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Exhibit 10.5

2020 OFFICER CASH INCENTIVE AWARD AGREEMENT
CALLON PETROLEUM COMPANY
2020 OMNIBUS INCENTIVE PLAN

THIS AGREEMENT (“Agreement”) is effective as of ____________________ (the “Effective Date”), by and between Callon Petroleum Company, a Delaware corporation (the “Company”), and ____________________ (the “Grantee”). 
The Company has adopted the 2020 Callon Petroleum Company Omnibus Incentive Plan (the “Plan”), which by this reference is made a part hereof, for the benefit of eligible employees, directors and independent contractors of the Company and its Subsidiaries. Capitalized terms used and not otherwise defined herein shall have the meaning ascribed thereto in the Plan. The Committee has determined that it would be in the interest of the Company and its stockholders to grant the cash bonus award provided herein to the Grantee in order to provide Grantee with additional remuneration for services rendered, to encourage Grantee to remain in the employ of the Company or its Subsidiaries and to increase Grantee’s personal interest in the continued success and progress of the Company.
The Company and Grantee therefore agree as follows:
1.General. Pursuant to the Plan and subject further to the terms and conditions herein, the Company and Grantee enter into this Agreement pursuant to which the Grantee is eligible to receive a cash incentive award for each Performance Period (as defined below), subject to the terms and conditions set forth herein (each, a “Quarterly Cash Incentive Award”). “Performance Period” means each of the following periods: ____________________. 
2.Amount of Quarterly Cash Incentive Award. Each Quarterly Cash Incentive Award shall be equal to [●]% (the “Applicable Percentage”) of the Levered Free Cash Flow Pool; provided that the aggregate amount of Quarterly Cash Incentive Awards payable hereunder to the Grantee shall not exceed the Aggregate Cap as set forth in Section 4(d). “Levered Free Cash Flow Pool,” with respect to each Performance Period, means _______________ percent (_____%) of the following: Adjusted EBITDA (excluding non-recurring items) minus the sum of operational capital (accrual basis), capitalized interest, capitalized cash G&A (excluding stock-based compensation), and interest expense. The Chairman of the Committee shall affirm the amount of the Levered Free Cash Flow Pool within five (5) business days following the filing of the quarterly financial statements with the Securities Exchange Commission for the applicable Performance Period (the “Calculation Date”) and such determination shall be binding and final. For the sake of clarity, if the Levered Free Cash Flow Pool is less than or equal to $0 for a certain Performance Period, the Grantee will not be eligible to receive a Quarterly Cash Incentive Award for such Performance Period.
3.Payment Terms. Except as otherwise provided in Section 4, each Quarterly Cash Incentive Award shall be paid to the Grantee as soon as reasonably practicable (but no later than the second regularly scheduled payroll period) following the applicable Calculation Date, subject 

to the Grantee’s continued employment with the Company through the applicable Calculation Date. For purposes of this Agreement, references to employment with the Company include employment with any successor to the Company as well as employment with any Subsidiary. 
4.Termination of Employment; Forfeiture; Cap. 
(a)Death and Disability. In the event the Grantee’s employment with the Company is terminated as a result of the Grantee’s death or Disability (as defined below) prior to the occurrence of a Change in Control, the Grantee will receive the Quarterly Cash Incentive Award with respect to the Performance Period in which such termination occurred (the “Termination Period”) and any remaining Performance Periods. The amount of each such Quarterly Cash Incentive Award following the Termination Period shall be calculated in accordance with Section 2; provided that the Levered Free Cash Flow Pool in respect of each Performance Period to which the remaining Quarterly Cash Incentive Awards relate shall be deemed to be equal to the average of the Leverage Free Cash Flow Pools with respect to the Termination Period and each Performance Period completed prior to the Termination Date. Any such Remaining Quarterly Cash Incentive Awards shall be paid as soon as reasonably practicable (but no later than the second regularly scheduled payroll period) following the Calculation Date for the Termination Period. 
(b)Change in Control Event. In the event of a Change in Control, the Grantee will receive the Quarterly Cash Incentive Award with respect to the Performance Period in which the consummation of such Change in Control occurred (the “CIC Period”) and any remaining Performance Periods, subject to the Grantee’s continued employment as described below. The amount of each such Quarterly Cash Incentive Award shall be calculated in accordance with Section 2; provided that the Levered Free Cash Flow Pool in respect of the CIC Period and any remaining Performance Periods following the CIC Period shall be deemed to be equal to the average of the Levered Free Cash Flow Pool with respect to each Performance Period completed prior to the CIC Period (or, in the event only one Performance Period was completed prior to the CIC Period, equal to Leverage Free Cash Flow Pool with respect to such prior Performance Period). With respect to each remaining Quarterly Cash Incentive Award, such Quarterly Cash Incentive Award shall be paid as soon as reasonably practicable (but no later than the second regularly scheduled payroll period) following the end of the applicable Performance Period to which such Quarterly Cash Incentive Award relates subject to Grantee’s continued employment with the Company or a Subsidiary through the end of the applicable Performance Period; provided that in the event the Grantee’s employment is terminated by the Company without Cause (as defined below), as a result of the Grantee’s death or Disability, or by the Grantee for Good Reason within the two-year period immediately following the effective date of such Change in Control (a “Qualified Termination”), payment of the Quarterly Cash Incentive Award in respect of the CIC Period and any Performance Period following the CIC Period shall be accelerated, such that any remaining Quarterly Cash Incentive Awards will be paid as soon as practicable (but no later than the second regularly scheduled payroll period) following the Qualified Termination.
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(c)Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below.
(i) For purposes hereof, “Cause” is defined as: (i) the conviction of the Grantee by a court of competent jurisdiction as to which no further appeal can be taken of a crime involving moral turpitude or a felony or entering the plea of nolo contendere to such crime by the Grantee; (ii) the commission by the Grantee of a material act of fraud upon the Company, any Subsidiary or Affiliate; (iii) the material misappropriation by the Grantee of any funds or other property of the Company, any Subsidiary or Affiliate; (iv) the knowing engagement by the Grantee without the written approval of the Board of Directors of the Company, in any material activity which directly competes with the business of the Company, any Subsidiary or Affiliate, or which would directly result in material injury to the business or reputation of the Company or any Subsidiary or Affiliate; (v)(1) a material breach by the Grantee during the Grantee’s employment with the Company of any of the restrictive covenants set out in the Grantee’s employment agreement with the Company, if applicable, or (2) the willful and material nonperformance of the Grantee’s duties to the Company or any Subsidiary or Affiliate (other than by reason of the Grantee’s illness or incapacity), and, for purposes of this clause (v), no act or failure to act on Grantee’s part shall be deemed “willful” unless it is done or omitted by the Grantee not in good faith and without his reasonable belief that such action or omission was in the best interest of the Company, (vi) any breach of the Grantee’s fiduciary duties to the Company, including, without limitation, the duties of care, loyalty and obedience to the law; and (vii) the intentional failure of the Grantee to comply with the Company’s Code of Business Conduct and Ethics, or to otherwise discharge his duties in good faith and in a manner that the Grantee reasonably believes to be in the best interests of the Company, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.
(ii) For purposes hereof, “Disability” shall mean the physical or mental inability of Grantee to carry out the normal and usual duties of his position on a full-time basis for an entire period of six (6) continuous months together with the reasonable likelihood, as determined by the Committee, that Grantee, upon the advice of a qualified physician, will be unable to carry out the normal and usual duties of his position.
(d)Other Arrangements. The Carrizo Oil & Gas, Inc. Change in Control Severance Plan (as may be amended from time to time) (the “Carrizo CIC Plan”), and any other potential rights to equity acceleration benefits in connection with a termination of employment set forth in any agreement (other than this Agreement) between the Grantee and Carrizo Oil and Gas, Inc. (“Carrizo”), the Company, or a Subsidiary of Callon or otherwise (the “Other Acceleration 
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Benefits”) shall not apply to the Quarterly Cash Incentive Award granted hereunder. As a condition of receiving this Award, the Grantee hereby expressly acknowledges and agrees that, notwithstanding anything set forth in the Carrizo CIC Plan to the contrary, the Change in Control Benefits (as defined in the Carrizo CIC Plan), the Severance Benefits (as set forth in Section 3.02(e)(3) of the Carrizo CIC Plan), and the Other Acceleration Benefits shall not apply to the Quarterly Cash Incentive Award granted hereunder, and hereby waives any right to any equity acceleration benefits provided for under the Carrizo CIC Plan or the Other Acceleration Benefits with respect to this Quarterly Cash Incentive Award. The Grantee further acknowledges and agrees that the Quarterly Cash Incentive Award shall not constitute a “bonus” (or similar term) for purposes of any other plan or agreement between the Grantee and Carrizo or the Company (or a subsidiary thereof), including, for the avoidance of doubt, for purposes of calculating severance benefits under any such agreement or plan.
(e)Aggregate Cap. For the avoidance of doubt, the amount of Quarterly Cash Incentive Awards payable to the Grantee pursuant to this Section 4 is subject to an aggregate limitation equal to the Applicable Percentage of _____________ dollars ($_____________) (the “Aggregate Cap”). In no event will the amounts payable pursuant to this Agreement exceed the Aggregate Cap.
(f)Forfeiture. Notwithstanding anything herein to the contrary, but subject to Section 4(a) and Section 4(b) herein, upon termination of the Grantee’s employment with the Company (for any or no reason), each Quarterly Cash Incentive Award (to the extent not yet paid) shall be immediately forfeited without consideration. 
5.Clawback Policy. The Grantee hereby acknowledges and agrees that all rights with respect to the Quarterly Cash Incentive Award are subject to the Company’s Clawback Policy, as may be in effect from time to time. The Grantee further acknowledges and agrees that the Quarterly Cash Incentive Award and amounts received with respect to the Quarterly Cash Incentive Award are subject to recoupment pursuant to the terms of the Company Clawback Policy. 
6.Mandatory Withholding of Taxes. Grantee acknowledges and agrees that the Company shall deduct from the cash otherwise payable or deliverable an amount of cash that is equal to the amount of all federal, state and local taxes required to be withheld by the Company. 
7.Notice. Unless the Company notifies the Grantee in writing of a different procedure, any notice or other communication to the Company with respect to this Agreement shall be in writing and shall be delivered personally or sent by first class mail, postage prepaid to the following address:
Callon Petroleum Company
2000 W. Sam Houston Parkway South, Suite 2000
Houston, Texas 77042
Attention: Human Resources

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with a copy to:

Callon Petroleum Company
2000 W. Sam Houston Parkway South, Suite 2000
Houston, Texas 77042
Attention: Law Department

Any notice or other communication to the Grantee with respect to this Agreement shall be in writing and shall be delivered personally, and (i) shall be sent by first class mail, postage prepaid, to Grantee’s address as listed in the records of the Company on the Effective Date, unless the Company has received written notification from the Grantee of a change of address, or (ii) shall be sent to the Grantee’s e-mail address specified in the Company’s records.
8.Grantee Employment. Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, shall confer or be construed to confer on the Grantee any right to continue in the employ of the Company or interfere in any way with the right of the Company to terminate the Grantee’s employment at any time, with or without cause; subject, however, to the provisions of the Grantee’s employment agreement, if applicable.
9.Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware. Any suit, action or other legal proceeding arising out of this Agreement shall be brought in the United States District Court for the Southern District of Texas, Houston Division, or, if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Harris County, Texas. Each of the Grantee and the Company consents to the jurisdiction of any such court in any such suit, action, or proceeding and waives any objection that it may have to the laying of venue of any such suit, action, or proceeding in any such court.
10.Construction. References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder” and similar terms include all exhibits and schedules appended hereto, including the Plan. This Agreement is entered into, and the Award evidenced hereby is granted, pursuant to the Plan and shall be governed by and construed in accordance with the Plan and the administrative interpretations adopted by the Committee hereunder. All decisions of the Committee upon questions regarding this the Plan or this Agreement shall be conclusive. Unless otherwise expressly stated herein, the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan shall control. The headings of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.
11.Code Section 409A. The Quarterly Cash Incentive Award granted under this Agreement is designed to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended from time to time (the “Code”) and the related Treasury Regulations thereunder and the provisions of this Agreement will be administered, interpreted and construed accordingly (or disregarded to the extent such provision cannot be so administered, interpreted, or construed). If the Grantee is identified by the Company as a “specified employee” within the 
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meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Grantee has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any amount payable or settled under this Agreement on account of a separation from service that is deferred compensation subject to Section 409A of the Code shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Grantee’s separation from service, (2) the date of the Grantee’s death, or (3) such earlier date as complies with the requirements of Section 409A of the Code.
12.Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if the Grantee is a “disqualified individual” (as defined in Code Section 280G(c)), and the payments and benefits provided for under this Agreement, together with any other payments and benefits which the Grantee has the right to receive from the Company or any of its affiliates or any party to a transaction with the Company or any of its affiliates, would constitute a “parachute payment” (as defined in Code Section 280G(b)(2)), then the payments and benefits provided for under this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by the Grantee from the Company and its affiliates will be one dollar ($1.00) less than three times the Grantee’s “base amount” (as defined in Code Section 280G(b)(3)) and so that no portion of such amounts and benefits received by the Grantee shall be subject to the excise tax imposed by Code Section 4999 or (b) paid in full, whichever produces the better net after-tax position to the Grantee (taking into account any applicable excise tax under Code Section 4999 and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing payments or benefits to be paid hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time). The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by a nationally recognized accounting firm selected by the Company. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times the Grantee’s base amount, then the Grantee shall immediately repay such excess to the Company upon notification that an overpayment has been made.
13.Grantee Acceptance. By electronically accepting this Agreement the Grantee hereby accepts the cash bonus award provided herein subject to the terms and conditions provided herein.
6Exhibit 10.1

EATON VANCE CORP.

ANNUAL CASH PERFORMANCE INCENTIVE PLAN

 

Effective as of October 28, 2020

1.                 
PURPOSE.

The purpose of the Plan is to attract,
retain and motivate employees by providing performance awards to designated employees of the Company or its Subsidiaries. This
Plan document memorializes the terms of the annual performance incentive program sponsored by the Company eligible employees beginning
with the Company’s 2020 fiscal year. This Plan replaces, as of its Effective Date, both the Company’s Annual Performance
Incentive Plan for Non-Covered Employees and the Company’s Executive Performance-Based Compensation Plan, Restatement No.
3.

2.                 
DEFINITIONS.

Unless the context otherwise requires,
the words which follow shall have the following meaning:

		(a)	“Board” – shall mean the Board of Directors of the Company.

		(b)	“Bonus Pool” – shall have the meaning set forth in Section 5.2 of this Plan.

		(c)	“Code” – shall mean the Internal Revenue Code of 1986, as amended and any successor thereto.

		(d)	“Code Section 409A” – shall mean Section 409A of the Code and the regulations and guidance promulgated thereunder.

		(e)	“Company” – shall mean Eaton Vance Corp. and any successor entity by merger, consolidation or otherwise.

		(f)	“Compensation Committee” – shall mean the Compensation Committee of the Board.

		(g)	“Effective Date” – shall mean October 28, 2020.

		(h)	“Management Committee” – shall mean the members of Company management to whom the Compensation Committee,
by specific act or practice, has delegated responsibility for administering this Plan; provided that authority to administer the
Plan with respect to the Section 16 Participants may not be delegated to the Management Committee.

		(i)	“Participant” – shall mean members of executive management, and senior staff of the Company (determined in
accordance with the Company’s normal policies and practices) or such other employee of the Company or any Subsidiary selected,
in accordance with Section 4 hereof, to be eligible to receive
a Performance Award in accordance with this Plan.

		(j)	“Performance Award” – shall mean the amount paid or payable under Sections 6 hereof.

		(k)	“Performance Period” – shall mean a period of not more than one Plan Year (as specified by the Compensation
Committee).

		(l)	“Plan” – shall mean this Eaton Vance Corp. Annual Cash Performance Incentive Plan.

		(m)	“Plan Year” – shall mean a fiscal year of the Company, which commences on November 1 of each year and ends
the next following October 31.

		(n)	“Section 16 Participant” – shall mean any “officer” (as that term is defined by Rule 16a-1(f)
under the Securities Exchange Act of 1934).

		(o)	“Subsidiary” – shall mean any entity directly or indirectly controlled by the Company, as determined by the
Compensation Committee in its discretion.

3.                 
ADMINISTRATION AND INTERPRETATION OF THE PLAN.

The Plan shall be administered by the
Compensation Committee which shall have the authority and responsibility to: (i) interpret the Plan; (ii) approve and notify designated
Participants of bonus awards; (iii) review and approve the timing and form of amounts to be paid out under the Plan and the conditions
for payment thereof; (iv) adopt, amend and rescind rules and regulations relating to the Plan; and (v) make all other determinations
and take all other actions necessary or desirable for the Plan’s administration, including, without limitation, correcting
any defect, supplying any omission or reconciling any inconsistency in the Plan in the manner and to the extent it shall deem necessary
to carry the Plan into effect.

All decisions of the Compensation Committee
on any question concerning the selection of Participants, amount of any Performance Award payable to any Participant hereunder,
and the interpretation and administration of the Plan shall be final, conclusive and binding upon all parties. The Compensation
Committee may rely on information, and consider recommendations, provided by the Board.

The Compensation Committee may delegate
administration of the Plan to the Management Committee, other than with respect to the application of the Plan to, and the participation
in the Plan of, any Section 16 Participant. All references in the Plan to the “Compensation Committee” shall mean
the Compensation Committee or the Management Committee to the extent that the Compensation Committee’s powers or authority
under the Plan have been delegated to the Management Committee.

    	 

    	 

    

To the extent authority to administer
the Plan (other than with respect to Section 16 Participants) is delegated to the Management Committee, the Management Committee
is required on an annual basis to make a presentation to the Compensation Committee for its consideration, and, if appropriate, approval of the following
items: (i) methodology of calculating the annual Bonus Pool, (ii) actual calculation of Bonus Pool, (iii) historical data, review
of compensation studies, and analysis as requested (e.g. largest year-over-over year increase and decrease by individual participant,
compensation studies from independent third parties, etc.), and (iv) the approval of the Bonus Pool. With respect to any authority
delegated to the Management Committee, the Management Committee may rely on information, and consider recommendations provided
by, the Board or the Compensation Committee.

To the extent permitted by applicable
law and not inconsistent with the Articles of Incorporation and By-Laws of the Company, the Company and its Subsidiaries, as applicable,
shall indemnify and hold harmless the Compensation Committee (and the Management Committee, as applicable) against all expense,
liability and loss (including legal fees, judgments, fines, taxes and penalties, and amounts paid in settlement) reasonably incurred
or suffered in connection with the discharge of their responsibilities with respect to the Plan, except to the extent such actions
are taken in bad faith or with willful misconduct. Any expense, liability or loss arising due to actions taken in bad faith or
with willful misconduct shall not be covered under this indemnity.

4.                 
ELIGIBILITY AND PARTICIPATION. For each Performance Period, the Compensation Committee shall designate the employees of
the Company or its Subsidiaries who are to participate in the Plan.

5.                 
PERFORMANCE AWARD PROGRAM.

5.1             
PERFORMANCE AWARDS. Subject to the satisfaction of any conditions on payment imposed by the Compensation Committee pursuant
to the terms of this Plan, each Participant shall be eligible to receive a Performance Award based upon his or her performance
during a Performance Period.

5.2             
BONUS POOL. Each Plan Year, the Compensation Committee shall establish a “Bonus Pool” from which Performance
Awards under this Plan shall be made. The Bonus Pool for each Plan Year will be be a percentage of “adjusted operating income”,
unless the Compensation Committee selects another method of determining the funding for the Bonus Pool for a particular Plan Year.
To the extent that the Bonus Pool is a percentage of “adjusted operating income”, the amount of such adjusted operating
income shall be determined in accordance with the Company’s normal procedures, with such adjustments including but not limited
to add-backs for stock based compensation due to certain vesting acceleration, management fees and expenses of consolidated seed
investments, and other similar non-recurring items as determined by the Compensation Committee. The Compensation Committee shall
determine the Bonus Pool available for a Plan Year prior to the end of the Plan Year to which the Bonus Pool relates. The Compensation
Committee shall establish procedures pursuant to which a percentage of the Bonus Pool will be payable to each Participant.

5.3             
PAYMENT DATE; COMMITTEE REVIEW. Performance Awards will be paid in a single lump sum payment (net of all taxes and applicable
withholdings) as soon as reasonably practicable following the end of the Plan Year for which such Performance Award is paid, but
in no event later than the date that is 21⁄2 months following the close of the Plan Year for which such Performance Award is paid.

6.                 
PERFORMANCE AWARDS—SPECIAL RULES.

6.1             
Except as set forth in this Section 6, no Performance Award shall be made to any Participant who is not an active employee
of the Company or one of its Subsidiaries on the last day of the Plan Year for which such Performance Award is payable.

6.2             
The Compensation Committee, in its sole and absolute discretion, may, but is not required to make, a full, pro rata, advance
(upon hiring) or other award to a Participant for a Performance Period, in the event that during such Performance Period (i) the
Participant’s employment is terminated due to death or disability, or (ii) the Participant’s employment is terminated
with or without Cause (as defined in Section 2.4 of the Eaton Vance Corp. 2013 Omnibus Incentive Plan, as amended or any successor
equity incentive plan) prior to the end of a Plan Year.

6.3             
Notwithstanding anything contained herein to the contrary, in all events the Company shall be obligated to pay the full
amount of the Bonus Pool established for each Plan Year. Once established, in no event shall any amount of the Bonus Pool revert
to the Company.

7.                 
NON-ASSIGNABILITY. No Performance Award under the Plan or payment thereof nor any right or benefit under the Plan shall
be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, garnishment, execution or levy of any kind or charge,
and any attempt to anticipate, alienate, sell, assign, pledge, encumber and to the extent permitted by applicable law, charge,
garnish, execute upon or levy upon the same shall be void and shall not be recognized or given effect by the Company.

8.                 
NO RIGHT TO EMPLOYMENT. Nothing in the Plan or in any notice of award pursuant to the Plan shall confer upon any person
the right to continue in the employment of the Company or one of its Subsidiaries or affiliates nor shall the Plan or any such
award affect the right of the Company or any of its Subsidiaries or affiliates to terminate the employment of any Participant.

9.                 
AMENDMENT OR TERMINATION. While the Company hopes to continue the Plan indefinitely, it reserves the right in its Board
(or a duly authorized committee thereof) to amend, suspend or terminate the Plan or to adopt a new plan in place of the Plan at
any time; provided, that no such amendment, suspension or termination shall, without the consent of the Participant, alter or impair
a Participant’s right to receive payment of a Performance Award for a Performance Period otherwise payable hereunder.

10.             
SEVERABILITY. In the event that any one or more of the provisions contained in the Plan shall, for any reason, be held to
be invalid, illegal or unenforceable, in any respect, such invalidity, illegality or unenforceability shall not affect any other
provision of the Plan and the Plan shall be construed as if such invalid, illegal or unenforceable provisions had never been contained
therein.

11.             
CODE SECTION 409A. Although the Company makes no guarantee with respect to the tax treatment of payments hereunder, the
Plan is intended to comply with, or be exempt from, Code Section 409A and to the maximum extent permitted the
Plan shall be limited, construed and interpreted in accordance with such intent.

12.             
GOVERNING LAW. The Plan and any amendments thereto shall be construed, administered, and governed in all respects in accordance
with the laws of the Commonwealth of Massachusetts (regardless of the law that might otherwise govern under applicable principles
of conflict of laws). This Plan is intended to establish a bonus plan that meets the “all events test” as described
in Revenue Ruling 61-127. Notwithstanding anything contained herein to the contrary, this Plan is intended to establish a binding
right in the Participants to the total amount of the Bonus Pool established each year, in accordance with the terms hereof. In
all events, this Plan is intended and should be construed to meet the requirements of Revenue Ruling 61-127 in establishing an
annual obligation by the Company to pay out the Bonus Pool, as described herein.

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