Exhibit 10.1



 






Exhibit 10.1




THE SCOTTS MIRACLE-GRO COMPANY

DISCOUNTED STOCK PURCHASE PLAN




1.00 PURPOSE




     This Plan is intended to foster and promote the Company’s long-term financial success and to
increase shareholder value by [1] providing Participants an opportunity to acquire an ownership
interest in the Company and [2] enabling the Company to attract and retain the services of
outstanding individuals upon whose judgment, interest and dedication the successful conduct of the
Company’s business is largely dependent.



2.00 DEFINITIONS




     When used in this Plan, the following terms will have the meanings given to them in this
section unless another meaning is expressly provided elsewhere in this document or clearly required
by the context. When applying these definitions, the form of any term or word will include any of
its other forms.



     Act. The Securities Exchange Act of 1934, as amended.



     Beneficiary. The person who has the right to receive (or exercise) any Plan benefits (or
rights) that are unpaid (or unexercised) when the Participant dies.



     Board. The Company’s Board of Directors.



     Change in Control. The occurrence of any of the following events:




     [1] Any “person,” including a “group” [as such terms are used in Act §§13(d) and
14(d)(2), but excluding the Company, any of its Subsidiaries, any employee benefit plan of
the Company or any of its Subsidiaries or Hagedorn Partnership, L.P. or any party related to
Hagedorn Partnership, L.P. as determined by the Committee] is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of
the Company representing more than 30 percent of the combined voting power of the Company’s
then outstanding securities; or




     [2] The adoption or authorization by the shareholders of the Company of a definitive
agreement or a series of related agreements [a] for the merger or other business combination
of the Company with or into another entity in which the shareholders of the Company
immediately before the effective date of such merger or other business combination own less
than 50 percent of the voting power in such entity; or [b] for the sale or other disposition
of all or substantially all of the assets of the Company; or




     [3] The adoption by the shareholders of the Company of a plan relating to the
liquidation or dissolution of the Company; or



 









 






     [4] For any reason, Hagedorn Partnership, L.P. or any party related to Hagedorn
Partnership, L.P. as determined by the Committee becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing more than 49 percent of the combined voting power of the Company’s then
outstanding securities.



     Code. The Internal Revenue Code of 1986, as in effect on the Effective Date or as amended or
superseded after the Effective Date, and any regulations and applicable rulings issued under the
Code.



     Committee. The committee to which the Board delegates responsibility for administering the
Plan.



     Company. The Scotts Miracle-Gro Company, an Ohio corporation, and any successor to it.



     Custodial Account. The account established for each Participant to which the Company
transfers shares of Stock acquired under the Plan.



     Designated Subsidiary. Any Subsidiary that has been designated by the Committee as a
Subsidiary whose Employees shall be eligible to participate in the Plan.



     Effective Date. The date the Plan was originally adopted by the Board.



     Eligible Employee. As of any Entry Date, [1] any U.S.-based regular full-time or permanent
part-time Employee who [a] has reached age 18, [b] is not a seasonal employee (i.e., as determined
by the Committee), [c] has been an Employee for at least 15 days before the applicable Entry Date,
and [d] complies with Section 3.00 and other Plan provisions; and [2] any non-U.S.-based Employee
of an Employer who [a] meets the eligibility criteria established by the Committee from time to
time for non-U.S.-based Employees of such Employer and [b] complies with Section 3.00 and other
Plan provisions.



     Employee. Any person who, on an applicable Entry Date, is a common law employee of any
Employer. A worker who is classified as other than a common law employee but who is subsequently
reclassified as a common law employee of an Employer for any reason and on any basis will be
treated as a common law employee from the first Entry Date that begins after the date of that
determination and will not retroactively be reclassified as an Employee for any purpose of this
Plan. The term “Employee” shall also include any person who provides services to the Company or a
Subsidiary that are equivalent to those typically provided by an employee.



     Employer. The Company and each Designated Subsidiary employing an Eligible Employee.



     Entry Date. The first day of each Offering Period and the date that Purchase Rights are
granted under the Plan for the ensuing Offering Period.



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     Fair Market Value. The value of one share of Stock on any relevant date, determined under the
following rules:




     [1] If the Stock is traded on an exchange, the reported “closing price” on the relevant
date, if it is a trading day, otherwise on the next trading day;




     [2] If the Stock is traded over-the-counter with no reported closing price, the mean
between the lowest bid and the highest asked prices on that quotation system on the relevant
date if it is a trading day, otherwise on the next trading day; or




     [3] If neither of the preceding apply, the fair market value as determined by the
Committee in good faith.



     Offering Period. The period during which payroll deductions will be accumulated in Plan
Accounts to fund the purchase of shares of Stock. Each Offering Period will consist of one calendar
month, unless a different period is established by the Committee and announced to Eligible
Employees before the beginning of the Offering Period.



     Participant. Any Eligible Employee who complies with the conditions described in Section 3.00
for the current Offering Period.



     Plan. The Scotts Miracle-Gro Company Discounted Stock Purchase Plan (as Amended and Restated
as of January 26, 2006). This program is not intended to comply with Code §§422 or 423.



     Plan Account. The individual account established by the Committee for each Participant and to
which all amounts described in Section 3.01[1][a] are credited until applied as described in
Section 6.00.



     Purchase Date. The last day of each Offering Period and the date on which shares of Stock are
purchased in exchange for the Purchase Price.



     Purchase Price. The price that each Participant must pay to purchase shares of Stock under
this Plan but which may never be less than 90 percent of the Fair Market Value of a share of Stock
on each Purchase Date (or the first trading day following the Purchase Date if the Purchase Date is
not a trading date).



     Purchase Right. The right to purchase shares of Stock subject to the terms of the Plan.



     Stock. A common share, without par value, issued by the Company.



     Subsidiary. Any corporation, partnership or other form of unincorporated entity of which the
Company owns, directly or indirectly, 50 percent or more of the total combined voting power of all
classes of stock, if the entity is a corporation; or of the capital or profits interest, if the
entity is a partnership or another form of unincorporated entity.



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     Termination. Cessation of the employee-employer relationship between a Participant and each
Employer for any reason. Also, a Participant will be treated as having Terminated on the date his
or her employer is no longer an Employer.



3.00 PARTICIPATION




     3.01 Enrollment.




     [1] Each Eligible Employee may become a Participant for any Offering Period beginning
after the date he or she complies with each of the following conditions:




     [a] Authorizes the Employer to withhold a portion of his or her taxable
compensation. This authorization will be made under rules developed by the Committee
within the following limits: each authorization [i] must be stated in whole dollars,
[ii] may not authorize or result in authorization of a deduction [A] less than the
amount specified by the Committee (which may never be less than $10.00 per pay
period or [B] more than the amount specified by the Committee (which may never be
more than, in the aggregate, $24,000 for each Plan Year), [iii] must be signed by
the enrolling Eligible Employee and [iv] must be delivered to the Committee within
the period specified by the Committee.




     [b] Complies with any other rules established by the Committee.




     [2] By enrolling in the Plan, each Participant will be deemed to have [a] agreed to the
terms of the Plan and [b] authorized the Employer to withhold from his or her compensation
[i] the amounts authorized under Section 3.01[1][a] and [ii] any taxes and other amounts due
in connection with any transaction contemplated by the Plan.



     3.02 Duration of Election to Participate.



     Subject to the terms of the Plan:




     [1] Participants’ withholding elections will be implemented beginning with the first
payroll period with a paycheck date in the Offering Period for which it is filed and will
remain in effect until revoked or changed under the rules described in Section 3.02[2].




     [2] A Participant who elects to participate in the Plan for any Offering Period by
complying with the rules described in Section 3.01 may change or revoke that election for
any subsequent Offering Period but only by complying with the rules described in Section
3.01 as if the changed or revoked election were a new election. Any change to or revocation
of an earlier election will be effective as of the first day of the first Offering Period
beginning at least 15 calendar days after the revised election is delivered to the Committee
and will remain in effect until revoked or changed under the rules described in this
section.



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     3.03 No Interest Paid. No interest will be paid with respect to any amount credited to or
held in any Plan Account.



4.00 ADMINISTRATION




     4.01 Committee Duties.




     [1] The Committee is responsible for administering the Plan and has all powers
appropriate and necessary to that purpose. Consistent with the Plan’s objectives, the
Committee may adopt, amend and rescind rules and regulations relating to the Plan, to the
extent appropriate to protect the Company’s interests and has complete discretion to make
all other decisions necessary or advisable for the administration and interpretation of the
Plan. The authority of the Committee specifically includes, without limitation, the power to
make any changes to the Plan with respect to the participation of employees of any
Designated Subsidiary that is organized under the laws of a country other than the United
States of America when the Committee deems such changes to be necessary or appropriate to
achieve a desired tax treatment in such non-U.S. jurisdiction or to comply with the laws
applicable to such non-U.S. Subsidiaries. Such changes may include, without limitation,
establishment of or modifications to eligibility criteria, maximum number or value of shares
that may be purchased in a given period, or other requirements set forth herein; and
procedural or administrative modifications. Any modification relating to offerings to a
particular Designated Subsidiary will apply only to such Designated Subsidiary, and will
apply equally to all similarly situated employees of such Designated Subsidiary. Any action
by the Committee will be final, binding and conclusive for all purposes and upon all
persons. The Committee is granted all powers appropriate and necessary to administer the
Plan.




     [2] Consistent with the terms of the Plan, the Committee:




     [a] May exercise all discretion retained to it under the Plan;




     [b] Will establish the number of shares of Stock that may be acquired during
each Offering Period if the number available during any Offering Period is less than
all remaining available shares determined under Section 5.02;




     [c] May develop and impose other terms and conditions it believes are
appropriate and necessary to implement the purposes of this Plan;




     [d] Will establish and maintain a Plan Account for each Participant to which
will be [i] credited with amounts described in Section 3.01[1][a] and [ii] debited
with all amounts applied to purchase shares of Stock;




     [e] Will establish a Custodial Account for each Participant which will be
credited with shares of Stock until distributed as provided in Section 7.00;



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     [f] Will administer procedures through which Eligible Employees may enroll in
the Plan;




     [g] Will disseminate information about the Plan to Eligible Employees; and




     [h] Will apply all Plan rules and procedures.



     4.02 Delegation of Ministerial Duties. In its sole discretion, the Committee may delegate any
ministerial duties associated with the Plan to any person (including employees) that it deems
appropriate other than those duties described in Section 4.01[2][a], [b] and [c].



     4.03 General Limit on Committee. Consistent with applicable law and Plan terms, the Plan will
be administered in a manner that extends equal rights and privileges to all Participants.



5.00 OFFERING




     5.01 Right to Purchase. Subject to Sections 5.02, 5.03 and 6.00, the number of shares of
Stock that may be purchased during each Offering Period will be established by the Committee before
the beginning of each Offering Period.



     5.02 Number of Shares of Stock. Subject to Section 5.03, the aggregate number of shares of
Stock that may be purchased under the Plan is 300,000.



     5.03 Adjustment in Capitalization. If, after the Effective Date, there is a Stock dividend or
Stock split, recapitalization (including payment of an extraordinary dividend), merger,
consolidation, combination, spin-off, distribution of assets to shareholders, exchange of shares,
or other similar corporate change affecting Stock, the Committee will appropriately adjust [1] the
number of Purchase Rights that may or will be issued, [2] the aggregate number of shares of Stock
available under Section 5.02 or subject to outstanding Purchase Rights (as well as any share-based
limits imposed under this Plan), [3] the respective Purchase Price, number of shares and other
limitations applicable to outstanding or subsequently issued Purchase Rights and [4] any other
factors, limits or terms affecting any outstanding or subsequently issued Purchase Rights.



     5.04 Source of Stock. Shares of Stock to be purchased under the Plan may, in the Committee’s
discretion, be newly issued shares or treasury shares previously acquired by the Company. Shares of
authorized but unissued shares of Stock may not be delivered under the Plan if the Purchase Price
is less than the par value of the Stock.



6.00 PURCHASE OF SHARES




     6.01 Purchase.




     [1] Throughout each Offering Period, the Employer will withhold from each Participant’s
regular payroll the amount the Participant has elected under Section



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3.01[1][a]. These amounts will be held in the Participant’s Plan Account until the
Purchase Date.




     [2] As of each Purchase Date and subject to the Plan’s terms and limits, the value of
each Participant’s Plan Account will be divided by the Purchase Price established for that
Offering Period and each Participant will be deemed to have purchased the number of whole
and fractional shares of Stock produced by dividing the value of the Participant’s Plan
Account as of the Purchase Date by the Purchase Price. Simultaneously, the Participant’s
Plan Account will be charged for the amount of the purchase.



     6.02 Remaining Available Shares.




     [1] If application of the procedures described in Section 6.01 would result in the
purchase of a number of shares of Stock larger than the number of shares of Stock offered
during that Offering Period, the Committee will allocate available shares of Stock among
Participants and any cash remaining in Participants’ Plan Accounts will be credited to the
next Offering Period and, subject to the terms of the Plan, applied along with additional
amounts credited to that Offering Period to purchase shares of Stock during that Offering
Period and at the Purchase Price established for that Offering Period.




     [2] If application of the procedures described in Section 6.01 would result in the
purchase of a number of shares of Stock less than the number of shares of Stock made
available for purchase for any Offering Period, the excess shares of Stock will be available
for purchase during any subsequent Offering Period.



     6.03 Delivery of Shares; Participants’ Custodial Accounts.




     [1] At or as promptly as practicable after the end of each Offering Period, the Company
will deliver the shares of Stock purchased by a Participant during that Offering Period to
the custodian for deposit into that Participant’s Custodial Account.




     [2] Unless the Committee decides otherwise, cash dividends on any shares of Stock
credited to a Participant’s Custodial Account will be automatically reinvested in additional
whole and fractional shares of Stock unless the Participant has affirmatively elected to
receive the dividend in cash. All cash dividends credited to Participants’ Custodial
Accounts will be paid over by the Company to the custodian at the dividend payment date and
all cash dividends to be paid to a Participant in cash will be distributed at the dividend
payment date. Purchases of Stock for purposes of dividend reinvestment will be made as
promptly as practicable (but not more than 30 days) after a dividend payment date. The
custodian will make these purchases, as directed by the Committee, either [a] in
transactions on any securities exchange upon which shares of Stock are traded, otherwise in
the over-the-counter market, or in negotiated transactions, or [b] directly from the Company
at 100 percent of the Fair Market Value of a share of Stock on the dividend payment date.
These shares will be distributed as provided in Section 7.00.



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     [3] Each Participant’s Custodial Account will be credited with any shares of Stock
distributed as a dividend or distribution in respect of shares of Stock credited to that
Participant’s Custodial Account or in connection with a split of Stock credited to that
Participant’s Custodial Account.




     [4] As soon as reasonably practicable after receipt, the custodian will sell any
noncash dividends (other than Stock) received with respect to any Stock held in a
Participant’s Custodial Account and apply the proceeds of that sale to purchase additional
shares of Stock in the manner described in Section 6.03[2]. After this transaction is
completed, the custodian will credit the purchased shares of Stock to the Custodial Account
to which was credited the Stock with respect to which the noncash dividend was distributed.




     [5] Each Participant will be entitled to vote the number of shares of Stock credited to
his or her Custodial Account (including any fractional shares) on any matter as to which the
approval of the Company’s shareholders is sought. If a Participant does not vote or grant a
valid proxy with respect to shares credited to his or her Custodial Account, those shares
will be voted by the custodian in accordance with any stock exchange or other rules
governing the custodian in the voting of shares held for customer accounts. Similar
procedures will apply in the case of any consent solicitation of Company shareholders.



7.00 TERMINATION/DISTRIBUTION OF CUSTODIAL ACCOUNTS




     7.01 Effect of Termination on Election to Participate.



     A Participant who Terminates will be deemed to have withdrawn from the Plan. Any cash amounts
credited to his or her Plan Account for the Offering Period during which the Termination occurs
will be used to purchase shares of Stock to be credited to his or her Plan Account. No shares of
Stock will be purchased for that Participant for any Offering Period after the Offering Period
during which he or she terminates.



     7.02 Distribution of Custodial Accounts.




     [1] Subject to Section 8.00, no later than the earlier of [a] 12 full calendar months
beginning after the end of each Offering Period or [b] the beginning of the Offering Period
following the date the Participant Terminates for any reason, all whole shares of Stock and
cash held in his or her Custodial Account will be distributed to the Participant or
transferred as the Participant elects and any fractional shares of Stock held in a Custodial
Account will be converted to cash equal to the Fair Market Value of the fractional share on
the Termination date.




     [2] Shares of Stock held in Custodial Accounts that are to be distributed to a former
Participant will be distributed in one or more certificates for whole shares issued in the
name of and delivered to the Participant.



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     [3] Custodial Accounts that are to be transferred to a broker-dealer or financial
institution that maintains an account for the Participant will be transferred in one or more
certificates for whole shares, and cash in lieu of fractional shares will be paid directly
to the former Participant as determined under Section 7.02[1].




     [4] Any Participant that wants to withdraw or transfer shares of Stock must give
instructions to the custodian in a form and manner that complies with rules prescribed by
the Committee and the custodian.



8.00 MERGER, CONSOLIDATION OR SIMILAR EVENT




     If the Company undergoes a Change in Control, all shares of Stock and cash held in each
Participant’s Custodial Account will be made available under procedures developed by the Custodian
and the Committee.



9.00 AMENDMENT, MODIFICATION AND TERMINATION OF PLAN




     9.01 Amendment, Modification, Termination of Plan. The Plan will automatically terminate
after all available shares have been sold. Also, the Board may terminate, suspend or amend the Plan
at any time without shareholder approval except to the extent that shareholder approval is required
to satisfy applicable requirements imposed by [1] Rule 16b-3 under the Act, or any successor rule
or regulation, [2] applicable requirements of the Code or [3] any securities exchange, market or
other quotation system on or through on which the Company’s securities are listed or traded. Also,
no Plan amendment may [4] result in the loss of a Committee member’s status as a “non-employee
director” as defined in Rule 16b-3 under the Act, or any successor rule or regulation, with respect
to any employee benefit plan of the Company, [5] cause the Plan to fail to meet requirements
imposed by Rule 16b-3 or [6] without the consent of the affected Member adversely affect any
Purchase Right issued before the amendment, modification or termination. However, nothing in this
section will restrict the Committee’s right to exercise the discretion retained in Section 4.00.



     9.02 Effect of Plan Termination.




     [1] If the Plan is terminated effective on a day other than the last day of any
Offering Period, the Offering Period during which the Plan is terminated also will end on
the same day. Any cash balances held in Plan Accounts and Custodial Accounts when the Plan
is terminated will be repaid by check or cash to the Participant for whom the Plan Account
was established, and no additional shares of Stock will be sold through this Plan for that
Offering Period. All shares of Stock held in Custodial Accounts will be distributed
following the procedures described in Section 7.02.




     [2] If the plan is terminated as of the last day of any Offering Period, the Committee
will apply the terms of the Plan through the end of that Offering Period. However, no
further shares of Stock will be offered under this Plan for any subsequent Offering Period
and all shares of Stock the held in Custodial Accounts will be distributed following the
procedures described in Section 7.02.



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10.00 MISCELLANEOUS




     10.01 Restriction on Transfers. No right or benefit under the Plan may be transferred,
assigned, alienated, pledged or otherwise disposed of in any way by a Participant. All rights and
benefits under the Plan may be exercised during the Participant’s lifetime only by the Participant.



     10.02 Beneficiary. If a Participant dies, the deceased Participant’s Beneficiary will be his
or her surviving spouse or, if there is no surviving spouse, the deceased Participant’s estate.



     10.03 No Guarantee of Employment. Nothing in the Plan may be construed as:




     [1] Interfering with or limiting the right of any Employer to terminate any
Participant’s employment at any time; or




     [2] Conferring on any Participant or Employee any right to continue as an Employee.



     Further, the Participant will not be entitled by reason of participation in the Plan to any
compensation, in connection with termination of employment, for loss of any right or benefit or
prospective right or benefit which the employee might otherwise have enjoyed by way of damages for
breach of contract.



     10.04 No Promise of Future Awards. The right to purchase shares of Stock under this Plan is
being made available on a voluntary and discretionary basis and the Purchase Right with respect to
each individual Offering Period is being offered on a one-time basis and does not constitute a
commitment to make any Purchase Right available in the future. The right to purchase shares of
Stock hereunder will not be considered salary or other compensation for purposes of any severance
pay or similar allowance, except as otherwise required by law.



     10.05 Tax Requirements and Notification. Each Participant is solely responsible for
satisfying any applicable local, state, federal and foreign tax requirements associated with any
taxable amount received from or associated with his or her participation in the Plan. The Employer
will withhold required taxes in the same manner and for the same taxing jurisdiction as it
withholds taxes from Participants’ other compensation.



     10.06 Indemnification. Each individual who is or was a member of the Committee or of the
Board 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 made a party
or in which he or she may be involved by reason of any action taken or failure to take action under
the Plan as a Committee member and against and from any and all amounts paid, with the Company’s
approval, by him or her in settlement of any matter related to or arising from the Plan as a
Committee member or paid by him or her in satisfaction of any judgment in any action, suit or
proceeding relating to or arising from the Plan against him or her as a Committee member, but only
if he or she gives the Company an opportunity, at its own



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expense, to handle and defend the matter before he or she undertakes to handle and defend it
in his or her own behalf. The right of indemnification described in this section is not exclusive
and is independent of any other rights of indemnification to which the individual may be entitled
under the Company’s organizational documents, by contract, as a matter of law or otherwise. The
foregoing right of indemnification is not exclusive and is independent of any other rights of
indemnification to which the person may be entitled under the Company’s organizational documents,
by contract, as a matter of law or otherwise.



     10.07 No Limitation on Compensation. Nothing in the Plan is to be construed to limit the
right of the Company to establish other plans or to pay compensation to its employees or directors,
in cash or property, in a manner not expressly authorized under the Plan.



     10.08 Requirements of Law. The availability of Purchase Rights and the issuance of shares of
Stock will be subject to all applicable laws, rules and regulations and to all required approvals
of any governmental agencies or national securities exchange, market or other quotation system.
Also, no shares of Stock will be sold under the Plan unless the Company is satisfied that the
issuance of those shares of Stock will comply with applicable federal and state securities laws and
any applicable securities laws of non-U.S. jurisdictions. Certificates for shares of Stock
delivered under the Plan may be subject to any stock transfer orders and other restrictions that
the Committee believes to be advisable under the rules, regulations and other requirements of the
Securities and Exchange Commission, any stock exchange or other recognized market or quotation
system upon which the Stock is then listed or traded, or any other applicable federal or state
securities law or any applicable securities laws of non-U.S. jurisdictions. The Committee may cause
a legend or legends to be placed on any certificates issued under the Plan to make appropriate
reference to restrictions within the scope of this section.



     10.09 Use of Funds. All amounts credited to and held in Plan Accounts may be used by the
Company for any corporate purpose and the Company is not required to segregate Plan Accounts from
its general assets.



     10.10 Expenses. Except as otherwise provided in this section and the Plan, costs and expenses
incurred in the administration of the Plan and maintenance of Plan Accounts will be paid by the
Company, including the custodian’s annual fees and any brokerage fees and commissions arising in
connection with the purchase of shares of Stock upon reinvestment of dividends and distributions.
In no circumstance will the Company pay any brokerage fees and commissions arising in connection
with the sale of shares of Stock acquired under the Plan by any Participant.



     10.11 Governing Law. The Plan and all related agreements will be construed in accordance with
and governed by the laws (other than laws governing conflicts of laws) of the United States and of
the State of Ohio.



     10.12 No Impact on Benefits. The right to purchase shares of Stock under this Plan is an
incentive designed to promote the objectives described in Section 1.00 and are not to be treated



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as compensation for purposes of calculating a Participant’s rights under any employee benefit
plan.



     10.13 Data Privacy. Information about the Participant and the Participant’s participation in
the Plan may be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Participant understands that such processing of this information
may need to be carried out by the Company and its Subsidiaries and by third party administrators
whether such persons are located within the Participant’s country or elsewhere, including the
United States of America. The Participant consents to the processing of information relating to the
Participant and the Participant’s participation in the Plan in any one or more of the ways referred
to above.



     10.14 Effective Date. The Plan was effective as of the Effective Date, subject to the
approval thereof by the shareholders of the Company at the Annual Meeting of Shareholders held on
January 27, 2005. The Plan was amended and restated, effective upon approval by the shareholders at
the Annual Meeting of Shareholders held on January 26, 2006. The changes in such amendment and
restatement apply as of the first Entry Date following such approval by shareholders.




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