Document:

Exhibit
10.1

 

CV
SCIENCES, INC.

 

AMENDED AND RESTATED
2013 EQUITY INCENTIVE PLAN, AS AMENDED

Amended and Restated Plan Adopted by the Board: June 3, 2014

Amended and Restated Plan Approved by the Stockholders: July 23, 2014

 

Amended
September 4, 2015

 

Termination
Date: June 3, 2024

 

1.
General.

 

(a) Purposes.
The purposes of the Plan are as follows:

 

(i) To provide additional
incentive for selected Employees, Directors and Consultants to further the growth, development and financial success of the Company
by providing a means by which such persons can personally benefit through the ownership of capital stock of the Company; and

 

(ii) To enable the Company
to secure and retain key Employees, Directors and Consultants considered important to the long-term success of the Company by offering
such persons an opportunity to own capital stock of the Company.

 

(b) Eligible
Stock Award Recipients. The persons eligible to receive Stock Awards under the Plan are the Employees, Directors and Consultants
of the Company and its Affiliates.

 

(c) Available
Stock Awards. The following Stock Awards are available under the Plan: (i) Incentive Stock Options; (ii) Nonstatutory
Stock Options; (iii) Restricted Stock awards, (iv) Restricted Stock Units; (v) Stock Bonus awards; and (vi) Performance-Based Awards.

 

2.
Definitions.

 

(a) “Administrator”
means the entity that conducts the general administration of the Plan as provided herein. The term “Administrator”
shall refer to the Board unless the Board has delegated administration to a Committee as provided in Article 3.

 

(b) “Affiliate”
means:

 

(i) with respect to Incentive
Stock Options, any “parent corporation” or “subsidiary corporation” of the Company, whether now existing
or hereafter created or acquired, as those terms are defined in Sections 424(e) and 424(f) of the Code, respectively; and

 

(ii) with respect to
Stock Awards other than Incentive Stock Options, any entity described in paragraph (a) of this Section 2(b), plus any other corporation,
limited liability company, partnership or joint venture, whether now existing or hereafter created or acquired, with respect to
which the Company beneficially owns more than fifty percent (50%) of: (1) the total combined voting power of all outstanding voting
securities or (2) the capital or profits interests of a limited liability company, partnership or joint venture.

 

(c) “Award
Shares” means the shares of Common Stock of the Company issued or issuable pursuant to a Stock Award, including Option
Shares issued or issuable pursuant to an Option.

 

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

 

(e) “Change
in Control” shall mean:

 

(i) The direct or indirect
sale or transfer, in a single transaction or a series of related transactions, by the stockholders of the Company of voting securities,
in which the holders of the outstanding voting securities of the Company immediately prior to such transaction or series of transactions
hold, as a result of holding Company securities prior to such transaction, in the aggregate, securities possessing less than fifty
percent (50%) of the total combined voting power all outstanding voting securities of the Company or of the acquiring entity immediately
after such transaction or series of related transactions;

 

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(ii) A merger or consolidation
in which the Company is not the surviving entity, except for a transaction in which the holders of the outstanding voting securities
of the Company immediately prior to such merger or consolidation hold as a result of holding Company securities prior to such transaction,
in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting
securities of the surviving entity (or the parent of the surviving entity) immediately after such merger or consolidation;

 

(iii) A reverse merger
in which the Company is the surviving entity but in which the holders of the outstanding voting securities of the Company immediately
prior to such merger hold as a result of holding Company securities prior to such transaction, in the aggregate, securities possessing
less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of the
acquiring entity immediately after such merger;

 

(iv) The sale, transfer
or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the
Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to
such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate, securities possessing
more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately
after such transaction(s); or

 

(v) Any time individuals
who, on the date this Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for any
reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election
(or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent
Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

(f) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(g) “Committee”
means a committee appointed by the Board in accordance with Section 3(c).

 

(h) “Common
Stock” means the shares of common stock of the Company.

 

(i) “Company”
means CV Sciences, Inc. (formerly CannaVest Corp.),
 a Delaware corporation.

 

(j) “Consultant”
means any consultant or adviser if:

 

(a) The consultant or
adviser renders bona fide services to the Company or any Affiliate;

 

(b) The services rendered
by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do
not directly or indirectly promote or maintain a market for the Company’s securities; and

 

(i) The consultant or
adviser is a natural person who has contracted directly with the Company or any Affiliate to render such services.

 

(k) “Covered
Employee” means an Employee who is, or is likely to become, a “covered employee” within the meaning of Section
162(m)(3) of the Code.

 

(l) “Director”
means a member of the Board.

 

(m) “Disability”
means total and permanent disability as defined in Section 22(e)(3) of the Code and as interpreted by the Administrator in each
case.

 

(n) “Effective
Date” shall have the meaning given in Section 18 herein.

 

(o) “Employee”
means a regular employee of the Company or an Affiliate, including an Officer or Director, who is treated as an employee in the
personnel records of the Company or an Affiliate, but not individuals who are classified by the Company or an Affiliate as: (i) leased
from or otherwise employed by a third party, (ii) independent contractors, or (iii) intermittent or temporary workers.
The Company’s or an Affiliate’s classification of an individual as an “Employee” (or as not an “Employee”)
for purposes of this Plan shall not be altered retroactively even if that classification is changed retroactively for another purpose
as a result of an audit, litigation or otherwise. Neither service as a Director nor receipt of a director’s fee shall be
sufficient to make a Director an “Employee.”

 

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(p) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

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

 

(i) If the Common Stock
is then listed or admitted to trading on a Nasdaq market system or a stock exchange which reports closing sale prices, the Fair
Market Value shall be the closing sale price on the date of valuation on such Nasdaq market system or principal stock exchange
on which the Common Stock is then listed or admitted to trading, or, if no closing sale price is quoted on such day, then the Fair
Market Value shall be the closing sale price of the Common Stock on such Nasdaq market system or such exchange on the next preceding
day for which a closing sale price is reported;

 

(ii) If the Common Stock
is not then listed or admitted to trading on a Nasdaq market system or a stock exchange which reports closing sale prices, the
Fair Market Value shall be the average of the closing bid and asked prices of the Common Stock in the over-the-counter market on
the date of valuation; or

 

(iii) If neither (i)
nor (ii) is applicable as of the date of valuation, then the Fair Market Value shall be determined by the Administrator in good
faith using any reasonable method of valuation, which determination shall be conclusive and binding on all interested parties.

 

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

 

(s) “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3)
of the Exchange Act, or any successor rule.

 

(t) “Nonstatutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(u) “Officer”
means any person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

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

 

(w) “Option
Agreement” means a written or electronic agreement between the Company and an Optionee evidencing the terms and conditions
of an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan and any rules and
regulations adopted by the Administrator and incorporated therein.

 

(x) “Optionee”
means the Participant to whom an Option is granted or, if applicable, such other person who holds an outstanding Option.

 

(y) “Option
Shares” means the shares of Common Stock of the Company issued or issuable pursuant to the exercise of an Option.

 

(z) “Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation”
(within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company
or an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation”, and
does not receive remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in any
capacity other than as a Director or (ii) is otherwise considered an “outside director” for purposes of Section 162(m)
of the Code.

 

(aa) “Participant”
means an Optionee or any other person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person
who holds an outstanding Stock Award.

 

(bb) “Performance-Based
Award” means a Stock Award granted to selected Covered Employees pursuant to Article 7, but which is subject to the terms
and conditions set forth in Article 8.

 

(cc) “Performance
Criteria” means the criteria that the Administrator selects for purposes of establishing the Performance Goal or Performance
Goals for a Participant for a Performance Period. The Performance Criteria that will be used to establish Performance Goals are
limited to the following: net earnings (either before or after interest, taxes, depreciation and amortization), sales or revenue,
net income (either before or after taxes), operating earnings, cash flow (including, but not limited to, operating cash flow and
free cash flow), return on net assets, return on stockholders’ equity, return on sales, gross or net profit margin, working
capital, earnings per share and price per share of Common Stock, the achievement of certain milestones, customer retention rates,
licensing, partnership or other strategic transactions, obtaining a specified level of financing for the Company, as determined
by the Administrator, including the issuance of securities, or the achievement of one or more corporate, divisional or individual
scientific or inventive measures. Any of the criteria identified above may be measured either in absolute terms or as compared
to any incremental increase or as compared to results of a peer group. The Administrator shall, within the time prescribed by Section
162(m) of the Code, define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such
Performance Period for such Participant.

 

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(dd) “Performance
Goals” means, for a Performance Period, the goals established in writing by the Administrator for the Performance Period
based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance
Goals may be expressed in terms of overall Company performance or the performance of a Subsidiary, division or other operational
unit, or an individual. The Administrator, in its discretion, may, within the time prescribed by Section 162(m) of the Code, adjust
or modify the calculation of Performance Goals for such Performance Period in order to prevent the dilution or enlargement of the
rights of Participants (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event,
or development, or (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company,
or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions.

 

(ee) “Performance
Period” means the one or more periods of time, which may be of varying and overlapping durations, as the Administrator
may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s
right to, and the payment of, a Performance-Based Award.

 

(ff) “Plan”
means this Amended and Restated June 3, 2014 Equity Incentive Plan.

 

(gg) “Qualified
Performance-Based Compensation” means any compensation that is intended to qualify as “qualified performance-based
compensation” as described in Section 162(m)(4)(C) of the Code.

 

(hh) “Restricted
Stock” means Common Stock awarded to a Participant pursuant to Section 7(b) that is subject to certain restrictions and
may be subject to risk of forfeiture or repurchase.

 

(ii) “Restricted
Stock Award Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms
and conditions of a Restricted Stock award. Each Restricted Stock Award Agreement shall be subject to the terms and conditions
of the Plan and any rules and regulations adopted by the Administrator and incorporated therein.

 

(jj) “Restricted
Stock Unit” means a right to receive a share of Common Stock during specified time periods granted pursuant to Section
7(c).

 

(kk) “Securities
Act” means the Securities Act of 1933, as amended.

 

(ll) “Stock
Award” means any right granted under the Plan, including an Option, a right to acquire Restricted Stock, a Restricted
Stock Unit, a Stock Bonus or a Performance-Based Award.

 

(mm) “Stock
Award Agreement” means any written or electronic agreement, including an Option Agreement, Stock Bonus Agreement, or
Restricted Stock Award Agreement, between the Company and a holder of a Stock Award evidencing the terms and conditions of an individual
Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan and any additional rules
and regulations adopted by the Administrator and incorporated therein.

 

(nn) “Stock
Bonus” means a payment in the form of shares of Common Stock, or as part of any bonus, deferred compensation or other
arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Section 7(a).

 

(oo) “Stock
Bonus Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms and
conditions of a Stock Bonus. Each Stock Bonus Agreement shall be subject to the terms and conditions of the Plan and any rules
and regulations adopted by the Administrator and incorporated therein.

 

(pp) “Ten
Percent Stockholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

 

(qq) “Termination
of Service” means:

 

(i) With respect to Stock
Awards granted to a Participant in his or her capacity as an Employee, the time when the employer-employee relationship between
the Participant and the Company (or an Affiliate) is terminated for any reason, including, without limitation a termination by
resignation, discharge, death or retirement;

 

(ii) With respect to
Stock Awards granted to a Participant in his or her capacity as a Director, the time when the Participant ceases to be a Director
for any reason, including without limitation a cessation by resignation, removal, failure to be reelected, death or retirement,
but excluding cessations where there is a simultaneous or continuing employment of the former Director by the Company (or an Affiliate)
and the Administrator expressly deems such cessation not to be a Termination of Service;

 

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(iii) With respect to
Stock Awards granted to a Participant in his or her capacity as a Consultant, the time when the contractual relationship between
the Participant and the Company (or an Affiliate) is terminated for any reason; and

 

(iv) With respect to
Stock Awards granted to a Participant in his or her capacity as an Employee, Director or Consultant of an Affiliate, when such
entity ceases to qualify as an Affiliate under this Plan, unless earlier terminated as set forth above.

 

Notwithstanding anything
to the contrary herein set forth, a change in status from an Employee to a Consultant or from a Consultant to an Employee shall
not constitute a Termination of Service for the purposes hereof, if and to the extent so determined by the Administrator. The Administrator,
in its sole and absolute discretion, shall determine the effect of all other matters and issues relating to a Termination of Service.

 

3.
Administration.

 

(a) Administration
by Board. The Plan shall be administered by the Administrator unless and until the Board delegates administration to a
Committee or an Officer, as provided in Section 3(c) below.

 

(b) Powers of
the Administrator. The Administrator shall have the power, except as otherwise provided herein:

 

(i) To determine from
time to time (A) which of the persons eligible under the Plan shall be granted Stock Awards; (B) when and how the Stock Awards
shall be granted; (C) what type or combination of types of Stock Awards will be granted; (D) the terms and conditions of each Stock
Award granted (which need not be identical), including, without limitation, the transferability or repurchase of such Stock Awards
or Award Shares issuable thereunder, as applicable, and the circumstances under which Stock Awards become exercisable or vested
or are forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction
of performance criteria, the occurrence of certain events, or other factors; and (E) the number of Award Shares subject to a Stock
Award that shall be granted to a Participant.

 

(ii) To construe and
interpret the Plan and Stock Awards granted under it, and to make exceptions to any such provisions in good faith and for the benefit
of the Company, and to establish, amend and revoke rules and regulations for the Plan’s administration. The Administrator,
in the exercise of its power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement in
a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

 

(iii) To settle all controversies
regarding the Plan and Stock Awards granted under it.

 

(iv) To accelerate the
time at which a Stock Award may first be exercised or the time during which a Stock Award or any part thereof will vest in accordance
with the Plan, notwithstanding the provisions in the Stock Award stating the time at which it may first be exercised or the time
during which it will vest.

 

(v) To suspend or terminate
the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award granted
while the Plan is in effect except with the written consent of the affected Participant.

 

(vi) To submit any amendment
to the Plan for stockholder approval.

 

(vii) To amend the Plan
in any respect the Administrator deems necessary or advisable to provide Participants with the maximum benefits provided or to
be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or
to bring the Plan or Incentive Stock Options granted under it into compliance therewith.

 

(viii) To amend the terms
of any one or more Stock Awards, including, but not limited to, amendments to provide terms more favorable than previously provided
in the Stock Award Agreement, subject to any specified limits in the Plan that are not subject to Administrator discretion; provided,
however, that the rights under any Stock Award shall not be impaired by any such amendment unless (a) the Company requests
the consent of the affected Participant, and (b) such Participant consents in writing. Notwithstanding the foregoing, subject to
the limitations of applicable law, if any, and without the affected Participant’s consent, the Administrator may amend the
terms of any one or more Stock Awards if necessary to maintain the qualified status of the Stock Award as an Incentive Stock Option
or to bring the Stock Award into compliance with Section 409A of the Code and Department of Treasury regulations and other interpretive
guidance issued thereunder.

 

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(ix) To amend the Plan
as provided in Section 16.

 

(x) To prescribe and
amend the terms of the agreements or other documents evidencing Stock Awards made under this Plan (which need not be identical).

 

(xi) To place such restrictions
on the sale or other disposition of Award Shares as may be deemed appropriate by the Administrator.

 

(xii) To determine whether,
and the extent to which, adjustments are required pursuant to Section 11.

 

(xiii) Generally, to
exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests of
the Company.

 

(c) Delegation
to a Committee.

 

(i) General.
The Board may delegate administration of the Plan to a committee of the Board composed of not fewer than two (2) members (the “Committee”).
If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the
powers theretofore possessed by the Board (and references in the Plan to the Administrator shall thereafter be deemed to be references
to the Committee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from
time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan.
Appointment of Committee members shall be effective upon acceptance of appointment. In its sole discretion, the Board may at any
time and from time to time exercise any and all rights and duties of the Administrator under the Plan except with respect to matters
which under Rule 16b-3 under the Exchange Act or Section 162(m) of the Code, or any regulations or rules issued thereunder, are
required to be determined in the sole discretion of the Committee. Committee members may resign at any time by delivering written
notice to the Board. Vacancies in the Committee may only be filled by the Board.

 

(ii) Section 162(m)
and Rule 16b-3 Compliance.  In the discretion of the Board, the Committee may consist solely of two or more Outside
Directors, in accordance with Section 162(m) of the Code, and/or solely of two or more Non-Employee Directors, in accordance with
Rule 16b-3 of the Exchange Act.  In addition, the Board or the Committee, in its discretion, may (1) delegate to a committee
of one or more members of the Board who need not be Outside Directors the authority to grant Stock Awards to eligible persons who
are either (a) not then Covered Employees and are not expected to be Covered Employees at the time of recognition of income resulting
from such Stock Award, or (b) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code, and/or
(2) delegate to a committee of one or more members of the Board who need not be Non-Employee Directors the authority to grant Stock
Awards to eligible persons who are not then subject to Section 16 of the Exchange Act.

 

(iii) Delegation
to an Officer.  The board may delegate to one or more Officers of the Company the authority to do one or both of the
following:  (i) designate Officers and Employees of the Company or any of its Affiliates to be recipients of Stock Awards
and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Officers and Employees
of the Company; provided, however, that the Board resolutions regarding such delegation shall specify the total number of
shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock
Award to himself or herself.  Notwithstanding anything to the contrary in this Section 3(c), the Board may not delegate to
an Officer authority to determine the Fair Market Value of the Common Stock.

 

(d) Effect of
Change in Status. The Administrator shall have the absolute discretion to determine the effect upon a Stock Award,
and upon an individual’s status as an Employee, Consultant or Director under the Plan, including whether a Participant shall
be deemed to have experienced a Termination of Service or other change in status, and upon the vesting, expiration or forfeiture
of a Stock Award or Award Shares issuable in respect thereof, in the case of (i) a Termination of Service for cause, (ii) any leave
of absence approved by the Company or an Affiliate, (iii) any transfer between the Company and any Affiliate or between any Affiliates,
(iii) any change in the Participant’s status from an Employee to a Consultant or member of the Administrator of Directors,
or vice versa, and (v) any Employee who becomes employed by any partnership, joint venture, corporation or other entity not meeting
the requirements of an Affiliate.

 

(e) Determinations
of the Administrator. All decisions, determinations and interpretations by the Administrator regarding this Plan shall
be final and binding on all Participants or other persons claiming rights under the Plan or any Stock Award. The Administrator
shall consider such factors as it deems relevant to making such decisions, determinations and interpretations including, without
limitation, the recommendations or advice of any Director, Officer or Employee of the Company and such attorneys, consultants and
accountants as it may select. A Participant or other holder of a Stock Award may contest a decision or action by the Administrator
with respect to such person or Stock Award only on the grounds that such decision or action was arbitrary or capricious or was
unlawful, and any review of such decision or action shall be limited to determining whether the Administrator’s decision
or action was arbitrary or capricious or was unlawful.

 

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(f) Arbitration.
Any dispute or claim concerning any Stock Awards granted (or not granted) pursuant to the Plan or any disputes or claims relating
to or arising out of the Plan shall be fully, finally and exclusively resolved by binding and confidential arbitration conducted
pursuant to the rules of Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in the County of San Diego,
California. In addition to any other relief, the arbitrator may award to the prevailing party recovery of its attorneys’
fees and costs. By accepting a Stock Award, Participants and the Company waive their respective rights to have any such disputes
or claims tried by a judge or jury.

 

4.
Shares Subject to the Plan; Overall Limitation.

 

(a) Shares Subject
to the Plan. Subject to the provisions of Section 11 relating to adjustments upon changes in stock, the Award Shares that
may be issued pursuant to Stock Awards shall not exceed in the aggregate Fifteen Million (15,000,000) shares of the Company’s
Common Stock. Of such amount, Fifteen Million (15,000,000) Award Shares may be issued pursuant to Incentive Stock Options. In the
event that (a) all or any portion of any Stock Award granted or offered under the Plan can no longer under any circumstances be
exercised or otherwise become vested, or (b) any Award Shares are reacquired by the Company which were initially the subject of
a Stock Award Agreement, the Award Shares allocable to the unexercised or unvested portion of such Stock Award, or the Award Shares
so reacquired, shall again be available for grant or issuance under the Plan.

 

(b) Individual
Participant Limitations. Notwithstanding any provision in the Plan to the contrary, and subject to Article 11 below, the
maximum number of shares of Common Stock with respect to one or more Stock Awards that may be granted to any one Participant during
any calendar year shall be Four Million (4,000,000).

 

5.
Eligibility.

 

(a) General.
Incentive Stock Options may be granted only to Employees; all other Stock Awards may be granted only to Employees, Directors
and Consultants. In the event a Participant is both an Employee and a Director, or a Participant is both a Director and a Consultant,
the Stock Award Agreement shall specify the capacity in which the Participant is granted the Stock Award; provided, however,
if the Stock Award Agreement is silent as to such capacity, the Stock Award shall be deemed to be granted to the Participant as
an Employee or as a Consultant, as applicable.

 

(b) Ten Percent
Stockholders. A Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such
Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the date of grant and the Option
is not exercisable after the expiration of five (5) years from the date of grant.

 

6.
Option Agreement Provisions.

 

Each Option shall be
granted pursuant to a written Option Agreement, signed by an Officer of the Company and by the Optionee, which shall be in such
form and shall contain such terms and conditions as the Administrator shall deem appropriate. The provisions of separate Option
Agreements need not be identical, but each Option Agreement shall include (through incorporation of the provisions hereof by reference
in the Option Agreement or otherwise) the substance of each of the following provisions (except to the extent that any such provision
indicates it is permissible rather than mandatory):

 

(a) Term.
No Incentive Stock Option shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter
period specified in the Option Agreement; provided, however, that an Incentive Stock Option granted to a Ten Percent Stockholder
shall be subject to the provisions of Section 5(b).

 

(b) Exercise
Price of an Option. Subject to the provisions of Section 5(b) regarding Incentive Stock Options granted to Ten Percent
Stockholders, the exercise price of each Incentive Stock Option shall be not less than the Fair Market Value of the Common Stock
subject to the Option on the date the Option is granted. The Administrator shall determine the exercise price of each Nonstatutory
Stock Option. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than one hundred
percent (100%) of the Fair Market Value of the Common Stock subject to the Option if such Incentive Stock Option is granted pursuant
to an assumption of or substitution for another option in a manner consistent with the provisions of Section 424(a) of the Code.

 

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(c) Consideration.
The purchase price of Common Stock acquired pursuant to the exercise of an Option shall be paid, to the extent permitted by
applicable law and as determined by the Administrator in its sole discretion, by any combination of the methods of payment set
forth below. The Administrator shall have the authority to grant Options that do not permit all of the following methods of payment
(or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilize
a particular method of payment. The methods of payment permitted by this Section 6(c) are:

 

(i) by cash or check;

 

(ii) pursuant to a program
developed under Regulation T as promulgated by the Federal Reserve Administrator that, prior to the issuance of Common Stock, results
in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise
price to the Company from the sales proceeds;

 

(iii) by delivery to
the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv) by a “net
exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise
by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided,
however, that the Company shall accept a cash or other payment from the Participant to the extent of any remaining balance
of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; provided, further,
however, that shares of Common Stock will no longer be outstanding under an Option and will not be exercisable thereafter
to the extent that (A) shares are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered
to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

 

(v) in any other form
of legal consideration that may be acceptable to the Administrator.

 

(d) Transferability.
The following restrictions on the transferability of Options shall apply:

 

(i) Restrictions
on Transfer. An Option shall not be transferable except by will or by the laws of descent and distribution and shall be
exercisable during the lifetime of the Optionee only by the Optionee; provided, however, that the Administrator may, in its sole
discretion, permit transfer of the Option to a revocable trust. Notwithstanding the foregoing, however, an Incentive Stock Option
shall not be transferable other than by will or the laws of descent and distribution, and shall be exercisable only by the Optionee
during the Optionee’s lifetime, except as otherwise permitted by the Administrator and by Sections 421, 422 and 424 of the
Code and the regulations and other guidance thereunder.

 

(ii) Domestic Relations
Orders. Notwithstanding the foregoing, an Option may be transferred pursuant to a domestic relations order; provided,
however, that if an Option is an Incentive Stock Option, such Option shall be deemed to be a Nonstatutory Stock Option as a
result of such transfer.

 

(iii) Beneficiary
Designation. Notwithstanding the foregoing, the Optionee may, by delivering written notice to the Company, in a form provided
by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the Optionee, shall thereafter
be the beneficiary of an Option with the right to exercise the Option and receive the Common Stock or other consideration resulting
from an Option exercise. In the absence of such a designation, the executor or administrator of the Optionee’s estate shall
be entitled to exercise the Option and receive the Common Stock or other consideration resulting from an Option exercise.

 

(e) Vesting.
Each Option shall vest and become exercisable in one or more installments, at such time or times and subject to such conditions,
including without limitation the achievement of specified performance goals or objectives established with respect to one or more
performance criteria, as shall be determined by the Administrator.

 

(f) Termination
of Service. In the event of the Termination of Service of an Optionee for any reason (other than for “Cause,”
as defined in an Option Agreement, or upon the Optionee’s death or Disability), the Optionee may exercise his or her Option,
but only within such period of time as is set forth in the Option Agreement (and in no event later than the expiration of the term
of such Option as set forth in the Option Agreement). In the case of an Incentive Stock Option, such exercise period provided in
the Option Agreement shall not exceed three (3) months from the date of termination.

 

(g) Disability
of Optionee. In the event of a Termination of Service of an Optionee as a result of the Optionee’s Disability, the
Optionee may exercise his or her Option within the period specified in the Option Agreement (in no event to exceed twelve (12)
months from the date of such termination in the case of an Incentive Stock Option), and only to the extent that the Optionee was
entitled to exercise the Option at the date of such termination (but in no event later than the expiration of the term of such
Option as set forth in the Option Agreement).

 

    	 	8	 

     

    

  

(h) Death of
Optionee. In the event that (i) an Optionee’s Termination of Service occurs as a result of the Optionee’s death,
or (ii) an Optionee dies within the period (if any) specified in the Option Agreement after the Optionee’s Termination of
Service for a reason other than death, then, notwithstanding Section 6(f) above, the Option may be exercised (to the extent the
Optionee was entitled to exercise such Option as of the date of death) by the Optionee’s estate, by a person who acquired
the right to exercise the Option by bequest or inheritance or by a person designated to exercise the option upon the Optionee’s
death, but only within the period ending on the earlier of (i) the date that is twelve (12) months after the date of Termination
of Service, or (ii) the expiration of the term of such Option as set forth in the Option Agreement.

 

(i) Termination
for Cause. In the event of the Termination of Service of an Optionee for Cause, except as otherwise determined by the Administrator
in the specific situation, all Options granted to such Optionee shall expire as set forth in the Option Agreement.

 

(j) Extension
of Termination Date. An Optionee’s Option Agreement may provide that if the exercise of the Option following an Optionee’s
Termination of Service (other than for Cause or upon the Optionee’s death or Disability) would be prohibited at any time
solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then
the Option shall terminate on the earlier of (i) the expiration of a period of three (3) months after the termination of the Optionee’s
Continuous Service during which the exercise of the Option would not be in violation of such registration requirements, or (ii)
the expiration of the term of the Option as set forth in the Option Agreement.

 

(k) Non-Exempt
Employees. Unless otherwise determined by the Administrator of Directors, no Option granted to an Employee that is a non-exempt
employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable for any shares of Common
Stock until at least six months following the date of grant of the Option. The foregoing provision is intended to operate so that
any income derived by a non-exempt employee in connection with the exercise or vesting of an Option will be exempt from his or
her regular rate of pay.

 

(l) Early Exercise.
The Option may, but need not, include a provision whereby the Optionee may elect at any time prior to a Termination of Service
to exercise the Option as to any part or all of the Option Shares prior to the full vesting of the Option. Any unvested Option
Shares so purchased may be subject to an unvested share repurchase option in favor of the Company or to any other restriction the
Administrator determines to be appropriate.

 

7.
Provisions of Stock Awards Other Than Options.

 

(a) Stock Bonus
Awards. Stock Bonus awards shall be made pursuant to Stock Bonus Agreements in such form and containing such terms and
conditions as the Administrator shall deem appropriate. The terms and conditions of Stock Bonus Agreements may change from time
to time, and the terms and conditions of separate Stock Bonus Agreements need not be identical, but each Stock Bonus Agreement
shall include (through incorporation of provisions hereof by reference in the agreement or otherwise) the substance of each of
the following provisions (except to the extent that any such provision indicates it is permissible rather than mandatory):

 

(i) Consideration.
A Stock Bonus may be awarded in consideration for past services actually rendered to the Company or an Affiliate for its benefit,
provided that the Participant remains eligible to receive Stock Awards hereunder at the time of the award.

 

(ii) Vesting.
Award Shares issued pursuant to a Stock Bonus Agreement may, but need not, be subject to a share repurchase option in favor of
the Company in accordance with a vesting schedule to be determined by the Administrator.

 

(iii) Termination
of Service. In the event of a Termination of Service, the Company may reacquire any or all of the Award Shares held by
the Participant which have or have not vested as of the date of termination under the terms of the Stock Bonus Agreement.

 

(iv) Transferability.
Unless otherwise determined by the Administrator, rights to acquire Award Shares under the Stock Bonus Agreement shall not be transferable
except by will or by the laws of descent and distribution, or, to the extent permitted by the Administrator, to a revocable trust.

 

    	 	9	 

     

    

 

(b) Restricted Stock Awards.
Each Restricted Stock award shall be made pursuant to a Restricted Stock Award Agreement in such form and containing such
terms and conditions as the Administrator shall deem appropriate. The terms and conditions of the Restricted Stock Award Agreements
may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical,
but each Restricted Stock Award Agreement shall include (through incorporation of provisions hereof by reference in the agreement
or otherwise) the substance of each of the following provisions (except to the extent that any such provision indicates it is
permissible rather than mandatory):

 

(i) Purchase Price.
The purchase price under each Restricted Stock Award Agreement shall be such amount as the Administrator shall determine and designate
in such Restricted Stock Award Agreement, including no consideration or such minimum consideration as may be required by applicable
law.

 

(ii) Consideration.
The purchase price of Common Stock acquired pursuant to the Restricted Stock Award Agreement, if any, shall be paid either: (a)
in cash at the time of purchase; (b) at the discretion of the Administrator, according to a deferred payment or other similar arrangement
with the Participant; or (c) in any other form of legal consideration that may be acceptable to the Administrator in its discretion.

 

(iii) Vesting.
Award Shares acquired under the Restricted Stock Award Agreement may, but need not, be subject to a share repurchase option in
favor of the Company in accordance with a vesting schedule to be determined by the Administrator.

 

(iv) Termination
of Service. In the event of a Participant’s Termination of Service, the Company may repurchase or otherwise reacquire
any or all of the Award Shares held by the Participant which have or have not vested as of the date of termination under the terms
of the Restricted Stock Award Agreement.

 

(v) Transferability.
Unless otherwise determined by the Administrator, rights to acquire Award Shares under the Restricted Stock Award Agreement shall
not be transferable except by will, by the laws of descent and distribution, or, to the extent permitted by the Administrator,
to a revocable trust.

 

(c) Restricted
Stock Units. The Administrator is authorized to make Awards of Restricted Stock Units to any Participant selected by the
Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. At the time of grant,
the Administrator shall specify the date or dates on which the Restricted Stock Units shall become fully vested and nonforfeitable,
and may specify such conditions to vesting as it deems appropriate. Alternatively, Restricted Stock Units may become fully vested
and nonforfeitable pursuant to the satisfaction of one or more Performance Goals or other specific performance goals as the Administrator
determines to be appropriate at the time of the grant of the Restricted Stock Units or thereafter, in each case on a specified
date or dates or over any period or periods determined by the Administrator. At the time of grant, the Administrator shall specify
the maturity date applicable to each grant of Restricted Stock Units which shall be no earlier than the vesting date or dates of
the Award and may be determined at the election of the Participant to whom the Award is granted. On the maturity date, the Company
shall transfer to the Participant one unrestricted, fully transferable share of Stock for each Restricted Stock Unit that is vested
and scheduled to be distributed on such date and not previously forfeited. The Administrator shall specify the purchase price,
if any, to be paid by the Participant to the Company for such shares of Stock. All Restricted Stock Unit awards shall be subject
to such additional terms and conditions as determined by the Administrator and shall be evidenced by a written Stock Award Agreement.

 

8.
Performance-Based Awards.

 

(a) Purpose.
The purpose of this Article 8 is to provide the Administrator the ability to qualify Stock Awards other than Options as Qualified
Performance-Based Compensation. If the Administrator, in its discretion, decides to grant a Performance-Based Award to a Covered
Employee, the provisions of this Article 8 shall control over any contrary provision contained in Article 7; provided, however,
that the Administrator may in its discretion grant Stock Awards to Covered Employees that are based on Performance Criteria or
Performance Goals but that do not satisfy the requirements of this Article 8.

 

(b) Applicability.
This Article 8 shall apply only to those Covered Employees selected by the Administrator to receive Performance-Based Awards. The
designation of a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to
receive an Award for the period. Moreover, designation of a Covered Employee as a Participant for a particular Performance Period
shall not require designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of
one Covered Employee as a Participant shall not require designation of any other Covered Employees as a Participant in such period
or in any other period.

    	 	10	 

     

    

 

(c) Procedures
with Respect to Performance-Based Awards. To the extent necessary to comply with the Qualified Performance-Based Compensation
requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Article 7 which may be granted to one
or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other
designated fiscal period or period of service (or such other time as may be required or permitted by Section 162(m) of the Code),
the Administrator shall, in writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria applicable
to the Performance Period, (c) establish the Performance Goals, and amounts of such Awards, as applicable, which may be earned
for such Performance Period, and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts
of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of each
Performance Period, the Administrator shall certify in writing whether the applicable Performance Goals have been achieved for
such Performance Period. In determining the amount earned by a Covered Employee, the Administrator shall have the right to reduce
or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that
the Administrator may deem relevant to the assessment of individual or corporate performance for the Performance Period.

 

(d) Payment of
Performance-Based Awards. Unless otherwise provided in the applicable Stock Award Agreement, a Participant must be employed
by the Company or a Parent or Subsidiary on the day a Performance-Based Award for such Performance Period is paid to the Participant.
Furthermore, a Participant shall be eligible to receive payment pursuant to a Performance-Based Award for a Performance Period
only if the Performance Goals for such period are achieved.

 

(e) Additional
Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee and is intended
to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m)
of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements
for qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall
be deemed amended to the extent necessary to conform to such requirements.

 

9.
Covenants of the Company.

 

(a) Availability
of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of
Common Stock required to satisfy such Stock Awards.

 

(b) Compliance
with Laws and Regulations. This Plan, the grant and exercise of Stock Awards thereunder, and the obligation of the Company
to sell, issue or deliver Award Shares under such Stock Awards, shall be subject to all applicable federal, state and local laws,
rules and regulations and to such approvals by any governmental or regulatory agency as may be required. The Company shall not
be required to register in a Participant’s name or deliver any Award Shares prior to the completion of any registration or
qualification of such Shares under any federal, state or local law or any ruling or regulation of any government body which the
Administrator shall determine to be necessary or advisable. To the extent the Company is unable to or the Administrator deems it
infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel
to be necessary or advisable for the lawful issuance and sale of any Award Shares hereunder, the Company shall be relieved of any
liability with respect to the failure to issue or sell such Award Shares as to which such requisite authority shall not have been
obtained. No Option shall be exercisable and no Award Shares shall be issued and/or transferable under any other Stock Award unless
a registration statement with respect to the Award Shares underlying such Stock Award is effective and current or the Company has
determined that such registration is unnecessary.

 

10.
Use of Proceeds.

 

Proceeds from the sale
of Award Shares shall constitute general funds of the Company and shall be used for general operating capital of the Company.

 

11.
Adjustments Upon Change in Common Stock.

 

If any change is made
in the Common Stock subject to the Plan or subject to any Stock Award without the receipt of consideration by the Company (through
merger, consolidation, reorganization, recapitalization, reclassification, stock dividend, dividend in property other than cash,
stock split, reverse stock split, liquidating dividend, exchange of shares, change in corporate structure or other distribution
of the Company’s equity securities), the Plan and all outstanding Stock Awards will be appropriately adjusted in the class
and maximum number of shares subject to the Plan and the class and number of shares and price per share of Common Stock subject
to outstanding Stock Awards. Such adjustment shall be made by the Administrator, the determination of which shall be final, binding
and conclusive.

 

    	 	11	 

     

    

  

12.
Adjustments Upon Change in Control.

 

(a) The Administrator
shall have the discretion to provide in each Stock Award Agreement the terms and conditions that relate to (i) vesting of such
Stock Award in the event of a Change in Control, and (ii) assumption of such Stock Award Agreements or issuance of comparable securities
under an incentive program in the event of a Change in Control. The aforementioned terms and conditions may vary in each Stock
Award Agreement.

 

(b) If the terms
of an outstanding Option Agreement provide for accelerated vesting in the event of a Change in Control, or to the extent that an
Option is vested and not yet exercised, the Administrator in its discretion may provide, in connection with the Change in Control
transaction, for the purchase or exchange of each Option for an amount of cash or other property having a value equal to the difference
(or “spread”) between: (x) the value of the cash or other property that the Optionee would have received pursuant to
the Change in Control transaction in exchange for the vested Option Shares issuable upon exercise of the Option had the Option
been exercised immediately prior to the Change in Control, and (y) the aggregate exercise price of the vested Option Shares. If
in such case the aggregate exercise price of the vested Option Shares is greater than or equal to the value of the cash or other
property that the Optionee would have received pursuant to the Change in Control transaction in exchange for the vested Option
Shares had the Option been exercised immediately prior to the Change in Control, then the Option shall be cancelled and Optionee
shall receive no payment for such Option Shares. Upon such purchase, exchange or cancellation, the Option shall be terminated and
Optionee shall have no further rights with respect to such Option.

 

(c) Outstanding
Options shall terminate and cease to be exercisable upon consummation of a Change in Control except to the extent that the Options
are assumed by the successor entity (or parent thereof) pursuant to the terms of the Change in Control transaction.

 

13.
Acceleration of Exercisability and Vesting.

 

The Administrator shall
have the power to accelerate the time at which any or all Stock Awards may first be exercised or the time during which any or all
Stock Awards or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in any Stock Award stating
the time at which it may first be exercised or the time during which it will vest. By approval of the Plan, the Company’s
stockholders consent to any such accelerations in the Administrator’s sole discretion.

 

14.
Dissolution or Liquidation.

 

In the event of a dissolution
or liquidation of the Company, then all outstanding Stock Awards shall terminate immediately prior to such event.

 

15.
Miscellaneous.

 

(a) Stockholder
Rights. Neither a Participant nor any person to whom a Stock Award is transferred shall be deemed to be the holder of,
or to have any of the rights of a holder with respect to, any Award Shares unless and until such person has satisfied all requirements
for exercise of the Stock Award pursuant to its terms and the Company has duly issued a stock certificate for such Award Shares.

 

(b) No Employment
or Other Service Rights. Nothing in the Plan or any Stock Award Agreement shall confer upon any Participant any right to
continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or shall affect
the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without
Cause; (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate;
or (iii) the service of a Director pursuant to the Bylaws or Certificate of Incorporation of the Company or an Affiliate, and any
applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may
be.

 

(c) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionee during any calendar
year (under all plans of the Company and any Affiliates) exceeds One Hundred Thousand Dollars ($100,000), the Options or portions
thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options,
notwithstanding any contrary provision of the applicable Option Agreement(s).

    	 	12	 

     

    

  

(d) Investment
Assurances. The Company may require a Participant, as a condition of exercising an Option or otherwise acquiring Common
Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge
and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company
who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together
with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory
to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own
account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and
any assurances given pursuant to such requirements, shall be inoperative if (x) the issuance of the shares upon the exercise or
acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under
the Securities Act; or (y) as to any particular requirement, a determination is made by counsel for the Company that such requirement
need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the
Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply
with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(e) Withholding
Obligations. The Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating
to a Stock Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid
to the Participant by the Company) or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii)  withholding
shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock
Award, provided that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld
by law (or such lower amount as may be necessary to avoid classification of the Stock Award as a liability); or (iii) by such other
method as may be set forth in the Stock Award Agreement.

 

(f) Compliance
with Section 409A of the Code. To the extent applicable, the Plan and Stock Award Agreements shall be interpreted in accordance
with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including
without limitation any such regulations or other guidance that may be issued or amended after the Effective Date (as defined in
Section 18 below). Notwithstanding any provision of the Plan or Stock Award to the contrary, in the event that following the Effective
Date the Administrator determines that any Stock Award may be subject to Section 409A of the Code and related Department of Treasury
guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt
such amendments to the Plan and the applicable Stock Award Agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or
appropriate to (i) exempt the Stock Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits
provided with respect to the Stock Award; or (ii) comply with the requirements of Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance
that may be issued or amended after the Effective Date.

 

16.
Amendment of the Plan.

 

(a) In General.
The Administrator at any time, and from time to time, may amend the Plan. However, no amendment shall be effective unless approved
by the stockholders of the Company within twelve (12) months before or after the adoption of the amendment where the amendment
will:

 

(i) Increase the number
of shares reserved for Stock Awards under the Plan, except as provided in Section 11 relating to adjustments upon changes in Common
Stock;

 

(ii) Modify the requirements
as to eligibility for participation in the Plan (to the extent such modification requires stockholder approval in order for the
Plan to satisfy the requirements of Section 422 of the Code); or

 

(iii) Modify the Plan
in any other way if such modification requires stockholder approval in order for the Plan to satisfy the requirements of Section
422 of the Code.

 

(b) Amendment
to Maximize Benefits. It is expressly contemplated that the Administrator may amend the Plan in any respect the Administrator
deems necessary or advisable to provide Participants with the maximum benefits provided or to be provided under the provisions
of the Code and the regulations promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive
Stock Options granted under the Plan into compliance therewith.

 

    	 	13	 

     

    

 

(c) No Impairment.
The rights and obligations under any Stock Award granted before any amendment of the Plan shall not be altered or impaired
by such amendment unless the Company requests the consent of the person to whom the Stock Award was granted and such person consents
in writing; provided, however, that notwithstanding anything to the contrary in this Section 16 or elsewhere in this
Plan, no such consent shall be required with respect to any amendment or alteration if the Administrator determines in its sole
discretion that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Stock
Award to satisfy or conform to any law or regulation or to meet the requirements of any accounting standard, or (ii) is not reasonably
likely to significantly diminish the benefits provided under such Award, or that any such diminishment has been adequately compensated.

 

17.
Termination or Suspension of the Plan.

 

(a) Termination
or Suspension. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate
on June 3, 2024 (which shall be within ten (10) years from the date the Plan is adopted by the Board or approved by the stockholders
of the Company, whichever is earlier), and no Stock Awards may be granted under the Plan while the Plan is suspended or after it
is terminated, but Stock Awards and Stock Award Agreements then outstanding shall continue in effect in accordance with their respective
terms.

 

(b) No Impairment.
Rights and obligations under any Stock Award granted while the Plan is in effect shall not be altered or impaired by suspension
or termination of the Plan, except as otherwise provided herein or with the consent of the person to whom the Stock Award was granted.

 

18.
Effective Date of Plan.

 

The Plan became effective
on June 3, 2014, which is the date that the Plan was originally adopted by the Board (the “Effective Date”).

 

19.
Non-Exclusivity of the Plan

 

Neither the adoption
of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as either may deem desirable, including,
without limitation, the granting of stock options or restricted stock otherwise than under this Plan, and such arrangements may
be either generally applicable or applicable only in specific cases.

 

20.
Liability of the Company.

 

The Company and the
members of the Board shall not be liable to a Participant or any other persons as to: (a) the non-issuance or non-transfer, or
any delay of issuance or transfer, of any Award Shares which results from the inability of the Company to comply with, or to obtain,
or from any delay in obtaining from any regulatory body having jurisdiction, all requisite authority to issue or transfer Award
Shares if counsel for the Company deems such authority reasonably necessary for lawful issuance or transfer of any such shares
and, in furtherance thereof, appropriate legends may be placed on the stock certificates evidencing Award Shares to reflect such
transfer restrictions; and (b) any tax consequence expected, but not realized, by any Participant or other person due to the receipt,
exercise or settlement of any Option or other Stock Award granted hereunder.

 

21.
Choice of Law.

 

The laws of the State
of Nevada shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such
state’s conflict of laws rules.

 

 

 

 

    	 	14	 

     

    

 

 

 

 

 

 

 

 

June 3, 2014

 

AMENDED AND
RESTATED 2013 EQUITY INCENTIVE PLAN

 

OF

 

 

CV
SCIENCES, INC.

 

 

AS AMENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	15	 

     

    

 

	1.	GENERAL.	1
	 	 	 
	2.	DEFINITIONS.	1
	 	 	 
	3.	ADMINISTRATION.	5
	 	 	 
	4.	SHARES SUBJECT TO THE PLAN; OVERALL LIMITATION.	7
	 	 	 
	5.	ELIGIBILITY.	7
	 	 	 
	6.	OPTION AGREEMENT PROVISIONS.	7
	 	 	 
	7.	PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS.	9
	 	 	 
	8.	PERFORMANCE-BASED AWARDS.	10
	 	 	 
	9.	COVENANTS OF THE COMPANY.	11
	 	 	 
	10.	USE OF PROCEEDS.	11
	 	 	 
	11.	ADJUSTMENTS UPON CHANGE IN COMMON STOCK.	11
	 	 	 
	12.	ADJUSTMENTS UPON CHANGE IN CONTROL.	12
	 	 	 
	13.	ACCELERATION OF EXERCISABILITY AND VESTING.	12
	 	 	 
	14.	DISSOLUTION OR LIQUIDATION.	12
	 	 	 
	15.	MISCELLANEOUS.	12
	 	 	 
	16.	AMENDMENT OF THE PLAN.	13
	 	 	 
	17.	TERMINATION OR SUSPENSION OF THE PLAN.	14
	 	 	 
	18.	EFFECTIVE DATE OF PLAN.	14
	 	 	 
	19.	NON-EXCLUSIVITY OF THE PLAN.	14
	 	 	 
	20.	LIABILITY OF THE COMPANY.	14
	 	 	 
	21.	CHOICE OF LAW.	14

 

 

    	 	16Exhibit

Exhibit 10.1

INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 1 TO CREDIT AGREEMENT
INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of April 8, 2016 (this “Agreement”), by and among Coty Inc., a Delaware corporation (the “Parent Borrower”), Coty B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands and registered with the trade register of the Chamber of Commerce under number 37069236 (the “Dutch Borrower”), the other Loan Parties party hereto, the First Amendment Incremental Term Lenders (as defined below) and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
RECITALS:
WHEREAS, reference is hereby made to the Credit Agreement, dated as of October 27, 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement” and, as amended by this Agreement, the “Credit Agreement”), by and among the Parent Borrower, the lenders from time to time party thereto and the Administrative Agent and Collateral Agent (capitalized terms used but not otherwise defined herein having the meanings provided in the Credit Agreement);
WHEREAS, the Parent Borrower, by this Agreement, hereby notifies the Administrative Agent pursuant to Section 2.20(a) of the Credit Agreement, the receipt of which is hereby acknowledged, of its request for additional term loan commitments in an aggregate principal amount of (i) €140,000,000 (the “First Amendment Term A EUR Loan Commitment” and the loans thereunder, the “First Amendment Term A EUR Loans”) and (ii) €325,000,000 (the “First Amendment Term B EUR Loan Commitment” (together with the First Amendment Term A EUR Loan Commitment, the “First Amendment Term Commitments” and the loans thereunder the “First Amendment Term B EUR Loans” (together with the First Amendment Term A EUR Loans, the “First Amendment Incremental Term Loans”)), in each case which shall be available on the Effective Date;
WHEREAS, the Parent Borrower and the Dutch Borrower desire that the Dutch Borrower become a Borrower solely with respect to the First Amendment Incremental Term Loans under the Credit Agreement, on a joint and several basis with the Parent Borrower;
WHEREAS, the Dutch Borrower will receive all proceeds of the First Amendment Incremental Term Loans and such proceeds will be used to refinance certain intercompany Indebtedness of the Dutch Borrower;
WHEREAS, it is intended by the Borrowers that the Dutch Borrower shall provide the funds to repay the First Amendment Incremental Term Loans;
WHEREAS, the Person or Persons holding a First Amendment Term A EUR Loan Commitment (the “First Amendment Incremental Term A Lender”) and/or a First Amendment Term B EUR Loan Commitment (the “First Amendment Incremental Term B Lender” and together with the First Amendment Incremental Term A Lender, the “First Amendment Incremental Term Lenders”) has or have agreed, subject to the terms and conditions set forth herein, to provide the First Amendment Incremental Term Loans and the First Amendment Incremental Term Lenders, the Parent Borrower and the Administrative Agent have agreed to make modifications to the Existing Credit Agreement to effect the terms of the First Amendment Incremental Term Loans as set forth below.

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.Amendments to Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section 3 hereof, the Credit Agreement is hereby amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions in their appropriate alphabetical order:
“First Amendment” shall mean that certain Amendment No. 1 to Credit Agreement, dated as of April 8, 2016, by and among the Parent Borrower, the Dutch Borrower (as defined therein), the other Loan Parties party thereto, the First Amendment Incremental Term Lenders (as defined therein) party thereto and the Administrative Agent.
“First Amendment Effective Date” shall mean the “Effective Date” under and as defined in the First Amendment.
(b)    The last sentence in the definition of “Term A Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
The aggregate amount of the Lenders’ Term A Commitments as of the First Amendment Effective Date is €140,000,000.
(c)    The definition of “Term A Loans” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Term A Loans” means a Loan made pursuant to clause (a) of Section 2.01 or an Incremental Term Loan designated as a Term A Loan.
(d)    The last sentence in the definition of “Term B EUR Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
The aggregate amount of the Lenders’ Term B EUR Commitments as of the First Amendment Effective Date is €325,000,000.
(e)    Article X is hereby amended by adding the following as Section 10.21:
Section 10.21 Recognition of EU Bail-In. (a)    Notwithstanding anything to the contrary in the Credit Agreement, any Loan Document thereunder or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising in connection with any Incremental Term Loans (or any Loan Document thereunder) contemplated by this Agreement, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
1.     the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

2.    the effects of any Bail-in Action on any such liability, including, if applicable:
i.    a reduction in full or in part or cancellation of any such liability;
ii.    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
iii.    the variation of the terms of such liability  in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
(b)    As used in this Agreement, the following terms have the meanings specified below:
1.    “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
2.    “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
3.    “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 
4.    “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
5.    “EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
6.    “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

7.    “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
SECTION 2.    First Amendment Incremental Term Loans.  Subject to the satisfaction of the conditions set forth in Section 3 hereof:
(a)    First Amendment Term A Commitments.  Each First Amendment Incremental Term A Lender hereby acknowledges and agrees that it has a First Amendment Term A EUR Commitment in the amount set forth next to its name on Schedule 2(a) attached hereto and agrees to make its pro rata share of the First Amendment Term A EUR Loans to the applicable Borrowers on the Effective Date. In accordance with the definition of “Incremental Amount” set forth in the Credit Agreement, the Parent Borrower hereby elects that the First Amendment Term A EUR Loans be incurred pursuant to clause (c) of such definition.  The First Amendment Term A EUR Loans shall be part of the same Class as the Term A Loans under the Existing Credit Agreement, shall have identical terms (other than with respect to (x) the amortization schedule of the First Amendment Term A EUR Loans which shall be as set forth on Schedule A of the applicable Incremental Facility Activation Notice and (y) the currency in which such Loans are denominated) as the existing Term A Loans (including with respect to maturity date, Applicable Rate, mandatory prepayments and voluntary prepayments) and shall otherwise be subject to the provisions, including any provisions restricting the rights or regarding the obligations of the Loan Parties or any provisions regarding the rights of the Term A Lenders, of the Credit Agreement and the other Loan Documents. Notwithstanding anything herein or in any other Loan Document to the contrary, (i) the proceeds of the First Amendment Term A EUR Loans will be made available solely to and received solely by the Dutch Borrower, (ii) the Dutch Borrower will not, and will not have any obligation to, guarantee the Obligations of the Parent Borrower, the Guarantors or any other obligor under the Loan Documents and (iii) the Dutch Borrower will not, and will not have any obligation to, pledge or otherwise grant a Lien on any of its assets with respect to any of the Obligations (including with respect to the First Amendment Term A EUR Loans).
(b)    First Amendment Term B Commitments. Each First Amendment Incremental Term B Lender hereby acknowledges and agrees that it has a First Amendment Term B EUR Commitment in the amount set forth next to its name Schedule 2(b) attached hereto and agrees to make its pro rata share of the First Amendment Term B EUR Loans to the applicable Borrowers on the Effective Date. In accordance with the definition of “Incremental Amount” set forth in the Credit Agreement, the Parent Borrower hereby elects that the First Amendment Term B EUR Loans be incurred pursuant to clause (c) of such definition.  The First Amendment Term B EUR Loans shall be part of the same Class as the Term B EUR Loans under the Existing Credit Agreement, shall have identical terms to the existing Term B EUR Loans (other than with respect to the amortization schedule of the First Amendment Term B EUR Loans which shall be as set forth on Schedule A of the applicable Incremental Facility Activation Notice) and shall otherwise be subject to the provisions, including any provisions restricting the rights or regarding the obligations of the Loan Parties or any provisions regarding the rights of the Term B Lenders, of the Credit Agreement and the other Loan Documents. Notwithstanding anything herein or in any other Loan Document to the contrary, (i) the proceeds of the First Amendment Term B EUR Loans will be made available solely to and received solely by the Dutch Borrower, (ii) the Dutch Borrower will not, and will not have any obligation to, guarantee the Obligations of the Parent Borrower, the Guarantors or any other obligor under the Loan 

Documents and (iii) the Dutch Borrower will not, and will not have any obligation to, pledge or otherwise grant a Lien on any of its assets with respect to any of the Obligations (including with respect to the First Amendment Term B EUR Loans).
(c)    The parties hereto hereby agree that the First Amendment Incremental Term Lenders may, subject to the requirements of Section 10.04(c)(i) of the Credit Agreement, sell participations in all or a portion of such Incremental Term Lender’s rights and obligations under the Credit Agreement with respect to the First Amendment Incremental Term Loans; provided, that at any time it is a requirement of Dutch law on the date participations are sold to such Participant, that such Participant shall not be considered to be a part of the public within the meaning of the Financial Supervision Act, which requirement can be considered satisfied, in reliance upon the Explanatory Memorandum to the Implementation Act in respect of Directive 2013/36/EU and Regulation (EU) No 575/2013, until the competent authority publishes its interpretation of the term "public" (as referred to in article 4.1(1) of Regulation (EU) No 575/2013), if the amount borrowed is not less than EUR 100,000 or its equivalent in any other currency; provided, further, that any Assignee of First Amendment Incremental Term Loans shall, as a condition to the effectiveness of such Assignment, represent and warrant that it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender thereunder (including the requirements set forth in the first proviso to this clause (c)).
SECTION 3.    Effective Date Conditions. This Agreement will become effective on the date (the “Effective Date”) on which each of the following conditions have been satisfied (or waived) in accordance with the terms therein: 
(a)    Executed Agreement.  The Administrative Agent shall have received (x) a counterpart of this Agreement signed on behalf of (i) the Parent Borrower, the Dutch Borrower and each other Loan Party, (ii) the Administrative Agent and (iii) the First Amendment Incremental Term Lenders and (y) duly completed Incremental Facility Activation Notices with respect to the First Amendment Incremental Term Loans. 
(b)    Legal Opinion.  The Administrative Agent shall have received a written opinion (addressed to the Agents and the First Amendment Incremental Term Lenders and dated the Effective Date) of counsel for each Borrower covering such matters relating to such Borrower and the Loan Documents as of the Effective Date as are customary for financings of this type and to the extent requested by the Administrative Agent.
(c)    Corporate Authorization Documents.  The Administrative Agent shall have received (i) a certificate of each of the Parent Borrower and the Dutch Borrower, dated the Effective Date and executed by a secretary, assistant secretary or other Responsible Officer thereof, which shall (A) certify that (w) attached thereto is a true and complete copy of the certificate or articles of incorporation, formation or organization (including, if applicable, any certificates of incorporation on a change of name) of such Person certified by the relevant authority of its jurisdiction of organization or incorporation, (x) such certificate or articles of incorporation, formation or organization (including, if applicable, any certificates of incorporation on a change of name) of such Person attached thereto have not been amended (except as attached thereto) since the date reflected thereon, (y) attached thereto is a true and correct copy of the by-laws or operating, management, partnership or similar agreement of such Person, together with all amendments thereto as of the Effective Date and such by-laws or operating, management, partnership or similar agreement are in full force and effect and (z) attached thereto is a true and complete copy of the resolutions or written 

consent, as applicable, of its board of directors, board of managers, sole member, shareholders or other applicable governing body authorizing the execution and delivery of this Agreement, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto) and are in full force and effect, and (B) identify by name and title and bear the signatures of the officers, managers, directors or authorized signatories (including, if applicable, any attorneys) of such Person authorized to sign this Agreement on the Effective Date and (ii) a good standing (or equivalent) certificate as of a recent date for such Person from the relevant authority of its jurisdiction of organization (to the extent applicable). For the avoidance of doubt, the Parties agree that the documentation that is to be provided pursuant to this clause (c) shall include, with respect to the Dutch Borrower: 
		
	(i)
	a copy of the deed of incorporation, the articles of association and an extract of the registration of the Dutch Borrower in the Trade Register of the Chamber of Commerce;

		
	(ii)
	a copy of the resolutions of the board of directors of the Dutch Borrower:

		
	A.
	approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute the Loan Documents to which it is a party;

		
	B.
	which includes a declaration by each managing director on conflict of interest (tegenstrijdig belang) within the meaning of Article 2:239(6) of the Dutch Civil Code; and

		
	(iii)
	either an unconditional positive works council advice (advies) and the related request for advice in respect of the transactions contemplated by the Loan Documents or a confirmation by the management board of the relevant Dutch Borrower that no works council (ondernemingsraad) having jurisdiction over the Dutch Borrower has been installed and no works council will be installed in the foreseeable future.

(d)    Closing Certificate.  The Administrative Agent shall have received a certificate from a Responsible Officer of each of the Parent Borrower and the Dutch Borrower, certifying (i) the representations and warranties set forth herein and in the Loan Documents are true and correct in all material respects with the same force and effect as if such representations and warranties had been made on and as of such date except to the extent that such representations and warranties relate specifically to another date; provided that any representation and warranty that is qualified as to materiality shall be true and correct in all respects (after giving effect to such qualification therein), (ii) at the time of and immediately after giving effect to the incurrence of the First Amendment Incremental Term Loans, no Default shall exist or result therefrom and (iii) that the Dutch Borrower does not have, nor is it required to establish a works council (ondernemingsraad) within the meaning of the Dutch Works Councils Act (Wet op de ondernemingsraden) nor has it received any request from its employees to install a works council.
(e)    Fees and Expenses.  The Administrative Agent shall have or at the same time as drawing received all fees and expenses due and payable on or prior to the Effective Date, to the extent, in the case of expenses, invoiced at least three (3) Business Days prior to the Effective Date (or such shorter period reasonably agreed by the Parent Borrower), required to be paid on the Effective 

Date (which amounts may be offset against the proceeds of the First Amendment Incremental Term Loans).
(f)    No Default. At the time of and immediately after giving effect to such Borrowing no Default shall exist or result therefrom.
(g)    Borrowing Request. The Administrative Agent shall have received a Borrowing Request in accordance with Section 2.03 of the Credit Agreement.
For purposes of determining compliance with the conditions specified in this Section 3, the First Amendment Incremental Term Lenders shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the First Amendment Incremental Term Lenders, unless an officer of the Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from the First Amendment Incremental Term Lenders prior to the Effective Date specifying its objection thereto and, with respect to the First Amendment Incremental Term Loans, the First Amendment Incremental Term Lenders shall not have made available to the Administrative Agent the First Amendment Incremental Term Loans.
SECTION 4.    Representations and Warranties.  By its execution of this Agreement, each Loan Party hereby represents and warrants that:
(a)    Organization; Powers.  Each Borrower and each of its Restricted Subsidiaries (a) is validly existing under the laws of the jurisdiction of its organization or formation, except, in the case of a Restricted Subsidiary, where the failure to be so could not reasonably be expected to result in a Material Adverse Effect, (b) has all requisite power and authority to carry on its business as now conducted, except, in the case of a Restricted Subsidiary, where the failure to have such could not reasonably be expected to result in a Material Adverse Effect and (c) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing (where relevant) in, its jurisdiction of organization or formation and every other jurisdiction where such qualification is required.
(b)    Authorization; Enforceability.  Each Borrower and each Loan Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Loan Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party.  This Agreement has been duly executed and delivered by the Borrowers party hereto, and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of such Borrower or such other Loan Party (as the case may be), enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, capital impairment, recognition of judgments, recognition of choice of law, enforcement of judgments or other similar laws or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered to the Administrative Agent in connection with the Loan Documents.
(c)    Governmental Approvals; No Conflicts.  Governmental Approvals; No Conflicts.  The execution, delivery and performance of the Loan Documents: (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except 

(i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens created under the Loan Documents and (iii) for consents, approvals, registrations, filing or other actions, the failure of which to obtain or make would not necessarily be expected to have, individually or in the aggregate, a Material Adverse Effect, (b) will not violate (i) any applicable Law or regulation or (ii) in any material respect, the charter, by-laws or other organizational documents of such Borrower or any of its Restricted Subsidiaries or any order of any Governmental Authority binding on such Person, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the Parent Borrower or any of its Restricted Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent Borrower or any of its Restricted Subsidiaries, and (d) will not result in the creation or imposition of any material Lien on any asset of the Parent Borrower or any of its Restricted Subsidiaries, except Liens created under and Liens permitted by the Loan Documents, and except to the extent such violation or default referred to in clause (b)(i) or (c) above could not reasonably be expected to result in a Material Adverse Effect.
SECTION 5.    Use of Proceeds.  The Dutch Borrower covenants and agrees that it will use the proceeds of the First Amendment Incremental Term Loans to refinance certain intercompany Indebtedness of the Dutch Borrower outstanding on the Effective Date.
SECTION 6.    Reference to and Effect on Loan Documents; Reaffirmation of the Loan Parties.  
(a)    On and after the effectiveness of this Agreement, (i) each reference in the Credit Agreement and the other Loan Documents to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as specifically amended by this Agreement and (ii) each reference to a “Term A Loan”, “Term B Loan”, “Term Loan”, “Term A Commitment”, “Term B Commitment” or “Term Commitment” shall be deemed to include the First Amendment Incremental Term Loans and First Amendment Term Commitments, as applicable, and all other related terms will have correlative meanings mutatis mutandis. 
(b)    Each Loan Party hereby consents to the amendment of the Credit Agreement effected hereby and confirms and agrees that, notwithstanding the effectiveness of this Agreement, each Loan Document to which such Loan Party is a party is, and the obligations of such Loan Party contained in the Credit Agreement, this Agreement or in any other Loan Document to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as amended by this Agreement.  For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.
SECTION 7.    Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except as permitted by Section 10.02 of the Credit Agreement.
SECTION 8.    Entire Agreement.  This Agreement, the Credit Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent, the Collateral Agent or the Arrangers embody the final, entire agreement among the parties relating to the subject matter hereof and supersede any and all previous commitments, agreements, representations and 

understandings, whether oral or written, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto.  There are no unwritten oral agreements among the parties hereto.
SECTION 9.    GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
SECTION 10.    Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 11.    Counterparts; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Except as provided in Section 3, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Delivery of an executed counterpart of a signature page of this Agreement by email or other electronic means (including a “.pdf” or “.tif” file) shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 12.    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.
SECTION 13.    Loan Document.  On and after the Effective Date, this Agreement shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents (it being understood that for the avoidance of doubt this Agreement may be amended or waived solely by the parties hereto as set forth in Section 7 above). 
[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first set forth above.

	
		
	COTY INC.

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Senior Vice President, General Counsel and Secretary

	 
	 

	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]

	
		
	COTY B.V.

	 
	 

	By:
	/s/ Cornelia Kesseler

	Name:
	Cornelia Kesseler

	Title:
	Director

	 
	 

	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]

	
		
	PHILOSOPHY, INC.

	 
	 

	By:
	/s/ Eric Breitman

	Name:
	Eric Breitman

	Title:
	Assistant Secretary

	 
	 

	CALVIN KLEIN COSMETIC CORPORATION

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Senior Vice President, General Counsel and Secretary

	 
	 

	COTY PRESTIGE TRAVEL RETAIL AND EXPORT LLC

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Vice President and Secretary

	 
	 

	COTY US LLC

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Vice President and Secretary

	 
	 

	DLI INTERNATIONAL HOLDING II CORP.

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Senior Vice President, General Counsel and Secretary

	 
	 

	GREEN ACQUISITION SUB INC.

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	President

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]

	
		
	 
	 

	RIMMEL INC.

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Vice President and Secretary

	 
	 

	DLI INTERNATIONAL HOLDING I LLC

	 
	 

	By:
	/s/ Jules P. Kaufman

	Name:
	Jules P. Kaufman

	Title:
	Senior Vice President, General Counsel and Secretary

	 
	 

	O P I PRODUCTS, INC.

	 
	 

	By:
	/s/ Patrice de Talhouët

	Name:
	Patrice de Talhouët

	Title:
	Chief Financial Officer

	 
	 

	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT]

	
		
	JPMORGAN CHASE BANK, N.A.,

	as Administrative Agent

	 
	 

	By:
	/s/ Tony Yung

	Name:
	Tony Yung

	Title:
	Executive Director

	 
	 

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	JPMORGAN CHASE BANK, N.A.,

	as First Amendment Incremental Term A Lender

	 
	 

	By:
	/s/ Tony Yung

	Name:
	Tony Yung

	Title:
	Executive Director

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	BANK OF AMERICA, N.A., 

	Incremental Term A Lender

	 
	 

	By:
	/s/ J. Casey Cosgrove

	Name:
	J. Casey Cosgrove

	Title:
	Director

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	MORGAN STANLEY BANK, N.A., 

	as First Amendment Incremental Term A

	 
	 

	By:
	/s/ Brenda MacBride

	Name:
	Brenda MacBride

	Title:
	Authorized Signatory

	 
	 

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

	as First Amendment Incremental Term A Lender

	 
	 

	By:
	/s/ Adrienne Young

	Name:
	Adrienne Young

	Title:
	Vice-President

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	UNICREDIT BANK AG, NEW YORK BRANCH, as 

	First Amendment Incremental Term A Lender

	 
	 

	By:
	/s/ Fabio Della Malva

	Name:
	Fabio Della Malva

	Title:
	Director

	 
	 

	By:
	/s/ Elaine Tung   

	Name:
	Elaine Tung

	Title:
	Director

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	CITIBANK, NA., LONDON BRANCH, 

	as First Amendment Incremental Term A Lender

	 
	 

	By:
	/s/ Anthony V. Pantina

	Name:
	Anthony V Pantina

	Title:
	Vice President

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	BANCO SANTANDER, S.A., Paris Branch, 

	as First Amendment Incremental Term A Lender

	 
	 

	By:
	/s/ Itziar Letamendi

	Name:
	Itziar Letamendi

	Title:
	Managing Director

	 
	 

	By:
	/s/ Javier Muntañola

	Name:
	 Javier Muntañola

	Title:
	Vice President

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, LONDON BRANCH, as First 

	Amendment Incremental Term A Lender

	 
	 

	By:
	/s/ Franck Valette

	Name:
	Franck Valette

	Title:
	Authorized Signatory

	 
	 

	By:
	/s/ James Waters

	Name:
	James Waters

	Title:
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

	
		
	JPMORGAN CHASE BANK, N.A.,

	as First Amendment Incremental Term B Lender

	 
	 

	By:
	/s/ Tony Yung

	Name:
	Tony Yung

	Title:
	Executive Director

	 
	 

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

Schedule 2(a)
First Amendment Term A EUR Loan Commitments

	
		
	First Amendment Incremental Term A Lender
	First Amendment Term A EUR Loan Commitment

	JPMORGAN CHASE BANK, N.A.
	€20,000,000.00

	BANK OF AMERICA, N.A.
	€20,000,000.00

	MORGAN STANLEY SENIOR FUNDING, INC.
	€20,000,000.00

	UNICREDIT BANK AG, NEW YORK BRANCH
	€35,000,000.00

	CITIBANK, NA. LONDON BRANCH
	€25,000,000.00

	BANCO SANTANDER, S.A., PARIS BRANCH
	€10,000,000.00

	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, LONDON BRANCH
	€10,000,000.00

	TOTAL
	€140,000,000.00

[Signature Page to Incremental Assumption Agreement and Amendment No. 1 To Credit Agreement]

Schedule 2(b)
First Amendment Term B EUR Loan Commitments

	
		
	First Amendment Incremental Term B Lender
	First Amendment Term B EUR Loan Commitment

	JPMORGAN CHASE BANK, N.A.
	€325,000,000.00

	TOTAL
	€325,000,000.00

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