Document:

EX-10.15

 EXHIBIT 10.15 
 BAXTER INTERNATIONAL INC. 
 Non-Employee Director Compensation Plan

 (As amended and restated effective January 1, 2009) 

Terms and Conditions 
  

	1.	Purpose  

 This
Non-Employee Director Compensation Plan (the “Plan”) is adopted by the Board of Directors (the “Board”) of Baxter International Inc. (“Baxter”). This Plan is adopted pursuant to the Baxter International Inc. 2003
Incentive Compensation Program (the “Program”), for the purposes stated in the Program. Capitalized terms defined in the Program that are used without being defined in the Plan will have the same meaning as in the Program. 

 

	2.	Participants  

Each member of the Board who is not an employee of Baxter or any of its subsidiaries shall participate in the Plan (a
“Participant”). 
  

	3.	Restricted Stock Units  

  

	 	3.1	On the date of Baxter’s annual meeting of stockholders (the “Annual Meeting”) in each year beginning with the Annual Meeting held in May 2007, and
subject to availability of shares of Common Stock under the Program, each Participant upon completion of the Annual Meeting shall, automatically and without necessity of any action by the Board or any committee thereof, receive the number of
Restricted Stock Units equal to the quotient of (A) $65,000 divided by (B) the Fair Market Value of a share of Common Stock on the date of grant (rounded to the nearest whole number which is a multiple of ten) (the “Annual Restricted
Stock Unit Grant Amount”). 

  

	 	3.2	Each Participant elected or appointed on a date other than the date of an Annual Meeting shall, on the date of such election or appointment and automatically and
without necessity of any action by the Board or any committee thereof, receive the number of Restricted Stock Units equal to the product of (A) the Annual Restricted Stock Unit Grant Amount (as defined in Section 3.1, subject to adjustment
in accordance with the Program) for the Restricted Stock Units awarded on the date of the immediately preceding Annual Meeting, multiplied by (B) the quotient of (i) the number of full calendar months before the next Annual Meeting divided
by (ii) 12 (rounded to the nearest whole number which is a multiple of ten). The number of Restricted Stock Units granted under this Section 3.2 shall not exceed the number available under the Program on the date of grant.

  

	 	3.3	Restricted Stock Units may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, whether voluntarily, involuntarily
or by operation of law. 

  

	 	3.4	Subject to Section 11.10 of the Program and except as expressly provided in Sections 3.6 and 3.7, all Restricted Stock Units shall vest on the date of and
immediately prior to the next Annual Meeting following the date of grant. 

  

	 	3.5	Except as provided in Sections 3.6 and 3.7, if a Participant ceases service as a member of the Board before his or her Restricted Stock Units vest, the
Participant will forfeit his or her unvested Restricted Stock Units immediately upon ceasing service as a member of the Board. 

  

	 	3.6	If a Participant dies while serving as a member of the Board, his or her unvested Restricted Stock Units will not be forfeited and will be fully vested
immediately. 

  

	 	3.7	If a Participant becomes disabled and unable to continue service as a member of the Board, his or her Restricted Stock Units will not be forfeited and will, when
the Participant ceases to serve as member of the Board, be fully vested. 

	 	3.8	No Participant receiving Restricted Stock Units shall have the rights of a stockholder with respect to those shares of Common Stock underlying the Restricted
Stock Units. Participants shall not be permitted to vote the Restricted Stock Units. Participants shall be permitted to receive cash payments equal to the dividends and distributions paid on shares of Common Stock to the same extent as if each
Restricted Stock Unit was a share of Common Stock, and those shares were not subject to the restrictions imposed by this Plan; provided, however, that no dividends or distributions shall be payable to or for the benefit of the Participant with
respect to the record dates for such dividends or distributions occurring on or after the date, if any, on which the Participant has forfeited the Restricted Stock Units. Cash dividend and distribution equivalents paid on those shares of Common
Stock underlying the Restricted Stock Units pursuant hereto shall be reinvested in additional Restricted Stock Units. 

  

	 	3.9	Participants shall be eligible to defer payment and taxation of those shares of Common Stock underlying the Restricted Stock Units otherwise payable under this
Section 3 pursuant to the terms and conditions of the Baxter Non-Employee Director Deferred Compensation Plan. 

  

	 	3.10	If requested by Baxter, each Participant receiving Restricted Stock Units shall enter into an agreement with Baxter incorporating the terms and conditions of
this Plan. Subject to the terms of the Program, after the Restricted Stock Units vest, shares of Common Stock free and clear of all restrictions will be delivered to the Participant (or to the Participant’s legal representative, beneficiary or
heir). 

  

	4.	Stock Options  

  

	 	4.1	On the date of Baxter’s Annual Meeting in each year beginning with the Annual Meeting on May 6, 2003, and subject to availability of shares of Common
Stock under the Program, upon completion of the Annual Meeting each Participant shall be granted Stock Options having a value equal to $65,000, to be determined by the Board or the Compensation Committee of the Board (the “Committee”)
based on a Black-Scholes or other option valuation model in the discretion of the Board or the Committee (rounded to the nearest whole number which is a multiple of ten) (the “Annual Stock Option Grant Amount”). 

 

	 	4.2	Each Participant elected or appointed on a date other than the date of an Annual Meeting shall, on the date of such election or appointment and automatically and
without necessity of any action by the Board or any committee thereof, be granted a Stock Option to purchase that number of shares of Common Stock equal to the product of (A) the Annual Stock Option Grant Amount (as defined in Section 4.1,
subject to adjustment in accordance with the Program) for each Stock Option granted on the date of the immediately preceding Annual Meeting, multiplied by (B) the quotient of (i) the number of full calendar months before the next Annual
Meeting divided by (ii) 12 (rounded to the nearest whole number which is a multiple of ten). The number of shares of Common Stock subject to any Stock Option granted under this Section 4.2 shall not exceed the number available under the
Program on the date of grant. 

  

	 	4.3	The purchase price for each share of Common Stock subject to a Stock Option shall be the Fair Market Value of a share of Common Stock on the date of grant. The
terms of each Stock Option will be as set forth in this Plan and the Program. To the extent that any provision of the Plan is inconsistent with the Program, the Program shall control. The Stock Options are not intended to qualify as Incentive Stock
Options within the meaning of Section 422 of the United States Internal Revenue Code. 

  

	 	4.4	Subject to Section 11.10 of the Program and except as expressly provided in Sections 4.8, 4.9 and 4.10, Stock Options shall first become exercisable on the
date of and immediately prior to the next Annual Meeting following the date of grant. 

  

	 	4.5	After a Stock Option becomes exercisable and until it expires, it may be exercised in whole or in part, in the manner specified by the Company. Under no
circumstances may a Stock Option be exercised after it has expired. Shares of Common Stock may be used to pay the purchase price for shares of Common Stock to be acquired upon exercise of a Stock Option or fulfill any tax withholding obligation,
subject to any requirements or restrictions specified by the Company. 

	 	4.6	Except as provided in Sections 4.8, 4.9 and 4.10, if a Participant ceases service as a member of the Board before his or her Stock Option becomes exercisable,
the Stock Option will expire when the Participant ceases service as a member of the Board. 

  

	 	4.7	If a Participant ceases service as a member of the Board after his or her Stock Option becomes exercisable, the Stock Option will not expire but will remain
exercisable. Subject to Sections 4.8, 4.9, 4.10 and 4.11, the Stock Option will expire three months after the Participant ceases service as a member of the Board, unless the Participant dies or becomes disabled during such three month period in
which case the Stock Option will expire on the first anniversary of the date the Participant ceased serving as a member of the Board. 

	 	4.8	If a Participant dies while serving as a member of the Board, his or her Stock Option will not expire and will remain, or immediately become, fully exercisable,
as the case may be. Subject to Sections 4.10 and 4.11, the Stock Option will expire on the first anniversary of the Participant’s death. 

  

	 	4.9	If a Participant becomes disabled and unable to continue service as a member of the Board, his or her Stock Option will not expire and will remain, or when the
Participant ceases to serve as member of the Board become, fully exercisable, as the case may be. Subject to Sections 4.10 and 4.11, the Stock Option will expire on the first anniversary of the date the Participant ceases service as a member of the
Board. 

  

	 	4.10	If a Participant who has served as a member of the Board for a continuous period of at least ten years or who is at least 72 years of age ceases to serve as a
member of the Board (including without limitation by reason of death or disability), his or her Stock Option will not expire and will remain, or when the Participant ceases to serve as member of the Board become, fully exercisable, as the case may
be. Subject to Section 4.11, the Stock Option will expire on the fifth anniversary of the date the Participant ceases service as a member of the Board. 

 

	 	4.11	Stock Options that have not previously expired will expire at the close of business on the tenth anniversary of the date of grant. If a Stock Option would expire
on a date that is not a Business Day, it will expire at the close of business on the last Business Day preceding that date. A “Business Day” is any day on which the Common Stock is traded on the New York Stock Exchange.

  

	 	4.12	An exercisable Stock Option may only be exercised by the Participant, his or her legal representative, or a person to whom the Participant’s rights in the
Stock Option are transferred by will or the laws of descent and distribution or in accordance with rules and procedures established by the Committee. 

  

	 	4.13	The Board or the Committee may, in its sole discretion and without receiving permission from any Participant, substitute stock appreciation rights
(“SARs”) for any or all outstanding Stock Options granted on or after May 4, 2004. Upon the grant of substitute SARs, the related Stock Options replaced by the substitute SARs shall be cancelled. The grant price of the substitute SAR
shall be equal to the Option Price of the related Stock Option, the term of the substitute SAR shall not exceed the term of the related Stock Option, and the terms and conditions applicable to the substitute SAR shall otherwise be substantially the
same as those applicable to the related Stock Option replaced by the substitute SAR. 

  

	5.	Cash Compensation  

  

	 	5.1	Baxter shall pay each Participant a meeting fee of $1,500 for each meeting of the Board or any committee thereof attended, and a Participant acting as the
chairperson of any meeting of a committee of the Board shall receive an additional $1,500 for each meeting chaired by him or her. Fees shall be paid quarterly in arrears and are payable if the Participant attends in person, by conference telephone,
or by any other means permitted by the Delaware General Corporation Law and Baxter’s Bylaws, as amended. 

  

	 	5.2	Baxter shall pay each Participant a total annual cash retainer of $65,000 per calendar year (“Annual Cash Retainer”). Baxter shall pay an additional
annual cash retainer of $30,000 per calendar year to the Lead Director (“Lead Director Retainer”). Both the Annual Cash Retainer and Lead Director Retainer shall be paid quarterly in arrears. For purposes of determining the amount of such
quarterly payment(s), a 

 Participant and/or the Lead Director must be a member of the Board on or prior to the
15th day of a month in order to be entitled to receive such payment(s) with respect to that month. 

	 	5.3	Participants shall be eligible to defer payment of cash compensation otherwise payable under this Section 5 pursuant to the terms and conditions of the
Baxter Non-Employee Director Deferred Compensation Plan. 

  

	6.	Availability of Shares If on any grant date, the number of shares of Common Stock which would otherwise be granted in the form of Restricted Stock Units
or subject to Stock Options granted under the Plan shall exceed the number of shares of Common Stock then remaining available under the Program, the available shares shall be allocated among the Stock Options and Restricted Stock Units to be granted
Participants in proportion to the number of shares subject to Stock Options and Restricted Stock Units that Participants would otherwise be entitled to receive, and allocated evenly between Restricted Stock Units and Stock Options.

  

	7.	General Provisions  

  

	 	7.1	Subject to the limitations contained in Section 11.9 of the Program, the Board or the Committee may, at any time and in any manner, amend, suspend, or
terminate the Plan or any Stock Option outstanding under the Plan. 

  

	 	7.2	Participation in the Plan does not give any Participant any right to continue as a member of the Board for any period of time or any right or claim to any
benefit unless such right or claim has specifically accrued hereunder. 

***    ***    *** 

 Amendment No. 1 

to 

Baxter International Inc. 
 Non-Employee Director Compensation Plan 
 Effective as of July 27, 2009, subsection
5.1 of the Baxter International Inc. Non-Employee Director Compensation Plan (the “Plan”) is amended to read in its entirety as follows: 
  

	 	5.1	Except as provided in the following sentence, Baxter shall pay each Participant a meeting fee of $1,500 for each meeting of the Board or any committee thereof
attended, and a Participant acting as the chairperson of any meeting of a committee of the Board shall receive an additional $1,500 for each meeting chaired by him or her. Baxter shall pay each Participant a meeting fee of $3,000 for each meeting of
the Science and Technology Committee attended, and a Participant acting as the chairperson of any meeting of the Science and Technology Committee shall receive an additional $1,500 for each meeting chaired by him or her. Fees shall be paid quarterly
in arrears and are payable if the Participant attends in person, by conference telephone, or by any other means permitted by the Delaware General Corporation Law and Baxter’s Bylaws, as amended and restated. 

 Amendment No. 2 

to 

Baxter International Inc. 
 Non-Employee Director Compensation Plan 
 Effective as of January 1, 2011, subsections
3.1, 4.1 and 5.1 of the Baxter International Inc. Non-Employee Director Compensation Plan (the “Plan”) are each amended to read in their respective entirety as follows: 

 

	 	3.1	On the date of Baxter’s annual meeting of stockholders (the “Annual Meeting”) in each year beginning with the Annual Meeting held in May 2011, and
subject to availability of shares of Common Stock under the Program, each Participant upon completion of the Annual Meeting shall, automatically and without necessity of any action by the Board or any committee thereof, receive the number of
Restricted Stock Units equal to the quotient of (A) $67,500 divided by (B) the Fair Market Value of a share of Common Stock on the date of grant (rounded to the nearest whole number which is a multiple of ten) (the “Annual Restricted
Stock Unit Grant Amount”). 

  

	 	4.1	On the date of Baxter’s Annual Meeting in each year beginning with the Annual Meeting on May 3, 2011, and subject to availability of shares of Common
Stock under the Program, upon completion of the Annual Meeting each Participant shall be granted Stock Options having a value equal to $67,500, to be determined by the Board or the Compensation Committee of the Board (the “Committee”)
based on a Black-Scholes or other option valuation model in the discretion of the Board or the Committee (rounded to the nearest whole number which is a multiple of ten) (the “Annual Stock Option Grant Amount”). 

 

	 	5.1	Except as provided in the following sentence, Baxter shall pay each Participant a meeting fee of $2,000 for each meeting of the Board or any committee thereof
attended. Baxter shall pay each Participant a meeting fee of $3,000 for each meeting of the Science and Technology Committee attended. Except as provided in the following section, participants acting as the chairperson of any committee of the Board
shall receive an annual cash retainer of $10,000 for each committee chaired by him or her. A participant acting as the chairperson of the Audit Committee shall receive an annual cash retainer of $15,000. Amounts payable within this Section 5.1
shall be paid quarterly in arrears and are payable if the Participant attends in person, by conference telephone, or by any other means permitted by the Delaware General Corporation Law and Baxter’s Bylaws, as amended and restated. For the
purposes of determining the amount of such quarterly payment(s), a Participant must be a chairperson of a committee of the Board on or prior to the 15th day of a month in order to be entitled to receive such payment(s) with respect to that month.

 Amendment No. 3 

to 

Baxter International Inc. 
 Non-Employee Director Compensation Plan 
 Effective as of January 1,
2012, subsections 3.1 and 4.1 of the Baxter International Inc. Non-Employee Director Compensation Plan (the “Plan”) are each amended to read in their respective entirety as follows: 

 

	 	3.1	On the date of Baxter’s annual meeting of stockholders (the “Annual Meeting”) in each year beginning with the Annual Meeting held on May 8,
2012, and subject to availability of shares of Common Stock under the Program, each Participant upon completion of the Annual Meeting shall, automatically and without necessity of any action by the Board or any committee thereof, receive the number
of Restricted Stock Units equal to the quotient of (A) $103,333 divided by (B) the Fair Market Value of a share of Common Stock on the date of grant (rounded to the nearest whole number which is a multiple of ten) (the “Annual
Restricted Stock Unit Grant Amount”). 

  

	 	4.1	On the date of Baxter’s Annual Meeting in each year beginning with the Annual Meeting on May 8, 2012, and subject to availability of shares of Common Stock
under the Program, upon completion of the Annual Meeting each Participant shall be granted Stock Options having a value equal to $51,667, to be determined by the Board or the Compensation Committee of the Board (the “Committee”) based on a
Black-Scholes or other option valuation model in the discretion of the Board or the Committee (rounded to the nearest whole number which is a multiple of ten) (the “Annual Stock Option Grant Amount”).Form of Restricted Stock Unit Agreement (Director)

 Exhibit 10.26 
 CAPELLA EDUCATION COMPANY 
 2005 STOCK INCENTIVE PLAN 

Restricted Stock Unit Agreement 
 (Non-Employee Director) 
 (for use commencing in 2012) 

This is a Restricted Stock Unit Agreement (“Agreement”) between Capella Education Company, a Minnesota corporation (the “Company”),
and the recipient identified above (the “Recipient”) effective as of the date of grant specified above. To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the
Company’s 2005 Stock Incentive Plan (the “Plan”). 
 Recitals 

WHEREAS, the Company maintains the Plan; and 
 WHEREAS, pursuant to the Plan, the Board of Directors of the Company (the “Board”) or a committee of two or more directors of the Company (the “Committee”) designated by the Board
administers the Plan and has the authority to determine the awards to be granted under the Plan (if the Board has not appointed a committee to administer the Plan, then the Board shall constitute the Committee); and 

WHEREAS, the Committee has determined that the Recipient is eligible to receive an award under the Plan in the form of restricted stock
units (“Units”); 
 NOW, THEREFORE, the Company hereby grants this award to the Recipient under the terms and
conditions as follows. 

 Terms and Conditions 

 

	1.	Grant of Restricted Stock Units. The Recipient is granted the number of Units specified at the beginning of this Agreement. 

 

	2.	Fair Market Value of Units. The fair market value of a Unit subject to this Agreement shall at all times be equal to the Fair Market Value of a Share.

  

	3.	Payment of Benefits. 

 (a) Generally. Payment of vested Units subject to this Agreement shall be made by the Company delivering one Share for each vested Unit. 

(b) Payment. Subject to Sections 5 and 6 of this Agreement, Units subject to this Agreement shall vest and
be paid on the vesting date(s) specified at the beginning of this Agreement, unless the Recipient’s service as a director of the Company shall terminate prior to such vesting date(s). Delivery of Shares in payment of the Units will occur as
soon as administratively practicable after vesting of the Units, but not later than the later of (i) the end of the calendar year in which the vesting occurs, or (ii) the 15th day of the third calendar month after the date of vesting, and
the Recipient shall have no power to affect the timing of such issuance. Such issuance shall be evidenced by a stock certificate or appropriate entry on the books of the Company or a duly authorized transfer agent of the Company, and shall be in
complete satisfaction of such vested Units. If the Units that vest and become payable include a fractional Unit, the Company shall round the number of vested Units to the nearest whole Unit prior to delivery of Shares as provided herein. If the
ownership of or issuance of Shares to the Recipient as provided herein is not feasible due to applicable exchange controls, securities or tax laws or other provisions of applicable law, as determined by the Committee in its sole discretion, the
Recipient or his or her Successor shall receive cash proceeds in an amount equal to the Fair Market Value (as of the date vesting occurs) of the Shares otherwise issuable to Recipient. 

(c) Effect. Whenever the Company shall become obligated to make payment in respect of a Unit subject to this
Agreement, all rights of the Recipient with respect to such Unit, other than the right to such payment, shall terminate and be of no further force or effect and such Unit shall be cancelled. 

(d) Payments on Death. Any payment due under this Agreement following the death of the Recipient shall be
paid to the Successor of the Recipient. 
  

	4.	 Accrual and Payment of Cash Dividends. In the event the Company shall pay cash dividends on its Shares on or after the date of this
Agreement, the Company shall credit, as of the dividend record date, an amount of cash dividend equivalents to the account of the Recipient. The amount of the dividend 

	 	
equivalents credited shall be determined by multiplying the number of Units credited to the Recipient’s account as of the dividend record date pursuant to this Agreement times the dollar
amount of the cash dividend per Share. The Recipient’s right to receive such accrued dividend equivalents shall vest, and the amount of the accrued dividend equivalents shall be paid in cash, to the same extent and at the same time as the
underlying Units to which the dividend equivalents relate, as provided in Sections 3, 5 or 6 of this Agreement. Any dividend equivalents accrued on Units that are forfeited in accordance with this Agreement shall also be forfeited.

  

	5.	Effect of Termination of Service as Director. If the Recipient ceases to be a director of the Company prior to the vesting date(s) specified at the
beginning of this Agreement other than as a result of the Recipient’s death, Disability or Retirement (as defined below), the Recipient shall forfeit the Units. If the Recipient ceases to be a director of the Company as a result of
Recipient’s death, Disability or Retirement, then the unvested Units shall immediately vest and be paid in Shares as provided in Section 3. For purposes of this Agreement, “Retirement” shall mean retirement from the Board at the
earlier of 65 years of age or 55 years of age with 7 years of service. 

  

	6.	Change in Control. If a Change in Control (as defined below) of the Company shall occur and within three years of such Change in Control, Recipient’s
service as a director of the Company shall be terminated other than for Cause (as defined below), all of the Units subject to this Agreement shall immediately vest and be paid in full as provided in Section 3. 

For purposes of this Agreement, a “Change in Control” of the Company shall be deemed to occur if any of the following occur:

 (a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
acquires or becomes a “beneficial owner” (as defined in Rule 13d-3 or any successor rule under the Exchange Act), directly or indirectly, of securities of the Company representing the 65% or more of the combined voting power of the
Company’s then outstanding securities entitled to vote generally in the election of directors (“Voting Securities”). Provided, however, that the following shall not constitute a Change in Control pursuant to this Section 3(a):

 (1) any acquisition or beneficial ownership by the Company or a subsidiary; 

(2) any acquisition or beneficial ownership by any employee benefit plan (or related trust) sponsored or maintained by the Company or one
or more of its subsidiaries; 

 (3) any acquisition or beneficial ownership by any corporation with respect to which,
immediately following such acquisition, more than 65% of both the combined voting power of the Company’s then outstanding Voting Securities and the Shares of the Company is then beneficially owned, directly or indirectly, by all or
substantially all of the persons who beneficially owned Voting Securities and Shares of the Company immediately prior to such acquisition in substantially the same proportions as their ownership of such Voting Securities and Shares, as the case may
be, immediately prior to such acquisition; 
 (b) A majority of the members of the Board of Directors of the
Company shall not be Continuing Directors. “Continuing Directors” shall mean: (1) individuals who, on the date hereof, are directors of the Company, (2) individuals elected as directors of the Company subsequent to the date
hereof for whose election proxies shall have been solicited by the Board of Directors of the Company or (3) any individual elected or appointed by the Board of Directors of the Company to fill vacancies on the Board of Directors of the Company
caused by death or resignation (but not by removal) or to fill newly-created directorships; 
 (c) Consummation
by the Company of a reorganization, merger or consolidation of the Company or a statutory exchange of outstanding Voting Securities of the Company, unless, immediately following such reorganization, merger, consolidation or exchange, all or
substantially all of the persons who were the beneficial owners, respectively, of Voting Securities and Shares of the Company immediately prior to such reorganization, merger, consolidation or exchange beneficially own, directly or indirectly, more
than 65% of, respectively, the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors and the then outstanding shares of common stock, as the case may be, of the corporation resulting
from such reorganization, merger, consolidation or exchange in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, consolidation or exchange, of the Voting Securities and Shares of the Company, as
the case may be; 
 (d) Consummation by the Company of the sale or other disposition of all or substantially all
of the assets of the Company (in one or a series of transactions), other than to a corporation with respect to which, immediately following such sale or other disposition, more than 65% of, respectively, the combined voting power of the then
outstanding voting securities of such corporation entitled to vote generally in the election of directors and the then outstanding shares of common stock of such corporation is then beneficially owned, directly or indirectly, by all or substantially
all of the persons who were the beneficial owners, respectively, of the Voting Securities and Shares of the Company immediately prior to such sale or other disposition in substantially the same proportions as their ownership, immediately prior to
such sale or other disposition, of the Voting Securities and Shares of the Company, as the case may be; or 

 (e) Approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company. 
 For purposes of this Agreement, “Cause” shall be defined to include termination of the
Recipient’s service as a director in connection with any of the following: 
 (a) Recipient’s failure
or refusal substantially to perform his/her duties to the full extent of his/her abilities for reasons other than death or Disability, after written notice to Recipient of such failure or refusal providing Recipient 30 days to take corrective
action; 
 (b) Conviction of a felony crime, or commission of any act, the conviction for which would be a gross
misdemeanor or felony conviction; and 
 (c) Theft or misappropriation of the Company’s property.

  

	7.	Adjustments for Changes in Capitalization. The Units subject to this Agreement shall be subject to adjustments for changes in the Company’s
capitalization as provided in Section 16 of the Plan. 

  

	8.	No Transfer. The Units may not be pledged, assigned or transferred except as expressly provided in Section 6.3 of the Plan. 

 

	9.	No Shareholder Rights Until Payment. The Recipient shall not have any of the rights of a shareholder of the Company in connection with the award of Units
subject to this Agreement unless and until Shares are issued to him/her upon payment of the Units. 

  

	10.	Discontinuance of Service as Director. This Agreement shall not give the Recipient a right to continued service as a director of the Company or any parent
or subsidiary of the Company, and the Company or any such parent or subsidiary may terminate the Recipient’s service as a director at any time and otherwise deal with the Recipient without regard to the effect it may have upon him/her under
this Agreement. 

  

	11.	Interpretation of This Agreement. All decisions and interpretations made by the Committee with regard to any question arising hereunder or under the Plan
shall be binding and conclusive upon the Company and the Recipient. If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern. 

 

	12.	Award Subject to Plan, Articles of Incorporation and By-Laws. The Recipient acknowledges that the Units are subject to the Plan, the Articles of
Incorporation, as amended from time to time, and the By-Laws, as amended from time to time, of the Company, and any applicable federal or state laws, rules or regulations. 

	13.	Binding Effect. This Agreement shall be binding in all respects on the heirs, representatives, successors and assigns of the Recipient.

  

	14.	Choice of Law. This Agreement is entered into under the laws of the State of Minnesota and shall be construed and interpreted thereunder (without regard
to its conflict of law principles). 

  

	15.	Section 409A of the Code. The provisions of this Agreement shall be interpreted and construed in a manner intended to comply with Section 409A
of the Code, the regulations issued thereunder or any exception thereto. Each payment under this Agreement is intended to be excepted from Section 409A under the short-term deferral exception as specified in Treas. Reg. § 1.409A-l(b)(4).

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