Form 8-K

8-K — Ramaco Resources, Inc.

Accession: 0001213900-26-067334

Filed: 2026-06-10

Period: 2026-06-10

CIK: 0001687187

SIC: 1220 (BITUMINOUS COAL & LIGNITE MINING)

Item: Submission of Matters to a Vote of Security Holders

Item: Financial Statements and Exhibits

Documents

8-K — ea0294323-8k_ramaco.htm (Primary)

EX-10.1 — RAMACO RESOURCES, INC. LONG TERM INCENTIVE PLAN (AS AMENDED JUNE 10, 2026) (ea029432301ex10-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

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2026-06-10

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 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 10, 2026

Ramaco

Resources, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38003

38-4018838

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

250

West Main Street, Suite 1900

Lexington,

Kentucky 40507

(Address of principal executive offices, including zip code)

(859)

244-7455

(Registrant’s

telephone number, including area code)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation 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 240.14a-12)

☐ 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

Class A Common

Stock, $0.01 par value

METC

Nasdaq Global Select Market

Class B Common

Stock, $0.01 par value

METCB

Nasdaq Global Select Market

8.375% Senior Notes due 2029

METCZ

Nasdaq Global Select Market

8.250% Senior Notes due 2029

METCI

Nasdaq Global Select Market

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 ☐

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

5.07 Submission of Matters to a Vote of Security Holders

June 10, 2026, Ramaco Resources, Inc. (the “Company”) held its Annual Meeting of Shareholders (the “Annual Meeting”).

As of April 20, 2026, the record date for the Annual Meeting (the “Record Date”), there was a total of 65,677,144 shares

of Company common stock (consisting of 54,307,004 shares of Class A common stock and 11,370,140 shares of Class B common stock) issued

and outstanding and entitled to vote on the four proposals presented at the Annual Meeting. Stockholders holding 51,390,554 shares of

Company common stock, representing approximately 78.24% of the shares of common stock outstanding on Record Date, were present in person

or represented by proxy, which constituted a quorum. The proposals are described in greater detail in the Definitive Proxy Statement

of the Company filed with the Securities and Exchange Commission on April 27, 2026. Set forth below are the final voting results for each of the proposals submitted to a vote of the Company’s stockholders

at the Annual Meeting.

Each

director nominee was elected and each other matter submitted to a vote of the Company’s stockholders at the Annual Meeting, as

described below, was approved by the requisite vote of the Company’s stockholders. The final voting results for each of the proposals

submitted to a vote of the stockholders of the Company at the Annual Meeting are set forth below.

1) Shareholders

were asked to vote upon the election of directors. The final vote totals are below.

Name

Votes

For

Votes

Withheld

Broker

Non-Votes

Bryan

H. Lawrence

34,240,156

4,831,190

12,319,208

David

E.K. Frischkorn, Jr.

33,142,435

5,928,911

12,319,208

Michael

R. Graney

38,844,304

227,042

12,319,208

2) Shareholders

were asked to vote to ratify the appointment of Grant Thornton LLP as the Company’s

independent registered public accounting firm for the year ending December 31, 2026. There

were no broker non-votes. The final vote totals are below.

Votes

For

Votes

Against

Abstentions

51,176,895

123,273

90,386

3) Shareholders

were asked to vote to approve an amendment to the Company’s Long-Term Incentive Program

(the “LTIP”) to increase the number of shares of Class A common stock subject

to the LTIP by an additional 4,000,000 shares.

Votes For

Votes Against

Abstentions

Broker Non-Votes

33,603,634

5,379,416

88,296

12,319,208

4) Shareholders

were asked to vote to approve, on an advisory basis, the compensation paid by the Company to its named executive officers. The final

vote totals are below.

Votes For

Votes Against

Abstentions

Broker Non-Votes

35,914,373

2,997,223

159,750

12,319,208

Item

9.01 Financial Statements and Exhibits.

(d)

Exhibits

No.

Description

10.1

Ramaco Resources, Inc. Long Term Incentive Plan (as amended June 10, 2026).

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

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.

Date: June 10, 2026

RAMACO RESOURCES, INC.

By:

/s/ Randall W. Atkins

Randall W. Atkins

Chairman, Chief Executive Officer

EX-10.1 — RAMACO RESOURCES, INC. LONG TERM INCENTIVE PLAN (AS AMENDED JUNE 10, 2026)

EX-10.1

Filename: ea029432301ex10-1.htm · Sequence: 2

Exhibit

10.1

RAMACO

RESOURCES, INC.

LONG-TERM

INCENTIVE PLAN

(As

amended and restated June 10, 2026)

Purpose. The purpose of the Ramaco Resources, Inc. Long-Term Incentive Plan (the “Plan”) is to provide

a means through which (a) Ramaco Resources, Inc., a Delaware corporation (the “Company”), and its Affiliates

may attract, retain and motivate qualified persons as employees, directors and consultants, thereby enhancing the profitable growth of

the Company and its Affiliates and (b) persons upon whom the responsibilities of the successful administration and management of the

Company and its Affiliates rest, and whose present and potential contributions to the Company and its Affiliates are of importance, can

acquire and maintain stock ownership or other awards tied to the performance of the Company, thereby strengthening their concern for

the Company and its Affiliates. Accordingly, the Plan provides for granting Options, SARs, Restricted Stock, Restricted Stock Units,

Stock Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards, Performance Awards, or any combination

of the foregoing, as determined by the Committee in its sole discretion.

Definitions. For purposes of the Plan, the following terms shall be defined as set forth below:

(a)

“Affiliate” means any corporation, partnership, limited liability company, limited liability partnership, association,

trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For

purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled by”

and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly

or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of

the controlled entity or organization, or (ii) to direct or cause the direction of the management and policies of the controlled entity

or organization, whether through the ownership of voting securities, by contract, or otherwise.

(b)

“ASC Topic 718” means the Financial Accounting Standards Board Accounting Standards Codification Topic 718,

Compensation – Stock Compensation, as amended or any successor accounting standard.

(c)

“Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award, Dividend Equivalent, Other

Stock-Based Award, Cash Award, Substitute Award or Performance Award, together with any other right or interest, granted under the Plan.

(d)

“Award Agreement” means any written instrument (including any employment, severance or change in control agreement)

that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to those set forth under the

Plan.

(e)

“Board” means the Board of Directors of the Company.

(f)

“Cash Award” means an Award denominated in cash granted under Section 6(i).

(g)

“Change in Control” means, except as otherwise provided in an Award Agreement, the occurrence of any of the

following events after the Effective Date:

(i)

A “change in the ownership” of the Company within the meaning of Treasury Regulation § 1.409A-3(i)(5)(v), whereby any

one person, or more than one person acting as a “group” (for purposes of this Section 2(g)(i), as such term is defined

in Treasury Regulation § 1.409A-3(i)(5)(v)(B)), acquires ownership of stock in the Company that, together with stock held by such

person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company.

(ii)

A “change in the effective control” of the Company within the meaning of Treasury Regulation § 1.409A-3(i)(5)(vi), whereby

either (A) any one person, or more than one person acting as a “group” (for purposes of this Section 2(g)(ii), as

such term is defined in Treasury Regulation § 1.409A-3(i)(5)(vi)(D)), acquires (or has acquired during the 12-month period ending

on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the

total voting power of the stock of the Company; or (B) a majority of the members of the Board are replaced during any 12-month period

by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment

or election.

(iii)

A “change in the ownership of a substantial portion” of the Company’s assets within the meaning of Treasury Regulation

§ 1.409A-3(i)(5)(vii), whereby any one person, or more than one person acting as a “group” (for purposes of this Section

2(g)(iii), as such term is defined in Treasury Regulation § 1.409A-3(i)(5)(vii)(C)), acquires (or has acquired during the 12-month

period ending on the date of the most recent acquisition by such person or persons) assets of the Company that have a total gross fair

market value equal to or more than 40% of the total gross fair market value of all the assets of the Company immediately prior to such

acquisition or acquisitions.

The

preceding provisions of this Section 2(g) are intended to merely summarize the provisions of Treasury Regulation § 1.409A-3(i)(5)

and, to the extent that the preceding provisions of this Section 2(g) do not incorporate fully all of the provisions (or are otherwise

inconsistent with the provisions) of Treasury Regulation § 1.409A-3(i)(5), then the relevant provisions of such Treasury Regulation

shall control. In addition, for purposes of this Section 2(g) and except as otherwise provided in an Award Agreement, “Company”

includes (x) the Company, (y) the entity for whom a Participant performs the services for which an Award is granted, and (z) an entity

that is a stockholder owning more than 50% of the total fair market value and total voting power (a “Majority Stockholder”)

of the Company or the entity identified in (y) above, or any entity in a chain of entities in which each entity is a Majority Stockholder

of another entity in the chain, ending in the Company or the entity identified in (y) above.

(h)

“Change in Control Price” means the amount determined in the following clause (i), (ii), (iii), (iv) or (v),

whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or consolidation,

(ii) the per share fair market value of the Stock immediately before the Change in Control or other event without regard to assets sold

in the Change in Control or other event and assuming the Company has received the consideration paid for the assets in the case of a

sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to

holders of Stock in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v) if such Change

in Control or other event occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section

2(h), the value per share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track,

as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards.

In the event that the consideration offered to stockholders of the Company in any transaction described in this Section 2(h) or

in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of

the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent

applicable to Awards held by such Participants.

(i)

“Code” means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and regulations

promulgated thereunder and successor provisions, guidance and regulations thereto.

(j)

“Committee” means a committee of two or more directors designated by the Board to administer the Plan; provided,

however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members.

(k)

“Covered Employee” means an Eligible Person who is (i) a “covered employee” within the meaning

of Section 162(m) or (ii) designated by the Committee, at the time of grant of a Performance Award or at any subsequent time, as reasonably

expected to be a “covered employee” with respect to the taxable year of the Company in which any applicable Award will be

paid.

(l)

“Dividend Equivalent” means a right, granted to an Eligible Person under Section 6(g), to receive cash,

Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other

periodic payments.

(m)

“Effective Date” means the date on which the Plan is approved by the Board.

(n)

“Eligible Person” means any individual who, as of the date of grant of an Award (other than a Substitute Award),

is an officer or employee of the Company or of any of its Affiliates, and any other person who provides services to the Company or any

of its Affiliates, including directors of the Company; provided, however, that any such individual must be an “employee”

of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual

is granted an Award that may be settled in Stock. An employee on leave of absence may be an Eligible Person.

(o)

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including the guidance,

rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.

(p)

“Fair Market Value” of a share of Stock means, as of any specified date, (i) if the Stock is listed on a national

securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales

occur on such date, on the last preceding date on which such sales of the Stock are so reported); (ii) if the Stock is not traded on

a national securities exchange but is traded over the counter on such date, the average between the reported high and low bid and asked

prices of Stock on the most recent date on which Stock was publicly traded on or preceding the specified date; or (iii) in the event

Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by

the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate,

including the Nonqualified Deferred Compensation Rules. Notwithstanding this definition of Fair Market Value, with respect to one or

more Award types, or for any other purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee

may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination is consistent

with the Nonqualified Deferred Compensation Rules and all other applicable laws and regulations.

(q)

“ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning

of Section 422 of the Code.

(r)

“Nonqualified Deferred Compensation Rules” means the limitations or requirements of Section 409A of the Code,

as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations

thereto.

(s)

“Nonstatutory Option” means an Option that is not an ISO.

(t)

“Option” means an option granted to an Eligible Person under Section 6(b), to purchase Stock that may

either be an ISO or a Nonstatutory Option.

(u)

“Other Stock-Based Award” means an Award granted to an Eligible Person under Section 6(h).

(v)

“Participant” means a person who has been granted an Award under the Plan that remains outstanding, including

a person who is no longer an Eligible Person.

(w)

“Performance Award” means an award granted to an Eligible Person under Section 6(k), the grant, vesting,

exercisability and/or settlement of which (and/or the timing or amount thereof) is subject to the achievement of one or more performance

goals specified by the Committee.

(x)

“Qualified Member” means a member of the Board who is (i) a “non-employee director” within the

meaning of Rule 16b-3, (ii) following expiration of the Transition Period (as defined below), an “outside director” within

the meaning of Section 162(m), and (iii) “independent” under the listing standards or rules of the securities exchange upon

which the Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such

standards or rules.

(y)

“Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) that is subject to certain

restrictions and to a risk of forfeiture.

(z)

“Restricted Stock Unit” means a right, granted to an Eligible Person under Section 6(e), to receive

Stock, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule

of the Award).

(aa) “Rule

16b-3” means Rule 16b-3, promulgated by the SEC under Section 16 of the Exchange Act.

(bb) “SAR”

means a stock appreciation right granted to an Eligible Person under Section 6(c).

(cc) “SEC”

means the Securities and Exchange Commission.

(dd) “Section

162(m)” means Section 162(m) of the Code and Treasury Regulation § 1.162-27, as amended from time to time, and any

other guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

(ee) “Section

162(m) Award” means a Performance Award granted under Section 6(k)(i) to a Covered Employee that is intended to

satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m).

(ff) “Securities

Act” means the Securities Act of 1933, as amended from time to time, including the guidance, rules and regulations promulgated

thereunder and successor provisions, guidance, rules and regulations thereto.

(gg) “Stock”

means the Company’s Class A Common Stock, par value $0.01 per share, and such other securities as may be substituted (or re-substituted)

for Stock pursuant to Section 8.

(hh) “Stock

Award” means unrestricted shares of Stock granted to an Eligible Person under Section 6(f).

(ii)

“Substitute Award” means an Award granted under Section 6(j).

Administration.

(a)

Authority of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to administer

the Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.”

Subject to the express provisions of the Plan, Rule 16b-3 and other applicable laws, the Committee shall have the authority, in its sole

and absolute discretion, to:

(i)

designate Eligible Persons as Participants;

(ii)

determine the type or types of Awards to be granted to an Eligible Person;

(iii)

determine the number of shares of Stock or amount of cash to be covered by Awards;

(iv)

determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested,

settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement

of one or more performance goals);

(v)

modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver

of forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Stock or vice versa), early

termination of a performance period, or modification of any other condition or limitation regarding an Award;

(vi)

determine the treatment of an Award upon a termination of employment or other service relationship;

(vii)

impose a holding period with respect to an Award or the shares of Stock received in connection with an Award;

(viii)

interpret and administer the Plan and any Award Agreement;

(ix)

correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and

(x)

make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the

Plan.

The

express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting

any power or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all persons, including

the Company, its Affiliates, stockholders, Participants, beneficiaries, and permitted transferees under Section 7(a) or other

persons claiming rights from or through a Participant.

(b)

Exercise of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action of the Committee

relating to (i) an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect

of the Company where such action is not taken by the full Board, or (ii) a Section 162(m) Award, may be taken either (A) by a subcommittee,

designated by the Committee, composed solely of two or more Qualified Members, or (B) by the Committee but with each such member who

is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such

abstention or recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee

or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes

of the Plan. For the avoidance of doubt, the full Board may take any action relating to an Award granted or to be granted to an Eligible

Person who is then subject to Section 16 of the Exchange Act in respect of the Company so long as such Award is not a Section 162(m)

Award.

(c)

Delegation of Authority. The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors

or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, however,

that such delegation does not (i) violate state or corporate law, (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for

Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company, or (iii) cause Section 162(m) Awards

to fail to so qualify. Upon any such delegation, all references in the Plan to the “Committee,” other than in Section

8, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee.

Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however,

that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive

officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member

of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not executive officers

of the Company or members of the Board to assist in administering the Plan; provided, however, that such individuals may

not be delegated the authority to (i) grant or modify any Awards that will, or may, be settled in Stock or (ii) take any action that

would cause Section 162(m) Awards to fail to so qualify, if applicable.

(d)

Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report

or other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the Company’s

legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan. Members of the Committee

and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf of the Committee shall not be

personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the fullest extent

permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination.

(e)

Participants in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the contrary, to comply with applicable laws

in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other

service providers from time to time, or to ensure that the Company complies with any applicable requirements of foreign securities exchanges,

the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Company’s Affiliates shall

be covered by the Plan; (ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii)

modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign

laws or listing requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures,

to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices),

provided, however, that no such sub-plans and/or modifications shall increase the share limitations contained in Section

4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental

regulatory exemptions or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references

to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction

other than the United States or a political subdivision thereof.

Stock Subject to Plan.

(a)

Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with Section 8, 14,937,425 shares

of Stock are reserved and available for delivery with respect to Awards, and such total shall be available for the issuance of shares

upon the exercise of ISOs.

(b)

Application of Limitation to Grants of Awards. Subject to Section 4(c), no Award may be granted if the number of shares

of Stock that may be delivered in connection with such Award exceeds the number of shares of Stock remaining available under the Plan

minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable

counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards)

and make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection

with an Award.

(c)

Availability of Shares Not Delivered under Awards. If all or any portion of an Award expires or is cancelled, forfeited, exchanged,

settled in cash or otherwise terminated, the shares of Stock subject to such Award (including (i) shares forfeited with respect to Restricted

Stock, and (ii) the number of shares withheld or surrendered to the Company in payment of any exercise or purchase price of an Award

or taxes relating to Awards), to the extent of any such cancellation, shall not be considered “delivered shares” under the

Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards

for purposes of Section 4(b), except that if any such shares could not again be available for Awards granted to a particular Participant

under any applicable law or regulation, such shares shall be available exclusively for Awards to Participants who are not subject to

such limitation. If an Award may be settled only in cash, such Award need not be counted against any share limit under this Section

4, but will remain subject to the limitations in Section 5 to the extent required to preserve the status of any Award intended

to be a Section 162(m) Award.

(d)

Stock Offered. The shares of Stock to be delivered under the Plan shall be made available from (i) authorized but unissued shares

of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including

shares purchased on the open market.

Eligibility; Per Person Award Limitations.

(a)

Awards may be granted under the Plan only to Eligible Persons.

(b)

Beginning with the calendar year in which the Transition Period expires and for each calendar year thereafter, a Covered Employee may

not be granted Awards intended to be Section 162(m) Awards (i) to the extent such Award is based on a number of shares of Stock (including

Awards that may be settled in either cash or shares of Stock) relating to more than 500,000 shares of Stock, subject to adjustment in

a manner consistent with any adjustment made pursuant to Section 8, and (ii) to the extent such Award is designated to be paid

only in cash and is not based on a number of shares of Stock, having a maximum value determined on the date of grant in excess of $10,000,000,

in each case multiplied by the number of full or partial fiscal or calendar years, as applicable, in any performance period established

with respect to an Award, if applicable, up to a maximum of five fiscal or calendar years. If an Award is cancelled, then the cancelled

Award shall continue to be counted toward the applicable limitation in this paragraph to the extent required by Section 162(m).

Specific Terms of Awards.

(a)

General. Awards may be granted on the terms and conditions set forth in this Section 6. Awards granted under the Plan may,

in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition, the Committee

may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10), such additional terms

and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine.

(b)

Options. The Committee is authorized to grant Options, which may be designated as either ISOs or Nonstatutory Options, to Eligible

Persons on the following terms and conditions:

(i)

Exercise Price. Each Award Agreement evidencing an Option shall state the exercise price per share of Stock (the “Exercise

Price”) established by the Committee; provided, however, that except as provided in Section 6(j) or

in Section 8, the Exercise Price of an Option shall not be less than the greater of (A) the par value per share of the Stock or

(B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option (or in the case of an ISO granted to an

individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent

or any of its subsidiaries, 110% of the Fair Market Value per share of the Stock on the date of grant). Notwithstanding the foregoing,

the Exercise Price of a Nonstatutory Option may be less than 100% of the Fair Market Value per share of Stock as of the date of grant

of the Option if the Option (1) does not provide for a deferral of compensation by reason of satisfying the short-term deferral exception

set forth in the Nonqualified Deferred Compensation Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified

Deferred Compensation Rules.

(ii)

Time and Method of Exercise; Other Terms. The Committee shall determine the methods by which the Exercise Price may be paid or

deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or through

a cashless exercise, i.e., “net settlement”, a broker-assisted exercise, or other reduction of the amount of shares otherwise

issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any Affiliate, other property, or

any other legal consideration the Committee deems appropriate (including notes or other contractual obligations of Participants to make

payment on a deferred basis), the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including

the delivery of Restricted Stock subject to Section 6(d), and any other terms and conditions of any Option. In the case of an

exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued based on the Stock’s Fair Market Value as of

the date of exercise. No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or

in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes

of stock of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of

the ISO).

(iii)

ISOs. The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code.

ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary corporation

of the Company. Except as otherwise provided in Section 8, no term of the Plan relating to ISOs (including any SAR in tandem therewith)

shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify

either the Plan or any ISO under Section 422 of the Code, unless the Participant has first requested the change that will result in such

disqualification. ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the approval of the

Plan by the Company’s stockholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of shares

of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any parent or subsidiary corporation (within the

meaning of Sections 424(e) and (f) of the Code) subject to any other incentive stock options of the Company or a parent or subsidiary

corporation (within the meaning of Sections 424(e) and (f) of the Code) that are exercisable for the first time by a Participant during

any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess shall be treated

as Nonstatutory Options in accordance with the Code. As used in the previous sentence, Fair Market Value shall be determined as of the

date the ISO is granted. If a Participant shall make any disposition of shares of Stock issued pursuant to an ISO under the circumstances

described in Section 421(b) of the Code (relating to disqualifying dispositions), the Participant shall notify the Company of such disposition

within the time provided to do so in the applicable award agreement.

(c)

SARs. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions:

(i)

Right to Payment. An SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of

Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee.

(ii)

Grant Price. Each Award Agreement evidencing an SAR shall state the grant price per share of Stock established by the Committee;

provided, however, that except as provided in Section 6(j) or in Section 8, the grant price per share of

Stock subject to an SAR shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market

Value per share of the Stock as of the date of grant of the SAR. Notwithstanding the foregoing, the grant price of an SAR may be less

than 100% of the Fair Market Value per share of Stock subject to an SAR as of the date of grant of the SAR if the SAR (1) does not provide

for a deferral of compensation by reason of satisfying the short-term deferral exception set forth in the Nonqualified Deferred Compensation

Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified Deferred Compensation Rules.

(iii)

Method of Exercise and Settlement; Other Terms. The Committee shall determine the form of consideration payable upon settlement,

the method by or forms in which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions

of any SAR. SARs may be either free-standing or granted in tandem with other Awards. No SAR may be exercisable for a period of more than

ten years following the date of grant of the SAR.

(iv)

Rights Related to Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender

that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying (A) the

difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the Fair

Market Value of a share of Stock on the date of exercise of the SAR, by (B) the number of shares as to which that SAR has been exercised.

The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to

the terms and conditions of the Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time

or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related

Option is transferrable.

(d)

Restricted Stock. The Committee is authorized to grant Restricted Stock to Eligible Persons on the following terms and conditions:

(i)

Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions,

if any, as the Committee may impose. Except as provided in Section 7(a)(iii) and Section 7(a)(iv), during the restricted

period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hedged, hypothecated, margined

or otherwise encumbered by the Participant.

(ii)

Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may allow a Participant to elect,

or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted

Stock, applied to the purchase of additional Awards or deferred without interest to the date of vesting of the associated Award of Restricted

Stock. Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Stock distributed in connection

with a Stock split or Stock dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions

and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed.

(e)

Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Eligible Persons on the following terms

and conditions:

(i)

Award and Restrictions. Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture)

as the Committee may impose.

(ii)

Settlement. Settlement of vested Restricted Stock Units shall occur upon vesting or upon expiration of the deferral period specified

for such Restricted Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock

Units shall be settled by delivery of (A) a number of shares of Stock equal to the number of Restricted Stock Units for which settlement

is due, or (B) cash in an amount equal to the Fair Market Value of the specified number of shares of Stock equal to the number of Restricted

Stock Units for which settlement is due, or a combination thereof, as determined by the Committee at the date of grant or thereafter.

(f)

Stock Awards. The Committee is authorized to grant Stock Awards to Eligible Persons as a bonus, as additional compensation, or

in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms

as the Committee in its discretion determines to be appropriate.

(g)

Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to Eligible Persons, entitling any such Eligible

Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to

a specified number of shares of Stock. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award

(other than an Award of Restricted Stock or a Stock Award). The Committee may provide that Dividend Equivalents shall be paid or distributed

when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Stock,

Awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability

and risks of forfeiture, as the Committee may specify. With respect to Dividend Equivalents granted in connection with another Award,

absent a contrary provision in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture

as the Award with respect to which the dividends accrue and shall not be paid unless and until such Award has vested and been earned.

(h)

Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible Persons

such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related

to, Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable debt securities,

other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance

of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value

of securities of, or the performance of, specified Affiliates of the Company. The Committee shall determine the terms and conditions

of such Other Stock-Based Awards. Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted under

this Section 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including

cash, Stock, other Awards, or other property, as the Committee shall determine.

(i)

Cash Awards. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to,

or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee in

its discretion determines to be appropriate.

(j)

Substitute Awards; No Repricing. Awards may be granted in substitution or exchange for any other Award granted under the Plan

or under another plan of the Company or an Affiliate or any other right of a person to receive payment from the Company or an Affiliate.

Awards may also be granted under the Plan in substitution for awards held by individuals who become Eligible Persons as a result of a

merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate. Such Substitute

Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair

Market Value of a share of Stock on the date of the substitution if such substitution complies with the Nonqualified Deferred Compensation

Rules and other applicable laws and exchange rules. Except as provided in this Section 6(j) or in Section 8, without the

approval of the stockholders of the Company, the terms of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant

price of an outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of,

any previously granted Option or SAR that has the effect of reducing the Exercise Price or grant price thereof, (iii) exchange any Option

or SAR for Stock, cash or other consideration when the Exercise Price or grant price per share of Stock under such Option or SAR exceeds

the Fair Market Value of a share of Stock or (iv) take any other action that would be considered a “repricing” of an Option

or SAR under the applicable listing standards of the national securities exchange on which the Stock is listed (if any).

(k)

Performance Awards. The Committee is authorized to designate any of the Awards granted under the foregoing provisions of this

Section 6 as Performance Awards. The Committee may use such business criteria and other measures of performance as it may deem

appropriate in establishing any performance goals applicable to a Performance Award, and may exercise its discretion to reduce or increase

the amounts payable under any Performance Award, except as limited under Section 6(k)(i). Performance goals may differ among Performance

Awards granted to any one Participant or to different Participants. The performance period applicable to any Performance Award shall

be set by the Committee in its discretion but shall not exceed ten years.

(i)

Section 162(m) Awards. If the Committee determines in its discretion that a Performance Award granted to a Covered Employee shall

be designated as a Section 162(m) Award, the grant, exercise, vesting and/or settlement of such Performance Award shall be contingent

upon achievement of a pre-established performance goal or goals and other terms set forth in this Section 6(k)(i); provided,

however, that nothing in this Section 6(k) or elsewhere in the Plan shall be interpreted as preventing the Committee from

granting Performance Awards or other Awards to Covered Employees that are not intended to constitute Section 162(m) Awards or from determining

that it is no longer necessary or appropriate for a Section 162(m) Award to qualify as such.

(A)

Performance Goals Generally. The performance goals for Section 162(m) Awards shall consist of one or more business criteria and

a targeted level or levels of performance with respect to each of such criteria as specified by the Committee. Performance goals shall

be objective and shall otherwise meet the requirements of Section 162(m), including the requirement that the level or levels of performance

targeted by the Committee must be “substantially uncertain” at the time the Committee actually establishes the performance

goal or goals.

(B)

Business Criteria for Performance Goals. One or more of the following business criteria for the Company, on a consolidated basis,

and/or for specified subsidiaries, business or geographical units or operating areas of the Company (except with respect to the total

stockholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for Section 162(m)

Awards: (1) revenues, sales or other income; (2) cash flow, discretionary cash flow, cash flows from operations, cash flows from investing

activities, and/or cash flows from financing activities; (3) return on net assets, return on assets, return on investment, return on

capital, return on capital employed or return on equity; (4) income, operating income or net income; (5) earnings or earnings margin

determined before or after any one or more of depletion, depreciation and amortization expense; impairment of inventory and other property

and equipment; accretion of discount on asset retirement obligations; interest expense; net gain or loss on the disposition of assets;

income or loss from discontinued operations, net of tax; noncash derivative related activity; amortization of stock-based compensation;

income taxes; or other items; (6) equity; net worth; tangible net worth; book capitalization; debt; debt, net of cash and cash equivalents;

capital budget or other balance sheet goals; (7) debt or equity financings or improvement of financial ratings; (8) production volumes,

production growth, or debt-adjusted production growth; (9) general and administrative expenses; (10) capital expenditures, operating

costs (including lease operating expenses, severance taxes and other production taxes, gathering and transportation and other components

of operating expenses), base operating costs, or production costs; (11) net asset value; (12) Fair Market Value of the Stock, share price,

share price appreciation, total stockholder return or payments of dividends; (13) achievement of savings from business improvement projects

and achievement of capital projects deliverables; (14) working capital or working capital changes; (15) operating profit or net operating

profit; (16) internal research or development programs; (17) geographic business expansion; (18) corporate development (including licenses,

innovation, research or establishment of third party collaborations); (19) performance against environmental, ethics or sustainability

targets; (20) safety performance and/or incident rate; (21) human resources management targets, including medical cost reductions, employee

satisfaction or retention, workforce diversity and time to hire; (22) satisfactory internal or external audits; (23) consummation, implementation

or completion of a Change in Control or other strategic partnerships, transactions, projects, processes or initiatives or other goals

relating to acquisitions or divestitures (in whole or in part), joint ventures or strategic alliances; (24) regulatory approvals or other

regulatory milestones; (25) legal compliance or risk reduction; (26) mining results; (27) market shares; (28) economic value added; or

(29) cost reduction targets. Any of the above goals may be determined pre-tax or post-tax, on an absolute or relative basis, as compared

to the performance of a published or special index deemed applicable by the Committee including the Standard & Poor’s 500 Stock

Index or a group of comparable companies, as a ratio with other business criteria, as a ratio over a period of time or on a per unit

of measure (such as per day or ton of coal), on a per-share basis (basic or diluted), and on a basis of continuing operations only. The

terms above may, but shall not be required to be, used as applied under generally accepted accounting principles, as applicable.

(C)

Effect of Certain Events. The Committee may, at the time the performance goals in respect of a Section 162(m) Award are established,

provide for the manner in which actual performance and performance goals with regard to the business criteria selected will reflect the

impact of specified events or occurrences during the relevant performance period, which may mean excluding the impact of one or more

events or occurrences, as specified by the Committee, for such performance period so long such events are objectively determinable. The

adjustments described in this paragraph shall only be made, in each case, to the extent that such adjustments in respect of a Section

162(m) Award would not cause the Section 162(m) Award to fail to qualify as “performance-based compensation” under Section

162(m).

(D)

Timing for Establishing Performance Goals. No later than 90 days after the beginning of any performance period applicable to a

Section 162(m) Award, or at such other date as may be required or permitted for “performance-based compensation” under Section

162(m), the Committee shall establish (i) the Eligible Persons who will be granted Section 162(m) Awards, and (ii) the objective formula

used to calculate the amount of cash or Stock payable, if any, under such Section 162(m) Awards, based upon the level of achievement

of a performance goal or goals with respect to one or more of the business criteria selected by the Committee from the list set forth

in Section 6(k)(i)(B) and, if desired, the effect of any events set forth in Section 6(k)(i)(C).

(E)

Performance Award Pool. The Committee may establish an unfunded pool, with the amount of such pool calculated using an objective

formula based upon the level of achievement of one or more performance goals with respect to business criteria selected from the list

set forth in Section 6(k)(i)(B) during the given performance period, as specified by the Committee in accordance with Section

6(k)(i)(D). The Committee may specify the amount of the pool as a percentage of any of such business criteria, a percentage in excess

of a threshold amount with respect to such business criteria, or as another amount which need not bear a direct relationship to such

business criteria but shall be objectively determinable and calculated based upon the level of achievement of pre-established goals with

regard to the business criteria. If a pool is established, the Committee shall also establish the maximum amount payable to each Covered

Employee from the pool for each performance period.

(F)

Settlement or Payout of Awards; Other Terms. Except as otherwise permitted under Section 162(m), after the end of each performance

period and before any Section 162(m) Award is settled or paid, the Committee shall certify the level of performance achieved with regard

to each business criteria established with respect to each Section 162(m) Award and shall determine the amount of cash or Stock, if any,

payable to each Participant with respect to each Section 162(m) Award. The Committee may, in its discretion, reduce the amount of a payment

or settlement otherwise to be made in connection with a Section 162(m) Award, but may not exercise discretion to increase any such amount.

(G)

Written Determinations. With respect to each Section 162(m) Award, all determinations by the Committee as to (1) the establishment

of performance goals and performance period with respect to the selected business criteria, (2) the establishment of the objective formula

used to calculate the amount of cash or Stock payable, if any, based on the level of achievement of such performance goals, and (3) the

certification of the level of performance achieved during the performance period with regard to each business criteria selected, shall

each be made in writing.

(H)

Options and SARs. Notwithstanding the foregoing provisions of this Section 6(k)(i), Options and SARs with an Exercise Price

or grant price not less than the Fair Market Value on the date of grant awarded to Covered Employees are intended to be Section 162(m)

Awards even if not otherwise contingent upon achievement of one or more pre-established performance goal or goals with respect to business

criteria set forth in Section 6(k)(i)(B).

(ii)

Status of Section 162(m) Awards. The terms governing Section 162(m) Awards shall be interpreted in a manner consistent with Section

162(m), in particular the prerequisites for qualification as “performance-based compensation,” and, if any provision of the

Plan as in effect on the date of adoption of any Award Agreement relating to a Section 162(m) Award does not comply or is inconsistent

with the requirements of Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such

requirements. Notwithstanding anything to the contrary in Section 6(k)(i) or elsewhere in the Plan, the Company intends to rely

on the transition relief set forth in Treasury Regulation § 1.162-27(f), which may be relied upon until the earliest to occur of

(i) the material modification of the Plan within the meaning of Treasury Regulation § 1.162-27(h)(1)(iii); (ii) the delivery of

the total number of shares of Stock set forth in Section 4(a); or (iii) the first meeting of stockholders of the Company at which

directors are to be elected that occurs after December 31, 2020 (the “Transition Period”), and during the Transition

Period, Awards granted to Covered Employees under the Plan shall only be required to comply with the transition relief described in Treasury

Regulation § 1.162-27(f).

Certain Provisions Applicable to Awards.

(a)

Limit on Transfer of Awards.

(i)

Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by the Participant during

the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and

distribution. Notwithstanding anything to the contrary in this Section 7(a), an ISO shall not be transferable other than by will

or the laws of descent and distribution.

(ii)

Except as provided in Sections 7(a)(i), (iii) and (iv), no Award, other than a Stock Award, and no right under any such

Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported

assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any

Affiliate.

(iii)

To the extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate

family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may

from time to time establish.

(iv)

An Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon delivery

to the Company of a written request for such transfer and a certified copy of such order.

(b)

Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement, payments

to be made by the Company or any of its Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee

shall determine in its discretion, including cash, Stock, other Awards or other property, and may be made in a single payment or transfer,

in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms

and conditions established by the Committee); provided, however, that any such deferred or installment payments will be

set forth in the Award Agreement. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest

on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred

payments denominated in Stock.

(c)

Evidencing Stock. The Stock or other securities of the Company delivered pursuant to an Award may be evidenced in any manner deemed

appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name of the Participant or

by book entry, electronic or otherwise and shall be subject to such stop transfer orders and other restrictions as the Committee may

deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Stock

or other securities are then listed, and any applicable federal, state or other laws, and the Committee may cause a legend or legends

to be inscribed on any such certificates to make appropriate reference to such restrictions. Further, if certificates representing Restricted

Stock are registered in the name of the Participant the Company may retain physical possession of the certificates and may require that

the Participant deliver a stock power to the Company, endorsed in blank, related to the Restricted Stock.

(d)

Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall determine,

but shall not be granted for less than the minimum lawful consideration.

(e)

Additional Agreements. Each Eligible Person to whom an Award is granted under the Plan may be required to agree in writing, as

a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person’s

termination of employment or service to a general release of claims and/or a noncompetition or other restricted covenant agreement in

favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee.

Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.

(a)

Existence of Plans and Awards. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right

or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization

or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt

or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease,

exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

(b)

Additional Issuances. Except as expressly provided herein, the issuance by the Company of shares of stock of any class, including

upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or

not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock

subject to Awards theretofore granted or the purchase price per share of Stock, if applicable.

(c)

Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall be subject to adjustment

by the Committee from time to time, in accordance with the following provisions:

(i)

If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance

of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares

of Stock or in the event the Company distributes an extraordinary cash dividend, then, as appropriate (A) the maximum number of shares

of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in Section 4

and Section 5 (other than cash limits) shall be increased proportionately, and the kind of shares or other securities available

for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired

under any then outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or grant price)

for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be reduced proportionately,

without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.

(ii)

If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or otherwise)

the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A) the maximum number of

shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in Section

4 and Section 5 (other than cash limits) shall be decreased proportionately, and the kind of shares or other securities available

for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired

under any then outstanding Award shall be decreased proportionately, and (C) the price (including the Exercise Price or grant price)

for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately,

without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.

(d)

Recapitalization. In the event of any change in the capital structure or business of the Company or other corporate transaction

or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718 and, in each case, that would

result in an additional compensation expense to the Company pursuant to the provisions of ASC Topic 718, if adjustments to Awards with

respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment Event”),

then the Committee shall equitably adjust (i) the aggregate number or kind of shares that thereafter may be delivered under the Plan,

(ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the terms and conditions of Awards, including

the purchase price or Exercise Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect

to Awards provided in Section 4 and Section 5 (other than cash limits) to equitably reflect such Adjustment Event (“Equitable

Adjustments”). In the event of any change in the capital structure or business of the Company or other corporate transaction

or event that would not be considered an Adjustment Event, and is not otherwise addressed in this Section 8, the Committee shall

have complete discretion to make Equitable Adjustments (if any) in such manner as it deems appropriate with respect to such other event.

(e)

Change in Control and Other Events. Except to the extent otherwise provided in any applicable Award Agreement, vesting of any

Award shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control or other changes in

the Company or the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or

other relevant change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion without the consent

or approval of any holder, may exercise any power enumerated in Section 3 (including the power to accelerate vesting, waive any

forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or

more of the following alternatives, which may vary among individual holders and which may vary among Awards held by any individual holder:

(i)

accelerate the time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period of time

on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders thereunder

shall terminate;

(ii)

redeem in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by selected holders of some or all

of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified

by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an amount of cash or other consideration

per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for

cash or other consideration determined by the Committee in its discretion) equal to the Change in Control Price, less the Exercise Price

with respect to an Option and less the grant price with respect to a SAR, as applicable to such Awards; provided, however,

that to the extent the Exercise Price of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be

cancelled for no consideration;

(iii)

cancel Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without payment of

any consideration to the Participant for such Awards; or

(iv)

make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or other such event

(including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof);

provided,

however, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment

is necessary to Awards then outstanding. If an Adjustment Event occurs, this Section 8(e) shall only apply to the extent it is

not in conflict with Section 8(d).

General Provisions.

(a)

Tax Withholding. The Company and any of its Affiliates are authorized to withhold from any Award granted, or any payment relating

to an Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction involving an

Award, and to take such other action as the Committee may deem advisable to enable the Company, its Affiliates and Participants to satisfy

the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee.

The Committee shall determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations, including

the delivery of cash or cash equivalents, Stock (including previously owned shares, net settlement, a broker-assisted sale, or other

cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to the Award), other property, or

any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is

subject to Rule 16b-3 to pay taxes with shares of Stock through net settlement or previously owned shares shall be approved by either

a committee made up of solely two or more Qualified Members or the full Board. If such tax withholding amounts are satisfied through

net settlement or previously owned shares, the maximum number of shares of Stock that may be so withheld or surrendered shall be the

number of shares of Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount

of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including

payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to such Award, as determined

by the Committee.

(b)

Limitation on Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving any

Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company

or any of its Affiliates, (ii) interfering in any way with the right of the Company or any of its Affiliates to terminate any Eligible

Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant

any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and/or employees and/or other service

providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is

duly issued or transferred shares of Stock in accordance with the terms of an Award.

(c)

Governing Law; Submission to Jurisdiction. All questions arising with respect to the provisions of the Plan and Awards shall be

determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except

to the extent Delaware law is preempted by federal law. The obligation of the Company to sell and deliver Stock hereunder is subject

to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization,

issuance, sale, or delivery of such Stock. With respect to any claim or dispute related to or arising under the Plan, the Company and

each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located

in the State of Delaware.

(d)

Severability and Reformation. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or

unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable

by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed

or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision

shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force

and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those

terms or provisions are applied to Eligible Persons who are subject to Section 16 of the Exchange Act), Section 162(m) (with respect

to any Section 162(m) Award) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall be deemed

inoperative to the extent they so conflict with the requirements of Rule 16b-3 or Section 162(m) (unless the Board or the Committee,

as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3 or Section 162(m)) or Section

422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are applicable. With respect to ISOs, if the

Plan does not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be

incorporated herein with the same force and effect as if that provision had been set out at length herein; provided, further,

that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed

a Nonstatutory Option for all purposes of the Plan.

(e)

Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to constitute an “unfunded” plan for certain

incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary

relationship between the Company or any Affiliate and a Participant or any other person. To the extent that any person acquires a right

to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general

unsecured creditor of the Company or such Affiliate.

(f)

Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company

for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive

arrangements as it may deem desirable, including incentive arrangements and awards which do not constitute “performance-based compensation”

under Section 162(m). Nothing contained in the Plan shall be construed to prevent the Company or any of its Affiliates from taking any

corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action

would have an adverse effect on the Plan or any Award made under the Plan. No employee, beneficiary or other person shall have any claim

against the Company or any of its Affiliates as a result of any such action.

(g)

Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee

shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any

fractional shares of Stock or whether such fractional shares of Stock or any rights thereto shall be cancelled, terminated, or otherwise

eliminated with or without consideration.

(h)

Interpretation. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.

Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision

thereof. Words in the masculine gender shall include the feminine gender, and, where appropriate, the plural shall include the singular

and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the

Plan, the provisions of the Plan shall control. The use herein of the word “including” following any general statement, term

or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following

such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but

not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items

or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein

to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified

from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan.

(i)

Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the Committee,

is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for

the benefit of such individual in any manner that the Committee may select, and the Company shall be relieved of any further liability

for payment of such amounts.

(j)

Conditions to Delivery of Stock. Nothing herein or in any Award Agreement shall require the Company to issue any shares with respect

to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act, any other

applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as then in effect. In

addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of Stock that is acquired upon grant,

exercise or vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the

Plan or the rules, regulations or other requirements of the SEC or any stock exchange upon which the Stock is then listed. At the time

of any exercise of an Option or SAR, or at the time of any grant of any other Award, the Company may, as a condition precedent to the

exercise of such Option or SAR or settlement of any other Award, require from the Participant (or in the event of his or her death, his

or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions

with regard to the retention or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and

agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure

that any disposition by that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees,

or distributees) will not involve a violation of the Securities Act, any other applicable state or federal statute or regulation, or

any rule of any applicable securities exchange or securities association, as then in effect. Stock or other securities shall not be delivered

pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement

(including any Exercise Price, grant price, or tax withholding) is received by the Company.

(k)

Section 409A of the Code. It is the general intention, but not the obligation, of the Committee to design Awards to comply with

or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this

Section 9(k) nor any other provision of the Plan is or contains a representation to any Participant regarding the tax consequences

of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted hereunder, and should

not be interpreted as such. In no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other

expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules. Notwithstanding

any provision in the Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under

the Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award that would be subject to additional taxes

and interest under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or benefits is not

delayed until the earlier of (i) the date of the Participant’s death, or (ii) the date that is six months after the Participant’s

“separation from service,” as defined under the Nonqualified Deferred Compensation Rules (such date, the “Section

409A Payment Date”), then such payment or benefit shall not be provided to the Participant until the Section 409A Payment

Date. Any amounts subject to the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated

and paid in a lump sum without interest on the Section 409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation

Rules are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith.

(l)

Clawback. The Plan and all Awards granted hereunder are subject to any written clawback policies that the Company, with the approval

of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted

to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that

the Company determines should apply to Awards. Any such policy may subject a Participant’s Awards and amounts paid or realized

with respect to Awards to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including

an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful

conduct specified in any such clawback policy.

(m)

Status under ERISA. The Plan shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee

Retirement Income Security Act of 1974, as amended.

(n)

Plan Effective Date and Term. The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted

under the Plan on and after the tenth anniversary of the Effective Date, which is February 23, 2032 (the “Plan Expiration

Date”). However, any Award granted prior to such termination (or any earlier termination pursuant to Section 10),

and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any

conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final

disposition of such Award.

10.

Amendments to the Plan and Awards. The Committee may amend, alter, suspend, discontinue or terminate any Award or Award Agreement,

the Plan or the Committee’s authority to grant Awards without the consent of stockholders or Participants, except that any amendment

or alteration to the Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s stockholders

not later than the annual meeting next following such Committee action if such stockholder approval is required by any federal or state

law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and

the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to stockholders for approval; provided,

that, without the consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such

Participant under any previously granted and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to Section

8 will be deemed not to materially and adversely affect the rights of any Participant under any previously granted and outstanding

Award and therefore may be made without the consent of affected Participants.

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