<SEC-DOCUMENT>0001104659-25-122618.txt : 20251218
<SEC-HEADER>0001104659-25-122618.hdr.sgml : 20251218
<ACCEPTANCE-DATETIME>20251218172657
ACCESSION NUMBER:		0001104659-25-122618
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251218
DATE AS OF CHANGE:		20251218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRID DYNAMICS HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001743725
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				830632724
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38685
		FILM NUMBER:		251584099

	BUSINESS ADDRESS:	
		STREET 1:		6101 BOLLINGER CANYON ROAD
		STREET 2:		SUITE 465
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583
		BUSINESS PHONE:		(650) 523-5000

	MAIL ADDRESS:	
		STREET 1:		6101 BOLLINGER CANYON ROAD
		STREET 2:		SUITE 465
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ChaSerg Technology Acquisition Corp
		DATE OF NAME CHANGE:	20180615
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
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<DESCRIPTION>DEFA14A
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proxy Statement
Pursuant to Section&nbsp;14(a)&nbsp;of</B></FONT><B><BR>
the Securities Exchange Act of 1934 (Amendment No.&#8239;&#8239;&#8239;&#8239;&#8239;)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Filed by the Registrant&#8239;&#8239;</FONT><FONT STYLE="font-family: Wingdings"><B>&#120;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant</FONT>&#8239;&#8239;<B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Preliminary Proxy
    Statement</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Confidential, for Use of
    the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B>&#120;</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Definitive
                                            Additional Materials</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Soliciting
Material under &sect;240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grid Dynamics Holdings,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: center; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD>No fee required.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Fee paid previously with preliminary materials.</TD></TR>
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    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a6(i)(1)&nbsp;and 0-11.</TD></TR>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2533664d2_defa14aimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>We Urge You To Vote &ldquo;<I>FOR</I>&rdquo;
Proposal No.&nbsp;3 and Proposal No.&nbsp;4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grid Dynamics Holdings,&nbsp;Inc. (the &ldquo;Company&rdquo;) is providing
this supplemental disclosure to assist stockholders in evaluating (i)&nbsp;Proposal No.&nbsp;3 &mdash; the advisory vote to approve the
compensation of our named executive officers for the year ended December&nbsp;31, 2024 (&ldquo;Say-on-Pay&rdquo;) and (ii)&nbsp;Proposal
No.&nbsp;4 &mdash; approval of an amendment to the Grid Dynamics Holdings,&nbsp;Inc. 2020 Equity Incentive Plan, each as described in
the Company&rsquo;s 2025 Proxy Statement filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on November&nbsp;10, 2025.
For more information, including how to vote, please see the Proxy Statement and other documents filed by the Company with the SEC, which
are available free of charge on the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This supplemental filing provides additional context regarding the
Company&rsquo;s executive compensation decisions and long-term incentive framework and further explains why the Board of Directors urges
stockholders to vote &ldquo;<B><I><U>FOR</U></I></B>&rdquo; Proposal No.&nbsp;3 and Proposal No.&nbsp;4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Proposal No.&nbsp;3 &mdash; Say-on-Pay</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The CEO&rsquo;s equity grant timing is purposeful and rooted in performance
discipline.</B> Long-term incentive awards have been sized and timed to reflect business performance, strategic milestones, and leadership
continuity &mdash; larger grants in 2022 and 2024, a smaller grant in 2023, and <U>no grant at all in 2025</U>. When viewed over the 2022&ndash;2025
period, the average annualized CEO grant value is within the competitive range of companies of similar size and complexity. The compensation
committee&rsquo;s objective has remained constant: to deliver equity value when the Company achieves strong and sustainable results.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The 2024 equity grant directly links rewards to execution of the Company&rsquo;s
strategy through 2026.</B> More than 97% of the CEO&rsquo;s target compensation is performance-based or at risk, including 55% of the
equity 2024 award granted in the form of performance share units (&ldquo;PSUs&rdquo;) tied to financial and market-based goals, with the
remainder in the form of time-based restricted stock units (&ldquo;RSUs&rdquo;). This design ties value recognition by the CEO to the
Company delivering meaningful results for stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PSU design reinforces accountability, transparency, and sustained performance.</B>
The 2024 PSUs measure progress at one-, two-, and three-year intervals across the 2024&ndash;2026 period. Annual vesting is based on revenue
growth and contribution margin, as well as relative total stockholder return <U>and</U> relative revenue CAGR modifiers. This structure
drives annual accountability while also maintaining a long-term focus, ensuring that payout levels reflect consistent execution and value
creation for stockholders over the entire period, balancing both short-term and long-term objectives.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>In 2024, stockholders expressed strong support for the Company&rsquo;s
compensation program, with 98% of votes cast in favor of the Company&rsquo;s Say-on-Pay proposal, and the 2025 program is materially unchanged
from the prior year, retaining the same core design and governance features. </B>Governance and stockholder alignment continue to underpin
the compensation committee&rsquo;s decisions. The compensation committee is fully independent and advised by an external compensation
consultant to ensure objective, market-based decision-making. The Company maintains best-practice features, including a double-trigger
change-in-control policy, a comprehensive clawback policy, and strict prohibitions on hedging and pledging Company stock. The compensation
committee remains committed to continued transparency, responsiveness, and alignment with stockholder interests.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Proposal No.&nbsp;4 &mdash; Approval of Additional Shares Under
the 2020 Equity Incentive Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The share request is measured, infrequent, and not automatic. </B>The
Company is requesting approval of 3.5 million additional shares under its 2020 Equity Incentive Plan. This is the first request for additional
shares since the Plan was approved by stockholders in 2020. The Plan does not include an evergreen provision; thus, periodic stockholder
approval is required to continue supporting long-term incentives for management and key employees as the Company grows.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Equity usage has remained disciplined and within market norms.</B> As
of the record date, the Company&rsquo;s total overhang is approximately 13.0%, and the three-year average burn rate is approximately 3.5%,
each below the median of the Company&rsquo;s compensation peer group. These metrics reflect responsible equity award administration and
a sustained focus on minimizing dilution while incentivizing management and supporting long-term value creation for the Company&rsquo;s
stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The Plan enables a performance-oriented compensation strategy.</B> The
Company&rsquo;s executive compensation program is deliberately weighted toward performance-based equity, with approximately 55% of executive
equity awards historically delivered in the form of PSUs. Maintaining sufficient share availability under the Plan is essential to continuing
this approach.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The Compensation Committee has strengthened equity plan governance by
eliminating repricing under the Plan without stockholder approval.</B> &nbsp;In response to certain concerns raised by some stockholders,
the Compensation Committee has approved an amendment to the legacy &ldquo;Exchange Program&rdquo; provision that was carried over from
the equity plan approved at the time of the Company&rsquo;s IPO. &nbsp;As so amended, the 2020 Equity Incentive Plan no longer permits
the repricing, exchange, certain transfers or cash buyout of equity awards without stockholder approval. This provision had never been
utilized in any case, nor was there any intent to use it; its removal aligns the Plan with prevailing governance best practices and stockholder
expectations while reinforcing the integrity and stockholder alignment of the Company&rsquo;s equity program. Please refer to the revised
form of amendment to the Plan attached hereto as <U>Appendix A</U>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Failure to approve this Proposal would reduce flexibility and alignment.</B>
Without approval of Proposal No.&nbsp;4, the Company would need to rely more heavily on cash-based compensation, which would weaken alignment
with long-term stockholder value creation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taken together, Proposal No.&nbsp;3 and Proposal No.&nbsp;4 support
a single, integrated objective: aligning executive compensation with long-term performance, disciplined growth, and sustained stockholder
value creation. The Board and compensation committee believe the Company&rsquo;s compensation framework reflects sound governance with
clear accountability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FOR THESE REASONS AND OTHERS SET FORTH IN OUR PROXY STATEMENT, THE
BOARD OF DIRECTORS URGES YOU TO VOTE &ldquo;<I><U>FOR</U></I>&rdquo; PROPOSAL NO. 3 AND PROPOSAL NO. 4.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>AMENDMENT No. 1<BR>
TO THE<BR>
GRID DYNAMICS HOLDINGS, INC.<BR>
2020 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment No.&nbsp;1
(this&nbsp;&ldquo;<U>Amendment</U>&rdquo;) to the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan (the&nbsp;&ldquo;<U>Plan</U>&rdquo;)
is made effective as of this 23 day of December, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Grid Dynamics
Holdings, Inc. (the&nbsp;&ldquo;<U>Company</U>&rdquo;) maintains the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant to
Section&nbsp;19 of the Plan, the Company&rsquo;s board of directors (the&nbsp;&ldquo;<U>Board</U>&rdquo;) may amend the Plan; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Board
now desires to amend the Plan to increase the maximum number of Shares (as defined in the Plan) available for issuance in connection with
the grant of Awards (as defined in the Plan) from 16,300,000 Shares to 19,800,000 Shares, and make certain other changes as further provided
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW</B>, <B>THEREFORE</B>,
the Plan is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><B><U>Capitalized Terms</U></B>. Capitalized terms that are not defined in this Amendment shall have the meanings ascribed thereto
in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><B><U>Amendments to the Plan</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) &#8239;&#8239;&#8239;Section 2(r) of the Plan
is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0in">(r) &ldquo;<U>Exchange Program</U>&rdquo;
means a program that has been approved by the Company&rsquo;s stockholders under which (i) outstanding Awards are surrendered or cancelled
in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type,
and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person
or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced. The Administrator
will determine the terms and conditions of any Exchange Program that is presented to the stockholders for their approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;Section&nbsp;3(a) of the
Plan is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Stock Subject
to the Plan</U>. Subject to the provisions of Section 14 of the Plan, the maximum aggregate number of Shares that may be issued under
the Plan is equal to 19,800,000 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><B><U>Ratification and Confirmation</U></B>. Except as specifically amended by this Amendment, the Plan is hereby ratified and
confirmed in all respects and remains valid and in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><B><U>Governing Law</U></B>. This Amendment shall be governed by and construed in accordance with the laws of the State of California,
without reference to the principles of conflicts of laws thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><B><U>Headings</U></B>. Section headings are for convenience only and shall not be considered a part of this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in">*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
