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AMENDED AND RESTATED INVOLUNTARY DEFERRED COMPENSATION PLAN

 
Exhibit 10.17

 
AMENDED AND RESTATED 
BLACKROCK, INC. INVOLUNTARY DEFERRED 
COMPENSATION PLAN 
 
BlackRock, Inc. and its subsidiaries have established the BlackRock, Inc. Involuntary Deferred Compensation Plan for the purpose of providing deferred compensation and retention incentives to a select group of management or
highly compensated employees. 
 
Article 1.
    Definitions 
 

	1.1	 	Affiliate has the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

 

	1.2	 	Board means the Board of Directors of BlackRock, Inc. 

 

	1.3	 	Bonus means the discretionary annual performance bonus payable by the Company or an Affiliate of the Company to a Participant in respect of a Plan Year.

 

	1.4	 	Cause means the occurrence or existence of any of the following with respect to the Participant: (i) a material breach by the Participant of any written
policies of the Company or an Affiliate of the Company required by law or established to maintain compliance with applicable law; (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct by the Participant against the
Company or an Affiliate of the Company or any client of the Company or an Affiliate of the Company; (iii) conviction (including a plea of nolo contendere) of the Participant for the commission of a felony that could, in the
Company’s reasonable judgment, impair the Participant’s ability to perform his or her duties or adversely affect the Company’s or any of its Affiliates’ businesses or reputations; or (iv) entry of any order against the
Participant by any governmental body having regulatory authority with respect to the Company’s or its Affiliate’s business, which order relates to or arises out of the Participant‘s employment or service relationship with the Company
or an Affiliate of the Company. A determination of Cause may be made only by the Company’s chief executive officer and a majority of the members of the Management Committee (excluding the Participant, if applicable).

 

	1.5	 	Code means the Internal Revenue Code of 1986, as it may from time to time be amended or supplemented. 

 

	1.6	 	Committee means the Company’s Management Committee. 

 

	1.7	 	Company means BlackRock, Inc., a corporation organized under the laws of Delaware, or any successor corporation. 

 

	1.8	 	Compensation means the salary, Bonus and commissions payable to an eligible individual by the Company or an Affiliate of the Company with respect to a Plan
Year. 

 

	1.9	 	Cyllenius means Cyllenius Partners II LLC. 

 

	1.10	 	Deferred Amount shall have the meaning ascribed to that term in Section 5.1. 

 

	1.11	 	Deferred Compensation Account means the book-keeping entry account maintained by the Company for each Participant that reflects Deferred Compensation Amounts,
Matching Contributions, Investment Income Amounts and adjustments (including distributions). 

 

	1.12	 	Deferred Compensation Amount means the percentage of the Bonus which may be mandatorily deferred under Section 2.1. 

 

	1.13	 	Disability means the Participant’s physical or mental incapacity constituting disability in accordance with the Company’s long-term disability
policy which in any event does or is reasonably expected to continue for at least 6 months, as determined by the Committee. 

 

	1.14	 	Employer means the Affiliate of the Company which employs the Participant. 

 

	1.15	 	Exchange Act means the Securities Exchange Act of 1934, as amended from time to time. 

 

	1.16	 	Investment Funds means the tracking investments that are from time to time offered under the Plan, as chosen in the sole discretion of the Committee.

 

	1.17	 	Investment Income Amount means any and all notional earnings (gains and/or losses) on Deferred Compensation Amounts and Matching Contributions during the
applicable vesting period set forth in Article 3. 

 

	1.18	 	Matching Contribution means the credit that may be made to a Participant’s Deferred Compensation Account by his or her Employer, as set forth in Section
2.2. 

 

	1.19	 	Obsidian means The Obsidian Fund LLC. 

 

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	1.20	 	Participant means a Managing Director, Director or sales representative who: (i) is designated by the Committee as being eligible to participate in the Plan;
(ii) is eligible to receive a Bonus; (iii) is employed by the Company or an Affiliate of the Company on the date the entire Bonus would otherwise have been paid but for the deferral; and (iv) has Compensation in excess of $250,000.

 

	1.21	 	Plan means the BlackRock, Inc. Involuntary Deferred Compensation Plan. 

 

	1.22	 	Plan Year means the calendar year, commencing with 2001. 

 

	1.23	 	Retirement shall have such meaning as the Committee shall determine from time to time. 

 

	1.24	 	Valuation Date means the last business day of each month, or such other date specified by the Committee. 

 

	1.25	 	Vested means a Participant has a nonforfeitable interest in a portion of his or her Deferred Compensation Account. 

 
Article 2.     Deferred Amounts

 

	2.1	 	General. Each Plan Year up to 15 percent of a Participant’s Bonus may be mandatorily deferred under the Plan for a three-year period. The Committee may
vary the percentage of the mandatory deferral in subsequent Plan Years, subject to the 15 percent limitation. Notwithstanding the foregoing, with respect to Participants who are sales representatives, the amount of the Participant’s Bonus that
may be mandatorily deferred under the Plan for any Plan Year shall be an amount (not to exceed such a Participant’s Bonus) equal to a percentage (determined by the Committee, but in no case shall such percentage exceed 15%) of the sum of (a)
the commissions paid to the Participant in excess of the Participant’s annual draw in respect of the Plan Year and (b) the Participant’s Bonus for the Plan Year. 

 

	2.2	 	Matching Contributions. Each Plan Year, a Participant’s Employer may, but shall not be required to, credit to the Participant’s Deferred
Compensation Account a Matching Contribution. Unless otherwise determined by the Committee, the Matching Contribution made to a Participant’s Deferred Compensation Account shall be an amount equal to 20% of the amount of the Participant’s
Deferred Compensation Amount for the Plan Year. 

 

	2.3	 	Crediting of Deferred Compensation Amounts. A Participant’s Deferred Compensation Amount and the corresponding Matching Contribution shall be credited to
the Participant’s Deferred Compensation Account at the time 

 

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the mandatorily deferred portion of his or her Bonus for that Plan Year would otherwise
have been paid. The amount credited to the Participant’s Deferred Compensation Account shall be equal to the sum of the Deferred Compensation Amount and the amount of any corresponding Matching Contribution. Investment Income Amounts shall be
credited and/or debited, as the case may be, to the Participant’s Deferred Compensation Amount at each Valuation Date, or on such other basis as the Committee may determine. 
 
Article 3.     Vesting 
 

	3.1	 	Deferred Compensation Amount. Subject to Sections 3.3 and 6.2, a Participant will become Vested with respect to his or her Deferred Compensation Amount
mandatorily deferred with respect to a Plan Year in accordance with the following schedule: 

 

	 Anniversary of Date of Crediting
	 	 Percentage Vested

	 1st
	 	 33.3 %

	 2nd
	 	 66.6 %

	 3rd
	 	 100 %

 
The
Vested portion of a Participant’s Deferred Compensation Amount shall be appropriately reduced to reflect any negative return associated with the Investment Funds underlying his or her Deferred Compensation Amount. 
 

	3.2	 	Matching Contributions and Investment Income Amounts. Subject to Sections 3.3 and 6.2, a Participant will become fully Vested with respect to a Matching
Contribution and Investment Income Amounts in respect of a Deferred Compensation Amount on the third anniversary of the date the Deferred Compensation Amount and Matching Contribution was credited to the Participant’s Deferred Compensation
Account. 

 

	3.3	 	Vesting Upon Certain Events. A Participant will become fully and immediately Vested in his or her Deferred Compensation Account if his or her employment with
the Company or an Affiliate of the Company is terminated by reason of death, Disability or Retirement. A Participant will become fully and immediately Vested in his or her Deferred Compensation Amount (but not in his or her Matching Contributions or
any Investment Income Amounts) if his or her employment with the Company or an Affiliate of the Company is terminated by his or her Employer other than for Cause. 

 
Article 4.     Valuation 
 

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As of each Valuation Date, a Participant’s Deferred Compensation Account shall
consist of the balance of the Participant’s Deferred Compensation Account as of the immediately preceding Valuation Date adjusted for: 
 

	 	·	 	Deferred Compensation Amounts; 

 

	 	·	 	Matching Contributions; 

 

	 	·	 	Investment Income Amounts (gains and/or losses); and 

 

	 	·	 	distributions (if any). 

 
All adjustments and earnings related thereto will be determined on a monthly basis in accordance with the Valuation Date or on such other
basis as may be specified by the Committee from time to time. Unless the Committee determines otherwise, each Participant will receive quarterly valuation statements in respect of his or her Deferred Compensation Accounts. 
 
Article 5.     Tracking Investments

 

	5.1	 	Investment Election for Deferred Compensation Amount. A Participant shall specify that all, or any whole percentage, of the sum of his or her Deferred
Compensation Amount and any Matching Contribution for the applicable Plan Year (such sum, the “Deferred Amount”) shall be designated to one or more of the Investment Funds. Unless otherwise determined by the Committee, a Participant may
not designate less than (i) 10% of his or her Deferred Amount to an Investment Fund and (ii) 25% of his or her Deferred Amount to Obsidian or Cyllenius. The Company or an Affiliate of the Company may make a corresponding investment in the actual
Investment Fund, but shall not be obligated to do so. 

 

	5.2	 	Failure to Designate. If a designation is not in place before a Deferred Compensation Amount is credited to the Participant’s Deferred Compensation
Account, the Deferred Amount shall be directed the Investment Fund which provides the lowest risk of loss of capital, as determined in the sole discretion of the Committee. 

 

	5.3	 	Committee Discretion. The Committee shall have the sole discretion to determine the Investment Funds available under the Plan and may change or eliminate an
Investment Fund provided hereunder from time to time. If any Investment Fund ceases to be available under the Plan, the Committee shall have the authority to credit any allocation to such Investment Fund (along with deemed earnings, gains, losses,
expenses or changes thereto) to any other then-available Investment Fund. The Committee may disregard the deemed investment instructions of a Participant. 

 

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	5.4	 	Investment Reallocation. Once each calendar quarter (but, in the case of Obsidian, only once each calendar year and in the case of Cyllenius, only twice each
calendar year), a Participant may elect, by written notice delivered to the Committee on such date as shall be designated by the Committee, to change the manner in which all or a portion of his or her Deferred Compensation Account is designated
among the then-available Investment Funds. Unless otherwise determined by the Committee, a Participant may not reallocate less than (i) 10% of the amount directed by the Participant in the particular Investment Fund from which the reallocation is to
be made and (ii) 25% of the amount directed by the Participant to Obsidian or Cyllenius to another Investment Fund. A Participant must abide by the timing of the distribution and contribution parameters set forth by the applicable Investment Fund.
To the extent that a Participant wishes to change the manner in which his or her Deferred Compensation Account is directed into or out of an Investment Fund, such transfer shall only be effected as of the next available distribution or contribution
date, as the case may be, of the applicable Investment Fund. Any amount directed to an Investment Fund prior to the Investment Fund’s next contribution date shall, until such contribution date, be directed to the Investment Fund which provides
the lowest risk of loss of capital, as determined in the sole discretion of the Committee. 

 

	5.5	 	Investment Fund Limitations. The Committee may limit the aggregate amount of investments directed to any Investment Fund. If the Committee decides to limit
the aggregate of investments directed to a particular Investment Fund, each Participant’s deferral to such Investment Fund will be reduced on a pro-rata basis, or on such other basis as the Committee may determine. Participants will be notified
if the Committee intends to limit the investments that may be directed to an Investment Fund and will be provided with the opportunity to direct any amount not permitted to be directed to an Investment Fund to any of the other then-available
Investment Funds. If a Participant does not provide a direction with respect to an amount not permitted to be directed to a particular Investment Fund, such amount shall be directed to the Investment Fund which provides the lowest risk of loss of
capital, as determined in the sole discretion of the Committee. 

 
Article 6.     Distributions 
 

	6.1	 	General. A Participant shall receive a lump sum cash distribution from his or her Deferred Compensation Account in respect of any Vested portion of his or her
Deferred Compensation Account as soon as practicable after such portion becomes Vested. 

 

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	6.2	 	Termination of Employment. Upon the termination of a Participant’s employment with the Company or an Affiliate of the Company for any reason whatsoever,
the Participant shall receive a distribution as described in Section 6.1 in respect of any Vested portion of his or her Deferred Compensation Account. Subject to Article 3, any portion of the Deferred Compensation Account which is not Vested at the
date of termination shall be forfeited. 

 
Article 7.     Beneficiary Designation 
 

	7.1	 	Beneficiary Designation. Each Participant shall have the right, at any time, to designate any person or persons as beneficiary or beneficiaries (both
principal as well as contingent) to whom a lump sum cash payment of the Vested balance of the Participant’s Deferred Compensation Account shall be made in the event of the Participant’s death. In the event of multiple beneficiaries, such
payment shall be apportioned among the beneficiaries in accordance with the designation forms, or if applicable, as determined pursuant to Section 7.2. A beneficiary designation may be changed by a Participant by filing such change on a form
prescribed by the Committee. The receipt of a new beneficiary designation form will cancel all previously filed beneficiary designations. 

 

	7.2	 	Failure to Designate. If a Participant fails to designate a beneficiary as provided above, or if all designated beneficiaries predecease the Participant, then
the Participant’s designated beneficiary shall be deemed to be the persons surviving him in the first of the following classes in which there is a survivor on a per capita basis: 

 

	 	·	 	the surviving spouse; 

 

	 	·	 	the Participant’s children, except that if any of the children predecease the Participant but leave issue surviving, then such issue shall take by right of
representation the share their parent would have taken if living; and 

 

	 	·	 	the Participant’s personal representative (executor or administrator). 

 
Article 8.     Administration 
 

	8.1	 	 Administration. The Plan shall be administered by the Committee. The Committee shall have the authority in its sole discretion, subject to and not
inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including,
without limitation, the authority to construe and interpret the Plan and any Plan related documentation; to determine all questions arising in 

 

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connection with the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; and to make all other determinations
deemed necessary or advisable for the administration of the Plan. The Committee may appoint a chairperson and a secretary and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall keep minutes of
its meetings. All determinations of the Committee shall be made by a majority of its members either present in person or participating by conference telephone at a meeting or by written consent. The Committee may delegate to one or more of its
members or to one or more agents such administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the
Committee or such person may have under the Plan. All decisions, determinations and interpretations of the Committee shall be final and binding on all persons, including the Company, and any Affiliate of the Company, Participant or beneficiary.

 

	8.2	 	Claims Appeal Procedure. After first discussing any claims a Participant may have under the Plan with BlackRock’s Vice President—Compensation and
Benefits, the Participant may then make a claim under this Plan in writing to the Committee. The Committee shall notify the Participant in writing within a reasonable period if the claim is denied, the basis for denial (including references to
applicable Plan sections) and any additional information needed to perfect the claim. After a receipt of denial, the Participant may request the Committee to review its decision. At such time the Committee shall conduct a full and fair review of the
decision denying the claim and respond to the Participant within a reasonable time period. 

 

	8.3	 	Liability Indemnification. No member of the Board or the Committee shall be liable for any action taken or determination made in good faith with respect to
the Plan. The members of the Committee and its agents shall be indemnified and held harmless by the Company against and from any and all loss, cost, liability, or expense that may be imposed upon or incurred by them in connection with or resulting
from any claim, action, suit, or proceeding to which they may be a party or in which they may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by them in settlement (with the
Company’s written approval) or paid by them in satisfaction of a judgment in any action suit, or proceeding. The foregoing shall not be applicable to any person if the loss, cost, liability or expense is due to such person’s gross
negligence or willful misconduct. 

 
Article 9.
    Amendment and Termination of Plan 
 

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The Committee
may at any time amend or terminate the Plan in whole or in part; provided, however, that no amendment or termination may act to reduce a Participant’s Deferred Compensation Account at the time of such amendment or termination. 
 
Article 10.     Miscellaneous 
 

	10.1	 	Unsecured General Creditor. Participants and their beneficiaries shall have no legal or equitable rights, interest or claims in any property or assets of the
Company, any Affiliate of the Company or any Investment Fund. The obligation under the Plan to a Participant shall be merely that of an unfunded and unsecured promise of the Participant’s Employer to pay money to the Participant in the future.
The Company shall be jointly and severally liable for the obligation of Employers in respect of obligations owed to Participants and beneficiaries hereunder. 

 

	10.2	 	Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or
otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part
of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law
in the event of a Participant’s or any other person’s bankruptcy or insolvency. 

 

	10.3	 	Not a Contract of Service. The terms and conditions of this Plan shall not be deemed to constitute a contract of service between a Participant and the Company
or any Affiliate of the Company. Except as may otherwise be specifically provided herein, neither a Participant nor any beneficiary shall have rights against the Company or any Affiliate of the Company. Moreover, nothing in this Plan shall be deemed
to give a Participant the right to be retained in the service or employment of the Company or any Affiliate of the Company. 

 

	10.4	 	Offset. Amounts due to or in respect of Participants under the Plan shall not be affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense or other right which the Company or any Affiliate of the Company may have against a Participant or others. 

 

	10.5	 	Withholding. The Company, or as applicable, an Affiliate of the Company, shall have the power to withhold an amount sufficient to satisfy all federal,

 

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state, local or foreign withholding requirements in respect of any payment made under the
Plan. 
 

	10.6	 	Governing Law. The Plan, and any agreement related thereto, shall be governed by the laws of the State of Delaware without giving effect to the conflict of
law principles thereof. 

 

10AMENDED AND RESTATED 1999 ANNUAL INCENTIVE PERFORMANCE PLAN

  Exhibit 10.24
  AMENDED AND RESTATED
 BLACKROCK, INC.
 1999 ANNUAL INCENTIVE
PERFORMANCE PLAN

	  1.
 	  Purpose.
 
	  
 	  
 
	                                    The purpose of the
Amended and Restated BlackRock, Inc. 1999 Annual Incentive Performance Plan is to reinforce corporate, organizational and business-development goals; to promote the achievement of year-to-year and long-range financial and other business objectives;
and to reward the performance of individual officers and other employees in fulfilling their personal responsibilities for long-range achievements.
 
	  
 
	  2.
 	  Definitions.
 
	  
 
	                      The following terms, as used herein, shall
have the following meanings:
 
	  
 
	                       (a)
 	  “Award” shall mean an annual incentive compensation award, granted pursuant to the Plan, which is contingent upon the attainment of Performance Goals with respect to a
Performance Period.
 
	  
 	  
 
	                      (b)
 	  “Award Agreement” shall mean any written agreement, contract, or other instrument or document between the Company and a Participant evidencing an Award.

	  
 	  
 
	                       (c)
 	  “Board” shall mean the Board of Directors of the Company.
 
	  
 	  
 
	                       (d)
 	  “Code” shall mean the Internal Revenue Code of 1986, as amended.
 
	  
 	  
 
	                       (e)
 	  “Committee” shall mean the Compensation Committee of the Board.
 
	  
 	  
 
	                      (f)
 	  “Company” shall mean BlackRock, Inc., a Delaware corporation, and its subsidiaries.
 
	  
 	  
 
	                       (g)
 	  “Covered Employee” shall have the meaning set forth in Section 162(m)(3) of the Code.
 
	  
 	  
 
	                       (h)
 	  “Participant” shall mean an officer or other employee of the Company who is, pursuant to Section 4 of the Plan, selected to participate herein.
 
	  
 	  
 
	                       (i)
 	  “Performance Goals” means performance goals based on one or more of the following criteria: (i) before-tax income or after-tax income, (ii) operating profit, (iii)
return on equity, assets, capital or investment, (iv) earnings or book value per share, (v) sales or revenues, (vi) operating expenses, (vii) stock price appreciation and (viii) implementation or completion of critical projects or processes. 
Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the
Company, a subsidiary or affiliate, or a division or strategic business unit of the Company or a combination thereof, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination
thereof, all as determined by the Committee.  The Performance Goals may include a threshold level of performance below which no payment will be made, levels of performance at which specified payments will be made, and a maximum level of
performance above which no additional payment will be made.  To the extent possible, each of the foregoing Performance Goals shall be determined in accordance with generally accepted accounting principles and shall be subject to certification
by the Committee; provided that the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any subsidiary or affiliate or the
financial statements of the Company or any subsidiary or affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in
occurrence or related to the disposal of
 
			

	  
 	 a segment of a business or related to a change in accounting principles.
 
	  
 	  
 
	                       (j)
 	  “Performance Period” shall mean the Company’s fiscal year.
 
	  
 	  
 
	                       (k)
 	  “Plan” shall mean this Amended and Restated BlackRock, Inc. 1999 Annual Incentive Performance Plan.
 
	  
 	  
 
	  3.
 	  Administration.
 
	  
 
	                                    The Plan shall be
administered by the Committee.  The Committee shall have the authority in its sole discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either
specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to grant Awards; to determine the persons to whom and the time or times at which Awards shall be
granted; to determine the terms, conditions, restrictions and performance criteria, including Performance Goals, relating to any Award; to determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited,
or surrendered; to make adjustments in the Performance Goals in recognition of unusual or non-recurring events affecting the Company or the financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting
principles, or for any other reason; to construe and interpret the Plan and any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of Award Agreements; and to make all other
determinations deemed necessary or advisable for the administration of the Plan.
 
	  
 
	                                   The Committee may
appoint a chairperson and a secretary and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall keep minutes of its meetings.  All determinations of the Committee shall be made by a majority
of its members either present in person or participating by conference telephone at a meeting or by written consent.  The Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem
advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan.  All decisions,
determinations and interpretations of the Committee shall be final and binding on all persons, including the Company, the Participant (or any person claiming any rights under the Plan from or through any Participant) and any shareholder.

	  
 
	                                    No member of the Board
or the Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder.
 
	  
 
	  4.
 	  Eligibility.
 
	  
 
	                                    Awards may be granted
to officers and other employees of the Company in the sole discretion of the Committee.  In determining the persons to whom Awards shall be granted and the Performance Goals relating to each Award, the Committee shall take into account such
factors as the Committee shall deem relevant in connection with accomplishing the purposes of the Plan.
 
			

	 5.
 	  Terms of Awards.
 
	  
 
	                                    Awards granted
pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve and the terms and conditions of such Awards shall be set forth therein.  The Committee shall specify with respect to a
Performance Period the Performance Goals applicable to each Award.  Performance Goals may include a level of performance below which no payment shall be made and levels of performance at which specified percentages of the Award shall be
paid.  Award levels for any Performance Period may be expressed as a dollar amount or as a percentage of the Participant’s annual base salary.  Unless otherwise determined by the Committee, all payments in respect of Awards granted
under this Plan shall be made, in cash, within a reasonable period after the end of the Performance Period.   Notwithstanding anything to the contrary contained herein, in no event shall payment in respect of Awards granted for a
Performance Period be made to a Participant in an amount that exceeds $20,000,000 (twenty million dollars).  The Committee may reduce or eliminate any Award under the Plan, but in no event may the Committee increase the amount of an Award
payable to a Covered Employee upon attainment of the applicable Performance Goals.
 
	  
 
	  6.
 	  General Provisions.
 
	  
 
	                      (a)
 	  Compliance with Legal Requirements.  The Plan and the granting and payment of Awards, and the other obligations of the Company under the Plan and any Award Agreement
or other agreement shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required.
 
	  
 	  
 
	                       (b)
 	  Nontransferability.  Awards shall not be transferable by a Participant except by will or the laws of descent and distribution.
 
	  
 	  
 
	                      (c)
 	  No Right To Continued Employment.  Nothing in the Plan or in any Award granted or any Award Agreement or other agreement entered into pursuant hereto shall confer
upon any Participant the right to continue in the employ of the Company or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the
Company to terminate such Participant’s employment.
 
	  
 	  
 
	                     (d)
 	  Withholding Taxes.  Where a Participant or other person is entitled to receive a cash payment pursuant to an Award hereunder, the Company shall have the right to
require the Participant or such other person to pay to the Company the amount of any taxes that the Company may be required to withhold before delivery to such Participant or other person of such payment.
 
	  
 	  
 
	                      (e)
 	  Amendment, Termination and Duration of the Plan.  The Board or the Committee may at any time and from time to time alter, amend, suspend, or terminate the Plan in
whole or in part; provided that, no amendment that requires shareholder approval in order for the Plan to continue to comply with Code Section 162(m) shall be effective unless the same shall be approved by the requisite vote of the
shareholders of the Company.  Notwithstanding the foregoing, no amendment shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award theretofore granted under the Plan.
 
			

	                      (f)
 	  Participant Rights.  No Participant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment for
Participants.
 
	  
 	  
 
	                     (g)
 	  Unfunded Status of Awards.  The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.  With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company.
 
	  
 	  
 
	                      (h)
 	  Governing Law.  The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware without giving effect
to the conflict of laws principles thereof.
 
	  
 	  
 
	                      (i)
 	  Effective Date.  The Plan shall take effect upon the effective date of the initial public offering of the shares of class A common stock, par value $0.01 per share,
of the Company, provided that the Plan has been approved by the stockholders of the Company prior to the initial public offering.
 
	  
 	  
 
	                      (j)
 	  Beneficiary.  A Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time
to time, amend or revoke such designation.  If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the grantee’s beneficiary.

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