Form 8-K
8-K — FuboTV Inc.
Accession: 0001493152-26-035251
Filed: 2026-07-29
Period: 2026-07-28
CIK: 0001484769
SIC: 7812 (SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION)
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item: Submission of Matters to a Vote of Security Holders
Item: Financial Statements and Exhibits
Documents
8-K — form8-k.htm (Primary)
EX-3.1 (ex3-1.htm)
EX-10.1 (ex10-1.htm)
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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): July 28, 2026
FuboTV
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
001-39590
26-4330545
(State
or other jurisdiction
of
incorporation)
(Commission
File
Number)
(IRS
Employer
Identification
Number)
1290
Avenue of the Americas
New
York, NY 10104
(Address
of principal executive offices) (Zip Code)
(212)
672-0055
(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 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, par value $0.0001 per share
FUBO
New
York Stock Exchange
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.
FuboTV
Inc. 2020 Equity Incentive Plan
On
July 28, 2026, FuboTV Inc. (the “Company”) held its 2026 Annual Meeting of Stockholders (the “Annual Meeting”).
At the Annual Meeting, the Company’s stockholders approved an amendment and restatement of the Company’s 2020 Equity Incentive
Plan, as amended (the “2020 Plan”). The amended and restated 2020 Plan is referred to herein as the “Restated Plan.”
The Board of Directors of the Company (the “Board”) approved the amendment and restatement of the 2020 Plan on June 5, 2026,
subject to stockholder approval. The Restated Plan became effective on July 28, 2026, following stockholder approval.
The
Restated Plan amends and restates the 2020 Plan and makes the following material changes to the terms and conditions of the
2020 Plan:
(i)
Increases
the number of shares of the Company’s Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”)
available for issuance under the Restated Plan by 7,000,000 shares relative to the shares reserved under the 2020 Plan;
(ii)
Under
the Restated Plan, no more than 14,593,054 shares may be issued upon the exercise of incentive stock options (“ISOs”),
subject to certain adjustments, and in no event may ISOs be granted under the Restated Plan following the earlier to occur of (1)
the tenth anniversary of the date the Board approved the Restated Plan or (2) the tenth anniversary of the date the stockholders
approved the Restated Plan; and
(iii)
Eliminates
the fixed term of the plan.
The
terms and conditions of the Restated Plan are described in the section entitled “Proposal 5: Approval of an Amendment to the Company’s
2020 Equity Incentive Plan to, Among Other Things, Increase the Number of Shares of Common Stock Available for Issuance” in the
Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on June 16, 2026 (the “Definitive Proxy Statement”). The foregoing description of the Restated Plan does not purport to be complete and is qualified
in its entirety by reference to the complete text of the Restated Plan, which is filed as Exhibit 10.1 hereto and is incorporated herein
by reference.
Appointment
of Director
On
July 29, 2026, the Board appointed Alisa Bowen, the Company’s Chief Executive Officer, to serve as a director of the Company, effective
immediately. Biographical information for Ms. Bowen and a description of her compensation arrangements and other agreements with the
Company were included in the Current Report on Form 8-K filed by the Company on July 9, 2026 and are incorporated herein by reference.
Item
5.03.
Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year.
At
the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation, as amended
(the “Amendment”), which had previously been approved by the Board subject to stockholder approval at the Annual Meeting.
The Amendment removes additional voting requirements for removal of directors designated by Hulu, LLC.
A
description of the Amendment is included in “Proposal 6: Approval of an Amendment to the Company’s Certificate of Incorporation
to Remove Additional Voting Requirements for Removal of Hulu Designees” in the Definitive Proxy Statement, which description
is incorporated herein by reference.
As
a result, the Company filed a Certificate of Amendment to the Certificate of Incorporation, as amended with the Secretary of State of
the State of Delaware on July 28, 2026, which became effective upon filing (the “Certificate of Amendment”).
The
foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text
of the Certificate of Amendment, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item
5.07.
Submission
of Matters to a Vote of Security Holders.
At
the Annual Meeting, a total of 96,086,692 shares of Class A Common Stock and Class B Common Stock, par value $0.0001 per share
(the “Class B Common Stock” and together with the Class A Common Stock, the “Common Stock”), were present in
person or represented by proxy at the meeting, representing approximately 88.61% of the Company’s outstanding Common Stock as
of the June 2, 2026 record date. The following are the voting results for the proposals considered and voted upon at the meeting, each
of which was described in the Definitive Proxy Statement.
Item
1 - Election of eight directors for a term of office expiring on the date of the 2027 Annual Meeting of Stockholders and until their
respective successors have been duly elected and qualified.
NOMINEE
Votes FOR
Votes WITHHELD
Broker Non-Votes
Andy Bird
85,162,132
882,032
10,042,528
Ignacio Figueras
84,766,901
1,277,263
10,042,528
Jonathan Headley
85,166,583
877,581
10,042,528
Daniel Leff
84,955,630
1,088,534
10,042,528
Jim Lygopoulos
82,946,147
3,098,017
10,042,528
Debra OConnell
82,939,990
3,104,174
10,042,528
Cathleen Taff
82,947,627
3,096,537
10,042,528
Justin Warbrooke
82,954,243
3,089,921
10,042,528
Item
2 - Ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting
firm for the fiscal year ending September 30, 2026.
Votes FOR
Votes AGAINST
Votes ABSTAINED
Broker Non-Votes
95,345,697
579,625
161,370
0
Item
3 - Approval, on an advisory (non-binding) basis, of the compensation of the Company’s named executive officers.
Votes FOR
Votes AGAINST
Votes ABSTAINED
Broker Non-Votes
84,853,700
1,113,565
76,899
10,042,528
Item
4 - Approval, on an advisory (non-binding) basis, of the frequency of future advisory (non-binding) votes on the compensation of
the Company’s named executive officers.
1 YEAR
2 YEARS
3 YEARS
Votes ABSTAINED
Broker Non-Votes
85,365,469
30,896
256,187
391,612
10,042,528
Based
on these results and consistent with the Company’s recommendation, the Board has determined that the Company will conduct future
advisory votes regarding the compensation of its named executive officers every year. This policy will remain in effect until the next
required stockholder vote on the frequency of advisory votes on the compensation of named executive officers.
Item
5 - Approval of an amendment to the Company’s 2020 Equity Incentive Plan to, among other things, increase the number of shares
of Common Stock available for issuance.
Votes FOR
Votes AGAINST
Votes ABSTAINED
Broker Non-Votes
84,716,168
1,291,033
36,963
10,042,528
Item
6 - Approval of an amendment to the Company’s Certificate of Incorporation, as amended, to remove additional voting requirements
for removal of directors designated by Hulu, LLC.
Votes FOR
Votes AGAINST
Votes ABSTAINED
Broker Non-Votes
85,299,791
615,591
128,782
10,042,528
Based
on the foregoing votes, Andy Bird, Ignacio Figueras, Jonathan Headley, Daniel Leff, Jim Lygopoulos, Debra Oconnell, Cathleen Taff, and
Justin Warbrooke were elected as directors, and Items 2, 3, 4, 5 and 6 were approved.
Item
9.01.
Financial
Statements and Exhibits.
(d)
Exhibits
Exhibit
No.
Description
3.1
Certificate of Amendment to the Certificate of Incorporation of FuboTV Inc.
10.1
FuboTV Inc. 2020 Equity Incentive Plan, as amended and restated.
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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.
FUBOTV
INC.
Date:
July
29, 2026
By:
/s/
Alisa Bowen
Alisa
Bowen
Chief
Executive Officer
EX-3.1
EX-3.1
Filename: ex3-1.htm · Sequence: 2
Exhibit
3.1
CERTIFICATE
OF AMENDMENT OF
CERTIFICATE
OF INCORPORATION
OF
FUBOTV INC.
FuboTV
Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the “Corporation”),
does hereby certify as follows:
FIRST:
That the Board of Directors of the Corporation duly adopted resolutions recommending and declaring advisable that the Certificate of
Incorporation of the Corporation (as amended, the “Certificate of Incorporation”) be further amended and that
such amendment be submitted to the stockholders of the Corporation for their consideration, as follows:
RESOLVED,
that Article VII, Section 7.05 of the Certificate of Incorporation, be amended and restated in its entirety to read as follows:
“Removals
and Resignations of Directors. Subject to the rights of the holders of any class or series of Preferred Stock then outstanding, and
notwithstanding any other provision of this Certificate of Incorporation, any director may be removed from office at any time, with or
without cause, by the affirmative vote of the holders of a majority of the voting power of the then outstanding shares of capital stock
of the Corporation then generally entitled to vote in the election of directors, voting together as a single class. Any director may
resign at any time upon written notice to the Corporation in accordance with the Bylaws.”
SECOND:
That the stockholders of the Corporation duly approved such amendment at an annual meeting of the stockholders of the Corporation.
THIRD:
That the aforesaid amendment was duly adopted in accordance with the applicable provisions of Section 242 of the General Corporation
Law of the State of Delaware.
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by its Chief Executive Officer on this 28th
day of July, 2026.
FUBOTV
INC.
By:
/s/
Alisa Bowen
Alisa
Bowen
Chief
Executive Officer
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 3
Exhibit
10.1
FUBOTV
INC.
2020
EQUITY INCENTIVE PLAN
(As
Amended and Restated Effective July 28, 2026)
1. Purposes
of the Plan. The purposes of this Plan are:
● to
attract and retain the best available personnel for positions of substantial responsibility,
● to
provide additional incentive to Employees, Directors and Consultants, and
● to
promote the success of the Company’s business.
The
Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Performance Units and Performance Shares.
2. Definitions.
As used herein, the following definitions will apply:
(a) “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.
(b) “Applicable
Laws” means any applicable law, including without limitation, (a) provisions of the Code, the Securities Act, the Exchange
Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations,
whether federal, state, local or foreign; and (c) rules of any securities exchange or automated quotation system on which the Common
Stock is listed, quoted or traded.
(c) “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Performance Units or Performance Shares.
(d) “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted
under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.
(e) “Board”
means the Board of Directors of the Company.
(f) “Change
in Control” means the occurrence of any of the following events:
(i) Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than
one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock
held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however,
that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty
percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control. Further, if the stockholders
of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially
the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct
or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate
parent entity of the Company, such event shall not be considered a Change in Control under this subsection (i). For this purpose, indirect
beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more
corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary
corporations or other business entities; or
(ii) Change
in Effective Control of the Company. A change in the effective control of the Company which occurs on the date that a majority of
members of the Board is replaced during any twelve (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. For purposes of this subsection (ii), if any Person
is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will
not be considered a Change in Control; or
(iii) Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s
assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the
most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more
than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition
or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership
of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders
immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the
asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total
value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty
percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty
percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection
(iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value
of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For
purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters into
a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides
for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes
under Section 409A, the transaction or event described in subsection (i), (ii) or (iii) with respect to such Award (or portion thereof)
shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change
in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).
Further
and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction
of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the
same proportions by the persons who held the Company’s securities immediately before such transaction.
(g) “Code”
means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include
such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation
or regulation amending, supplementing or superseding such section or regulation.
(h) “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by a duly authorized committee
of the Board, in accordance with Section 4 hereof.
(i) “Common
Stock” means the Class A common stock of the Company.
(j) “Company”
means FuboTV Inc., a Delaware corporation, or any successor thereto.
(k) “Consultant”
means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona fide services to such
entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii)
do not directly promote or maintain a market for the Company’s securities, in each case, within the meaning of Form S-8 promulgated
under the Securities Act, and provided further, that a Consultant will include only those persons to whom the issuance of Shares may
be registered under Form S-8 promulgated under the Securities Act.
(l) “Director”
means a member of the Board.
(m) “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock
Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform
and non-discriminatory standards adopted by the Administrator from time to time.
(n) “Employee”
means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service
as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
(o) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.
(p) “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:
(i) If
the Common Stock is listed on any established stock exchange or a national market system (other than an over-the counter market, which
will not be considered an established stock exchange of national market system for the purposes of this definition), including without
limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The
Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or, if no closing sales price was reported
on that date, as applicable, on the last trading date such closing sales price was reported) as quoted on such exchange or system on
the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii) If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of
a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and
asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall
Street Journal or such other source as the Administrator deems reliable;
(iii) In
the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
(q) “Fiscal
Year” means the fiscal year of the Company.
(r) “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option
within the meaning of Code Section 422 and the regulations promulgated thereunder.
(s) “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
(t) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.
(u) “Option”
means a stock option granted pursuant to the Plan.
(v) “Outside
Director” means a Director who is not an Employee.
(w) “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).
(x) “Participant”
means the holder of an outstanding Award.
(y) “Performance
Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or
other vesting criteria as the Administrator may determine pursuant to Section 10.
(z) “Performance
Unit” means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria
as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant
to Section 10.
(aa)
“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to
restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the
passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the
Administrator.
(bb) “Plan”
means this amended and restated 2020 Equity Incentive Plan, as it may be further amended and/or restated from time to time. The original
2020 Equity Incentive Plan was adopted by the Board effective April 1, 2020 (the “Original Effective Date”), and further
amended by the Board on October 8, 2020, with the original 2020 Equity Incentive Plan and such amendment both approved by the stockholders
of the Company on December 14, 2020. The plan was further amended by the Board effective November 20, 2022, amended and restated by the
Board effective April 20, 2023, with such amendment and restatement both approved by the stockholders on June 15, 2023, further amended
and restated by the Board effective April 16, 2024, with such amendment and restatement both approved by the stockholders on June 21,
2024, and further amended and restated by the Board effective April 29, 2025, with such amendment and restatement both approved by the
stockholders on June 17, 2025 (such original 2020 Equity Incentive Plan, as amended and restated by the Board effective April 29, 2025
and approved by the stockholders of the Company on June 17, 2025, the “Prior Plan”). This Prior Plan was amended and restated
by the Board on June 5, 2026, subject to and effective upon approval by the stockholders of the Company (the date of such stockholder
approval, the “Restatement Effective Date”), which amendment and restatement is reflected herein.
(cc) “Prior
Plan” shall have the meaning set forth in Section 2(bb).
(dd) “Restatement
Effective Date” shall mean the date this amended and restated Plan is approved by the stockholders of the Company.
(ee) “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant to the
early exercise of an Option.
(ff) “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
(gg) “Rule
16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised
with respect to the Plan.
(hh) “Section
16(b)” means Section 16(b) of the Exchange Act.
(ii) “Securities
Act” means the Securities Act of 1933, as amended.
(jj) “Service
Provider” means an Employee, Director or Consultant.
(kk) “Share”
means a share of the Common Stock, as adjusted in accordance with Section 15 of the Plan.
(ll) “Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated
as a Stock Appreciation Right.
(mm) “Subsidiary”
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if
each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities
or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other
entities in such chain.
3. Stock
Subject to the Plan.
(a) Stock
Subject to the Plan. Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of Shares that may be subject
to Awards and sold under the Plan is the sum of (i) 14,593,054 Shares, plus (ii) any additional Shares that become available for issuance
under the Plan pursuant to Section 3(c) below on or after the Original Effective Date of the Plan. The Shares may be authorized but unissued,
or reacquired Common Stock.
(b) Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to Restricted Stock,
Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased by the Company due to the failure to
vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased Shares) which
were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to
Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be available under the Plan;
all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has
terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become
available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted
Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company due to the failure
to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy
the tax withholdings related to an Award will become available for future grant or sale under the Plan. To the extent an Award under
the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance
under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 15, the maximum number of Shares that
may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the
extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance
under the Plan pursuant to Sections 3(b) and 3(c).
(c) 2015
Plan Awards. If any award issued pursuant to the 2015 Equity Incentive Plan of FuboTV Inc. and outstanding as of the Original Effective
Date expires or becomes unexercisable without having been exercised in full, is forfeited to or repurchased by the Company due to the
failure to vest, in each case on or after the Original Effective Date, the unpurchased Shares (or for awards other than stock options
or stock appreciation rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or
sale under the Plan (unless the Plan has terminated), provided that no more than 989,611 Shares may become available under the Plan pursuant
to this Section 3(c).
(d) Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be
sufficient to satisfy the requirements of the Plan.
(e) Incentive
Stock Option Limit. Notwithstanding the foregoing, subject to Section 15 of the Plan, the maximum number of Shares that may be issued
upon the exercise of Incentive Stock Options shall equal 14,593,054 Shares. Notwithstanding the provisions of Section 3.1(b), no Shares
may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock
option under Section 422 of the Code.
4. Administration
of the Plan.
(a) Procedure.
(i) Multiple
Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.
(ii) Rule
16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder
will be structured to satisfy the requirements for exemption under Rule 16b-3.
(iii) Other
Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which Committee
will be constituted to satisfy Applicable Laws.
(iv) Delegation
of Authority. For the avoidance of doubt, the Board or Committee may from time to time delegate to a committee of one or more members
of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant
to this Section 4; provided, however, that in no event shall an officer of the Company be delegated the authority to grant Awards to,
or amend Awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange Act, or (b) officers
of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided, further, that any delegation
of administrative authority shall only be permitted to the extent it is permissible under any of the Company’s organizational documents
and Applicable Law. Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at
the time of such delegation or that are otherwise included in the applicable organizational documents, and the Board or Committee, as
applicable, may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under
this Section 4 shall serve in such capacity at the pleasure of the Board or the Committee, as applicable, and the Board or the Committee
may abolish any committee at any time and re-vest in itself any previously delegated authority.
(b) Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator will have the authority, in its discretion:
(i) to
determine the Fair Market Value;
(ii) to
select the Service Providers to whom Awards may be granted hereunder;
(iii) to
determine the number of Shares to be covered by each Award granted hereunder;
(iv) to
approve forms of Award Agreements for use under the Plan;
(v) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the
Shares relating thereto, based in each case on such factors as the Administrator will determine;
(vi) to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;
(vii) to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established
for the purpose of satisfying applicable non-U.S. laws or for qualifying for favorable tax treatment under applicable non-U.S. laws;
(viii) subject
to Section 20 of the Plan, to modify or amend each Award, including but not limited to the discretionary authority to extend the post-termination
exercisability period of Awards; provided, however, that in no case will an Option or Stock Appreciation Right be extended beyond its
original maximum term;
(ix) to
allow Participants to satisfy tax withholding obligations in a manner prescribed in Section 15(d);
(x) to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by
the Administrator;
(xi) to
allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant
under an Award; and
(xii) to
make all other determinations deemed necessary or advisable for administering the Plan.
(c) Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding
on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable Laws.
5. Eligibility.
Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to any Service Providers. Nonstatutory
Stock Options and Stock Appreciation Rights, to the extent required for exemption under Section 409A, may be granted only to Service
Providers rendering services to the Company or a Subsidiary (not a Parent). Incentive Stock Options may be granted only to Employees.
6. Stock
Options.
(a) Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Options
in such amounts as the Administrator, in its sole discretion, will determine.
(b) Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the
Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms
and conditions as the Administrator, in its sole discretion, will determine.
(c) Limitations.
Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options
are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary)
exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this Section
6(c), Incentive Stock Options will be taken into account in the order in which they were granted, the Fair Market Value of the Shares
will be determined as of the time the Option with respect to such Shares is granted, and the calculation will be performed in accordance
with Code Section 422 and Treasury Regulations promulgated thereunder.
(d) Term
of Option. The term of each Option will be stated in the Award Agreement, but in no event will the term of an Option be more than
ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the
Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant
or such shorter term as may be provided in the Award Agreement.
(e) Option
Exercise Price and Consideration.
(i) Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by the Administrator,
subject to the following:
(1) In
the case of an Incentive Stock Option:
a) granted
to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting
power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred
ten percent (110%) of the Fair Market Value per Share (or the fair market value per Share as determined in accordance with Treas. Reg.
1.409A-1(b)(5)(iv)(A)) on the date of grant.
b) granted
to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise price will be no less than
one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
(2) In
the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than one hundred percent (100%) of the Fair Market
Value per Share on the date of grant (or the fair market value per Share as determined in accordance with Treas. Reg. 1.409A-1(b)(5)(iv)(A)).
(3) Notwithstanding
the foregoing provisions of this Section 6(e), Options may be granted with a per Share exercise price of less than one hundred percent
(100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with,
Code Section 424(a).
(ii) Waiting
Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option may be
exercised and will determine any conditions that must be satisfied before the Option may be exercised.
(iii) Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method
of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time
of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note; to the extent permitted by Applicable
Laws; (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which such Option will be exercised and provided further that accepting such Shares will not result in any adverse
accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company
under a broker assisted (or other) cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection
with the Plan; (6) by net exercise; (7) such other consideration and method of payment for the issuance of Shares to the extent permitted
by Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration
to accept, the Administrator will consider if acceptance of such consideration may be reasonably expected to benefit the Company.
(f) Exercise
of Option.
(i) Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan and at
such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised
for a fraction of a Share. An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the
Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with
respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and
method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an
Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her
spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares
subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly
after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date
the Shares are issued, except as provided in Section 15 of the Plan.
(ii) Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s
termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such
period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event
later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the
Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s termination. Unless otherwise
provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares
covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or
her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert
to the Plan.
(iii) Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on
the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In
the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s
termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or
her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant
does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option
will revert to the Plan.
(iv) Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death
within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in
no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the
Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form
acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by
the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s
will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option
will remain exercisable for twelve (12) months following Participant’s death. Unless otherwise provided by the Administrator, if
at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option
will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and
the Shares covered by such Option will revert to the Plan.
7. Stock
Appreciation Rights.
(a) Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service
Providers of the Company or a Subsidiary at any time and from time to time as will be determined by the Administrator, in its sole discretion.
(b) Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation
Rights.
(c) Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received upon
exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than
one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions
of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan.
(d) Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise
price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator,
in its sole discretion, will determine.
(e) Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator,
in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the
maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.
(f) Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment
from the Company in an amount determined by multiplying:
(i) The
excess, if any, of the Fair Market Value of a Share on the date of exercise over the exercise price; times
(ii) The
number of Shares with respect to which the Stock Appreciation Right is exercised.
At
the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value,
or in some combination thereof.
8. Restricted
Stock.
(a) Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.
(b) Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless
the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such
Shares have lapsed.
(c) Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.
(d) Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may
deem advisable or appropriate.
(e) Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant
made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other
time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will
lapse or be removed.
(f) Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full
voting rights with respect to those Shares, unless the Administrator determines otherwise.
(g) Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. Notwithstanding
any other provision of the Plan to the contrary, dividends with respect to Shares of Restricted Stock that are subject to vesting that
are based on dividends paid prior to the vesting of such Shares of Restricted Stock shall only be paid out to the Service Provider to
the extent that the vesting conditions are subsequently satisfied and the award vests.
(h) Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not
lapsed will revert to the Company and again will become available for grant under the Plan.
9. Restricted
Stock Units.
(a) Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator determines
that it will grant Restricted Stock Units under the Plan, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.
(b) Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which
the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator
may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (including, but not
limited to, continued employment or service), applicable federal or state securities laws, or any other basis determined by the Administrator
in its discretion.
(c) Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined
by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its
sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.
(d) Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined
by the Administrator and set forth in the Award Agreement which shall establish exemption or comply with all requirements of Code Section
409A. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both.
(e) Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.
(f) Dividend
Equivalents. Dividend equivalents may be credited in respect of Shares covered by a Restricted Stock Unit Award, as determined by
the Administrator and contained in the Award Agreement. At the sole discretion of the Administrator, such dividend equivalents may be
converted into additional Shares covered by the Restricted Stock Unit Award in such manner as determined by the Administrator. Any additional
Shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same
terms and conditions of the underlying Award Agreement to which they relate. Notwithstanding any other provision of the Plan to the contrary,
dividends and dividend equivalents with respect to a Restricted Stock Unit Award that is subject to vesting that are based on dividends
paid prior to the vesting of such Award shall only be paid out to the Service Provider to the extent that the vesting conditions are
subsequently satisfied and the Award vests.
10. Performance
Units and Performance Shares.
(a) Grant
of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time and from time
to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining
the number of Performance Units and Performance Shares granted to each Participant.
(b) Value
of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before
the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.
(c) Performance
Objectives and Other Terms. The Administrator will set performance objectives or other vesting provisions (including, without limitation,
continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number
or value of Performance Units/Shares that will be paid out to the Service Providers. The time period during which the performance objectives
or other vesting provisions must be met will be called the “Performance Period.” Each Award of Performance Units/Shares will
be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator,
in its sole discretion, will determine. The Administrator may set performance objectives based upon the achievement of Company-wide,
divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or
state securities laws, or any other basis determined by the Administrator in its discretion.
(d) Earning
of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled
to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined
as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. After the
grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other
vesting provisions for such Performance Unit/Share.
(e) Form
and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares will be made as soon as practicable
after the expiration of the applicable Performance Period or at such other time as may be specified in the Award Agreement which shall
establish exemption or comply with all requirements of Code Section 409A. The Administrator, in its sole discretion, may pay earned Performance
Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares
at the close of the applicable Performance Period) or in a combination thereof.
(f) Cancellation
of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will
be forfeited to the Company, and again will be available for grant under the Plan.
11. Outside
Director Limitations. No Outside Director may be granted, in any Fiscal Year, Awards with a grant date fair value (determined in
accordance with U.S. generally accepted accounting principles) of more than $750,000, increased to $1,500,000 in connection with his
or her initial service. Any Awards granted to an individual while he or she was an Employee, or while he or she was a Consultant, or
Awards granted as compensation for service to the Company in any capacity in addition to the services normally performed by an Outside
Director, including compensation for service in any officer role, such as Executive Chairman (whether or not treated as an Employee in
such role), will not count for purposes of the limitations under this Section 11. The Administrator may make exceptions to this limit
for individual Outside Directors in extraordinary circumstances, as the Administrator may determine in its discretion.
12. Compliance
With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application of,
or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the
additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.
The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and
interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent
that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled
or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will
not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company have any obligation
under the terms of this Plan to reimburse a Participant for any taxes or other costs that may be imposed on Participant as a result of
Section 409A.
13. Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended
during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by
the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of
Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by
statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)
months following the first (1st) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an
Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
14. Limited
Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated,
or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the
lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such
additional terms and conditions as the Administrator deems appropriate.
15. Adjustments;
Dissolution or Liquidation; Merger or Change in Control.
(a) Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the
Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under
the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price
of shares of stock covered by each outstanding Award, and the numerical Share limits of Section 3.
(b) Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant
as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised,
an Award will terminate immediately prior to the consummation of such proposed action.
(c) Change
in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each
outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant’s
consent, including, without limitation, that (i) Awards will be assumed, or substantially equivalent awards will be substituted, by the
acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices;
(ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation
of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions
applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the
extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iv)
(A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained
upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction
(and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that
no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award
may be terminated by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the
Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this subsection
15(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type,
similarly.
In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully
vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which
such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse,
and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at
one hundred percent (100%) of target levels and all other terms and conditions met, in all cases, unless specifically provided otherwise
under the applicable Award Agreement or other written agreement between the Participant and the Company or any of its Subsidiaries or
Parents, as applicable. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger
or Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation
Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation
Right will terminate upon the expiration of such period.
For
the purposes of this subsection 15(c) and subsection 15(d), an Award will be considered assumed if, following the merger or Change in
Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders
of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration
received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator
may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock
Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit, or Performance Share, for each Share subject to such
Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration
received by holders of Common Stock in the merger or Change in Control.
Notwithstanding
anything in this Section 15(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance
goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s
consent, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between
the Participant and the Company or any of its Subsidiaries or Parents, as applicable; provided, however, a modification to such performance
goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an
otherwise valid Award assumption.
Notwithstanding
anything in this Section 15(c) to the contrary, and unless otherwise provided in an Award Agreement, if an Award that vests, is earned
or paid-out under an Award Agreement is subject to Code Section 409A and if the change in control definition contained in the Award Agreement
does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any
payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would
be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.
(d) Outside
Director Awards. In the event of a Change in Control, with respect to Awards granted to an Outside Director, the Outside Directors
will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award,
including those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock
Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be
deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, unless specifically provided otherwise
under the applicable Award Agreement or other written agreement between the Participant and the Company or any of its Subsidiaries or
Parents, as applicable.
16. Tax
Withholding.
(a) Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as any
tax withholding obligation is due, the Company will have the power and the right to deduct or withhold, or require a Participant to remit
to the Company, an amount sufficient to satisfy federal, state, local, non-U.S. or other taxes (including the Participant’s FICA
obligation) required to be withheld with respect to such Award (or exercise thereof).
(b) Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may
permit a Participant to satisfy such tax withholding obligation, in whole or in part by such methods as the Administrator shall determine,
including, without limitation, (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable cash or Shares having
a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine
if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (iii) delivering
to the Company already-owned Shares having a fair market value equal to the minimum statutory amount required to be withheld or such
greater amount as the Administrator may determine, in each case, provided the delivery of such Shares will not result in any adverse
accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise
deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker
or otherwise) equal to the amount required to be withheld, or (v) any combination of the foregoing methods of payment. The amount of
the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election
is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the
Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined or such greater amount as
the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its
sole discretion. The fair market value of the Shares to be withheld or delivered will be determined as of the date that the taxes are
required to be withheld.
17. No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable, nor will they
interfere in any way with the Participant’s right or the right of the Company and its Subsidiaries or Parents, as applicable to
terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.
18. Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting
such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant
within a reasonable time after the date of such grant.
19. Term
of Plan. This amended and restated Plan was adopted by the Board on June 5, 2026 and became effective upon the Restatement Effective
Date. It will continue in effect until terminated under Section 20 of the Plan. In no event may any Incentive Stock Option be granted
under the Plan following the earlier of (a) the tenth anniversary of the date the Board approved this amended and restated Plan, or (b)
the tenth anniversary of the date the stockholders approve this amended and restated Plan.
20. Amendment
and Termination of the Plan.
(a) Amendment
and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan.
(b) Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws or as required by Section 20(d) below.
(c) Effect
of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant,
unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the
Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted
to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.
(d) Prohibition
on Repricing. Subject to Section 15 hereof, the Administrator shall not, without the approval of the stockholders of the Company,
(i) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per share, or (b) cancel any Option
or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock Appreciation Right price per share exceeds
the Fair Market Value of the underlying shares.
21. Conditions
Upon Issuance of Shares.
(a) Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and
delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with
respect to such compliance.
(b) Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
22. Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete
or comply with the requirements of any registration or other qualification of the Shares under any state, federal or non-U.S. law or
under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then
listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the
Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or
rule compliance will not have been obtained.
23. Stockholder
Approval. This amended and restated Plan will be presented for approval by the stockholders of the Company within twelve (12) months
after the date on which the Board approved this amended and restated Plan. Such stockholder approval will be obtained in the manner and
to the degree required under Applicable Laws. If such stockholder approval is not obtained within such 12-month period, this amended
and restated Plan shall not become effective, and the Prior Plan, and all Awards thereunder, shall continue in full force and effect
in accordance with their terms.
24. Forfeiture
Events.
(a) All
Awards under the Plan will be subject to recoupment under any clawback policy that the Company is required to adopt pursuant to the listing
standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Laws. In addition, the Administrator may impose
such other clawback, recovery or recoupment provisions in an Award Agreement as the Administrator determines necessary or appropriate,
including but not limited to a reacquisition right regarding previously acquired Shares or other cash or property. Unless this Section
24 is specifically mentioned and waived in an Award Agreement or other document, no recovery of compensation under a clawback policy
or otherwise will be an event that triggers or contributes to any right of a Participant to resign for “good reason” or “constructive
termination” (or similar term) under any agreement with the Company or a Subsidiary or Parent of the Company.
(b) The
Administrator may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award
will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise
applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, termination of such Participant’s
status as Service Provider for cause or any specified action or inaction by a Participant, whether before or after such termination of
service, that would constitute cause for termination of such Participant’s status as a Service Provider.
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Jul. 28, 2026
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Current Fiscal Year End Date
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Entity File Number
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Entity Central Index Key
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Entity Tax Identification Number
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Entity Incorporation, State or Country Code
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Entity Address, Address Line One
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