a101-2021employeestockpu






    AMERANT BANCORP INC.  2021 EMPLOYEE STOCK PURCHASE PLAN  ARTICLE I.  PURPOSE  The purpose of this Plan is to assist Eligible Employees of the Company and its Designated  Subsidiaries in acquiring a stock ownership interest in the Company.   The Plan permits two types of Offerings: a Section 423 Offering and a Non-Section 423 Offering.  It is the intention of the Company to have each Section 423 Offering qualify as an “employee stock purchase  plan” under Section 423 of the Code and to have each Non-Section 423 Offering be exempt from the  requirements of Section 423 of the Code. The provisions of the Plan with respect to any Section 423  Offering shall, accordingly, be construed and administered consistently with that intention. Except as  otherwise provided in the Plan or determined by the Administrator, each Non-Section 423 Offering will  operate and be administered in the same manner as any Section 423 Offering.   For purposes of this Plan, the Administrator may designate separate Offerings under the Plan in  which Eligible Employees will participate and whether the Offering is a Section 423 Offering or a Non- Section 423 Offering. The terms of these Offerings need not be identical, even if the dates of the applicable  Offering Period(s) in each such Offering are identical, provided that the terms of participation are the same  within each separate Offering.  ARTICLE II.  DEFINITIONS AND CONSTRUCTION  Wherever the following terms are used in the Plan they shall have the meanings specified below,  unless the context clearly indicates otherwise.   2.1 “Administrator” means the entity, group or person that conducts the general administration  of the Plan as provided in Article XI.   2.2 “Agent” means the brokerage firm, bank or other financial institution, entity or person(s),  if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Eligible Employee  with regard to the Plan.   2.3 “Applicable Law” means the requirements relating to the administration of equity  incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations,  the applicable rules of any stock exchange or quotation system on which Shares are listed or quoted and the  applicable laws and rules of any foreign country or other jurisdiction where rights under this Plan are granted.  2.4 “Board” means the Board of Directors of the Company.  2.5 “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations  issued thereunder.  2.6 “Common Stock” means the Class A common stock, par value $0.10 per share, of the  Company and such other securities of the Company that may be substituted therefor.   2.7 “Company” means Amerant Bancorp Inc., a Florida corporation, or any successor.  





 






2  2.8 “Company’s 401(k) Savings Plan” means any cash or deferred plan within the meaning of  Section 401(k) of the Code as may be sponsored by the Company and/or any Designated Subsidiary.  2.9 “Compensation” of an Eligible Employee means, unless otherwise determined by the  Administrator with respect to an Offering, the gross cash compensation paid by the Company or any  Designated Subsidiary to such Eligible Employee as compensation for services to the Company or  Designated Subsidiary, including for clarity, any prior-week adjustments; commissions; cash incentive  compensation and bonuses (including retention or sign on bonuses); overtime payments; or other cash  compensation paid by the Company or Designated Subsidiary in respect of periods of absence from work;  and excluding any statutory disability pay and disability benefits, education or tuition reimbursements; car  expenses; travel expenses; business and moving reimbursements; income received in connection with any  stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory equity  awards; gifts and awards; fringe benefits; other special payments and all contributions made by the Company  or any Designated Subsidiary for the Employee’s benefit under any employee benefit plan now or hereafter  established.  Compensation will not be reduced for any pre-tax or Roth post-tax contributions to the  Company’s 401(k) Savings Plan, any salary reduction contributions to a cafeteria plan under section 125 of  the Code, any elective amounts that are not includible in gross income under Code section 132(f)(4), and  any contributions of such Eligible Employee to any deferred compensation maintained by the Company or  any Designated Subsidiary.    2.10 “Designated Beneficiary” means the beneficiary or beneficiaries the Participant  designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s  rights if the Participant dies or becomes incapacitated.  Without a Participant’s effective designation,  “Designated Beneficiary” will mean the Participant’s estate.    2.11 “Designated Subsidiary” means any Subsidiary that has been designated by the  Administrator in its sole discretion as eligible to participate in an Offering under the Plan. For purposes of  any Section 423 Offering, only the Company and its Subsidiaries may be Designated Subsidiaries, provided  that a Subsidiary that is a Designated Subsidiary under a Section 423 Offering may not simultaneously be a  Designated Subsidiary under a Non-Section 423 Offering.  A Subsidiary will be designated by the  Administrator in accordance with Section 11.2(b).  2.12 “Effective Date” means October 20, 2021, which is the date on which the Board approved  the Plan.  2.13 “Eligible Employee” means an Employee of the Company or a Designated Subsidiary  provided that such Employee, unless otherwise determined by the Administrator with respect to a Non- Section 423 Offering, does not, immediately after any rights under this Plan are granted, own (directly or  through attribution) stock possessing 5% or more of the total combined voting power or value of all classes  of Shares and other securities of the Company, a Parent or a Subsidiary (as determined under Section  423(b)(3) of the Code).  For purposes of the foregoing, the rules of Section 424(d) of the Code with regard  to the attribution of stock ownership shall apply in determining the stock ownership of an individual, and  stock that an Employee may purchase under outstanding options shall be treated as stock owned by the  Employee. Notwithstanding the foregoing, the Administrator may provide in an Offering Document that an  Employee shall not be eligible to participate in an Offering Period if: (a) such Employee is a highly  compensated employee within the meaning of Section 423(b)(4)(D) of the Code; (b) such Employee has not  met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code  (which service requirement may not exceed two years); (c) such Employee’s customary employment is for  twenty hours per week or less; (d) such Employee’s customary employment is for five months or less in any  calendar year; and/or (e) such Employee is a citizen or resident of a foreign jurisdiction and the grant of a  right to purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign  





 






3  jurisdiction or the grant of a right to purchase Shares under the Plan to such Employee in compliance with  the laws of such foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the  Code, as determined by the Administrator in its sole discretion; provided, that any exclusion in clauses (a),  (b), (c), (d) or (e) shall be applied in an identical manner under each Offering Period to all Employees, in  accordance with Treasury Regulation Section 1.423-2(e).  2.14 “Employee” means, unless otherwise determined by the Administrator with respect to an  Offering, any individual who renders services to the Company or any Designated Subsidiary and is classified  by the Company or any Designated Subsidiary as an employee, and who is an employee of the Company or  any Designated Subsidiary within the meaning of Section 3401(c) of the Code. For purposes of an  individual’s participation in, or other rights under the Plan, all determinations by the Company shall be final,  binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes  a contrary determination.  For purposes of the Plan, the employment relationship shall be treated as  continuing intact while the individual is on sick leave or other leave of absence approved by the Company  or Designated Subsidiary and meeting the requirements of Treasury Regulation Section 1.421-1(h)(2).   Where the period of leave exceeds three months and the individual’s right to reemployment is not guaranteed  either by statute or by contract, the employment relationship shall be deemed to have terminated on the first  day immediately following such three-month period.  2.15 “Enrollment Date” means the first Trading Day of each Offering Period.   2.16 “Fair Market Value” means, as of any date, the value of Shares determined as follows:  (a) if the Shares are listed on any established stock exchange, their Fair Market Value will be the closing  sales price for such Shares as quoted on such exchange for such date, or if no sale occurred on such date, the  last day preceding such date during which a sale occurred; (b) if the Shares are not traded on a stock exchange  but are quoted on a national market or other quotation system, their Fair Market Value will be the closing  sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during  which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems  reliable; or (c) without an established market for the Shares, the Administrator will determine the Shares’  Fair Market Value in its discretion.   2.17 “Non-Section 423 Offering” means an Offering under the component of the Plan that is  not intended to qualify as an “employee stock purchase plan” under Code Section 423.   2.18 “Offering” means an offer by the Company under the Plan to Eligible Employees of a right  to purchase Shares that may be exercised during an Offering Period, as further described in Article IV hereof.  To the extent permitted by Treasury Regulation § 1.423-2(a)(1), the terms of each separate Offering need  not be identical, provided that the terms of an Offering satisfy Treasury Regulation § 1.423-2(a)(2) and  (a)(3).  2.19 “Offering Document” has the meaning given to such term in Section 4.1.  2.20 “Offering Period” has the meaning given to such term in Section 4.1.  2.21 “Parent” means any corporation, other than the Company, in an unbroken chain of  corporations ending with the Company if, at the time of the determination, each of the corporations other  than the Company owns stock possessing 50% or more of the total combined voting power of all classes of  stock in one of the other corporations in such chain.   2.22 “Participant” means any Eligible Employee who has been granted rights to purchase  Shares pursuant to the Plan for the applicable Offering Period.  





 






4  2.23 “Plan” means this Amerant Bancorp Inc. 2021 Employee Stock Purchase Plan, as  amended from time to time.  2.24 “Purchase Date” means the last Trading Day of each Purchase Period or such other date  as determined by the Administrator and set forth in the Offering Document.  2.25 “Purchase Period” shall refer to one or more specified periods within an Offering Period,  as designated in the applicable Offering Document; provided, however, that, if no Purchase Period is  designated by the Administrator in the applicable Offering Document, the Purchase Period for each Offering  Period covered by such Offering Document shall be the same as the applicable Offering Period.   2.26 “Purchase Price” means the purchase price designated by the Administrator in the  applicable Offering Document, which purchase price shall not be less than 85% of the Fair Market Value of  a Share on the Enrollment Date or on the Purchase Date, whichever is lower; provided, however, that, if no  purchase price is designated by the Administrator in the applicable Offering Document, the purchase price  for the Offering Periods covered by such Offering Document shall be 85% of the Fair Market Value of a  Share on the Enrollment Date or on the Purchase Date, whichever is lower; provided, further, that the  Purchase Price may be adjusted by the Administrator pursuant to Article VIII and shall not be less than the  par value of a Share.  2.27 “Section 423 Offering” means an Offering under the component of the Plan that is intended  to qualify as an “employee stock purchase plan” under Code Section 423.  For purposes of Section 423  Offerings, the Plan shall be administered, interpreted and construed in a manner consistent with the  requirements of Section 423 of the Code.    2.28 “Securities Act” means the U.S. Securities Act of 1933, as amended.  2.29 “Share” means a share of Common Stock.  2.30 “Subsidiary” means any corporation, other than the Company, whether or not such  corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary, in an unbroken  chain of corporations beginning with the Company if, at the time of the determination, each of the  corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the  total combined voting power of all classes of stock in one of the other corporations in such chain; provided,  however, that a limited liability company or partnership may be treated as a Subsidiary to the extent either  (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason  of the Company or any other Subsidiary that is a corporation being the sole owner of such entity, or (b) such  entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and such  entity would otherwise qualify as a Subsidiary.    2.31 “Trading Day” means a day on which the national stock exchange in the United States on  which the Shares are traded is open for trading.  ARTICLE III.   SHARES SUBJECT TO THE PLAN  3.1 Number of Shares. Subject to Article VIII, the aggregate number of Shares that may be  issued pursuant to rights granted under the Plan shall be 1,000,000 Shares; all of such Shares may be, but  are not required to be, issued under Section 423 Offerings.  If any right granted under the Plan shall for any  reason terminate without having been exercised, the Shares not purchased under such right shall again  become available for issuance under the Plan.    





 






5  3.2 Shares Distributed. Any Shares distributed pursuant to the Plan may consist, in whole or  in part, of authorized and unissued Shares, treasury shares or Shares purchased on the open market.   ARTICLE IV.  OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES  4.1 Offering Periods. The Administrator may from time to time grant or provide for the grant  of rights to purchase Shares under the Plan to Eligible Employees during one or more periods (each, an  “Offering Period”) selected by the Administrator.  The terms and conditions applicable to each Offering  Period shall be set forth in an “Offering Document” adopted by the Administrator from time to time, which  Offering Document shall be in such form and shall contain such terms and conditions as the Administrator  shall deem appropriate and shall be incorporated by reference into and made part of the Plan. The  Administrator shall establish in each Offering Document one or more Purchase Periods within such Offering  Period during which rights granted under the Plan shall be exercised and purchases of Shares carried out in  accordance with such Offering Document and the Plan. The provisions of separate Offerings or Offering  Periods under the Plan may be partially or wholly concurrent and need not be identical.  4.2 Offering Documents. Each Offering Document with respect to an Offering Period shall  specify (through incorporation of the provisions of this Plan by reference or otherwise):   (a) the length of the Offering Period, which period shall not exceed twenty-seven  months;  (b) the length of the Purchase Period(s) within the Offering Period, which period(s)  shall not exceed twelve months;  (c) in connection with each Offering Period that contains more than one Purchase  Period, the maximum aggregate number of Shares which may be purchased by any Eligible Employee  during each Purchase Period (if applicable), which, in the absence of a contrary designation by the  Administrator, shall be 2,500 Shares, subject to the limitations described in Section 5.5 below;  (d) the maximum number of Shares that may be purchased by any Eligible Employee  during each Offering Period that does not contain more than one Purchase Period (if applicable), in the  absence of a contrary designation by the Administrator, shall be 5,000 Shares, subject to the limitations  described in Section 5.5 below;   (e) that each Purchase Period within an Offering Period must have an Enrollment Date  that is the first Trading Day of the Offering Period;   (f) whether the Offering for such Offering Period is intended to be a Section 423  Offering or a Non-Section 423 Offering; and  (g) such other provisions as the Administrator determines are appropriate, subject to  the Plan.   ARTICLE V.  ELIGIBILITY AND PARTICIPATION  5.1 Eligibility. Any Eligible Employee who shall be employed by the Company or a  Designated Subsidiary on a given Enrollment Date for an Offering Period shall be eligible to participate in  





 






6  the Plan during such Offering Period, subject to the requirements of this Article V and, with respect to  Section 423 Offerings, the limitations imposed by Section 423(b) of the Code.  5.2 Enrollment in Plan.   (a) Except as otherwise set forth herein or in an Offering Document or determined by  the Administrator, an Eligible Employee may become a Participant in the Plan for an Offering Period by  delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such  Offering Period (or such other date specified in the Offering Document) designated by the Administrator  and in such form as the Company provides.   (b) Each subscription agreement shall designate a whole percentage or a fixed dollar  amount, as designated by the Administrator, of such Eligible Employee’s Compensation to be withheld by  the Company or the Designated Subsidiary employing such Eligible Employee on each payday during the  Offering Period as payroll deductions under the Plan. The percentage of Compensation designated by an  Eligible Employee may not be less than 1% and may not be more than the maximum percentage specified  by the Administrator in the applicable Offering Document (which maximum percentage shall be 15% in  the absence of any such designation) as payroll deductions; and the fixed dollar amount of Compensation  designated by an Eligible Employee may not be more than the maximum dollar amount specified by the  Administrator in the applicable Offering Document; provided that, in no event shall the actual amount  withheld on any payday hereunder exceed the net amount payable to the Eligible Employee on such payday  after taxes and any other applicable deductions therefrom (and if amounts to be withheld hereunder would  otherwise result in a negative payment to the Eligible Employee on such payday, the amount to be withheld  hereunder shall instead be reduced by the least amount necessary to avoid a negative payment amount for  the Eligible Employee on such payday, as determined by the Administrator). The payroll deductions made  for each Participant shall be credited to an account for such Participant under the Plan and shall be deposited  with the general funds of the Company.   (c) Unless otherwise provided in the terms of an Offering Document, a Participant  may increase or decrease the percentage or fixed amount of Compensation designated in his or her  subscription agreement, subject to the limits of this Section 5.2, or may suspend his or her payroll  deductions entirely, in any case, at any time during an Offering Period; provided, however, that the  Administrator may limit or eliminate the type or number of changes a Participant may make to his or her  payroll deduction elections during each Offering Period in the applicable Offering Document (and in the  absence of any specific designation by the Administrator, and unless provided otherwise in the Offering  Document, a Participant shall be allowed to decrease (but not increase) or suspend his or her payroll  deduction elections entirely, in either case, once during each Purchase Period. Any such change or  suspension of payroll deductions shall be effective with the first full payroll period starting ten (10) business  days after the Company’s receipt of the new subscription agreement (or such shorter or longer period as  may be specified by the Administrator in the applicable Offering Document)).  If a Participant suspends his  or her payroll deductions during an Offering Period, such Participant’s cumulative unapplied payroll  deductions prior to the suspension (if any) shall remain in his or her account and shall be applied to the  purchase of Shares on the next occurring Purchase Date.  For clarity, if a Participant who suspends  participation in an Offering Period ceases to be an Eligible Employee or he or she withdraws from  participation in such Offering Period, in either case, prior to the Purchase Date next following his or her  suspension of participation in the Offering Period, in any case, such Participant’s cumulative unapplied  payroll deductions shall be returned to him or her in accordance with Article VII.   (d) Except as otherwise set forth herein or in an Offering Document or as otherwise  determined by the Administrator, a Participant may participate in the Plan only by means of payroll  deduction and may not make contributions by lump sum payment for any Offering Period.  





 






7  5.3 Payroll Deductions. Except as otherwise provided herein or in the applicable Offering  Document, payroll deductions for a Participant shall commence on the first payday in the Offering Period  and shall end on the last payday in the Offering Period to which the Participant’s authorization is applicable,  unless sooner terminated by the Participant as provided in Article VII or suspended by the Participant or the  Administrator as provided in Section 5.2 and Section 5.6, respectively.    5.4 Effect of Enrollment. A Participant’s completion of a subscription agreement will enroll  such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the  Participant either submits a new subscription agreement, withdraws from participation under the Plan as  provided in Article VII or otherwise becomes ineligible to participate in the Plan, except as otherwise set  forth in Section 7.1 below.   5.5 Limitation on Purchase of Shares. An Eligible Employee may be granted rights under the  Plan only if such rights, together with any other rights granted to such Eligible Employee under “employee  stock purchase plans” of the Company, any Parent or any Subsidiary, as specified by Section 423(b)(8) of  the Code, do not permit such employee to purchase stock of the Company or any Parent or Subsidiary to  accrue at a rate that exceeds $25,000 of the fair market value of such stock (determined as of the first day of  the Offering Period during which such rights are granted) for each calendar year in which such rights are  outstanding at any time.  For purposes of Section 423 Offerings, this limitation shall be applied in accordance  with Section 423(b)(8) of the Code.    5.6 Suspension of Payroll Deductions. Notwithstanding the foregoing, to the extent necessary  to comply with Section 423(b)(8) of the Code and Section Error! Reference source not found. or the other  limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the Administrator  at any time during an Offering Period. The balance of the amount credited to the account of each Participant  that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code,  Section Error! Reference source not found. or the other limitations set forth in this Plan shall be paid to  such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date (but no  later than thirty (30) days thereafter).  5.7 Leave of Absence. During leaves of absence approved by the Company meeting the  requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, unless otherwise set forth in the  terms of an Offering Document, a Participant may continue participation in the Plan by making cash  payments to the Company on his or her normal payday equal to the Participant’s authorized payroll  deduction, notwithstanding Section 5.2(d) above.    5.8 Foreign Employees. In order to facilitate participation in the Plan, the Administrator may  provide for such special terms applicable to Participants who are citizens or residents of a foreign  jurisdiction, or who are employed by a Designated Subsidiary outside of the United States, as the  Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy  or custom. Such special terms may not be more favorable than the terms of rights granted under the Plan to  Eligible Employees who are residents of the United States. Moreover, the Administrator may approve such  supplements to, or amendments, restatements or alternative versions of, the Plan as it may consider  necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for  any other purpose. No such special terms, supplements, amendments or restatements shall include any  provisions that are inconsistent with the terms of the Plan as then in effect unless the Plan could have been  amended to eliminate such inconsistency without further approval by the stockholders of the Company.      





 






8  ARTICLE VI.  GRANT AND EXERCISE OF RIGHTS  6.1 Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Employee  participating in such Offering Period shall be granted a right to purchase the maximum number of Shares  specified under Section 4.2, subject to the limits in Section Error! Reference source not found., and shall  have the right to buy, on each Purchase Date during such Offering Period (at the applicable Purchase Price),  such number of whole and fractional Shares (unless the Administrator determines in an Offering Document  that the purchase right is limited to whole Shares) as is determined by dividing (a) such Participant’s payroll  deductions accumulated prior to such Purchase Date and retained in the Participant’s account as of the  Purchase Date, by (b) the applicable Purchase Price (rounded down to the nearest whole Share if the purchase  right is limited to whole shares). The right shall expire on the earlier of (i) the last Purchase Date of an  Offering Period, (ii) the last day of the Offering Period, or (iii) the date on which the Participant withdraws  from the Plan in accordance with Section 7.1 or Section 7.3.  6.2 Exercise of Rights. On each Purchase Date, each Participant’s accumulated payroll  deductions and any other additional payments specifically provided for herein or in the applicable Offering  Document will be applied to the purchase of whole and fractional Shares (unless the Administrator  determines in an Offering Document that the purchase right is limited to whole Shares), up to the number of  Shares permitted pursuant to the terms of the Plan and the applicable Offering Document, at the Purchase  Price. If the purchase right is limited to whole Shares, any cash in lieu of fractional Shares remaining after  the purchase of whole Shares upon exercise of a purchase right will be credited to the Participant’s account  and carried forward and applied toward the purchase of whole Shares for the next following Offering Period,  unless the Participant has suspended payroll deductions, withdrawn from the Plan or is otherwise ineligible  to participate in the Plan, in which case such cash shall be paid to such Participant in one lump sum as soon  as reasonably practicable after the Purchase Date (but no later than thirty (30) days thereafter).  Whole and  fractional Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may  determine and may be issued pursuant to book-entry procedures.   6.3 Pro Rata Allocation of Shares. If the Administrator determines that, on a given Purchase  Date, the number of Shares with respect to which rights are to be exercised may exceed (a) the number of  Shares that were available for issuance under the Plan on the Enrollment Date of the applicable Offering  Period, or (b) the number of Shares available for issuance under the Plan on such Purchase Date, the  Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the  Shares available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a  manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all  Participants for whom rights to purchase Shares are to be exercised pursuant to this Article VI on such  Purchase Date, and shall either (i) continue all Offering Periods then in effect, or (ii) terminate any or all  Offering Periods then in effect pursuant to Article IX. The Company may make pro rata allocation of the  Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding  sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the  Company’s stockholders subsequent to such Enrollment Date. The balance of the amount credited to the  account of each Participant that has not been applied to the purchase of Shares shall be paid to such  Participant without interest (as permitted by Applicable Law) in one lump sum in cash as soon as reasonably  practicable after the Purchase Date, or such earlier date as determined by the Administrator.   6.4 Withholding. At the time a Participant’s rights under the Plan are exercised, in whole or in  part, or at the time some or all of the Shares issued under the Plan are disposed of, the Participant must make  adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, that arise  upon the exercise of any purchase right under the Plan or the disposition of the Shares. At any time, the  Company may, but shall not be obligated to, withhold from the Participant’s compensation or Shares to be  





 






9  received pursuant to the Plan the amount necessary for the Company to meet applicable withholding  obligations, including any withholding required to make available to the Company any tax deductions or  benefits attributable to sale or early disposition of Shares by the Participant.   6.5 Conditions to Issuance of Shares. The Company shall not be required to issue or deliver  any certificate or certificates for, or make any book entries evidencing, Shares purchased upon the exercise  of purchase rights under the Plan prior to fulfillment of all of the following conditions: (a) the admission of  such Shares to listing on all stock exchanges, if any, on which the Shares are then listed; (b) the completion  of any registration or other qualification of such Shares under any state or federal law or under the rulings  or regulations of the Securities and Exchange Commission or any other governmental regulatory body, that  the Administrator shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any  approval or other clearance from any state or federal governmental agency that the Administrator shall, in  its absolute discretion, determine to be necessary or advisable; (d) the payment to the Company of all  amounts that it is required to withhold under federal, state or local law upon exercise of the rights, if any;  and (e) the lapse of such reasonable period of time following the exercise of the rights as the Administrator  may from time to time establish for reasons of administrative convenience.   6.6 Vesting.  A Participant’s interest in the Shares purchased under the Plan shall be  immediately vested and nonforfeitable in full upon issuance.  ARTICLE VII.  WITHDRAWAL; CESSATION OF ELIGIBILITY  7.1 Withdrawal. A Participant may withdraw all but not less than all of the payroll deductions  credited to his or her account and not yet used to exercise his or her purchase rights under the Plan at any  time by, unless otherwise determined by the Administrator, giving written notice to the Company in a form  acceptable to the Company no later than ten (10) business days prior to the end of the then-applicable  Purchase Period (or such shorter or longer period as may be specified by the Administrator in the applicable  Offering Document). All of the Participant’s payroll deductions credited to his or her account during such  Purchase Period and not yet used to exercise purchase rights under the Plan shall be paid to such Participant  without interest as soon as reasonably practicable after receipt of notice of withdrawal (but no later than  thirty days following receipt of such notice), such Participant’s rights for the Offering Period shall be  automatically terminated, and no further payroll deductions for the purchase of Shares shall be made for  such Offering Period. If a Participant withdraws from an Offering Period (including by virtue of a suspension  as described in Section 5.2(c) above), payroll deductions shall not resume at the beginning of any subsequent  Offering Period unless the Participant is an Eligible Employee and timely delivers to the Company a new  subscription agreement by the applicable enrollment deadline for any such subsequent Offering Period, as  determined by the Administrator.   7.2 Future Participation. A Participant’s withdrawal from an Offering Period shall not have  any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the  Company or a Designated Subsidiary or in any subsequent Offering Period that commences on or after the  Participant’s withdrawal from any Offering Period, subject to the terms of such similar plan or subsequent  Offering.   7.3 Cessation of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee for any  reason, he or she shall be deemed to have elected to withdraw from the Plan pursuant to this Article VII and  the payroll deductions credited to such Participant’s account during the then-current Purchase Period shall  be paid to such Participant without interest or, in the case of his or her death, to the Participant’s Designated  Beneficiary, as soon as reasonably practicable (but no later than thirty days following such Participant’s  cessation as an Eligible Employee), and such Participant’s rights for the Offering Period shall be  





 






10  automatically terminated.  For clarity, if a Participant transfers employment from the Company or any  Designated Subsidiary participating in the Plan to any Subsidiary that is not participating in the Plan, then,  in any case, such transfer shall be treated as a termination of employment under the Plan and the Participant  shall be deemed to have withdrawn from the Plan pursuant to this Article VII and the payroll deductions  credited to such Participant’s account during the then-current Purchase Period shall be paid to such  Participant or, in the case of his or her death, to the Participant’s Designated Beneficiary, as soon as  reasonably practicable (but no later than thirty days following such Participant’s transfer of employment),  and such Participant’s participation in the Offering Period shall be automatically terminated.   ARTICLE VIII.   ADJUSTMENTS UPON CHANGES IN SHARES  8.1 Changes in Capitalization. Subject to Section 8.3, in the event that the Administrator  determines that any dividend or other distribution (whether in the form of cash, Shares, other securities, or  other property), change in control, reorganization, merger, amalgamation, consolidation, combination,  repurchase, redemption, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other  disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other  securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the  Company, or other similar corporate transaction or event, as determined by the Administrator, affects the  Shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent  dilution or enlargement of the benefits or potential benefits intended by the Company to be made available  under the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall  make equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type  of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to,  adjustments of the limitations in Section 3.1 and the limitations established in each Offering Document  pursuant to Section 4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and  number of Shares and price per Share subject to outstanding rights; and (c) the Purchase Price with respect  to any outstanding rights.  8.2 Other Adjustments. Subject to Section 8.3, in the event of any transaction or event  described in Section 8.1 or any unusual or nonrecurring transactions or events affecting the Company, any  affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in  Applicable Law or accounting principles, the Administrator, in its discretion, and on such terms and  conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions  whenever the Administrator determines that such action is appropriate in order to prevent the dilution or  enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect  to any right under the Plan, to facilitate such transactions or events or to give effect to such changes in laws,  regulations or principles:  (a) To provide for either (i) termination of any outstanding right in exchange for an  amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such right  had such right been currently exercisable or (ii) the replacement of such outstanding right with other rights  or property selected by the Administrator in its sole discretion;  (b) To provide that the outstanding rights under the Plan shall be assumed by the  successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar  rights covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with  appropriate adjustments as to the number and kind of shares and prices;   





 






11  (c) To make adjustments in the number and type of Shares (or other securities or  property) subject to outstanding rights under the Plan and/or in the terms and conditions of outstanding  rights and rights that may be granted in the future;  (d) To provide that Participants’ accumulated payroll deductions may be used to  purchase Shares prior to the next occurring Purchase Date on such date as the Administrator determines in  its sole discretion and the Participants’ rights under the ongoing Offering Period(s) shall be terminated; and  (e) To provide that all outstanding rights shall terminate without being exercised.   8.3 No Adjustment Under Certain Circumstances. Unless determined otherwise by the  Administrator, no adjustment or action described in this Article VIII or in any other provision of the Plan  shall be authorized to the extent that such adjustment or action would cause the Plan to fail to satisfy the  requirements of Section 423 of the Code.  8.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any  rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any  dividend, any increase or decrease in the number of shares of stock of any class or any dissolution,  liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided  in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares  of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment  by reason thereof shall be made with respect to, the number of Shares subject to outstanding rights under the  Plan or the Purchase Price with respect to any outstanding rights.  ARTICLE IX.  AMENDMENT, MODIFICATION AND TERMINATION  9.1 Amendment, Modification and Termination. The Administrator may amend, suspend or  terminate the Plan at any time and from time to time; provided, however, that approval of the Company’s  stockholders shall be required to amend the Plan to increase the aggregate number, or change the type, of  shares that may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as  provided by Article VIII) or as may otherwise be required under Section 423 of the Code with respect to  Section 423 Offerings.      9.2 Certain Changes to Plan. Without stockholder consent and without regard to whether any  Participant rights may be considered to have been adversely affected (and to the extent permitted by  applicable law, including, with respect to a Section 423 Offering, Section 423 of the Code), the Administrator  shall be entitled to change or terminate the Offering Periods, limit the frequency and/or number of changes  in the amount withheld from Compensation during an Offering Period, establish the exchange rate applicable  to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount  designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of payroll  withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting  procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly  correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations  or procedures as the Administrator determines in its sole discretion to be advisable that are consistent with  the Plan.   9.3 Actions In the Event of Unfavorable Financial Accounting Consequences. In the event the  Administrator determines that the ongoing operation of the Plan may result in unfavorable financial  accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable,  modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:   





 






12  (a) altering the Purchase Price for any Offering Period including an Offering Period  underway at the time of the change in Purchase Price;  (b) shortening any Offering Period so that the Offering Period ends on a new Purchase  Date, including an Offering Period underway at the time of the Administrator action;   (c) allocating Shares; and  (d) such other changes and modifications as necessary or appropriate as determined  by the Administrator.  Such modifications or amendments shall not require stockholder approval or the consent of any  Participant, unless required under Section 9.1.  9.4 Payments Upon Termination of Plan. Upon termination of the Plan, the balance in each  Participant’s Plan account shall be refunded as soon as practicable after such termination (but no later than  30 days thereafter), without any interest thereon, or if the Administrator so determines, the Offering Period  may be shortened so that the purchase of Shares occurs prior to the termination of the Plan.  ARTICLE X.  TERM OF PLAN  The Plan shall become effective on the Effective Date and shall continue until terminated by the  Board in accordance with Section 9.1 or no remaining Shares remain available for purchase. The  effectiveness of the Plan shall be subject to approval of the Plan by the Company’s stockholders within  twelve months following the date the Plan is first approved by the Board. No Shares may be purchased  under the Plan prior to such stockholder approval. No rights may be granted under the Plan during any  period of suspension of the Plan or after termination of the Plan.  ARTICLE XI.  ADMINISTRATION  11.1 Administrator. Unless otherwise determined by the Board, the Administrator of the Plan  shall be the Compensation Committee of the Board (or any other committee or subcommittee of the Board  to which the Board delegates administration of the Plan). The Board may at any time vest in the  Compensation Committee or any other committee or subcommittee any other authority or duties for  administration of the Plan. The Administrator may delegate administrative tasks under the Plan to an Agent  and/or Employees to assist in the administration of the Plan, including establishing and maintaining an  individual securities account under the Plan for each Participant.  11.2 Authority of Administrator. The Administrator shall have the power, subject to, and within  the limitations of, the express provisions of the Plan:  (a) To determine when and how rights to purchase Shares shall be granted and the  provisions of each offering of such rights (which need not be identical).   (b) To designate from time to time which Subsidiaries of the Company shall be  Designated Subsidiaries, which designation may be made without the approval of the stockholders of the  Company.  





 






13  (c) To impose a mandatory holding period pursuant to which Participants may not  dispose of or transfer Shares purchased under the Plan for a period of time determined by the Administrator  in its discretion.  (d) To construe and interpret the Plan and rights granted under it, and to establish,  amend and revoke rules and regulations for its administration. The Administrator, in the exercise of this  power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall  deem necessary or expedient to make the Plan fully effective.  (e) To amend, suspend or terminate the Plan as provided in Article IX.  (f) Generally, to exercise such powers and to perform such acts as the Administrator  deems necessary or expedient to promote the best interests of the Company and its Subsidiaries and to carry  out the intent that the component of the Plan relating to Section 423 Offerings be treated as an “employee  stock purchase plan” within the meaning of Section 423 of the Code.  11.3 Decisions Binding. The Administrator’s interpretation of the Plan, any rights granted  pursuant to the Plan, any subscription agreement and all decisions and determinations by the Administrator  with respect to the Plan are final, binding, and conclusive on all parties.   ARTICLE XII.  MISCELLANEOUS  12.1 Restriction upon Assignment. A right granted under the Plan shall not be transferable other  than by will or the Applicable Laws of descent and distribution, and is exercisable during the Participant’s  lifetime only by the Participant. Except in the case of a Participant’s death, a right under the Plan may not  be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no  duty to recognize any assignment or alienation of the Participant’s interest in the Plan, the Participant’s rights  under the Plan or any rights thereunder.   12.2 Rights as a Stockholder. With respect to Shares subject to a right granted under the Plan,  no Participant or Designated Beneficiary shall be deemed to be a stockholder of the Company, and no  Participant or Designated Beneficiary shall have any of the rights or privileges of a stockholder, until such  Shares have been issued to the Participant or the Designated Beneficiary following exercise of the  Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary,  whether in cash securities, or other property) or distribution or other rights for which the record date occurs  prior to the date of such issuance, except as otherwise expressly provided herein or as determined by the  Administrator.  12.3 Interest. No interest shall accrue on the payroll deductions or contributions of a Participant  under the Plan.  12.4 Notices. All notices or other communications by a Participant to the Company under or in  connection with the Plan shall be deemed to have been duly given when received in the form specified by  the Company at the location, or by the person, designated by the Company for the receipt thereof.   12.5 Equal Rights and Privileges. Subject to Section 5.7, all Eligible Employees will have equal  rights and privileges under any particular Offering under the Plan, to the extent necessary for any Section  423 Offering to comply with Section 423 of the Code. With respect to Section 423 Offerings, any provision  of the Plan that is inconsistent with Section 423 of the Code will, without further act or amendment by the  





 






14  Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges  requirement of Section 423 of the Code.   12.6 Use of Funds. All payroll deductions received or held by the Company under the Plan may  be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate  such payroll deductions.  12.7 Reports. Statements of account shall be given to Participants at least annually, which  statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of Shares  purchased and the remaining cash balance, if any.  12.8 No Employment Rights. Nothing in the Plan shall be construed to give any person  (including any Eligible Employee or Participant) the right to employment or service (or to remain in the  employ or service) with the Company or any Parent or Subsidiary or affect the right of the Company or any  Parent or Subsidiary to terminate the employment or service of any person (including any Eligible Employee  or Participant) at any time, with or without cause.   12.9 Notice of Disposition of Shares. This Section 12.9 shall apply only to Shares purchased  pursuant to Section 423 Offerings.  Each Participant shall give prompt notice to the Company of any  disposition or other transfer of any Shares purchased upon exercise of a right under the Plan if such  disposition or transfer is made: (a) within two years from the Enrollment Date of the Offering Period in  which the Shares were purchased or (b) within one year after the Purchase Date on which such Shares were  purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized,  in cash, other property, assumption of indebtedness or other consideration, by the Participant in such  disposition or other transfer. At the Company’s request, Participants will be required to provide the Company  with any information reasonably required for tax reporting purposes.   12.10 Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual  acting as a director, officer, employee or agent of the Company or any Subsidiary will be liable to any  Participant, former Participant, Designated Beneficiary or any other person for any claim, loss, liability, or  expense incurred in connection with the Plan or any Offering Period, and such individual will  not be  personally liable with respect to the Plan because of any contract or other instrument executed in his or her  capacity as an Administrator, director, officer, other employee or agent of the Company or any  Subsidiary.  The Company will indemnify and hold harmless each director, officer, other employee and  agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power  relating to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees)  or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising from  any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith.   12.11 Data Privacy. As a condition for participation in the Plan, each Participant explicitly and  unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as  described in this section by and among the Company and its Subsidiaries and affiliates exclusively for  implementing, administering and managing the Participant’s participation in the Plan.   The Company and  its Subsidiaries and affiliates may hold certain personal information about a Participant, including the  Participant’s name, address and telephone number; birthdate; social security, insurance number or other  identification number; salary; nationality; job title(s); any Shares held in the Company or its Subsidiaries  and affiliates; and participation details, to implement, manage and administer the Plan and any Offering  Period(s) (the “Data”).  The Company and its Subsidiaries and affiliates may transfer the Data amongst  themselves as necessary to implement, administer and manage a Participant’s participation in the Plan and  any Offering Period(s), and the Company and its Subsidiaries and affiliates may transfer the Data to third  parties assisting the Company with Plan implementation, administration and management.   These recipients  





 






15  may be located in the Participant’s country, or elsewhere,  and the Participant’s country may have different  data privacy laws and protections than the recipients’ country.   By participating in any Offering Period under  the Plan, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in  electronic or other form, to implement, administer and manage the Participant’s participation in the Plan,  including any required Data transfer to a broker or other third party with whom the Company or the  Participant may elect to deposit any Shares.  The Data related to a Participant will be held only as long as  necessary to implement, administer, and manage the Participant’s participation in the Plan.   A Participant  may, at any time, view the Data that the Company holds regarding such Participant, request additional  information about the storage and processing of the Data regarding such Participant, recommend any  necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section  12.11 in writing, without cost, by contacting the local human resources representative.   If the Participant  refuses or withdraws the consents in this Section 12.11, and the Company may cancel Participant’s ability  to participate in the Plan or any Offering Period(s).  For more information on the consequences of refusing  or withdrawing consent, Participants may contact their local human resources representative.   12.12 Severability. If any portion of the Plan or any action taken under it is held illegal or invalid  for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be  construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid  action will be null and void.  12.13 Titles and Headings.  The titles and headings in the Plan are for convenience of reference  only and, if any conflict, the Plan’s text, rather than such titles or headings, will control.  12.14 Conformity to Securities Laws.  Participant acknowledges that the Plan is intended to  conform to the extent necessary with Applicable Laws.  Notwithstanding anything herein to the contrary,  the Plan and all Offering Periods will be administered only in conformance with Applicable Laws.   To the  extent Applicable Laws permit, the Plan and all Offering Periods will be deemed amended as necessary to  conform to Applicable Laws.  12.15 Relationship to Other Benefits.  No payment under the Plan will be taken into account in  determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or  other benefit plan of the Company or any Subsidiary except as expressly provided in writing in such other  plan or an agreement thereunder.  12.16 Governing Law. The Plan and any agreements hereunder shall be administered, interpreted  and enforced in accordance with the laws of the State of Florida, disregarding any state’s choice of law  principles requiring the application of a jurisdiction’s laws other than the State of Florida.  12.17 Electronic Forms. To the extent permitted by Applicable Law and in the discretion of the  Administrator, an Eligible Employee may submit any form or notice as set forth herein by means of an  electronic form approved by the Administrator. Before the commencement of an Offering Period, the  Administrator shall prescribe the time limits within which any such electronic form shall be submitted to the  Administrator with respect to such Offering Period in order to be a valid election.   12.18 Section 409A.  The Plan and the rights to purchase Shares granted pursuant to Offerings  thereunder are intended to be exempt from the application of Section 409A of the Code and the U.S.  Department of Treasury Regulations and other interpretive guidance issued thereunder (collectively,  “Section 409A”).  Notwithstanding any provision of the Plan to the contrary, if the Administrator  determines that any right to purchase Shares granted under the Plan may be or become subject to Section  409A or that any provision of the Plan may cause a right to purchase Shares granted under the Plan to be  or become subject to Section 409A, the Administrator may adopt such amendments to the Plan and/or adopt  





 






16  other policies and procedures (including amendments, policies and procedures with retroactive effect), or  take any other actions as the Administrator determines are necessary or appropriate to avoid the imposition  of taxes under Section 409A, either through compliance with the requirements of Section 409A or with an  available exemption therefrom.  Notwithstanding any other provision of the Plan, none of the Company or  any of its Parents or Subsidiaries, or any of their officers, directors, employees or agents, including the  Administrator, shall be liable to any Eligible Employee, Participant or Designated Beneficiary if the Plan  does not comply with, or is not exempt from, Section 409A of the Code.  12.19 Plan Not Subject to ERISA.  The Plan is not intended to be subject to the Employee  Retirement Income Security Act of 1974, as amended.  * * * * *