<SEC-DOCUMENT>0001144204-15-071504.txt : 20151217
<SEC-HEADER>0001144204-15-071504.hdr.sgml : 20151217
<ACCEPTANCE-DATETIME>20151217161736
ACCESSION NUMBER:		0001144204-15-071504
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151211
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151217
DATE AS OF CHANGE:		20151217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Black Diamond, Inc.
		CENTRAL INDEX KEY:			0000913277
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				581972600
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34767
		FILM NUMBER:		151293846

	BUSINESS ADDRESS:	
		STREET 1:		2084 EAST 3900 SOUTH
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84124
		BUSINESS PHONE:		801-278-5552

	MAIL ADDRESS:	
		STREET 1:		2084 EAST 3900 SOUTH
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLARUS CORP
		DATE OF NAME CHANGE:	19980911

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SQL FINANCIALS INTERNATIONAL INC /DE/
		DATE OF NAME CHANGE:	19980911
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v426997_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<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: 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, D.C. 20549</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>Form 8-K</B></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>&nbsp;</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: center">&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):
<U>December 11, 2015</U></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"><U>Black Diamond, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>Delaware</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></td>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>0-24277 </u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></td>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>58-1972600</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><u>2084 East 3900 South, Salt Lake City,
        Utah</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal
        executive offices)</P></td>
    <TD STYLE="width: 40%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><u>84124</u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Zip Code)</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <U>(801) 278-5552</U></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;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</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: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into 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">The descriptions of
the 2015 Stock Incentive Plan, Stock Option Agreement and Stock Award Agreement set forth in Item 5.02 of this Current Report on
Form&nbsp;8-K (the &ldquo;Report&rdquo;) are incorporated by reference into this Item 1.01.</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"><B>Item 5.02. &#9;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 11, 2015,
at the 2015 Annual Meeting of Stockholders of Black Diamond, Inc. (the &ldquo;Company&rdquo;), the Company&rsquo;s stockholders,
upon the recommendation of the Company&rsquo;s Board of Directors, voted to approve the Black Diamond, Inc. 2015 Stock Incentive
Plan (the &ldquo;2015 Stock Incentive Plan&rdquo;). Under the 2015 Stock Incentive Plan, 4,500,000 shares of the Company&rsquo;s
common stock will be initially reserved for issuance and available for awards, subject to an automatic annual increase equal to
5% of the total number of shares of the Company&rsquo;s common stock outstanding at the beginning of each fiscal year (&ldquo;Annual
Share Increase&rdquo;). Notwithstanding the Annual Share Increase, the maximum aggregate number of incentive stock options which
may be granted under the 2015 Stock Incentive Plan is 6,750,000, and no more than 3,375,000 of the total shares of common stock
available for issuance under the 2015 Stock Incentive Plan may be granted in the form of restricted shares, restricted units or
performance awards, subject to an automatic annual increase equal to 75% of the total number of shares of the Company&rsquo;s common
stock increased pursuant to the Annual Share Increase. Awards under the 2015 Stock Incentive Plan may include nonqualified stock
options, incentive stock options, stock appreciation rights, restricted shares of common stock, restricted units, performance awards
and other stock-based awards. Awards under the 2015 Stock Incentive Plan may be granted to employees, officers, directors, consultants,
independent contractors and advisors of the Company or any subsidiary of the Company, provided that incentive stock options may
only be granted to employees of the Company or any subsidiary of the Company. The 2015 Stock Incentive Plan will have a term of
ten years, expiring on December 11, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Grants of awards under
the 2015 Stock Incentive Plan will be made pursuant to the Black Diamond, Inc. 2015 Stock Incentive Plan Stock Option Agreement
(the &ldquo;Stock Option Agreement&rdquo;) and the Black Diamond, Inc. 2015 Stock Incentive Plan Stock Award Agreement (the &ldquo;Stock
Award Agreement&rdquo;), forms of which are filed as Exhibits 10.2 and 10.3 to this Report and incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing descriptions
of the 2015 Stock Incentive Plan, Stock Option Agreement and Stock Award Agreement do not purport to be complete and are qualified
in their entirety by reference to the 2015 Stock Incentive Plan, Stock Option Agreement and Stock Award Agreement, which are filed
as Exhibits 10.1, 10.2 and 10.3, respectively, to this Report and are incorporated herein by reference.</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"></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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;5.07&#9;Submission of Matters to a Vote of Security
Holders. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;On December
11, 2015, the Company held its 2015 Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;). Of the 32,787,671 shares of common
stock entitled to vote at the Meeting,&nbsp;29,329,189 shares of common stock were present in person or by proxy and entitled to
vote, representing approximately 89.5% of the Company&rsquo;s outstanding shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;At the Meeting,
the Company&rsquo;s stockholders: (i) approved the re-election of each of the following five director nominees standing for re-election:
Warren B. Kanders, Robert R. Schiller, Donald L. House, Nicholas Sokolow and Michael Henning; (ii) ratified the appointment of
KPMG LLP as the Company&rsquo;s independent registered public accounting firm for the year ending December&nbsp;31, 2015 and (iii)
approved the adoption of the 2015 Stock Incentive Plan. Each proposal is described in more detail in the Definitive Proxy Statement
filed by Company with the Securities and Exchange Commission on November 9, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The voting results for each proposal are
set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 1 &ndash; To elect five members
to serve on the Company&rsquo;s Board of Directors until the next annual meeting of stockholders and until their successors are
duly elected and qualified:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center; padding: 0"><b><u>Name</u></b></td>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center; padding: 0"><b><u>Votes For</u></b></td>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center; padding: 0"><b><u>Votes Withheld</u></b></td>
    <TD STYLE="vertical-align: top; width: 25%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Broker </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><u>Non-Votes</u></b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">Warren B. Kanders</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">22,435,167</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">2,140,585</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">4,753,437</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">Robert R. Schiller</td>
    <TD STYLE="text-align: center; padding: 0">22,669,842</td>
    <TD STYLE="text-align: center; padding: 0">1,905,910</td>
    <TD STYLE="text-align: center; padding: 0">4,753,437</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">Donald L. House</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">18,925,600</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">5,650,152</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">4,753,437</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">Nicholas Sokolow</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">16,416,739</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">8,159,013</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">4,753,437</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">Michael Henning</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">19,722,269</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">4,852,485</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">4,754,435</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 2 &ndash; To ratify the appointment
of KPMG LLP as the Company&rsquo;s independent registered public accounting firm for the year ending December&nbsp;31, 2015:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center; padding: 0"><b><u>Votes For</u></b></td>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center; padding: 0"><b><u>Votes Against</u></b></td>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center; padding: 0"><b><u>Votes Abstained</u></b></td>
    <TD STYLE="vertical-align: top; width: 25%; padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Broker</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Non-Votes</u></b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center; padding: 0">29,179,475</td>
    <TD STYLE="vertical-align: bottom; text-align: center; padding: 0">79,776</td>
    <TD STYLE="vertical-align: bottom; text-align: center; padding: 0">69,938</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">0</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposal 3 &ndash; To approve the adoption of the 2015 Stock
Incentive Plan:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center"><b><u>Votes For</u></b></td>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center"><b><u>Votes Against</u></b></td>
    <TD STYLE="vertical-align: bottom; width: 25%; text-decoration: underline; text-align: center"><b><u>Votes Abstained</u></b></td>
    <TD STYLE="vertical-align: top; width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Broker</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Non-Votes</u></b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; text-align: center">14,957,751</td>
    <TD STYLE="vertical-align: bottom; text-align: center">9,572,465</td>
    <TD STYLE="vertical-align: bottom; text-align: center">45,536</td>
    <TD STYLE="vertical-align: top; text-align: center">4,753,437</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-indent: 72.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-indent: 72.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;9.01&#9;Financial Statements and Exhibits</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">(d)&#9;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 17%; padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>Exhibit</u></b></P></td>
    <TD STYLE="width: 83%; padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>Description</u></b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">10.1</td>
    <TD STYLE="padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Black Diamond, Inc. 2015 Stock Incentive
        Plan (filed as Appendix A to the Definitive Proxy Statement of Black Diamond, Inc., filed with the Securities and Exchange Commission
        on November 9, 2015 and incorporated herein by reference)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">10.2</td>
    <TD STYLE="padding: 0; text-align: justify">Form of Black Diamond, Inc. 2015 Stock Incentive Plan Stock Option Agreement*</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3</P></td>
    <TD STYLE="padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form of Black Diamond, Inc. 2015 Stock
        Incentive Plan Stock Award Agreement*</P></td></tr>
</table>
<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">* filed herewith</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>&nbsp;</B></P>

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

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<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>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</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">Dated: December 17, 2015</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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 3in"><B>BLACK DIAMOND, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 3in">By: <U>/s/ Aaron J. Kuehne</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 3in">Name: Aaron J. Kuehne</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 3in">Title: Chief Financial Officer</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"></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>EXHIBIT INDEX </B></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 17%; padding: 0; font-size: 10pt; text-decoration: underline"><b><u>Exhibit</u></b></td>
    <TD STYLE="width: 83%; padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>Description</u></b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify">10.2</td>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify">Form of Black Diamond, Inc. 2015 Stock Incentive Plan Stock Option Agreement</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3</P></td>
    <TD STYLE="padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form of Black Diamond, Inc. 2015 Stock
        Incentive Plan Stock Award Agreement</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>v426997_ex10-2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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: center"><B>BLACK DIAMOND, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2015 STOCK INCENTIVE PLAN</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">STOCK OPTION AGREEMENT
(the &ldquo;Agreement&rdquo;) made as of the <B>&laquo;number date&raquo; </B>day of<B> &laquo;month&raquo;, &laquo;year&raquo;</B>,
by and between Black Diamond, Inc., a Delaware corporation, having its principal office at 2084 East 3900 South, Salt Lake City,
Utah 84124 (the &ldquo;Company&rdquo;), and <B>&laquo;First Name&raquo; &laquo;Last Name&raquo;</B>, an individual residing in
<B>&laquo;City State&raquo; </B> (the &ldquo;Optionee&rdquo;). Capitalized terms not defined herein shall have the meanings ascribed
to them in the Company&rsquo;s 2015 Stock Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, the Company
has heretofore adopted the Black Diamond, Inc. 2015 Stock Incentive Plan (the &ldquo;Plan&rdquo;) for the benefit of certain employees,
officers, directors, consultants, independent contractors and advisors of the Company or Subsidiaries of the Company, which Plan
has been approved by the Company&rsquo;s stockholders; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>WHEREAS</B>,
the Optionee is a valued and trusted </FONT> <FONT STYLE="font-size: 10pt"><B><U>&laquo;employee or director&raquo;</U></B> of
the Company and/or one of its subsidiaries and the Company believes it to be in the best interests of the Company to secure the
future services of the Optionee by providing the Optionee with an inducement to remain an </FONT> <FONT STYLE="font-size: 10pt"><B><U>&laquo;employee
or director&raquo;</U></B> of the Company and/or one of its Subsidiaries through the grant of an option to acquire an ownership
interest in the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE, </B>the
parties agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>1.&#9;<U>Option
Grant</U></B>. Subject to the provisions hereinafter set forth and the terms and conditions of the Plan, the Company hereby grants
to the Optionee, as of <B>&laquo;grant date&raquo; </B> (the &ldquo;Grant Date&rdquo;), the right, privilege and option (the &ldquo;Option&rdquo;)
to purchase all or any part of an aggregate of </FONT> <FONT STYLE="font-size: 10pt"><B><U>&laquo;amount of option&raquo;</U> </B>shares
(the &ldquo;Shares&rdquo;) of common stock of the Company, par value $0.0001 per share (the &ldquo;Common Stock&rdquo;), such number
being subject to adjustment as provided in the Plan. To the extent applicable, this Option is intended to qualify as an &ldquo;incentive
stock option&rdquo; (&ldquo;ISO&rdquo;) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
&ldquo;Code&rdquo;), to the extent permitted under Section 422 of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>2.
&#9;<U>Exercise Price</U>.</B> Subject to adjustment as provided in the Plan, the purchase price per Share of Common Stock as to
which this Option is exercised (the &ldquo;Exercise Price&rdquo;) shall be $</FONT> <FONT STYLE="font-size: 10pt"><B><U>&laquo;exercise
price&raquo;</U></B>, the Fair Market Value of such Shares on the Grant Date. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>3.&#9;<U>Exercise
of Option</U>.</B> The term of the Option shall be for a period of ten (10) years from the Grant Date and shall expire without
further action being taken at 5:00 p.m., </FONT> <FONT STYLE="font-size: 10pt"><B><U>&laquo;expiration date&raquo;</U></B>, subject
to earlier termination as provided in Section 5 hereof (the &ldquo;Expiration Date&rdquo;). The Option may be exercised at any
time, or from time to time, prior to the Expiration Date (or such additional period as may be permitted under the Plan) as to any
part or all of the Shares covered by the Option, pursuant to the vesting schedule contained in Section 4.1 hereof; provided, however,
that the Option may not be exercised as to less than one hundred (100) shares, unless it is exercised as to all Shares as to which
this Option is then exercisable. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>4.&#9;<U>Vesting Schedule</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1&#9;<U>Vesting Date</U>.
The Shares into which this Option is exercisable shall vest in accordance with the following schedule:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 59%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <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: right"><B>Vesting Date</B></P></TD>
    <TD STYLE="padding: 0.05in 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Number of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ISOs</B></P></TD>
    <TD STYLE="padding: 0.05in 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Number of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Non-Qualified </B></P></TD>
    <TD STYLE="padding: 0.05in 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Total Number </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>of Shares</B></P></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&lt;&lt;Insert Date&gt;&gt;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&laquo;Total_ISOs&raquo; </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&laquo;Total_NQSOs&raquo; </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&laquo;amountofoptions&raquo; </B></FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The allocation of options granted between
ISOs and NQSOs indicated above is a result of the Limitations on ISO as outlined in the 2015 Stock Incentive Plan and reproduced
below.</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 0pt 1in; text-align: justify"><B><I>5.7&#9;<U>Limitations on
ISO</U>. The aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to which ISO&rsquo;s are exercisable
for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of
the Company or any Subsidiary of the Company) will not exceed $100,000 or such other amount as may be required by the Code. If
the Fair Market Value of Shares on the date of grant with respect to which ISO&rsquo;s are exercisable for the first time by a
Participant during any calendar year exceeds $100,000, then the Options for the first $100,000 worth of Shares to become exercisable
in such calendar year will be ISO&rsquo;s and the Options for the amount in excess of $100,000 that become exercisable in that
calendar year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective
Date of this Plan to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISO&rsquo;s, such
different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such
amendment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2&#9;Shares that are
vested pursuant to the schedule set forth in Section 4.1 hereof are &ldquo;Vested Shares.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>5.&#9;<U>Termination</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.1&#9;<U>Termination
for Any Reason Except Death, Disability or Cause</U>. If Optionee is Terminated by the Company for any reason (including if the
Optionee voluntarily terminates employment with the Company) except upon Optionee&rsquo;s death, Disability or Termination for
Cause, then this Option, to the extent (and only to the extent) that it is vested in accordance with the schedule set forth in
Section 4.1 hereof on the Termination Date, may be exercised by Optionee no later than three (3) months after the Termination Date
(or such longer time period not exceeding five (5) years as may be determined by the Committee, with any exercise beyond three
(3) months after the Termination Date deemed to be a NQSO), but in any event no later than the Expiration Date.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.2&#9;<U>Termination
Because of Death or Disability</U>. If Optionee&rsquo;s service to the Company is Terminated because of death or Disability of
Optionee, then this Option, to the extent that it is vested in accordance with the schedule set forth in Section 4.1 hereof on
the Termination Date, may be exercised by Optionee (or Optionee&rsquo;s legal representative or authorized assignee) no later than
twelve (12) months after the Termination Date (or such longer time period not exceeding five (5) years as may be determined by
the Committee, with any such exercise beyond twelve (12) months after the Termination Date when the Termination is for Participant&rsquo;s
death or Disability, deemed to be a NQSO), but in any event no later than the Expiration Date. Any exercise after three months
after the Termination Date when the Termination is for any reason other than Optionee&rsquo;s disability, within the meaning of
Section 22(e)(3) of the Code, shall be deemed to be the exercise of a nonqualified stock option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.3&#9;<U>Termination
for Cause</U>. If the Optionee is Terminated for Cause, neither the Optionee, the Optionee&rsquo;s estate nor such other person
who may then hold the Option shall be entitled to exercise any Option with respect to any Shares whatsoever, after termination
of service, whether or not after termination of service the Optionee may receive payment from the Company or Subsidiary for vacation
pay, for services rendered prior to termination, for services rendered for the day on which termination occurs, for salary in lieu
of notice, or for any other benefits. In making such determination, the Committee shall give the Optionee an opportunity to present
to the Committee evidence on his behalf. For the purpose of this paragraph, termination of service shall be deemed to occur on
the date when the Company dispatches notice or advice to the Optionee that Optionee&rsquo;s service is terminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of this
Agreement, Termination for Cause means that the Company has cause to terminate an Optionee&rsquo;s employment or service under
any existing employment, consulting or any other agreement between the Optionee and the Company or, if such an agreement does not
exist, upon finding that (i) the Optionee has ceased to perform his duties (other than as a result of his incapacity due to physical
or mental illness or injury), which constitutes an intentional or extended neglect of his/her duties, (ii) the Optionee has engaged
or is about to engage in conduct materially injurious to the Company or (iii) the Optionee has been convicted of a felony.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.4&#9;<U>No Obligation
to Employ</U>. Nothing in the Plan or this Agreement shall confer on Optionee any right to continue in the employ of, or other
relationship with, the Company, a Subsidiary or an Affiliate, or limit in any way the right of the Company or any Affiliate or
Subsidiary of the Company to terminate Optionee&rsquo;s employment or other relationship at any time, with or without Cause. This
Agreement does not constitute an employment or other service contract. This Agreement does not guarantee employment or other service
for the length of time of the Vesting Schedule or for any portion thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>6.&#9;<U>Manner of
Exercise</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.1&#9;<U>Stock Option
Exercise Procedures</U>. To exercise this Option, Optionee (or in the case of exercise after Optionee&rsquo;s death, Optionee&rsquo;s
executor, administrator, heir or legatee, as the case may be) must follow such exercise procedures as may be established by the
Committee from time to time in its sole discretion. Such procedures may include requiring that the Optionee provide certain information
including, inter alia, Optionee&rsquo;s election to exercise this Option, the number of Shares being purchased, any restrictions
imposed on the Shares and any representations, warranties and agreements regarding Optionee&rsquo;s investment intent and access
to information as may be required by the Company to comply with applicable securities laws. If someone other than Optionee exercises
this Option, then such person may be required to submit documentation reasonably acceptable to the Company that such person has
the right to exercise this Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.2&#9;<U>Limitations
on Exercise</U>. This Option may not be exercised unless such exercise is in compliance with all applicable federal and state securities
laws, as they are in effect on the date of exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.3&#9;<U>Payment</U>.
An exercise of this Option shall be accompanied by full payment of the aggregate Exercise Price for the Shares being purchased
(a) in cash (by check), or (b) provided that a public market for the Company&rsquo;s stock exists: (1) through a &ldquo;same day
sale&rdquo; commitment from Optionee and a broker-dealer that is a member of the National Association of Securities Dealers (an
&ldquo;NASD Dealer&rdquo;) whereby Optionee irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased
to pay for the aggregate Exercise Price and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward
the aggregate Exercise Price directly to the Company; or (2) through a &ldquo;margin&rdquo; commitment from Optionee and an NASD
Dealer whereby Optionee irrevocably elects to exercise this Option and to pledge the Shares so purchased to the NASD Dealer in
a margin account as security for a loan from the NASD Dealer in the amount of the aggregate Exercise Price, and whereby the NASD
Dealer irrevocably commits upon receipt of such Shares to forward the aggregate Exercise Price directly to the Company. Notwithstanding
the foregoing, the Board of Directors or the Committee, in their sole discretion, may allow for the full payment of the aggregate
Exercise Price for the Shares being purchased to be made by any other method which is in accordance with the provisions of the
Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.4&#9;<U>Tax Withholding</U>.
Prior to the issuance of the Shares upon exercise of this Option, Optionee must pay or provide for any applicable federal or state
withholding obligations of the Company. If the Committee permits, Optionee may provide for payment of withholding taxes upon exercise
of this Option by requesting that the Company retain Shares with a Fair Market Value equal to the minimum amount of taxes required
to be withheld determined on the date that the amount of tax to be withheld is to be determined. In such case, the Company shall
issue the net number of Shares to the Optionee by deducting the Shares retained from the Shares issuable upon exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.5&#9;<U>Issuance of
Shares</U>. Provided that both the exercise procedures established by the Committee and payment are in manner, form and substance
satisfactory to the Company, and upon the Company&rsquo;s request to counsel for the Company, the Company shall issue the Shares
registered in the name of Optionee, Optionee&rsquo;s authorized assignee, or Optionee&rsquo;s legal representative, and shall deliver
certificates representing the Shares with the appropriate legends affixed thereto.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>7.&#9;<U>Notice of
Disqualifying Disposition of ISO Shares</U>.</B> To the extent this Option is an ISO, if Optionee sells or otherwise disposes of
any of the Shares acquired pursuant to the ISO on or before the later of (a) the date two (2) years after the Date of Grant, and
(b) the date one (1) year after transfer of such Shares to Optionee upon exercise of this Option, then Optionee shall immediately
notify the Company in writing of such disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>8.&#9;<U>Compliance
With Laws and Regulations</U>.</B> The exercise of this Option and the issuance and transfer of Shares to the Optionee shall be
subject to compliance by the Company and Optionee with (i) all applicable requirements of federal and state securities laws, (ii)
all applicable requirements of any stock exchange on which the Company&rsquo;s Common Stock may be listed and (iii) any applicable
policy of the Company regarding the trading of securities of the Company, each at the time of such issuance and transfer. Optionee
understands that the Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission
or any stock exchange to effect such compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>9.&#9;<U>Nontransferability
of Option.</U></B> This Option may not be transferred in any manner other than transfers by will or by the laws of descent and
distribution or to members of the Optionee&rsquo;s immediate family, to trusts solely for the benefit of such immediate family
members and to partnerships or limited liability companies in which such family members and/or trusts are the only partners or
members, as the case may be. For this purpose, &ldquo;immediate family&rdquo; means the Optionee&rsquo;s spouse, parents, children,
stepchildren, grandchildren and legal dependants. Any transfer of Options made under this provision will not be effective until
notice of such transfer is delivered to the Company. The terms of this Option shall be binding upon the executors, administrators,
successors and assigns of Optionee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>10.&#9;<U>Privileges
of Stock Ownership</U>.</B> Optionee shall not have any of the rights of a stockholder with respect to any Shares until the Shares
are issued to Optionee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>11.&#9;<U>Interpretation</U>.</B>
Any dispute regarding the interpretation of this Agreement shall be submitted by Optionee or the Company to the Committee for review.
The resolution of such a dispute by the Committee shall be final and binding on the Company and Optionee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>12.&#9;<U>Entire Agreement</U>.</B>
The Plan is incorporated herein by reference. This Agreement and the Plan and any exercise procedures as may be established by
the Committee constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof
and supersede all prior understandings and agreements with respect to such subject matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>13.&#9;<U>Notices</U>.</B>
Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed
to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Optionee
shall be in writing and addressed to Optionee at the address indicated above or to such other address as such party may designate
in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon: personal delivery;
three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested); one (1) business
day after deposit with any return receipt express courier (prepaid); or one (1) business day after transmission by facsimile.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>14.&#9;<U>Successors
and Assigns</U>.</B> The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure
to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement
shall be binding upon Optionee and Optionee&rsquo;s heirs, executors, administrators, legal representatives, successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>15.&#9;<U>Governing
Law</U>.</B> This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, applicable
to agreements made and to be performed entirely within such state, other than conflict of laws principles thereof directing the
application of any law other than that of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>16.&#9;<U>Acceptance</U>.</B>
Optionee hereby acknowledges receipt of a copy of the Plan and this Agreement. Optionee has read and understands the terms and
provisions of the Plan, and accepts this Option subject to all the terms and conditions of the Plan and this Agreement. This Option
is subject to, and the Company and the Optionee agree to be bound by, all of the terms and conditions of the Plan under which this
Option was granted, as the same shall have been amended, restated or otherwise modified from time to time in accordance with the
terms thereof. Pursuant to said Plan, the Board of Directors of the Company or the Committee is vested with final authority to
interpret and construe the Plan and this Option, and its present form is available for inspection during the business hours by
the Optionee or other persons entitled to exercise this Option at the Company&rsquo;s principal office. Optionee acknowledges that
there may be adverse tax consequences upon exercise of this Option or disposition of the Shares and that the Company has advised
Optionee to consult a tax advisor prior to such exercise or disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>17.&#9;<U>Covenants
of the Optionee</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Optionee agrees (and
for any heir, executor, administrator, legal representative, successor, or assignee hereby agrees), as a condition upon exercise
of the Option granted hereunder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#9;Upon the request
of the Committee, to execute and deliver a certificate, in form satisfactory to the Committee, certifying that the Shares being
acquired upon exercise of the Option are for such person&rsquo;s own account for investment only and not with any view to or present
intention to resell or distribute the same. The Optionee hereby agrees that the Company shall have no obligation to deliver the
Shares issuable upon exercise of the Option unless and until such certificate shall be executed and delivered to the Company by
the Optionee or any successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;Upon the request
of the Committee, to execute and deliver a certificate, in form satisfactory to the Committee, certifying that any subsequent resale
or distribution of the Shares by the Optionee shall be made only pursuant to either (i) a Registration Statement on an appropriate
form under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), which Registration Statement has become effective
and is current with regard to the Shares being sold, or (ii) a specific exemption from the registration requirements of the Securities
Act, but in claiming such exemption the Optionee shall, prior to any offer of sale or sale of such Shares, obtain a prior favorable
written opinion of counsel, in form and substance satisfactory to counsel for the Company, as to the application of such exemption
thereto. The foregoing restriction contained in this subparagraph (b) shall not apply to (i) issuances by the Company so long as
the Shares being issued are registered under the Securities Act and a prospectus in respect thereof is current, or (ii) re-offerings
of Shares by Affiliates of the Company (as defined in Rule 405 or any successor rule or regulation promulgated under the Securities
Act) if the Shares being re-offered are registered under the Securities Act and a prospectus in respect thereof is current.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#9;That certificates
evidencing Shares purchased upon exercise of the Option shall bear a legend, in form satisfactory to counsel for the Company, manifesting
the investment intent and resale restrictions of the Optionee described in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#9;That upon exercise
of the Option granted hereby, or upon sale of the Shares purchased upon exercise of the Option, as the case may be, the Company
shall have the right to require the Optionee to remit to the Company, or in lieu thereof, the Company may deduct, an amount of
shares or cash sufficient to satisfy federal, state or local withholding tax requirements, if any, prior to the delivery of any
certificate for such Shares or thereafter, as appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>18.&#9;<U>Obligations
of the Company</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.1&#9;Upon the exercise
of this Option in whole or in part, the Company shall cause the purchased Shares to be issued only when it shall have received
the full payment of the aggregate Exercise Price in accordance with the terms of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.2&#9;The Company shall
cause certificates for the Shares as to which the Option shall have been exercised to be registered in the name of the person or
persons exercising the Option, which certificates shall be delivered by the Company to the Optionee only against payment of the
full Exercise Price in accordance with the terms of this Agreement for the portion of the Option exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.3 &#9;In the event
that the Optionee shall exercise this Option with respect to less than all of the Shares of Common Stock that may be purchased
under the terms hereof, the Company shall issue to the Optionee a new Option, duly executed by the Company and the Optionee, in
form and substance identical to this Option, for the balance of Shares of Common Stock then issuable pursuant to the terms of this
Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.4&#9;Notwithstanding
anything to the contrary contained herein, neither the Company nor its transfer agent shall be required to issue any fraction of
a Share of Common Stock in connection with the exercise of this Option, and the Company shall, upon exercise of this Option in
whole or in part, issue the largest number of whole Shares of Common Stock to which this Option is entitled upon such full or partial
exercise and shall return to the Optionee the amount of the aggregate Exercise Price paid by the Optionee in respect of any fractional
Share.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.5&#9;The Company may
endorse such legend or legends upon the certificates for Shares issued to the Optionee pursuant to the Plan and may issue such
&ldquo;stop transfer&rdquo; instructions to its transfer agent in respect of such Shares as, in its discretion, it determines to
be necessary or appropriate to: (i) prevent a violation of, or to perfect an exemption from, the registration requirements of the
Securities Act; (ii) implement the provisions of the Plan and any agreement between the Company and the Optionee with respect to
such Shares; or (iii) permit the Company to determine the occurrence of a disqualifying disposition, as described in Section 421(b)
of the Code, of Shares transferred upon exercise of an incentive stock option granted pursuant to this Agreement and under the
Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.6&#9;The Company shall
pay all issue or transfer taxes with respect to the issuance or transfer of Shares to the Optionee, as well as all fees and expenses
necessarily incurred by the Company in connection with such issuance or transfer, except fees and expenses which may be necessitated
by the filing or amending of a Registration Statement under the Securities Act, which fees and expenses shall be borne by the Optionee,
unless such Registration Statement under the Securities Act has been filed by the Company for its own corporate purposes (and the
Company so states) in which event the Optionee shall bear only such fees and expenses as are attributable solely to the inclusion
of the Shares he or she receives in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">18.7&#9;All Shares issued
following exercise of the Option and the payment of the Exercise Price in accordance with the terms of this Agreement therefore
shall be fully paid and non-assessable to the extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>19.&#9;<U>Miscellaneous</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.1&#9;If the Optionee
loses this Agreement representing the Option granted hereunder, or if this Agreement is stolen or destroyed, the Company shall,
subject to such reasonable terms as to indemnity as the Committee, in its sole discretion shall require, enter into a new option
agreement pursuant to which the Company shall issue a new Option, in form and substance identical to this Option, and in substitution
for, the Option so lost, stolen or destroyed, and in the event this Agreement representing the Option shall be mutilated, the Company
shall, upon the surrender hereof, enter into a new option agreement pursuant to which the Company shall issue a new Option, in
form and substance identical to this Option, and in substitution for, the Option so mutilated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.2&#9;This Agreement
cannot be amended, supplemented or changed, and no provision hereof can be waived, except by a written instrument making specific
reference to this Agreement and signed by the party against whom enforcement of any such amendment, supplement, modification or
waiver is sought. A waiver of any right derived hereunder by the Optionee shall not be deemed a waiver of any other right derived
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.3&#9;This Agreement
may be executed in any number of counterparts, but all counterparts will together constitute but one agreement.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.4&#9;In the event
of a conflict between the terms and conditions of this Agreement and the Plan, the terms and conditions of the Plan shall govern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.5&#9;Any dispute regarding
the interpretation of this Agreement shall be submitted by Optionee or the Company to the Committee for review. The resolution
of such a dispute by the Committee shall be final and binding on the Company and Optionee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.6&#9;All Options and
benefits provided under this Agreement shall be subject to any compensation recovery or clawback policy as required under applicable
law, rule or regulation or otherwise adopted by the Company from time to time.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF,</B>
the Company has caused this Agreement to be executed in duplicate by its duly authorized representative and Optionee has executed
this Agreement in duplicate as of the Date of Grant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>BLACK DIAMOND, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">By:_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in; text-align: justify">Name:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in; text-align: justify">Title:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">OPTIONEE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 3.5in"><B>&laquo;FirstName&raquo; &laquo;LastName&raquo;</B></P>

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



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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>v426997_ex10-3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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>BLACK DIAMOND, INC.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2015 STOCK INCENTIVE PLAN</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>STOCK AWARD AGREEMENT</B>
(the &ldquo;Agreement&rdquo;) made as of this<B> &laquo;numberdate&raquo;</B> day of <B>&laquo;month&raquo;</B>, <B>&laquo;year&raquo;</B>,
by and between Black Diamond, Inc., a Delaware corporation, having its principal office at 2084 East 3900 South, Salt Lake City,
Utah 84124 (the &ldquo;Company&rdquo;), and <B>&laquo;FirstName&raquo; &laquo;LastName&raquo;,</B> an individual residing in <B>&laquo;citystate&raquo;
</B>(the &ldquo;Recipient&rdquo;). Capitalized terms not defined herein shall have the meanings ascribed to them in the Company&rsquo;s
2015 Stock Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, the Company
has heretofore adopted the Black Diamond, Inc. 2015 Stock Incentive Plan (the &ldquo;Plan&rdquo;) for the benefit of certain employees,
officers, directors, consultants, independent contractors and advisors of the Company or Subsidiaries of the Company, which Plan
has been approved by the Company&rsquo;s stockholders; and the Recipient is a valued and trusted <B>&laquo;employee / director&raquo;
</B> of the Company and/or one of its subsidiaries; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, the Company
believes it to be in the best interests of the Company to secure the future services of the Recipient by providing the Recipient
with an inducement to remain an <B>&laquo;employee / director&raquo; </B>of the Company and/or one of its Subsidiaries through
the grant of a stock grant in the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE</B>,
the parties agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.&nbsp;&nbsp;&nbsp;<U>Stock
Award</U>.</B> Subject to the provisions hereinafter set forth and the terms and conditions of the Plan, the Company hereby grants
to the Recipient, as of <B>&laquo;grantdate&raquo;</B> (the &ldquo;Grant Date&rdquo;), a stock award, subject to the vesting schedule
set forth below, of up to an aggregate of </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>&laquo;amountofshares&raquo;</U></B>
shares (the &ldquo;Grant Shares&rdquo;) of common stock of the Company, par value $0.0001 per share (the &ldquo;Common Stock&rdquo;),
such number being subject to adjustment as provided in the Plan. As more fully described below, the Grant Shares granted hereby
are subject to forfeiture by the Recipient if certain criteria are not satisfied. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;<U>Vesting</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;The Grant Shares
shall vest and become non-forfeitable in accordance with the following schedule:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Earned Portion of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Vesting Date</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Grant Shares</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Vestingdate1&raquo;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;shares1&raquo;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Vestingdate2&raquo;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;shares2&raquo;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Vestingdate3&raquo;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;shares3&raquo;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Vestingdate4&raquo;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Shares4&raquo;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Vestingdate5&raquo;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&laquo;Shares5&raquo;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;Notwithstanding
the vesting schedule set forth above, such vesting schedule may be accelerated by the Board of Directors or the Compensation Committee
of the Board of Directors (the &ldquo;Committee&rdquo;) in their sole decision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;Upon the vesting
date the earned portion of the Grant Shares shall be issued to the Recipient in accordance with the Plan and the terms hereof including
Section 3 below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">
<FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
&nbsp;&nbsp;&nbsp;If the Recipient is terminated by the Company or its Subsidiaries</FONT> for Cause (as defined in the Plan), voluntarily terminates
employment by the Company or its Subsidiaries or if Recipient&rsquo;s service to the Company is Terminated because of death or
Disability of Recipient, prior to <FONT STYLE="font-family: Times New Roman, Times, Serif">the satisfaction of the vesting provisions
set forth above, no further portion of the Grant Shares shall become vested pursuant to this Agreement and such unvested Grant
Shares shall be forfeited effective as of the date that the Recipient ceases to be so employed by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;Nothing in the
Plan or this Agreement shall confer on Recipient any right to continue in the employ of, or other relationship with, the Company
or any Subsidiary of the Company, or limit in any way the right of the Company or any Affiliate or Subsidiary of the Company to
terminate Recipient&rsquo;s employment or other relationship at any time, with or without Cause. This Agreement does not constitute
an employment contract. This Agreement does not guarantee employment for the length of time of the vesting schedule set forth above
or for any portion thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Recipient
understands that Recipient may suffer adverse tax consequences as a result of the grant, vesting or disposition of the Grant Shares.
Recipient represents that Recipient has consulted with his or her own independent tax consultant(s) as Recipient deems advisable
in connection with the grant, vesting or disposition of the Grant Shares and that Recipient is not relying on the Company for
any tax advice.</FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;<U>Issuance and Withholding</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;Upon vesting,
the Company shall issue the earned Grant Shares registered in the name of Recipient, Recipient&rsquo;s authorized assignee, or
Recipient&rsquo;s legal representative, and shall deliver certificates representing the Grant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;Subject to Section
16 below, prior to the issuance of the Grant Shares, Recipient must pay or provide for any applicable federal or state withholding
obligations of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.</B>&nbsp;&nbsp;&nbsp;<B><U>Compliance With Laws
and Regulations</U>.</B> The issuance and transfer of Grant Shares shall be subject to compliance by the Company and Recipient
with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange
or quotation system on which the Company&rsquo;s Common Stock may be listed at the time of such issuance or transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.</B>&nbsp;&nbsp;&nbsp;<B><U>Non-transferability</U>.</B>
Until the Grant Shares shall be vested and issued and until the satisfaction of any and all other conditions specified herein,
the Grant Shares may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by the Recipient, other
than by will or by the laws of descent and distribution, except upon the written consent of the Company and, in any case, in compliance
with the terms and conditions of this Agreement. The terms of this stock award shall be binding upon the executors, administrators,
successors and assigns of Recipient.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.</B>&nbsp;&nbsp;&nbsp;<B><U>Privileges of Stock
Ownership</U>.</B> Recipient shall not have any of the rights of a stockholder with respect to any Grant Shares until the Grant
Shares are issued to Recipient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.</B>&nbsp;&nbsp;&nbsp;<B><U>Interpretation</U>.
</B>Any dispute regarding the interpretation of this Agreement shall be submitted by Recipient or the Company to the Committee
for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Recipient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.</B>&nbsp;&nbsp;&nbsp;<B><U>Entire Agreement</U>.
</B>The Plan is incorporated herein by reference. This Agreement and the Plan constitute the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect
to such subject matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.</B>&nbsp;&nbsp;&nbsp;<B><U>Notices</U>. </B>Any
notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to
the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Recipient
shall be in writing and addressed to Recipient at the address indicated above or to such other address as such party may designate
in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon: personal delivery;
three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested); one (1) business
day after deposit with any return receipt express courier (prepaid); or one (1) business day after transmission by facsimile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.</B>&nbsp;&nbsp;&nbsp;<B><U>Successors and Assigns</U>.
</B>The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit
of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be
binding upon Recipient and Recipient&rsquo;s heirs, executors, administrators, legal representatives, successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.</B>&nbsp;&nbsp;&nbsp;<B><U>Governing Law</U>.
</B>This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, applicable to agreements
made and to be performed entirely within such state, other than conflict of laws principles thereof directing the application of
any law other than that of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.</B>&nbsp;&nbsp;&nbsp;<B><U>Acceptance</U>. </B>Recipient
hereby acknowledges receipt of a copy of the Plan and this Agreement. Recipient has read and understands the terms and
provisions thereof, and accepts this stock award subject to all the terms and conditions of the Plan and this Agreement.
Recipient acknowledges that there may be adverse tax consequences upon the grant or the vesting of this stock award, issuance
or disposition of the Grant Shares and that the Company has advised Recipient to consult a tax advisor regarding the tax
consequences of the grant, vesting, issuance or disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>13.</B>&nbsp;&nbsp;&nbsp;<B><U>Covenants of the Recipient</U></B>
The Recipient agrees (and for any heir, executor, administrator, legal representative, successor, or assignee hereby agrees), as
a condition upon the grant of the stock award hereunder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;Upon the request
of the Committee, to execute and deliver a certificate, in form satisfactory to the Committee, certifying that the Grant Shares
being acquired pursuant to the <FONT STYLE="font-family: Times New Roman, Times, Serif">vesting provisions set forth above</FONT>
are for such person&rsquo;s own account for investment only and not with any view to or present intention to resell or distribute
the same. The Recipient hereby agrees that the Company shall have no obligation to deliver the Grant Shares unless and until such
certificate shall be executed and delivered to the Company by the Recipient or any successor.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;Upon the request
of the Committee, to execute and deliver a certificate, in form satisfactory to the Committee, certifying that any subsequent resale
or distribution of the Grant Shares by the Recipient shall be made only pursuant to either (i) a Registration Statement on an appropriate
form under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), which Registration Statement has become effective
and is current with regard to the Grant Shares being sold, or (ii) a specific exemption from the registration requirements of the
Securities Act, but in claiming such exemption the Recipient shall, prior to any offer of sale or sale of such Grant Shares, obtain
a prior favorable written opinion of counsel, in form and substance satisfactory to counsel for the Company, as to the application
of such exemption thereto. The foregoing restriction contained in this subparagraph (b) shall not apply to (i) issuances by the
Company so long as the Grant Shares being issued are registered under the Securities Act and a prospectus in respect thereof is
current, or (ii) re-offerings of the Grant Shares by Affiliates of the Company (as defined in Rule 405 or any successor rule or
regulation promulgated under the Securities Act) if the Grant Shares being re-offered are registered under the Securities Act and
a prospectus in respect thereof is current.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;That certificates
evidencing Grant Shares being acquired pursuant to the <FONT STYLE="font-family: Times New Roman, Times, Serif">vesting schedule
set forth above</FONT> shall bear a legend, in form satisfactory to counsel for the Company, manifesting the investment intent
and resale restrictions of the Recipient described in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;That upon vesting
of the Grant Shares pursuant to the <FONT STYLE="font-family: Times New Roman, Times, Serif">vesting provisions set forth above</FONT>,
or upon sale of the Grant Shares, as the case may be, the Company shall have the right to require the Recipient to remit to the
Company, or in lieu thereof, the Company may deduct, an amount of shares or cash sufficient to satisfy federal, state or local
withholding tax requirements, if any, prior to the delivery of any certificate for such Grant Shares or thereafter, as appropriate.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>14.</B>&nbsp;&nbsp;&nbsp;<B><U>Obligations of the
Company</U></B></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, neither the Company nor its transfer agent shall be required to issue any fraction of
a share of Common Stock, and the Company shall issue the largest number of whole Grant Shares of Common Stock to which Recipient
is entitled and shall return to the Recipient the amount of any unissued fractional share in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;The Company may
endorse such legend or legends upon the certificates for Grant Shares issued to the Recipient pursuant to the Plan and may issue
such &ldquo;stop transfer&rdquo; instructions to its transfer agent in respect of such Grant Shares as, in its discretion, it determines
to be necessary or appropriate to: (i) prevent a violation of, or to perfect an exemption from, the registration requirements of
the Securities Act; or (ii) implement the provisions of the Plan and any agreement between the Company and the Recipient or grantee
with respect to such Grant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;The Company shall
pay all issue or transfer taxes with respect to the issuance or transfer of<FONT STYLE="font-family: Times New Roman, Times, Serif">
Grant Shares to Recipient, as well as all fees and expenses necessarily incurred by the Company in connection with such issuance
or transfer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;All Grant Shares
issued following vesting shall be fully paid and non-assessable to the extent permitted by law.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>15.&nbsp;&nbsp;&nbsp;<U>No Section 83(b) Election</U>.
</B>Recipient shall not file an election with the Internal Revenue Service under Section 83(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>16.&nbsp;&nbsp;&nbsp;<U>Withholding Taxes</U></B>.
The Recipient acknowledges that the Company is not responsible for the tax consequences to the Recipient of the granting, vesting
or issuance of the Grant Shares, and that it is the responsibility of the Recipient to consult with the Recipient&rsquo;s personal
tax advisor regarding all matters with respect to the tax consequences of the granting, vesting and issuance of the Grant Shares.
The Company shall have the right to deduct from the Grant Shares or any payment to be made with respect to the Grant Shares any
amount that federal, state, local or foreign tax law requires to be withheld with respect to the Grant Shares or any such payment.
Alternatively, the Company may require that the Recipient, prior to or simultaneously with the Company incurring any obligation
to withhold any such amount, pay such amount to the Company in cash or in shares of the Company&rsquo;s Common Stock (including
shares of Common Stock retained from the stock award creating the tax obligation), which shall be valued at the Fair Market Value
of such shares on the date of such payment. In any case where it is determined that taxes are required to be withheld in connection
with the issuance, transfer or delivery of the shares, the Company may reduce the number of shares so issued, transferred or delivered
by such number of shares as the Company may deem appropriate to comply with such withholding. The Company may also impose such
conditions on the payment of any withholding obligations as may be required to satisfy applicable regulatory requirements under
the Exchange Act, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>17.&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;If the Recipient
loses this Agreement representing the stock award granted hereunder, or if this Agreement <FONT STYLE="font-size: 10pt">is stolen,
damaged or destroyed, the Company shall, subject to such reasonable terms as to indemnity as the Committee, in its sole discretion
shall require, replace the Agreement. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;This Agreement
cannot be amended, supplemented or changed, and no provision hereof can be waived, except by a written instrument making specific
reference to this Agreement and signed by the party against whom enforcement of any such amendment, supplement, modification or
waiver is sought. A waiver of any right derived hereunder by the Recipient shall not be deemed a waiver of any other right derived
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;This Agreement
may be executed in any number of counterparts, but all counterparts will together constitute but one agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;In the event of
a conflict between the terms and conditions of this Agreement and the Plan, the terms and conditions of the Plan shall govern.
All capitalized terms used herein but not defined shall have the meanings given to such terms in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;All
Grant Shares</FONT> and benefits provided under this Agreement shall be subject to any compensation recovery or clawback policy
as required under applicable law, rule or regulation or otherwise adopted by the Company from time to time.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Company has caused this Agreement to be executed in duplicate by its duly authorized representative and Recipient has executed
this Agreement in duplicate as of the Date of Grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>BLACK DIAMOND, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RECIPIENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">&laquo;FirstName&raquo; &laquo;LastName&raquo;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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