SEC Contract Filing

Filing Date: 2021-12-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>7
<FILENAME>tm2135098d1_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
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 <font style="letter-spacing:-0.2pt;">Exhibit 10.7</font>&#8203;</div>
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 <font style="letter-spacing:-0.2pt;">BOXED, INC.</font>
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 <font style="letter-spacing:-0.2pt;">2021 INCENTIVE AWARD PLAN</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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 <font style="letter-spacing:-0.2pt;">ARTICLE I.</font>
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 <font style="letter-spacing:-0.2pt;">PURPOSE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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 <font style="letter-spacing:0.2pt;">The Plan&#8217;s purpose is to enhance the Company&#8217;s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in Article&#160;XI. </font>
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 <font style="letter-spacing:-0.2pt;">ARTICLE II.</font>
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 <font style="letter-spacing:-0.2pt;">ELIGIBILITY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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 <font style="letter-spacing:0.2pt;">Service Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein. </font>
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 <font style="letter-spacing:-0.2pt;">ARTICLE III.</font>
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 <font style="letter-spacing:-0.2pt;">ADMINISTRATION AND DELEGATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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 <font style="letter-spacing:0.2pt;">3.1&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">Administration</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator&#8217;s determinations under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the Plan or any Award. The Administrator may institute and determine the terms and conditions of an Exchange Program. </font>
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 <font style="letter-spacing:0.2pt;">3.2&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">Appointment of Committees</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;To the extent Applicable Laws permit, the Board may delegate any or all of its powers as Administrator under the Plan to one or more Committees. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time. </font>
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 <font style="letter-spacing:-0.2pt;">ARTICLE IV.</font>
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 <font style="letter-spacing:-0.2pt;">STOCK AVAILABLE FOR AWARDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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 <font style="letter-spacing:0.2pt;">4.1&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">Number of Shares</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Subject to adjustment under Article </font><font style="font-weight:bold;letter-spacing:-0.2pt;">VII</font><font style="letter-spacing:0.2pt;"> and the terms of this Article </font><font style="font-weight:bold;letter-spacing:-0.2pt;">IV</font><font style="letter-spacing:0.2pt;">, Awards may be made under the Plan covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares. As of the Effective Date, no further a