the eligibility requirements, terms and conditions of such plans and programs. Such plans and programs are subject to change or termination by the Company in the Company’s sole discretion. 

5.1 Paid Vacation and Sick Leave 

You shall accrue paid time off for vacation time and sick leave in accordance with the Company’s policies and applicable
law. Vacation shall be scheduled at mutually agreeable times. 
 5.2 Business Expenses 

The Company will reimburse you for reasonable and necessary business expenses incurred in connection with the Company’s
business, which may include travel expenses, food and lodging while traveling for business purposes, subject to such expense reimbursement policies as the Company may from time to time establish for its employees, provided that all such
reimbursements shall comply with Section 409A of the Code. 
 5.3 Indemnification 

The Company will provide you with D&O insurance coverage on the same terms as it provides to other directors and officers
of the Company. 
  

	6.	 At-Will Employment; Termination; Compensation on Termination 

Your employment with the Company and the term of employment under this Agreement shall continue at the will of the Company and
you. Unless otherwise stated below, either party may terminate the employment relationship at any time for any reason by giving a written notice of thirty (30) business days. The date on which your termination of employment becomes effective is
referred to herein as the “Termination Date.” 
 6.1 Upon Death 

In the event of your death during the term of this Agreement, the Termination Date shall be the date on which your death
occurs. 
 6.2 Termination Due to Disability 

The Company may terminate your employment because of your disability by delivering at least thirty (30) days’ prior
written notice stating the Termination Date (the date specified in such notice, the “Set Termination Date”). The Company’s decision to so terminate shall be based on (i) its reasonable determination that as result of physical or
mental illness, you are materially impaired and unable to perform the essential functions of your position, despite reasonable accommodation (your “Condition”), for an aggregate of ninety (90) days during any period of

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
one hundred eighty (180) consecutive days (unless a longer period is required by law, in which case the longer period would apply); or (ii) your becoming eligible to receive benefits
under the Company’s applicable long-term disability plan. Such determination shall be based on evidence from a competent health care provider obtained with your cooperation, and shall take into consideration any reasonable accommodation that
the Company may provide without undue hardship, and any other considerations required by law. Notwithstanding the foregoing, if your Condition would qualify you to receive long-term benefits under the Company’s applicable long-term disability
program but for the fact that, as of the Set Termination Date, you have not satisfied the eligibility period for such long-term benefits, the Company will not terminate your employment because of your disability prior to the earlier of (i) the
date you have satisfied such eligibility period or (ii) the 30th day following the Set Termination Date. During such period, the Company may remove you from office and reassign your duties and authority (and such action shall not constitute
Good Reason), and you may continue to participate in the same welfare benefit plans and programs you were participating in as of the Set Termination Date. 

6.3 Termination by the Company 

The Company may terminate your employment at any time, whether or not for Cause. If termination is without Cause, the Company
must provide at least thirty (30) business days’ prior written notice stating the Termination Date. During the period between the delivery of the notice of termination and the Termination Date, your employment shall continue and you shall
otherwise comply with all obligations and loyalties owed to the Company as your employer. During this notice period, the Company, in its sole discretion, may or may not require you to continue to report to work and may assign to you all, some or
none of your regular duties. During the notice period, the Company will continue to pay your Base Salary, less all applicable withholdings and deductions, and you will continue to participate in the benefit plans for which you are eligible for and
in which you were participating at the time of such notice, in accordance with the terms of such plans. 
 If termination is
for Cause, the Company must provide written notice stating the basis of the Cause termination and the subsection(s) of Paragraph 3.1 upon which the Company is relying, and must specify the Termination Date. You will have thirty (30) days to
cure any claimed breach, failure or violation under Paragraphs 3.1(e), 3.1(f) or 3.1(g) above after written notice has been provided to you by the Company, but termination for a violation of paragraphs 3.1(a), 3.1(b), 3.1(c), 3.1(d), or
3.1(h) above shall be effective immediately. 
 6.4 Resignation 

You may resign your employment at any time with or without Good Reason (as defined in Paragraph 3.3) subject to your
provision of 30 days’ written notice to the Company (such notice, the “Resignation Notice”). 
 If your
resignation is for Good Reason, then you must first have provided the Company with timely notice (as described in Paragraph 3.3) of the occurrence of Good Reason, including identifying the initial occurrence of the applicable Good Reason event
stated in Paragraph 3.3. 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
If the Company fails to cure within the thirty (30) day period, and you intend to resign, then your Resignation Notice must set forth the specific event stated in Paragraph 3.3 that
gives you Good Reason to resign and must be received by the Company within 14 days after the expiration of the Company’s thirty (30)-day cure period. Upon receipt of the Resignation Notice, you and
the CFO will mutually agree upon the Termination Date, which will be no less than 30 days and no greater than 90 days from the date of the delivery of the Resignation Notice. During the period between the delivery of the Resignation Notice
and the Termination Date, your employment shall continue and you shall continue to perform your duties and reasonably cooperate in the orderly transition of your duties and you shall otherwise comply with all obligations and loyalties owed to the
Company as your employer. During this notice period, the Company, in its sole discretion, may or may not require you to continue to report to work and may assign to you all, some or none of your regular duties. During the notice period, the Company
will continue to pay your Base Salary, less all applicable withholdings and deductions, and you will continue to participate in the benefit plans for which you are eligible for and in which you were participating at the time of such notice, in
accordance with the terms of such plans. If requested, you shall participate in an exit interview with the CEO and such other individuals as the Company may designate. 

6.5 Payment of Accrued Base Salary and Vested Benefits upon Termination or Resignation 

On the next payroll date following the Termination Date (or sooner if required by law), you (or your estate or other legal
designee) will be paid (a) all accrued but unpaid Base Salary through the Termination Date; and (b) payment for any unused accrued vacation, to the extent required by applicable law. Any business expenses submitted for reimbursement under
Paragraph 5.2 will be paid no later than 60 days after the Termination Date. Upon termination of employment, you will also be entitled to receive any vested benefits, consistent with the applicable plan; however, upon termination of your
employment, you will have no rights to any unvested benefits, unearned Base Salary under Paragraph 4.1, or any other compensation or payments after the Termination Date except as set forth in this Agreement. 

6.6 Severance Benefits In the Event Of Termination without Cause or Resignation for Good Reason 

In addition to the rights to payment upon termination set forth in Paragraph 6.5, if your employment under this Agreement
is terminated by the Company without Cause (other than as a result of your death or disability) or is terminated by you for Good Reason, and subject to your executing a general release and waiver of rights, which includes a release of any and all
legal claims against the Company Group and each of their respective officers and directors and cooperation and non-disparagement clauses (“General Release”), and, if requested, participation in an exit interview as the Company may
designate, the Company will: 
 (a) continue to pay you your then-current Base Salary for a period of twelve
(12) months following the Termination Date in accordance with the Company’s normal payroll practices, at the Company’s option, and otherwise in accordance with the terms of this Agreement; 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 (b) pay you a prorated annual incentive award pursuant to the
Volt AIP with respect to the year of your termination, based on actual performance results for such year, and pro-rated such that the denominator equals the total number of days occurring during the performance period for the year of termination and
the numerator equals the number of days you were actually employed by the Company during such performance period, payable when annual incentive awards under the Volt AIP are paid to other senior executives of the Company (but in no event later than
March 15 of the year following the calendar year to which such payment relates); 
 (c) pay you any
earned (without regard to any requirement that you remain employed through the payment date) but unpaid annual incentive award pursuant to the Volt AIP with respect to the fiscal year prior to your termination, payable when annual incentive awards
under the Volt AIP are paid to other senior executives of the Company (but in no event later than March 15 of the year following the calendar year to which such payment relates); and 

(d) pay you, if you are then currently enrolled, a lump sum cash payment equal to the product of (i) 12
multiplied by (ii) the employer portion of the monthly cost of maintaining health benefits for you (and your spouse and eligible dependents) as of the Termination Date under a group health plan of the Company for purposes of the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). 
 Any payment made pursuant to Paragraph 6.6(a)
is referred to herein as the “Salary Continuation,” and any payment made pursuant to Paragraph 6.6(a)-(d), collectively, are referred to as the “Severance Benefits.” 

The Severance Benefits will be paid to you in accordance with the Company’s normal payroll practices and procedures,
subject to your execution of the General Release. Notwithstanding any other provision of this Agreement, the Salary Continuation shall not become payable unless and until you execute the General Release. You must sign and return the General Release,
if at all, so that it is effective (taking into account any revocation period provided for therein) no later than the sixtieth (60th) calendar day following the Termination Date. The first payment of any Salary Continuation will be made on the
Company’s next regularly scheduled pay-day, which is at least five (5) business days following the later of the effective date of the General Release or the date such release is received by the Company, and shall include all amounts of
Salary Continuation accrued from the Termination Date. Where the period available to execute (and to not revoke) the General Release spans more than one calendar year, the first payment of Salary Continuation shall not be made until the second
calendar year, or later, as required by the applicable terms of this Agreement and Section 409A of the Code. 

Notwithstanding anything to the contrary in this Paragraph 6.6, if you breach any of the provisions in Paragraphs 8 or 9,
all payments of the Severance Benefits will cease. 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

	7.	 Representation and Warranties 

As a condition of your employment with the Company, you represent and warrant that you are legally authorized to perform the
services contemplated by this Agreement; that you are not a party to any agreement or instrument with any third party which would prohibit you from entering into or performing the services contemplated by this Agreement; and that you have not
brought with you to the Company, or use, any confidential information or trade secrets belonging to any prior employer. 
  

	8.	 Confidential Information 

You agree that for the period of your employment with the Company and thereafter, you will not, except as required for the
performance of your duties with or for the Company, disclose or use, or enable any third party to disclose or use, any Confidential Information (as defined below) of the Company Group. You may not take or replicate Confidential Information for your
personal benefit or for the benefit of a third party unrelated to the Company, including, but not limited to, saving a copy of Confidential Information on a non-Company computer, data storage device, zip drive, or otherwise, without the
Company’s prior written approval. You further agree that all information, including, without limitation, all Confidential Information, you develop or discover in connection with the performance of your duties is the sole and exclusive property
of the Company Group, and you hereby assign to the Company Group all of your right, title and interest in and to same. “Confidential Information” means all trade secrets, data and other information relating to the operations of the Company
Group, whether in hard copy, electronic format or communicated orally, that you acquire through your employment with the Company Group, or that the Company Group treats as confidential through its policies, procedures and/or practices. Examples of
Confidential Information include, but are not limited to: information concerning the operations, methods, technology, software, developments, inventions, accounting and legal and regulatory affairs of the Company Group; information concerning the
sales, marketing, servicing, bidding, product development and investment activities and strategies of any member of the Company Group; information concerning the identity, addresses, telephone numbers, email addresses, needs, business plans and
creditworthiness of the past, present and prospective customers and clients of the Company Group; information concerning the terms on which the Company Group provides products and services to such past, present and prospective customers and clients;
information concerning the pricing strategies for products and services of the Company Group; information concerning the finances, financing methods, credit and acquisition or disposition plans and strategies of any member of the Company Group; to
the extent permitted by law, information concerning the employment and compensation of the employees of the Company Group; and disclosure of Confidential Information to another employee of the Company Group other than as required for you and such
other Company Group employee to perform your duties for the Company. Confidential Information does not include any document, information, technical data or know-how which (i) before or after it has been disclosed to you, is part of the public
knowledge or literature, but not as a result of any action or inaction by you or (ii) is approved for release by written authorization of Company. This provision does not restrict you 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
from providing information as required by a court or governmental agency with appropriate jurisdiction; however, in the event you are so required, you agree that you will give the Company
immediate written notice of such disclosure requirement in order to allow the Company the opportunity to respond to such request. 

Pursuant to the Defend Trade Secrets Act, 18 USC Section 1833(b), you shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that is: (i) made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a
suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If you file a lawsuit for retaliation by the Company for reporting a suspected violation of
law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you file any document containing the trade secret under seal and do not disclose the trade secret, except pursuant to court
order. 
  

	9.	 Effect of Competition or Solicitation 

You acknowledge that the relationships between the Company Group and each of their respective customers, clients, and employees
are extremely valuable and are the result of the investment of substantial time, resources and effort in developing, servicing and maintaining such relationships, and that, during your employment, you will be provided with and/or have access to
Confidential Information, including without limitation, confidential and proprietary information concerning such relationships and the Company’s operations. 

In consideration for your employment and for the Company Group providing to you such confidential and proprietary information,
you agree that, while you are employed with the Company Group, including any notice period, and for twelve (12) months following the Termination Date, regardless of the reason for termination (collectively and as applicable, the
“Restricted Period”), you shall immediately forfeit your right to receive any payments or benefits pursuant to Paragraph 6.6 herein: 
  

	 	(a)	 In those states which will enforce covenants not to compete, for a period of twelve (12) months after the
Termination Date (regardless of the reason that your employment terminates), you will not directly or indirectly, engage in, own or control any interest in, or act as an officer, director, partner, employee of, or consultant or advisor to, any firm,
institution or other entity directly or indirectly engaged in a business which is substantially similar to that in which you were engaged during your employment with the Company Group or which competes with any member of the Company Group, within
the geographical area that is co-extensive with the scope of your responsibilities for the Company Group during the last twelve months of your employment with the Company Group. 

 

	 	(b)	 For twelve (12) months after the Termination Date (and regardless of the reason that your employment
terminates) you will not directly or indirectly, either for yourself or for any other person, firm, company or corporation: 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

	 	(1)	 Solicit or accept in competition with the Company Group the business of any existing or prospective client or
customer of the Company Group with who you had Material Contact during your employment with the Company Group. For purposes of this Agreement, “Material Contact” means, during your employment with the Company Group, personal contact or the
supervision of the efforts of those who had personal contact with an existing or prospective client or customer in an effort to create, expand or further a business relationship between any member of the Company Group and such existing or
prospective client or customer; or 

  

	 	(2)	 Hire or employ any employee of the Company Group, nor advise, solicit or encourage any employees of the
Company Group to leave its employ. 

  

	 	(c)	 In addition, you agree that you will not at any time during or after the termination of this Agreement, engage
in any business which uses as its name, in whole or in part, the name “Volt” or any other name used by the Company Group during your employment. 

  

	 	(d)	 For purposes of Paragraphs 9(a), 9(b), and 9(c), you will be deemed to be engaged in a business if you
participate in such business as proprietor, partner, joint venturer, stockholder, director, officer, lender, manager, employee, consultant, advisor or agent, or if in any way you control such business. However, you will not be deemed a stockholder
or lender if you hold less than two percent (2%) of the outstanding equity or debt of any publicly-owned corporation engaged in the same or similar business as that of the Company Group, provided you are not in a control position with respect
to such corporation. 

  

	9.1	 Acknowledgement 

You agree that this Agreement provides special and sufficient consideration for your covenants in this Paragraph 9 and its
subparagraphs, and that the restrictions on non-competition and non-solicitation are reasonable in terms of duration, scope and subject matter, and are no more than that which is reasonably required for the protection of the business of the Company
Group and Confidential Information. You acknowledge that the Company is a national organization and that your duties and responsibilities are national in scope. 
  

	10.	 Inventions 

All discoveries, ideas, creations, inventions and properties (collectively, “Discoveries”), written or oral, which
you (a) create, conceive, discover, develop, invent or use during your employment with the Company Group, whether or not created, conceived, discovered, developed or invented during regular working hours, or which are (b) created
conceived, discovered, developed invented or used by any member of the Company Group, whether or not in connection with your employment with the Company Group, will be the sole and absolute property of the applicable member of the Company Group for
any and all purposes whatsoever, 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
in perpetuity. You will not have, and will not claim to have, any right, title or interest of any kind or nature whatsoever in or to any such Discoveries. For the avoidance of doubt, you hereby
assign to the applicable member of the Company Group all of your right, title and interest in and to same. If any Discoveries, or any portion thereof, are copyrightable, it shall be a “work made for hire,” as such term has meaning in the
copyright laws of the United States. 
 The previous paragraph shall not apply to any Discoveries (i) for which no
equipment, supplies, facility or trade secret information of the Company Group or any customer of the Company Group was used and which was developed entirely on your own time, (ii) which does not relate to the business of the Company Group or
to that of any customer of the Company Group and (iii) which does not result from any work performed for the Company Group or any customers of the Company Group. 

You further agree that you will identify to the Company all Discoveries you develop during your employment with the Company.
Upon request by the Company, you will disclose any such Discoveries to the Company (by a full and clear description) for the purpose of determining the Company’s rights therein and will promptly execute and deliver all further instruments and
documents, and take all further action, that may be necessary or desirable in order to vest title in such Discoveries in the Company Group. 
  

	11.	 Enforcement 

Employee and the Company each acknowledges that either party shall be entitled to seek applicable injunctive relief as
appropriate under the law. It is acknowledged and agreed that in the event that Employee fails or refuses to perform Employee’s obligations under this Agreement, irreparable damage will result to the Company Group, its business and properties
and/or the clients of the Company Group, for which damage remedies available at law will be inadequate (none of which remedies or damages are hereby waived) and may be in addition to any injunctive relief. 

 

	12.	 Return of Company Property 

You agree that on the Termination Date, or at such earlier time as the Company may request, you will immediately return to the
Company all of the Company’s property in your possession or under your control, including, but not limited to, all data and information relating to the business of the Company, and that you will not retain any copies thereof. 

 

	13.	 Notices 

Any notice required in connection with this Agreement will be deemed adequately given only if in writing and personally
delivered, or sent by first-class, registered or certified mail, or overnight courier. Notice shall be deemed to have been given on the third day after deposit into the mail. Notice shall be deemed to have been given on the second day after deposit
with an overnight courier. Notices may also be hand-delivered, in which case notice is effective upon delivery. Notices to the Company shall be addressed to 1133 Avenue of the Americas, 15th Floor, New York, NY 10036, Attn: Chief Human
Resources Officer. Notices to you shall be addressed to your last known address on file with the Company. 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

	14.	 Entire Agreement and Choice of Law 

This Agreement constitutes the entire understanding between you and the Company and supersedes all prior agreements concerning
the terms and conditions of your employment. Unless otherwise expressly stated herein, the terms of this Agreement may not be modified, altered, changed or amended except by an instrument in writing signed by a duly authorized representative of the
Company and you. No waiver by the Company or you of any breach by the other party of any condition or provision of this Agreement shall be deemed a waiver with respect to any similar or dissimilar condition or provision at any prior or subsequent
time. If any provision of this Agreement is held to be invalid or unenforceable, then the remaining provisions of this Agreement shall be deemed severable and remain in full force and effect. If any of the covenants contained in Paragraphs 8 or
9 are held to be unreasonable in duration, geography or scope, then such terms shall be deemed modified to conform to such court or tribunal’s determination of reasonableness. The terms of this Agreement shall be governed and construed in
accordance with the laws of the State of New York. 
  

	15.	 Agreement to Arbitrate Disputes 

Any dispute, controversy or claim arising out of, involving, affecting or related to this Agreement, or breach of this
Agreement, or arising out of, involving, affecting or related in any way to your employment or the conditions of employment or the termination of your employment, including any controversies or claims arising out of or related to the actions of the
Company’s other employees, under Federal, State and/or local laws, and/or other such similar laws or regulations, shall be resolved by final and binding arbitration, pursuant to the Federal Arbitration Act, in accordance with the employment
rules of the American Arbitration Association (“AAA”), which can be found at www.adr.org or a copy of the AAA rules can be provided to you upon your request to the Company. Before any arbitration, you and the Company agree to
attempt in good faith to resolve any dispute by negotiation within fifteen (15) days of one party’s receipt from the other party of a written request for negotiations. You and the Company agree that the time period for negotiation will be
limited to no more than thirty (30) days, unless extended by mutual agreement. If no resolution is reached within the time period, you and the Company agree to then move to arbitration. Any and all statutes of limitation shall be tolled during
the period of negotiation. All offers, promises, conduct and statements, whether oral or written, made in the course of the negotiation by either of us or our representatives will be confidential, privileged and inadmissible for any purpose,
including impeachment, in any arbitration or other proceeding involving us, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in negotiations pursuant to
this Paragraph 15. The arbitration shall be conducted before a single neutral and impartial arbitrator chosen by mutual agreement between us. If the appointment of and acceptance by the arbitrator is not timely effected, then we may jointly or
individually request that a nationally recognized alternative dispute resolution service to appoint an arbitrator. The Company initially shall pay all of the fees and expenses of the 

  
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	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
arbitration. Each party shall bear its or his own legal expenses and disbursements incurred in connection with the arbitration, except that the arbitrator shall have the power to award
attorneys’ fees and disbursements (i) as provided below, and/or (ii) to one party if the arbitrator determines that the other party’s claims or defenses would, if made in a U.S. federal court, give rise to sanctions under Rule 11
of the Federal Rules of Civil Procedure. If you are determined by the arbitrator to have materially breached any provision of this Agreement, in addition to any other legal or equitable remedy the Company may have, but without creating any
duplication of any remedies, the Company will be entitled to recover an amount equal to fees and expenses of the arbitration from you, and you will reimburse the Company for all of its reasonable attorneys’ fees and costs incurred to enforce
this Agreement, to the fullest extent permitted by applicable law, provided that if the Company asserts any claims against you for breach and does not prevail, it will reimburse you for all of your reasonable attorneys’ fees and costs incurred
in defending such claims. If the Company is determined by the arbitrator to have materially breached any provision of this Agreement, in addition to any other legal or equitable remedy you may have, the Company will reimburse you for all of your
reasonable attorneys’ fees and costs incurred to enforce this Agreement, to the fullest extent permitted by applicable law, provided that if you assert any claims against the Company for breach and do not prevail, you will reimburse the Company
for all of its reasonable attorneys’ fees and costs incurred in defending such claims. The arbitrator may award any and all remedies in accordance with the law of the state where you were last employed by the Company. The award shall be in
writing, signed by the arbitrator, and shall provide the reasons for the award. Judgment upon the arbitrator’s award may be entered in any court having jurisdiction. This Agreement to Arbitrate Disputes does not prevent you from filing a charge
or claim with any governmental administrative agency as permitted by applicable law. Finally, nothing in this Paragraph 15 shall prevent the parties from obtaining injunctive or other equitable relief in court or in arbitration in connection with
breach of this Agreement. 
  

	16.	 Successors and Assigns 

You may not assign this Agreement. The Company may assign this Agreement to an affiliate or a person or entity which is a
successor in interest to substantially all of the business operations of the Company. 
  

	17.	 Code Section 409A Omnibus Provision 

Notwithstanding any other provision of this Agreement, it is intended that payments and benefits under this Agreement comply
with Section 409A of the Code or with an exemption from the applicable Code Section 409A requirements and, accordingly, all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes and
penalties under Section 409A of the Code. For purposes of this Agreement, all rights to payments and benefits hereunder of deferred compensation subject to Section 409A of the Code shall be treated as rights to receive a series of separate
payments and benefits to the fullest extent allowed by Section 409A of the Code. For purposes of this Agreement, you will not be deemed to have had a termination of employment unless there has been a “separation from service” within
the meaning of Section 409A of the Code. Furthermore, neither the 

  
 12 

			
	 

  
	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 
Company nor any of its parents, subsidiaries, divisions, affiliates, directors, officers, predecessors, successors, employees, agents and attorneys shall be liable to you if any amount payable or
provided hereunder is subject to any taxes, penalties or interest as a result of the application of Code Section 409A. 

Notwithstanding any provision of this Agreement, if you are a “specified employee” (as defined in Section 409A
of the Code and Treasury Regulations thereunder), then payment of any amount under this Agreement that is deferred compensation subject to Section 409A of the Code and the timing of which depends upon termination of employment shall be deferred
for six (6) months after termination of your employment, as required by Section 409A(a)(2)(B)(i) of the Code (the “409A Deferral Period”). In the event such payments are otherwise due to be made during the 409A Deferral Period,
the payments that otherwise would have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum on the first day of the seventh month following the Termination Date, and the balance of the payments shall be made as otherwise
scheduled. 
 With respect to any amount of expenses eligible for reimbursement under this Agreement, such expenses will be
reimbursed by the Company within thirty (30) days following the date on which the Company receives the applicable invoice from the Employee in accordance with the Company’s expense reimbursement policies, but in no event later than the
last day of the Employee’s taxable year following the taxable year in which the Employee incurs the related expenses. In no event will the reimbursements or in-kind benefits to be provided by the Company in one taxable year affect the amount of
reimbursements or in-kind benefits to be provided in any other taxable year, nor will the Employee’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit. 

 

	18.	 Counterparts and Facsimile Execution 

This Agreement may be executed and delivered (a) in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument, and/or (b) by facsimile or PDF in which case (i) the instruments so executed and delivered shall be binding and effective for all purposes, and (ii) the
parties shall nevertheless exchange substitute hard copies of such facsimile or PDF instruments as soon thereafter as practicable (but the failure to do so shall not affect the validity of the instruments executed and delivered by facsimile or PDF).

 [Signature Pages to Follow] 

  
 13 

			
	 

  
	  	 Volt Information Sciences, Inc.

 

		
	 1133 Avenue of the Americas
 New York, New York
10036
 212-704-2400
	  	

  

 Kindly indicate your acceptance of the terms of this Agreement by signing and returning it to
the undersigned. 
 Sincerely, 
 Volt Information Sciences,
Inc. 
  

	
	
	By: /s/ Paul Tomkins
	  
 Paul Tomkins

Chief Financial Officer

 I have read, understand, accept and agree to the above terms and conditions governing my employment with the
Company. 
  

							
				
	/s/ Leonard Naujokas	 	  
	 	6/10/2017	 	  

	LEONARD NAUJOKAS	 		 	Date	 	

  
 14Exhibit 4.1

Medicine
Man Technologies, Inc.

2017
Equity Incentive Plan

 

 

1. Purpose

 

Medicine Man Technologies, Inc.’s 2017
Equity Incentive Plan is intended to promote the best interests of Medicine Man Technologies, Inc. and its stockholders by (i) assisting
the Corporation and its Affiliates in the recruitment and retention of persons with ability and initiative, (ii) providing
an incentive to such persons to contribute to the growth and success of the Corporation’s businesses by affording such persons
equity participation in the Corporation and (iii) associating the interests of such persons with those of the Corporation
and its Affiliates and stockholders.

 

2.
Definitions

 

As used in this Plan the following definitions
shall apply:

 

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

 

B.          
“Award” means any Option or Stock Award granted hereunder.

 

C.          
“Board” means the Board of Directors of the Corporation.

 

D.          
“Code” means the Internal Revenue Code of 1986, and any amendments thereto.

 

E.          
“Committee” means the Board or any Committee of the Board to which the Board has delegated any responsibility
for the implementation, interpretation or administration of this Plan.

 

F.           
“Common Stock” means the common stock, $0.001 par value, of the Corporation.

 

G.          
“Consultant” means (i) any person performing consulting or advisory services for the Corporation or any
Affiliate, or (ii) a director of an Affiliate.

 

H.         
“Corporation” means Medicine Man Technologies, Inc., a Nevada corporation.

 

I.           
“Corporation Law” means the Nevada Revised Statutes, as the same shall be amended from time to time.

 

J.          “Date
of Grant” means the date that the Committee approves an Option grant; provided, that all terms of such grant, including
the amount of shares subject to the grant, exercise price and vesting are defined at such time.

 

K.          “Deferral
Period” means the period of time during which Deferred Shares are subject to deferral limitations under Section 7.D of
this Plan.

 

L.         
“Deferred Shares” means an award pursuant to Section 7.D of this Plan of the right to receive shares of Common
Stock at the end of a specified Deferral Period.

 

M.        
“Director” means a member of the Board.

 

N.          “Eligible
Person” means an employee of the Corporation or an Affiliate (including a corporation that becomes an Affiliate after
the adoption of this Plan), a Director or a Consultant to the Corporation or an Affiliate (including a corporation that becomes
an Affiliate after the adoption of this Plan).

 

 

 

    	 	1	 

     

    

 

 

O.          
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

P.          “Fair Market Value” means, on any given date, the current fair market value of the shares of Common Stock
as determined as follows:

 

	 	(i)	If the Common Stock is traded on a national securities exchange, the closing price for the day of determination as quoted on such market or exchange, including the NASDAQ Global Market or NASDAQ Capital Market, which is the primary market or exchange for trading of the Common Stock or if no trading occurs on such date, the last day on which trading occurred, or such other appropriate date as determined by the Committee in its discretion, as reported in The Wall Street Journal or such other source as the Committee deems reliable;

 

	 	(ii)	If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high and the low asked prices for the Common Stock for the day of determination; or

 

	 	(iii)	In the absence of an established market for the Common Stock, Fair Market Value shall be determined by the Committee in good faith.

 

Q.          
“Family Member” means a parent, child, spouse or sibling.

 

R.          
“Incentive Stock Option” means an Option (or portion thereof) intended to qualify for special tax treatment
under Section 422 of the Code.

 

S.          “Nonqualified Stock Option” means an Option (or portion thereof) which is not intended or does not for
any reason qualify as an Incentive Stock Option.

 

T.          
“Option” means any option to purchase shares of Common Stock granted under this Plan.

 

U.          “Parent” means any corporation (other than the Corporation) in an unbroken chain of corporations ending with
the Corporation if each of the corporations (other than the Corporation) owns stock possessing at least fifty percent (50%) of
the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

V.          
“Participant” means an Eligible Person who (i) is selected by the Committee or an authorized officer of
the Corporation to receive an Award and (ii) is party to an agreement setting forth the terms of the Award, as appropriate.

 

W.        
“Performance Agreement” means an agreement described in Section 8 of this Plan.

 

X.          “Performance Objectives” means the performance objectives established by the Committee pursuant to this Plan
for Participants who have received grants of Awards. Performance Objectives may be described in terms of Corporation-wide objectives
or objectives that are related to the performance of the individual Participant or the Affiliate, division, department or function
within the Corporation or Affiliate in which the Participant is employed or has responsibility. Any Performance Objectives applicable
to Awards to the extent that such an Award is intended to qualify as “Performance Based Compensation” under Section
162(m) of the Code shall be limited to specified levels of or increases in the Corporation’s or a business unit’s return
on equity, earnings per share, total earnings, earnings growth, return on capital, return on assets, economic value added, earnings
before interest and taxes, earnings before interest, taxes, depreciation and amortization, sales growth, gross margin return on
investment, increase in the Fair Market Price of the shares, net operating profit, cash flow (including, but not limited to, operating
cash flow and free cash flow), cash flow return on investments (which equals net cash flow divided by total capital), internal
rate of return, increase in net present value or expense targets. The Awards intended to qualify as “Performance Based Compensation”
under Section 162(m) of the Code shall be pre-established in accordance with applicable regulations under Section 162(m) of the
Code and the determination of attainment of such goals shall be made by the Committee. If the Committee determines that a change
in the business, operations, corporate structure or capital structure of the Corporation (including an event described in Section
9), or the manner in which it conducts its business, or other events or circumstances render the Performance Objectives unsuitable,
the Committee may modify such Performance Objectives or the related minimum acceptable level of achievement, in whole or in part,
as the Committee deems appropriate and equitable; provided, however, that no such modification shall be made to an Award intended
to qualify as “Performance Based Compensation” under Section 162(m) of the Code unless the Committee determines that
such modification will not result in loss of such qualification or the Committee determines that loss of such qualification is
in the best interests of the Corporation.

 

 

 

    	 	2	 

     

    

 

Y.          
“Performance Period” means a period of time established under Section 8 of this Plan within which the Performance
Objectives relating to a Stock Award are to be achieved.

 

Z.          
“Performance Share” means an award pursuant to Section 8 of this Plan of the right to receive shares of Common
Stock upon the achievement of specified Performance Objectives.

 

AA.      “Plan”
means this Medicine Man Technologies, Inc. 2017 Equity Incentive Plan.

 

BB.      “Repricing”
means, other than in connection with an event described in Section 9 of this Plan, (i) lowering the exercise price of
an Option after it has been granted or (ii) canceling an Option at a time when the exercise price exceeds the then-Fair Market
Value of the Common Stock in exchange for another Option.

 

CC.      “Restricted
Stock Award” means an award of Common Stock under Section 7.B.

 

DD.      “Securities
Act” means the Securities Act of 1933, as amended.

 

EE.       “Stock
Award” means a Stock Bonus Award, Restricted Stock Award, Stock Appreciation Right, Deferred Shares, or Performance Shares.

 

FF.       
“Stock Bonus Award” means an award of Common Stock under Section 7.A.

 

GG.      “Stock
Award Agreement” means a written agreement between the Corporation and a Participant setting forth the specific terms
and conditions of a Stock Award granted to the Participant under Section 7. Each Stock Award Agreement shall be subject to the
terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.

 

HH.     “Stock
Option Agreement” means an agreement (written or electronic) between the Corporation and a Participant setting forth
the specific terms and conditions of an Option granted to the Participant. Each Stock Option Agreement shall be subject to the
terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.

 

II.         
“Subsidiary” means any corporation (other than the Corporation) in an unbroken chain of corporations beginning
with the Corporation if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing
at least fifty percent (50%) of the total combined voting power of all classes of stock in one of the other corporations in such
chain.

 

JJ.         
“Ten Percent Owner” means any Eligible Person owning at the time an Option is granted more than ten percent
(10%) of the total combined voting power of all classes of stock of the Corporation or of a Parent or Subsidiary. An individual
shall, in accordance with Section 424(d) of the Code, be considered to own any voting stock owned (directly or indirectly) by or
for such Eligible Person’s brothers, sisters, spouse, ancestors and lineal descendants and any voting stock owned (directly
or indirectly) by or for a corporation, partnership, estate or trust shall be considered as being owned proportionately by or for
its stockholders, partners, or beneficiaries.

 

3.
implementation, interpretation and Administration

 

A.           Delegation
to Board Committee. The Board shall have the sole authority to implement, interpret, and/or administer this Plan unless
the Board delegates all or any portion of its authority to implement, interpret, and/or administer this Plan to a Committee. To
the extent not prohibited by the Certificate of Incorporation or Bylaws of the Corporation, the Board may delegate all or a portion
of its authority to implement, interpret, and/or administer this Plan to a Committee of the Board appointed by the Board and constituted
in compliance with the applicable Corporation Law. The Committee shall consist solely of two (2) or more Directors who are
(i) Non-Employee Directors (within the meaning of Rule 16b-3 under the Exchange Act) for purposes of exercising administrative
authority with respect to Awards granted to Eligible Persons who are subject to Section 16 of the Exchange Act; (ii) to
the extent required by the rules of the market on which the Corporation’s shares are traded or the exchange on which the
Corporation’s shares are listed, “independent” within the meaning of such rules; and (iii) at such times
as an Award under this Plan by the Corporation is subject to Section 162(m) of the Code (to the extent relief from the limitation
of Section 162(m) of the Code is sought with respect to Awards and administration of the Awards by a committee of “outside
directors” is required to receive such relief), “outside directors” within the meaning of Section 162(m) of the
Code.

 

 

 

    	 	3	 

     

    

 

B.           Delegation
to Officers. The Committee may delegate to one or more officers of the Corporation the authority to grant and administer Awards
to Eligible Persons who are not Directors or executive officers of the Corporation; provided that the Committee shall have fixed
the total number of shares of Common Stock that may be subject to such Awards. No officer holding such a delegation is authorized
to grant Awards to himself or herself. In addition to the Committee, the officer or officers to whom the Committee has delegated
the authority to grant and administer Awards shall have all powers delegated to the Committee with respect to such Awards.

 

C.           Powers
of the Committee. Subject to the provisions of this Plan, and in the case of a Committee appointed by the Board, the specific
duties delegated to such Committee, the Committee (and the officers to whom the Committee has delegated such authority) shall have
the authority:

 

	 	(i)	To construe and interpret all provisions of this Plan and all Stock Option Agreements, Stock Award Agreements, Performance Agreements, or any other agreement under this Plan.

 

	 	(ii)	To determine the Fair Market Value of Common Stock in the absence of an established market for the Common Stock.

 

	 	(iii)	To select the Eligible Persons to whom Awards are granted from time to time hereunder.
	 

 

	 	(iv)	To determine the number of shares of Common Stock covered by an Award; to determine whether an Option shall be an Incentive Stock Option or Nonqualified Stock Option; and to determine such other terms and conditions, not inconsistent with the terms of this Plan, of each such Award. Such terms and conditions include, but are not limited to, the exercise price of an Option, purchase price of Common Stock subject to a Stock Award, the time or times when Options or a Stock Award may be exercised or Common Stock issued thereunder, the vesting schedule of an Option, the right of the Corporation to repurchase Common Stock issued pursuant to the exercise of an Option or a Stock Award and other restrictions or limitations (in addition to those contained in this Plan) on the forfeitability or transferability of Options, Stock Awards or Common Stock issued upon exercise of an Option or pursuant to a Stock Award. Such terms may include conditions which shall be determined by the Committee and need not be uniform with respect to Participants.

 

	 	(v)	To accelerate the time at which any Option or Stock Award may be exercised, or the time at which a Stock Award or Common Stock issued under this Plan may become transferable or non-forfeitable.

 

	 	(vi)	To determine whether and under what circumstances an Option or Stock Award may be settled in cash, shares of Common Stock or other property under Section 6.H instead of in Common Stock.

 

	 	(vii)	To waive, amend, cancel, extend, renew, accept the surrender of, modify or accelerate the vesting of or lapse of restrictions on all or any portion of an outstanding Award. Except as otherwise provided by this Plan, Stock Option Agreement, Stock Award Agreement or Performance Agreement or as required to comply with applicable law, regulation or rule, no amendment, cancellation or modification shall, without a Participant’s consent, adversely affect any rights of the Participant; provided, however, that (x) an amendment or modification that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall not be treated as adversely affecting the rights of the Participant and (y) any other amendment or modification of any Stock Option Agreement, Stock Award Agreement or Performance Agreement that does not, in the opinion of the Committee, adversely affect any rights of any Participant, shall not require such Participant’s consent. Notwithstanding the foregoing, the restrictions on the Repricing of Options, as set forth in this Plan, may not be waived.

 

	 	(viii)	To prescribe the form of Stock Option Agreements, Stock Award Agreements, Performance Agreements, or any other agreements under this Plan; to adopt policies and procedures for the exercise of Options or Stock Awards, including the satisfaction of withholding obligations; to adopt, amend, and rescind policies and procedures pertaining to the administration of this Plan; and to make all other determinations necessary or advisable for the administration of this Plan. Except for the due execution of the award agreement by both the Corporation and the Participant, the Award’s effectiveness will not be dependent on any signature unless specifically so provided in the award agreement.

 

The express grant in this Plan of any specific
power to the Committee shall not be construed as limiting any power or authority of the Committee; provided that the Committee
may not exercise any right or power reserved to the Board. Any decision made, or action taken, by the Committee or in connection
with the implementation, interpretation, and administration of this Plan shall be final, conclusive and binding on all persons
having an interest in this Plan.

 

 

 

    	 	4	 

     

    

 

4.
Eligibility

 

A.           Eligibility
for Awards. Awards, other than Incentive Stock Options, may be granted to any Eligible Person selected by the Committee. Incentive
Stock Options may be granted only to employees of the Corporation or a Parent or Subsidiary.

 

B.           Eligibility
of Consultants. A Consultant shall be an Eligible Person only if the offer or sale of the Corporation’s securities would
be eligible for registration on Form S-8 Registration Statement (or any successor form) because of the identity and nature of the
service provided by such person, unless the Corporation determines that an offer or sale of the Corporation’s securities
to such person will satisfy another exemption from the registration under the Securities Act and complies with the securities laws
of all other jurisdictions applicable to such offer or sale. Accordingly, an Award may not be granted pursuant to this Plan for
the purpose of the Corporation obtaining financing or for investor relations purposes.

 

C.           Substitution
Awards. The Committee may make Awards under this Plan by assumption, in substitution or replacement of performance shares,
phantom shares, stock awards, stock options or similar awards granted by another entity (including an Affiliate) in connection
with a merger, consolidation, acquisition of property or stock or similar transaction. Notwithstanding any provision of this Plan
(other than the maximum number of shares of Common Stock that may be issued under this Plan), the terms of such assumed, substituted,
or replaced Awards shall be as the Committee, in its discretion, determines is appropriate.

 

5.
Common Stock Subject to Plan

 

A.           Share
Reserve and Limitations on Grants. The maximum aggregate number of shares of Common Stock that may be (i) issued under
this Plan pursuant to the exercise of Options (without regard to whether payment on exercise of the Stock Option is made in cash
or shares of Common Stock) and (ii) issued pursuant to Stock Awards, shall be 1,500,000 shares in the aggregate. The number of
shares of Common Stock subject to the Plan shall be subject to adjustment as provided in Section 9. Notwithstanding any provision
hereto to the contrary, shares subject to the Plan shall include shares forfeited in a prior year as provided herein. For purposes
of determining the number of shares of Common Stock available under this Plan, shares of Common Stock withheld by the Corporation
to satisfy applicable tax withholding obligations pursuant to Section 10 of this Plan shall be deemed issued under this Plan.
No single participant may receive more than 25% of the total Options awarded in any single year.

 

B.           Reversion
of Shares. If an Option or Stock Award is terminated, expires or becomes unexercisable, in whole or in part, for any reason,
the unissued or unpurchased shares of Common Stock which were subject thereto shall become available for future grant under this
Plan. Shares of Common Stock that have been actually issued under this Plan shall not be returned to the share reserve for future
grants under this Plan; except that shares of Common Stock issued pursuant to a Stock Award which are forfeited to the Corporation
or repurchased by the Corporation at the original purchase price of such shares, shall be returned to the share reserve for future
grant under this Plan.

 

C.           Source
of Shares. Common Stock issued under this Plan may be shares of authorized and unissued Common Stock or shares of previously
issued Common Stock that have been reacquired by the Corporation.

 

6.
Options

 

A.           Award.
In accordance with the provisions of Section 4, the Committee will designate each Eligible Person to whom an Option is to
be granted and will specify the number of shares of Common Stock covered by such Option. The Stock Option Agreement shall specify
whether the Option is an Incentive Stock Option or Nonqualified Stock Option, the exercise price of such Option, the vesting schedule
applicable to such Option, the expiration date of such Option, events of termination of such Option, and any other terms of such
Option. No Option that is intended to be an Incentive Stock Option shall be invalid for failure to qualify as an Incentive Stock
Option.

 

B.           Option
Price. The exercise price per share for Common Stock subject to an Option shall be determined by the Committee, but shall comply
with the following:

 

	 	(i)	The exercise price per share for Common Stock subject to an Option shall not be less than one hundred percent (100%) of the Fair Market Value on the date of grant.

 

 

 

    	 	5	 

     

    

 

	 	(ii)	The exercise price per share for Common Stock subject to an Incentive Stock Option granted to a Participant who is deemed to be a Ten Percent Owner on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market Value on the date of grant.

 

C.           Maximum
Option Period. The maximum period during which an Option may be exercised shall be ten (10) years from the date such Option
was granted. In the case of an Incentive Stock Option that is granted to a Participant who is or is deemed to be a Ten Percent
Owner on the date of grant, such Option shall not be exercisable after the expiration of five (5) years from the date of grant.

 

D.           Maximum
Value of Options which are Incentive Stock Options. To the extent that the aggregate Fair Market Value of the Common Stock
with respect to which Incentive Stock Options granted to any Participant are exercisable for the first time during any calendar
year (under all stock option plans of the Corporation or any Parent or Subsidiary) exceeds $100,000 (or such other amount provided
in Section 422 of the Code), the Options shall not be deemed to be Incentive Stock Options. For purposes of this section,
the Fair Market Value of the Common Stock will be determined as of the time the Incentive Stock Option with respect to the Common
Stock is granted. This section will be applied by taking Incentive Stock Options into account in the order in which they are granted.

 

E.           Nontransferability.
Options granted under this Plan which are intended to be Incentive Stock Options shall be nontransferable except by will or by
the laws of descent and distribution and, during the lifetime of the Participant, shall be exercisable by only the Participant
to whom the Incentive Stock Option is granted. Except to the extent transferability of a Nonqualified Stock Option is provided
for in the Stock Option Agreement or is approved by the Committee, during the lifetime of the Participant to whom the Nonqualified
Stock Option is granted, such Option may be exercised only by the Participant. If the Stock Option Agreement so provides or the
Committee so approves, a Nonqualified Stock Option may be transferred by a Participant through a gift or domestic relations order
to the Participant’s family members to the extent such transfer complies with applicable securities laws and regulations
and provided that such transfer is not a transfer for value (within the meaning of applicable securities laws and regulations).
The holder of a Nonqualified Stock Option transferred pursuant to this section shall be bound by the same terms and conditions
that governed the Option during the period that it was held by the Participant. No right or interest of a Participant in any Option
shall be liable for, or subject to, any lien, obligation, or liability of such Participant, unless such obligation is to the Corporation
itself or to an Affiliate.

 

F.            Vesting.
Options will vest as provided in the Stock Option Agreement.

 

G.           Termination.
Options will terminate as provided in the Stock Option Agreement.

 

H.          Exercise.
Subject to the provisions of this Plan and the applicable Stock Option Agreement, an Option may be exercised to the extent vested
in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall
determine. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with
this Plan and the applicable Stock Option Agreement with respect to the remaining shares subject to the Option. An Option may not
be exercised with respect to fractional shares of Common Stock. The Participant may face certain restrictions on his/her ability
to exercise Options and/or sell underlying shares when such Participant is potentially in possession of insider information. The
Corporation will make the Participant aware of any formal insider trading policy it adopts, and the provisions of such insider
trading policy (including any amendments thereto) shall be binding upon the Participant.

 

I.             Payment.
Unless otherwise provided by the Stock Option Agreement, payment of the exercise price for an Option shall be made in cash or a
cash equivalent acceptable to the Committee or if the Common Stock is traded on an established securities market, by payment of
the exercise price by a broker-dealer or by the Option holder with cash advanced by the broker-dealer if the exercise notice is
accompanied by the Option holder’s written irrevocable instructions to deliver the Common Stock acquired upon exercise of
the Option to the broker-dealer or by delivery of the Common Stock to the broker-dealer with an irrevocable commitment by the broker-dealer
to forward the exercise price to the Corporation. With the consent of the Committee, payment of all or a part of the exercise price
of an Option may also be made (i) by surrender to the Corporation (or delivery to the Corporation of a properly executed form
of attestation of ownership) of shares of Common Stock that have been held for such period prior to the date of exercise as is
necessary to avoid adverse accounting treatment to the Corporation, or (ii) any other method acceptable to the Committee.
If Common Stock is used to pay all or part of the exercise price, the sum of the cash or cash equivalent and the Fair Market Value
(determined as of the date of exercise) of the shares surrendered must not be less than the Option price of the shares for which
the Option is being exercised.

 

 

 

    	 	6	 

     

    

 

J.             Stockholder
Rights. No Participant shall have any rights as a stockholder with respect to shares subject to an Option until the date of
exercise of such Option and the certificate for shares of Common Stock to be received on exercise of such Option has been issued
by the Corporation.

 

K.           Disposition
and Stock Certificate Legends for Incentive Stock Option Shares. A Participant shall notify the Corporation of any sale or
other disposition of Common Stock acquired pursuant to an Incentive Stock Option if such sale or disposition occurs (i) within
two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice
shall be in writing and directed to the Chief Financial Officer of the Corporation or is his/her absence, the Chief Executive Officer.
The Corporation may require that certificates evidencing shares of Common Stock purchased upon the exercise of Incentive Stock
Options issued under this Plan be endorsed with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE MAY
NOT BE SOLD OR TRANSFERRED PRIOR TO ___, 20___, IN THE ABSENCE OF A WRITTEN STATEMENT FROM THE CORPORATION TO THE EFFECT THAT THE
CORPORATION IS AWARE OF THE FACTS OF SUCH SALE OR TRANSFER.

 

The blank contained in this legend shall be
filled in with the date that is the later of (i) one year and one day after the date of the exercise of such Incentive Stock Option
or (ii) two years and one day after the grant of such Incentive Stock Option.

 

L.           No
Repricing. In no event shall the Committee permit a Repricing of any Option without the approval of the stockholders of the
Corporation.

 

7.
Stock Awards

 

A.           Stock
Bonus Awards. Stock Bonus Awards may be granted by the Committee. Each Stock Award Agreement for a Stock Bonus Award shall
be in such form and shall contain such terms and conditions (including provisions relating to consideration, vesting, reacquisition
of shares following termination, and transferability of shares) as the Committee shall deem appropriate. The terms and conditions
of Stock Award Agreements for Stock Bonus Awards may change from time to time and need not be uniform with respect to Participants,
and the terms and conditions of separate Stock Bonus Awards need not be identical.

 

B.           Restricted
Stock Awards. Restricted Stock Awards may be granted by the Committee. Each Stock Award Agreement for a Restricted Stock Award
shall be in such form and shall contain such terms and conditions (including provisions relating to purchase price, consideration,
vesting, reacquisition of shares following termination, and transferability of shares) as the Committee shall deem appropriate.
The terms and conditions of the Stock Award Agreements for Restricted Stock Awards may change from time to time and need not be
uniform with respect to Participants, and the terms and conditions of separate Restricted Stock Awards need not be identical. Vesting
of any grant of Restricted Stock Awards may be further conditioned upon the attainment of Performance Objectives established by
the Committee in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares.

 

C.           Deferred
Shares. The Committee may authorize grants of Deferred Shares to Participants upon the recommendation of the Corporation’s
management, and upon such terms and conditions as the Committee may determine in accordance with the following provisions:

 

	 	(i)	Each grant shall constitute the agreement by the Corporation to issue or transfer shares of Common Stock 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.

 

	 	(ii)	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 date of grant.

 

	 	(iii)	
        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 date of grant, and any grant or sale may provide for the earlier termination of such period in the event of a
change in control of the Corporation or other similar transaction or event.

 

 

 

    	 	7	 

     

    

 

	 	(iv)	During the Deferral Period, the Participant shall not have any right to transfer any rights under the subject Award, shall not have any rights of ownership in the Deferred Shares and shall not have any right to vote such shares, but the Committee may on or after the date of grant, authorize the payment of dividend or other distribution equivalents on such shares in cash or additional shares on a current, deferred or contingent basis.

 

	 	(v)	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 8 of this Plan regarding Performance Shares.

 

	 	(vi)	Each grant shall be evidenced by an agreement delivered to and accepted by the Participant and containing such terms and provisions as the Committee may determine consistent with this Plan. The terms and conditions of the agreements for Deferred Shares may change from time to time and need not be uniform with respect to Participants, and the terms and conditions of separate Deferred Shares need not be identical.

 

8.
Performance Shares

 

A.          
The Committee may authorize grants of Performance Shares, which shall become payable to the Participant upon the achievement of
specified Performance Objectives, upon such terms and conditions as the Committee may determine in accordance with the following
provisions:

 

	 	(i)	Each grant shall specify the number of Performance Shares to which it pertains, which may be subject to adjustment to reflect changes in compensation or other factors.

 

	 	(ii)	The Performance Period with respect to each Performance Share shall commence on the date established by the Committee and may be subject to earlier termination in the event of a change in control of the Corporation or similar transaction or event.

 

	 	(iii)	Each grant shall specify the Performance Objectives that are to be achieved by the Participant.

 

	 	(iv)	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.

 

	 	(v)	Each grant shall specify the time and manner of payment of Performance Shares that shall have been earned, and any grant may specify that any such amount may be paid by the Corporation in cash, shares of Common Stock or any combination thereof and may either grant to the Participant or reserve to the Committee the right to elect among those alternatives.

 

	 	(vi)	Any grant of Performance Shares may specify that the amount payable with respect thereto may not exceed a maximum specified by the Committee on the date of grant.

 

	 	(vii)	Any grant of Performance Shares may provide for the payment to the Participant of dividend or other distribution equivalents thereon in cash or additional shares of Common Stock on a current, deferred or contingent basis.

 

	 	(viii)	
        If provided in the terms
of the grant and subject to the requirements of Section 162(m) of the Code (in the case of awards intended to qualify for exception
therefrom), the Committee may adjust Performance Objectives and the related minimum acceptable level of achievement if, in the
sole judgment of the Committee, events or transactions have occurred after the date of grant that are unrelated to the performance
of the Participant and result in distortion of the Performance Objectives or the related minimum acceptable level of achievement.

 

 

 

    	 	8	 

     

    

 

	 	(ix)	Each grant shall be evidenced by an agreement that shall be delivered to and accepted by the Participant, which shall state that the Performance Shares 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. The terms and conditions of the agreements for Performance Shares may change from time to time and need not be uniform with respect to Participants, and the terms and conditions of separate Performance Shares need not be identical.

 

	 	(x)	Until the achievement of the Performance Objectives and the resulting issuance of the Performance Shares, the Participant shall not have any rights as a stockholder in the Performance Shares and shall not have any right to vote such shares, but the Committee may on or after the date of grant, authorize the payment of dividend or other distribution equivalents on such shares in cash or additional shares on a current, deferred or contingent basis.

 

9.
Changes in Capital Structure

 

A.           No
Limitations of Rights. The existence of outstanding Awards shall not affect in any way the right or power of the Corporation
or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation’s
capital structure or its business, or any merger or consolidation of the Corporation, or any issuance of bonds, debentures, preferred
or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the
Corporation, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise.

 

B.           Changes
in Capitalization. If the Corporation shall effect a subdivision or consolidation of shares or other capital readjustment,
the payment of a stock dividend, or other increase or reduction of the number of shares of the Common Stock outstanding, without
receiving consideration therefore in money, services or property, then (i) the number, class, and per share price of shares of
Common Stock subject to outstanding Options and other Awards hereunder and (ii) the number of and class of shares then reserved
for issuance under this Plan and the maximum number of shares for which Awards may be granted to a Participant during a specified
time period shall be appropriately and proportionately adjusted. The conversion of convertible securities of the Corporation shall
not be treated as effected “without receiving consideration.” The Committee shall make such adjustments, and its determinations
shall be final, binding and conclusive.

 

C.           Merger,
Consolidation or Asset Sale. If the Corporation is merged or consolidated with another entity or sells or otherwise disposes
of substantially all of its assets to another company while Options or Stock Awards remain outstanding under this Plan, unless
provisions are made in connection with such transaction for the continuance of this Plan and/or the assumption or substitution
of such Options or Stock Awards with new options or stock awards covering the stock of the successor company, or parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices, then all outstanding Options and Stock Awards
which have not been continued, assumed or for which a substituted award has not been granted shall, whether or not vested or then
exercisable, unless otherwise specified in the Stock Option Agreement or Stock Award Agreement, terminate immediately as of the
effective date of any such merger, consolidation or sale.

 

D.           Limitation
on Adjustment. Except as previously expressly provided, neither the issuance by the Corporation of shares of stock of any class,
or securities convertible into shares of stock of any class, for cash or property, or for labor or services either upon direct
sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Corporation
convertible into such shares or other securities, nor the increase or decrease of the number of authorized shares of stock, nor
the addition or deletion of classes of stock, shall affect, and no adjustment by reason thereof shall be made with respect to,
the number, class or price of shares of Common Stock then subject to outstanding Options or Stock Awards.

 

10.
Withholding of Taxes

 

The Corporation or an Affiliate shall have
the right, before any certificate for any Common Stock is delivered, to deduct or withhold from any payment owed to a Participant
any amount that is necessary in order to satisfy any withholding requirement that the Corporation or Affiliate in good faith believes
is imposed upon it in connection with U.S federal, state, or local taxes, including transfer taxes, as a result of the issuance
of, or lapse of restrictions on, such Common Stock, or otherwise require such Participant to make provision for payment of any
such withholding amount. Subject to such conditions as may be established by the Committee, the Committee may permit a Participant
to (i) have Common Stock otherwise issuable under an Option or Stock Award withheld to the extent necessary to comply with
minimum statutory withholding rate requirements; (ii) tender back to the Corporation shares of Common Stock received pursuant
to an Option or Stock Award to the extent necessary to comply with minimum statutory withholding rate requirements for supplemental
income; (iii) deliver to the Corporation previously acquired Common Stock; (iv) have funds withheld from payments of
wages, salary or other cash compensation due the Participant; (v) pay the Corporation or its Affiliate in cash, in order to
satisfy part or all of the obligations for any taxes required to be withheld or otherwise deducted and paid by the Corporation
or its Affiliate with respect to the Option of Stock Award; or (vi) establish a 10b5-1 trading plan for withheld stock designed
to facilitate the sale of stock in connection with the vesting of such shares, the proceeds of which shall be utilized to make
all applicable withholding payments in a manner to be coordinated by the Corporation’s Chief Financial Officer.

 

 

 

    	 	9	 

     

    

 

11.
Compliance with Law and Approval of Regulatory Bodies

 

A.           General
Requirements. No Option or Stock Award shall be exercisable, no Common Stock shall be issued, no certificates for shares of
Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable federal
and state laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the
Corporation is a party, and the rules of all domestic stock exchanges or quotation systems on which the Corporation’s shares
may be listed. The Corporation shall have the right to rely on an opinion of its counsel as to such compliance. In the absence
of an effective and current registration statement on an appropriate form under the Securities Act, or a specific exemption from
the registration requirements of the Securities Act, shares of Common Stock issued under this Plan shall be restricted shares.
Any share certificate issued to evidence Common Stock when a Stock Award is granted or for which an Option is exercised may bear
such restrictive legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and
regulations. No Option or Stock Award shall be exercisable, no Stock Award shall be granted, no Common Stock shall be issued, no
certificate for shares shall be delivered, and no payment shall be made under this Plan until the Corporation has obtained such
consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters.

 

B.           Participant
Representations. The Committee may require that a Participant, as a condition to receipt or exercise of a particular award,
execute and deliver to the Corporation a written statement, in form satisfactory to the Committee, in which the Participant represents
and warrants that the shares are being acquired for such person’s own account, for investment only and not with a view to
the resale or distribution thereof. The Participant shall, at the request of the Committee, be required to represent and warrant
in writing that any subsequent resale or distribution of shares of Common Stock by the Participant shall be made only pursuant
to either (i) a registration statement on an appropriate form under the Securities Act of 1933, which registration statement has
become effective and is current with regard to the shares being sold, or (ii) a specific exemption from the registration requirements
of the Securities Act of 1933, but in claiming such exemption the Participant shall, prior to any offer of sale or sale of such
shares, obtain a prior favorable written opinion of counsel, in form and substance satisfactory to counsel for the Corporation,
as to the application of such exemption thereto.

 

12.
General Provisions

 

A.           Effect
on Employment and Service. Neither the adoption of this Plan, its operation, nor any documents describing or referring to this
Plan (or any part thereof) shall (i) confer upon any individual any right to continue in the employ or service of the Corporation
or an Affiliate, (ii) in any way affect any right and power of the Corporation or an Affiliate to change an individual’s
duties or terminate the employment or service of any individual at any time with or without assigning a reason therefor or (iii) except
to the extent the Committee grants an Option or Stock Award to such individual, confer on any individual the right to participate
in the benefits of this Plan.

 

B.           Use
of Proceeds. The proceeds received by the Corporation from any sale of Common Stock pursuant to this Plan shall be used
for general corporate purposes.

 

C.           Unfunded
Plan. This Plan, insofar as it provides for grants, shall be unfunded, and the Corporation shall not be required to segregate
any assets that may at any time be represented by grants under this Plan. Any liability of the Corporation to any Participant with
respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created pursuant to this
Plan. No such obligation of the Corporation shall be deemed to be secured by any pledge of, or other encumbrance on, any property
of the Corporation.

 

D.           Rules
of Construction. Headings are given to the Sections of this Plan solely as a convenience to facilitate reference. The reference
to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision
of law.

 

E.            Choice
of Law. This Plan and all Stock Option Agreements, Stock Award Agreements, and Performance Agreements (or any other agreements)
entered into under this Plan shall be interpreted under the Nevada Corporation Law excluding (to the greatest extent permissible
by law) any rule of law that would cause the application of the laws of any jurisdiction other than the Nevada Corporation Law.

 

F.            Fractional
Shares. The Corporation shall not be required to issue fractional shares pursuant to this Plan. The Committee may provide for
elimination of fractional shares or the settlement of such fractional shares in cash.

 

 

 

    	 	10	 

     

    

 

G.           Foreign
Employees. 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 the Corporation or any Affiliate
outside of the United States, 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
then in effect, unless this Plan could have been amended to eliminate such inconsistency without further approval by the stockholders
of the Corporation.

 

13.
Amendment and Termination

 

The Board may amend or terminate this Plan
from time to time; provided, however, stockholder approval shall be required for any amendment that (i) increases the aggregate
number of shares of Common Stock that may be issued under this Plan, except as contemplated herein; (ii) changes the class
of employees eligible to receive Incentive Stock Options; (iii) modifies the restrictions on re-pricings set forth in this Plan;
or (iv) is required by the terms of any applicable law, regulation or rule, including the rules of any market on which the
Corporation shares are traded or exchange on which the Corporation shares are listed. Except as specifically permitted by this
Plan, any Stock Option Agreement or any Stock Award Agreement or as required to comply with applicable law, regulation or rule,
no amendment shall, without a Participant’s consent, adversely affect any rights of such Participant under any Option or
Stock Award outstanding at the time such amendment is made; provided, however, that an amendment that may cause an Incentive Stock
Option to become a Nonqualified Stock Option shall not be treated as adversely affecting the rights of the Participant. Any amendment
requiring stockholder approval shall be approved by the stockholders of the Corporation within twelve (12) months of the date
such amendment is adopted by the Board.

 

14.
Effective Date of Plan; Duration of Plan

 

A.          
This Plan shall be effective upon adoption by the Board, subject to approval within twelve (12) months by the stockholders
of the Corporation. Unless and until the Plan has been approved by the stockholders of the Corporation, no Option or Stock Award
may be exercised, no shares of Common Stock may be issued under this Plan. In the event that the stockholders of the Corporation
shall not approve the Plan within such twelve (12) month period, the Plan and any previously granted Options or Stock Awards
shall terminate.

 

B.          
Unless previously terminated, this Plan will terminate ten (10) years after the earlier of (i) the date this Plan is
adopted by the Board, or (ii) the date this Plan is approved by the stockholders, except that Awards that are granted under
this Plan prior to its termination will continue to be administered under the terms of this Plan until the Awards terminate, expire
or are exercised.

 

IN WITNESS WHEREOF, the Corporation
has caused this Plan to be executed by a duly authorized officer as of the date of adoption of this Plan by the Board of Directors.

 

MEDICINE MAN TECHNOLOGIES, INC.

 

By: /s/ Andrew Williams

      Andrew Williams

      Chief Executive Officer

 

 

 

    	 	11

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