<SEC-DOCUMENT>0001144204-16-107307.txt : 20160607
<SEC-HEADER>0001144204-16-107307.hdr.sgml : 20160607
<ACCEPTANCE-DATETIME>20160607163622
ACCESSION NUMBER:		0001144204-16-107307
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160606
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160607
DATE AS OF CHANGE:		20160607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Childrens Place, Inc.
		CENTRAL INDEX KEY:			0001041859
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				311241495
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23071
		FILM NUMBER:		161701685

	BUSINESS ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		2015582400

	MAIL ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILDRENS PLACE RETAIL STORES INC
		DATE OF NAME CHANGE:	19970702
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v441882_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</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: center">Date of report (Date of earliest event reported):
June 6, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">THE CHILDREN&rsquo;S
PLACE, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: center">0-23071</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: center">31-1241495</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">500 Plaza Drive, Secaucus, New Jersey</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">07094</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center">(201) 558-2400</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Registrant&rsquo;s Telephone Number, Including Area Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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
(<I>see</I> General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&nbsp;Entry into a Material Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Annual Meeting
of Stockholders of The Children&rsquo;s Place, Inc. (the &ldquo;Company&rdquo;) held on May 25, 2016, the Company&rsquo;s stockholders
voted to (i) re-approve the material terms of the performance criteria set forth in the Company&rsquo;s 2011 Equity Incentive Plan
as required by Section 162(m) of the Internal Revenue Code, and (ii) approve an increase of 715,000 shares of Common Stock available
for issuance under the Company&rsquo;s 2011 Equity Incentive Plan, with each such amendment taking effect upon the filing of an
Amended and Restated Certificate of Incorporation with the Delaware Secretary of State on June 6, 2016. Each such proposal is as
described in the Company&rsquo;s proxy statement for such Annual Meeting as filed with the U.S. Securities and Exchange Commission,
or the SEC, on April 6, 2016, which such descriptions are incorporated herein by reference. A copy of the Company&rsquo;s Third
Amended and Restated 2011 Equity Plan is attached hereto as Exhibit 10.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.03&nbsp;Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.7pt">At the Annual Meeting
of Stockholders of the Company held on May 25, 2016, the Company&rsquo;s stockholders
voted (i) to approve an amendment to the Company&rsquo;s Charter as described in the Company&rsquo;s Proxy Statement for the Annual
Meeting to permit holders of 25% or more of the Company&rsquo;s Common Stock to require the Company to call a special meeting of
stockholders, (ii) to approve an amendment to the Company&rsquo;s Charter to remove supermajority (75%) stockholder voting requirements
to amend certain provisions of the Charter, (iii) to approve an amendment to the Company&rsquo;s Charter to remove supermajority
(75%) stockholder voting requirements to amend certain provisions of the Company&rsquo;s bylaws, (iv) to approve an amendment to
the Company&rsquo;s Charter to lengthen the notice window during which stockholders may submit proposals or nominations for consideration
before an annual meeting of stockholders and to provide a greater deal of certainty as to when proposals must be submitted, and
(v) to approve an amendment to the Company&rsquo;s Charter to remove the provision governing the removal of directors from the
Charter and to replace that provision with a provision in the Company&rsquo;s Bylaws which provides that, until the 2017 annual
meeting of stockholders, directors may only be removed for cause, and, following the 2017 annual meeting of stockholders, directors
may be removed with or without cause. Each such amendment is as described in the Company&rsquo;s proxy statement for such Annual
Meeting as filed with the SEC on April 6, 2016, which such descriptions are incorporated
herein by reference. The Company filed an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State
on June 6, 2016 to effect each of the amendments. A copy of the Amended and Restated Certificate of Incorporation is attached hereto
as Exhibit 3.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;In addition, the Board of
Directors amended and restated the Company&rsquo;s Bylaws to (i) permit the holders of not less than 25% of the
Company&rsquo;s Common Stock to call special meetings in the manner provided for in the Bylaws, (ii) provide for a 30 day
window for stockholders to submit proposals or nominations for an annual meeting of stockholders and to establish procedures
that stockholders must comply with in order to do so, (iii) provide that, until the 2017 annual meeting of stockholders,
directors may only be removed for cause, and, following the 2017 annual meeting of stockholders, directors may be removed
with or without cause. Each such amendment is as described in the Company&rsquo;s proxy statement for such Annual Meeting as
filed with the SEC on April 6, 2016, which such descriptions are
incorporated herein by reference. Each such amendment took effect upon the filing of an Amended and Restated Certificate of
Incorporation with the Delaware Secretary of State on June 6, 2016. A copy of the Company&rsquo;s Sixth Amended and Restated
Bylaws is attached hereto as Exhibit 3.2 and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statement and Exhibits</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>(d)</I></TD><TD STYLE="text-align: justify"><I>Exhibits</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1*</TD><TD STYLE="text-align: justify">Amended and Restated Certificate of Incorporation of
The Children&rsquo;s Place, Inc.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2*</TD><TD STYLE="text-align: justify">Sixth Amended and Restated Bylaws of The Children&rsquo;s
Place, Inc.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">10.1*</TD><TD STYLE="text-align: justify">The Children&rsquo;s Place, Inc. Third Amended and Restated
2011 Equity Plan.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
</TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.7pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">Date:&nbsp;&nbsp;June 7, 2016</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>THE CHILDREN&rsquo;S PLACE, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Jane T. Elfers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Jane T. Elfers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>v441882_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 3.1</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
THE CHILDREN&rsquo;S PLACE, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>(Pursuant to Section
242 and 245 of the<BR>
General Corporation Law of the State of Delaware)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">THE CHILDREN&rsquo;S PLACE, INC. (the &ldquo;<U>Corporation</U>&rdquo;),
a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware
(the &ldquo;<U> General Corporation Law</U> &rdquo;), DOES HEREBY CERTIFY:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;1. That the name of the Corporation
is THE CHILDREN&rsquo;S PLACE, INC.; the Corporation was originally incorporated under the name &ldquo;The Children&rsquo;s Place
Retail Stores II, Inc.&rdquo; pursuant to General Corporation Law and the Corporation&rsquo;s original certificate of incorporation
was filed with the Secretary of State of Delaware on June 3, 1988. The Corporation&rsquo;s certificate of incorporation was subsequently
amended by a certificate of merger on July 29, 1988, and pursuant to such amendment, the Corporation was renamed &ldquo;The Children&rsquo;s
Place Retail Stores, Inc.&rdquo; The Corporation&rsquo;s certificate of incorporation was subsequently amended and restated on
each of June 28, 1996, December 31, 1996, September 18, 1997 and July 29, 2008. The Corporation&rsquo;s certificate of incorporation
was subsequently amended on June 6, 2014 and pursuant to such amendment, the Corporation was renamed &ldquo;The Children&rsquo;s
Place, Inc.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;2. That the Board of Directors duly
adopted resolutions proposing to amend and restate the Corporation&rsquo;s certificate of incorporation, declaring said amendment
and restatement to be advisable and in the best interests of the Corporation and its stockholders, and authorizing the appropriate
officer of the Corporation to solicit the consent of the stockholders therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;3. That this Amended and Restated
Certificate of Incorporation, which restates and integrates and further amends the provisions of the Corporation&rsquo;s certificate
of incorporation, was duly adopted by the board of directors and stockholders of the Corporation in accordance with Sections 242
and 245 of the General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;4. That the Corporation&rsquo;s certificate
of incorporation be amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE ONE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The name of the corporation is THE CHILDREN&rsquo;S
PLACE, INC. (the &ldquo;<U>Corporation</U>&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The address of the Corporation&rsquo;s
registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the city of Wilmington, County of New Castle.
The name of its registered agent at such address is Corporation Service Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The nature of the business and of the purposes
to be conducted and promoted by the Corporation are to conduct any lawful business, to promote any lawful purpose and to engage
in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE FOUR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation shall have authority, to
be exercised by the Board of Directors, to issue (i) 100,000,000 shares of common stock of the par value of $0.10 per share (the
&ldquo;<U> Common Stock</U> &rdquo;) and (ii) 1,000,000 shares of preferred stock of the par value of $1.00 per share (the &ldquo;<U>
Preferred Stock</U> &rdquo;). The Preferred Stock may be issued (A) in one or more series and with such designations, powers, preferences,
rights, and such qualifications, limitations or restrictions thereof, as the Board of Directors shall fix by resolution or resolutions
which are permitted by Section 151 of the General Corporation Law of the State of Delaware for any such series of Preferred Stock,
and (B) in such number of shares in each such series as the Board of Directors shall, by resolution, fix, <U> provided</U> that
the aggregate number of all shares of Preferred Stock issued shall not exceed the number of shares of Preferred Stock authorized
hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each holder of Common Stock shall at every
meeting of stockholders of the Corporation be entitled to one vote in person or by proxy on each matter submitted to a vote of
stockholders for each share of Common Stock held by such holder as of the record date for such meeting. Subject to the rights,
if any, of the holders of the Preferred Stock, the holders of the Common Stock shall be entitled to the entire voting power, all
dividends declared and paid by the Corporation and all assets of the Corporation available for distribution to stockholders in
the event of any liquidation, dissolution or winding up the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The number of directors which shall constitute
the whole Board of Directors of the Corporation shall be not less than three nor more than 12 and the exact number shall be fixed
from time to time by the Board of Directors pursuant to a resolution adopted by a majority of the directors then in office; <U>provided</U>,
<U> however</U>, that such maximum number of directors may be increased from time to time to reflect the rights, if any, of holders
of Preferred Stock to elect directors in accordance with the terms of the resolution or resolutions adopted by the Board of Directors
providing for the issue of such shares of Preferred Stock. The number of directors may be increased or decreased only by action
of the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Until the annual meeting of stockholders
to be held in 2017, the directors, other than those who may be elected by the holders of any series of Preferred Stock, will be
classified with respect to the time for which they severally hold office into three classes, as nearly equal in number as possible,
designated Class I, Class II and Class III. The directors first appointed to Class I will hold office for a term expiring at the
annual meeting of stockholders of the Corporation to be held in 1998; the directors first appointed to Class II will hold office
for a term expiring at the annual meeting of stockholders of the Corporation to be held in 1999; and the directors first appointed
to Class III will hold office for a term expiring at the annual meeting of stockholders of the Corporation to be held in 2000,
with the members of each class to hold office until their successors are elected and qualified. At each succeeding annual meeting
of the stockholders of the Corporation held prior to the annual meeting of stockholders in 2015, the successors of the class of
directors whose terms expire at that meeting will be elected to hold office for a term expiring at the annual meeting of stockholders
to be held in the third year following the year of their election and until their successors are elected and qualified. At the
annual meetings of stockholders to be the annual meeting held in 2015 and 2016, directors elected to succeed those directors whose
terms then expire shall be elected at such meeting to hold office for a term expiring at the annual meeting of stockholders to
be held in 2017 and shall hold office until their respective successors are duly elected and qualified, subject to their earlier
death, resignation, retirement or removal from service as a director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Commencing with the annual meeting of stockholders
to be held in 2017, the classification of the Board of Directors set forth above shall cease. At the annual meeting of stockholders
to be held in 2017 and at each annual meeting of stockholders thereafter, each nominee for director shall stand for election to
a one-year term expiring at the next annual meeting of stockholders and shall hold office until their respective successors are
duly elected and qualified, subject to their earlier death, resignation, retirement or removal from service as a director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Election of directors of the Corporation
need not be by written ballot unless requested by the Chairman of the Board of Directors or by the holders of a majority of the
voting power of the outstanding shares of stock entitled to vote in the election of directors and present in person or represented
by proxy at a meeting of the stockholders at which directors are to be elected.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Subject to the rights, if any, of the holders
of any Preferred Stock with respect to the election of directors, directors shall be elected by a majority of votes cast by the
shares present at a meeting of stockholders and entitled to vote on the election of directors at such meeting, a quorum being present
at such meeting, unless the election is contested, in which case directors shall be elected by a plurality of votes cast by the
shares present at such meeting. A &ldquo;majority of votes cast&rdquo; means that the number of votes cast &ldquo;for&rdquo; the
election of the nominee exceeds 50% of the total number of votes cast &ldquo;for&rdquo; or &ldquo;against&rdquo; the election of
that nominee. A &ldquo;contested election&rdquo; shall mean an election at which the number of nominees for election as director
is greater than the number of directors to be elected. For purposes hereof, the number of nominees shall be determined as of the
last date on which a stockholder in accordance with the Bylaws of the Corporation may nominate a person for election as a director
in order for such nomination to be required to be presented for a vote of the stockholders. Cumulative voting shall not apply in
the election of directors and no stockholder will be permitted to accumulate votes in respect of the election of any director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Subject to the rights, if any, of the holders
of any Preferred Stock, the power to fill vacancies on the Board of Directors (whether by reason of resignation, removal, death,
an increase in the number of directors or otherwise) shall be vested solely in the Board of Directors, and vacancies may be filled
by the affirmative vote of a majority of the directors then in office, even if less than a quorum, or by the sole remaining director,
unless all directorships are vacant, in which case the stockholders shall fill the then existing vacancies. Any director chosen
by the Board of Directors to fill a vacancy (including a vacancy resulting from an increase in the number of directors) shall hold
office for the remaining term of the director(s) creating the vacancy(s) (or for which the new directorship was created) and until
that director&rsquo;s successor shall be elected and shall have qualified. No decrease in the number of directors constituting
the Board of Directors may shorten the term of any incumbent director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Any action required by the General Corporation
Law of the State of Delaware to be taken at an annual or special meeting of stockholders of the Corporation, and any action which
otherwise may be taken at any annual or special meeting of stockholders of the Corporation, shall be taken only at a duly called
meeting of the stockholders of the Corporation and, notwithstanding Section 228 of the General Corporation Law of the State of
Delaware, no such action shall be taken by written consent or consents without a meeting of the stockholders of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Bylaws of the Corporation, as amended
and restated on the date hereof, are hereby adopted by the Board of Directors. In furtherance and not in limitation of the powers
conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind the Bylaws of the
Corporation, by the affirmative vote of a majority of the total number of directors which the Corporation would have if there were
no vacancies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">To the fullest extent that the General
Corporation Law of the State of Delaware, as it exists on the date hereof or as it may hereafter be amended, permits the limitation
or elimination of the liability of directors, no director of the Corporation shall be personally liable to the Corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director. Notwithstanding the foregoing, a director shall be
liable to the extent provided by applicable law (1) for any breach of the director&rsquo;s duty of loyalty to the Corporation or
its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of
law, (3) under Section 174 of the General Corporation Law of the State of Delaware or any successor provision thereto, or (4) for
any transaction from which the director derived any improper personal benefit. Neither the provisions of this Article Nine, nor
the adoption of any provision of this Certificate of Incorporation inconsistent with this Article Nine, shall adversely affect
any right or protection of a director of the Corporation existing at the time of such amendment, repeal or adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Corporation shall, to the fullest extent
permitted by Section 145 of the General Corporation Law of the State of Delaware, as the same may be amended and supplemented,
or by any successor provision thereto (&ldquo;<U> Section 145</U> &rdquo;), indemnify any and all persons whom it shall have power
to indemnify under Section 145 from and against any and all of the expenses, liabilities or other matters referred to in or covered
by Section 145. The Corporation shall advance expenses to the fullest extent permitted by Section 145. Such right to indemnification
and advancement of expenses shall inure to the benefit of the heirs, executors and administrators of such person. The indemnification
and advancement of expenses provided for herein shall not be deemed exclusive of any other rights which any person may have or
hereafter acquire under any statue, Bylaw, agreement, vote of stockholders or disinterested directors or otherwise. Without limiting
the generality or the effect of the foregoing, the Corporation may enter into one or more agreements with any person which provide
for indemnification greater than or different from that provided in this Article Ten or Section 145. Neither the amendment or repeal
of this Article Ten, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this Article Ten,
shall adversely affect any right or protection of any person existing at the time of such amendment, repeal or adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;The Corporation shall have power
to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or
arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability
under the provisions hereof or under Section 145 of the General Corporation Law or any other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE ELEVEN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Whenever a compromise or arrangement is
proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or
any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of
this Corporation or any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this Corporation
under the provisions of Section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any
receiver or receivers appointed for this Corporation under the provisions of Section 279 of Title 8 of the Delaware Code order
a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders, of this Corporation, as
the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in
value of the creditors or class of creditors, and/or of the stockholders or class of stockholders, of this Corporation, as the
case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise
or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said
application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders,
of this Corporation, as the case may be, and also on this Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">This Amended and Restated Certificate of
Incorporation was duly adopted in accordance with the provisions of Section 242 and Section 245 of the General Corporation Law
of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, this Amended
and Restated Certificate of Incorporation has been executed by an authorized officer of this Corporation on this 31<SUP>st</SUP>
day of May, 2016.</P>

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

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

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<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">THE CHILDREN&rsquo;S PLACE, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Bradley P. Cost</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Bradley P. Cost<BR>Title: Senior Vice President, General Counsel</TD></TR>
</TABLE>

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<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>v441882_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 3.2</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIXTH AMENDED AND RESTATED<BR>
BYLAWS<BR>
OF<BR>
THE CHILDREN&rsquo;S PLACE, INC.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">1. CERTIFICATES REPRESENTING STOCK.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(a) Every holder of stock in the Corporation
shall be entitled to have a certificate signed by, or in the name of, the Corporation by the Chairman of the Board of Directors,
if any, or by the President or a Vice President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant
Secretary of the Corporation, representing the number of shares owned by such person in the Corporation. If such certificate is
countersigned by a transfer agent other than the Corporation or its employee or by a registrar other than the Corporation or its
employee, any other signature on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has
signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or
registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such
officer, transfer agent or registrar at the date of issue.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(b) Whenever the Corporation shall be authorized
to issue more than one class of stock or more than one series of any class of stock, and whenever the Corporation shall issue any
shares of its stock as partly paid stock, the certificates representing shares of any such class or series or of any such partly
paid stock shall set forth thereon the statements prescribed by the General Corporation Law of the State of Delaware (the &ldquo;<U>
DGCL</U> &rdquo;). Any restrictions on the transfer or registration of transfer of any shares of stock of any class or series shall
be noted conspicuously on the certificate representing such shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(c) The Corporation may issue a new certificate
of stock in place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Board of
Directors may require the owner of any lost, stolen or destroyed certificate, or such person&rsquo;s legal representative, to give
the Corporation a bond sufficient to indemnify the Corporation and its transfer agent or agents and registrar or registrars against
any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance
of any such new certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">2. FRACTIONAL SHARE INTERESTS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Corporation may, but shall not be required
to, issue fractions of a share.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">3. STOCK TRANSFERS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Upon compliance with provisions restricting
the transfer or registration of transfer of shares of stock, if any, transfers or registration of transfers of shares of stock
of the Corporation shall be made only on the stock ledger of the Corporation by the registered holder thereof, or by such person&rsquo;s
attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the Corporation or with a transfer
agent or a registrar, if any, and on surrender of the certificate or certificates for such shares of stock properly endorsed and
the payment of all taxes due thereon.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">4. RECORD DATE FOR STOCKHOLDERS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(a) In order that the Corporation may determine
the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors
may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted
by the Board of Directors, and which record date shall not be more than sixty (60) nor less than ten (10) days before the date
of such meeting. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled
to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which
notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.
A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment
of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(b) In order that the Corporation may determine
the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders
entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful
action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing
the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date
has been fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day
on which the Board of Directors adopts the resolution relating thereto.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">5. MEANING OF CERTAIN TERMS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">As used herein in respect of the right
to notice of a meeting of stockholders or a waiver thereof or to participate or vote thereat or to consent or dissent in writing
in lieu of a meeting, as the case may be, the term &ldquo;share&rdquo; or &ldquo;shares&rdquo; or &ldquo;share of stock&rdquo;
or &ldquo;shares of stock&rdquo; or &ldquo;stockholder&rdquo; or &ldquo;stockholders&rdquo; refers to an outstanding share or shares
of stock and to a holder or holders of record of outstanding shares of stock when the Corporation is authorized to issue only one
class of shares of stock, and said reference is also intended to include any outstanding share or shares of stock and any holder
or holders of record of outstanding shares of stock of any class upon which or upon whom the Amended and Restated Certificate of
Incorporation of the Corporation (the &ldquo;<U>Certificate of Incorporation</U>&rdquo;) confers such rights where there are two
or more classes or series of shares of stock or upon which or upon whom the DGCL confers such rights notwithstanding that the Certificate
of Incorporation may provide for more than one class or series of shares of stock, one or more of which are limited or denied such
rights thereunder; <U> provided</U>, <U> however</U> , that no such right shall vest in the event of an increase or a decrease
in the authorized number of shares of stock of any class or series which is otherwise denied voting rights under the provisions
of the Certificate of Incorporation, including any preferred stock which is denied voting rights under the provisions of the resolution
or resolutions adopted by the Board of Directors with respect to the issuance thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">6. STOCKHOLDER MEETINGS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(a) <U>Annual Meetings</U>. An annual meeting
of the stockholders of the Corporation shall be held at such time and on such date as shall be designated from time to time by
the Board of Directors. The meeting shall be held for the purpose of electing directors and transacting such other business as
may properly come before the meeting.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(b) <U>Special Meetings</U>. Special meetings
of the stockholders of the Corporation for any purpose or purposes may be called at any time by (i) the Chairman of the Board of
Directors, (ii) by the Secretary of the Corporation within ten (10) calendar days after receipt of a written request from a majority
of the total number of directors which the Corporation would have if there were no vacancies, or (iii) subject to the provisions
of this Section 6 and all other applicable sections of the Bylaws, by the Secretary of the Corporation upon written request in
proper form (a &ldquo;<U>Special Meeting Request</U>&rdquo;) to the Secretary of stockholders that own of record not less than
twenty-five percent (25%) of the capital stock of the Corporation entitled to vote generally in an election of directors (the &ldquo;<U>Requisite
Percentage</U>&rdquo;). Subject to the rights of the holders of any shares of preferred stock, special meetings of the stockholders
may not be called by any other person or persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">A Special Meeting Request must be delivered
to or mailed to the attention of the Secretary at the principal executive offices of the Corporation. To be valid and in proper
written form, a Special Meeting Request must be signed and dated by each stockholder of record submitting the Special Meeting Request
and by each of the beneficial owners, if any, on whose behalf the Special Meeting Request is being made (collectively, a &ldquo;<U>Requesting
Stockholder</U>&rdquo;), and include (i) a statement of the specific purpose(s) of the special meeting and the matters proposed
to be acted on at the special meeting, the text of any proposal or business (including the text of any resolutions proposed for
consideration, and in the event that such business includes a proposal to amend the Certificate of Incorporation or the Bylaws
of the Corporation, the text of the proposed amendment), the reasons for conducting such business at the special meeting, and any
material interest in such business of each Requesting Stockholder, (ii) in the case of any director nominations proposed to be
presented at the special meeting, the information required by clauses (a)(i) through (a)(vii) and, with respect to each Requesting
Stockholder clauses (b)(i) through (b)(vi) and clause (b)(xi) of the fourth paragraph of Article I, Section 6(k) of these Bylaws,
(iii) in the case of any matter other than a director nomination proposed to be conducted at the special meeting, the information
required by clauses (i) through (vi) and clause (x) of the fourth paragraph of Article I, Section 6(j) of these Bylaws, including
with respect to each Requesting Stockholder, (iv) a representation that each Requesting Stockholder, or one or more representatives
of each such stockholder, intends to appear in person or by proxy at the special meeting to present the proposal(s) or business
to be brought before the special meeting, (v) a representation as to whether the Requesting Stockholders intend, or are part of
a group that intends, to solicit proxies with respect to the proposals or business to be presented at the special meeting, (vi)
an agreement by the Requesting Stockholders to notify the Corporation promptly in the event of any disposition prior to the record
date for the special meeting of shares of the Corporation owned of record and an acknowledgement that any such disposition shall
be deemed to be a revocation of such Special Meeting Request with respect to such disposed shares and (vii) documentary evidence
that the Requesting Stockholders own the Requisite Percentage as of the date on which the Special Meeting Request is delivered
to the Secretary; provided, however, that if the stockholder(s) of record submitting the Special Meeting Request are not the beneficial
owners of the shares representing the Requisite Percentage, then to be valid, the Special Meeting Request must also include documentary
evidence (or, if not simultaneously provided with the Special Meeting Request, such documentary evidence must be delivered to the
Secretary within ten (10) days after the date on which the Special Meeting Request is delivered to the Secretary) that the beneficial
owners on whose behalf the Special Meeting Request is made beneficially own the Requisite Percentage as of the date on which such
Special Meeting Request is delivered to the Secretary. In addition, each Requesting Stockholder shall promptly provide, and in
any event within ten (10) business days, any other information reasonably requested by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">The Corporation will provide the Requesting
Stockholders with notice of the record date for the determination of stockholders entitled to vote at the special meeting or otherwise
publicly disclose such date. Each Requesting Stockholder is required to update the notice delivered pursuant to this Section 6(b)
not later than ten (10) business days after such record date to provide any material changes in the foregoing information as of
such record date and, with respect to the information required under clause (vii) of the previous paragraph, also as of a date
not more than five (5) business days before the scheduled date of the special meeting as to which the Special Meeting Request relates.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">In determining whether a special meeting
has been requested by stockholders holding in the aggregate at least the Requisite Percentage, multiple Special Meeting Requests
delivered to the Secretary of the Corporation will be considered together only if (i) each Special Meeting Request identifies substantially
the same purpose or purposes of the special meeting and substantially the same matters proposed to be acted on at the special meeting
(in each case as determined in good faith by the Board of Directors), and (ii) such Special Meeting Requests have been delivered
to the Secretary of the Corporation within sixty (60) days of the earliest dated Special Meeting Request.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">A Special Meeting Request shall not be
valid, and a special meeting requested by stockholders shall not be held, if (i) the Special Meeting Request does not comply with
this Section 6(b), (ii) the Special Meeting Request relates to an item of business that is not a proper subject for stockholder
action under applicable law, (iii) the Special Meeting Request is delivered during the period commencing ninety (90) days prior
to the first anniversary of the date of the immediately preceding annual meeting of stockholders and ending on the date of the
next Annual Meeting, (iv) an identical or substantially similar item (as determined in good faith by the Board of Directors, a
&ldquo;<U>Similar Item</U>&rdquo;), other than the election or removal of director(s), was presented at an annual or special meeting
held not more than twelve (12) months before the Special Meeting Request is delivered, (v) the Special Meeting Request relates
to the election or removal of director(s) and the election or removal of director(s) was presented at an annual meeting of stockholders
or special meeting held not more than ninety (90) days before the Special Meeting Request is delivered, (vi) a Similar Item, including
the election or removal of director(s), is included in the Corporation&rsquo;s notice of meeting as an item of business to be brought
before an annual meeting of stockholders or special meeting that has been called but not yet held or that is called for a date
within one-hundred and twenty (120) days of the receipt by the Corporation of a Special Meeting Request, or (vii) the Special Meeting
Request was made in a manner that involved a violation of Regulation 14A under the Exchange Act or other applicable law. The Board
of Directors shall determine in good faith whether all requirements set forth in this Section 6 have been satisfied and such determination
shall be final and binding on the Corporation and its stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">Except as otherwise provided in this Article
I, Section 6, a special meeting held following a Special Meeting Request shall be held at such time and place, either within or
without the State of Delaware, as may be fixed by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">A Requesting Stockholder may revoke a Special
Meeting Request by written revocation delivered to the Secretary at the principal executive offices of the Corporation at any time
prior to the special meeting. If, following such revocation (or deemed revocation pursuant to clause (vi) of the second paragraph
of this Section 6(b)), there are unrevoked requests from Requesting Stockholders holding, in the aggregate, less than the Requisite
Percentage, the Board of Directors, in its discretion, may cancel the special meeting.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">If none of the Requesting Stockholders
appear or send a duly authorized agent to present the business specified in the Special Meeting Request, the Corporation need not
present such business for a vote at the special meeting, notwithstanding that proxies in respect of such matter may have been received
by the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">Business transacted at any special meeting
shall be limited to (i) the purpose(s) stated in the valid Special Meeting Request for such special meeting and (ii) any additional
matters the Board of Directors determines to submit to the stockholders at such special meeting. The chairman of a special meeting
shall determine all matters relating to the conduct of the special meeting, including, without limitation, determining whether
to adjourn the special meeting and whether any nomination or other item of business has been properly brought before the special
meeting in accordance with these Bylaws. If the chairman of a special meeting determines that business was not properly brought
before the special meeting in accordance with the foregoing procedures, the chairman shall declare to the meeting that the business
was not properly brought before the meeting and such business shall not be transacted.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 61.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(c) <U>Time and Place of Meetings</U>.
Subject to the provisions of Section 6(a), each meeting of stockholders shall be held on such date, at such hour, and at such place,
either within or without the State of Delaware, as fixed by the Board of Directors from time to time or in the notice of the meeting
or, in the case of an adjourned meeting, as announced at the meeting at which the adjournment is taken. Whenever the Board of Directors
shall fail to fix such place, the meeting shall be held at the registered office of the Corporation in the State of Delaware.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(d) <U>Notice of Meetings; Waiver of Notice</U>.
Written notice of all meetings shall be given, stating the place, date and hour of the meeting. The notice of an annual meeting
shall state that the meeting is called for the election of Directors and for the transaction of other business which may properly
come before the meeting, and shall (if any other action which could be taken at a special meeting is to be taken at such annual
meeting), state such other action or actions as are known at the time of such notice. The notice of a special meeting shall in
all instances state the purpose or purposes for which the meeting is called. If any action is proposed to be taken which would,
if taken, entitle stockholders to receive payment for their shares of stock, the notice shall include a statement of that purpose
and to that effect. Except as otherwise provided by the DGCL, a copy of the notice of any meeting shall be given, personally or
by mail, not less than ten (10) days nor more than sixty (60) days before the date of the meeting, unless the lapse of the prescribed
period of time shall have been waived, and directed to each stockholder at such person&rsquo;s address as it appears on the records
of the Corporation. Notice by mail shall be deemed to be given when deposited, with postage thereon prepaid, in the United States
mail. If a meeting is adjourned to another time, not more than thirty (30) days after the date of the meeting at which the adjournment
is taken, and/or to another place, and if an announcement of the adjourned time and place is made at the meeting at which the adjournment
is taken, it shall not be necessary to give notice of the adjourned meeting unless the Board of Directors, after adjournment, fixes
a new record date for the adjourned meeting. Notice need not be given to any stockholder who submits a written waiver of notice
before or after the time stated therein. Attendance of a person at a meeting of stockholders shall constitute a waiver of notice
of such meeting, except when the stockholder attends a meeting for the express purpose of objecting, at the beginning of the meeting,
to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted
at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(e) <U>Quorum and Manner of Acting</U>.
Subject to the provisions of these Amended and Restated Bylaws (the &ldquo;<U> Bylaws</U> &rdquo;), the Certificate of Incorporation
and any provision of the DGCL as to the vote that is required for a specified action, the presence in person or by proxy of the
holders of a majority of the outstanding shares of the Corporation entitled to vote at any meeting of stockholders shall constitute
a quorum for the transaction of business, and the vote in person or by proxy of the holders of a majority of the shares constituting
such quorum shall be binding on all stockholders of the Corporation. A majority of the shares present in person or by proxy and
entitled to vote may, regardless of whether or not they constitute a quorum, adjourn the meeting to another time and place. Any
business which might have been transacted at the original meeting may be transacted at any adjourned meeting at which a quorum
is present. When a quorum is present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(f) <U>Voting</U>. Each stockholder entitled
to vote in accordance with the terms of the Certificate of Incorporation and of these Bylaws, or, with respect to the issuance
of preferred stock, in accordance with the terms of a resolution or resolutions of the Board of Directors, shall be entitled to
one vote, in person or by proxy, for each share of stock entitled to vote held by such stockholder. The vote required for the election
of directors shall be as provided in the Certificate of Incorporation. In voting on the election of directors, stockholders shall
also be provided the opportunity to abstain, and abstentions, votes designated to be withheld from the election of a director and
shares present but not voted in respect of the election of a director, if any, shall not be considered as votes cast. Any other
action shall be authorized by a majority of the votes cast except where the DGCL, the Certificate of Incorporation or these Bylaws
prescribe a different percentage of votes and/or a different exercise of voting power. Voting by ballot shall not be required for
corporate action except as otherwise provided by the DGCL or by the Certificate of Incorporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(g) <U>Judges of Election</U>. The Board
of Directors, in advance of any meeting of stockholders, may, but need not, appoint one or more inspectors of election or judges
of the vote, as the case may be, to act at the meeting or any adjournment thereof. If an inspector or inspectors or judge or judges
are not appointed by the Board of Directors, the chairman of the meeting may, but need not, appoint one or more inspectors or judges.
In case any person who may be appointed as an inspector or judge fails to appear or act, the vacancy may be filled by appointment
made by the chairman of the meeting. Each inspector or judge, if any, before entering upon the discharge of such person&rsquo;s
duties, shall take and sign an oath faithfully to execute the duties of inspector or judge at such meeting with strict impartiality
and according to the best of his or her ability. The inspectors or judges, if any, shall determine the number of shares of stock
outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum and the validity
and effect of proxies and ballots, receive votes, ballots or consents, hear and determine all challenges and questions arising
in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such other
acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the
meeting, the inspector or inspectors or judge or judges, if any, shall make a report in writing of any challenge, question or matter
determined by such person or persons and execute a certificate of any fact so found.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(h) <U>List of Stockholders</U>. A complete
list of the stockholders entitled to vote at each meeting of stockholders of the Corporation, arranged in alphabetical order, and
showing the address and number of shares registered in the name of each stockholder, shall be prepared and made available for examination
during regular business hours by any stockholder for any purpose germane to the meeting. The list shall be available for such examination
at the place where the meeting is to be held for a period of not less than ten (10) days prior to the meeting and during the whole
time of the meeting. The stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger,
the list required by this Section 6(h) or the books of the Corporation, or to vote at any meeting of stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(i) <U>Conduct of Meeting</U>. At every
meeting of stockholders, the chairman of the meeting shall be the Chairman of the Board or, in the absence of the Chairman of the
Board, such person as shall have been designated by the Chairman of the Board or, if the Chairman of the Board has not so designated
any person, by resolution adopted by the Board of Directors. The chairman of the meeting shall have sole authority to prescribe
the agenda and rules of order for the conduct of such meeting of stockholders and to determine all questions arising thereat relating
to the order of business and the conduct of the meeting, except as otherwise required by law. The Secretary of the Corporation
or, in such person&rsquo;s absence, an Assistant Secretary, shall act as secretary of every meeting, but if neither the Secretary
nor an Assistant Secretary is present the chairman for the meeting shall appoint a secretary of the meeting.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(j) <U>Nature of Business at Annual Meetings
of Stockholders</U>. No business may be transacted at an annual meeting of stockholders, other than business that is either (a)
specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly
authorized committee thereof), (b) otherwise properly brought before the annual meeting by or at the direction of the Board of
Directors (or any duly authorized committee thereof), or (c) otherwise properly brought before the annual meeting by any stockholder
of the Corporation (i) who is a stockholder of record on the date of the giving of the notice provided for in this Section 6(j)
and on the record date for the determination of stockholders entitled to notice of and to vote at such Annual Meeting and (ii)
in the case of business other than nominations (which shall be governed by Section 6(k) of these Bylaws), who complies with the
notice procedures set forth in this Section 6(j).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">In addition to any other applicable requirements,
for business to be properly brought before an annual meeting by a stockholder, such stockholder must have given timely notice thereof
in proper written form to the Secretary of the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">To be timely, a stockholder&rsquo;s notice
to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than
ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary date of the immediately preceding annual
meeting of stockholders; provided, however, that in the event that the annual meeting is called for a date that is not within thirty
(30) days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later
than the close of business on the tenth (10th) day following the day on which such notice of the date of the annual meeting was
mailed or such public disclosure of the date of the annual meeting was made, whichever first occurs.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">To be in proper written form, such notice
referred to in clause (c) of the first sentence of this Section 6(j), a stockholder&rsquo;s notice to the Secretary must set forth
as to each matter such stockholder proposes to bring before the annual meeting a brief description of the business<STRIKE> </STRIKE>desired
to be brought before the annual meeting and the reasons for conducting such business at the annual meeting and as to the stockholder
giving the notice and any Stockholder Associated Person (as defined below) (i) the name and address of such person, (ii) the class
or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such person, (iii)
the nominee holder for, and number of, any shares owned beneficially but not of record by such person, (iv) whether and the extent
to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement,
arrangement or understanding (including any derivative or short positions, profit interests, options or borrowed or loaned shares)
has been made, the effect or intent of which is to mitigate loss to or manage risk or benefit of share price changes for, or to
increase or decrease the voting power of, such person with respect to any share of stock of the Corporation, (v) a description
of all agreements, arrangements or understandings between or among such persons or any other person (including their names) in
connection with the proposal of such business by such stockholder, (vi) a description of any material interest of such person in
such business, (vii) to the extent known by the stockholder giving the notice or any Stockholder Associated Person, the name and
address of any other stockholder supporting the proposal of business on the date of such stockholder&rsquo;s notice, (viii) a representation
that the stockholder giving the notice intends to appear in person or by proxy at the annual meeting to bring such business before
the meeting, (ix) notice whether such person intends to solicit proxies in connection with the proposed matter, and (x) any other
information relating to such stockholder or any Stockholder Associated Person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with the solicitation of proxies pursuant to Section 14 of the Exchange
Act, and the rules and regulations promulgated thereunder. Any information required pursuant to this paragraph shall be supplemented
to speak as of the record date for the meeting by the stockholder giving the notice not later than ten (10) days after such record
date. With respect to any stockholder, &ldquo;Stockholder Associated Person&rdquo; means (i) any person acting in concert, directly
or indirectly, with such stockholder and (ii) any person controlling, controlled by or under common control with such stockholder
or any Stockholder Associated Person.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">No business shall be conducted at the annual
meeting of stockholders except business brought before the annual meeting in accordance with the procedures set forth in this Section
6(j); provided, however, that, once business has been properly brought before the annual meeting in accordance with such procedures,
nothing in this Section 6(j) shall be deemed to preclude discussion by any stockholder of any such business. If the chairman of
an annual meeting determines that business was not properly brought before the annual meeting in accordance with the foregoing
procedures, the chairman shall declare to the meeting that the business was not properly brought before the meeting and such business
shall not be transacted. Nothing in this Section 6(j) shall be deemed to affect the rights of stockholders to request inclusion
of proposals in the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 under the Exchange Act.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(k) <U>Nomination of Directors</U>. Only
persons who are nominated in accordance with the following procedures or the procedures in Article I, Section 7 of these Bylaws
shall be eligible for election as directors of the Corporation, except as may be otherwise provided in the Certificate of Incorporation
with respect to the right of holders of preferred stock of the Corporation to nominate and elect a specified number of directors
in certain circumstances. Nominations of persons for election to the Board of Directors may be made at any annual meeting of stockholders,
or at any special meeting of stockholders called for the purpose of electing directors, (a) by or at the direction of the Board
of Directors (or any duly authorized committee thereof) or (b) by any stockholder of the Corporation (i) who is a stockholder of
record on the date of the giving of the notice provided for in this Section 6(k) and on the record date for the determination of
stockholders entitled to vote at such meeting and (ii) who complies with the notice procedures set forth in this Section 6(k).
The foregoing clause (b) shall be the exclusive means for a stockholder to make any nomination of a person or persons for election
to the Board of Directors at an annual meeting or special meeting of stockholders (other than pursuant to a Special Meeting Request
in accordance with the requirements set forth in Article I, Section 6(b) of these Bylaws and the procedures provided in Article
I, Section 7 of these Bylaws).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">In addition to any other applicable requirements,
for a nomination to be made by a stockholder, such stockholder must have given timely notice thereof in proper written form to
the Secretary of the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">To be timely, a stockholder&rsquo;s notice
to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation (a) in the case
of an Annual Meeting, not less than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary date
of the immediately preceding Annual Meeting of Stockholders; provided, however, that in the event that the Annual Meeting is called
for a date that is not within thirty (30) days before or after such anniversary date, notice by the stockholder in order to be
timely must be so received not later than the close of business on the tenth (10th) day following the day on which such notice
of the date of the Annual Meeting was mailed or such public disclosure of the date of the Annual Meeting was made, whichever first
occurs; and (b) in the case of a special meeting called for the purpose of electing directors (other than pursuant to a Special
Meeting Request in accordance with the requirements set forth in Article I, Section 6(b)), not later than the close of business
on the tenth (10th) day following the day on which notice of the date of the special meeting was mailed or public disclosure of
the date of the special meeting was made, whichever first occurs.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">To be in proper written form, a stockholder&rsquo;s
notice to the Secretary must set forth (a) as to each person whom the stockholder proposes to nominate for election as a director
(i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person,
(iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by
such person, (iv) the nominee holder for, and number of, any shares owned beneficially but not of record by such person, (v) whether
and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or
any other agreement, arrangement or understanding (including any derivative or short positions, profit interests, options or borrowed
or loaned shares) has been made, the effect or intent of which is to mitigate loss to or manage risk or benefit of share price
changes for, or to increase or decrease the voting power of, such person with respect to any share of stock of the Corporation,
(vi) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings
during the past three years, and any other material relationships, between or among the stockholder, the person or their respective
associates, or others acting in concern therewith, including all information that would be required to be disclosed pursuant to
Rule 404 promulgated under Regulation S-K if the stockholder, person or any person acting in concert therewith, were the &ldquo;registrant&rdquo;
for purposes of such rule and the person were a director or executive of such registrant and (vii) any other information relating
to the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with
the solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder; and (b) as to the stockholder giving the notice and any Stockholder Associated Person (i) the name and
address of such person, (ii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially
or of record by such person, (iii) the nominee holder for, and number of, any shares owned beneficially but not of record by such
person, (iv) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by
or on behalf of, or any other agreement, arrangement or understanding (including any derivative or short positions, profit interests,
options or borrowed or loaned shares) has been made, the effect or intent of which is to mitigate loss to or manage risk or benefit
of share price changes for, or to increase or decrease the voting power of, such person with respect to any share of stock of the
Corporation, (v) a description of all agreements, arrangements or understandings between or among such persons or any other person
(including their names) pursuant to which the nominations are to be made by the stockholder, (vi) a description of any material
interest of such person in such nominations, including any anticipated benefit to such person therefrom, (vii) a description of
any relationship between or among the stockholder giving notice and any Stockholder Associated Person, on the one hand, and each
proposed nominee, on the other hand, (viii) to the extent known by the stockholder giving the notice or any Stockholder Associated
Person, the name and address of any other stockholder supporting the nominees named in the stockholder&rsquo;s notice for election
on the date of such stockholder&rsquo;s notice, (ix) a representation that the stockholder giving the notice intends to appear
in person or by proxy at the meeting to nominate the persons named in its notice, (x) notice whether such person intends to solicit
proxies in connection with the nominations and (xi) any other information relating to such stockholder or any Stockholder Associated
Person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with the
solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated
thereunder. Such notice must be accompanied by a written consent of each proposed nominee to being named as a nominee and to serve
as a director if elected. The Corporation may also require any proposed nominee to furnish such other information as may reasonably
be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the
Corporation or that could be material to a reasonable stockholder&rsquo;s understanding of the independence, or lack thereof, of
such nominee. Any information required pursuant to this paragraph shall be supplemented to speak as of the record date for the
meeting by the stockholder giving the notice not later than ten (10) days after such record date.<FONT STYLE="color: #2BFCFF">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">No person shall be eligible for election
as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 6 or in Article I,
Section 7 of these Bylaws (other than pursuant to a Special Meeting Request in accordance with the requirements set forth in Article
I, Section 6(b)). The provisions of this Section 6(k) shall not apply to any nomination made pursuant to Article I, Section 7 of
these Bylaws, except to the extent expressly contemplated in such Section 7.<FONT STYLE="color: #2BFCFF">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(l) <U>Proxy Representation</U>. Every
stockholder may authorize another person or persons to act for such stockholder by proxy in all matters in which a stockholder
is entitled to participate, whether by waiving notice of any meeting, voting or participating at a meeting. Every proxy must be
signed by the stockholder or by such person&rsquo;s attorney-in-fact. No proxy shall be voted or acted upon after three (3) years
from its date unless such proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is
irrevocable and, if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy
may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest
in the Corporation generally.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #FF1135">&nbsp;&#9;</FONT>7.
PROXY ACCESS&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Whenever the Board of Directors solicits
proxies with respect to the election of directors at an annual meeting of stockholders, subject to the provisions of this Section
7, the Corporation shall include in its proxy statement for such annual meeting of stockholders, in addition to any persons nominated
for election by the Board of Directors or any committee thereof, the name, together with the Required Information (defined below),
of any person nominated for election (the &ldquo;<U>Stockholder Nominee</U>&rdquo;) to the Board of Directors by a stockholder
or group of no more than twenty (20) stockholders that satisfies the requirements of this Section 7 (the &ldquo;<U>Eligible Stockholder</U>&rdquo;)
and that expressly elects at the time of providing the notice required by this Section 7 (the &ldquo;<U>Notice of Proxy Access
Nomination</U>&rdquo;) to have such nominee included in the Corporation&rsquo;s proxy materials. For purposes of determining the
number of stockholders comprising a group of stockholders under the immediately-preceding sentence, any two (2) or more funds under
common management or sharing a common investment adviser shall be counted as one (1) stockholder. For purposes of this Section
7, the &ldquo;<U>Required Information</U>&rdquo; that the Corporation will include in its proxy statement is the information provided
to the Secretary of the Corporation concerning the Stockholder Nominee and the Eligible Stockholder that is required to be disclosed
in the Corporation&rsquo;s proxy statement by the regulations promulgated under the Exchange Act and, if the Eligible Stockholder
so elects, a written statement, not to exceed 500 words, in support of the Stockholder Nominee(s)&rsquo; candidacy (the &ldquo;<U>Statement</U>&rdquo;).
Subject to the provisions of this Section 7, the name of any Stockholder Nominee included in the Corporation&rsquo;s proxy materials
for such annual meeting of stockholders shall also be set forth on the form of proxy distributed by the Corporation in connection
with such annual meeting of stockholders. Notwithstanding anything to the contrary contained in this Section 7, the Corporation
may omit from its proxy materials any information or Statement (or portion thereof) that it, in good faith, believes would violate
any applicable law or regulation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;To be timely, the Notice of Proxy
Access Nomination must be delivered to, or mailed to and received by, the Secretary of the Corporation no earlier than one hundred
fifty (150) days and no later than one hundred twenty (120) days before the anniversary of the date that the Corporation issued
its proxy statement for the previous year&rsquo;s annual meeting of stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The maximum number of Stockholder Nominees
nominated by all Eligible Stockholders that will be included in the Corporation&rsquo;s proxy materials with respect to an annual
meeting of stockholders shall not exceed the greater of (x) two or (y) twenty percent (20%) of the number of directors in office
(rounded down to the nearest whole number) as of the last day on which a Notice of Proxy Access Nomination may be delivered pursuant
to and in accordance with this Section 7 (the &ldquo;<U>Final Proxy Access Nomination Date</U>&rdquo;). In the event that one or
more vacancies for any reason occurs on the Board of Directors after the Final Proxy Access Nomination Date but before the date
of the annual meeting of stockholders and the Board of Directors resolves to reduce the size of the Board of Directors in connection
therewith, the maximum number of Stockholder Nominees included in the Corporation&rsquo;s proxy materials shall be calculated based
on the number of directors in office as so reduced. For purposes of determining when the maximum number of Stockholder Nominees
provided for in this Section 7 has been reached, each of the following persons shall be counted as one of the Stockholder Nominees:
(i) any individual nominated by an Eligible Stockholder for inclusion in the Corporation&rsquo;s proxy materials pursuant to this
Section 7 whom the Board of Directors decides to nominate for election to the Board of Directors and (ii) any director in office
as of the Final Proxy Access Nomination Date who was included in the Corporation&rsquo;s proxy materials as a Stockholder Nominee
for either of the two (2) most recent preceding annual meetings of stockholders (including any individual counted as a Stockholder
Nominee pursuant to the preceding clause (i)) and whom the Board of Directors decides to nominate for re-election to the Board
of Directors. Any Eligible Stockholder submitting more than one (1) Stockholder Nominee for inclusion in the Corporation&rsquo;s
proxy materials pursuant to this Section 7 shall rank such Stockholder Nominees based on the order in which the Eligible Stockholder
desires such Stockholder Nominees to be selected for inclusion in the Corporation&rsquo;s proxy statement in the event that the
total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 7 exceeds the maximum number of
Stockholder Nominees permitted. In the event that the number of Stockholder Nominees submitted by Eligible Stockholders exceeds
the maximum number of Stockholder Nominees permitted by this Section 7, the highest ranking Stockholder Nominee who meets the requirements
of this Section 7 from each Eligible Stockholder will be selected for inclusion in the Corporation&rsquo;s proxy materials until
the maximum number is reached, going in order of the Eligible Stockholder holding the greatest number of shares to that holding
the lowest number of shares of common stock of the Corporation each Eligible Stockholder disclosed as owned in its respective Notice
of Proxy Access Nomination submitted to the Corporation. If the maximum number is not reached after the highest ranking Stockholder
Nominee who meets the requirements of this Section 7 from each Eligible Stockholder has been selected, then the next highest ranking
Stockholder Nominee who meets the requirements of this Section 7 from each Eligible Stockholder will be selected for inclusion
in the Corporation&rsquo;s proxy materials, and this process will continue as many times as necessary, following the same order
each time, until the maximum number is reached.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">For purposes of this Section 7, an Eligible
Stockholder shall be deemed to &ldquo;<U>own</U>&rdquo; only those outstanding shares of common stock of the Corporation as to
which the stockholder possesses both (i) the full voting and investment rights pertaining to the shares and (ii) the full economic
interest in (including the opportunity for profit from and risk of loss on) such shares; provided, that the number of shares calculated
in accordance with clauses (i) and (ii) shall not include any shares (x) sold by such stockholder or any of its affiliates in any
transaction that has not been settled or closed, (y) borrowed by such stockholder or any of its affiliates for any purposes or
purchased by such stockholder or any of its affiliates pursuant to an agreement to resell or (z) subject to any option, warrant,
forward contract, swap, contract of sale, other derivative or similar agreement entered into by such stockholder or any of its
affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or
value of shares of outstanding common stock of the Corporation, in any such case which instrument or agreement has, or is intended
to have, the purpose or effect of (1) reducing in any manner, to any extent or at any time in the future, such stockholder&rsquo;s
or its affiliates&rsquo; full right to vote or direct the voting of any such shares, and/or (2) hedging, offsetting or altering
to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares by such stockholder
or affiliate, other than hedging across a broad multi-industry investment portfolio solely with respect to currency risk, interest
rate risk or, using a broad index-based hedge, equity risk. A stockholder shall &ldquo;<U>own</U>&rdquo; shares held in the name
of a nominee or other intermediary so long as the stockholder retains the right to instruct how the shares are voted with respect
to the election of directors and possesses the full economic interest in the shares. A stockholder&rsquo;s ownership of shares
shall be deemed to continue during any period in which (i) the stockholder has delegated any voting power by means of a proxy,
power of attorney or other instrument or arrangement which is revocable at any time by the stockholder or (ii) the stockholder
has loaned such shares; provided, that the stockholder has the power to recall such loaned shares on five (5) business days&rsquo;
notice. The terms &ldquo;owned,&rdquo; &ldquo;owning&rdquo; and other variations of the word &ldquo;own&rdquo; shall have correlative
meanings. Whether outstanding shares of the common stock of the Corporation are &ldquo;owned&rdquo; for these purposes shall be
determined by the Board of Directors or any committee thereof. For purposes of this Section 7, the term &ldquo;affiliate&rdquo;
or &ldquo;affiliates&rdquo; shall have the meaning ascribed thereto under the General Rules and Regulations under the Exchange
Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">In order to make a nomination pursuant
to this Section 7, an Eligible Stockholder must have owned at least the Required Ownership Percentage (as defined below) of the
Corporation&rsquo;s outstanding common stock (the &ldquo;<U>Required Shares</U>&rdquo;) continuously for at least the Minimum Holding
Period (as defined below) as of both the date the Notice of Proxy Access Nomination is delivered to, or mailed to and received
by, the Secretary of the Corporation in accordance with this Section 7 and the record date for determining the stockholders entitled
to vote at the annual meeting of stockholders and must continue to own the Required Shares through the meeting date. For purposes
of this Section 7, the &ldquo;<U>Required Ownership Percentage</U>&rdquo; is three percent (3)%, and the &ldquo;<U>Minimum Holding
Period</U>&rdquo; is three (3) consecutive years. Within the time period specified in this Section 7 for delivering the Notice
of Proxy Access Nomination, an Eligible Stockholder must provide the following information in writing to the Secretary of the Corporation:
(i) a written statement by the Eligible Stockholder certifying as to the number of shares it owns and has owned (as defined in
this Section 7) continuously during the Minimum Holding Period; (ii) one or more written statements from the record holder of the
shares (and from each intermediary through which the shares are or have been held during the Minimum Holding Period) verifying
that, as of a date within seven (7) calendar days prior to the date the Notice of Proxy Access Nomination is delivered to, or mailed
to and received by, the Secretary of the Corporation, the Eligible Stockholder owns, and has owned continuously for the Minimum
Holding Period, the Required Shares, and the Eligible Stockholder&rsquo;s agreement to provide, within five (5) business days after
the record date for the annual meeting of stockholders, written statements from the record holder and intermediaries verifying
the Eligible Stockholder&rsquo;s continuous ownership of the Required Shares through the record date; (iii) a copy of the Schedule
14N that has been filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) as required by Rule 14a-18
under the Exchange Act; (iv) the information required by clauses (a)(i) through (a)(vii) of the fourth paragraph of Article I,
Section 6(k) of these Bylaws and, with respect to each Eligible Stockholder, clauses (b)(i) through (b)(xi) of the fourth paragraph
of Article I, Section 6(k) of these Bylaws; (v) the consent of each Stockholder Nominee to being named in the proxy statement as
a nominee and to serving as a director if elected; (vi) a representation that the Eligible Stockholder (including each member of
any group of stockholders that together is an Eligible Stockholder hereunder) (A) acquired the Required Shares in the ordinary
course of business and not with the intent to change or influence control at the Corporation, and does not presently have such
intent, (B) presently intends to maintain qualifying ownership of the Required Shares through the date the annual meeting of stockholders,
(C) has not nominated and will not nominate for election to the Board of Directors at the annual meeting of stockholders any person
other than the Stockholder Nominee(s) it is nominating pursuant to this Section 7, (D) has not engaged and will not engage in,
and has not and will not be a &ldquo;participant&rdquo; in another person&rsquo;s, &ldquo;solicitation&rdquo; within the meaning
of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the annual meeting of stockholders
other than its Stockholder Nominee(s) or a nominee of the Board of Directors, (E) has not distributed and will not distribute to
any stockholder of the Corporation any form of proxy for the annual meeting of stockholders other than the form distributed by
the Corporation, (F) agrees to comply with all applicable laws and regulations applicable to solicitations and the use, if any,
of soliciting material, and (G) has provided and will provide facts, statements and other information in all communications with
the Corporation and its stockholders that are or will be true and correct in all material respects and do not and will not omit
to state a material fact necessary in order to make such information, in light of the circumstances under which it was or will
be made or provided, not misleading; (vii) a representation as to the Eligible Stockholder&rsquo;s (including each member of any
group of stockholders that together is an Eligible Stockholder hereunder) intentions with respect to maintaining qualifying ownership
of the Required Shares through the date of the annual meeting of stockholders; (viii) an undertaking that the Eligible Stockholder
agrees to (A) assume all liability stemming from any legal or regulatory violation arising out of the Eligible Stockholder&rsquo;s
communications with the stockholders of the Corporation or out of the information that the Eligible Stockholder provided to the
Corporation and (B) indemnify and hold harmless the Corporation and each of its directors, officers and employees individually
against any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal,
administrative or investigative, against the Corporation or any of its directors, officers or employees arising out of any nomination
submitted by the Eligible Stockholder pursuant to this Section 7; and (ix) in the case of a nomination by a group of stockholders
together constituting an Eligible Stockholder in which two or more funds under common management or sharing a common investment
adviser are counted as one stockholder for purposes of qualifying as an Eligible Stockholder, documentation reasonably satisfactory
to the Corporation that demonstrates that the funds are under common management or share a common investment adviser.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">In the event that any information or communication
provided by the Eligible Stockholder or the Stockholder Nominee to the Corporation or its stockholders ceases to be true and correct
or omits a material fact necessary to make such information or communication, each Eligible Stockholder or Stockholder Nominee,
as the case may be, shall promptly notify the Secretary of the Corporation of any defect in such previously provided information
or communication and of the information that is required to correct any such defect. In addition, any person providing any information
pursuant to this Section 7 shall further update and supplement such information, if necessary, so that all such information shall
be true and correct as of the record date for determining the stockholders entitled to receive notice of the annual meeting of
stockholders, and such update and supplement (or a written certification that no such updates or supplements are necessary and
that the information previously provided remains true and correct as of the applicable date) shall be delivered to or be mailed
and received by the Secretary at the principal executive offices of the Corporation not later than five (5) business days after
the record date for determining the stockholders entitled to receive notice of such annual meeting of stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Corporation shall not be required to
include, pursuant to this Section 7, a Stockholder Nominee in its proxy materials (i) for any meeting of stockholders for which
the Secretary of the Corporation receives notice that the Eligible Stockholder or any other stockholder has nominated one or more
persons for election to the Board of Directors pursuant to the advance notice requirements for stockholder nominees for director
set forth in Article I, Section 6(k) of these Bylaws, (ii) if the Eligible Stockholder (or any member of any group of stockholders
that together is such Eligible Stockholder) who has nominated such Stockholder Nominee has engaged in or is currently engaged in,
or has been or is a &ldquo;participant&rdquo; in another person&rsquo;s, &ldquo;solicitation&rdquo; within the meaning of Rule
14a-1(l) under the Exchange Act in support of the election of any individual as a director at the annual meeting of stockholders
other than its Stockholder Nominee(s) or a nominee of the Board of Directors, (iii) who is not independent under the listing standards
of the NASDAQ, any applicable rules of the SEC, Rule 16(B) under the Exchange Act, Section 162(m) of the Internal Revenue Code
of 1986, and any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of
the Corporation&rsquo;s directors, (iv) whose election as a member of the Board of Directors would cause the Corporation to be
in violation of these Bylaws, the Certificate of Incorporation, the rules and listing standards of the NASDAQ, or any applicable
state or federal law, rule or regulation, (v) who is or has been, within the past three (3) years, an officer or director of a
competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, (vi) who is a named subject of a pending criminal proceeding
(excluding traffic violations and other minor offenses) or has been convicted in such a criminal proceeding within the past ten
(10) years, (vii) if such Stockholder Nominee or the applicable Eligible Stockholder (or any member of any group of stockholders
that together is such Eligible Stockholder) shall have provided information to the Corporation in respect to such nomination that
was untrue in any material respect (or omits to state a material fact necessary in order to make the statement made in light of
the circumstances under which they are made, not misleading) or (viii) if the Eligible Stockholder (or any member of any group
of stockholders that together is such Eligible Stockholder) or applicable Stockholder Nominee fails to comply with its obligations
pursuant to this Section 7.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Notwithstanding anything to the contrary
set forth herein, the Board of Directors or the chairman of the annual meeting of stockholders shall declare a nomination by an
Eligible Stockholder to be invalid, and such nomination shall be disregarded notwithstanding that proxies in respect of such vote
may have been received by the Corporation, if (i) (A) the Stockholder Nominee and/or the applicable Eligible Stockholder shall
have breached any of its or their obligations, agreements or representations under this Section 7 or (B) the Stockholder Nominee
shall have otherwise become ineligible for inclusion in the Corporation&rsquo;s proxy materials pursuant to this Section 7, in
each case as determined by the Board of Directors or the chairman of the annual meeting of stockholders (in either of which cases,
(x) the Corporation may omit or, to the extent feasible, remove the information concerning such Stockholder Nominee and the related
Supporting Statement from its proxy materials and/or otherwise communicate to its stockholders that such Stockholder Nominee will
not be eligible for election at the annual meeting of stockholders and (y) the Corporation shall not be required to include in
its proxy materials any successor or replacement nominee proposed by the applicable Eligible Stockholder or any other Eligible
Stockholder) or (ii) the Eligible Stockholder (or a qualified representative thereof) does not appear at the annual meeting of
stockholders to present any nomination pursuant to this Section 7.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Whenever the Eligible Stockholder consists
of a group of stockholders, (i) each provision in this Section 7 that requires the Eligible Stockholder to provide any written
statements, representations, undertakings, agreements or other instruments or to meet any other conditions shall be deemed to require
each stockholder that is a member of such group to provide such statements, representations, undertakings, agreements or other
instruments and to meet such other conditions (except that the members of such group may aggregate their shareholdings in order
to meet the Required Ownership), (ii) a breach of any obligation, agreement or representation under this Section 7 by any member
of such group shall be deemed a breach by the Eligible Stockholder and (iii) the Notice of Proxy Access Nomination must designate
one member of the group for purposes of receiving communications, notices and inquiries from the Corporation and otherwise authorize
such member to act on behalf of all members of the group with respect to all matters relating to the nomination under this Section
7 (including withdrawal of the nomination). No person may be a member of more than one group of stockholders constituting an Eligible
Stockholder with respect to any annual meeting of stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Any Stockholder Nominee who is included
in the Corporation&rsquo;s proxy materials for a particular annual meeting of stockholders but either (i) withdraws from or becomes
ineligible or unavailable for election at the annual meeting of stockholders, or (ii) does not receive at least 25% of the votes
cast in favor of such Stockholder Nominee&rsquo;s election, will be ineligible to be a Stockholder Nominee pursuant to this Section
7 for the next two (2) annual meetings of stockholders. For the avoidance of doubt, the immediately preceding sentence shall not
prevent any stockholder from nominating any person to the Board of Directors pursuant to and in accordance with Article I, Section
6(k) of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;Any Stockholder Nominee who is included
in the Corporation&rsquo;s proxy materials for any particular meeting shall tender an irrevocable resignation (resigning his or
her candidacy for director election and, if applicable at the time of the determination made in the next sentence, resigning from
his or her position as a director), in a form satisfactory to the Corporation, in advance of such meeting, provided that such resignation
shall expire upon the certification of the voting results of that annual meeting of stockholders. Such resignation shall become
effective upon a determination by the Board of Directors or any committee thereof that (i) the information provided pursuant to
this Section 7 to the Corporation by such individual or by the Eligible Stockholder (or any member of any group of persons that
together is such Eligible Stockholder) who nominated such individual was untrue in any material respect or omitted to state a material
fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading or
(ii) such individual, or the Eligible Stockholder (or any member of any group of persons that together is such Eligible Stockholder)
who nominated such individual, shall have breached or failed to comply with its agreements, representations undertakings and/or
obligations pursuant to these By-laws, including, without limitation, this Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;This Section 7 provides the exclusive
method for a stockholder to include nominees for election to the Board of Directors in the Corporation&rsquo;s proxy materials&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">1. FUNCTIONS AND DEFINITION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;The business and affairs of the Corporation
shall be managed by or under the direction of the Board of Directors of the Corporation. The term &ldquo;Whole Board&rdquo; herein
refers to the total number of directors which the Corporation would have if there were no vacancies.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">2. QUALIFICATIONS, NUMBER AND VACANCIES.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(a) <U>Qualifications</U>. A director need
not be a stockholder, a citizen of the United States, or a resident of the State of Delaware.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(b) <U>Number</U>. The number of directors
which shall constitute the Whole Board shall be not less than three nor more than 12 and the exact number shall be fixed from time
to time by the Board of Directors pursuant to a resolution adopted by a majority of the directors then in office; <U> provided</U>,
<U> however</U>, that such maximum number of directors may be increased from time to time to reflect the rights, if any, of holders
of Preferred Stock to elect directors in accordance with the terms of the resolution or resolutions adopted by the Board of Directors
providing for the issue of such shares of Preferred Stock. The number of directors may be increased or decreased only by action
of the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(c) <U>Vacancies</U>. Subject to the rights,
if any, of the holders of any Preferred Stock, the power to fill vacancies on the Board of Directors (whether by reason of resignation,
removal, an increase in the number of directors or otherwise) shall be vested solely in the Board of Directors, and vacancies may
be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by the sole remaining
director, unless all directorships are vacant, in which case the stockholders shall fill the then existing vacancies. Any director
chosen by the Board of Directors to fill a vacancy (including a vacancy resulting from an increase in the number of directors)
shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred (or in which the new
directorship was created) and until that director&rsquo;s successor shall be elected and shall have qualified. No decrease in the
number of directors constituting the Board of Directors may shorten the term of any incumbent director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(d) <U>Election</U>. At the annual meeting
of stockholders, the stockholders will elect by a vote in accordance with the terms of the Certificate of Incorporation and of
these Bylaws, the directors to succeed those whose terms expire at such meeting. Any director may resign at any time upon written
notice to the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. MEETINGS.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(a) <U>Time</U>. Regular meetings of the
Board of Directors shall be held at such time as the Board of Directors shall fix. Special meetings shall be held at such time
as may be specified in the notice thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(b) <U>First Meeting</U>. The first meeting
of each newly elected Board of Directors may be held immediately after each annual meeting of the stockholders at the same place
at which the meeting is held, and no notice of such meeting shall be necessary to call the meeting; <U>provided</U>, that a quorum
shall be present. In the event such first meeting is not so held immediately after the annual meeting of the stockholders, it may
be held at such time and place as shall be specified in the notice given as provided for special meetings of the Board of Directors,
or at such time and place as shall be fixed by the consent in writing of all of the directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(c) <U>Place</U>. Meetings of the Board
of Directors, both regular and special, shall be held at such place within or without the State of Delaware as shall be fixed by
the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(d) <U>Call</U>. No call shall be required
for regular meetings for which the time and place have been fixed. Special meetings may be called by or at the direction of the
Chairman of the Board or a majority of the directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(e) <U>Notice Or Actual Or Constructive
Waiver</U>. No notice shall be required for regular meetings of the Board of Directors for which the time and place have been fixed.
Written, oral or any other mode of notice of the time and place shall be given for special meetings at least twenty-four (24) hours
prior to the meeting; notice may be given by telephone or telefax (in which case it is effective when given), by overnight courier
or messenger (in which case it is effective when received) or by mail (in which case it is effective seventy-two (72) hours after
mailing by prepaid first class mail). The notice of any meeting need not specify the purpose of the meeting. Any requirement of
furnishing a notice shall be waived by any director who signs a written waiver of such notice before or after the time stated therein.
Attendance of a director at a meeting of the Board of Directors shall constitute a waiver of notice of such meeting, except when
the director attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any
business because the meeting is not lawfully called or convened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(f) <U>Quorum And Action</U>. A majority
of the Whole Board shall constitute a quorum except when a vacancy or vacancies prevents such majority, whereupon a majority of
the directors in office shall constitute a quorum; provided, that such majority shall constitute at least one-third (1/3) of the
Whole Board. Any director may participate in a meeting of the Board of Directors by means of a conference telephone or similar
communications equipment by means of which all directors participating in the meeting can hear each other, and such participation
in a meeting of the Board of Directors shall constitute presence in person at such meeting. A majority of the directors present,
whether or not a quorum is present, may adjourn a meeting to another time and place. Except as herein otherwise provided, and except
as otherwise provided by the DGCL, the act of the Board of Directors shall be the act by vote of a majority of the directors present
at a meeting, a quorum being present. The quorum and voting provisions herein stated shall not be construed as conflicting with
any provisions of the DGCL, the Certificate of Incorporation and these Bylaws which govern a meeting of directors held to fill
vacancies and newly created directorships in the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(g) <U>Chairman Of The Meeting</U>. The
Chairman of the Board, if present and acting, shall preside at all meetings of the Board of Directors. Otherwise, any other director
chosen by the Board of Directors shall preside.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">4. REMOVAL OF DIRECTORS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Prior to the annual meeting of stockholders
to be held in 2017, subject to the rights, if any, of the holders of any Preferred Stock to elect additional directors or to remove
directors so elected, a duly elected director of the Corporation may be removed from such position by the stockholders only for
cause and only in the manner specified in this Article II, Section 4. From and after the annual meeting of stockholders to be held
in 2017, the stockholders may remove any duly elected director of the Corporation with or without cause in the manner specified
in this Article II, Section 4. Any of the foregoing removals by stockholders may be effected only by the affirmative vote of the
holders of a majority of the voting power of the outstanding shares of stock entitled to vote in the election of directors, voting
as a single class. Except as may be provided by applicable law, cause for removal will be deemed to exist only if the director
whose removal is proposed has been convicted of a felony or adjudicated by a court of competent jurisdiction to be liable to the
Corporation or its stockholders for misconduct as a result of (a) a breach of such director&rsquo;s duty of loyalty to the Corporation,
(b) any act or omission by such director not in good faith or which involves a knowing violation of law or (c) any transaction
from which such director derived an improper personal benefit, and such conviction or adjudication is no longer subject to direct
appeal.<FONT STYLE="color: #2BFCFF">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"><FONT STYLE="color: #2BFCFF">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"><FONT STYLE="color: #2BFCFF"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"><FONT STYLE="color: #2BFCFF">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">5. COMMITTEES.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Board of Directors may, by resolution
passed by a majority of the Whole Board, designate one or more committees, each committee to consist of one or more of the directors
of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent
or disqualified member at any meeting of such committee. Except as otherwise provided by law, any such committee, to the extent
provided in the resolution of the Board of Directors, shall have and may exercise the powers of the Board of Directors in the management
of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which
may require it. In the absence or disqualification of any member of any such committee or committees, the members thereof present
at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another member
of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">6. ACTION IN WRITING.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Any action required or permitted to be
taken at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if all members of the Board
of Directors or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the
minutes of proceedings of the Board of Directors or committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE III</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">1. OFFICERS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Board of Directors may elect or appoint
a Chairman of the Board of Directors, a President, one or more Vice Presidents (which may be denominated with additional descriptive
titles), a Secretary, one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers, and such other officers
as it may determine. The Board of Directors shall designate from among such elected officers a chief executive officer, a chief
operating officer, a chief financial officer and a principal accounting officer, and may from time to time make, or provide for,
other designations it deems appropriate. The Board of Directors may also appoint, or provide for the appointment of, such other
officers and agents as may from time to time appear necessary or advisable in the conduct of the affairs of the Corporation. Any
number of offices may be held by the same person, except that no person may at the same time be both the President and the Secretary.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">2. TERM OF OFFICE AND REMOVAL.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Unless otherwise provided in the resolution
of election or appointment, each officer shall hold office until the meeting of the Board of Directors following the next annual
meeting of stockholders and until such officer&rsquo;s successor has been elected and qualified or until the earlier death, retirement,
resignation or removal of such officer. The Board of Directors may remove any officer for cause or without cause.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">3. AUTHORITY AND DUTIES.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">All officers, as between themselves and
the Corporation, shall have such authority and perform such duties in the management of the Corporation as may be provided in these
Bylaws, or, to the extent not so provided, by the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">4. THE CHAIRMAN OF THE BOARD OF DIRECTORS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Chairman of the Board may be, but shall
not be required to be, the Chief Executive Officer of the Corporation. In addition, the Chairman of the Board of Directors, if
present and acting, shall preside at all meetings of the stockholders and all meetings of the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">5. THE PRESIDENT.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The President may be, but shall not be
required to be, the chief operating officer and/or chief financial officer of the Corporation. Except to the extent otherwise provided
in these Bylaws, the President shall have general authority to execute any and all documents in the name of the Corporation and
to supervise and control all of the business and affairs of the Corporation. In the absence of the President, his duties shall
be performed and his powers may be exercised by the chief financial officer of the Corporation or by such other officer as shall
be designated by the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">6. VICE PRESIDENTS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">Any Vice President that may have been appointed
and shall perform such other duties as the Board of Directors shall prescribe.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">7. THE SECRETARY.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Secretary shall keep in safe custody
the seal of the Corporation and affix it to any instrument when authorized by the Board of Directors, and shall perform such other
duties as may be prescribed by the Board of Directors, the Chairman of the Board, the President or the chief financial officer.
The Secretary (or in such officer&rsquo;s absence, an Assistant Secretary, but if neither is present another person selected by
the chairman for the meeting) shall have the duty to record the proceedings of the meetings of the stockholders and Board of Directors
in a book to be kept for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;8. THE TREASURER.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The Treasurer shall have the care and custody
of the corporate funds, and other valuable effects, including securities, and shall keep full and accurate accounts of receipts
and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and
to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse
the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall
render to the President and directors, at the regular meetings of the Board of Directors, or whenever they may require it, an accounting
of all transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the
Treasurer shall give the Corporation a bond for such term, in such sum and with such surety or sureties as shall be satisfactory
to the Board of Directors for the faithful performance of the duties of such office and for the restoration to the Corporation,
in case of such person&rsquo;s death, resignation, retirement or removal from office, of all books, papers, vouchers, money and
other property of whatever kind in such person&rsquo;s possession or under such person&rsquo;s control belonging to the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The corporate seal shall be in such form
as the Board of Directors shall prescribe. The books of the Corporation may be kept within or without the State of Delaware, at
such place or places as the Board of Directors may, from time to time, determine.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The fiscal year of the Corporation shall
be fixed, and shall be subject to change, by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">1. INDEMNIFICATION.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">(a) Any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a
director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise (including employee benefit plans)
(hereinafter an &ldquo;<U> indemnitee</U> &rdquo;), shall be indemnified and held harmless by the Corporation to the fullest extent
authorized by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent
that such amendment permits the Corporation to provide broader indemnification than permitted prior thereto), against expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such indemnitee
in connection with such action, suit or proceeding, if the indemnitee acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Corporation, and with respect to any criminal action or proceeding,
had no reasonable cause to believe such conduct was unlawful. The termination of the proceeding, whether by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, create a presumption that the person
did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of
the Corporation and, with respect to any criminal action or proceeding, had reasonable cause to believe such conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 50.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">(b) Any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to
procure a judgment in its favor by reason of the fact that he or she is or was a director, officer, employee or agent of the Corporation,
or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise (including employee benefit plans), shall be indemnified and held harmless by the Corporation
to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the Corporation to provide broader indemnification than permitted prior thereto),
against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him or her in connection with the defense
or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or
not opposed to the best interests of the Corporation and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent
that the court in which such suit or action was brought, shall determine, upon application, that, despite the adjudication of liability
but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses
which such court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">2. ADVANCEMENT OF EXPENSES.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">All reasonable expenses incurred by or
on behalf of the indemnitee in connection with any suit, action or proceeding may be advanced to the indemnitee by the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">3. INDEMNIFICATION NOT EXCLUSIVE.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The indemnification and advancement of
expenses provided for in this Article VI shall not be deemed exclusive of any other rights which any person may have or hereafter
acquire under any statute, the Certificate of Incorporation, a Bylaw of the Corporation, agreement, vote of stockholders or disinterested
directors or otherwise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">4. CONTINUATION OF INDEMNIFICATION.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">The right to indemnification and advancement
of expenses provided by this Article VI shall continue as to a person who has ceased to be a director, officer, employee or agent
and shall inure to the benefit of the heirs, executors and administrators of such person.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">1. BY THE STOCKHOLDERS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">These Bylaws may be amended by the stockholders
only (i) at a meeting called for that purpose and then by the affirmative vote of a majority of outstanding shares of stock entitled
to vote in the election of directors, voting as a single class, either in person or by proxy and (ii) in a manner not inconsistent
with any provision of law or the Certificate of Incorporation of the Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">2. BY THE DIRECTORS.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">These Bylaws may be amended by the affirmative
vote of a majority of the Whole Board, in any manner not inconsistent with any provision of law or the Certificate of Incorporation
of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</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">&nbsp;</P>

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

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

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

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

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



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>v441882_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 10.1</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Children&rsquo;s Place, Inc.<BR>
Third Amended and Restated<BR>
2011 Equity Incentive Plan</B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Purpose</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Definitions</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Effective Date; Duration</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Administration</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Grant of Awards; Shares Subject to the Plan; Limitations</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Eligibility</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Options</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Stock Appreciation Rights</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restricted Stock and Restricted Stock Units</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other Stock-Based Awards</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Performance Compensation Awards</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>20</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Changes in Capital Structure and Similar Events</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Effect of Change in Control</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amendments and Termination</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>General</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>25</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Children&rsquo;s Place, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Third Amended and Restated</B><BR>
<B>2011 Equity Incentive Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose.
</B> The purpose of The Children&rsquo;s Place, Inc. First Amended and Restated 2011 Equity Incentive Plan is to provide a means
through which the Company and its Affiliates may attract and retain key personnel, including the services of experienced and knowledgeable
non-executive directors, and to provide a means whereby directors, officers, employees, consultants and advisors (and prospective
directors, officers, employees, consultants and advisors) of the Company and its Affiliates can acquire and maintain an equity
interest in the Company, or be paid incentive compensation, including but not limited to incentive compensation measured by reference
to the value of Common Stock or the results of operations of the Company, thereby strengthening their commitment to the welfare
of the Company and its Affiliates and aligning their interests with those of the Company&rsquo;s shareholders. This Plan document
is an omnibus document which includes, in addition to the Plan, separate sub-plans (&ldquo;<U>Sub Plans</U>&rdquo;) that permit
offerings of grants to employees of certain Designated Foreign Subsidiaries. Offerings under the Sub Plans may be made in particular
locations outside the United States of America and shall comply with local laws applicable to offerings in such foreign jurisdictions.
The Plan shall be a separate and independent plan from the Sub Plans, but the total number of shares of Common Stock authorized
to be issued under the Plan applies in the aggregate to both the Plan and the Sub Plans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions.
</B> The following definitions shall be applicable throughout the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo;
means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company
and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The
term &ldquo;control&rdquo; (including, with correlative meaning, the terms &ldquo;controlled by&rdquo; and &ldquo;under common
control with&rdquo;), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other
securities, by contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Award</U>&rdquo;
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Other Stock-Based Award and Performance Compensation Award granted under the Plan. For purposes of
Section 5(c) of the Plan, &ldquo;Award&rdquo; and &ldquo;Award under the Plan&rdquo; shall also mean any stock-based Award granted
under a Prior Plan and outstanding on the Effective Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Beneficial
Owner</U>&rdquo; has the meaning set forth in Rule 13d-3 promulgated under Section&nbsp;13 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board</U>&rdquo;
means the Board of Directors of the Company.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Cause</U>&rdquo;
means, in the case of a particular Award, unless the applicable Award agreement states otherwise, (i)&nbsp;the Company or an Affiliate
having &ldquo;cause&rdquo; to terminate a Participant&rsquo;s employment or service, as defined in any employment, consulting,
change in control, severance or any other agreement between the Participant and the Company or an Affiliate in effect at the time
of such termination or (ii)&nbsp;in the absence of any such employment, consulting, change in control, severance or other agreement
(or the absence of any definition of &ldquo;cause&rdquo; or term of similar import therein), (A) the Participant has failed to
reasonably perform his or her duties to the Company, or has failed to follow the lawful instructions of the Board or his or her
direct superiors, in each case, other than as a result of his or her incapacity due to physical or mental illness or injury, and
such failure has resulted in, or could reasonably be expected to result in, harm (whether financially, reputationally or otherwise)
to the Company or an Affiliate, (B)&nbsp;the Participant has engaged in conduct harmful (whether financially, reputationally or
otherwise) to the Company or an Affiliate, (C)&nbsp;the Participant having been convicted of, or plead guilty or no contest to,
a felony or any crime involving as a material element fraud or dishonesty or moral turpitude, (D)&nbsp;the willful misconduct or
gross neglect of the Participant that has resulted in or could reasonably be expected to result in harm (whether financially, reputationally
or otherwise) to the Company or an Affiliate, (E) the willful violation by the Participant of the written policies of the Company
or any of its Affiliates, that that has resulted in or could reasonably be expected to result in harm (whether financially, reputationally
or otherwise) to the Company or an Affiliate, (F) the Participant&rsquo;s fraud or misappropriation, embezzlement or misuse of
funds or property belonging to the Company (other than good faith expense account disputes), (G) the Participant&rsquo;s act of
personal dishonesty which involves personal profit in connection with the Participant&rsquo;s employment or service with the Company
or an Affiliate, (H) the willful breach by the Participant of fiduciary duty owed to the Company or an Affiliate, or (I)&nbsp;in
the case of a Participant who is a Non-Employee Director, the Participant engaging in any of the activities described in clauses
(A)&nbsp;through (H)&nbsp;above; <U>provided</U>, <U>however</U>, that the Participant shall be provided a 10-day period to cure
any of the events or occurrences described in the immediately preceding clause (A) hereof, to the extent capable of cure during
such 10-day period. Any determination of whether Cause exists shall be made by the Committee in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Change
in Control</U>&rdquo; shall, in the case of a particular Award, be deemed to occur upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act (a
&ldquo;<U>Person</U>&rdquo;)) of beneficial ownership (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act)
of more than 50% (on a fully diluted basis) of either (A)&nbsp;the then outstanding shares of Common Stock taking into account
as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible
stock or debt, and the exercise of any similar right to acquire such Common Stock (the &ldquo;<U>Outstanding Company Common Stock</U>&rdquo;)
or (B)&nbsp;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (the &ldquo;<U>Outstanding Company Voting Securities</U>&rdquo;); <U>provided</U>, <U>however</U>, that for
purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (I)&nbsp;any acquisition by the Company,
or (II)&nbsp;any acquisition by any employee benefit plan sponsored or maintained by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;individuals
who, during any consecutive 12-month period, constitute the Board (the &ldquo;<U>Incumbent Directors</U>&rdquo;) cease for any
reason to constitute at least a majority of the Board, <U>provided</U>, that any person becoming a director subsequent to the date
hereof, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then
on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a
nominee for director, without written objection to such nomination) shall be an Incumbent Director; <U>provided</U>, <U>however</U>,
that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest, as such terms are used in Rule&nbsp;14a-12 of Regulation&nbsp;14A promulgated under the Exchange Act, with respect to
directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other
than the Board shall be deemed to be an Incumbent Director;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the approval by the shareholders of the Company of a plan of complete dissolution or liquidation of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 31.5pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company (a &ldquo;<U>Business Combination</U>&rdquo;), or sale, transfer or other disposition of all
or substantially all of the business or assets of the Company to an entity that is not an Affiliate of the Company (a &ldquo;<U>Sale</U>&rdquo;),
that in each case requires the approval of the Company&rsquo;s stockholders (whether for such Business Combination or Sale or the
issuance of securities in such Business Combination or Sale), unless immediately following such Business Combination or Sale: (A)
more than 50% of the total voting power of (x) the entity resulting from such Business Combination or the entity which has acquired
all or substantially all of the business or assets of the Company in a Sale (in either case, the &ldquo;<U>Surviving Company</U>&rdquo;),
or (y) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
eligible to elect a majority of the board of directors (or the analogous governing body) of the Surviving Company (the &ldquo;<U>Parent
Company</U>&rdquo;), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such
Business Combination or Sale (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities
were converted pursuant to such Business Combination or Sale), and such voting power among the holders thereof is in substantially
the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior
to the Business Combination or Sale, (B) no Person (other than any employee benefit plan sponsored or maintained by the Surviving
Company or the Parent Company), is or becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting
power of the outstanding voting securities eligible to elect members of the board of directors (or the analogous governing body)
of the Parent Company (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of
the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving
Company) following the consummation of the Business Combination or Sale were Board members at the time of the Board&rsquo;s approval
of the execution of the initial agreement providing for such Business Combination or Sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code
shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor
provisions to such section, regulations or guidance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Committee</U>&rdquo;
means the Compensation Committee of the Board or subcommittee thereof if required with respect to actions taken to obtain the exception
for performance-based compensation under Section&nbsp;162(m) of the Code or to comply with Rule 16b-3 of the Exchange Act in respect
of Awards or, if no such Compensation Committee or subcommittee thereof exists, the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Stock</U>&rdquo; means the common stock, par value $0.10 per share, of the Company (and any stock or other securities into which
such common stock may be converted or into which it may be exchanged).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Company</U>&rdquo;
means The Children&rsquo;s Place, Inc., a Delaware corporation, and<B> </B>any successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Designated
Foreign Subsidiaries</U>&rdquo; means all Affiliates organized under the laws of any jurisdiction or country other than the United
States of America that may be designated by the Board or the Committee from time to time.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Disability</U>&rdquo;
means, unless in the case of a particular Award the applicable Award agreement states otherwise, the Company or an Affiliate having
cause to terminate a Participant&rsquo;s employment or service on account of &ldquo;disability,&rdquo; as defined in any then-existing
employment, consulting, change in control, severance or other agreement between the Participant and the Company or an Affiliate
or, in the absence of such an employment, consulting, change in control, severance or other agreement (or in the absence of any
definition of &ldquo;disability&rdquo; or term of similar import therein), a Participant&rsquo;s total disability as defined below
and (to the extent required by Code Section 409A) determined in a manner consistent with Code Section 409A and the regulations
thereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 22.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: 22.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Participant will be deemed to have suffered a Disability if determined to be totally disabled by the Social Security Administration.
In addition, the Participant will be deemed to have suffered a Disability if determined to be disabled in accordance with a disability
insurance program maintained by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Effective
Date</U>&rdquo; means the date of the annual shareholder meeting at which the Plan is approved by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Eligible
Director</U>&rdquo; means a person who is (i)&nbsp;a &ldquo;non-employee director&rdquo; within the meaning of Rule&nbsp;16b-3
under the Exchange Act and (ii)&nbsp;an &ldquo;outside director&rdquo; within the meaning of Section&nbsp;162(m) of the Code and
(iii) an &ldquo;independent director&rdquo; under the rules of the NASDAQ or any other securities exchange or inter-dealer quotation
system on which the Common Stock is listed or quoted, or a person meeting any similar requirement under any successor rule or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Eligible
Person</U>&rdquo; means any (i)&nbsp;individual employed by the Company or an Affiliate who satisfies all of the requirements of
Section&nbsp;6 of the Plan; <U>provided</U>, <U>however</U>, that no such employee covered by a collective bargaining agreement
shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement
or in an agreement or instrument relating thereto; (ii)&nbsp;director or officer of the Company or an Affiliate; (iii)&nbsp;consultant
or advisor to the Company or an Affiliate who may be offered securities registrable on Form&nbsp;S-8 under the Securities Act;
or (iv) any prospective employees, directors, officers, consultants or advisors who have accepted offers of employment or consultancy
from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he or she begins employment
with or providing services to the Company or its Affiliates).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any section
of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance
under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exercise
Price</U>&rdquo; has the meaning given such term in Section&nbsp;7(b) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; means, on a given date, (i)&nbsp;if the Common Stock is listed on a national securities exchange, the closing
sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or,
if there is no such sale on that date, then on the last preceding date on which such a sale was reported; (ii)&nbsp;if the Common
Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation service on a last sale basis,
the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then
on the last preceding date on which a sale was reported; (iii) if Fair Market Value cannot be determined under clause (i) or (ii)
above, or if the Committee determines in its sole discretion that the shares of Common Stock are too thinly traded for Fair Market
Value to be determined pursuant to clause (i) or (ii), the fair market value as determined in good faith by the Committee in its
sole discretion; or (iv)&nbsp;if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer
quotation service on a last sale basis, the amount determined by the Committee in good faith to be the fair market value of the
Common Stock.</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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Good
Reason</U>&rdquo; shall mean the occurrence of any of the following without the Participant&rsquo;s prior written consent: (i)
a material reduction in the Participant&rsquo;s then current base salary or target bonus percentage, (ii) a material diminution
of the Participant&rsquo;s duties or responsibilities, (iii) the assignment to the Participant of duties or responsibilities which
are materially inconsistent with the Participant&rsquo;s previous duties or responsibilities, or (iv) relocation of the Participant&rsquo;s
principal work location to a location more than thirty (30) miles from the Participant&rsquo;s previous principal work location;
provided, however, that no such occurrence shall constitute Good Reason unless the Participant provides the Company with written
notice of the matter within thirty (30) days after the Participant first has knowledge of the matter and, in the case of clauses
(i), (ii) or (iii) hereof, the Company fails to cure such matter within ten (10) days after its receipt of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Immediate
Family Members</U>&rdquo; shall have the meaning set forth in Section&nbsp;15(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Incentive
Stock Option</U>&rdquo; means an Option which is designated by the Committee as an incentive stock option as described in Section&nbsp;422
of the Code and otherwise meets the requirements set forth in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Indemnifiable
Person</U>&rdquo; shall have the meaning set forth in Section 4(f) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;<U>Involuntary Termination</U>&rdquo; shall mean (i) the involuntary termination of the Participant&rsquo;s employment with
Company or any of its subsidiaries (other than for Cause, death or Disability) or (ii) the Participant&rsquo;s resignation of employment
with Company or any of its subsidiaries for Good Reason.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>NASDAQ</U>&rdquo;
means the NASDAQ Stock Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Negative
Discretion</U>&rdquo; shall mean the discretion authorized by the Plan to be applied by the Committee to eliminate or reduce the
size of a Performance Compensation Award consistent with Section&nbsp;162(m) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nonqualified
Stock Option</U>&rdquo; means an Option which is not designated by the Committee as an Incentive Stock Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Non-Employee
Director</U>&rdquo; means a member of the Board who is not an employee of the Company or any Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Option</U>&rdquo;
means an Award granted under Section&nbsp;7 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Option
Period</U>&rdquo; has the meaning given such term in Section&nbsp;7(c) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Other
Stock-Based Award</U>&rdquo; means an Award granted under Section&nbsp;10 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Participant</U>&rdquo;
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to
Section&nbsp;6 of the Plan.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Compensation Award</U>&rdquo; shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to
Section&nbsp;11 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Criteria</U>&rdquo; shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance
Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Formula</U>&rdquo; shall mean, for a Performance Period, the one or more objective formulae applied against the relevant Performance
Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but
less than all, or none of the Performance Compensation Award has been earned for the Performance Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Goals</U>&rdquo; shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period
based upon the Performance Criteria.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Period</U>&rdquo; shall mean the one or more periods of time of not less than 12 months, as the Committee may select, over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant&rsquo;s right to,
and the payment of, a Performance Compensation Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Permitted
Transferee</U>&rdquo; shall have the meaning set forth in Section&nbsp;15(b) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Person</U>&rdquo;
has the meaning given in Section&nbsp;3(a)(9) of the Exchange Act, as modified and used in Sections&nbsp;13(d) and 14(d) thereof,
except that such term shall not include (i)&nbsp;the Company or any of its subsidiaries, (ii)&nbsp;a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii)&nbsp;an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv)&nbsp;a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Plan</U>&rdquo;
means this The Children&rsquo;s Place, Inc. 2011 Equity Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Prior
Plan</U>&rdquo; shall mean, as amended from time to time, each of the Amended and Restated 2005 Equity Incentive Plan of The Children&rsquo;s
Place Retail Stores, Inc. and the 1997 Stock Option Plan of The Children&rsquo;s Place Retail Stores, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Released
Unit</U>&rdquo; shall have the meaning assigned to it in Section 9(e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Restricted
Period</U>&rdquo; means the period of time determined by the Committee during which an Award or a portion thereof is subject to
restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an
Award has been earned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Restricted
Stock</U>&rdquo; means Common Stock, subject to certain specified restrictions (including, without limitation, a requirement that
the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section
9 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Restricted
Stock Unit</U>&rdquo; means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other
property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously
employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Retirement</U>&rdquo;
means a voluntary termination of employment or service with the Company and all Affiliates by a Participant on or after the Participant&rsquo;s
Retirement Age (other than any such termination effective on or after any time that the Company has grounds to terminate the Participant&rsquo;s
employment or service for Cause (assuming for such purpose that no cure period were available)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Retirement
Age</U>&rdquo; means, unless determined otherwise by the Committee, attainment of age 65.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>SAR
Period</U>&rdquo; has the meaning given such term in Section&nbsp;8(c) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of
(or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance
under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Stock
Appreciation Right</U>&rdquo; or &ldquo;<U>SAR</U>&rdquo; means an Award granted under Section&nbsp;8 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Strike
Price</U>&rdquo; has the meaning given such term in Section 8(b) of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(yy)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Substitute
Award</U>&rdquo; has the meaning given such term in Section 5(e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(zz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Sub
Plans</U>&rdquo; has the meaning given such term in Section 1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
Date; Duration. </B> The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after which
date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; <U>provided</U>, <U>however</U>,
that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply
to such Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration.
</B> (a) The Committee shall administer the Plan. The majority of the members of the Committee shall constitute a quorum. The acts
of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the
Committee shall be deemed the acts of the Committee. To the extent required to comply with the provisions of Rule 16b-3 promulgated
under the Exchange Act (if the Board is not acting as the Committee under the Plan) or necessary to obtain the exception for performance-based
compensation under Section 162(m) of the Code, or any exception or exemption under the rules of the NASDAQ or any other securities
exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, as applicable, it is intended that each
member of the Committee shall, at the time he or she takes any action with respect to an Award under the Plan, be an Eligible Director.
However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted
or action taken by the Committee that is otherwise validly granted or taken under the Plan.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other
express powers and authorizations conferred on the Committee by the Plan, to: (i)&nbsp;designate Participants; (ii)&nbsp;determine
the type or types of Awards to be granted to a Participant; (iii)&nbsp;determine the number of shares of Common Stock to be covered
by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv)&nbsp;determine
the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled
or exercised in cash, shares of Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended
and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi)&nbsp;determine whether,
to what extent, and under what circumstances the delivery of cash, Common Stock, other securities, other Awards or other property
and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant
or of the Committee; (vii)&nbsp;interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any
omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii)&nbsp;establish, amend,
suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration
of the Plan; (ix) accelerate the vesting, delivery or exercisability of, payment for or lapse of restrictions on, or waive any
condition in respect of, Awards; and (x)&nbsp;make any other determination and take any other action that the Committee deems necessary
or desirable for the administration of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation
system on which the Common Stock is listed or quoted, the Committee may allocate all or any portion of its responsibilities and
powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons
selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality
of the foregoing, the Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf
of the Committee with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated
to the Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to persons (i) who are non-employee
members of the Board or otherwise are subject to Section&nbsp;16 of the Exchange Act or (ii)&nbsp;who are, or who are reasonably
expected to be, &ldquo;covered employees&rdquo; for purposes of Section&nbsp;162(m) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have the authority to amend the Plan (including by the adoption of appendices or subplans) and/or the terms and
conditions relating to an Award to the extent necessary to permit participation in the Plan by Eligible Persons who are located
outside of the United States on terms and conditions comparable to those afforded to Eligible Persons located within the United
States; <U>provided</U>, <U>however</U>, that no such action shall be taken without shareholder approval if such approval is necessary
to comply with any tax or regulatory requirement applicable to the Plan (including as necessary to prevent the Company from being
denied a tax deduction on account of Section 162(m) of the Code).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member of the Board, the Committee or any employee or agent of the Company (each such person, an &ldquo;<U>Indemnifiable Person</U>&rdquo;)
shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder
(unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless
by the Company against and from any loss, cost, liability, or expense (including attorneys&rsquo; fees) that may be imposed upon
or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable
Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken
or determination made under the Plan or any Award agreement and against and from any and all amounts paid by such Indemnifiable
Person with the Company&rsquo;s approval (not to be unreasonably withheld), in settlement thereof, or paid by such Indemnifiable
Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company
shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking
by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined as provided below that the
Indemnifiable Person is not entitled to be indemnified); provided that the Company shall have the right, at its own expense, to
assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the
Company shall have sole control over such defense with counsel of recognized standing of the Company&rsquo;s choice. The foregoing
right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication
(in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or
determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person&rsquo;s
fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company&rsquo;s
Certificate of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede
any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company&rsquo;s Certificate of
Incorporation or Bylaws, as a matter of law, individual indemnification agreement or contract or otherwise, or any other power
that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant
Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules
of the NASDAQ or any other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted.
In any such case, the Board shall have all the authority granted to the Committee under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant
of Awards; Shares Subject to the Plan; Limitations.</B> (a) The Committee may, from time to time, grant Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards and/or Performance Compensation Awards to one or more
Eligible Persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards
granted under the Plan shall be subject to the following limitations: (i)&nbsp;subject to Section&nbsp;12 of the Plan and subsection
(e) below, no more than 2,715,000 shares of Common Stock may be delivered in the aggregate pursuant to Awards granted under the
Plan; (ii) subject to Section&nbsp;12 of the Plan, no more than 750,000 shares of Common Stock may be subject to grants of Options
or SARs under the Plan to any single Participant during any calendar year; (iii) subject to Section&nbsp;12 of the Plan, no more
than 2,000,000 shares of Common Stock may be delivered pursuant to the exercise of Incentive Stock Options granted under the Plan;
(iv) subject to Section&nbsp;12 of the Plan, no more than 750,000 shares of Common Stock may be delivered in respect of Performance
Compensation Awards denominated in shares of Common Stock granted pursuant to Section&nbsp;11 of the Plan to any Participant for
a single Performance Period (or with respect to each single fiscal year in the event a Performance Period extends beyond a single
fiscal year), or in the event such Performance Compensation Award is paid in cash, other securities, other Awards or other property,
no more than the Fair Market Value of 750,000 shares of Common Stock on the last day of the Performance Period to which such Award
relates; and (v) the maximum amount that can be paid to any individual Participant for a single fiscal year during a Performance
Period (or with respect to each single year in the event a Performance Period extends beyond a single year) pursuant to a Performance
Award denominated in cash described in Section&nbsp;11(a) of the Plan shall be $10,000,000.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Common Stock shall be deemed to have been used in settlement of Awards whether or not they are actually delivered or the Fair
Market Value equivalent of such shares is paid in cash; <U>provided</U>, <U>however</U>, that if shares of Common Stock issued
upon exercise, vesting or settlement of an Award (other than an Option or a SAR), or shares of Common Stock owned by a Participant,
are surrendered or tendered to the Company (either directly or by means of attestation) in payment of any taxes required to be
withheld in respect of an Award, in each case, in accordance with the terms and conditions of the Plan and any applicable Award
agreement, such surrendered or tendered shares shall again become available for other Awards under the Plan; <U>provided</U>, <U>further</U>,
that in no event shall such shares increase the number of shares of Common Stock that may be delivered pursuant to Incentive Stock
Options granted under the Plan. In accordance with (and without limitation upon) the preceding sentence, if and to the extent all
or any portion of an Award under the Plan expires, terminates or is canceled or forfeited for any reason whatsoever without the
Participant having received any benefit therefrom, the shares covered by such Award or portion thereof shall again become available
for other Awards under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any
&ldquo;benefit&rdquo; (i) in the case of forfeited Restricted Stock by reason of having enjoyed voting rights and dividend rights
prior to the date of forfeiture or (ii) in the case of an Award canceled by reason of a new Award being granted in substitution
therefor. Notwithstanding anything to the contrary contained herein, for purposes of clarity: (1)&nbsp;any shares of Common Stock
that are tendered (by attestation or otherwise) or exchanged by a Participant or withheld by the Company (by net exercise or other
means) as full or partial payment of the exercise price of any Option or SAR shall not be available for subsequent Awards under
the Plan; (2)&nbsp;shares of Common Stock exchanged by a Participant or withheld by the Company or any Affiliate to satisfy the
tax withholding or tax payment obligations related to any Option or SAR shall not be available for subsequent Awards under the
Plan; (3)&nbsp;shares of Common Stock that are purchased or repurchased by the Company with Option proceeds shall not be available
for subsequent Awards under the Plan; and (4)&nbsp;all shares of Common Stock covered by an SAR, to the extent that it is exercised
and settled in shares of Common Stock, and whether or not shares of Common Stock are actually issued to the Participant upon exercise
of the SAR, shall be considered issued or transferred pursuant to the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury
of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. Following the Effective
Date, no further Awards shall be granted under any Prior Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding Awards
previously granted by the Company or any Affiliate or an entity directly or indirectly acquired by the Company or with which the
Company combines (&ldquo;<U>Substitute Awards</U>&rdquo;). The number of shares of Common Stock underlying any Substitute Awards
shall be counted against the aggregate number of shares of Common Stock available for Awards under the Plan; <U>provided</U>, <U>however</U>,
that Substitute Awards issued in connection with the assumption of, or the substitution for, outstanding Awards previously granted
by the Company of an Affiliate or by an entity that is acquired by the Company or any Affiliate through a merger or acquisition
shall not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan; <U>provided</U>,
<U>further</U>, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options
intended to qualify as &ldquo;incentive stock options&rdquo; within the meaning of Section 422 of the Code that were previously
granted by an entity that is acquired by the Company or any Affiliate through a merger or acquisition shall be counted against
the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable
stock exchange requirements, available shares under a stockholder approved plan of an entity directly or indirectly acquired by
the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction)
may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock available for delivery under the
Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.
</B> Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification
from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options.
</B> (a) <U>Generally</U>. Each Option granted under the Plan shall be evidenced by an Award agreement. Each Option so granted
shall be subject to the conditions set forth in this Section&nbsp;7, and to such other conditions not inconsistent with the Plan
as may be reflected in the applicable Award agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless
the applicable Award agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options
shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall
be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated
as an Incentive Stock Option unless the Plan has been approved by the shareholders of the Company in a manner intended to comply
with the shareholder approval requirements of Section&nbsp;422(b)(1)&nbsp;of the Code, provided that any Option intended to be
an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such
Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive
Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section
422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify
as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as
a Nonqualified Stock Option appropriately granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
Price.</U> Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price (&ldquo;<U>Exercise
Price</U>&rdquo;) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share
(determined as of the date of grant); provided, however, that in the case of an Incentive Stock Option granted to an employee who,
at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the
Company or any Affiliate, the Exercise Price per share shall be no less than 110% of the Fair Market Value per share on the date
of grant. Any modification to the Exercise Price of an outstanding Option shall be subject to the prohibition on repricing set
forth in Section 14(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting
and Expiration.</U> Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee
and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the &ldquo;<U>Option Period</U>&rdquo;);
provided that, Options shall be subject to a vesting period of not less than one year; provided, however, that the minimum vesting
period specified above will not apply: (1) to Options granted in payment of or exchange for other earned compensation (including
performance-based Awards), (2) upon a Change in Control and an involuntary termination of service of the Participant by the Company
(other than for Cause), (3) upon termination of service due to death, Disability or Retirement, (4) to a Substitute Award that
does not reduce the vesting period of the Option being replaced, or (5) to one or more Options and/ or SARs covering an aggregate
number of shares of Common Stock not in excess of five percent (5%) of the aggregate number of shares of Common Stock available
for Awards under Section 5(b)(i) of the Plan over the Plan&rsquo;s term&rdquo;; and it is further <U>provided</U>, that if the
Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common
Stock is prohibited by the Company&rsquo;s insider trading policy (or Company-imposed &ldquo;blackout period&rdquo;), the Option
Period shall be automatically extended until the 30<SUP>th</SUP> day following the expiration of such prohibition; <U>provided</U>,
<U>however</U>, that in no event shall the Option Period exceed five years from the date of grant in the case of an Incentive Stock
Option granted to a Participant who on the date of grant owns stock representing more than 10% of the voting power of all classes
of stock of the Company or any Affiliate; <U>provided</U>, <U>further</U>, that notwithstanding any vesting or exercisability dates
set by the Committee, the Committee may, in its sole discretion, accelerate the vesting and/or exercisability of any Option, which
acceleration shall not affect the terms and conditions of such Option other than with respect to vesting and/or exercisability
provided, that, the Committee may not accelerate the vesting of an Option if such acceleration would reduce the vesting period
to less than one year. Notwithstanding the foregoing, a Participant&rsquo;s unvested Options shall immediately vest and become
exercisable upon such Participant&rsquo;s termination of employment or service with the Company and its Affiliates due to death,
Disability or Retirement, or as provided in Section 13 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise stated in the
applicable Award agreement, an Option shall expire earlier than the end of the Option Period in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
prior to the end of the Option Period, the Participant&rsquo;s employment or service with the Company and all Affiliates is terminated
without Cause or by the Participant for any reason other than Retirement, the Option shall expire on the earlier of the last day
of the Option Period or the date that is 90 days after the date of such termination; provided, however, that any Participant whose
employment or service with the Company or any Affiliate is terminated and who is subsequently rehired or reengaged by the Company
or any Affiliate within 90 days following such termination and prior to the expiration of the Option shall not be considered to
have undergone a termination. In the event of a termination described in this clause (i), the Option shall remain exercisable by
the Participant until its expiration only to the extent the Option was exercisable at the time of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant dies or is terminated on account of Disability prior to the end of the Option Period and while still in the employ
or service of the Company or an Affiliate, or dies following a termination described in clause (i) above but prior to the expiration
of an Option, the Option shall expire on the earlier of the last day of the Option Period or the date that is one year after the
date of death or termination on account of Disability of the Participant, as applicable. In such event, the Option shall remain
exercisable by the Participant or his or her beneficiary determined in accordance with Section 15(g), as applicable, until its
expiration only to the extent the Option was exercisable by the Participant at the time of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant ceases employment or service of the Company or any Affiliates due to a termination for Cause, the Option shall
expire immediately upon such cessation of employment or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant terminates by reason of Retirement prior to the end of the Option Period, the Option shall expire three years after
the date of termination, or, if earlier, at the end of the Option Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant&rsquo;s employment or service ceases on account of Disability at a time when the Participant has attained the age
and service requirements for Retirement, the Participant shall receive the better of the treatment under clause (ii) and clause
(iv) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Terms and Conditions</U>. Except as specifically provided otherwise in an Award agreement, each Option granted under the Plan shall
be subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
share of Common Stock purchased through the exercise of an Option shall be paid for in full at the time of the exercise. Each Option
shall cease to be exercisable, as to any share, when the Participant purchases the share or when the Option expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 15(b), Options shall not be transferable by the Participant except by will or the laws of descent and distribution and
shall be exercisable during the Participant&rsquo;s lifetime only by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee
a written representation that the shares of Common Stock to be acquired upon such exercise are to be acquired for investment and
not for resale or with a view to the distribution thereof. Upon such a request by the Committee, delivery of such representation
prior to the delivery of any shares issued upon exercise of an Option shall be a condition precedent to the right of the Participant
or such other person to purchase any shares. In the event certificates for shares are delivered under the Plan with respect to
which such investment representation has been obtained, the Committee may cause a legend or legends to be placed on such certificates
to make appropriate reference to such representation and to restrict transfer in the absence of compliance with applicable federal
or state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Method
of Exercise and Form of Payment.</U> No shares of Common Stock shall be delivered pursuant to any exercise of an Option until payment
in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to
any Federal, state, local and non-U.S. income and employment taxes required to be withheld. Options which have become exercisable
may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third party
administrator), or telephonic instructions to the extent provided by the Committee, in accordance with the terms of the Option
accompanied by payment of the Exercise Price. The Exercise Price and all applicable required withholding taxes shall be payable
(i)&nbsp;in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is
exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number
of shares of Common Stock in lieu of actual delivery of such shares to the Company); <U>provided</U>, that such shares of Common
Stock are not subject to any pledge or other security interest; (ii)&nbsp;by such other method as the Committee may permit in its
sole discretion, including without limitation: (A)&nbsp;in other property having a fair market value on the date of exercise equal
to the Exercise Price and all applicable required withholding taxes or (B)&nbsp;if there is a public market for the shares of Common
Stock at such time, by means of a broker-assisted &ldquo;cashless exercise&rdquo; pursuant to which the Company is delivered (including
telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares
of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to
the Exercise Price and all applicable required withholding taxes or (C)&nbsp;by means of a &ldquo;net exercise&rdquo; procedure
effected by withholding the minimum number of shares of Common Stock otherwise deliverable in respect of an Option that are needed
to pay for the Exercise Price and all applicable required withholding taxes. Any fractional shares of Common Stock shall be settled
in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
upon Disqualifying Disposition of an Incentive Stock Option.</U> Each Participant Awarded an Incentive Stock Option under the Plan
shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Stock acquired
pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation,
any sale) of such Common Stock before the later of (A)&nbsp;two years after the date of grant of the Incentive Stock Option or
(B)&nbsp;one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and
in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any
Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding
sentence, subject to complying with any instruction from such Participant as to the sale of such Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
With Laws, etc.</U> Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner
which the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules
and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or
inter-dealer quotation service on which the Common Stock of the Company is listed or quoted.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Stock Option Grants to 10% Shareholders</U>. Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock
Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock
of the Company or of a Subsidiary or a parent of the Company, the Option Period shall not exceed five years from the date of grant
of such Option and the Option Price shall be at least 110 percent of the Fair Market Value (on the date of grant) of the shares
subject to the Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$100,000
Per Year Limitation for Incentive Stock Options</U>. To the extent the aggregate Fair Market Value (determined as of the date of
grant) of shares of Common Stock for which Incentive Stock Options are exercisable for the first time by any Participant during
any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified
Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
Appreciation Rights. </B>(a) <U>Generally.</U> Each SAR granted under the Plan shall be evidenced by an Award agreement. Each SAR
so granted shall be subject to the conditions set forth in this Section&nbsp;8, and to such other conditions not inconsistent with
the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem SARs. The
Committee also may Award SARs to Eligible Persons independent of any Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Strike
Price.</U> Except as otherwise provided by the Committee in the case of Substitute Awards, the strike price (&ldquo;<U>Strike Price</U>&rdquo;)
per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the
date of grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted
shall have a Strike Price equal to the Exercise Price of the corresponding Option. Any modification to the Strike Price of an outstanding
SAR shall be subject to the prohibition on repricing set forth in Section 14(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting
and Expiration.</U> A<B> </B>SAR granted in connection with an Option shall become exercisable and shall expire according to the
same vesting schedule and expiration provisions as the corresponding Option. Accordingly, a SAR shall vest and become exercisable
and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to
exceed ten years, as may be determined by the Committee (the &ldquo;SAR Period&rdquo;); provided that a SAR shall be subject to
a vesting period of not less than one year; provided, however, that the minimum vesting period specified above will not apply:
(1) to SARs granted in payment of or exchange for other earned compensation (including performance-based Awards), (2) upon a Change
in Control and an involuntary termination of service of the Participant by the Company (other than for Cause), (3) upon termination
of service due to death, Disability or Retirement, (4) to a Substitute Award that does not reduce the vesting period of the SAR
being replaced, or (5) to one or more SARs and/or Options covering an aggregate number of shares of Common Stock not in excess
of five percent (5%) of the aggregate number of shares of Common Stock available for Awards under Section 5(b)(i) of the Plan over
the Plan&rsquo;s term. Notwithstanding any vesting or exercisability dates set by the Committee, the Committee may, in its sole
discretion, accelerate the vesting and/or the exercisability of any SAR, which acceleration shall not affect the terms and conditions
of such SAR other than with respect to vesting and/or exercisability; provided that, the Committee may not accelerate the vesting
of a SAR if such acceleration would reduce the vesting period to less than one year. If the SAR Period would expire at a time when
trading in the shares of Common Stock is prohibited by the Company&rsquo;s insider trading policy (or the Company-imposed &ldquo;blackout
period&rdquo;), the SAR Period shall be automatically extended until the 30<SUP>th</SUP> day following the expiration of such prohibition.
Notwithstanding the foregoing, a Participant&rsquo;s unvested SARs shall immediately vest and become exercisable upon such Participant&rsquo;s
termination of employment or service with the Company and its Affiliates due to death, Disability or Retirement, or as provided
in Section 13 hereof.</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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise stated in the applicable
Award agreement, a SAR shall expire earlier than the end of the SAR Period in the following circumstances:</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-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
prior to the end of the SAR Period, the Participant&rsquo;s employment or service with the Company and all Affiliates is terminated
without Cause or by the Participant for any reason other than Retirement, the SAR shall expire on the earlier of the last day of
the SAR Period or the date that is 90 days after the date of such termination; provided, however, that any Participant whose employment
or service with the Company or any Affiliate is terminated and who is subsequently rehired or reengaged by the Company or any Affiliate
within 90 days following such termination and prior to the expiration of the SAR shall not be considered to have undergone a termination.
In the event of a termination described in this clause (i), the SAR shall remain exercisable by the Participant until its expiration
only to the extent the SAR was exercisable at the time of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant dies or is terminated on account of Disability prior to the end of the SAR Period and while still in the employ
or service of the Company or an Affiliate, or dies following a termination described in clause (i) above but prior to the expiration
of a SAR, the SAR shall expire on the earlier of the last day of the SAR Period or the date that is one year after the date of
death or termination on account of Disability of the Participant, as applicable. In such event, the SAR shall remain exercisable
by the Participant or his or her beneficiary determined in accordance with Section 15(g), as applicable, until its expiration only
to the extent the SAR was exercisable by the Participant at the time of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant ceases employment or service of the Company or any Affiliates due to a termination for Cause, the SAR shall expire
immediately upon such cessation of employment or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant terminates by reason of Retirement prior to the end of the SAR Period, the SAR shall expire three years after the
date of termination, or, if earlier, at the end of the SAR Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant&rsquo;s employment or service ceases on account of Disability at a time when the Participant has attained the age
and service requirements for Retirement, the Participant shall receive the better of the treatment under clause (ii) and clause
(iv) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Method of Exercise.</U> SARs which
have become exercisable may be exercised by delivery of written (or electronic notice or telephonic instructions to the extent
provided by the Committee) of exercise to the Company or its designee (including a third party administrator) in accordance with
the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were Awarded. Notwithstanding
the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an Option, the SAR Period), the
Fair Market Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if applicable),
and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by
the Participant on such last day and the Company shall make the appropriate payment therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment.</U>
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR
that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise
date over the Strike Price, less an amount equal to any Federal, state, local and non-U.S. income and employment taxes required
to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination
thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Substitution
of SARs for Nonqualified Stock Options</U>. The Committee shall have the authority in its sole discretion to substitute, without
the consent of the affected Participant or any holder or beneficiary of SARs, SARs settled in shares of Common Stock (or settled
in shares or cash in the sole discretion of the Committee) for outstanding Nonqualified Stock Options, provided that (i) the substitution
shall not otherwise result in a modification of the terms of any such Nonqualified Stock Option, (ii) the number of shares of Common
Stock underlying the substituted SARs shall be the same as the number of shares of Common Stock underlying such Nonqualified Stock
Options and (iii) the Strike Price of the substituted SARs shall be equal to the Exercise Price of such Nonqualified Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock and Restricted Stock Units. </B>(a) (i) <U>Generally.</U> Each grant of Restricted Stock and Restricted Stock Units shall
be evidenced by an Award agreement. Each Restricted Stock and Restricted Stock Unit grant shall be subject to the conditions set
forth in this Section&nbsp;9, and to such other conditions not inconsistent with the Plan as determined by the Committee and may
be reflected in the applicable Award agreement. The Committee shall establish restrictions applicable to such Restricted Stock
and Restricted Stock Units, including the Restricted Period, and the time or times at which Restricted Stock or Restricted Stock
Units shall be granted or become vested. The Committee may in its sole discretion accelerate the vesting and/or the lapse of any
or all of the restrictions on the Restricted Stock and Restricted Stock Units which acceleration shall not affect any other terms
and conditions of such Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic
Grants to Non-Employee Directors</U>. Notwithstanding any other provision of this Plan to the contrary, Restricted Stock Units
shall be automatically granted to each Non-Employee Director in accordance with this Section&nbsp;9(a)(ii) without any additional
required action by the Committee.&nbsp; On the first business day of each fiscal year of the Company, each Non-Employee Director
on such date shall be granted a number of Restricted Stock Units determined by dividing $100,000 by the Fair Market Value of a
share on such date (which number shall be rounded up to the next whole number of shares).&nbsp; Each Non-Employee Director who
is initially elected or appointed to the Board during the fiscal year shall be granted on the date of such election or appointment
a number of Restricted Stock Units, equal to the quotient (which number of shares shall be rounded up to the next whole number
of shares) of (i)&nbsp;the product of $100,000 multiplied by a fraction, the numerator of which shall be the number of days remaining
during the fiscal year and the denominator of which shall be 365, divided by (ii)&nbsp;the Fair Market Value of a share of Common
Stock on such Non-Employee Director&rsquo;s date of election or appointment. Except as otherwise provided in this Section 9, or
as otherwise provided in the applicable Award agreement, or any applicable consulting, change in control, severance or other agreement
between a Non-Employee Director and the Company or an Affiliate, the foregoing automatic grants of Restricted Stock Units shall
have a Restricted Period of one year, and shall vest in full on the first anniversary of the date of grant, and thereafter the
restrictions set forth in the applicable Award agreement shall have no further force or effect with respect to such Restricted
Stock Units (and such Restricted Stock Units shall be treated as Released Units for purposes of Section 9(e)(ii)), provided that
the Non-Employee Director remains in the service of the Company and its Affiliates throughout the one year period commencing on
the date of grant. Each Non-Employee Director shall also be eligible to receive grants of additional Awards under the Plan; provided
that, no Non-Employee Director shall be granted equity Awards under the Plan in any one calendar year having an aggregate Fair
Market Value (measured on the date(s) of grant) in such calendar year in excess of $250,000 in the aggregate (including the annual
$100,000 grant provided for above in this clause (ii)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Certificates; Escrow or Similar Arrangement.</U> Upon the grant of Restricted Stock, the Committee shall cause share(s) of Common
Stock to be registered in the name of the Participant and held in book-entry form subject to the Company&rsquo;s directions and,
if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant
pending vesting and the release of the applicable restrictions, the Committee may require the Participant to additionally execute
and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock
power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute
and deliver (in a manner permitted under Section 15(a) or as otherwise determined by the Committee) an agreement evidencing an
Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time specified by
the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section&nbsp;9 and the applicable
Award agreement, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted Stock, including
without limitation the right to vote such Restricted Stock (provided that any dividends payable on such shares of Restricted Stock
shall be held by the Company and delivered (without interest) to the Participant within 15 days following the date on which the
restrictions on such Restricted Stock lapse (and the right to any such accumulated dividends shall be forfeited upon the forfeiture
of the Restricted Stock to which such dividends relate)). The Committee shall also be permitted to cause a stock certificate registered
in the name of the Participant to be issued. To the extent shares of Restricted Stock are forfeited, any stock certificates issued
to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and
as a shareholder with respect thereto shall terminate without further obligation or action on the part of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted
Stock Units</U>. No shares shall be issued at the time an Award of Restricted Stock Units is made, and the Company will not be
required to set aside a fund for the payment of any such Award. At the discretion of the Committee, each Restricted Stock Unit
(representing one share of Common Stock) Awarded to a Participant may be credited with cash and stock dividends paid in respect
of one share of Common Stock (&ldquo;<U>Dividend Equivalents</U>&rdquo;). Subject to Section 15(c), at the discretion of the Committee,
Dividend Equivalents may be either currently paid to the Participant or withheld by the Company for the Participant&rsquo;s account,
and interest may be credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined
by the Committee. Dividend Equivalents credited to a Participant&rsquo;s account and attributable to any particular Restricted
Stock Unit (and earnings thereon, if applicable) shall be distributed to the Participant upon settlement of such Restricted Stock
Unit and, if such Restricted Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions;
Forfeiture</U>. (i) Restricted Stock Awarded to a Participant shall be subject to forfeiture until the expiration of the Restricted
Period and the attainment of any other vesting criteria established by the Committee, and to the following provisions in addition
to such other terms and conditions as may be set forth in the applicable Award agreement: (A) if an escrow arrangement is used,
the Participant shall not be entitled to delivery of the stock certificate; and (B) the shares shall be subject to the restrictions
on transferability set forth in the Award agreement. In the event of any forfeiture, the stock certificates shall be returned to
the Company, and all rights of the Participant to such shares and as a shareholder shall terminate without further action or obligation
on the part of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock Units Awarded to any Participant shall be subject to forfeiture until the expiration of the Restricted Period and the attainment
of any other vesting criteria established by the Committee, and to such other terms and conditions as may be set forth in the applicable
Award agreement. In the event of any forfeiture, all rights of the Participant to such Restricted Stock Units shall terminate without
further action or obligation on the part of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in the Plan, except as otherwise provided in the applicable Award agreement, or any applicable employment,
consulting, change in control, severance or other agreement between a Participant and the Company or an Affiliate, upon such Participant&rsquo;s
termination of employment or service with the Company and its Affiliates due to death, Disability or Retirement (unless waived
by a participant prior to the grant of the applicable Award), or as provided in Section 13 hereof, such Participant&rsquo;s outstanding
Restricted Stock and Restricted Stock Units shall immediately vest in full, and the restrictions set forth in the applicable Award
agreement shall have no further force or effect with respect to such Restricted Stock or Restricted Stock Units (and such Restricted
Stock Units shall be treated as Released Units for purposes of Section 9(e)(ii)); provided, however, that if the vesting of any
Restricted Stock or Restricted Stock Units would otherwise be subject to the achievement of performance conditions, then: (A) all
applicable performance criteria shall be deemed to have been attained at target levels and (B) if such termination of employment
or service or Change in Control occurs on or prior to the date on which 50% of the applicable performance period has elapsed, only
50% of such Restricted Stock or Restricted Stock Units shall immediately vest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units
whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date
of the Restricted Stock Award or Restricted Stock Unit Award, such action is appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Restricted Stock and Settlement of Restricted Stock Units.</U> (i) Upon the expiration of the Restricted Period with respect
to any shares of Restricted Stock and the attainment of any other vesting criteria established by the Committee, the restrictions
set forth in the applicable Award agreement shall be of no further force or effect with respect to such shares, except as set forth
in the applicable Award agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant,
or his or her beneficiary, without charge a notice evidencing a book entry notation (or, if applicable, the stock certificate)
evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has
expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable
to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee,
in shares of Common Stock having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon
the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period and the attainment of any
other vesting criteria established by the Committee, with respect to any outstanding Restricted Stock Units, the Company shall
deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock (or other securities or other
property, as applicable) for each such outstanding Restricted Stock Unit which has not then been forfeited and with respect to
which the Restricted Period has expired and any other such vesting criteria are attained (&ldquo;<U>Released Unit</U>&rdquo;);
<U>provided</U>, <U>however</U>, that the Committee may, in its sole discretion, elect to (i)&nbsp;pay cash or part cash and part
Common Stock in lieu of delivering only shares of Common Stock in respect of such Released Units or (ii)&nbsp;defer the delivery
of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration of the Restricted Period
if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of
delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of
the date on which the Restricted Period lapsed with respect to such Restricted Stock Units, less an amount equal to any Federal,
state, local and non-U.S. income and employment taxes required to be withheld. To the extent provided in an Award agreement, the
holder of outstanding Released Units shall be entitled to be credited with dividend equivalent payments (upon the payment by the
Company of dividends on shares of Common Stock) either in cash or, at the sole discretion of the Committee, in shares of Common
Stock having a Fair Market Value equal to the amount of such dividends (and interest may, at the sole discretion of the Committee,
be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee), which
accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted
Stock Units are settled following the release of restrictions on such Restricted Stock Units, and, if such Restricted Stock Units
are forfeited, the Participant shall have no right to such dividend equivalent payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legends
on Restricted Stock.</U> Each certificate representing Restricted Stock Awarded under the Plan, if any, shall bear a legend substantially
in the form of the following in addition to any other information the Company deems appropriate until the lapse of all restrictions
with respect to such Common Stock:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED
HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE CHILDREN&rsquo;S PLACE, INC. 2011 EQUITY INCENTIVE PLAN AND A RESTRICTED STOCK
AWARD AGREEMENT, DATED AS OF _____________, BETWEEN THE CHILDREN&rsquo;S PLACE, INC. AND __________________. A COPY OF SUCH PLAN
AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE CHILDREN&rsquo;S PLACE, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Stock-Based Awards. </B> The Committee may issue unrestricted Common Stock, rights to receive grants of Awards at a future date,
or other Awards denominated in Common Stock (including, without limitation, performance shares or performance units), under the
Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts as the Committee shall from time to time in its
sole discretion determine. Each Other Stock-Based Award granted under the Plan shall be evidenced by an Award agreement. Each Other
Stock-Based Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable
Award agreement including, without limitation, the payment by the Participant of the Fair Market Value of such shares of Common
Stock on the date of grant. Notwithstanding anything to the contrary in the Plan, except as otherwise provided in the applicable
Award agreement, or any applicable employment, consulting, change in control, severance or other agreement between a Participant
and the Company or an Affiliate, upon such Participant&rsquo;s termination of employment or service with the Company and its Affiliates
due to death, Disability or Retirement, or as provided in Section 13 hereof, such Participant&rsquo;s outstanding Other Stock-Based
Awards shall immediately vest in full, and the restrictions set forth in the applicable Award agreement shall have no further force
or effect with respect to such Other Stock-Based Awards; provided, however, that if the vesting of any Other Stock-Based Awards
would otherwise be subject to the achievement of performance conditions, then: (A) all applicable performance criteria shall be
deemed to have been attained at target levels and (B) if such termination of employment or service or Change in Control occurs
on or prior to the date on which 50% of the applicable performance period has elapsed, only 50% of each such Other Stock-Based
Award shall immediately vest.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Compensation Awards. </B>(a) <U>Generally.</U> The Committee shall have the authority, at or before the time of grant of any Award
described in Sections&nbsp;7 through 10 of the Plan, to designate such Award as a Performance Compensation Award intended to qualify
as &ldquo;performance-based compensation&rdquo; under Section&nbsp;162(m) of the Code. In addition, the Committee shall have the
authority to make an Award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award intended
to qualify as &ldquo;performance-based compensation&rdquo; under Section&nbsp;162(m) of the Code. Notwithstanding the foregoing,
a. any Award to a Participant who is a &ldquo;covered employee&rdquo; (within the meaning of Section 162(m) of the Code) for a
fiscal year that satisfies the requirements of this Section 11 may be treated as a Performance Compensation Award in the absence
of any such Committee designation and b. if the Company determines that a Participant who has been granted an Award designated
as a Performance Compensation Award is not (or is no longer) a &ldquo;covered employee&rdquo; (within the meaning of Section 162(m)
of the Code), the terms and conditions of such Award may be modified without regard to any restrictions or limitations set forth
in this Section 11 (but subject otherwise to the provisions of Section 14 of the Plan).</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-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Discretion
of Committee with Respect to Performance Compensation Awards.</U> With regard to a particular Performance Period, the Committee
shall have sole discretion to select the length of such Performance Period [(subject to the proviso contained in the third sentence
of Section 9(a)(i) above),] the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be
used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the
Performance Formula. Within the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed
under Section&nbsp;162(m) of the Code), the Committee shall, with regard to the Performance Compensation Awards to be issued for
such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence
and record the same in writing (which may be in the form of minutes of a meeting of the Committee).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
Criteria.</U> The Performance Criteria that will be used to establish the Performance Goal(s) may be based on the attainment of
specific levels of performance of the Company (and/or one or more Affiliates, divisions or operational and/or business units, product
lines, brands, business segments, administrative departments, units, or any combination of the foregoing) and shall be limited
to the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per share (before or after
taxes); (iii) net revenue or net revenue growth; (iv)gross revenue or gross revenue growth, gross profit or gross profit growth;
(v) net operating profit (before or after taxes); (vi) return measures (including, but not limited to, return on investment, assets,
capital, gross revenue or gross revenue growth, invested capital, equity, or sales); (vii) cash flow (including, but not limited
to, operating cash flow, free cash flow, and cash flow return on capital), which may but are not required to be measured on a per
share basis; ) (viii) earnings before or after taxes, interest, depreciation and/or amortization (including EBIT and EBITDA); (ix)
gross or net operating margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total
shareholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) margins;
(xiv) operating efficiency; (xv) objective measures of customer satisfaction; (xvi) working capital targets; (xvii) measures of
economic value added or other &lsquo;value creation&rsquo; metrics; (xviii) inventory control; (xix) enterprise value; (xx) sales;
(xxi) stockholder return; (xxii) client retention; (xxiii) competitive market metrics; (xxiv) employee retention; (xxv) timely
completion of new product rollouts; (xxvi) timely launch of new facilities; (xxvii) objective measures of personal targets, goals
or completion of projects (including but not limited to succession and hiring projects, completion of specific acquisitions, reorganizations
or other corporate transactions or capital-raising transactions, expansions of specific business operations and meeting divisional
or project budgets); (xxviii) system-wide revenues; (xxix) royalty income; (xxx) cost of capital, debt leverage year-end cash position
or book value; (xxxi) strategic objectives, development of new product lines and related revenue, sales and margin targets, or
international operations; or (xxxii) any combination of the foregoing. Any one or more of the Performance Criteria may be stated
as a percentage of another Performance Criteria, or a percentage of a prior period&rsquo;s Performance Criteria, or used on an
absolute, relative or adjusted basis to measure the performance of the Company and/or one or more Affiliates as a whole or any
divisions or operational and/or business units, product lines, brands, business segments, administrative departments of the Company
and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance
Criteria may be compared to the performance of a group of comparator companies, or a published or special index that the Committee,
in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee also has the authority
to provide for accelerated vesting, delivery and exercisability of any Award based on the achievement of Performance Goals pursuant
to the Performance Criteria specified in this paragraph. To the extent required under Section&nbsp;162(m) of the Code, the Committee
shall, within the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section&nbsp;162(m)
of the Code), define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance
Period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification
of Performance Goal(s).</U> In the event that applicable tax and/or securities laws change to permit Committee discretion to alter
the governing Performance Criteria without obtaining shareholder approval of such alterations, the Committee shall have sole discretion
to make such alterations without obtaining shareholder approval. Unless otherwise determined by the Committee at the time a Performance
Compensation Award is granted, the Committee is authorized at any time during the first 90 days of a Performance Period (or, if
longer or shorter, within the maximum period allowed under Section&nbsp;162(m) of the Code), or at any time thereafter to the extent
the exercise of such authority at such time would not cause the Performance Compensation Awards granted to any Participant for
such Performance Period to fail to qualify as &ldquo;performance-based compensation&rdquo; under Section 162(m) of the Code, specify
adjustments or modifications to be made to the calculation of a Performance Goal for such Performance Period, based on and in order
to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii)
the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any
reorganization and restructuring programs; (v) nonrecurring items as described in Accounting Standards Codification Topic 225-20
(or any successor pronouncement thereto) and/or in management&rsquo;s discussion and analysis of financial condition and results
of operations appearing in the Company&rsquo;s annual report to shareholders for the applicable year; (vi) acquisitions or divestitures;
(vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange
gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Company&rsquo;s fiscal year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Performance Compensation Awards.</U> (i) <U>Condition to Receipt of Payment.</U> Unless otherwise provided in the applicable
Award agreement or any employment, consulting, change in control, severance agreement or other arrangement between a Participant
and the Company or an Affiliate, a Participant must be employed by or rendering services to the Company or an Affiliate on the
last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance
Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation.</U>
Unless otherwise provided in the applicable Award agreement, or any employment, consulting, change in control, severance or other
agreement between a Participant and the Company or an Affiliate, a Participant shall be eligible to receive payment or delivery,
as applicable, in respect of a Performance Compensation Award only to the extent that: (A)&nbsp;the Performance Goals for such
period are achieved, as determined by the Committee in its sole discretion; and (B)&nbsp;all or some of the portion of such Participant&rsquo;s
Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to
such achieved Performance Goals, as determined by the Committee in its sole discretion, and except as otherwise provided in Section
13; <U>provided</U>, <U>however</U>, that in the event of the termination of a Participant&rsquo;s employment or service due to
death or Disability, (A) the Participant shall receive payment in respect of a Performance Compensation Award assuming for such
purpose that the applicable performance criteria shall be deemed to have been attained at target levels and (B) if such termination
of employment or service occurs on or prior to the date on which 50% of the applicable performance period has elapsed, only 50%
of the Performance Compensation Award shall be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certification.</U>
Following the completion of a Performance Period, the Committee shall review and certify in writing (which may be in the form of
minutes of a meeting of the Committee) whether, and to what extent, the Performance Goals for the Performance Period have been
achieved and, if so, calculate and certify in writing (which may be in the form of minutes of a meeting of the Committee) that
amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then
determine the amount of each Participant&rsquo;s Performance Compensation Award actually payable for the Performance Period and,
in so doing, may apply Negative Discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Negative Discretion.</U> In determining the actual amount of an individual Participant&rsquo;s Performance Compensation Award
for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the
Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such reduction or
elimination is appropriate; provided, that Negative Discretion shall not apply to any Performance Compensation Award (other than
cash bonuses contemplated by the second sentence of Section 11(a)) unless the Award agreement so provides for the use of Negative
Discretion. Unless otherwise provided in the applicable Award agreement, the Committee shall not have the discretion to (A)&nbsp;provide
payment or delivery in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance
Period have not been attained; or (B)&nbsp;increase a Performance Compensation Award above the applicable limitations set forth
in Section&nbsp;5 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Timing
of Award Payments.</U> Unless otherwise provided in the applicable Award agreement, Performance Compensation Awards granted for
a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the certifications
required by this Section&nbsp;11. Any Performance Compensation Award that has been deferred shall not (between the date as of which
the Award is deferred and the payment date) increase (i)&nbsp;with respect to a Performance Compensation Award that is payable
in cash, by a measuring factor for each fiscal year greater than a reasonable rate of interest set by the Committee or (ii)&nbsp;with
respect to a Performance Compensation Award that is payable in shares of Common Stock, by an amount greater than the appreciation
of a share of Common Stock from the date such Award is deferred to the payment date. Unless otherwise provided in an Award agreement,
any Performance Compensation Award that is deferred and is otherwise payable in shares of Common Stock shall be credited (during
the period between the date as of which the Award is deferred and the payment date) with dividend equivalents (in a manner consistent
with the methodology set forth in the last sentence of Section 9(d)(ii)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in Capital Structure and Similar Events. </B> In the event of (a) any dividend (other than regular cash dividends) or other distribution
(whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares
of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other
securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control)
that affects the shares of Common Stock, or (b) unusual or nonrecurring events (including, without limitation, a Change in Control)
affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules,
rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation service, accounting
principles or law, such that in any case an adjustment is determined by the Committee in its sole discretion to be necessary or
appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation
any or all of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjusting
any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities
or other property) which may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding Award,
including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind
of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price
or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation, Performance
Criteria, Performance Formula and Performance Goals);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;providing
for a substitution or assumption of Awards (or Awards of an acquiring company), accelerating the delivery, vesting and/or exercisability
of, lapse of restrictions and/or other conditions on, or termination of, Awards or providing for a period of time (which shall
not be required to be more than ten (10) days) for Participants to exercise outstanding Awards prior to the occurrence of such
event (and any such Award not so exercised shall terminate upon the occurrence of such event); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cancelling
any one or more outstanding Awards (or Awards of an acquiring company) and causing to be paid to the holders thereof, in cash,
shares of Common Stock, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined
by the Committee (which if applicable may be based upon the price per share of Common Stock received or to be received by other
shareholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment
in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common
Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being
understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of,
the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration
therefor);</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"><U>provided</U>, <U>however</U>, that in the case of any &ldquo;equity
restructuring&rdquo; (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718
(or any successor pronouncement thereto) (&ldquo;ASC 718&rdquo;), the Committee shall make an equitable or proportionate adjustment
to outstanding Awards to reflect such equity restructuring. Except as otherwise determined by the Committee, any adjustment in
Incentive Stock Options under this Section&nbsp;12 (other than any cancellation of Incentive Stock Options) shall be made only
to the extent not constituting a &ldquo;modification&rdquo; within the meaning of Section&nbsp;424(h)(3) of the Code, and any adjustments
under this Section&nbsp;12 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule&nbsp;16b-3
under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment
shall be conclusive and binding for all purposes.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
of Change in Control. </B> Except to the extent otherwise provided in an Award agreement, or any applicable employment, consulting,
change in control, severance or other agreement between a Participant and the Company or an Affiliate, in the event of a Change
in Control, notwithstanding any provision of the Plan to the contrary:</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-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of Options, SARs and other Awards which are service-based and not subject to Performance Goals or other performance
conditions, in the event that an Involuntary Termination of a Participant occurs within six (6) months prior to the occurrence
of a Change in Control (in respect of Participants designated by the Committee) or within twelve (12) months following a Change
in Control (in respect of all Participants), all Options and SARs held by such Participant shall become immediately exercisable
with respect to all of the shares of Common Stock subject to such Options and SARs, and the Restricted Period (and any other non-performance
based conditions) applicable to all Restricted Stock Awards, Restricted Stock Unit Awards and any other service-based Awards held
by such Participant shall expire immediately, and all such Awards shall immediately become fully vested and the shares of Common
Stock subject to all such Awards shall be immediately delivered to such Participant.</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-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of equity Awards which are subject to the achievement of Performance Goals or other performance conditions, immediately
prior to the occurrence of a Change in Control, the target number of shares of Common Stock set forth in the applicable Award agreement
shall automatically convert into service-based Awards, and such service-based Awards shall vest and be delivered to the Participant
on the vesting date set forth in the applicable Award agreement (without regard to the achievement of any applicable Performance
Goals or other performance conditions), provided that the Participant is in the employ of the Company or an Affiliate on the applicable
vesting date; provided that, in the event that an Involuntary Termination of a Participant occurs within six (6) months prior to
the occurrence of a Change in Control (in respect of Participants designated by the Committee) or on or within twelve (12) months
following a Change in Control (in respect of all Participants), all such unvested service-based Awards held by such Participant
shall immediately become fully vested and the shares of Common Stock subject to such Awards shall be immediately delivered to such
Participant.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the event of a Change of Control, the Committee may in its discretion and upon at least 5 days&rsquo; advance notice
to the affected persons, cancel any outstanding Award and pay to the holders thereof, in cash, securities or other property (including
of the acquiring or successor company) or any combination thereof, the value of such Awards based upon the price per share of Common
Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the above, the Committee shall
exercise such discretion over any Award subject to Code Section 409A at the time such Award is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially
all of the assets and business of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent practicable, the provisions
of this Section 13 shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change
in Control transaction with respect to the Common Stock subject to their Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
and Termination. </B>(a) <U>Amendment and Termination of the Plan.</U> The Committee may amend, alter, suspend, discontinue, or
terminate the Plan or any portion thereof at any time; <U>provided</U>, that no such amendment, alteration, suspension, discontinuation
or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities
exchange or inter-dealer quotation service on which the shares of Common Stock may be listed or quoted or for changes in GAAP to
new accounting standards, to prevent the Company from being denied a tax deduction under Section&nbsp;162(m) of the Code); <U>provided</U>,
<U>further</U>, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely
affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be
effective without the consent of the affected Participant, holder or beneficiary. Notwithstanding the foregoing, no amendment shall
be made to the last proviso of Section 14(b) without stockholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of Award Agreements.</U> The Committee may, to the extent not inconsistent with the terms of any applicable Award agreement, waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award agreement, prospectively or retroactively (including after a Participant&rsquo;s termination of
employment or service with the Company); <U>provided</U> that any such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award
theretofore granted shall not to that extent be effective without the consent of the affected Participant; <U>provided</U>, <U>further</U>,
that without shareholder approval, except as otherwise permitted under Section 12 of the Plan, (i)&nbsp;no amendment or modification
may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii)&nbsp;the Committee may not cancel any outstanding
Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other
Award or cash in a manner which would either (A)&nbsp;be reportable on the Company&rsquo;s proxy statement as Options which have
been &ldquo;repriced&rdquo; (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B)&nbsp;result
in any &ldquo;repricing&rdquo; for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for
equity accounting treatment) and (iii)&nbsp;the Committee may not take any other action which is considered a &ldquo;repricing&rdquo;
for purposes of the shareholder approval rules of the applicable securities exchange or inter-dealer quotation service on which
the Common Stock is listed or quoted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</B>
(a) <U>Award Agreements.</U> Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the
Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. For purposes of the Plan,
an Award agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation,
a Board or Committee resolution, an employment agreement, a notice, a certificate or a letter) evidencing the Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability.</U>
(i) Each Award shall be exercisable only by a Participant during the Participant&rsquo;s lifetime, or, if permissible under applicable
law, by the Participant&rsquo;s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such
purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred
by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
agreement to preserve the purposes of the Plan, to: (A) any person who is a &ldquo;family member&rdquo; of the Participant, as
such term is used in the instructions to Form&nbsp;S-8 under the Securities Act or any successor form of registration statements
promulgated by the Securities and Exchange Commission (collectively, the &ldquo;<U>Immediate Family Members</U>&rdquo;); (B) a
trust solely for the benefit of the Participant and his or her Immediate Family Members; (C) a partnership or limited liability
company whose only partners or shareholders are the Participant and his or her Immediate Family Members; or (D) any other transferee
as may be approved either (I)&nbsp;by the Board or the Committee in its sole discretion, or (II)&nbsp;as provided in the applicable
Award agreement; (each transferee described in clauses (A), (B), (C) and (D)&nbsp;above is hereinafter referred to as a &ldquo;<U>Permitted
Transferee</U>&rdquo;); <U>provided</U> that the Participant gives the Committee advance written notice describing the terms and
conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with
the requirements of the Plan.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and
any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and
distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect
a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of
such Option if the Committee determines, consistent with any applicable Award agreement, that such a registration statement is
necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee,
whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise;
and (D) the consequences of the termination of the Participant&rsquo;s employment by, or services to, the Company or an Affiliate
under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the Permitted Transferee,
including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in the Plan and the applicable Award agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Dividend Equivalents.</U> The Committee in its sole discretion may provide a Participant as part of an Award with dividends
or dividend equivalents, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current
or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including without
limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or
reinvestment in additional shares of Common Stock, Restricted Stock or other Awards; provided, that no dividend equivalents shall
be payable in respect of outstanding (i) Options or SARs or (ii) unearned Performance Compensation Awards or other unearned Awards
subject to performance conditions (other than or in addition to the passage of time) (although dividend equivalents may be accumulated
in respect of unearned Awards and paid as soon as administratively practicable, but no more than 60 days, after such Awards are
earned and become payable or distributable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Withholding.</U> (i) A Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall
have the right (but not the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities
or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in
cash, Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its exercise,
or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of
the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of clause&nbsp;(i)&nbsp;above, the Committee may, in its sole discretion, permit a Participant to satisfy,
in whole or in part, the foregoing withholding liability (but no more than the minimum required statutory liability withholding
liability, if required to avoid adverse accounting treatment of the Award as a liability Award under ACS 718) by (A)&nbsp;payment
in cash; (B) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) owned by the
Participant having a Fair Market Value equal to such withholding liability or (C)&nbsp;having the Company withhold from the number
of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares
with a Fair Market Value equal to such withholding liability.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Claim to Awards; No Rights to Continued Employment; Waiver.</U> No employee of the Company or an Affiliate, or other person, shall
have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected
for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries
of Awards. The terms and conditions of Awards and the Committee&rsquo;s determinations and interpretations with respect thereto
need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants
are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right
to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any
rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment
or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided
in the Plan or any Award agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived
any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the
Award beyond the period provided under the Plan or any Award agreement, notwithstanding any provision to the contrary in any written
employment contract or other agreement between the Company and its Affiliates and the Participant, whether any such agreement is
executed before, on or after the date of grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>International
Participants.</U> Without limiting the generality of Section 4(d), with respect to Participants who reside or work outside of the
United States of America and who are not (and who are not expect to be) &ldquo;covered employees&rdquo; within the meaning of Section
162(m) of the Code, the Committee may in its sole discretion amend the terms of the Plan or subplans or appendices thereto, or
outstanding Awards, with respect to such Participants in order to conform such terms with the requirements of local law or to obtain
more favorable tax or other treatment for a Participant, the Company or its Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
and Change of Beneficiary.</U> Each Participant may file with the Committee a written designation of one or more persons as the
beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon
his or her death. A Participant may, from time to time, revoke or change his or her beneficiary designation without the consent
of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall
be controlling; <U>provided</U>, <U>however</U>, that no designation, or change or revocation thereof, shall be effective unless
received by the Committee prior to the Participant&rsquo;s death, and in no event shall it be effective as of a date prior to such
receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse (or domestic
partner if such status is recognized by the Company according to the procedures established by the Company and in such jurisdiction),
or if the Participant is otherwise unmarried at the time of death, his or her estate. After receipt of Options in accordance with
this paragraph, beneficiaries will only be able to exercise such options in accordance with Section 7(c)(ii) of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment or Service.</U> Except as otherwise provided in an Award agreement, or any employment, consulting, change in control,
severance or other agreement between a Participant and the Company or an Affiliate, unless determined otherwise by the Committee:
(i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation,
a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service
with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or
service with the Company or an Affiliate; and (ii) if a Participant&rsquo;s employment with the Company and its Affiliates terminates,
but such Participant continues to provide services to the Company or its Affiliates in a non-employee capacity (including as a
Non-Employee Director) (or vice-versa), such change in status shall not be considered a termination of employment or service with
the Company or an Affiliate for purposes of the Plan.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights as a Shareholder.</U> Except as otherwise specifically provided in the Plan or any Award agreement, no person shall be entitled
to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have
been issued or delivered to that person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Government
and Other Regulations.</U> (i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject
to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding
any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and
shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been
properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has
received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration
pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The
Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered
or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities of
the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the
Committee may deem advisable under the Plan, the applicable Award agreement, the Federal securities laws, or the rules, regulations
and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation service upon
which such shares or other securities of the Company are then listed or quoted and any other applicable Federal, state, local or
non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of Section 9 of the Plan, the Committee
may cause a legend or legends to be put on any such certificates of Common Stock or other securities of the Company or any Affiliate
delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities
of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company&rsquo;s instructions
or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves
the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary
or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the
Award is subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company&rsquo;s acquisition of shares of Common Stock from the
public markets, the Company&rsquo;s issuance of Common Stock to the Participant, the Participant&rsquo;s acquisition of Common
Stock from the Company and/or the Participant&rsquo;s sale of Common Stock to the public markets, illegal, impracticable or inadvisable.
If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall pay to
the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such
Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested
or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively)
or any amount payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall
be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Section 83(b) Elections Without Consent of Company.</U> No election under Section 83(b) of the Code or under a similar provision
of law may be made unless expressly permitted by the terms of the applicable Award agreement or by action of the Committee in writing
prior to the making of such election. If a Participant, in connection with the acquisition of shares of Common Stock under the
Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify
the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental
authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
to Persons Other Than Participants.</U> If the Committee shall find that any person to whom any amount is payable under the Plan
is unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then any payment due to such
person or his or her estate (unless a prior claim therefor has been made by a duly appointed legal representative or a beneficiary
designation form has been filed with the Company) may, if the Committee so directs the Company, be paid to his or her spouse, child,
relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper
recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability
of the Committee and the Company therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonexclusivity
of the Plan.</U> Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the Company
for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such
arrangements may be either applicable generally or only in specific cases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Trust or Fund Created.</U> Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity,
on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations
under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise
to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence
of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan
other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other employees under general law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance
on Reports.</U> Each member of the Committee and each member of the Board (and their respective designees) shall be fully justified
in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in
reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information
furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Relationship
to Other Benefits.</U> No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
for Investment</U>. Whether or not the Options and shares covered by the Plan have been registered under the Securities Act, each
person exercising an Option under the Plan or acquiring shares under the Plan, may be required by the Company to give a representation
in writing that such person is acquiring such shares for investment and not with a view to, or for sale in connection with, the
distribution of any part thereof. The Company will endorse any necessary legend referring to the foregoing restriction upon the
certificate or certificates representing any shares issued or transferred to the Participant upon the exercise of any Option granted
under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law.</U> The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to
contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability.</U>
If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan
and any such Award shall remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations
Binding on Successors.</U> The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization
succeeding to substantially all of the assets and business of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>409A
of the Code.</U> (i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of this Plan
comply with Section 409A of the Code, and all provisions of this Plan shall be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and
liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with
this Plan or any other plan maintained by the Company (including any taxes and penalties under Section 409A of the Code), and neither
the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless
from any or all of such taxes or penalties. With respect to any Award that is considered &ldquo;deferred compensation&rdquo; subject
to Section 409A of the Code, references in the Plan to &ldquo;termination of employment&rdquo; (and substantially similar phrases)
shall mean &ldquo;separation from service&rdquo; within the meaning of Section 409A of the Code. For purposes of Section 409A of
the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as separate payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in the Plan to the contrary, if a Participant is a &ldquo;specified employee&rdquo; within the meaning of Section 409A(a)(2)(B)(i)
of the Code, no payments or deliveries in respect of any Awards that are &ldquo;deferred compensation&rdquo; subject to Section
409A of the Code shall be made to such Participant prior to the date that is six months after the date of such Participant&rsquo;s
&ldquo;separation from service&rdquo; (as defined in Section 409A of the Code) or, if earlier, the Participant&rsquo;s date of
death. Following any applicable six month delay, all such delayed payments or deliveries will be paid or delivered (without interest)
in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided by the Committee, in the event that the timing of payments in respect of any Award (that would otherwise be
considered &ldquo;deferred compensation&rdquo; subject to Section 409A of the Code) would be accelerated upon the occurrence of
(A) a Change in Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies
the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial
portion of the assets of a corporation pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder
or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of &ldquo;Disability&rdquo;
pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Clawback/Forfeiture</U>.
Notwithstanding anything to the contrary contained herein, an Award agreement may provide that the Committee may in its sole discretion
cancel such Award if the Participant, without the consent of the Company, while employed by or providing services to the Company
or any Affiliate or after termination of such employment or service, violates a non-competition, non-solicitation, non-disparagement,
non-disclosure covenant or agreement or otherwise has engaged in or engages in activity that is in conflict with or adverse to
the interest of the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities,
as determined by the Committee in its sole discretion. The Committee may also provide in an Award agreement that if the Participant
otherwise has engaged in or engages in any activity referred to in the preceding sentence, the Participant will forfeit any compensation,
gain or other value realized thereafter on the vesting, exercise or settlement of such Award, the sale or other transfer of such
Award, or the sale of shares of Common Stock acquired in respect of such Award, and must promptly repay such amounts to the Company.
The Committee may also provide in an Award agreement that if the Participant receives any amount in excess of what the Participant
should have received under the terms of the Award for any reason (including without limitation by reason of a financial restatement,
mistake in calculations or other administrative error), all as determined by the Committee in its sole discretion, then the Participant
shall be required to promptly repay any such excess amount to the Company. To the extent required by applicable law (including
without limitation Section 302 of the Sarbanes Oxley Act and Section 954 of the Dodd Frank Act) and/or the rules and regulations
of NASDAQ or other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, or if so
required pursuant to a written policy adopted by the Company (as in effect and/or amended from time to time), Awards shall be subject
(including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated
by reference into all outstanding Award agreements).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Code
Section&nbsp;162(m) Re-approval.</U> If so determined by the Committee, the provisions of the Plan regarding Performance Compensation
Awards shall be submitted for re-approval by the shareholders of the Company no later than the first shareholder meeting that occurs
in the fifth year following the year that shareholders previously approved such provisions following the date of initial shareholder
approval, for purposes of exempting certain Awards granted after such time from the deduction limitations of Section 162(m) of
the Code. Nothing in this subsection, however, shall affect the validity of Awards granted after such time if such shareholder
approval has not been obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses;
Gender; Titles and Headings.</U> The expenses of administering the Plan shall be borne by the Company and its Affiliates. Masculine
pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the
Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or
headings shall control.</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As adopted by the Board of Directors of
the Company on March 25, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As approved by the shareholders of the Company
on May 20, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As amended and restated by the Compensation
Committee of the Board of Directors of the Company on April 4, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As amended by the Compensation Committee
of the Board of Directors of the Company on February 13, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As amended and restated by the Compensation
Committee of the Board of Directors of the Company on February 12, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As amended and restated by the Board of Directors on May 25, 2016.</P>

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


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