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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): June 11, 2024
IMMIX
BIOPHARMA, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
001-41159 |
|
45-4869378 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
11400
West Olympic Blvd., Suite 200
Los
Angeles, CA 90064
(Address
of principal executive offices)
(310)
651-8041
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under
any of the following provisions.
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities
registered pursuant to Section 12(b)of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, par value
of $0.0001 per share |
|
IMMX |
|
The Nasdaq Stock Market
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
June 11, 2024, at the 2024 Annual Meeting (the “Annual Meeting”) of the stockholders of Immix Biopharma, Inc. (the
“Company,” “we,” “our,” or “us”),
the stockholders of the Company approved certain amendments to the Immix Biopharma, Inc. Amended and Restated 2021 Omnibus Equity Incentive
Plan (the “Amendments” and the Immix Biopharma, Inc. Amended and Restated 2021 Omnibus Equity Incentive Plan, as amended
by the Amendment, the “Incentive Plan”) in accordance with the voting results set forth below under Item 5.07.
The Amendments were originally approved by the Board of Directors of the Company on April 18, 2024, subject to stockholder approval and
the Amendments became effective at the time of stockholder approval.
Pursuant
to the Amendments, (i) the number of shares of common stock available for issuance under the Incentive Plan was increased by 3,000,000,
to a total share reserve of 4,934,561 and (ii) an evergreen provision to the Incentive Plan was adopted whereby the number of shares
available for issuance under the Incentive Plan shall automatically increase on January 1st of each year for a period of ten years, commencing
on January 1, 2025 and ending on (and including) January 1, 2034, in an amount equal to five percent (5%) of the total number of shares
of common stock outstanding on December 31st of the preceding calendar year. The material terms of the Incentive Plan, as amended by
the Amendments, are described in the Company’s Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”)
under the caption “Proposal 3 – Approval of the 2021 Plan Amendments” filed with the Securities and Exchange
Commission (SEC) on April 29, 2024.
The
foregoing summary description and the summary contained in the Proxy Statement does not purport to be complete and are qualified in their
entirety by reference to the full text of the Incentive Plan as amended by the Amendments, which is attached hereto as Exhibit 10.1,
and is incorporated by reference into this Item 5.02.
Item
5.07. Submission of Matters to a Vote of Security Holders.
At
the Annual Meeting, stockholders representing 18,634,207
shares of the Company’s capital stock entitled to vote at the Annual Meeting were present in person or by proxy representing 70.4%
of the voting shares issued and outstanding on the record date of April 22, 2024, and constituting a quorum to conduct business at the
Annual Meeting. The following sets forth the matters that were voted upon by the Company’s stockholders at the Annual Meeting and
the voting results for such matters. These matters are described in more detail in the Proxy Statement.
At
the Annual Meeting, stockholders approved the following proposals, which are set forth in their entirety below.
| 1. | Proposal
1: The individuals listed below were elected at the Meeting to serve as directors of
the Company until the next annual meeting of stockholders and until their successors are
duly elected and qualified: |
| |
For | | |
Withheld | | |
Broker Non-Votes | |
Ilya Rachman | |
| 14,550,940 | | |
| 312,412 | | |
| 3,770,855 | |
Gabriel Morris | |
| 14,348,689 | | |
| 514,663 | | |
| 3,770,855 | |
Jason Hsu | |
| 14,205,256 | | |
| 658,096 | | |
| 3,770,855 | |
Magda Marquet | |
| 14,163,767 | | |
| 699,585 | | |
| 3,770,855 | |
Helen C. Adams | |
| 12,711,203 | | |
| 2,147,749 | | |
| 3,775,255 | |
Carey Ng | |
| 12,647,795 | | |
| 2,213,687 | | |
| 3,772,725 | |
Jane Buchan | |
| 12,886,314 | | |
| 1,975,168 | | |
| 3,772,725 | |
Yekaterina Chudnovsky | |
| 14,561,814 | | |
| 301,538 | | |
| 3,770,855 | |
|
2. |
Proposal
No. 2: To ratify the appointment of KMJ Corbin & Company LLP as the Company’s independent registered public accounting
firm for the year ending December 31, 2024: |
For |
|
Against |
|
|
Abstentions |
|
|
Broker
Non-Votes |
|
18,420,579 |
|
|
166,815 |
|
|
|
46,813 |
|
|
|
— |
|
A
majority of shares of common stock present in person or represented by proxy at the Annual Meeting were cast for approval of Proposal
No. 2, and as such Proposal No. 2 was approved and ratified at the Annual Meeting.
|
3. |
Proposal
No. 3: To approve and adopt an amendment to the Immix Biopharma, Inc. Amended and Restated 2021 Omnibus Equity Incentive Plan
(the “2021 Plan”) to (i) increase the number of shares of common stock available for issuance under the 2021 Plan
and (ii) adopt an evergreen provision to the 2021 Plan providing for an automatic annual increase in the shares of common stock available
for issuance under the 2021 Plan over the next ten years: |
For |
|
Against |
|
|
Abstentions |
|
|
Broker
Non-Votes |
|
10,967,641 |
|
|
3,860,386 |
|
|
|
35,325 |
|
|
|
3,770,855 |
|
A
majority of shares of common stock present in person or represented by proxy at the Annual Meeting were cast for approval of Proposal
No. 3, and as such Proposal No. 3 was approved and adopted at the Annual Meeting.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Immix Biopharma, Inc. |
|
|
Dated: June 14, 2024 |
/s/ Ilya
Rachman |
|
Ilya Rachman |
|
Chief Executive Officer |
Exhibit 10.1
IMMIX
BIOPHARMA, INC.
AMENDED
AND RESTATED
2021
OMNIBUS EQUITY INCENTIVE PLAN
Section
1. Purpose of Plan.
The
name of the Plan is the Immix Biopharma, Inc. Amended and Restated 2021 Omnibus Equity Incentive Plan (the “Plan”).
The purposes of the Plan are to (i) provide an additional incentive to selected employees, directors, and independent contractors of
the Company or its Affiliates whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment
of such individuals to the Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities
and (iv) attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of
the Company. To accomplish these purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Other Stock-Based Awards or any combination of the foregoing.
Section
2. Definitions.
For
purposes of the Plan, the following terms shall be defined as set forth below:
(a)
“Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in
accordance with Section 3 hereof.
(b)
“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, the Person specified as of any date of determination.
(c)
“Applicable Laws” means the applicable requirements under U.S. federal and state corporate laws, U.S. federal and
state securities laws, including the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time.
(d)
“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award
granted under the Plan.
(e)
“Award Agreement” means any written notice, agreement, contract or other instrument or document evidencing an Award,
including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall
determine, consistent with the Plan.
(f)
“Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.
(g)
“ Board” means the Board of Directors of the Company.
(h)
“Bylaws” mean the bylaws of the Company, as may be amended and/or restated from time to time.
(i)
“Cause” has the meaning assigned to such term in any individual service, employment or severance agreement or Award
Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Cause,” then “Cause”
means a Participant’s (i) conviction of a felony or a crime involving fraud or moral turpitude; (ii) theft, material act of dishonesty
or fraud, intentional falsification of any employment or Company records, or commission of any criminal act which impairs Participant’s
ability to perform appropriate employment duties for the Company; (iii) intentional or reckless conduct or gross negligence materially
harmful to the Company or the successor to the Company after a Change in Control, including violation of a non-competition or confidentiality
agreement; (iv) willful failure to follow lawful instructions of the person or body to which Participant reports; or (v) gross negligence
or willful misconduct in the performance of Participant’s assigned duties. “Cause” shall not include mere unsatisfactory
performance in the achievement of a Participant’s job objectives. Any voluntary termination of employment or service by the Participant
in anticipation of an involuntary termination of the Participant’s employment or service, as applicable, for Cause shall be deemed
to be a termination for Cause.
(j)
“Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out,
repurchase or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary distribution
(whether in the form of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation,
(iii) combination or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator determines,
in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate.
(k)
“Change in Control” means the first occurrence of an event set forth in any one of the following paragraphs following
the Effective Date:
| (1) | any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
(not including in the securities Beneficially Owned by such Person which were acquired directly
from the Company or any Affiliate thereof) representing more than fifty percent (50%) of
the combined voting power of the Company’s then outstanding securities, excluding any
Person who becomes such a Beneficial Owner in connection with a transaction described in
clause (i) of paragraph (3) below; or |
| (2) | the
date on which individuals who constitute the Board as of the Effective Date and any new director
(other than a director whose initial assumption of office is in connection with an actual
or threatened election contest, including, but not limited to, a consent solicitation, relating
to the election of directors of the Company) whose appointment or election by the Board or
nomination for election by the Company’s stockholders was approved or recommended by
a vote of at least two-thirds (2/3) of the directors then still in office who either were
directors on the Effective Date or whose appointment, election or nomination for election
was previously so approved or recommended cease for any reason to constitute a majority of
the number of directors serving on the Board; or |
| (3) | there
is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary
with any other corporation or other entity, other than (i) a merger or consolidation (A)
which results in the voting securities of the Company outstanding immediately prior to such
merger or consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof), in combination
with the ownership of any trustee or other fiduciary holding securities under an employee
benefit plan of the Company or any Subsidiary, fifty percent (50%) or more of the combined
voting power of the securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger or consolidation and (B) following which the individuals
who comprise the Board immediately prior thereto constitute at least a majority of the Board
of the Company, the entity surviving such merger or consolidation or, if the Company or the
entity surviving such merger or consolidation is then a Subsidiary, the ultimate parent thereof,
or (ii) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Company (not including in the securities Beneficially
Owned by such Person any securities acquired directly from the Company or its Affiliates)
representing more than fifty percent (50%) of the combined voting power of the Company’s
then outstanding securities; or |
| (4) | the
stockholders of the Company approve a plan of complete liquidation or dissolution of the
Company or there is consummated an agreement for the sale or disposition by the Company of
all or substantially all of the Company’s assets, other than (A) a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, more
than fifty percent (50%) of the combined voting power of the voting securities of which are
owned by stockholders of the Company following the completion of such transaction in substantially
the same proportions as their ownership of the Company immediately prior to such sale or
(B) a sale or disposition of all or substantially all of the Company’s assets immediately
following which the individuals who comprise the Board immediately prior thereto constitute
at least a majority of the board of directors of the entity to which such assets are sold
or disposed or, if such entity is a subsidiary, the ultimate parent thereof. |
Notwithstanding
the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the
assets of the Company immediately following such transaction or series of transactions and (ii) to the extent required to avoid accelerated
taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with
respect to any Award that constitutes deferred compensation under Section 409A of the Code only if a change in the ownership or effective
control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred
under Section 409A of the Code. For purposes of this definition of Change in Control, the term “Person” shall not include
(i) the Company or any Subsidiary thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or any Subsidiary thereof, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or
(iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of shares of the Company.
(l)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
(m)
“Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion
of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a “non-employee director”
within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which
the Common Stock is traded.
(n)
“Common Stock” means the common stock of the Company, par value $0.0001.
(o)
“Company” means Immix Biopharma, Inc., a Delaware corporation (or any successor company, except as the term “Company”
is used in the definition of “Change in Control” above).
(p)
“Covered Executive” means any Executive Officer that (1) has received Incentive Compensation (A) during the Look-Back
Period (as defined in Section 27) and (B) after beginning service as an Executive Officer; and (2) served as an Executive Officer at
any time during the performance period for the applicable Incentive Compensation.
(q)
“Disability” has the meaning assigned to such term in any individual service, employment or severance agreement or
Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Disability,” then
“Disability” means that a Participant, as determined by the Administrator in its sole discretion, (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident
and health plan covering employees of the Company or an Affiliate thereof.
(r)
“Effective Date” has the meaning set forth in Section 17 hereof.
(s)
“Eligible Recipient” means an employee, director or independent contractor of the Company or any Affiliate of the
Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required
to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation
Right means an employee, non-employee director or independent contractor of the Company or any Affiliate of the Company with respect
to whom the Company is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code.
(t)
“Executive Officer” means “any executive officer” as defined in Section 10D-1(d) of the Exchange Act whom
the Board (or the Committee, as applicable) has determined is subject to the reporting requirements of Section 10D of the Exchange Act,
and includes any person who is the Company’s president, principal financial officer, principal accounting officer (or if there
is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division, or
function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who
performs similar policy-making functions for the Company (with any executive officers of the Company’s parent(s) or subsidiaries
being deemed Executive Officers of the Company if they perform such policy making functions for the Company). All Executive Officers
of the Company identified by the Board (or the Committee, as applicable) pursuant to 17 CFR 229.401(b) shall be deemed an “Executive
Officer.
(u)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
(v)
“Exempt Award” shall mean the following:
| (1) | An
Award granted in assumption of, or in substitution for, outstanding awards previously granted
by a corporation or other entity acquired by the Company or any of its Subsidiaries or with
which the Company or any of its Subsidiaries combines by merger or otherwise. The terms and
conditions of any such Awards may vary from the terms and conditions set forth in the Plan
to the extent the Administrator at the time of grant may deem appropriate, subject to Applicable
Laws. |
| (2) | An
“employment inducement” award as described in the applicable stock exchange listing
manual or rules may be granted under the Plan from time to time. The terms and conditions
of any “employment inducement” award may vary from the terms and conditions set
forth in the Plan to such extent as the Administrator at the time of grant may deem appropriate,
subject to Applicable Laws. |
| (3) | An
award that an Eligible Recipient purchases at Fair Market Value (including awards that an
Eligible Recipient elects to receive in lieu of fully vested compensation that is otherwise
due) whether or not the Shares are delivered immediately or on a deferred basis. |
(w)
“Exercise Price” means, (i) with respect to any Option, the per share price at which a holder of such Option may purchase
Shares issuable upon exercise of such Award, and (ii) with respect to a Stock Appreciation Right, the base price per share of such Stock
Appreciation Right.
(x)
“Fair Market Value” of a share of Common Stock or another security as of a particular date shall mean the fair market
value as determined by the Administrator in its sole discretion; provided, that, (i) if the Common Stock or other security is admitted
to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on such date,
or if no shares were traded on such date, on the last preceding date for which there was a sale of a share of Common Stock on such exchange,
or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be
the average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there
was a sale of such share in such market.
(y)
“Free Standing Rights” has the meaning set forth in Section 8.
(z)
“Good Reason” has the meaning assigned to such term in any individual service, employment or severance agreement or
Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Good Reason,”
“Good Reason” and any provision of this Plan that refers to “Good Reason” shall not be applicable to such Participant.
(aa)
“Grandfathered Arrangement” means an Award which is provided pursuant to a written binding contract in effect on November
2, 2017, and which was not modified in any material respect on or after November 2, 2017, within the meaning of Section 13601(e)(2) of
P.L. 115.97, as may be amended from time to time (including any rules and regulations promulgated thereunder).
(bb)
“Incentive Compensation” shall be deemed to be any compensation (including any Award or any other short-term or long-term
cash or equity incentive award or any other payment) that is granted, earned, or vested based wholly or in part upon the attainment of
any financial reporting measure (i.e., any measures that are determined and presented in accordance with the accounting principles used
in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measures, including
stock price and total shareholder return). For avoidance of doubt, financial reporting measures include “non-GAAP financial measures”
for purposes of Exchange Act Regulation G and 17 CFR 229.10, as well as other measures, metrics and ratios that are not non-GAAP measures,
like same store sales. Financial reporting measures may or may not be included in a filing with the Securities and Exchange Commission,
and may be presented outside the Company’s financial statements, such as in Management’s Discussion and Analysis of Financial
Conditions and Results of Operations or the performance graph.
(cc)
“ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning
of Section 422 of the Code.
(dd)
“Nonqualified Stock Option” shall mean an Option that is not designated as an ISO.
(ee)
“Option” means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option”
as used in the Plan includes the terms “Nonqualified Stock Option” and “ISO.”
(ff)
“Other Stock-Based Award” means a right or other interest granted pursuant to Section 10 hereof that may be denominated
or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited
to, unrestricted Shares, dividend equivalents or performance units, each of which may be subject to the attainment of performance goals
or a period of continued provision of service or employment or other terms or conditions as permitted under the Plan.
(gg)
“Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority
provided for in Section 3 below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and
administrators, as the case may be.
(hh)
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof.
(ii)
“Plan” means this 2021 Omnibus Equity Incentive Plan.
(jj)
“Prior Plan” means the Company’s 2016 Equity Incentive Plan, as in effect immediately prior to the Effective
Date.
(kk)
“Related Rights” has the meaning set forth in Section 8.
(ll)
“Restricted Period” has the meaning set forth in Section 9.
(mm)
“Restricted Stock” means a Share granted pursuant to Section 9 below subject to certain restrictions that lapse at
the end of a specified period (or periods) of time and/or upon attainment of specified performance objectives.
(nn)
“Restricted Stock Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of a specified
restricted period (or periods) of time and/or upon attainment of specified performance objectives.
(oo)
“Rule 16b-3” has the meaning set forth in Section 3.
(pp)
“Shares” means Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor
(pursuant to a merger, consolidation or other reorganization) security.
(qq)
“Stock Appreciation Right” means a right granted pursuant to Section 8 hereof to receive an amount equal to the excess,
if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by
such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.
(rr)
“Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such
first Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole
general partner interest or managing member or similar interest of such other Person.
(ss)
“Transfer” has the meaning set forth in Section 15.
Section
3. Administration.
(a)
The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3
under the Exchange Act (“Rule 16b-3”).
(b)
Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated
to it by the Board, shall have the power and authority, without limitation:
| (1) | to
select those Eligible Recipients who shall be Participants; |
| (2) | to
determine whether and to what extent Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Other Stock-Based Awards or a combination of any of the foregoing,
are to be granted hereunder to Participants; |
| (3) | to
determine the number of Shares to be covered by each Award granted hereunder; |
| (4) | to
determine the terms and conditions, not inconsistent with the terms of the Plan, of each
Award granted hereunder (including, but not limited to, (i) the restrictions applicable to
Restricted Stock or Restricted Stock Units and the conditions under which restrictions applicable
to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the performance goals
and periods applicable to Awards, (iii) the Exercise Price of each Option and each Stock
Appreciation Right or the purchase price of any other Award, (iv) the vesting schedule and
terms applicable to each Award, (v) the number of Shares or amount of cash or other property
subject to each Award and (vi) subject to the requirements of Section 409A of the Code (to
the extent applicable) any amendments to the terms and conditions of outstanding Awards,
including, but not limited to, extending the exercise period of such Awards and accelerating
the payment schedules of such Awards and/or, to the extent specifically permitted under the
Plan, accelerating the vesting schedules of such Awards); |
| (5) | to
determine the terms and conditions, not inconsistent with the terms of the Plan, which shall
govern all written instruments evidencing Awards; |
| (6) | to
determine the Fair Market Value in accordance with the terms of the Plan; |
| (7) | to
determine the duration and purpose of leaves of absence which may be granted to a Participant
without constituting termination of the Participant’s service or employment for purposes
of Awards granted under the Plan; |
| (8) | to
adopt, alter and repeal such administrative rules, regulations, guidelines and practices
governing the Plan as it shall from time to time deem advisable; |
| (9) | to
construe and interpret the terms and provisions of, and supply or correct omissions in, the
Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and
to otherwise supervise the administration of the Plan and to exercise all powers and authorities
either specifically granted under the Plan or necessary and advisable in the administration
of the Plan; and |
| (10) | to
prescribe, amend and rescind rules and regulations relating to sub-plans established for
the purpose of satisfying applicable non-United States laws or for qualifying for favorable
tax treatment under applicable non-United States laws, which rules and regulations may be
set forth in an appendix or appendixes to the Plan. |
(c)
Subject to Section 5, neither the Board nor the Committee shall have the authority to reprice or cancel and regrant any Award at a lower
exercise, base or purchase price or cancel any Award with an exercise, base or purchase price in exchange for cash, property or other
Awards without first obtaining the approval of the Company’s stockholders.
(d)
All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons,
including the Company and the Participants.
(e)
The expenses of administering the Plan (which for the avoidance of doubt does not include the costs of any Participant) shall be borne
by the Company and its Affiliates.
(f)
If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan
shall be exercised by the Committee. Except as otherwise provided in the Certificate of Incorporation or Bylaws of the Company, any action
of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly
constituted or unanimous written consent of the Committee’s members.
Section
4. Shares Reserved for Issuance Under the Plan.
(a)
Subject to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards
granted under the Plan shall be equal to the sum of (i) 4,934,561 shares, plus (ii) the number of shares of Common Stock reserved,
but unissued under the Prior Plan; and (iii) the number of shares of Common Stock underlying forfeited awards under the Prior Plan
(“Share Reserve”); provided, that, shares of Common Stock issued under the Plan with respect to an
Exempt Award shall not count against such share limit. Following the Effective Date, no further awards shall be issued under the
Prior Plan, but all awards under the Prior Plan which are outstanding as of the Effective Date (including any Grandfathered
Arrangement) shall continue to be governed by the terms, conditions and procedures set forth in the Prior Plan and any applicable
Award Agreement.
(b)
In addition to subpart (a) above, the number of shares of Common Stock in the Share Reserve and available for issuance under the Plan
shall automatically increase on January 1st of each year for a period of ten (10) years commencing on January 1, 2025 and ending
on (and including) January 1, 2034, in an amount equal to five percent (5%) of the total number of shares of Common Stock outstanding
on December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to the first day of any
calendar year, to provide that there shall be no increase in the Share Reserve for such calendar year or that the increase in the Share
Reserve for such calendar year shall be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding
sentence. For clarity, the Share Reserve in this Section 4(a) is a limitation on the number of shares of Common Stock that may be
issued pursuant to the Plan. Accordingly, this Section 4(a) does not limit the granting of Stock Awards outside of the Plan. Shares
of Common Stock may be issued in connection with a merger or acquisition as permitted by, as applicable, NASDAQ Listing Rule 5635(c)
or, if applicable, NYSE Listed Company Manual Section 303A.08, NYSE-American Company Guide Section 711 or other applicable
rule, and such issuance shall not reduce the number of shares of Common Stock available for issuance under the Plan.
(c)
Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall. have been or may be reacquired
by the Company in the open market, in private transactions or otherwise. If an Award entitles the Participant to receive or purchase
Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award
against the aggregate number of Shares available for granting Awards under the Plan. If any Shares subject to an Award are forfeited,
cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of Shares to the Participant,
the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or
expiration, again be available for granting Awards under the Plan. Notwithstanding the foregoing, (i) Shares surrendered or withheld
as payment of either the Exercise Price of an Award (including Shares otherwise underlying a Stock Appreciation Right that are retained
by the Company to account for the Exercise Price of such Stock Appreciation Right) and/or withholding taxes in respect of an Award and
(ii) any Shares reacquired by the Company in the open market or otherwise using cash proceeds from the exercise of Options shall no longer
be available for grant under the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock, but paid or
settled in cash, the number of shares of Common Stock with respect to which such payment or settlement is made shall again be available
for grants of Awards pursuant to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled in cash shall not
be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Upon the exercise of any Award
granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as to which the
Award is exercised and, notwithstanding the foregoing, such number of Shares shall no longer be available for grant under the Plan.
Section
5. Equitable Adjustments.
In
the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made in (i) the aggregate number
and kind of securities reserved for issuance under the Plan pursuant to Section 4, (ii) the kind, number of securities subject to, and
the Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase
price of Shares or other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Stock,
Restricted Stock Units or Other Stock-Based Awards granted under the Plan; and/or (iv) the terms and conditions of any outstanding Awards
(including, without limitation, any applicable performance targets or criteria with respect thereto); provided, however,
that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall
be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection
with a Change in Capitalization, the Administrator may provide, in its sole discretion, but subject in all events to the requirements
of Section 409A of the Code, for the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other
property having an aggregate Fair Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award,
reduced by the aggregate Exercise Price or purchase price thereof, if any; provided, however, that if the Exercise Price
or purchase price of any outstanding Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other
property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the Participant.
Further, without limiting the generality of the foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder
shall be made in compliance with applicable requirements. Except to the extent determined by the Administrator, any adjustments to ISOs
under this Section 5 shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3)
of the Code. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive.
Section
6. Eligibility.
The
Participants in the Plan shall be selected from time to time by the Administrator, in its sole discretion, from those individuals that
qualify as Eligible Recipients. No Participant who is a director, but is not also an employee or consultant, of the Company shall receive
Awards and be paid cash compensation during any calendar year that exceed, in the aggregate, $300,000 in total value (with cash compensation
measured for this purpose at its value upon payment and any Awards measured for this purpose at their grant date Fair Market Value, as
determined for the Company’s financial reporting purposes).
Section
7. Options.
(a)
General. Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Each Participant who is granted
an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine,
in its sole discretion, including, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding
exercisability of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award
Agreement has no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not be the same
with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder.
Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable
Award Agreement.
(b)
Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole
discretion at the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the
Fair Market Value of a share of Common Stock on the date of grant.
(c)
Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than
ten (10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable
provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, subject to Section 7(d) of the Plan, the Administrator
shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the
Administrator, in its sole discretion, deems appropriate.
(d)
Exercisability. Each Option shall be subject to vesting or become exercisable at such time or times and subject to such terms
and conditions, including the attainment of performance goals, as shall be determined by the Administrator in the applicable Award Agreement.
The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment
exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion.
(e)
Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying
the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased
in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect
to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless
exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the
form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator
and permitted by Applicable Laws or (iv) any combination of the foregoing.
(f)
ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the
terms, conditions, limitations and administrative procedures established by the Administrator from time to time in accordance with the
Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation”
(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company.
| (1) | ISO
Grants to 10% Stockholders. Notwithstanding anything to the contrary in the Plan, if
an ISO is granted to a Participant who owns shares representing more than ten percent (10%)
of the voting power of all classes of shares of the Company, its “parent corporation”
(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the
term of the ISO shall not exceed five (5) years from the time of grant of such ISO and the
Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market Value
of the Shares on the date of grant. |
| (2) | $100,000
Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined
on the date of grant) of the Shares for which ISOs are exercisable for the first time by
any Participant during any calendar year (under all plans of the Company) exceeds $100,000,
such excess ISOs shall be treated as Nonqualified Stock Options. |
| (3) | Disqualifying
Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company
in writing immediately after the date the Participant makes a “disqualifying disposition”
of any Share acquired pursuant to the exercise of such ISO. A “disqualifying disposition”
is any disposition (including any sale) of such Shares before the later of (i) two (2) years
after the date of grant of the ISO and (ii) one (1) year after the date the Participant acquired
the Shares by exercising the ISO. The Company may, if determined by the Administrator and
in accordance with procedures established by it, retain possession of any Shares acquired
pursuant to the exercise of an ISO as agent for the applicable Participant until the end
of the period described in the preceding sentence, subject to complying with any instructions
from such Participant as to the sale of such Shares. |
(g)
Rights as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights
of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof,
and has paid in full for such Shares and has satisfied the requirements of Section 15 hereof.
(h)
Termination of Employment or Service. Treatment of an Option upon termination of employment of a Participant shall be provided
for by the Administrator in the Award Agreement.
(i)
Other Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and termination,
by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability
or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.
Section
8. Stock Appreciation Rights.
(a)
General. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with
all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after
the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which,
grants of Stock Appreciation Rights shall be made. Each Participant who is granted a Stock Appreciation Right shall enter into an Award
Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, including,
among other things, the number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Stock Appreciation
Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates.
The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted
under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable
Award Agreement.
(b)
Awards; Rights as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect
to the shares of Common Stock, if any, subject to a Stock Appreciation Right until the Participant has given written notice of the exercise
thereof and has satisfied the requirements of Section 15 hereof.
(c)
Exercise Price. The Exercise Price of Shares purchasable under a Stock Appreciation Right shall be determined by the Administrator
in its sole discretion at the time of grant, but in no event shall the exercise price of a Stock Appreciation Right be less than one
hundred percent (100%) of the Fair Market Value of a share of Common Stock on the date of grant.
(d)
Exercisability.
| (1) | Stock
Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times
and subject to such terms and conditions as shall be determined by the Administrator in the
applicable Award Agreement. |
| (2) | Stock
Appreciation Rights that are Related Rights shall be exercisable only at such time or times
and to the extent that the Options to which they relate shall be exercisable in accordance
with the provisions of Section 7 hereof and this Section 8 of the Plan. |
(e)
Payment Upon Exercise.
| (1) | Upon
the exercise of a Free Standing Right, the Participant shall be entitled to receive up to,
but not more than, that number of Shares equal in value to the excess of the Fair Market
Value as of the date of exercise over the Exercise Price per share specified in the Free
Standing Right multiplied by the number of Shares in respect of which the Free Standing Right
is being exercised. |
| (2) | A
Related Right may be exercised by a Participant by surrendering the applicable portion of
the related Option. Upon such exercise and surrender, the Participant shall be entitled to
receive up to, but not more than, that number of Shares equal in value to the excess of the
Fair Market Value as of the date of exercise over the Exercise Price specified in the related
Option multiplied by the number of Shares in respect of which the Related Right is being
exercised. Options which have been so surrendered, in whole or in part, shall no longer be
exercisable to the extent the Related Rights have been so exercised. |
| (3) | Notwithstanding
the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation
Right in cash (or in any combination of Shares and cash). |
(f)
Termination of Employment or Service. Treatment of a Stock Appreciation Right upon termination of employment of a Participant
shall be provided for by the Administrator in the Award Agreement.
(g)
Term.
| (1) | The
term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing
Right shall be exercisable more than ten (10) years after the date such right is granted. |
| (2) | The
term of each Related Right shall be the term of the Option to which it relates, but no Related
Right shall be exercisable more than ten (10) years after the date such right is granted. |
(h)
Other Change in Employment or Service Status. Stock Appreciation Rights shall be affected, both with regard to vesting schedule
and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment,
partial Disability or other changes in the employment or service status of a Participant, in the discretion of the Administrator.
Section
9. Restricted Stock and Restricted Stock Units.
(a)
General. Restricted Stock or Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible
Recipients to whom, and the time or times at which, Restricted Stock or Restricted Stock Units shall be made. Each Participant who is
granted Restricted Stock or Restricted Stock Units shall enter into an Award Agreement with the Company, containing such terms and conditions
as the Administrator shall determine, in its sole discretion, including, among other things, the number of Shares to be awarded; the
price, if any, to be paid by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the period of time restrictions,
performance goals or other conditions that apply to Transferability, delivery or vesting of such Awards (the “Restricted Period”);
and all other conditions applicable to the Restricted Stock and Restricted Stock Units. If the restrictions, performance goals or conditions
established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock or Restricted Stock Units,
in accordance with the terms of the grant. The provisions of the Restricted Stock or Restricted Stock Units need not be the same with
respect to each Participant.
(b)
Awards and Certificates. Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award of Restricted
Stock may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Stock; and (ii) any such
certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms,
conditions and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted
Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any Award of Restricted Stock, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares
covered by such Award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered
to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award. With respect to Restricted
Stock Units to be settled in Shares, at the expiration of the Restricted Period, share certificates in respect of the shares of Common
Stock underlying such Restricted Stock Units may, in the Company’s sole discretion, be delivered to the Participant, or his legal
representative, in a number equal to the number of shares of Common Stock underlying the Restricted Stock Units Award. Notwithstanding
anything in the Plan to the contrary, any Restricted Stock or Restricted Stock Units to be settled in Shares (at the expiration of the
Restricted Period, and whether before or after any vesting conditions have been satisfied) may, in the Company’s sole discretion,
be issued in uncertificated form. Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Stock Units,
at the expiration of the Restricted Period, Shares, or cash, as applicable, shall promptly be issued (either in certificated or uncertificated
form) to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section
409A of the Code, and such issuance or payment shall in any event be made within such period as is required to avoid the imposition of
a tax under Section 409A of the Code.
(c)
Restrictions and Conditions. The Restricted Stock or Restricted Stock Units granted pursuant to this Section 9 shall be subject
to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the
time of grant or, subject to Section 409A of the Code where applicable, thereafter:
| (1) | The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments
and may accelerate or waive such restrictions in whole or in part based on such factors and
such circumstances as the Administrator may determine, in its sole discretion, including,
but not limited to, the attainment of certain performance goals, the Participant’s
termination of employment or service with the Company or any Affiliate thereof, or the Participant’s
death or Disability. Notwithstanding the foregoing, upon a Change in Control, the outstanding
Awards shall be subject to Section 11 hereof. |
| (2) | Except
as provided in the applicable Award Agreement, the Participant shall generally have the rights
of a stockholder of the Company with respect to Restricted Stock during the Restricted Period;
provided, however, that dividends declared during the Restricted Period with
respect to an Award, shall only become payable if (and to the extent) the underlying Restricted
Stock vests. Except as provided in the applicable Award Agreement, the Participant shall
generally not have the rights of a stockholder with respect to Shares subject to Restricted
Stock Units during the Restricted Period; provided, however, that, subject
to Section 409A of the Code, an amount equal to dividends declared during the Restricted
Period with respect to the number of Shares covered by Restricted Stock Units shall, unless
otherwise set forth in an Award Agreement, be paid to the Participant at the time (and to
the extent) Shares in respect of the related Restricted Stock Units are delivered to the
Participant. Certificates for Shares of unrestricted Common Stock may, in the Company’s
sole discretion, be delivered to the Participant only after the Restricted Period has expired
without forfeiture in respect of such Restricted Stock or Restricted Stock Units, except
as the Administrator, in its sole discretion, shall otherwise determine. |
| (3) | The
rights of Participants granted Restricted Stock or Restricted Stock Units upon termination
of employment or service as a director or independent contractor to the Company or to any
Affiliate thereof terminates for any reason during the Restricted Period shall be set forth
in the Award Agreement. |
(d)
Form of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof)
that any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in
connection with the Award.
Section
10. Other Stock-Based Awards.
Other
Stock-Based Awards may be issued under the Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete
authority to determine the individuals to whom and the time or times at which such Other Stock-Based Awards shall be granted. Each Participant
who is granted an Other Stock-Based Award shall enter into an Award Agreement with the Company, containing such terms and conditions
as the Administrator shall determine, in its sole discretion, including, among other things, the number of shares of Common Stock to
be granted pursuant to such Other Stock-Based Awards, or the manner in which such Other Stock-Based Awards shall be settled (e.g., in
shares of Common Stock, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Stock-Based
Awards (which may include, but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other
Stock-Based Awards. In the event that the Administrator grants a bonus in the form of Shares, the Shares constituting such bonus shall,
as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name
of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such
bonus is payable. Notwithstanding anything set forth in the Plan to the contrary, any dividend or dividend equivalent Award issued hereunder
shall be subject to the same restrictions, conditions and risks of forfeiture as apply to the underlying Award.
Section
11. Change in Control.
Unless
otherwise determined by the Administrator and evidenced in an Award Agreement, in the event that (a) a Change in Control occurs, and
(b) the Participant is employed by, or otherwise providing services to, the Company or any of its Affiliates immediately prior to the
consummation of such Change in Control then upon the consummation of such Change in Control, the Administrator, in its sole and absolute
discretion, may:
(a)
provide that any unvested or unexercisable portion of any Award carrying a right to exercise become fully vested and exercisable; and
(b)
cause the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan
to lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed
to be fully achieved at target performance levels.
If
the Administrator determines in its discretion pursuant to Section 3(b)(4) hereof to accelerate the vesting of Options and/or Share Appreciation
Rights in connection with a Change in Control, the Administrator shall also have discretion in connection with such action to provide
that all Options and/or Stock Appreciation Rights outstanding immediately prior to such Change in Control shall expire on the effective
date of such Change in Control.
Section
12. Amendment and Termination.
The
Board may amend, alter or terminate the Plan at any time, but no amendment, alteration or termination shall be made that would impair
the rights of a Participant under any Award theretofore granted without such Participant’s consent. The Board shall obtain approval
of the Company’s stockholders for any amendment that would require such approval in order to satisfy the requirements of any rules
of the stock exchange on which the Common Stock is traded or other Applicable Law. Subject to Section 3(c), the Administrator may amend
the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately
preceding sentence, no such amendment shall materially impair the rights of any Participant without his or her consent.
Section
13. Unfunded Status of Plan.
The
Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to
a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general
creditor of the Company.
Section
14. Withholding Taxes.
Each
Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant
for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of an
amount up to the maximum statutory tax rates in the Participant’s applicable jurisdiction with respect to the Award, as determined
by the Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and
the Company shall, to the extent permitted by Applicable Laws, have the right to deduct any such taxes from any payment of any kind otherwise
due to such Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount
sufficient to satisfy any applicable withholding tax requirements related thereto. Whenever Shares or property other than cash are to
be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount
sufficient to satisfy any related taxes to be withheld and applied to the tax obligations; provided, that, with the approval
of the Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery
of Shares or other property, as applicable, or (ii) delivering already owned unrestricted shares of Common Stock, in each case, having
a value not exceeding the applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted shares
of Common Stock shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any
fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion
of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds,
as permitted by Applicable Laws, to satisfy its withholding obligation with respect to any Award.
Section
15. Transfer of Awards.
Until
such time as the Awards are fully vested and/or exercisable in accordance with the Plan or an Award Agreement, no purported sale, assignment,
mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or
creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”)
by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent
of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of
an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio
and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit
or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of
such Shares or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions
of the immediately preceding sentence, an Option or a Stock Appreciation Right may be exercised, during the lifetime of the Participant,
only by the Participant or, during any period during which the Participant is under a legal Disability, by the Participant’s guardian
or legal representative.
Section
16. Continued Employment or Service.
Neither
the adoption of the Plan nor the grant of an Award shall confer upon any Eligible Recipient any right to continued employment or service
with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any
Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.
Section
17. Effective Date.
The
Plan was approved by the Board on April 24, 2023 and shall be adopted and become effective on the date that it is approved by the Company’s
stockholders (the “Effective Date”).
Section
18. Electronic Signature.
Participant’s
electronic signature of an Award Agreement shall have the same validity and effect as a signature affixed by hand.
Section
19. Term of Plan.
No
Award shall be granted pursuant to the Plan on or after the tenth (10th) anniversary of the Effective Date, but Awards theretofore
granted may extend beyond that date.
Section
20. Securities Matters and Regulations.
(a)
Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted
under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities
laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator.
The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant
to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such
legends, as the Administrator, in its sole discretion, deems necessary or advisable.
(b)
Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award
shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval
has been effected or obtained free of any conditions not acceptable to the Administrator.
(c)
In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under
the Exchange Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required
by the Exchange Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the
Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired
by such Participant is acquired for investment only and not with a view to distribution.
Section
21. Section 409A of the Code.
The
Plan as well as payments and benefits under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with
Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding
anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section
409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the
Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred
a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments
described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not
be treated as deferred compensation unless Applicable Law requires otherwise. Notwithstanding anything to the contrary in the Plan, to
the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates)
are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest
charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on
the first business day after the date that is six (6) months following such separation from service (or death, if earlier). Each amount
to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A
of the Code. The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from
or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.
The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.
Section
22. Notification of Election Under Section 83(b) of the Code.
If
any Participant shall, in connection with the acquisition of shares of Common Stock under the Plan, make the election permitted under
Section 83(b) of the Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of the
election with the Internal Revenue Service.
Section
23. No Fractional Shares.
No
fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Administrator shall determine whether cash,
other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights
thereto shall be forfeited or otherwise eliminated.
Section
24. Beneficiary.
A
Participant may file with the Administrator a written designation of a beneficiary on such form as may be prescribed by the Administrator
and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or
administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.
Section
25. Paperless Administration.
In
the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation,
granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation,
granting or exercise of Awards by a Participant may be permitted through the use of such an automated system.
Section
26. Severability.
If
any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be
applied as if the invalid or unenforceable provision had not been included in the Plan.
Section
27. Clawback.
(a)
If the Company is required to prepare an accounting restatement of its financial statements due to the Company’s material noncompliance
(whether one occurrence or a series of occurrences of noncompliance) with any financial reporting requirement under the securities laws
(including if the Company is required to prepare an accounting restatement to correct an error (or a series of errors)) (a “Covered
Accounting Restatement”), and if such Covered Accounting Restatement includes (i) restatements that correct errors that are
material to previously issued financial statements (commonly referred to as “Big R” restatements), and (ii) restatements
that correct errors that are not material to previously issued financial statements, but would result in a material misstatement if (a)
the errors were left uncorrected in the current report, or (b) the error correction was recognized in the current period (commonly referred
to as “little r” restatements), then the Committee may require any Covered Executive to repay (in which event, such Covered
Executive shall, within thirty (30) days of the notice by the Company, repay to the Company) or forfeit (in which case, such Covered
Executive shall immediately forfeit to the Company) to the Company, and each Covered Executive hereby agrees to so repay or forfeit,
that portion of the Incentive Compensation received by such Covered Executive during the period comprised of the Company’s three
(3) completed fiscal years (together with any intermittent stub fiscal year period(s) of less than nine (9) months resulting from Company’s
transition to different fiscal year measurement dates) immediately preceding the date the Company is deemed (as described below) to be
required to prepare a Covered Accounting Restatement (such period, the “Look-Back Period”), that the Committee determines
was in excess of the amount of Incentive Compensation that such Covered Executive would have received during such Look-Back Period, had
such Incentive Compensation been calculated based on the restated amounts, and irrespective of any fault, misconduct or responsibility
of such Covered Executive for the Covered Accounting Restatement. It is specifically understood that, to the extent that the impact of
the Covered Accounting Restatement on the amount of Incentive Compensation received cannot be calculated directly from the information
therein (e.g., if such restatement’s impact on the Company’s stock price is not clear), such excess amount of Incentive Compensation
shall be determined based on a reasonable estimate by the Committee of the effect of the Covered Accounting Restatement on the applicable
financial measure (including the stock price or total shareholder return) based upon which the Incentive Compensation was received. The
amount of the Incentive Compensation to be recouped shall be determined by the Committee in its sole and absolute discretion and calculated
on a pre-tax basis, and the form of such recoupment of Incentive Compensation may be made, in the Committee’s sole and absolute
discretion, through the forfeiture or cancellation of vested or unvested Awards, cash repayment or both. Incentive Compensation shall
be deemed received, either wholly or in part, in the fiscal year during which the financial reporting measure specified in such Incentive
Compensation Award is attained (or with respect to, or based on, the achievement of any financial reporting measure which such Incentive
Compensation was granted, earned or vested, as applicable), even if the payment, vesting or grant of such Incentive Compensation occurs
after the end of such fiscal year. For purposes of this Section 27, the Company is deemed to be required to prepare a Covered Accounting
Restatement on the earlier of (A) the date upon which the Board or an applicable committee thereof, or the officer or officers of the
Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company
is required to prepare a Covered Accounting Restatement; or (B) the date a court, regulator, or other legally authorized body directs
the Company to prepare a Covered Accounting Restatement.
(b)
Notwithstanding any other provisions in this Plan, any Award or any other compensation received by a Participant which is subject to
recovery under any Applicable Laws, government regulation or stock exchange listing requirement (or any policy adopted by the Company
pursuant to any such Applicable Law, government regulation or stock exchange listing requirement), will be subject to such deductions
and clawback as may be required to be made pursuant to such Applicable Law, government regulation or stock exchange listing requirement
(or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement on or following
the Effective Date).
Section
28. Governing Law.
The
Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles of
conflicts of law of such state.
Section
29. Indemnification.
To
the extent allowable pursuant to applicable law, each member of the Board and the Administrator and any officer or other employee to
whom authority to administer any component of the Plan is designated shall be indemnified and held harmless by the Company from any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be a party or in which he or she may be involved
by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she gives the Company an opportunity,
at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such individuals may be entitled pursuant
to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have
to indemnify them or hold them harmless.
Section
30. Titles and Headings, References to Sections of the Code or Exchange Act.
The
titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of
the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any
amendment or successor thereto.
Section
31. Successors.
The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all
of the assets and business of the Company.
Section
32. Relationship to other Benefits.
No
payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing,
group insurance, welfare, or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in
writing in such other plan or an agreement thereunder.
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