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EX-10.21.3 THE CORPORATE EXECUTIVE BOARD COMPANY 2002 NON-EXECUTIVE STOCK
INCENTIVE PLAN

THE CORPORATE EXECUTIVE BOARD COMPANY

2002 NON-EXECUTIVE STOCK INCENTIVE PLAN



|1. |  | Purpose                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|   |  | The purpose of The Corporate Executive Board Company Non-Executive Stock
Incentive Plan (the Plan) (which previously was called The Corporate
Executive Board Company Non-Executive Stock Option Plan) is to advance the
interests of the Corporate Executive Board Company (the
Company) by stimulating the efforts of employees who are not
executive officers and service providers who are selected to be
participants, by heightening the desire of such persons to continue in
working toward and contributing to the success of the Company. The Plan
provides for grants of stock options and, effective upon the adoption of
this amended and restated document, restricted stock. Stock options granted
pursuant to this Plan are not incentive stock options, as defined in Section
422 of the Internal Revenue Code of 1986, as amended (the Code).
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|2. |  | Definitions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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| | a) |  | Administrator means the Administrator of the Plan in accordance
with Section 12.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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| | b) |  | Award means an Option or Restricted Stock granted to a
Participant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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| | c) |  | Board of Directors means the Board of Directors of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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| | d) |  | Common Stock means the Companys common stock, par value $.01,
subject to adjustment as provided in Section 9.                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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| | e) |  | Company means The Corporate Executive Board Company, a Delaware
corporation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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| | f) |  | Options shall mean stock options granted pursuant to Section 6 of
the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
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| | g) |  | Participants shall mean those individuals described in Section 3
to whom Awards have been granted from time to time by the Administrator
and any authorized transferee of such individuals.                                                                                                                                                                                                                                                                                                                                                                             
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| | h) |  | Plan means The Corporate Executive Board Company Non-Executive
Stock Incentive Plan (previously The Corporate Executive Board Company
Non-Executive Stock Option Plan).                                                                                                                                                                                                                                                                                                                                                                                                 
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| | i) |  | Restricted Stock means shares if restricted Common Stock granted
pursuant to Section 7 of the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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| | j) |  | Retirement shall have the meaning specified by the Administrator
in the terms of an Award grant or, in the absence of any such term,
shall mean retirement from active employment with the Company or its
Subsidiaries (i) at or after age 55 and with the approval of the
Administrator or (ii) at or after age 65. The determination of the
Administrator as to an individuals Retirement shall be conclusive on
all parties.                                                                                                                                        
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| | k) |  | Subsidiary means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company where each of
the corporations in the unbroken chain other than the last corporation
owns stock possessing at least 50 percent or more of the total combined
voting power of all classes of stock in one of the other corporations
in the chain.                                                                                                                                                                                              
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| | l) |  | Total and Permanent Disablement shall have the meaning specified
by the Administrator in the terms of an Award grant or, in the absence
of any such term, the inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than 12
months. The determination of the Administrator as to an individuals
Total and Permanent Disablement shall be conclusive on all parties.





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|3. |  | Participants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|   |  | Any person who is an employee or prospective employee of the Company or any
of its affiliates shall be eligible for the grant of Awards hereunder unless
such person is an officer or director as defined under Rule 4460 of the
Nasdaq Stock Markets National Market rules. Unless provided otherwise by
the Committee, the term employee shall mean an employee, as such term is
defined in General Instruction A to Form S-8 under the Securities Act of
1933, as amended. To the extent authorized by the Committee, the term
employee may also include a consultant who has been retained to provide
consulting or advisory services to the Company or any of its affiliates and
who does not meet the definition of employee under Form S-8, provided that
either an exemption from registration under the Securities Act is determined
by the Company to be available with respect to the Awards granted to any
such consultant or the Company elects to file a registration statement with
respect to the Award granted to any such consultant.
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|4. |  | Effective Date and Termination of Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|   |  | This Plan was adopted by the Board of Directors of the Company as of March
6, 2002 (the Effective Date), and is amended effective October 7, 2002 to
permit grants of Restricted Stock. The Plan shall remain available for the
grant of Awards until the 10th anniversary of the Effective Date.
Notwithstanding the foregoing, the Plan may be terminated at such earlier
time as the Board of Directors may determine. Termination of the Plan will
not affect the rights and obligations of the Participants and the Company
arising under Awards theretofore granted and then in effect.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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|5. |  | Shares Subject to the Plan and to Awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|   |  | The aggregate number of shares of Common Stock issuable pursuant to all
Awards granted under the Plan will not exceed 7,300,000 shares of the
Companys Common Stock, of which no more than 700,000 shares shall
be issued pursuant to Restricted Stock Awards, or the number and kind of shares of stock or other
securities which shall be substituted or adjusted for such shares as
provided in Section 9. Such shares may be authorized and unissued shares of
the Companys Common Stock. The aggregate number of shares of Common Stock
issued pursuant to the Plan at any time shall equal only the number of
shares of Common Stock issued upon the exercise of Awards and not returned
to the Company upon the cancellation, expiration or forfeiture of an Award
or delivered (either actually or by attestation) in payment or satisfaction
of the purchase price or tax obligation with respect to an Award.                                                                                                                                         
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|6. |  | Grant, Terms and Conditions of Options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|   |  | Options may be granted at any time and from time to time prior to the
termination of the Plan, to Participants selected by the Administrator. No
Participant shall have any rights as a stockholder with respect to any
shares of stock subject to Option hereunder until said shares have been
issued. Each Option shall be evidenced by a written stock option agreement
and/or such other written arrangements as may be approved from time to time
by the Board of Directors or the Compensation Committee of the Board.
Options granted pursuant to the Plan need not be identical but each Option
must contain and be subject to the following terms and conditions:                                                                                                                                                                                                                                                                                                                                                                                        
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| | a) |  | Price: The purchase price under each Option shall be established
by the Administrator, provided that in no event will the purchase price
be less than the fair market value of the Common Stock on the date of
grant, except for Options that the Participant pays for or as to which
the Participant foregoes other compensation equal in value to the
amount of such discount.
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| |    |  | The purchase price of any Option may be paid in cash or any alternative
means acceptable to the Administrator, including an irrevocable
commitment by a broker to pay over such amount from a sale of the shares
issuable under an Option and the acceptance of a promissory note secured
by the number of shares of Common Stock then issuable upon exercise of
the Options.   





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| | d) |  | Termination of Employment: Unless an Option earlier expires upon
the expiration date established pursuant to Section 6(b)(ii), upon the
termination of the Participants employment, his or her rights to
exercise an Option then held shall be only as follows, unless the
Administrator specifies otherwise:
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| | (1) |  | Death. Upon the death of a Participant while in the
employ of the Company or its Subsidiaries, all of the
Participants Options then held shall be exercisable by his or
her estate, heir or beneficiary at any time during the twelve
(12) months next succeeding the date of death. Any and all of
the deceased Participants Options that are not exercised during
the twelve (12) months next succeeding the date of death shall
terminate as of the end of such twelve (12) month period.                                                                                                                                                                                                                                                                                                                                          
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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| |     |  | If a Participant should die within thirty (30) days of his or her
termination of employment with the Company or its Subsidiaries, an
Option shall be exercisable by his or her estate, heir or
beneficiary at any time during the twelve (12) months succeeding
the date of termination, but only to the extent of the number of
shares as to which such Option was exercisable as of the date of
such termination. Any and all of the deceased Participants
Options that are not exercised during the twelve (12) months
succeeding the date of termination shall terminate as of the end
of such twelve (12) month period. A Participants estate shall
mean his or her legal representative or other person who so
acquires the right to exercise the Option by bequest or
inheritance or by reason of the death of the Participant.





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| | (2) |  | Total and Permanent Disablement. Upon termination as
a result of the Total and Permanent Disablement of any
Participant, all of the Participants Options then held shall be
exercisable for a period of twelve (12) months after
termination. Any and all Options that are not exercised during
the twelve (12) months succeeding the date of termination shall
terminate as of the end of such twelve (12) month period.                                                                                                                                                                                                                                  
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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| | (3) |  | Retirement. Upon Retirement of a Participant, the
Participants Options then held shall be exercisable for a
period of twelve (12) months after Retirement. The number of
shares with respect to which the Options shall be exercisable
shall equal the total number of shares which were exercisable
under the Participants Option on the date of his or her
Retirement. Any and all Options that are unexercised during the
twelve (12) months succeeding the date of termination shall
terminate as of the end of such twelve (12) month period.                                                                                                        
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| | (4) |  | Other Reasons. Upon the date of a termination of a
Participants employment for any reason other than those stated
above in Sections 6(d)(1), (d)(2) and (d)(3) or as described in
Section 6(c) above, (A) any Option that is unexercisable as of
such termination date shall remain unexercisable and shall
terminate as of such date, and (B) any Option that is
exercisable as of such termination date shall expire the earlier
of (i) ninety (90) days following such date or (ii) the
expiration date of such Option.                                                                                                                                 
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| | (5) |  | Termination of Employment. The term termination of
employment shall mean ceasing to serve as a full-time employee
of the Company, except that an approved leave of absence or
approved employment on a less than full-time basis may
constitute employment unless the Administrator provides
otherwise. The Administrator shall determine whether any
corporate transaction, such as a sale or spin-off of a division
or subsidiary that employs a Participant, shall be deemed to
result in a termination of employment with the Company for
purposes of any affected Participants Options, and the
Administrators decision shall be final and binding.



| | e) |  | Transferability of Option: Unless the Administrator specifies
otherwise, each Option shall be nontransferable by the Participant
other than by will or the laws of descent and distribution and shall be
exercisable only by the Participant during his or her lifetime.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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| | f) |  | No Repricing. Without the approval of stockholders, the Company
shall not reprice any Options. For purposes of this Plan, the term
reprice shall mean lowering the exercise price of previously awarded
Options within the meaning of Item 402(i) under Securities and Exchange
Commission Regulation S-K (including cancelling previously awarded
Options and regranting them with a lower exercise price).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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| | g) |  | Conditions and Restrictions Upon Securities Subject to Options:
The Administrator may provide that the shares of Common Stock issued
upon exercise of an Option shall be subject to such further agreements,
restrictions, conditions or limitations as the Administrator in its
discretion may specify prior to the exercise of such Option, including
without limitation, conditions on vesting or transferability,
forfeiture or repurchase provisions and method of payment for the
shares issued upon exercise (including the actual or constructive
surrender of Common Stock already owned by the Participant). Without
limiting the foregoing, such restrictions may address the timing and
manner of any resales by the Participant or other subsequent transfers
by the Participant of any shares of Common Stock issued as a result of
the exercise of the Option, including without limitation (a)
restrictions under an insider trading policy, (b) restrictions designed
to delay and/or coordinate the timing and manner of sales by
Participant and other optionholders, and (c) restrictions as to the use
of a specified brokerage firm for such resales or other transfers. The
Administrator may establish rules for the deferred delivery of Common
Stock upon exercise of an Option with the deferral evidenced by use of
Stock Units equal in number to the number of shares of Common Stock
whose delivery is so deferred. A Stock Unit is a bookkeeping entry
representing an amount equivalent to the fair market value of one share
of Common Stock. Unless the Administrator specifies otherwise, Stock
Units represent an unfunded and unsecured obligation of the Company.
Settlement of Stock Units upon expiration of the deferral period shall
be made in Common Stock or otherwise as determined by the
Administrator. The amount of Common Stock, or other settlement medium,
to be so distributed may be increased by an interest factor or by
dividend equivalents. Until a Stock Unit is so settled, the number of
shares of Common Stock represented by a Stock Unit shall be subject to
adjustment pursuant to Section 9. Any Stock Units that are settled
after the holders death shall be distributed to the holders
designated beneficiary(ies) or, if none was designated, the holders
estate.
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| | h) |  | Other Terms and Conditions: Options may also contain such other
provisions, which shall not be inconsistent with any of the foregoing
terms, as the Administrator shall deem appropriate. No Option,
however, nor anything contained in the Plan shall confer upon any
Participant any right to continue in the Companys or its Subsidiaries
employ or service nor limit in any way the Companys or its
Subsidiaries right to terminate his or her employment at any time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   





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|7. |  | Restricted Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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|   |  | Restricted Stock may be granted at any time and from time to time prior
to the termination of the Plan, to Participants selected by the
Administrator. Restricted Stock is an award or issuance of shares of
Common Stock the grant, issuance, retention, vesting and/or
transferability of which is subject during specified periods of time to
such conditions (including continued employment or performance
conditions) and terms as the Administrator deems appropriate. Each grant
of Restricted Stock shall be evidenced by a written restricted stock agreement and/or such other written arrangements as may be approved from
time to time by the Board of Directors or the Compensation Committee of
the Board. Restricted Stock granted pursuant to the Plan need not be
identical but each grant of Restricted Stock must contain and be subject
to the following terms and conditions:



| | (a) |  | Contents of Agreement. Each Restricted Stock Agreement shall
contain provisions regarding (a) the number of shares of Common
Stock subject to such Award or a formula for determining such, (b)
the purchase price of the shares, if any, and the means of payment
for the shares, (c) the performance criteria, if any, and level of
achievement versus these criteria that shall determine the number of
shares granted, issued, retainable and/or vested, (d) such terms and
conditions on the grant, issuance, vesting and/or forfeiture of the
shares as may be determined from time to time by the Administrator,
(e) restrictions on the transferability of the shares and (f) such
further terms and conditions in each case not inconsistent with this
Plan as may be determined from time to time by the Administrator.
Shares of Restricted Stock may be issued in the name of the
Participant and held by the Participant or held by the Company, in
each case as the Administrator may provide.
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| | (b) |  | Sales Price. Subject to the requirements of applicable law,
the Administrator shall determine the price, if any, at which shares
of Restricted Stock shall be sold or awarded to a Participant, which
may vary from time to time and among Participants and which may be
below the fair market value of such shares at the date of grant or
issuance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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| | (c) |  | Vesting. The grant, issuance, retention and/or vesting of
shares of Restricted Stock shall be at such time and in such
installments as determined by the Administrator. The Administrator
shall have the right to make the timing of the grant and/or the
issuance, ability to retain and/or vesting of shares of Restricted
Stock subject to continued employment, passage of time and/or such
performance criteria as deemed appropriate by the Administrator.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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| | (d) |  | Discretionary Adjustments. Notwithstanding satisfaction of
any performance goals, the number of Shares granted, issued,
retainable and/or vested under an award of Restricted Stock on
account of either financial performance or personal performance
evaluations may be reduced by the Administrator on the basis of such
further considerations as the Administrator shall determine.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



|8. |  | Loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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|   |  | The Company may make loans, at the request of the Participant and in the
sole discretion of the Administrator, for the purpose of enabling the
Participant to exercise Options granted under the Plan and to pay the tax
liability resulting from an Option exercised (or the vesting of Restricted
Stock or election pursuant to Section 83(b) of the Code with respect
thereto) under the Plan. The Administrator shall have full authority to
determine the terms and conditions of such loans. Such loans may be secured
by the shares received upon exercise of such Option (or received upon
the vesting of Restricted Stock or election pursuant to Section 83(b) of the
Code with respect thereto, if applicable).





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|9.  |  | Adjustment of and Changes in the Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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|    |  | In the event that the number of shares of Common Stock of the Company shall
be increased or decreased through reorganization, reclassification,
combination of shares, stock splits, reverse stock splits, spin-offs, or the
payment of a stock dividend, (other than regular, quarterly cash dividends)
or otherwise, then each share of Common Stock of the Company which has been
authorized for issuance under the Plan, whether such share is then currently
subject to or may become subject to an Award under the Plan, may be
proportionately adjusted to reflect such increase or decrease, unless the
terms of the transaction provide otherwise. Outstanding Awards may also be
amended as to price and other terms if necessary to reflect the foregoing
events.                                                                                                                             
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|    |  | In the event there shall be any other change in the number or kind of the
outstanding shares of Common Stock of the Company, or any stock or other
securities into which such Common Stock shall have been changed, or for
which it shall have been exchanged, whether by reason of merger,
consolidation or otherwise, then the Administrator shall, in its sole
discretion, determine the appropriate adjustment, if any, to be effected.
In addition, in the event of such change described in this paragraph, the
Administrator may accelerate the time or times at which any Award may be
exercised and may provide for cancellation of such accelerated Awards which
are not exercised within a time prescribed by the Administrator in its sole
discretion.                                                                                                                                       
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|    |  | No right to purchase fractional shares shall result from any adjustment in
Awards pursuant to this Section 9. In case of any such adjustment, the
shares subject to the Award shall be rounded down to the nearest whole
share. Notice of any adjustment shall be given by the Company to each
Participant, which shall have been so adjusted and such adjustment (whether
or not notice is given) shall be effective and binding for all purposes of
the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|10. |  | Listing or Qualification of Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|    |  | In the event that the Board of Directors or the Administrator determines in
its discretion that the listing or qualification of the Plan shares on any
securities exchange or quotation or trading system or under any applicable
law or governmental regulation is necessary as a condition to the issuance
of such shares under the Award, the Award may not be exercised (or, in the
case of Restricted Stock, vest) in whole or in part unless such listing,
qualification, consent or approval has been unconditionally obtained.                                                                                                                                                                                                                                                                                                                                                                   
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|11. |  | Withholding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|    |  | To the extent required by applicable federal, state, local or foreign law, a
Participant shall be required to satisfy, in a manner satisfactory to the
Company, any withholding tax obligations that arise by reason of an Option
exercise or the vesting of Restricted Stock (or, if applicable, election
pursuant to Section 83(b) of the Code). The Company shall not be required to issue shares or to recognize the
disposition of such shares until such obligations are satisfied. The
Administrator may permit these obligations to be satisfied by having the
Company withhold a portion of the shares of stock that otherwise would be
issued to him or her upon exercise of the Option or the vesting of
Restricted Stock, or to the extent permitted, by tendering shares previously
acquired, provided that such will not result in an accounting charge to the
Company or its Subsidiaries.





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|12. |  | Administration of the Plan
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| | a) |  | Administrator of the Plan. The Plan shall be administered by the
Administrator who shall be the Compensation Committee of the Board of
Directors or, in the absence of a Compensation Committee, the Board of
Directors itself. The Compensation Committee or the Board of Directors
may, by resolution, authorize one or more officers of the Company to
perform any or all things that the Administrator is authorized and
empowered to do or perform under the Plan, and for all purposes under
this Plan, such officer or officers shall be treated as the
Administrator; provided, however, that the resolution so authorizing
such officer or officers shall specify the total number of Awards (if
any) such officer or officers may award pursuant to such delegated
authority, and any such Award shall be subject to the form of Option
agreement theretofore approved by the Board of Directors or the
Compensation Committee. No such officer shall designate himself or
herself as a recipient of any Awards granted under authority delegated
to such officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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| | b) |  | Powers of Administrator. Subject to the express provisions of this
Plan, the Administrator shall be authorized and empowered to do all
things necessary or desirable in connection with the administration of
this Plan, including, without limitation: (a) to prescribe, amend and
rescind rules and regulations relating to this Plan and to define terms
not otherwise defined herein; (b) to determine which persons are
Participants (as defined in Section 3 hereof) and to which of such
Participants, if any, an Award shall be granted hereunder and the
timing of any such Award grants; (c) to determine the number of shares
of Common Stock subject to an Award and the exercise or purchase price,
if any, of such shares; (d) to establish and verify the extent of
satisfaction of any conditions to exercisability applicable to an
Award; (e) to waive conditions to and/or accelerate exercisability of
an Award, either automatically upon the occurrence of specified events
(including in connection with a change of control of the Company) or
otherwise in its discretion; (f) to prescribe and amend the terms of
Award grants made under this Plan (which need not be identical); (g) to
determine whether, and the extent to which, adjustments are required
pursuant to Section 9 hereof; and (h) to interpret and construe this
Plan, any rules and regulations under the Plan and the terms and
conditions of any Award granted hereunder, and to make exceptions to
any such provisions in good faith and for the benefit of the Company or
its Subsidiaries.
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| | c) |  | Determinations by the Administrator. All decisions, determinations
and interpretations by the Administrator regarding the Plan, any rules
and regulations under the Plan and the terms and conditions of any
Award granted hereunder, shall be final and binding on all Participants
and optionholders. The Administrator shall consider such factors as it
deems relevant, in its sole and absolute discretion, to making such
decisions, determinations and interpretations including, without
limitation, the recommendations or advice of any officer or other
employee of the Company and such attorneys, consultants and accountants
as it may select.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 



|13. |  | Amendment of the Plan or Awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
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|    |  | The Board may amend, alter or discontinue the Plan and the Administrator may
amend or alter any Award granted under the Plan, but no amendment or
alteration shall be made which would impair the rights of the holder of any
Award, without such holders consent, provided that no such consent shall be
required if the Administrator determines in its sole discretion and prior to
the date of any change in control (as defined, if applicable, in the
agreement evidencing such Award) that such amendment or alteration either is
required or advisable in order for the Company, the Plan or the Award to
satisfy any law or regulation or to meet the requirements of or avoid
adverse financial accounting consequences under any accounting standard.
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|14. |  | Time of Granting Awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|    |  | The effective date of such Award shall be the date on which the grant was
made by the Administrator. Within a reasonable time thereafter, the Company
will deliver the Award to the Participant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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