<SEC-DOCUMENT>0001171843-19-000517.txt : 20190125
<SEC-HEADER>0001171843-19-000517.hdr.sgml : 20190125
<ACCEPTANCE-DATETIME>20190125161516
ACCESSION NUMBER:		0001171843-19-000517
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20190118
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:		20190125
DATE AS OF CHANGE:		20190125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHERN TECHNOLOGIES INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000875582
		STANDARD INDUSTRIAL CLASSIFICATION:	COATING, ENGRAVING & ALLIED SERVICES [3470]
		IRS NUMBER:				410857886
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11038
		FILM NUMBER:		19542707

	BUSINESS ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014
		BUSINESS PHONE:		(763) 225-6601

	MAIL ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN INSTRUMENTS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_012519.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: none"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">__________________</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>FORM 8-K</B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>CURRENT REPORT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Pursuant to Section 13 or 15(d) of </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">__________________</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Date of Report (Date of earliest event reported): <B>January 18,
2019</B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>001-11038</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>41-0857886</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4201 Woodland Road</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>P.O. Box 69</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Circle Pines, Minnesota</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 50%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>55014</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>(763) 225-6600</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Registrant&rsquo;s telephone number, including area code)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Not Applicable</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Former name or former address, if changed since last report)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">[_]<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">[_]<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">[_]<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">[_]<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange Act
of 1934 (17 CFR 240.12b-2).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0; text-indent: 4.5in"><FONT STYLE="font-size: 10pt">Emerging growth
company </FONT>[_]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. </FONT>[_]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02.</B></TD><TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">At an Annual Meeting of Stockholders of Northern Technologies International
Corporation (&ldquo;NTIC&rdquo;) held on January 18, 2019, NTIC&rsquo;s stockholders, upon recommendation of the Board of Directors
of NTIC (the &ldquo;Board&rdquo;), approved the Northern Technologies International Corporation 2019 Stock Incentive Plan (the
&ldquo;2019 Plan&rdquo;). The Board previously approved the 2019 Plan, subject to approval by NTIC&rsquo;s stockholders, on November
16, 2018.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The 2019 Plan became effective immediately upon approval by NTIC&rsquo;s
stockholders and will expire on January 18, 2029, unless terminated earlier by the Board. The 2019 Plan replaced the Northern Technologies
International Corporation Amended and Restated 2007 Stock Incentive Plan (the &ldquo;2007 Plan&rdquo;), and although outstanding
awards previously granted under the 2007 Plan will remain outstanding under the 2007 Plan until exercised, expired, paid or otherwise
terminated or cancelled, no new awards will be granted under the 2007 Plan. The 2019 Plan permits the Board to grant to eligible
employees, non-employee directors and consultants stock options, stock appreciation rights (also known as SARs), restricted stock
awards, restricted stock units (also known as RSUs), performance awards, and other stock-based awards.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Subject to adjustment, the maximum number of shares of NTIC common
stock authorized for issuance under the 2019 Plan is 400,000 shares, plus up to an additional 419,586 shares of NTIC common stock
subject to awards outstanding under the 2007 Plan as of January 18, 2019 that are subsequently forfeited or cancelled or expire
or otherwise terminate without the issuance of such shares (and which otherwise may have been returned and available for grant
under the terms of the 2007 Plan).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The foregoing summary of the 2019 Plan does not purport to be complete
and is qualified in its entirety by reference to the text of the 2019 Plan, which is filed as Exhibit 10.1 to this Current Report
on Form 8-K and incorporated herein by reference. A more detailed summary of the 2019 Plan can be found in NTIC&rsquo;s definitive
proxy statement for the 2019 Annual Meeting filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on November
30, 2018.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In connection with the approval of the 2019 Plan, the Board approved
forms of option agreements for use in granting stock options under the 2019 Plan. These forms are filed as Exhibits 10.2 and 10.3
to this Current Report on Form 8-K and incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.07</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">On January 18, 2019, NTIC held an Annual Meeting of Stockholders
(the &ldquo;2019 Annual Meeting&rdquo;). At the 2019 Annual Meeting, NTIC&rsquo;s stockholders considered five proposals, each
of which is described in more detail in NTIC&rsquo;s definitive proxy statement for the 2019 Annual Meeting filed with the SEC
on November 30, 2018.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The final results of NTIC&rsquo;s stockholder vote at the 2019 Annual
Meeting on each proposal brought before NTIC&rsquo;s stockholders were as follows:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left; white-space: nowrap"><B>Proposal No. 1 </B>-</TD><TD STYLE="width: 2%"></TD><TD STYLE="text-align: justify; width: 88%">Election
of directors, each to serve for a term of one year:</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 20%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center">
        <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt"><B>Votes For</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center">
        <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt"><B>Votes <BR>
Against/Withheld</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center">
        <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt"><B>Abstain Votes</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid; text-align: center">

        <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Broker</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Non-Votes</B></P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Barbara D. Colwell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,999,029</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">35,650</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Soo-Keong Koh</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,033,419</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,260</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Sunggyu Lee, Ph.D.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,031,169</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,510</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">G. Patrick Lynch</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,033,419</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,260</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Ramani Narayan, Ph.D.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,032,691</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,988</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Richard J. Nigon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,033,419</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,260</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Konstantin von Falkenhausen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,031,169</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,510</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left; white-space: nowrap"><B>Proposal</B> <B>No. 2</B> - </TD><TD STYLE="width: 2%"></TD><TD STYLE="text-align: justify; width: 88%">Approval
of the Northern Technologies International Corporation 2019 Stock Incentive Plan:</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes For</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Against</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Abstained</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Broker Non-Votes</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,996,289</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31,212</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,178</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left; white-space: nowrap"><B>Proposal</B> <B>No. 3</B> - </TD><TD STYLE="width: 2%"></TD><TD STYLE="text-align: justify; width: 88%">Approval,
on an advisory basis, of the compensation of NTIC&rsquo;s named executive officers, as disclosed in NTIC&rsquo;s proxy statement:</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes For</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Against</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Abstained</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Broker Non-Votes</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,007,640</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18,109</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8,930</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">699,465</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left; white-space: nowrap"><B>Proposal</B> <B>No. 4</B> - </TD><TD STYLE="width: 2%"></TD><TD STYLE="text-align: justify; width: 88%">Ratification
of the selection of Baker Tilly Virchow Krause, LLP as NTIC&rsquo;s independent registered public accounting firm for the fiscal
year ending August 31, 2019:</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes For</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Against</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Abstained</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Broker Non-Votes</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,720,541</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12,363</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,240</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left; white-space: nowrap"><B>Proposal</B> <B>No. 5</B> - </TD><TD STYLE="width: 2%"></TD><TD STYLE="text-align: justify; width: 88%">Ratification
of the filing and effectiveness of the Certificate of Amendment to NTIC&rsquo;s Restated Certificate of Incorporation filed on
January 16, 2018 to increase authorized shares of common stock from 10,000,000 to 15,000,000:</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes For</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Against</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Votes Abstained</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Broker Non-Votes</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,629,850</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66,985</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">37,309</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">With respect to Proposal One, each of the director nominees was elected
by NTIC&rsquo;s stockholders by the required vote. Each of Proposal Two, Proposal Three, Proposal Four and Proposal Five was approved
by NTIC&rsquo;s stockholders by the required vote.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">
        <P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 76%">
        <P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Description</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in"><A HREF="exh_31.htm">3.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_31.htm">Certificate of Validation dated January 18, 2019 relating to Certificate of Amendment to the Restated Certificate of Incorporation
of Northern Technologies International Corporation dated January 16, 2018 (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in"><A HREF="exh_101.htm"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_101.htm">
        Northern Technologies International Corporation 2019 Stock Incentive Plan (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in"><A HREF="exh_102.htm"><FONT STYLE="font-size: 10pt">10.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_102.htm">Form of Incentive Stock Option Agreement for Northern Technologies International Corporation
        2019 Stock Incentive Plan (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; text-indent: 0in"><A HREF="exh_103.htm"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_103.htm">Form of Non-Statutory Stock Option Agreement for Northern Technologies International
        Corporation 2019 Stock Incentive Plan (filed herewith)</A></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"></P>

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

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0"><B>SIGNATURE</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">NORTHERN TECHNOLOGIES</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">INTERNATIONAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt; border-bottom: Black 1pt solid"><IMG SRC="wolsfeld.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Matthew C. Wolsfeld</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer and
    Corporate Secretary</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 229.5pt"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Dated: January 25, 2019</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exh_31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 3.1</B></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CERTIFICATE OF VALIDATION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>OF THE </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CERTIFICATE OF AMENDMENT TO </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>RESTATED CERTIFICATE OF INCORPORATION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Pursuant to Section 204 of the</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">General Corporation Law of the State of Delaware</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Northern Technologies International Corporation,
a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;), hereby certifies as follows:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The defective corporate act that is subject of this Certificate of Validation is the filing and effectiveness of the Certificate
of Amendment to Restated Certificate of Incorporation of the Corporation (the &ldquo;<U>Certificate of Amendment</U>&rdquo;) filed
with the Secretary of State of the State of Delaware on January 16, 2018.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The nature of the failure of authorization in respect of the filing and effectiveness of the Certificate of Amendment was
the failure of the amendment set forth in the Certificate of Amendment to have been duly approved and adopted by the stockholders
of the Corporation in accordance with Section 242 of the General Corporation Law of the State of Delaware (the &ldquo;<U>DGCL</U>&rdquo;)</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The defective corporate act that is the subject of this Certificate of Validation was duly ratified in accordance with Section
204 of the DGCL pursuant to resolutions of the Board of Directors of the Corporation adopted on November 16, 2018 and by the stockholders
of the Corporation at the Corporation&rsquo;s 2019 Annual Meeting of Stockholders held on January 18, 2019.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Certificate of Amendment was previously filed under Section 103 of the DGCL in respect of the defective corporate act
that is the subject of this Certificate of Validation on January 16, 2018. A copy of the Certificate of Amendment is attached as
<U>Exhibit A</U> to this Certificate of Validation and shall be deemed effective on January 16, 2018.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">IN WITNESS WHEREOF, the Corporation has caused this Certificate of
Validation to be signed by a duly authorized officer this 18th day of January, 2019.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NORTHERN TECHNOLOGIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>INTERNATIONAL CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Matthew C. Wolsfeld</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Matthew C. Wolsfeld</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Corporate Secretary</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in"><B><U></U></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in"><B><U>Exhibit A</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CERTIFICATE OF AMENDMENT TO </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>RESTATED CERTIFICATE OF INCORPORATION </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>OF </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">Northern Technologies International Corporation (hereinafter called
the &ldquo;Corporation&rdquo;), a corporation organized and existing under and by virtue of the General Corporation Law of the
State of Delaware, does hereby certify:</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">FIRST: The present name of the corporation is Northern Technologies
International Corporation and the date of filing the original Certificate of Incorporation of the corporation with the Secretary
of State of the State of Delaware was October 12, 1977 under the name Northern Instruments Corporation.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">SECOND: This Certificate of Amendment to Restated Certificate of
Incorporation was duly adopted by the Board of Directors and the stockholders of the Corporation in accordance with the provisions
of Section&nbsp;242 of the General Corporation Law of the State of Delaware as set forth in Title 8 of the Delaware Code.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">THIRD: The text of the first paragraph to Article IV of the Restated
Certificate of Incorporation of the Corporation is hereby amended to read in its entirety as follows:</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE IV.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">The Corporation shall have the authority to issue Fifteen Million
Ten Thousand (15,010,000) shares of stock divided into Fifteen Million (15,000,000) shares of Two Cent ($.02) par value common
stock and Ten Thousand (10,000) shares of no par value preferred stock.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">IN WITNESS WHEREOF, the Corporation has caused this Certificate
of Amendment to Restated Certificate of Incorporation to be executed this 16<SUP>th</SUP> day of January, 2018, in its name and
on its behalf by its Chief Financial Officer and Corporate Secretary pursuant to Section&nbsp;103 of the General Corporation Law
of the State of Delaware.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>NORTHERN TECHNOLOGIES</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>INTERNATIONAL CORPORATION</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Matthew C. Wolsfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Matthew C. Wolsfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Corporate Secretary</FONT></TD></TR>
</TABLE>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">NORTHERN TECHNOLOGIES
INTERNATIONAL CORPORATION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">2019 STOCK INCENTIVE
PLAN</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purpose of Plan</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The purpose of the Northern Technologies International
Corporation 2019 Stock Incentive Plan (this &ldquo;Plan&rdquo;) is to advance the interests of Northern Technologies International
Corporation (the &ldquo;Company&rdquo;) and its stockholders by enabling the Company and its Subsidiaries to attract and retain
qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute
to the achievement of the Company&rsquo;s economic objectives. This Plan is intended to replace the Northern Technologies International
Corporation Amended and Restated 2007 Stock Incentive Plan (the &ldquo;Prior Plan&rdquo;); provided, however, that awards outstanding
under the Prior Plan as of the Effective Date will remain outstanding in accordance with their terms. After the Effective Date,
no more grants of awards will be made under the Prior Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The following terms will have the meanings set
forth below, unless the context clearly otherwise requires:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Adverse Action</U>&rdquo; means any action or conduct by a Participant that the Committee, in its sole discretion,
determines to be injurious, detrimental, prejudicial or adverse to the interests of the Company or any Subsidiary, including: (a)
disclosing confidential information of the Company or any Subsidiary to any person not authorized by the Company or Subsidiary
to receive it, (b) engaging, directly or indirectly, in any commercial activity that in the judgment of the Committee competes
with the business of the Company or any Subsidiary or (c) interfering with the relationships of the Company or any Subsidiary and
their respective employees, independent contractors, customers, prospective customers and vendors.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Board</U>&rdquo; means the Board of Directors of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Broker Exercise Notice</U>&rdquo; means a written notice pursuant to which a Participant, upon exercise of an
Option, irrevocably instructs a broker or dealer to sell a sufficient number of shares of Common Stock or loan a sufficient amount
of money to pay all or a portion of the exercise price of the Option and/or any related withholding tax obligations and remit such
sums to the Company and directs the Company to deliver shares of Common Stock to be issued upon such exercise directly to such
broker or dealer or their nominee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Cause</U>&rdquo; means (a) &ldquo;Cause&rdquo; as defined in any Individual Agreement; or (b) dishonesty, fraud,
misrepresentation, embezzlement or other act of dishonesty with respect to the Company or any Subsidiary, (c) any unlawful or criminal
activity of a serious nature, (d) any intentional and deliberate breach of a duty or duties that, individually or in the aggregate,
are material in relation to the Participant&rsquo;s overall duties, or (e) any material breach of any employment, service, confidentiality
or non-compete agreement entered into with the Company or any Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Change in Control</U>&rdquo; means an event described in Section 14.1 of this Plan; provided, however, if distribution
of an Incentive Award subject to Section 409A of the Code is triggered by a Change in Control, the term Change in Control will
mean a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets
of the Company, as defined in Section 409A of the Code and the regulations and rulings issued thereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Code</U>&rdquo; means the Internal Revenue Code of 1986, as amended (including, when the context requires, all
regulations, interpretations and rulings issued thereunder).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Committee</U>&rdquo; means the group of individuals administering this Plan, as provided in Section 3 of this
Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Common Stock</U>&rdquo; means the common stock of the Company, par value $0.02 per share, or the number and kind
of shares of stock or other securities into which such Common Stock may be changed in accordance with Section 4.3 of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Disability</U>&rdquo; means, with respect to a Participant who is a party to an Individual Agreement, which agreement
contains a definition of &ldquo;disability&rdquo; or &ldquo;permanent disability&rdquo; (or words of like import) for purposes
of termination of employment thereunder by the Company, &ldquo;disability&rdquo; or &ldquo;permanent disability&rdquo; as defined
in the most recent of such agreements; or in all other cases, means the disability of the Participant such as would entitle the
Participant to receive disability income benefits pursuant to the long-term disability plan of the Company or Subsidiary then covering
the Participant or, if no such plan exists or is applicable to the Participant, the permanent and total disability of the Participant
within the meaning of Section 22(e)(3) of the Code; provided, however, if distribution of an Incentive Award subject to Section
409A of the Code is triggered by an Eligible Recipient&rsquo;s Disability, such term will mean that the Eligible Recipient is disabled
as defined by Section 409A of the Code and the regulations and rulings issued thereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Dividend Equivalents</U>&rdquo; means a credit, made at the discretion of the Committee, to the account of a Participant
in an amount equal to the cash dividends paid on one share of Common Stock for each share of Common Stock represented by an Incentive
Award held by such Participant, subject to Section 11 of this Plan and any other provision of this Plan and which Dividend Equivalents
may be subject to the same conditions and restrictions as the Incentive Awards to which they attach and may be settled in the form
of cash, shares of Common Stock, or in any combination of both.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Effective Date</U>&rdquo; means January 18, 2019 or such later date as this Plan is approved by the Company&rsquo;s
stockholders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Eligible Recipients</U>&rdquo; means (a) for the purposes of granting Incentive Stock Options, all employees (including,
without limitation, officers and directors who are also employees) of the Company or any Subsidiary and (b) for the purposes of
granting Non-Statutory Stock Options and other Incentive Awards, all employees (including, without limitation, officers and directors
who are also employees) of the Company or any Subsidiary and any non-employee directors, consultants, advisors and independent
contractors of the Company or any Subsidiary; provided, however, that an Eligible Recipient shall not include any person engaged
to provide consulting or advisory services (other than as an employee or a director) to the Company or any Subsidiary that are
in connection with the offer and sale of the Company&rsquo;s securities in a capital raising transaction or directly or indirectly
promote or maintain a market for the Company&rsquo;s securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Exchange Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.14.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Fair Market Value</U>&rdquo; means, with respect to the Common Stock, as of any date: (a) the mean between the
reported high and low sale prices of the Common Stock as of such date during the regular daily trading session, as reported on
the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Stock Market, the New York Stock Exchange, NYSE American or any other
national securities exchange on which the Common Stock is then listed or quoted (or, if no shares were traded or quoted on such
date, as of the next preceding date on which there was such a trade or quote); or (b) if the Common Stock is not so listed, admitted
to unlisted trading privileges, or reported on any national securities exchange, the mean between the reported high and low sale
prices as of such date during the regular daily trading session, as reported by the OTC Bulletin Board, OTC Markets or other comparable
quotation service (or, if no shares were traded or quoted on such date, as of the next preceding date on which there was such a
trade or quote); or (c) if the Common Stock is not so listed or reported, such price as the Committee determines in good faith,
and consistent with the definition of &ldquo;fair market value&rdquo; under Section 409A of the Code. If determined by the Committee,
such determination will be final, conclusive and binding for all purposes and on all persons, including the Company, the stockholders
of the Company, the Participants and their respective successors-in-interest. No member of the Committee will be liable for any
determination regarding the fair market value of the Common Stock that is made in good faith.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.15.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Incentive Award</U>&rdquo; means an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock
Unit, Performance Award or Other Stock-Based Award granted to an Eligible Recipient pursuant to this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Incentive Award Agreement</U>&rdquo; means either: (a) a written or electronic agreement entered into by the Company
and a Participant setting forth the terms and provisions applicable to an Incentive Award granted under this Plan, including any
amendment or modification thereof, or (b) a written or electronic statement issued by the Company to a Participant describing the
terms and provisions of an Incentive Award, including any amendment or modification thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.17.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Incentive Stock Option</U>&rdquo; means a right to purchase shares of Common Stock granted to an Eligible Recipient
pursuant to Section 6 of this Plan that qualifies as an &ldquo;incentive stock option&rdquo; within the meaning of Section 422
of the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.18.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Individual Agreement</U>&rdquo; means any employment, consulting, severance or similar agreement between the Participant
and the Company or one of its Subsidiaries.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.19.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Non-Employee Director</U>&rdquo; means a member of the Board who is not an employee of the Company or any of its
subsidiaries.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.20.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Non-Statutory Stock Option</U>&rdquo; means a right to purchase shares of Common Stock granted to an Eligible
Recipient pursuant to Section 6 of this Plan that does not qualify as an Incentive Stock Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.21.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Option</U>&rdquo; means an Incentive Stock Option or a Non-Statutory Stock Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.22.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Other Stock-Based Award</U>&rdquo; means an award of shares of Common Stock granted to an Eligible Recipient pursuant
to Section 10 of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.23.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Participant</U>&rdquo; means an Eligible Recipient who receives one or more Incentive Awards under this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.24.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Performance Award</U>&rdquo; means a right granted to an Eligible Recipient pursuant to Section 9 of this Plan
to receive an amount of cash, a number of shares of Common Stock, or a combination of both, contingent upon and the value of which
at the time it is payable is determined as a function of the extent of the achievement of one or more Performance Criteria during
a specified performance period or the achievement of other objectives during a specified period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.25.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<U>Performance Criteria</U>&rdquo; means the performance criteria that may be used by the Committee in granting
Incentive Awards contingent upon achievement of performance goals, including, without limitation, net sales; operating income;
income before income taxes; income before interest, taxes, depreciation and amortization; income before income taxes; income before
interest, taxes, depreciation and amortization and other non-cash items; net income; net income per share (basic or diluted); profitability
as measured by return ratios (including return on assets, return on equity, return on capital, return on investment and return
on sales); cash flows; market share; cost of sales; sales, general and administrative expense, cost reduction goals; margins (including
one or more of gross, operating and net income margins); stock price; total return to stockholders; economic value added; working
capital and strategic plan development and implementation. The Committee may select one criterion or multiple criteria for measuring
performance, and the measurement may be based upon Company, Subsidiary or business unit performance, either absolute or by relative
comparison to prior periods or other companies or any other external measure of the selected criteria.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.26.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Previously Acquired Shares</U>&rdquo; means shares of Common Stock that are already owned by the Participant or,
with respect to any Incentive Award, that are to be issued to the Participant upon the grant, exercise or vesting of such Incentive
Award.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.27.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Prior Plan</U>&rdquo; means the Northern Technologies International Corporation Amended and Restated 2007 Stock
Incentive Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.28.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Restricted Stock Award</U>&rdquo; means an award of shares of Common Stock granted to an Eligible Recipient pursuant
to Section 8 of this Plan that are subject to restrictions on transferability and a risk of forfeiture imposed by the provisions
of such Section 8.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.29.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Restricted Stock Unit</U>&rdquo; means an award denominated in shares of Common Stock granted to an Eligible Recipient
pursuant to Section 8 of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.30.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Retirement</U>&rdquo; means termination of employment or service pursuant to and in accordance with the regular
(or, if approved by the Board for purposes of this Plan, early) retirement/pension plan or practice of the Company or Subsidiary
then covering the Participant, provided that if the Participant is not covered by any such plan or practice, the Participant will
be deemed to be covered by the Company plan or practice for purposes of this determination/termination of employment or if the
Company does not have any such retirement/pension plan or practice, service at age 55 or older and completion of at least 10 years
of continuous service.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.31.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Securities Act</U>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.32.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Separation from Service</U>&rdquo; has the meaning set forth in Section 12.4(c) of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.33.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Stock Appreciation Right</U>&rdquo; means a right granted to an Eligible Recipient pursuant to Section 7 of this
Plan to receive a payment from the Company, in the form of shares of Common Stock, cash or a combination of both, equal to the
difference between the Fair Market Value of one or more shares of Common Stock and a specified exercise price of such shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.34.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Subsidiary</U>&rdquo; means any entity that is directly or indirectly controlled by the Company or any entity
in which the Company has a significant equity interest, as determined by the Committee provided the Company has a &ldquo;controlling
interest&rdquo; in the Subsidiary as defined in Treas. Reg. Sec. 1.409A-1(b)(5)(iii)(E)(1).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.35.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Tax Date</U>&rdquo; means the date any withholding tax obligation arises under the Code for a Participant with
respect to an Incentive Award.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.36.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Tax Laws</U>&rdquo; has the meaning set forth in Section 21.9 of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Plan Administration</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">3.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Committee</U>. This Plan will be administered by the Board or by a committee of the Board. So long as the Company
has a class of its equity securities registered under Section 12 of the Exchange Act, any committee administering this Plan will
consist solely of two or more members of the Board who are &ldquo;non-employee directors&rdquo; within the meaning of Rule 16b-3
under the Exchange Act and who are &ldquo;independent directors&rdquo; under the Listing Rules of the Nasdaq Stock Market (or other
applicable market or exchange on which the Company&rsquo;s Common Stock may be quoted or traded). Such a committee, if established,
will act by majority approval of the members (but may also take action by the written consent of all of the members of such committee),
and a majority of the members of such a committee will constitute a quorum. As used in this Plan, &ldquo;Committee&rdquo; will
refer to the Board or to such a committee, if established. To the extent consistent with applicable corporate law of the Company&rsquo;s
jurisdiction of incorporation, the Committee may delegate to any officers of the Company the duties, power and authority of the
Committee under this Plan pursuant to such conditions or limitations as the Committee may establish; provided, however, that only
the Committee may exercise such duties, power and authority with respect to Eligible Recipients who are subject to Section 16 of
the Exchange Act. The Committee may exercise its duties, power and authority under this Plan in its sole and absolute discretion
without the consent of any Participant or other party, unless this Plan specifically provides otherwise. Each determination, interpretation
or other action made or taken by the Committee pursuant to the provisions of this Plan will be final, conclusive and binding for
all purposes and on all persons, and no member of the Committee will be liable for any action or determination made in good faith
with respect to this Plan or any Incentive Award granted under this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">3.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority of the Committee</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In accordance with and subject to the provisions of this Plan, the Committee will have full and exclusive discretionary
power and authority to take such actions as it deems necessary and advisable with respect to the administration of this Plan, including
the following:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To designate the Eligible Recipients to be selected as Participants;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine the nature and extent of the Incentive Awards to be made to each Participant (including the number of shares
of Common Stock to be subject to each Incentive Award, any exercise price, the manner in which Incentive Awards will vest or become
exercisable and whether Incentive Awards will be granted in tandem with other Incentive Awards) and the form of an Incentive Award
Agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine the time or times when Incentive Awards will be granted;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine the duration of each Incentive Award;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine the terms, restrictions and other conditions to which the payment or vesting of Incentive Awards may be subject;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To pay the economic value of any Incentive Award in the form of cash, Common Stock or any combination of both;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To construe and interpret this Plan and Incentive Awards granted under it, and to establish, amend and revoke rules and
regulations for its administration and in so doing, to correct any defect, omission, or inconsistency in this Plan or in an Incentive
Award Agreement, in a manner and to the extent it will deem necessary or expedient to make this Plan fully effective;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine Fair Market Value in accordance with Section 2.14 of this Plan;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To amend this Plan or any Incentive Award Agreement, as provided in this Plan;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To adopt subplans or special provisions applicable to Incentive Awards regulated by the laws of a jurisdiction other than,
and outside of, the United States, which except as otherwise provided in this Plan, such subplans or special provisions may take
precedence over other provisions of this Plan;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To authorize any person to execute on behalf of the Company any Incentive Award Agreement or any other instrument required
to effect the grant of an Incentive Award previously granted by the Committee;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine whether Incentive Awards will be settled in shares of Common Stock, cash or in any combination thereof;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To determine whether Incentive Awards will be adjusted for Dividend Equivalents; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales
by a Participant or other subsequent transfers by the Participant of any shares of Common Stock, including restrictions under an
insider trading policy, stock ownership guidelines, restrictions as to the use of a specified brokerage firm for such resales or
other transfers and other restrictions designed to increase equity ownership by Participants or otherwise align the interests of
Participants with the Company&rsquo;s stockholders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 3.2(d) of this Plan, the Committee will have the authority under this Plan to amend or modify the terms
of any outstanding Incentive Award in any manner, including, without limitation, the authority to modify the number of shares of
Common Stock or other terms and conditions of an Incentive Award, extend the term of an Incentive Award, accelerate the exercisability
or vesting or otherwise terminate any restrictions relating to an Incentive Award, accept the surrender of any outstanding Incentive
Award or, to the extent not previously exercised or vested, authorize the grant of new Incentive Awards in substitution for surrendered
Incentive Awards; provided, however that the amended or modified terms are permitted by this Plan as then in effect and that any
Participant adversely affected by such amended or modified terms has consented to such amendment or modification.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend,
stock split, combination of shares, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other
similar change in corporate structure or shares; (ii) any purchase, acquisition, sale, disposition or write-down of a significant
amount of assets or a significant business; (iii) any change in accounting principles or practices, tax laws or other such laws
or provisions affecting reported results; (iv) any uninsured catastrophic losses or extraordinary non-recurring items as described
in management&rsquo;s discussion and analysis of financial performance appearing in the Company&rsquo;s annual report to stockholders
for the applicable year; or (v) any other similar change, in each case with respect to the Company or any other entity whose performance
is relevant to the grant or vesting of an Incentive Award, the Committee (or, if the Company is not the surviving corporation in
any such transaction, the board of directors of the surviving corporation) may, without the consent of any affected Participant,
amend or modify the vesting criteria (including Performance Criteria) of any outstanding Incentive Award that is based in whole
or in part on the financial performance of the Company (or any Subsidiary or division or other subunit thereof) or such other entity
so as equitably to reflect such event, with the desired result that the criteria for evaluating such financial performance of the
Company or such other entity will be substantially the same (in the sole discretion of the Committee or the board of directors
of the surviving corporation) following such event as prior to such event; provided, however, that the amended or modified terms
are permitted by this Plan as then in effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Plan other than Section 4.3, the Committee may not, without prior approval of
the Company&rsquo;s stockholders, seek to effect any re-pricing of any previously granted, &ldquo;underwater&rdquo; Option or Stock
Appreciation Right by: (i) amending or modifying the terms of the Option or Stock Appreciation Right to lower the exercise price;
(ii) canceling the underwater Option or Stock Appreciation Right in exchange for (A) cash; (B) replacement Options or Stock Appreciation
Rights having a lower exercise price; or (C) other Incentive Awards; or (iii) repurchasing the underwater Options or Stock Appreciation
Rights and granting new Incentive Awards under this Plan. For purposes of this Section 3.2(d), an Option or Stock Appreciation
Right will be deemed to be &ldquo;underwater&rdquo; at any time when the Fair Market Value of the Common Stock is less than the
exercise price of the Option or Stock Appreciation Right.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the authority of the Committee under Section 3.2(a) of this Plan and notwithstanding any other provision
of this Plan, the Committee may, in its sole discretion, amend the terms of this Plan or Incentive Awards with respect to Participants
resident outside of the United States or employed by a non-U.S. Subsidiary in order to comply with local legal requirements, to
otherwise protect the Company&rsquo;s or Subsidiary&rsquo;s interests, or to meet objectives of this Plan, and may, where appropriate,
establish one or more sub-plans (including the adoption of any required rules and regulations) for the purposes of qualifying for
preferred tax treatment under foreign tax laws. The Committee shall have no authority, however, to take action pursuant to this
Section 3.2(e) of this Plan: (i) to reserve shares of Common Stock or grant Incentive Awards in excess of the limitations provided
in Section 4.1 of this Plan; (ii) to effect any re-pricing in violation of Section 3.2(d) of this Plan; (iii) to grant Options
or Stock Appreciation Rights having an exercise price less than 100% of the Fair Market Value of one share of Common Stock on the
date of grant in violation of Section 6.2 or 7.2 of this Plan, as the case may be; or (iv) for which stockholder approval would
then be required pursuant to Section 422 of the Code or the Listing Rules of the Nasdaq Stock Market (or other applicable market
or exchange on which the Company&rsquo;s Common Stock may be quoted or traded).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shares Available for Issuance</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">4.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maximum Number of Shares Available; Incentive Award Limitations</U>. Subject to adjustment as provided in Section 4.3
of this Plan, the maximum number of shares of Common Stock that will be available for issuance under this Plan will be the sum
of:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>400,000;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number of shares of Common Stock subject to Incentive Awards outstanding under the Prior Plan as of the Effective Date
but only to the extent that such outstanding Incentive Awards are forfeited, expire or otherwise terminate without the issuance
of such shares of Common Stock;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number of shares issued or Incentive Awards granted under this Plan in connection with the settlement, assumption or
substitution of outstanding awards or obligations to grant future awards as a condition of the Company and/or any Subsidiary(ies)
acquiring, merging or consolidating with another entity; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number of shares that are unallocated and available for grant under a stock plan assumed by the Company or any Subsidiary(ies)
in connection with the merger, consolidation, or acquisition of another entity by the Company and/or any of its Subsidiaries, based
on the applicable exchange ratio and other transaction terms, but only to the extent that such shares may be utilized by the Company
or its Subsidiaries following the transaction pursuant to the Listing Rules of the Nasdaq Stock Market (or other applicable market
or exchange on which the Company&rsquo;s Common Stock may be quoted or traded).</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Notwithstanding any other provisions of this Plan to the contrary,
(i) no more than 400,000 shares of Common Stock may be issued pursuant to the exercise of Incentive Stock Options granted under
this Plan; (ii) no more than 200,000 shares of Common Stock may be issued or issuable under this Plan in connection with the grant
of Incentive Awards, other than Options or Stock Appreciation Rights; and (iii) no more than 75,000 shares of Common Stock may
be granted to any Non-Employee Director in any one calendar year; provided that such limit will not apply to any election of a
Non-Employee Director to receive shares of Common Stock in lieu of all or a portion of any annual Board, committee, chair or other
retainer, or any meeting fees otherwise payable in cash. All of the foregoing share limits are subject, in each case, to adjustment
as provided in Section 4.3 of this Plan. The limit in clause (ii) will not apply, however, to the extent Incentive Awards are granted
as a result of the Company&rsquo;s assumption or substitution of like awards issued by any acquired, merged or consolidated entity
pursuant to the applicable transaction terms, nor will any Incentive Stock Options issued in any such assumption or substitution
pursuant to applicable provisions of the Code count towards the limit in clause (i).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">4.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounting for Incentive Awards</U>. Shares of Common Stock that are issued under this Plan or that are subject to outstanding
Incentive Awards will be applied to reduce the maximum number of shares of Common Stock remaining available for issuance under
this Plan only to the extent they are used; provided, however, that; (a) any shares which would have been issued upon any exercise
of an Option but for the fact that the exercise price was paid by a &ldquo;net exercise&rdquo; pursuant to Section 6.4(b) of this
Plan or the tender or attestation as to ownership of Previously Acquired Shares pursuant to Section 6.4(a) of this Plan will not
again become available for issuance under this Plan; and (b) the full number of shares of Common Stock subject to a Stock Appreciation
Right granted that are settled by the issuance of shares of Common Stock will be counted against the shares authorized for issuance
under this Plan, regardless of the number of shares actually issued upon settlement of such Stock Appreciation Right, and will
not again become available for issuance under this Plan. Furthermore, any shares of Common Stock withheld to satisfy tax withholding
obligations on Incentive Awards issued under this Plan, any shares of Common Stock withheld to pay the exercise price of Incentive
Awards under this Plan and any shares of Common Stock not issued or delivered as a result of the &ldquo;net exercise&rdquo; of
an outstanding Option pursuant to Section 6.4 or settlement of a Stock Appreciation Right in shares of Common Stock pursuant to
Section 7.1 will be counted against the shares of Common Stock authorized for issuance under this Plan and will not be available
again for grant under this Plan. Any shares of Common Stock repurchased by the Company on the open market using the proceeds from
the exercise of an Incentive Award will not increase the number of shares of Common Stock available for future grant of Incentive
Awards. Any shares of Common Stock related to Incentive Awards granted under this Plan or under the Prior Plan that terminate by
expiration, forfeiture, cancellation or otherwise without the issuance of the shares of Common Stock, or are settled in cash in
lieu of shares of Common Stock, or are exchanged with the Committee&rsquo;s permission, prior to the issuance of shares of Common
Stock, for Incentive Awards not involving shares of Common Stock, will be available again for grant under this Plan and correspondingly
increase the total number of shares of Common Stock available for issuance under this Plan under Section 4.1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">4.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments to Shares and Incentive Awards</U>. In the event of any reorganization, merger, consolidation, recapitalization,
liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary
dividend (including a spin-off) or any other similar change in the corporate structure or shares of the Company, the Committee
(or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation)
will make appropriate adjustment (which determination will be conclusive) as to the number and kind of securities or other property
(including cash) available for issuance or payment under this Plan and, in order to prevent dilution or enlargement of the rights
of Participants, (a) the number and kind of securities or other property (including cash) subject to outstanding Incentive Awards,
and (b) the exercise price of outstanding Options and Stock Appreciation Rights.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Participation</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Participants in this Plan will be those Eligible
Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected to contribute to the achievement
of economic objectives of the Company or its Subsidiaries. Eligible Recipients may be granted from time to time one or more Incentive
Awards, singly or in combination or in tandem with other Incentive Awards, as may be determined by the Committee in its sole discretion.
Incentive Awards will be deemed to be granted as of the date specified in the grant resolution of the Committee, which date will
be the date of any related agreement with the Participant.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Options</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">6.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant</U>. An Eligible Recipient may be granted one or more Options under this Plan, and such Options will be subject
to such terms and conditions, consistent with the other provisions of this Plan, as may be determined by the Committee in its sole
discretion. The Committee may designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock
Option. To the extent that any Incentive Stock Option (or portion thereof) granted under this Plan ceases for any reason to qualify
as an &ldquo;incentive stock option&rdquo; for purposes of Section 422 of the Code, such Incentive Stock Option (or portion thereof)
will continue to be outstanding for purposes of this Plan but will thereafter be deemed to be a Non-Statutory Stock Option. Options
may be granted to an Eligible Recipient for services provided to a Subsidiary only if, with respect to such Eligible Recipient,
the underlying shares of Common Stock constitute &ldquo;service recipient stock&rdquo; within the meaning of Treas. Reg. Section
1.409A-1(b)(5)(iii).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">6.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The per share price to be paid by a Participant upon exercise of an Option will be determined by
the Committee in its discretion at the time of the Option grant, provided that such price will not be less than 100% of the Fair
Market Value of one share of Common Stock on the date of grant (or 110% of the Fair Market Value of one share of Common Stock on
the date of grant of an Incentive Stock Option if, at the time the Incentive Stock Option is granted, the Participant owns, directly
or indirectly, more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary
corporation of the Company). Notwithstanding the foregoing, to the extent that Options are granted under this Plan as a result
of the Company&rsquo;s assumption or substitution of options issued by any acquired, merged or consolidated entity, the exercise
price for such Options shall be the price determined by the Committee pursuant to the conversion terms applicable to the transaction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">6.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercisability and Duration</U>. An Option will become exercisable at such times and in such installments and upon such
terms and conditions as may be determined by the Committee in its sole discretion at the time of grant (including without limitation
(a) the achievement of one or more of the Performance Criteria; and/or that (b) the Participant remain in the continuous employ
or service of the Company or a Subsidiary for a certain period); provided, however, that no Option may be exercisable after 10
years from its date of grant (five years from its date of grant in the case of an Incentive Stock Option if, at the time the Incentive
Stock Option is granted, the Participant owns, directly or indirectly, more than 10% of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary corporation of the Company). Notwithstanding the foregoing, if the
exercise of an Option that is exercisable in accordance with its terms is prevented by the provisions of Section 16 of this Plan,
the Option will remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such
provisions, but in any event no later than the expiration date of such Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">6.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Exercise Price</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The total purchase price of the shares to be purchased upon exercise of an Option will be paid entirely in cash (including
check, bank draft or money order); provided, however, that the Committee, in its sole discretion and upon terms and conditions
established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender of a Broker Exercise Notice;
(ii) by tender, or attestation as to ownership, of Previously Acquired Shares that are acceptable to the Committee; (iii) by a
&ldquo;net exercise&rdquo; of the Option (as further described in paragraph (b), below); or (iv) by a combination of such methods.
Notwithstanding any other provision of this Plan to the contrary, no Participant who is a director or an &ldquo;executive officer&rdquo;
of the Company within the meaning of Section 13(k) of the Exchange Act will be permitted to make payment with respect to any Incentive
Awards granted under this Plan, or continue any extension of credit with respect to such payment with a loan from the Company or
a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of a &ldquo;net exercise&rdquo; of an Option, the Company will not require a payment of the exercise price of
the Option from the Participant but will reduce the number of shares of Common Stock issued upon the exercise by the largest number
of whole shares that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares
exercised under this method. Shares of Common Stock will no longer be outstanding under an Option (and will therefore not thereafter
be exercisable) following the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under
the &ldquo;net exercise,&rdquo; (ii) shares actually delivered to the Participant as a result of such exercise and (iii)&nbsp;any
shares withheld for purposes of tax withholding pursuant to Section 13.1 of this Plan<B>.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Previously Acquired Shares tendered or covered by an attestation as payment of an Option exercise price will be valued at
their Fair Market Value on the exercise date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">6.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manner of Exercise</U>. An Option may be exercised by a Participant in whole or in part from time to time, subject to
the conditions contained in this Plan and in the Incentive Award Agreement relating to such Option, by delivery in person, by facsimile
or electronic transmission or through the mail of written notice of exercise to the Company at its principal executive office in
Circle Pines, Minnesota and by paying in full the total exercise price for the shares of Common Stock to be purchased in accordance
with Section 6.4 of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">6.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Early Exercise</U>. An Option may, but need not, include a provision whereby the Participant may elect at any time before
the Participant&rsquo;s employment or service terminates to exercise the Option as to any part or all of the shares subject to
the Option prior to the full vesting of the Option. Any unvested shares so purchased shall be subject to a repurchase option in
favor of the Company and to any other restriction the Committee determines to be appropriate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Appreciation Rights</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">7.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant</U>. An Eligible Recipient may be granted one or more Stock Appreciation Rights under this Plan, and such Stock
Appreciation Rights will be subject to such terms and conditions, consistent with the other provisions of this Plan, as may be
determined by the Committee in its sole discretion. The Committee will have the sole discretion to determine the form in which
payment of the economic value of Stock Appreciation Rights will be made to a Participant (i.e., cash, shares of Common Stock or
any combination thereof) or to consent to or disapprove the election by a Participant of the form of such payment. Stock Appreciation
Rights may be granted to an Eligible Recipient for services provided to a Subsidiary only if, with respect to such Eligible Recipient,
the underlying shares of Common Stock constitute &ldquo;service recipient stock&rdquo; within the meaning of Treas. Reg. Section
1.409A-1(b)(5)(iii).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">7.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The exercise price of a Stock Appreciation Right will be determined by the Committee, in its discretion,
at the date of grant but may not be less than 100% of the Fair Market Value of one share of Common Stock on the date of grant,
except as provided in Section 7.4 of this Plan. Notwithstanding the foregoing, to the extent that Stock Appreciation Rights are
granted under this Plan as a result of the Company&rsquo;s assumption or substitution of stock appreciation rights issued by any
acquired, merged or consolidated entity, the exercise price for such Stock Appreciation Rights shall be the price determined by
the Committee pursuant to the conversion terms applicable to the transaction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">7.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercisability and Duration</U>. A Stock Appreciation Right will become exercisable at such time and in such installments
as may be determined by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation
Right may be exercisable after 10 years from its date of grant. A Stock Appreciation Right will be exercised by giving notice in
the same manner as for Options, as set forth in Section 6.5 of this Plan. Notwithstanding the foregoing, if the exercise of a Stock
Appreciation Right that is exercisable in accordance with its terms is prevented by the provisions of Section 16 of this Plan,
the Stock Appreciation Right will remain exercisable until thirty (30) days after the date such exercise first would no longer
be prevented by such provisions, but in any event no later than the expiration date of such Stock Appreciation Right.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">7.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grants in Tandem with Options</U>. Stock Appreciation Rights may be granted alone or in addition to other Incentive Awards,
or in tandem with an Option, either at the time of grant of the Option or at any time thereafter during the term of the Option.
A Stock Appreciation Right granted in tandem with an Option shall cover the same number of shares of Common Stock as covered by
the Option (or such lesser number as the Committee may determine), shall be exercisable at such time or times and only to the extent
that the related Option is exercisable, have the same term as the Option and shall have an exercise price equal to the exercise
price for the Option. Upon the exercise of a Stock Appreciation Right granted in tandem with an Option, the Option shall be canceled
automatically to the extent of the number of shares covered by such exercise; conversely, upon exercise of an Option having a related
Stock Appreciation Right, the Stock Appreciation Right shall be canceled automatically to the extent of the number of shares covered
by the Option exercise.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Stock Awards and Restricted Stock Units</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">8.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant</U>. An Eligible Recipient may be granted one or more Restricted Stock Awards or Restricted Stock Units under this
Plan, and such Incentive Awards will be subject to such terms and conditions, consistent with the other provisions of this Plan,
as may be determined by the Committee in its sole discretion. Restricted Stock Units will be similar to Restricted Stock Awards
except that no shares of Common Stock are actually awarded to the Participant on the date of grant of the Restricted Stock Units
and will be denominated in shares of Common Stock but paid in cash, shares of Common Stock or a combination of cash and shares
of Common Stock as the Committee, in its sole discretion, will determine, and as provided in the Incentive Award Agreement. The
Committee may impose such restrictions or conditions, not inconsistent with the provisions of this Plan, to the vesting of such
Restricted Stock Awards or Restricted Stock Units as it deems appropriate, including, without limitation, (a) the achievement of
one or more of the Performance Criteria; and/or that (b) the Participant remain in the continuous employ or service of the Company
or a Subsidiary for a certain period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">8.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights as a Stockholder; Transferability</U>. Except as provided in Sections 8.1, 8.3, 8.4 and 15.3 of this Plan, a Participant
will have all voting, dividend, liquidation and other rights with respect to shares of Common Stock issued to the Participant as
a Restricted Stock Award under this Section 8 upon the Participant becoming the holder of record of such shares as if such Participant
were a holder of record of shares of unrestricted Common Stock. A Participant will have no voting rights to any Restricted Stock
Units granted hereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">8.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends and Distributions</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Committee determines otherwise in its sole discretion (either in an Incentive Award Agreement at the time of
grant or at any time after the grant of the Restricted Stock Award), any dividends or distributions (including regular quarterly
cash dividends) paid with respect to shares of Common Stock subject to the unvested portion of a Restricted Stock Award will be
subject to the same restrictions as the shares to which such dividends or distributions relate. In the event the Committee determines
not to pay such dividends or distributions currently, the Committee will determine in its sole discretion whether any interest
will be paid on such dividends or distributions. In addition, the Committee in its sole discretion may require such dividends and
distributions to be reinvested (and in such case the Participants consent to such reinvestment) in shares of Common Stock that
will be subject to the same restrictions as the shares to which such dividends or distributions relate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Committee determines otherwise in its sole discretion (either in a Participant&rsquo;s Incentive Award Agreement
or at any time after the grant of the Restricted Stock Unit), to the extent permitted or required by applicable law, as determined
by the Committee, prior to settlement or forfeiture, any Restricted Stock Units awarded under this Plan may, at the Committee&rsquo;s
discretion, carry with it a right to Dividend Equivalents. Such right entitles the Participant to be credited with an amount equal
to all cash dividends paid on one share of Common Stok while the Restricted Stock Unit is outstanding. Dividend Equivalents may
be converted into additional Restricted Stock Units and may (and will, to the extent required below) be made subject to the same
conditions and restricted as the Restricted Stock Units to which they attach. Settlement of Dividend Equivalents may be made in
the form of cash, in the form of shares of Common Stock, or in a combination of both. Dividend Equivalents as to Restricted Stock
Units will be subject to forfeiture and termination to the same extent as the corresponding Restricted Stock Units as to which
the Dividend Equivalents relate. In no event will Participants holding Restricted Stock Units receive any Dividend Equivalents
on such Restricted Stock Units until the vesting provisions of such Restricted Stock Units lapse.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">8.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Enforcement of Restrictions on Restricted Stock Awards</U>. To enforce the restrictions referred to in this Section 8,
the Committee may place a legend on the stock certificates referring to such restrictions and may require the Participant, until
the restrictions have lapsed, to keep the stock certificates, together with duly endorsed stock powers, in the custody of the Company
or its transfer agent, or to maintain evidence of stock ownership, together with duly endorsed stock powers, in a certificateless
book-entry stock account with the Company&rsquo;s transfer agent. Alternatively, Restricted Stock Awards may be held in non-certificated
form pursuant to such terms and conditions as the Company may establish with its registrar and transfer agent or any third-party
administrator designated by the Company to hold Restricted Stock Awards on behalf of Participants.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Performance Awards</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">An Eligible Recipient may be granted one or more
Performance Awards under this Plan, and such Performance Awards will be subject to such terms and conditions, if any, consistent
with the other provisions of this Plan, as may be determined by the Committee in its sole discretion, including, but not limited
to, the achievement of one or more of the Performance Criteria; provided, however, that in all cases payment of the Performance
Award will be made within two and one-half months following the end of the Eligible Recipient&rsquo;s tax year during which receipt
of the Performance Award is no longer subject to a &ldquo;substantial risk of forfeiture&rdquo; within the meaning of Section 409A
of the Code, except to the extent an Eligible Recipient has properly elected to defer the income that may be attributable to a
Performance Award under a Company or Subsidiary deferred compensation plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Stock-Based Awards</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">An Eligible Recipient may be granted one or more
Other Stock-Based Awards under this Plan, and such Other-Stock Based Awards will be subject to such terms and conditions, consistent
with the other provisions of this Plan, as may be determined by the Committee in its sole discretion, not otherwise described by
the terms of this Plan (including the grant or offer for sale of unrestricted shares of Common Stock) in such amounts and subject
to such terms and conditions as the Committee will determine. Such Other-Stock Based Awards may involve the transfer of actual
shares of Common Stock to Participants as a bonus or in lieu of obligations to pay cash or deliver other property under this Plan
or under other plans or compensatory arrangements, or payment in cash or otherwise of amounts based on the value of shares of Common
Stock, and may include Incentive Awards designed to comply with or take advantage of the applicable local laws of jurisdictions
other than the United States; provided, however, that in all cases payment of the Other Stock-Based Award will be made within two
and one-half months following the end of the Eligible Recipient&rsquo;s tax year during which receipt of the Other Stock-Based
Award is no longer subject to a &ldquo;substantial risk of forfeiture&rdquo; within the meaning of Section 409A of the Code, except
to the extent an Eligible Recipient has properly elected to defer the income that may be attributable to an Other Stock-Based Award
under a Company or Subsidiary deferred compensation plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividend Equivalents</U></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Subject to the provisions of this Plan and any
Incentive Award Agreement, any Participant selected by the Committee may be granted Dividend Equivalents based on the dividends
declared on shares of Common Stock that are subject to any Incentive Award, to be credited as of dividend payment dates, during
the period between the date the Incentive Award is granted and the date the Incentive Award is exercised, vests, settles, is paid
or expires, as determined by the Committee. Such Dividend Equivalents will be converted to cash or additional shares of Common
Stock by such formula and at such time and subject to such limitations as may be determined by the Committee and the Committee
may provide that such amounts (if any) will be deemed to have been reinvested in additional shares of Common Stock or otherwise
reinvested. Notwithstanding the foregoing, the Committee may not grant Dividend Equivalents based on the dividends declared on
shares of Common Stock that are subject to an Option or Stock Appreciation Right; and further, no dividends or Dividend Equivalents
will be paid out with respect to any unvested Incentive Awards, including Performance Awards.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Termination of Employment or Other Service</U>. The following provisions shall apply upon termination of a
Participant&rsquo;s employment or other service with the Company and all Subsidiaries, unless otherwise expressly provided by the
Committee in its sole discretion in an Incentive Award Agreement or the terms of an Individual Agreement or determined by the Committee
pursuant to Section 12.3 of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">12.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination Due to Death, Disability or Retirement</U>. In the event a Participant&rsquo;s employment or other service
with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All outstanding Options and Stock Appreciation Rights then held by the Participant will, to the extent exercisable as of
such termination, remain exercisable in full for a period of twelve (12) months after such termination (but in no event after the
expiration date of any such Option or Stock Appreciation Right). Options and Stock Appreciation Rights not exercisable as of such
termination will be forfeited and terminate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated
and forfeited; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All outstanding but unpaid and non-vested Restricted Stock Units, Performance Awards and Other Stock-Based Awards then held
by the Participant will be terminated and forfeited.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">12.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination for Reasons Other than Death, Disability or Retirement</U>. In the event a Participant&rsquo;s employment
or other service is terminated with the Company and all Subsidiaries for any reason other than death, Disability or Retirement,
or a Participant is in the employ or service of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless
the Participant continues in the employ or service of the Company or another Subsidiary):</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All outstanding Options and Stock Appreciation Rights then held by the Participant will, to the extent exercisable as of
such termination, remain exercisable in full for a period of three (3) months after such termination (but in no event after the
expiration date of any such Option or Stock Appreciation Right). Options and Stock Appreciation Rights not exercisable as of such
termination will be forfeited and terminate;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated
and forfeited; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All outstanding but unpaid and non-vested Restricted Stock Units, Performance Awards and Other Stock-Based Awards then held
by the Participant will be terminated and forfeited.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">12.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Modification of Rights Upon Termination</U>. Notwithstanding the other provisions of this Section 12, upon a Participant&rsquo;s
termination of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which
may be exercised at any time on or after the date of grant, including following such termination), except as provided in clause
(ii), below, cause Options or Stock Appreciation Rights (or any part thereof) then held by such Participant to terminate, become
or continue to become exercisable and/or remain exercisable following such termination of employment or service (but not beyond
the earlier of the original maximum term of such Option or Stock Appreciation Right or ten (10) years from the original date of
grant of such Option or Stock Appreciation Right), and Restricted Stock Awards, Restricted Stock Units, Performance Awards or Other
Stock-Based Awards then held by such Participant to terminate, vest and/or continue to vest or become free of restrictions and
conditions to payment, as the case may be, following such termination of employment or service, in each case in the manner determined
by the Committee; and (ii) any such action adversely affecting any outstanding Incentive Award will not be effective without the
consent of the affected Participant (subject to the right of the Committee to take whatever action it deems appropriate under Sections
3.2(c), 4.3 and 14 of this Plan).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">12.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Determination of Termination of Employment or Other Service</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The change in a Participant&rsquo;s status from that of an employee of the Company or any Subsidiary to that of a non-employee
consultant, director or advisor of the Company or any Subsidiary will, for purposes of this Plan, be deemed to result in a termination
of such Participant&rsquo;s employment with the Company and its Subsidiaries, unless the Committee otherwise determines in its
sole discretion.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The change in a Participant&rsquo;s status from that of a non-employee consultant, director or advisor of the Company or
any Subsidiary to that of an employee of the Company or any Subsidiary will not, for purposes of this Plan, be deemed to result
in a termination of such Participant&rsquo;s service as a non-employee consultant, director or advisor with the Company and its
Subsidiaries, and such Participant will thereafter be deemed to be an employee of the Company or its Subsidiaries until such Participant&rsquo;s
employment or service is terminated, in which event such Participant will be governed by the provisions of this Plan relating to
termination of employment or service (subject to paragraph (a), above).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Committee otherwise determines in its sole discretion, a Participant&rsquo;s employment or other service will,
for purposes of this Plan, be deemed to have terminated on the date recorded on the personnel or other records of the Company or
the Subsidiary for which the Participant provides employment or other service, as determined by the Committee in its sole discretion
based upon such records; provided, however, if distribution or forfeiture of an Incentive Award subject to Section 409A of the
Code is triggered by a termination of a Participant&rsquo;s employment or other service, such termination must also constitute
a &ldquo;separation from service&rdquo; within the meaning of Section 409A of the Code (a &ldquo;Separation from Service&rdquo;)
and a Separation from Service shall constitute a termination of employment or other service.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">12.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Actions Constituting Cause or Adverse Action</U>. Notwithstanding anything in this Plan to the contrary and
in addition to the other rights of the Committee under this Section 12, if a Participant is determined by the Committee, acting
in its sole discretion, to have taken any action that would constitute Cause or an Adverse Action during or within one (1) year
after the termination of employment or other service with the Company or a Subsidiary, irrespective of whether such action or the
Committee&rsquo;s determination occurs before or after termination of such Participant&rsquo;s employment or other service with
the Company or any Subsidiary and irrespective of whether or not the Participant was terminated as a result of such Cause or Adverse
Action, (a) all rights of the Participant under this Plan and any Incentive Award Agreements then held by the Participant will
terminate and be forfeited without notice of any kind, and (b) the Committee in its sole discretion will have the authority to
rescind the exercise, vesting or issuance of, or payment in respect of, any Incentive Awards of the Participant that were exercised,
vested or issued, or as to which such payment was made, and to require the Participant to pay to the Company, within ten (10) days
of receipt from the Company of notice of such rescission, any amount received or the amount of any gain realized as a result of
such rescinded exercise, vesting, issuance or payment (including any dividends paid or other distributions made with respect to
any shares subject to any Incentive Award). The Company may defer the exercise of any Option or Stock Appreciation Right for a
period of up to six (6) months after receipt of the Participant&rsquo;s written notice of exercise or the issuance of share certificates
upon the vesting of any Incentive Award for a period of up to six (6) months after the date of such vesting in order for the Committee
to make any determination as to the existence of Cause or an Adverse Action. The Company will be entitled to withhold and deduct
from future wages of the Participant (or from other amounts that may be due and owing to the Participant from the Company or a
Subsidiary) or make other arrangements for the collection of all amounts necessary to satisfy such payment obligations. Unless
otherwise provided by the Committee in an Incentive Award Agreement, this Section 12.5 will not apply to any Participant following
a Change in Control.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">12.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Forfeiture of Incentive Awards</U>. Notwithstanding anything in this Plan to the contrary and in addition to the other
rights of the Committee under this Section 12, if the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then
any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002
will reimburse the Company for the amount of any Incentive Award received by such individual under this Plan during the 12-month
period following the first public issuance or filing with the Securities and Exchange Commission, as the case may be, of the financial
document embodying such financial reporting requirement. The Company also may seek to recover the amount of any Incentive Award
received as required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other clawback,
forfeiture or recoupment provision required by applicable law or under the requirements of any stock exchange or market upon which
the shares of Common Stock are then listed or traded. In addition, all Incentive Awards under this Plan will be subject to forfeiture
or other penalties pursuant to any clawback or forfeiture policy of the Company, as in effect from time to time, and such forfeiture
and/or penalty conditions or provisions as determined by the Committee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Withholding Taxes</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">13.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General Rules</U>. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other
amounts that may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection
of, all legally required amounts necessary to satisfy any and all federal, foreign, state and local withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive
Stock Option; (b) withhold cash paid or payable or shares of Common Stock from the shares issued or otherwise issuable to the Participant
in connection with an Incentive Award; or (c) require the Participant promptly to remit the amount of such withholding to the Company
before taking any action, including issuing any shares of Common Stock, with respect to an Incentive Award. Shares of Common Stock
issued or otherwise issuable to the Participant in connection with an Incentive Award that gives rise to tax withholding obligations
that are withheld for purposes of satisfying the Participant&rsquo;s withholding or employment-related tax obligation will be valued
at their Fair Market Value on the Tax Date. When withholding for taxes is effected under this Plan, it shall be withheld only up
to an amount of tax withholding based on the maximum statutory tax rates in the Participant&rsquo;s applicable tax jurisdictions
or such other rate that will not trigger a negative accounting impact on the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">13.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Special Rules</U>. The Committee may, in its sole discretion and upon terms and conditions established by the Committee,
permit or require a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described
in Section 13.1 of this Plan by withholding shares of Common Stock underlying an Incentive Award, by electing to tender, or by
attestation as to ownership of, Previously Acquired Shares, by delivery of a Broker Exercise Notice or a combination of such methods.
For purposes of satisfying a Participant&rsquo;s withholding or employment-related tax obligation, shares of Common Stock withheld
by the Company or Previously Acquired Shares tendered or covered by an attestation will be valued at their Fair Market Value on
the Tax Date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">14.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Control</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">14.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definition of Change in Control</U>. Unless otherwise provided in an Incentive Award Agreement or Individual Agreement,
a &ldquo;Change in Control&rdquo; shall be deemed to have occurred if the event set forth in any one of the following clauses shall
have occurred. For purposes of this Section 14.1, a &ldquo;Change in Control&rdquo; of the Company will mean (a) the sale, lease,
exchange or other transfer of substantially all of the assets of the Company (in one transaction or in a series of related transaction)
to a person or entity that is not controlled, directly or indirectly, by the Company, (b) a merger or consolidation to which the
Company is a party if the stockholders of the Company immediately prior to effective date of such merger or consolidation do not
have &ldquo;beneficial ownership&rdquo; (as defined in Rule 13d-3 under the Exchange Act) immediately following the effective date
of such merger or consolidation of more than 80% of the combined voting power of the surviving corporation&rsquo;s outstanding
securities ordinarily having the right to vote at elections of directors, or (c) a change in control of the Company of a nature
that would be required to be reported pursuant to Section 13 or 15(d) of the Exchange Act, whether or not the Company is then subject
to such reporting requirements, including, without limitation, such time as (i) any person becomes, after the effective date of
this Plan, the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40%
or more of the combined voting power of the Company&rsquo;s outstanding securities ordinarily having the right to vote at elections
of directors, or (ii) individuals who constitute the Board on the effective date of this Plan cease for any reason to constitute
at least a majority of the Board, provided that any person becoming a director subsequent to the effective date of this Plan whose
election, or nomination for election by the Company&rsquo;s stockholders, was approved by a vote of at least a majority of the
directors comprising the Board on the effective date of this Plan will, for purposes of this clause (ii), be considered as though
such persons were a member of the Board on the Effective Date of this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">14.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration of Vesting</U>. Without limiting the authority of the Committee under Sections 3.2 and 4.3 of this Plan,
if a Change in Control of the Company occurs, then, if approved by the Committee in its sole discretion either in an Incentive
Award Agreement at the time of grant or at any time after the grant of an Incentive Award: (a) all outstanding Options and Stock
Appreciation Rights will become immediately exercisable in full and will remain exercisable in accordance with their terms, regardless
of whether the Participants to whom such Options or Stock Appreciation Rights have been granted remain in the employ or service
of the Company or any Subsidiary; (b) all outstanding Restricted Stock Awards will become immediately fully vested and non-forfeitable;
and (c) all outstanding Restricted Stock Units, Performance Awards and Other Stock-Based Awards then held by the Participant will
vest and/or continue to vest in the manner determined by the Committee and set forth in the Incentive Award Agreement evidencing
such Restricted Stock Units, Performance Awards and Other Stock-Based Awards.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">14.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Payment</U>. In connection with a Change in Control, the Committee in its sole discretion, either in an Incentive
Award Agreement at the time of grant of an Incentive Award or at any time after the grant of such an Incentive Award, may determine
that any or all outstanding Incentive Awards granted under the Plan, whether or not exercisable or vested, as the case may be,
will be canceled and terminated and that in connection with such cancellation and termination the holder of such Incentive Award
will receive for each share of Common Stock subject to such Incentive Award a cash payment (or the delivery of shares of stock,
other securities or a combination of cash, stock and securities with a fair market value (as determined by the Committee in good
faith) equivalent to such cash payment) equal to the difference, if any, between the consideration received by stockholders of
the Company in respect of a share of Common Stock in connection with such Change in Control and the purchase price per share, if
any, under the Incentive Award, multiplied by the number of shares of Common Stock subject to such Incentive Award (or in which
such Incentive Award is denominated); <U>provided</U>, <U>however</U>, that if such product is zero ($0) or less or to the extent
that the Incentive Award is not then exercisable, the Incentive Award may be canceled and terminated without payment therefor.
If any portion of the consideration pursuant to a Change in Control may be received by holders of shares of Common Stock on a contingent
or delayed basis, the Committee may, in its sole discretion, determine the fair market value per share of such consideration as
of the time of the Change in Control on the basis of the Committee&rsquo;s good faith estimate of the present value of the probable
future payment of such consideration. Notwithstanding the foregoing, any shares of Common Stock issued pursuant to an Incentive
Award that immediately prior to the effectiveness of the Change in Control are subject to no further restrictions pursuant to the
Plan or an Incentive Award Agreement (other than pursuant to the securities laws) will be deemed to be outstanding shares of Common
Stock and receive the same consideration as other outstanding shares of Common Stock in connection with the Change in Control.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">14.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Change in Control Payments</U>. Notwithstanding anything in Section&nbsp;14.2 or 14.3 of this Plan to the
contrary, if, with respect to a Participant, the acceleration of the vesting of an Incentive Award as provided in Section&nbsp;14.2
of this Plan or the payment of cash in exchange for all or part of an Incentive Award as provided in Section 14.3 of this Plan
(which acceleration or payment could be deemed a &ldquo;payment&rdquo; within the meaning of Section&nbsp;280G(b)(2) of the Code),
together with any other &ldquo;payments&rdquo; that such Participant has the right to receive from the Company or any corporation
that is a member of an &ldquo;affiliated group&rdquo; (as defined in Section&nbsp;1504(a) of the Code without regard to Section&nbsp;1504(b)
of the Code) of which the Company is a member, would constitute a &ldquo;parachute payment&rdquo; (as defined in Section&nbsp;280G(b)(2)
of the Code), then the &ldquo;payments&rdquo; to such Participant pursuant to Section 14.2 or 14.3 of this Plan will be reduced
to the largest amount as will result in no portion of such &ldquo;payments&rdquo; being subject to the excise tax imposed by Section
4999 of the Code; provided, that such reduction shall be made only if the aggregate amount of the payments after such reduction
exceeds the difference between (A) the amount of such payments absent such reduction minus (B) the aggregate amount of the excise
tax imposed under Section 4999 of the Code attributable to any such excess parachute payments. Notwithstanding the foregoing sentence,
if a Participant is subject to a separate agreement with the Company or a Subsidiary that expressly addresses the potential application
of Sections 280G or 4999 of the Code (including, without limitation, that &ldquo;payments&rdquo; under such agreement or otherwise
will be reduced, that the Participant will have the discretion to determine which &ldquo;payments&rdquo; will be reduced, that
such &ldquo;payments&rdquo; will not be reduced or that such &ldquo;payments&rdquo; will be &ldquo;grossed up&rdquo; for tax purposes),
then this Section 14.4 will not apply, and any &ldquo;payments&rdquo; to a Participant pursuant to Section 14.2 or 14.3 of this
Plan will be treated as &ldquo;payments&rdquo; arising under such separate agreement. <U>provided</U>, <U>however</U>, such separate
agreement may not modify the time or form of payment under any Award that constitutes deferred compensation subject to Section
409A of the Code if the modification would cause such Incentive Award to become subject to the adverse tax consequences specified
in Section 409A of the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">15.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Eligible Recipients and Participants; Transferability</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">15.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employment or Service</U>. Nothing in this Plan will interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible
Recipient or Participant any right to continue in the employ or service of the Company or any Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">15.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights to Incentive Awards</U>. No Participant or Eligible Recipient will have any claim to be granted any Incentive
Award under this Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">15.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights as a Stockholder</U>. As a holder of Incentive Awards (other than Restricted Stock Awards), a Participant will
have no rights as a stockholder unless and until such Incentive Awards are exercised for, or paid in the form of, shares of Common
Stock and the Participant becomes the holder of record of such shares. Except as otherwise provided in this Plan or otherwise provided
by the Committee, no adjustment will be made in the amount of cash payable or in the number of shares of Common Stock issuable
under Incentive Awards denominated in or based on the value of shares of Common Stock as a result of cash dividends or distributions
paid to holders of Common Stock prior to the payment of, or issuance of shares of Common Stock under, such Incentive Awards.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">15.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions on Transfer</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted by subsections
(b) and (c) below, no right or interest of any Participant in an Incentive Award prior to the exercise (in the case of Options)
or vesting or issuance (in the case of Restricted Stock Awards, Restricted Stock Units, Performance Awards and Other Stock-Based
Awards) of such Incentive Award will be assignable or transferable, or subjected to any lien, during the lifetime of the Participant,
either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Participant will be entitled to designate a beneficiary to receive an Incentive Award upon such Participant&rsquo;s death,
and in the event of such Participant&rsquo;s death, payment of any amounts due under this Plan will be made to, and exercise of
any Options or Stock Appreciation Rights (to the extent permitted pursuant to Section 12 of this Plan) may be made by, such beneficiary.
If a deceased Participant has failed to designate a beneficiary, or if a beneficiary designated by the Participant fails to survive
the Participant, payment of any amounts due under this Plan will be made to, and exercise of any Options or Stock Appreciation
Rights (to the extent permitted pursuant to Section 12 of this Plan) may be made by, the Participant&rsquo;s legal representatives,
heirs and legatees. If a deceased Participant has designated a beneficiary and such beneficiary survives the Participant but dies
before complete payment of all amounts due under this Plan or exercise of all exercisable Options or Stock Appreciation Rights,
then such payments will be made to, and the exercise of such Options or Stock Appreciation Rights may be made by, the legal representatives,
heirs and legatees of the beneficiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon a Participant&rsquo;s request, the Committee may, in its sole discretion, permit a transfer of all or a portion of
a Non-Statutory Stock Option, other than for value, to such Participant&rsquo;s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, any person sharing such Participant&rsquo;s household (other than a tenant or employee), a trust in which any
of the foregoing have more than fifty percent (50%) of the beneficial interests, a foundation in which any of the foregoing (or
the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than
fifty percent (50%) of the voting interests. Any permitted transferee will remain subject to all the terms and conditions applicable
to the Participant prior to the transfer. A permitted transfer may be conditioned upon such requirements as the Committee may,
in its sole discretion, determine, including, but not limited to execution and/or delivery of appropriate acknowledgements, opinion
of counsel, or other documents by the transferee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Committee may impose such restrictions on any shares of Common Stock acquired by a Participant under this Plan as it
may deem advisable, including minimum holding period requirements, restrictions under applicable federal securities laws, under
the requirements of any stock exchange or market upon which the Common Stock is then listed or under any blue sky or state securities
laws applicable to such shares or the Company&rsquo;s insider trading policy.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">15.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Exclusivity of this Plan</U>. Nothing contained in this Plan is intended to modify or rescind any previously approved
compensation plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional
or other compensation arrangements as the Board may deem necessary or desirable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Law and Other Restrictions</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Notwithstanding any other provision of this Plan
or any agreements entered into pursuant to this Plan, the Company will not be required to issue any shares of Common Stock under
this Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued pursuant to Incentive
Awards granted under this Plan, unless (a) there is in effect with respect to such shares a registration statement under the Securities
Act and any applicable securities laws of a state or foreign jurisdiction or an exemption from such registration under the Securities
Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent, approval or permit from
any other U.S. or foreign regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The Company
may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved,
and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by
the Company in order to comply with such securities law or other restrictions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">17.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deferred Compensation; Compliance with Section 409A</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">It is intended that all Incentive Awards issued
under this Plan be in a form and administered in a manner that will comply with the requirements of Section 409A of the Code, or
the requirements of an exception to Section 409A of the Code, and the Incentive Award Agreements and this Plan will be construed
and administered in a manner that is consistent with and gives effect to such intent. The Committee is authorized to adopt rules
or regulations deemed necessary or appropriate to qualify for an exception from or to comply with the requirements of Section 409A
of the Code. With respect to an Incentive Award that constitutes a deferral of compensation subject to Code Section 409A: (a) if
any amount is payable or forfeited under such Incentive Award upon a termination of service, a termination of service will be treated
as having occurred only at such time the Participant has experienced a Separation from Service; (b) if any amount is payable under
such Incentive Award upon a Disability, a Disability will be treated as having occurred only at such time the Participant has experienced
a &ldquo;disability&rdquo; as such term is defined for purposes of Code Section 409A; (c) if any amount is payable under such Incentive
Award on account of the occurrence of a Change in Control, a Change in Control will be treated as having occurred only at such
time a &ldquo;change in the ownership or effective control of the corporation or in the ownership of a substantial portion of the
assets of the corporation&rdquo; as such terms are defined for purposes of Code Section 409A, (d) if any amount becomes payable
under such Incentive Award on account of a Participant&rsquo;s Separation from Service at such time as the Participant is a &ldquo;specified
employee&rdquo; within the meaning of Code Section 409A, then no payment will be made, except as permitted under Code Section 409A,
prior to the first business day after the earlier of (i) the date that is six (6) months after the date of the Participant&rsquo;s
Separation from Service or (ii) the Participant&rsquo;s death, and (e) no amendment to or payment under such Incentive Award, including
by way of an Individual Agreement, will be made except and only to the extent permitted under Code Section 409A.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">18.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Plan Amendment, Modification and Termination</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The Board may suspend or terminate this Plan or
any portion thereof at any time. In addition to the authority of the Committee to amend this Plan under Section 3.2(e) of this
Plan, the Board may amend this Plan from time to time in such respects as the Board may deem advisable in order that Incentive
Awards under this Plan will conform to any change in applicable laws or regulations or in any other respect the Board may deem
to be in the best interests of the Company; provided, however, that no such amendments to this Plan will be effective without approval
of the Company&rsquo;s stockholders if: (i) stockholder approval of the amendment is then required pursuant to Section 422 of the
Code or the Listing Rules of the Nasdaq Stock Market (or other applicable market or exchange on which the Company&rsquo;s Common
Stock may be quoted or traded); or (ii) such amendment seeks to increase the number of shares authorized for issuance hereunder
(other than by virtue of an adjustment under Section 4.3 of this Plan) or to modify Section 3.2(d) of this Plan. No termination,
suspension or amendment of this Plan may adversely affect any outstanding Incentive Award without the consent of the affected Participant;
provided, however, that this sentence will not impair the right of the Committee to take whatever action it deems appropriate under
Sections 3.2(c), 4.3 and 14 of this Plan. Notwithstanding any other provision of this Plan to the contrary, the Committee may amend
this Plan, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming this Plan
to any present or future law relating to plans of this or similar nature, and to the administration regulations and rulings promulgated
thereunder. By accepting an Incentive Award under this Plan, a Participant agrees to any amendment made pursuant to the preceding
sentence to any Incentive Award granted under this Plan without further consideration or action.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">19.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Substituted Awards</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The Committee may grant Incentive Awards under
this Plan in substitution for stock and stock-based awards held by employees of another entity who become employees of the Company
or a Subsidiary as a result of a merger or consolidation of the former employing entity with the Company or a Subsidiary or the
acquisition by the Company or a Subsidiary of property or stock of the former employing corporation. The Committee may direct that
the substitute Incentive Awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">20.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Date and Duration of this Plan</U>.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">This Plan will be effective as of the Effective
Date and will terminate at midnight on the day before the tenth (10<SUP>th</SUP>) anniversary of the Effective Date, and may be
terminated prior to such time by Board action. No Incentive Award will be granted after termination of this Plan. Incentive Awards
outstanding upon termination of this Plan may continue to be exercised, earned or become free of restrictions, according to their
terms.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0in">21.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Usage</U>. In this Plan, except where otherwise indicated by clear contrary intention, (a) any masculine term used herein
also will include the feminine, (b) the plural will include the singular, and the singular will include the plural, (c) &ldquo;including&rdquo;
(and with correlative meaning &ldquo;include&rdquo;) means including without limiting the generality of any description preceding
such term, and (d) &ldquo;or&rdquo; is used in the inclusive sense of &ldquo;and/or&rdquo;.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unfunded Plan</U>. Participants will have no right, title or interest whatsoever in or to any investments that the Company
or its Subsidiaries may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action
taken pursuant to its provisions, will create or be construed to create a trust of any kind, or a fiduciary relationship between
the Company and any Participant, beneficiary, legal representative, or any other individual. To the extent that any individual
acquires a right to receive payments from the Company or any Subsidiary under this Plan, such right will be no greater than the
right of an unsecured general creditor of the Company or the Subsidiary, as the case may be. All payments to be made hereunder
will be paid from the general funds of the Company or the Subsidiary, as the case may be, and no special or separate fund will
be established and no segregation of assets will be made to assure payment of such amounts except as expressly set forth in this
Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Relationship to Other Benefits</U>. Neither Incentive Awards made under this Plan nor shares of Common Stock paid pursuant
to such Incentive Awards under this Plan will be included as &ldquo;compensation&rdquo; for purposes of computing the benefits
payable to any Participant under any pension, retirement (qualified or non-qualified), savings, profit sharing, group insurance,
welfare, or benefit plan of the Company or any Subsidiary unless provided otherwise in such plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fractional Shares</U>. No fractional shares of Common Stock will be issued or delivered under this Plan or any Incentive
Award. The Committee will determine whether cash, other Incentive Awards or other property will be issued or paid in lieu of fractional
shares of Common Stock or whether such fractional shares of Common Stock or any rights thereto will be forfeited or otherwise eliminated
by rounding up or down.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Venue</U>. Except to the extent expressly provided herein or in connection with other matters of corporate
governance and authority (all of which shall be governed by the laws of the Company&rsquo;s jurisdiction of incorporation), the
validity, construction, interpretation, administration and effect of this Plan and any rules, regulations and actions relating
to this Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota, notwithstanding
the conflicts of laws principles of any jurisdictions. Unless otherwise provided in an Incentive Award Agreement, recipients of
an Incentive Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts
of the State of Minnesota to resolve any and all issues that may arise out of or relate to this Plan or any Incentive Award Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Plan will be binding upon and inure to the benefit of the successors and permitted assigns
of the Company and the Participants.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U>. Wherever possible, each provision of this Plan and any Incentive Award Agreement granted under this
Plan will be interpreted so that it is valid under the applicable law. If any provision of this Plan or any Incentive Award Agreement
granted under this Plan is to any extent invalid under the applicable law, that provision will still be effective to the extent
it remains valid. The remainder of this Plan and the Incentive Award Agreement also will continue to be valid, and the entire Plan
and Incentive Award Agreement will continue to be valid in other jurisdictions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery and Execution of Electronic Documents</U>. To the extent permitted by applicable law, the Company may: (a) deliver
by email or other electronic means (including posting on a Web site maintained by the Company or by a third party under contract
with the Company) all documents relating to this Plan or any Incentive Award hereunder (including prospectuses required by the
Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including
annual reports and proxy statements), and (b) permit Participants to use electronic, internet or other non-paper means to execute
applicable Plan documents (including Incentive Award Agreements) and take other actions under this Plan in a manner prescribed
by the Committee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Representations or Warranties Regarding Tax Effect</U>. Notwithstanding any provision of this Plan to the contrary,
the Company and its Subsidiaries, the Board, and the Committee neither represent nor warrant the tax treatment under any federal,
state, local, or foreign laws and regulations thereunder (individually and collectively referred to as the &ldquo;Tax Laws&rdquo;)
of any Incentive Award granted or any amounts paid to any Participant under this Plan including, but not limited to, when and to
what extent such Incentive Awards or amounts may be subject to tax, penalties, and interest under the Tax Laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">21.10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. Subject to any limitations and requirements of Delaware law, each individual who is or will have
been a member of the Board, or a Committee appointed by the Board, or an officer or employee of the Company to whom authority was
delegated in accordance with Section 3.1 of this Plan, will be indemnified and held harmless by the Company against and from any
loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of
any action taken or failure to act under this Plan and against and from any and all amounts paid by him or her in settlement thereof,
with the Company&rsquo;s approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding
against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same
before he or she undertakes to handle and defend it on his/her own behalf. The foregoing right of indemnification will not be exclusive
of any other rights of indemnification to which such individuals may be entitled under the Company&rsquo;s Certificate of Incorporation
or Bylaws, as a matter of law, or otherwise, or pursuant to any agreement with the Company, or any power that the Company may have
to indemnify them or hold them harmless.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>exh_102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM OF INCENTIVE STOCK OPTION AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">THIS INCENTIVE STOCK OPTION AGREEMENT is entered
into and effective as of __________, 20__ (the &ldquo;Date of Grant&rdquo;), by and between Northern Technologies International
Corporation (the &ldquo;Company&rdquo;) and ______________ (the &ldquo;Optionee&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the Northern Technologies International Corporation 2019 Stock Incentive Plan (the &ldquo;Plan&rdquo;) authorizing
the Board of Directors of the Company, or a committee as provided for in the Plan (the Board or such a committee to be referred
to as the &ldquo;Committee&rdquo;), to grant incentive stock options to employees of the Company and its Subsidiaries (as defined
in the Plan).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Optionee is an employee of the Company or one of its Subsidiaries (as defined in the Plan).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company desires to give the Optionee an inducement to acquire a proprietary interest in the Company and an added incentive to advance
the interests of the Company by granting to the Optionee an option to purchase shares of common stock of the Company pursuant to
the Plan.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Accordingly, the parties agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant of Option</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Effective as of the Date of Grant, the Company
hereby grants to the Optionee the right, privilege, and option (the &ldquo;Option&rdquo;) to purchase _______________ (______)
shares (the &ldquo;Option Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.02 per share (the &ldquo;Common Stock&rdquo;),
according to the terms and subject to the conditions hereinafter set forth and as set forth in the Plan. Subject to Section 9 of
this Agreement, the Option is intended to be an &ldquo;incentive stock option,&rdquo; as that term is used in Section 422 of the
Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Option Exercise Price</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The per share price to be paid by Optionee in
the event of an exercise of the Option will be $______.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duration of Option and Time of Exercise</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Initial Period of Exercisability</U>. The Option will become exercisable with respect to the Option Shares [immediately/in
_____ installments]. [The following table sets forth the initial dates of exercisability of each installment and the number of
Option Shares as to which the Option will become exercisable on such dates:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Exercisability</U>&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Available for Exercise&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______]</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.1in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">[The foregoing rights to exercise the
Option will be cumulative with respect to the Option Shares becoming exercisable on each such date.] In no event will the Option
be exercisable after, and the Option will become void and expire as to all unexercised Option Shares at 5:00 p.m. Circle Pines,
Minnesota time on ______________________ (the &ldquo;Time of Termination&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Employment</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination Due to Death, Disability or Retirement</U>. In the event the Optionee&rsquo;s employment with the Company
and all Subsidiaries is terminated by reason of death, Disability (as defined in the Plan) or Retirement (as defined in the Plan),
the Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of twelve (12) months
after such termination (but in no event after the Time of Termination).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination for Reasons Other Than Death, Disability or Retirement</U>. In the event that the Optionee&rsquo;s employment
with the Company and all Subsidiaries is terminated for any reason other than death, Disability or Retirement, or the Optionee
is in the employ of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Optionee continues in
the employ of the Company or another Subsidiary), all rights of the Optionee under the Plan and this Agreement will immediately
terminate without notice of any kind, and the Option will no longer be exercisable; provided, however, that if such termination
is due to any reason other than termination by the Company or any Subsidiary for Cause (as defined in the Plan), the Option will
remain exercisable to the extent exercisable as of such termination for a period of three (3) months after such termination (but
in no event after the Time of Termination).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Actions Constituting Cause or Adverse Action</U>. Notwithstanding anything in this Agreement to the contrary
and in addition to the rights of the Committee under Sections 12.3, 12.5 and 12.6 of the Plan, in the event that the Optionee is
determined by the Committee, acting in its sole discretion, to have taken any action that would constitute Cause (as defined in
the Plan) or an Adverse Action (as defined in the Plan) during or within one (1) year after the termination of employment with
the Company or a Subsidiary, irrespective of whether such action or the Committee&rsquo;s determination occurs before or after
termination of such Optionee&rsquo;s employment with the Company or any Subsidiary and irrespective of whether or not the Optionee
was terminated as a result of such Cause or Adverse Action, (a) all rights of the Optionee under the Plan and any agreements evidencing
an Incentive Award then held by the Optionee, including without limitation the Option and this Agreement, will terminate and be
forfeited without notice of any kind, and (b) the Committee in its sole discretion will have the authority to rescind the exercise,
vesting or issuance of, or payment in respect of, any Incentive Awards of the Optionee that were exercised, vested or issued, or
as to which such payment was made, including without limitation the Option, and to require the Optionee to pay to the Company,
within ten (10) days of receipt from the Company of notice of such rescission, any amount received or the amount of any gain realized
as a result of such rescinded exercise, vesting, issuance or payment (including any dividends paid or other distributions made
with respect to any shares subject to any Incentive Award). The Company may defer the exercise of the Option for a period of up
to six (6) months after receipt of the Optionee&rsquo;s written notice of exercise for a period of up to six (6) months after the
date of such vesting in order for the Committee to make any determination as to the existence of Cause or an Adverse Action. The
Company will be entitled to withhold and deduct from future wages of the Optionee (or from other amounts that may be due and owing
to the Optionee from the Company or a Subsidiary) or make other arrangements for the collection of all amounts necessary to satisfy
such payment obligations. This Section 3.2(c) shall not apply following a Change in Control.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Control</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Impact of Change in Control</U>. If a Change in Control (as defined in the Plan) of the Company occurs, the Option will
become immediately exercisable in full and will remain exercisable until the Time of Termination, regardless of whether the Optionee
remains in the employ of the Company or any Subsidiary. In addition, if a Change in Control of the Company occurs, the Committee,
in its sole discretion and without the consent of the Optionee, may determine that the Optionee will receive, with respect to some
or all of the Option Shares, as of the effective date of any such Change in Control of the Company, cash in an amount equal to
the excess of the Fair Market Value (as defined in the Plan) of such Option Shares immediately prior to the effective date of such
Change in Control of the Company over the option exercise price per share of the Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Change in Control Payments</U>. Notwithstanding anything in this Section&nbsp;3.3 to the contrary, if,
with respect to the Optionee, the acceleration of the vesting of the Option or the payment of cash in exchange for all or part
of the Option Shares as provided above (which acceleration or payment could be deemed a &ldquo;payment&rdquo; within the meaning
of Section&nbsp;280G(b)(2) of the Code), together with any other &ldquo;payments&rdquo; that the Optionee has the right to receive
from the Company or any corporation that is a member of an &ldquo;affiliated group&rdquo; (as defined in Section&nbsp;1504(a) of
the Code without regard to Section&nbsp;1504(b) of the Code) of which the Company is a member, would constitute a &ldquo;parachute
payment&rdquo; (as defined in Section&nbsp;280G(b)(2) of the Code), then the &ldquo;payments&rdquo; to the Optionee as set forth
herein will be reduced to the largest amount as will result in no portion of such &ldquo;payments&rdquo; being subject to the excise
tax imposed by Section 4999 of the Code; provided, that such reduction shall be made only if the aggregate amount of the payments
after such reduction exceeds the difference between (A) the amount of such payments absent such reduction minus (B) the aggregate
amount of the excise tax imposed under Section 4999 of the Code attributable to any such excess parachute payments. Notwithstanding
the foregoing sentence, if the Optionee is subject to a separate agreement with the Company or a Subsidiary that expressly addresses
the potential application of Sections 280G or 4999 of the Code (including, without limitation, that &ldquo;payments&rdquo; under
such agreement or otherwise will be reduced, that the Optionee will have the discretion to determine which &ldquo;payments&rdquo;
will be reduced, that such &ldquo;payments&rdquo; will not be reduced or that such &ldquo;payments&rdquo; will be &ldquo;grossed
up&rdquo; for tax purposes), then this Section 3.3(b) will not apply, and any &ldquo;payments&rdquo; to the Optionee as provided
herein will be treated as &ldquo;payments&rdquo; arising under such separate agreement; <U>provided</U>, <U>however</U>, such separate
agreement may not modify the time or form of payment under any Incentive Award that constitutes deferred compensation subject to
Section 409A of the Code if the modification would cause such Incentive Award to become subject to the adverse tax consequences
specified in Section 409A of the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manner of Option Exercise</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice</U>. The Option may be exercised by the Optionee in whole or in part from time to time, subject to the conditions
contained in the Plan and in this Agreement, by delivery, in person, by facsimile or electronic transmission or through the mail,
to the Company at its principal executive office in Circle Pines, Minnesota, of a written notice of exercise. Such notice must
be in a form satisfactory to the Committee, must identify the Option, must specify the number of Option Shares with respect to
which the Option is being exercised, and must be signed by the person or persons so exercising the Option. Such notice must be
accompanied by payment in full of the total purchase price of the Option Shares purchased. In the event that the Option is being
exercised, as provided by the Plan and Section 3.2 above, by any person or persons other than the Optionee, the notice must be
accompanied by appropriate proof of right of such person or persons to exercise the Option. As soon as practicable after the effective
exercise of the Option, the Optionee will be recorded on the stock transfer books of the Company as the owner of the Option Shares
purchased, and the Company will deliver to the Optionee certificated or uncertificated (&ldquo;book entry&rdquo;) shares. In the
event that the Option is being exercised, as provided by resolutions of the Committee and Section 4.2 below, by tender of a Broker
Exercise Notice (as defined in the Plan), the Company will deliver such shares directly to the Optionee&rsquo;s broker or dealer
or their nominee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the time of exercise of the Option, the Optionee must pay the total purchase price of the Option Shares to be purchased
entirely in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion and
upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender
of a Broker Exercise Notice; (ii) by tender, or attestation as to ownership, of Previously Acquired Shares (as defined in the Plan)
that are acceptable to the Committee; (iii) by a &ldquo;net exercise&rdquo; of the Option (as described in the Plan); or (iv) by
a combination of such methods.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event the Optionee is permitted to pay the total purchase price of the Option in whole or in part with Previously
Acquired Shares, the value of such shares will be equal to their Fair Market Value on the date of exercise of the Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of a &ldquo;net exercise&rdquo; of an Option, the Company will not require a payment of the exercise price of
the Option from the Optionee but will reduce the number of shares of Common Stock issued upon the exercise by the largest number
of whole shares that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares
exercised under this method.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares of Common Stock will no longer be outstanding under the Option (and will therefore not thereafter be exercisable)
following the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under the &ldquo;net
exercise,&rdquo; (ii) shares actually delivered to the Optionee as a result of such exercise and (iii)&nbsp;any shares withheld
for purposes of tax withholding.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Optionee; Transferability</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employment</U>. Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Subsidiary
to terminate the employment of the Optionee at any time, nor confer upon the Optionee any right to continue in the employ of the
Company or any Subsidiary at any particular position or rate of pay or for any particular period of time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights as a Shareholder</U>. The Optionee will have no rights as a shareholder unless and until all conditions to the
effective exercise of the Option (including, without limitation, the conditions set forth in Sections 3, 4 and 6 of this Agreement)
have been satisfied and the Optionee has become the holder of record of such shares. No adjustment will be made for dividends or
distributions with respect to the Option as to which there is a record date preceding the date the Optionee becomes the holder
of record of such shares, except as may otherwise be provided in the Plan or determined by the Committee in its sole discretion.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions on Transfer</U>. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise
expressly permitted by the Plan, no right or interest of the Optionee in the Option prior to exercise may be assigned or transferred,
or subjected to any lien, during the lifetime of the Optionee, either voluntarily or involuntarily, directly or indirectly, by
operation of law or otherwise. The Optionee will, however, be entitled to designate a beneficiary to receive the Option upon such
Optionee&rsquo;s death, and, in the event of the Optionee&rsquo;s death, exercise of the Option (to the extent permitted pursuant
to Section 3.2(a) of this Agreement) may be made by the Optionee&rsquo;s legal representatives, heirs and legatees.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding Taxes</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">The Company is entitled to (a) withhold and
deduct from future wages of the Optionee (or from other amounts that may be due and owing to the Optionee from the Company or a
Subsidiary), or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all federal,
foreign, state and local withholding and employment-related tax requirements attributable to the Option, including, without limitation,
the grant, exercise or vesting of, the Option or a disqualifying disposition of any Option Shares; (b) withhold cash paid or payable
or shares of Common Stock from the shares issued or otherwise issuable to the Optionee in connection with the Option; or (c) require
the Optionee promptly to remit the amount of such withholding to the Company before taking any action, including issuing any shares
of Common Stock, with respect to the Option. Shares of Common Stock issued or otherwise issuable to the Optionee in connection
with the Option that gives rise to the tax withholding obligation that are withheld for purposes of satisfying the Optionee&rsquo;s
withholding or employment-related tax obligation will be valued at their Fair Market Value on the Tax Date. When withholding for
taxes is effected under this Agreement, it shall be withheld only up to an amount of tax withholding based on the maximum statutory
tax rates in the Optionee&rsquo;s applicable tax jurisdictions or such other rate that will not trigger a negative accounting impact
on the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">In the event of any reorganization, merger,
consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering,
divestiture or extraordinary dividend (including a spin-off), or any other similar change in the corporate structure or shares
of the Company, the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors
of the surviving corporation), in order to prevent dilution or enlargement of the rights of the Optionee, will make appropriate
adjustment (which determination will be conclusive) as to the number and kind of securities or other property (including cash)
subject to, and the exercise price of, the Option.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Subject to Plan</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">The Option and the Option Shares granted and
issued pursuant to this Agreement have been granted and issued under, and are subject to the terms of, the Plan. The terms of the
Plan are incorporated by reference in this Agreement in their entirety, and the Optionee, by execution of this Agreement, acknowledges
having received a copy of the Plan. The provisions of this Agreement will be interpreted as to be consistent with the Plan, and
any ambiguities in this Agreement will be interpreted by reference to the Plan. In the event that any provision of this Agreement
is inconsistent with the terms of the Plan, the terms of the Plan will prevail.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incentive Stock Option Limitations</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Amount</U>. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of
the shares of Common Stock with respect to which incentive stock options (within the meaning of Section 422 of the Code) are exercisable
for the first time by the Optionee during any calendar year (under the Plan and any other incentive stock option plans of the Company
or any subsidiary or parent corporation of the Company (within the meaning of the Code)) exceeds $100,000 (or such other amount
as may be prescribed by the Code from time to time), such excess incentive stock options will be treated as non-statutory stock
options in the manner set forth in the Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Exercisability; Disposition of Option Shares</U>. Any incentive stock option that remains unexercised more
than one year following termination of employment by reason of death or disability or more than three months following termination
for any reason other than death or Disability will thereafter be deemed to be a non-statutory stock option. In addition, in the
event that a disposition (as defined in Section 424(c) of the Code) of shares of Common Stock acquired pursuant to the exercise
of an incentive stock option occurs prior to the expiration of two years after its date of grant or the expiration of one year
after its date of exercise (a &ldquo;disqualifying disposition&rdquo;), such incentive stock option will, to the extent of such
disqualifying disposition, be treated in a manner similar to a non-statutory stock option. The Optionee shall notify the Company
in writing with thirty (30) days after a disqualifying disposition of the date and terms of such disposition and such other information
concerning the disposition as the Company reasonably determines it is required to have for tax purposes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Representation or Warranty</U>. Section 422 of the Code and the rules and regulations thereunder are complex, and
neither the Plan nor this Agreement purports to summarize or otherwise set forth all of the conditions that need to be satisfied
in order for the Option to qualify as an incentive stock option. In addition, the Option may contain terms and conditions that
allow for exercise of the Option beyond the periods permitted by Section 422 of the Code, including, without limitation, the periods
described in Section 9.2 of this Agreement. Accordingly, the Company makes no representation or warranty regarding whether the
exercise of the Option will qualify as the exercise of an incentive stock option, and the Company recommends that the Optionee
consult with the Optionee&rsquo;s own advisors before making any determination regarding the exercise of the Option or the sale
of the Option Shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Binding Effect</U>. This Agreement will be binding upon the heirs, executors, administrators and successors of the parties
to this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Venue</U>. This Agreement and all rights and obligations under this Agreement will be construed in accordance
with the Plan and governed by the laws of the State of Minnesota, without regard to conflicts of laws provisions. Any legal proceeding
related to this Agreement will be brought in an appropriate Minnesota court, and the parties to this Agreement consent to the exclusive
jurisdiction of the court for this purpose.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Agreement and the Plan set forth the entire agreement and understanding of the parties to
this Agreement with respect to the grant and exercise of the Option and the administration of the Plan and supersede all prior
agreements, arrangements, plans and understandings relating to the grant and exercise of the Option and the administration of the
Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Waiver</U>. Other than as provided in the Plan, this Agreement may be amended, waived, modified or canceled
only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U>. Wherever possible, each provision of this Agreement will be interpreted so that it is valid under the
applicable law. If any provision of this Agreement is to any extent invalid under the applicable law, that provision will still
be effective to the extent it remains valid. The remainder of this Agreement also will continue to be valid, and the entire Agreement
will continue to be valid in other jurisdictions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. For convenience of the parties hereto, this Agreement may be executed in any number of counterparts,
each such counterpart to be deemed an original instrument, and all such counterparts together to constitute the same agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nature of the Grant</U>. In accepting the Option and by execution of this Agreement, the Optionee acknowledges that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended
or terminated by the Company at any time, unless otherwise provided in the Plan or this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future
Option grants, or benefits in lieu of Option grants, even if Option grants have been granted repeatedly in the past.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Optionee is voluntarily participating in the Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The grant of the Option is not part of normal or expected compensation or salary for any purposes, including, but not limited
to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension
or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to,
past services for the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The future value of the underlying Common Stock is unknown and cannot be predicted with certainty and if Optionee vests
in the Option grant, exercises the Option in accordance with the terms of this Agreement and is issued shares of Common Stock,
the value of such shares may increase or decrease.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination
of the Option or diminution in value of the Option or shares acquired upon exercise of the Option resulting from termination of
Optionee&rsquo;s employment or service by the Company or one of its Subsidiaries (for any reason whatsoever and whether or not
in breach of local labor laws) and Optionee irrevocably releases the Company and its Subsidiaries from any such claim that may
arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by
acceptance of the Option and execution of this Agreement, Optionee shall be deemed irrevocably to have waived his or her entitlement
to pursue such claim.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
Optionee&rsquo;s participation in the Plan, or Optionee&rsquo;s purchase or sale of the underlying Option Shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Optionee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her
participation in the Plan before taking any action related to the Plan.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">The parties to this Agreement have executed
this Agreement effective the day and year first above written.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">NORTHERN TECHNOLOGIES</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">INTERNATIONAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">*By execution of this Agreement, the Optionee acknowledges having received electronically a copy of the Plan, the Prospectus relating to the Plan and the Company&rsquo;s most recent Annual Report on Form 10-K.&nbsp;&nbsp;The Optionee hereby agrees to accept electronic delivery of copies of any future amendments or supplements to the Prospectus or any future Prospectuses relating the Plan and copies of all reports, proxy statements and other communications distributed to the Company&rsquo;s security holders generally by email directed to the Optionee&rsquo;s Company email address.</P>


</DIV>

<DIV STYLE="float: right; width: 49%">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">OPTIONEE*</P>
        <P STYLE="font-size: 10pt; text-align: justify; text-indent: -3.4in; margin: 0pt 0 0pt 3.4in"></P>
        <P STYLE="font-size: 10pt; text-align: justify; text-indent: -3.4in; margin: 0pt 0 0pt 3.4in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(Signature)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(Name and Address)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>



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

</DIV>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">8</FONT></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM OF NON-STATUTORY STOCK OPTION AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">THIS NON-STATUTORY STOCK OPTION AGREEMENT is
entered into and effective as of __________, 20__ (the &ldquo;Date of Grant&rdquo;), by and between Northern Technologies International
Corporation (the &ldquo;Company&rdquo;) and ______________ (the &ldquo;Optionee&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the Northern Technologies International Corporation 2019 Stock Incentive Plan (the &ldquo;Plan&rdquo;) authorizing
the Board of Directors of the Company, or a committee as provided for in the Plan (the Board or such a committee to be referred
to as the &ldquo;Committee&rdquo;), to grant non-statutory stock options to Eligible Recipients (as defined in the Plan).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Optionee is an Eligible Recipient (as defined in the Plan).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company desires to give the Optionee an inducement to acquire a proprietary interest in the Company and an added incentive to advance
the interests of the Company by granting to the Optionee an option to purchase shares of common stock of the Company pursuant to
the Plan.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Accordingly, the parties agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant of Option</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Effective as of the Date of Grant, the Company
hereby grants to the Optionee the right, privilege, and option (the &ldquo;Option&rdquo;) to purchase _______________ (______)
shares (the &ldquo;Option Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.02 per share (the &ldquo;Common Stock&rdquo;),
according to the terms and subject to the conditions hereinafter set forth and as set forth in the Plan. The Option is not intended
to be an &ldquo;incentive stock option,&rdquo; as that term is used in Section 422 of the Internal Revenue Code of 1986, as amended
(the &ldquo;Code&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Option Exercise Price</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The per share price to be paid by Optionee in
the event of an exercise of the Option will be $______.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duration of Option and Time of Exercise</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Initial Period of Exercisability</U>. The Option will become exercisable with respect to the Option Shares [immediately/in
_____ installments]. [The following table sets forth the initial dates of exercisability of each installment and the number of
Option Shares as to which the Option will become exercisable on such dates:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Exercisability&nbsp;</U></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Available for Exercise&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">_______]</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.1in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">[The foregoing rights to exercise the
Option will be cumulative with respect to the Option Shares becoming exercisable on each such date.] In no event will the Option
be exercisable after, and the Option will become void and expire as to all unexercised Option Shares at 5:00 p.m. Circle Pines,
Minnesota time on ______________________ (the &ldquo;Time of Termination&rdquo;).</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Employment or Service</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination Due to Death, Disability or Retirement</U>. In the event the Optionee&rsquo;s employment or service relationship
with the Company and all Subsidiaries is terminated by reason of death, Disability (as defined in the Plan) or Retirement (as defined
in the Plan), the Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of
twelve (12) months after such termination (but in no event after the Time of Termination).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination for Reasons Other Than Death, Disability or Retirement</U>. In the event that the Optionee&rsquo;s employment
or service relationship with the Company and all Subsidiaries is terminated for any reason other than death, Disability or Retirement,
or the Optionee is in the employ of or perform services to a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company
(unless the Optionee continues in the employ of or performs services to the Company or another Subsidiary), all rights of the Optionee
under the Plan and this Agreement will immediately terminate without notice of any kind, and the Option will no longer be exercisable;
provided, however, that if such termination is due to any reason other than termination by the Company or any Subsidiary for Cause
(as defined in the Plan), the Option will remain exercisable to the extent exercisable as of such termination for a period of three
(3) months after such termination (but in no event after the Time of Termination).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Actions Constituting Cause or Adverse Action</U>. Notwithstanding anything in this Agreement to the contrary
and in addition to the rights of the Committee under Sections 12.3, 12.5 and 12.6 of the Plan, in the event that the Optionee is
determined by the Committee, acting in its sole discretion, to have taken any action that would constitute Cause (as defined in
the Plan) or an Adverse Action (as defined in the Plan) during or within one (1) year after the termination of employment or other
service with the Company or a Subsidiary, irrespective of whether such action or the Committee&rsquo;s determination occurs before
or after termination of such Optionee&rsquo;s employment or other service with the Company or any Subsidiary and irrespective of
whether or not the Optionee was terminated as a result of such Cause or Adverse Action, (a) all rights of the Optionee under the
Plan and any agreements evidencing an Incentive Award then held by the Optionee, including without limitation the Option and this
Agreement, will terminate and be forfeited without notice of any kind, and (b) the Committee in its sole discretion will have the
authority to rescind the exercise, vesting or issuance of, or payment in respect of, any Incentive Awards of the Optionee that
were exercised, vested or issued, or as to which such payment was made, including without limitation the Option, and to require
the Optionee to pay to the Company, within ten (10) days of receipt from the Company of notice of such rescission, any amount received
or the amount of any gain realized as a result of such rescinded exercise, vesting, issuance or payment (including any dividends
paid or other distributions made with respect to any shares subject to any Incentive Award). The Company may defer the exercise
of the Option for a period of up to six (6) months after receipt of the Optionee&rsquo;s written notice of exercise for a period
of up to six (6) months after the date of such vesting in order for the Committee to make any determination as to the existence
of Cause or an Adverse Action. The Company will be entitled to withhold and deduct from future wages of the Optionee (or from other
amounts that may be due and owing to the Optionee from the Company or a Subsidiary) or make other arrangements for the collection
of all amounts necessary to satisfy such payment obligations. This Section 3.2(c) shall not apply following a Change in Control.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Control</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Impact of Change in Control</U>. If a Change in Control (as defined in the Plan) of the Company occurs, the Option will
become immediately exercisable in full and will remain exercisable until the Time of Termination, regardless of whether the Optionee
remains in the employ or service of the Company or any Subsidiary. In addition, if a Change in Control of the Company occurs, the
Committee, in its sole discretion and without the consent of the Optionee, may determine that the Optionee will receive, with respect
to some or all of the Option Shares, as of the effective date of any such Change in Control of the Company, cash in an amount equal
to the excess of the Fair Market Value (as defined in the Plan) of such Option Shares immediately prior to the effective date of
such Change in Control of the Company over the option exercise price per share of the Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Change in Control Payments</U>. Notwithstanding anything in this Section&nbsp;3.3 to the contrary, if,
with respect to the Optionee, the acceleration of the vesting of the Option or the payment of cash in exchange for all or part
of the Option Shares as provided above (which acceleration or payment could be deemed a &ldquo;payment&rdquo; within the meaning
of Section&nbsp;280G(b)(2) of the Code), together with any other &ldquo;payments&rdquo; that the Optionee has the right to receive
from the Company or any corporation that is a member of an &ldquo;affiliated group&rdquo; (as defined in Section&nbsp;1504(a) of
the Code without regard to Section&nbsp;1504(b) of the Code) of which the Company is a member, would constitute a &ldquo;parachute
payment&rdquo; (as defined in Section&nbsp;280G(b)(2) of the Code), then the &ldquo;payments&rdquo; to the Optionee as set forth
herein will be reduced to the largest amount as will result in no portion of such &ldquo;payments&rdquo; being subject to the excise
tax imposed by Section 4999 of the Code; provided, that such reduction shall be made only if the aggregate amount of the payments
after such reduction exceeds the difference between (A) the amount of such payments absent such reduction minus (B) the aggregate
amount of the excise tax imposed under Section 4999 of the Code attributable to any such excess parachute payments. Notwithstanding
the foregoing sentence, if the Optionee is subject to a separate agreement with the Company or a Subsidiary that expressly addresses
the potential application of Sections 280G or 4999 of the Code (including, without limitation, that &ldquo;payments&rdquo; under
such agreement or otherwise will be reduced, that the Optionee will have the discretion to determine which &ldquo;payments&rdquo;
will be reduced, that such &ldquo;payments&rdquo; will not be reduced or that such &ldquo;payments&rdquo; will be &ldquo;grossed
up&rdquo; for tax purposes), then this Section 3.3(b) will not apply, and any &ldquo;payments&rdquo; to the Optionee as provided
herein will be treated as &ldquo;payments&rdquo; arising under such separate agreement; <U>provided</U>, <U>however</U>, such separate
agreement may not modify the time or form of payment under any Incentive Award that constitutes deferred compensation subject to
Section 409A of the Code if the modification would cause such Incentive Award to become subject to the adverse tax consequences
specified in Section 409A of the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manner of Option Exercise</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice</U>. The Option may be exercised by the Optionee in whole or in part from time to time, subject to the conditions
contained in the Plan and in this Agreement, by delivery, in person, by facsimile or electronic transmission or through the mail,
to the Company at its principal executive office in Circle Pines, Minnesota, of a written notice of exercise. Such notice must
be in a form satisfactory to the Committee, must identify the Option, must specify the number of Option Shares with respect to
which the Option is being exercised, and must be signed by the person or persons so exercising the Option. Such notice must be
accompanied by payment in full of the total purchase price of the Option Shares purchased. In the event that the Option is being
exercised, as provided by the Plan and Section 3.2 above, by any person or persons other than the Optionee, the notice must be
accompanied by appropriate proof of right of such person or persons to exercise the Option. As soon as practicable after the effective
exercise of the Option, the Optionee will be recorded on the stock transfer books of the Company as the owner of the Option Shares
purchased, and the Company will deliver to the Optionee certificated or uncertificated (&ldquo;book entry&rdquo;) shares. In the
event that the Option is being exercised, as provided by resolutions of the Committee and Section 4.2 below, by tender of a Broker
Exercise Notice (as defined in the Plan), the Company will deliver such shares directly to the Optionee&rsquo;s broker or dealer
or their nominee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the time of exercise of the Option, the Optionee must pay the total purchase price of the Option Shares to be purchased
entirely in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion and
upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender
of a Broker Exercise Notice; (ii) by tender, or attestation as to ownership, of Previously Acquired Shares (as defined in the Plan)
that are acceptable to the Committee; (iii) by a &ldquo;net exercise&rdquo; of the Option (as described in the Plan); or (iv) by
a combination of such methods.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event the Optionee is permitted to pay the total purchase price of the Option in whole or in part with Previously
Acquired Shares, the value of such shares will be equal to their Fair Market Value on the date of exercise of the Option.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of a &ldquo;net exercise&rdquo; of an Option, the Company will not require a payment of the exercise price of
the Option from the Optionee but will reduce the number of shares of Common Stock issued upon the exercise by the largest number
of whole shares that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares
exercised under this method.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares of Common Stock will no longer be outstanding under the Option (and will therefore not thereafter be exercisable)
following the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under the &ldquo;net
exercise,&rdquo; (ii) shares actually delivered to the Optionee as a result of such exercise and (iii)&nbsp;any shares withheld
for purposes of tax withholding.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Optionee; Transferability</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employment or Service</U>. Nothing in this Agreement will interfere with or limit in any way the right of the Company
or any Subsidiary to terminate the employment or service of the Optionee at any time, nor confer upon the Optionee any right to
continue in the employ of or provide services to the Company or any Subsidiary at any particular position or rate of pay or for
any particular period of time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights as a Shareholder</U>. The Optionee will have no rights as a shareholder unless and until all conditions to the
effective exercise of the Option (including, without limitation, the conditions set forth in Sections 3, 4 and 6 of this Agreement)
have been satisfied and the Optionee has become the holder of record of such shares. No adjustment will be made for dividends or
distributions with respect to the Option as to which there is a record date preceding the date the Optionee becomes the holder
of record of such shares, except as may otherwise be provided in the Plan or determined by the Committee in its sole discretion.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions on Transfer</U>. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise
expressly permitted by the Plan, no right or interest of the Optionee in the Option prior to exercise may be assigned or transferred,
or subjected to any lien, during the lifetime of the Optionee, either voluntarily or involuntarily, directly or indirectly, by
operation of law or otherwise. The Optionee will, however, be entitled to designate a beneficiary to receive the Option upon such
Optionee&rsquo;s death, and, in the event of the Optionee&rsquo;s death, exercise of the Option (to the extent permitted pursuant
to Section 3.2(a) of this Agreement) may be made by the Optionee&rsquo;s legal representatives, heirs and legatees.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding Taxes</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">The Company is entitled to (a) withhold and
deduct from future wages of the Optionee (or from other amounts that may be due and owing to the Optionee from the Company or a
Subsidiary), or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all federal,
foreign, state and local withholding and employment-related tax requirements attributable to the Option, including, without limitation,
the grant, exercise or vesting of, the Option or a disqualifying disposition of any Option Shares; (b) withhold cash paid or payable
or shares of Common Stock from the shares issued or otherwise issuable to the Optionee in connection with the Option; or (c) require
the Optionee promptly to remit the amount of such withholding to the Company before taking any action, including issuing any shares
of Common Stock, with respect to the Option. Shares of Common Stock issued or otherwise issuable to the Optionee in connection
with the Option that gives rise to the tax withholding obligation that are withheld for purposes of satisfying the Optionee&rsquo;s
withholding or employment-related tax obligation will be valued at their Fair Market Value on the Tax Date. When withholding for
taxes is effected under this Agreement, it shall be withheld only up to an amount of tax withholding based on the maximum statutory
tax rates in the Optionee&rsquo;s applicable tax jurisdictions or such other rate that will not trigger a negative accounting impact
on the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">In the event of any reorganization, merger,
consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering,
divestiture or extraordinary dividend (including a spin-off), or any other similar change in the corporate structure or shares
of the Company, the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors
of the surviving corporation), in order to prevent dilution or enlargement of the rights of the Optionee, will make appropriate
adjustment (which determination will be conclusive) as to the number and kind of securities or other property (including cash)
subject to, and the exercise price of, the Option.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Subject to Plan</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">The Option and the Option Shares granted and
issued pursuant to this Agreement have been granted and issued under, and are subject to the terms of, the Plan. The terms of the
Plan are incorporated by reference in this Agreement in their entirety, and the Optionee, by execution of this Agreement, acknowledges
having received a copy of the Plan. The provisions of this Agreement will be interpreted as to be consistent with the Plan, and
any ambiguities in this Agreement will be interpreted by reference to the Plan. In the event that any provision of this Agreement
is inconsistent with the terms of the Plan, the terms of the Plan will prevail.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Binding Effect</U>. This Agreement will be binding upon the heirs, executors, administrators and successors of the parties
to this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Venue</U>. This Agreement and all rights and obligations under this Agreement will be construed in accordance
with the Plan and governed by the laws of the State of Minnesota, without regard to conflicts of laws provisions. Any legal proceeding
related to this Agreement will be brought in an appropriate Minnesota court, and the parties to this Agreement consent to the exclusive
jurisdiction of the court for this purpose.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Agreement and the Plan set forth the entire agreement and understanding of the parties to
this Agreement with respect to the grant and exercise of the Option and the administration of the Plan and supersede all prior
agreements, arrangements, plans and understandings relating to the grant and exercise of the Option and the administration of the
Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Waiver</U>. Other than as provided in the Plan, this Agreement may be amended, waived, modified or canceled
only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U>. Wherever possible, each provision of this Agreement will be interpreted so that it is valid under the
applicable law. If any provision of this Agreement is to any extent invalid under the applicable law that provision will still
be effective to the extent it remains valid. The remainder of this Agreement also will continue to be valid, and the entire Agreement
will continue to be valid in other jurisdictions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. For convenience of the parties hereto, this Agreement may be executed in any number of counterparts,
each such counterpart to be deemed an original instrument, and all such counterparts together to constitute the same agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nature of the Grant</U>. In accepting the Option and by execution of this Agreement, the Optionee acknowledges that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended
or terminated by the Company at any time, unless otherwise provided in the Plan or this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future
Option grants, or benefits in lieu of Option grants, even if Option grants have been granted repeatedly in the past.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Optionee is voluntarily participating in the Plan.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The grant of the Option is not part of normal or expected compensation or salary for any purposes, including, but not limited
to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension
or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to,
past services for the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The future value of the underlying Common Stock is unknown and cannot be predicted with certainty and if Optionee vests
in the Option grant, exercises the Option in accordance with the terms of this Agreement and is issued shares of Common Stock,
the value of such shares may increase or decrease.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination
of the Option or diminution in value of the Option or shares acquired upon exercise of the Option resulting from termination of
Optionee&rsquo;s employment or service by the Company or one of its Subsidiaries (for any reason whatsoever and whether or not
in breach of local labor laws) and Optionee irrevocably releases the Company and its Subsidiaries from any such claim that may
arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by
acceptance of the Option and execution of this Agreement, Optionee shall be deemed irrevocably to have waived his or her entitlement
to pursue such claim.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
Optionee&rsquo;s participation in the Plan, or Optionee&rsquo;s purchase or sale of the underlying Option Shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Optionee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her
participation in the Plan before taking any action related to the Plan.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>[Remainder of page intentionally left blank]</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.6in">The parties to this Agreement have executed
this Agreement effective the day and year first above written.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">NORTHERN TECHNOLOGIES</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">INTERNATIONAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">*By execution of this Agreement, the Optionee acknowledges having received electronically a copy of the Plan, the Prospectus relating to the Plan and the Company&rsquo;s most recent Annual Report on Form 10-K.&nbsp;&nbsp;The Optionee hereby agrees to accept electronic delivery of copies of any future amendments or supplements to the Prospectus or any future Prospectuses relating the Plan and copies of all reports, proxy statements and other communications distributed to the Company&rsquo;s security holders generally by email directed to the Optionee&rsquo;s Company email address.</P>
</DIV>

<DIV STYLE="float: right; width: 49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">OPTIONEE</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(Signature)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(Name and Address)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
</DIV>
<br clear="all">
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">8</FONT></P>

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</SEC-DOCUMENT>
