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Exhibit 10.2

INVESTMENT SUPPORT SERVICES AGREEMENT

This INVESTMENT SUPPORT SERVICES AGREEMENT (“Agreement”) is entered into as of 
August 14, 2021(“Effective Date”), between VOYA INVESTMENT MANAGEMENT CO. LLC (the “Adviser”), a Connecticut corporation, and VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY, an insurance corporation organized and existing under the laws of the State of Connecticut (the “Company”).  The Adviser and the Company are collectively referred to herein the “Parties”.

WITNESSETH

WHEREAS, the Company issues synthetic guaranteed investment contracts, which are managed by independent third-party advisers (“Managed Custody Account Contracts”); and

WHEREAS, the Company desires to engage Adviser to render application and business support services for the Managed Custody Account Contracts in the manner and on the terms and conditions hereinafter set forth, and the Adviser desires to accept such engagement.

NOW, THEREFORE, in consideration of the covenants herein contained, the parties agree as follows:

1.Support Services.
The Company hereby engages the Adviser to provide the following administrative and other support services (the “Support Services”):

a.Exhibit A Services. The Adviser shall provide the Support Services described in Exhibit A attached hereto and made a part hereof.

b.Records and Accounts; Reports. The Adviser shall keep and maintain or cause to be kept and maintained an accurate and detailed accounting of the services performed for the Managed Custody Accounts to support the charges for services rendered under the Agreement.  Such books and records shall be the property of the Company and shall be maintained in such manner as the Company shall from time to time reasonably require, whether for its own use, for issuance to governmental authorities or for any other purpose. All books and records required herein to be maintained by the Adviser shall be made available to the Company, its accountants, auditors and other representatives for inspection and/or copying (at the Company's expense) at the Adviser's business offices during normal business hours or otherwise on reasonable advance notice and (ii) to the appropriate insurance regulator of the Company upon request.

2. Fees.
As full and complete compensation for the Adviser’s services pursuant to this Agreement, the Company agrees to pay the Adviser a fee (the “Arm’s Length Pricing Fee”) calculated and payable in accordance with the schedule set forth in Exhibit B attached hereto and made a part hereof (“Fee Schedule”). The Fee Schedule may be modified in writing from time to time by mutual agreement of the Adviser and the Company to reflect changes in the nature and level of services to be provided by the Adviser under this Agreement.

All costs and expenses paid or incurred by the Adviser for which the Adviser is not entitled to seek reimbursement, including, without limitation, all in-house and/or outside counsel fees and other 

Exhibit 10.2

expenses incurred by the Adviser in connection with disputes or litigation between the Adviser and the Company, all salaries, wages, fringe benefits and other compensation of employees and personnel of the Adviser, all plant, office, facility, utility, equipment, supply and telecommunications costs, all accounting, data processing and administrative service costs, and all travel and educational costs relating to the employees and personnel of the Adviser, shall be borne by the Adviser for its own account.

3. Term; Termination by the Adviser and Company.
a.Term. Unless sooner terminated, this Agreement shall continue in effect for one year from the Effective Date and thereafter for successive twelve (12) month periods until either the Company or Adviser provides at least ninety (90) days prior written notice of intent to terminate this Agreement.  The Company and Adviser may mutually agree in writing to an earlier termination.
  
b.Early Termination. Either party may terminate this Agreement at any time without cause upon not less than ninety (90) days prior written notice to the other stating the date of termination.  Notwithstanding the foregoing, the Adviser agrees that as soon as it knows or has reason to know that its registration as an investment adviser under the Investment Advisers Act of 1940, as amended, may terminate or be terminated, suspended, canceled or withdrawn, or be restricted in such a way as to impede substantially the Adviser's ability to perform the services to be rendered hereunder, it shall immediately notify the Company. If at any time, such registration terminates or is terminated, suspended, canceled, withdrawn or restricted so as to impede substantially its performance due hereunder, this Agreement shall terminate immediately.

4. Waivers. Amendments.
No term or provision of this Agreement may be amended, supplemented, waived or modified orally, but only by an instrument in writing signed (i) in the case of waivers, by the party or other person against whom enforcement of the waiver is sought, or (ii) in the case of amendments, supplements or modifications by all parties hereto. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

5. Indemnification.
The Adviser agrees to indemnify, defend and hold harmless the Company, its officers and employees, from and against all loss, cost, liability and expense, including but not limited to reasonable counsel fees, which may be occasioned by the breach by the Adviser of any of the provisions of this Agreement or by any acts of misconduct, bad faith or negligence on the part of the Adviser. The Company agrees to indemnify, defend and hold harmless the Adviser, its officers and employees, from and against all loss, cost, liability and expense, including but not limited to reasonable counsel fees, which may be occasioned by the breach by the Company of any of the provisions of this Agreement or by any acts of misconduct, bad faith or negligence on the part of the Company.

6. Miscellaneous.
a.This Agreement embodies the entire agreement and understanding between the Adviser and the Company and supersedes all prior understandings relating to the subject matter hereof. This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of Connecticut. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. Nothing in this Agreement shall be construed as creating a partnership, joint venture or employment arrangement by or between the Company and the Adviser.

Exhibit 10.2

b.It is the intention of the parties that the charges for the services rendered under the Agreement be determined in accordance with fair and reasonable standards and that no party realize a profit nor incur a loss as a result of the services rendered pursuant to the Agreement.
c.Expenses incurred and payments received shall be allocated to the Adviser in conformity with customary insurance accounting practices consistently applied and in compliance with the National Association of Insurance Commissioner's Accounting Practices and Procedures Manual. The Company shall not advance any funds to the Adviser except as provided herein.

d.Receivership of the Company. The Adviser has no automatic right to terminate the Agreement if the Company is placed in receivership pursuant to Chapter 704c of the Connecticut General Statutes. If the Company is placed in receivership or seized by the Connecticut insurance commissioner under applicable Connecticut insurance insolvency laws, (a) all of the rights of the Company under this Agreement will extend to the receiver or commissioner, as applicable, and (b) all books and records relating to the services rendered under the Agreement will be made available to the receiver or the commissioner immediately upon request thereby. The Adviser will continue to maintain any systems, programs or other infrastructure notwithstanding a seizure by the commissioner and will make them available to the receiver for as long as the Company continues to receive timely payment for services rendered.

e.Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in accordance with the Rules of the American Arbitration Association, and judgment upon the award maybe entered  in  any Court having jurisdiction thereof.

f.Assignment. Neither party may assign any of its rights, duties or obligations under the Agreement without the prior approval of the Connecticut insurance regulator, if and to the extent required by law.

g.Amendments. Neither party may amend the Agreement in accordance with Section 4 of the Agreement without the prior approval of the Connecticut insurance regulator, if and to the extent required by law.

h.Oversight. The Company will maintain oversight for the services provided by the Adviser hereunder and the Company will monitor the services on an ongoing basis for quality assurance.

i.This Agreement may be executed in one or more counterparts and all such counterparts so executed shall constitute an original agreement binding on all the parties but together shall constitute but one instrument. The transmission of copies of original signatures via electronic means, either by facsimile or as a “scanned” document attached to electronic mail, shall constitute valid execution of this Agreement without obligation to exchange “wet” copies of such original signatures. 

Exhibit 10.2

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

By:      /s/ David Vincent
Name:  David Vincent
Title:    Vice President, Client Value and Guaranteed Products

VOYA INVESTMENT MANAGEMENT CO.  LLC

By:    /s/ Farhad Sean Banai
Name:  Farhad Sean Banai
Title:    Managing Director, Head of External Portfolio Managementbwmn-ex1016_336.htm

Exhibit 10.16

 

BOWMAN CONSULTING GROUP LTD.

2021 EXECUTIVE OFFICERS LONG TERM INCENTIVE PLAN

SECTION 1.

ESTABLISHMENT, OBJECTIVES AND DURATION

	
1.1
	
ESTABLISHMENT.  Bowman Consulting Group Ltd. (the “Company”) hereby establishes the Bowman Consulting Group Ltd. 2021 Executive Officers Long Term Incentive Plan (the “Officers LTIP”) as set forth herein.  The Officers LTIP is established under the Company’s 2021 Omnibus Equity Incentive Plan (the “Equity Plan”), is subject to the terms and conditions thereof and shall be effective as of the date of adoption of a resolution approving such by the Committee (the “Effective Date”).  

	
1.2
	
PURPOSE.  The purpose of the Officers LTIP is to attract, retain and motivate key officers and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value.  

	
1.3
	
DURATION.  The plan shall remain in effect, subject to the right of the Committee to amend or terminate the Officers LTIP pursuant to Section 5, until five (5) years following its Effective Date.

	
1.4
	
CONFLICT OR INCONSISTENCY.  In the event of any conflict or inconsistency between the terms and provisions of this Officers LTIP and the terms and provisions of the Equity Plan, the terms of the Equity Plan shall control.  In the event of any conflict or inconsistency between the terms and provisions of this Officers LTIP and the terms and provisions of any Employment Agreement, the terms and provisions of the applicable Employment Agreement shall control.  

SECTION 2.

DEFINITIONS

Capitalized terms used in this Officers’ LTIP shall have the meanings set forth below.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Equity Plan or in the applicable Employment Agreement, as applicable:  

	
2.1
	
ACCUMULATED SHARES means, for a given trading day, the sum of (i) one (1) share and (ii) a cumulative number of shares of a Peer Company’s common stock, if any, purchased with dividends declared on that Peer Company’s common stock, assuming same day reinvestment of the dividends in the common stock of a Peer Company at the closing price on the ex-dividend date, with respect to ex-dividend dates during the Opening Average Period or between the first and last dates of the Performance Period as applicable.

	
2.2
	
CLOSING AVERAGE PERIOD means the twenty (20) trading days immediately preceding the final day of a Performance Period.

	
2.3
	
CLOSING AVERAGE SHARE VALUE means the average, over the trading days in the Closing Average Period, of the Closing price of a company’s stock multiplied by the Accumulated Shares for each trading day during the Closing Average Period.

	
2.4
	
COMMITTEE means the Compensation Committee of the Board, or such other committee as shall be appointed by the Board as provided in Section 3 of the Equity Plan to administer the Equity Plan, or in the absence of either, the Board.

 

 

	
2.5
	
EARLY RETIREMENT means an LTIP Participant’s Retirement from employment with at least five (5) years of continuous combined service with the Company and/or a Predecessor, and with the consent of the independent members of the Board of Directors of the Company, and that is either (a) on or before May 7, 2024 (or in the case of the CEO on or before May 7, 2026) or (b) prior to the LTIP Participant having attained combined years of age and years of service with the Company and/or a Predecessor of seventy (70) or more.

	
2.6
	
EFFECTIVE DATE means the date specified in Section 1.1 of this Officers LTIP.

	
2.7
	
EMPLOYMENT AGREEMENT means an employment agreement to which an LTIP Participant and the Company are parties.

	
2.8
	
LTIP AWARD means an Award granted to an LTIP Participant pursuant to this Officers LTIP.

	
2.9
	
LTIP PARTICIPANT means a Named Executive Officer or other Employees as designated by the Committee to participate in the Officers LTIP. 

	
2.10
	
LTIP TERMS means the terms of any applicable Employment Agreement, the Equity Plan, and this Officers LTIP considered collectively with conflicts being resolved pursuant to Section 1.4.  

	
2.11
	
MAXIMUM EQUITY AWARD means the maximum value of annual equity award expressed in dollars as specified in an applicable Employment Agreement or if no Employment Agreement applies as determined by the Committee.

	
2.12
	
NAMED EXECUTIVE OFFICERS means the Company’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and Chief Legal Officer.

	
2.13
	
OPENING AVERAGE PERIOD means the twenty (20) trading days immediately preceding the first day of a Performance Period.

	
2.14
	
OPENING AVERAGE SHARE VALUE means the average, over the trading days in the Opening Average Period, of the closing price of a company’s stock multiplied by the Accumulated Shares for each trading day during the Opening Average Period.

	
2.15
	
PEER COMPANIES  shall be determined by the Committee prior to each applicable Performance Period and initially means the following companies:

Atlas Technical Consultants, Inc.

Construction Partners, Inc.

Dawson Geophysical, Inc.

Exponent, Inc.

Hill International, Inc.

ION Geophysical Corporation

Iteris, Inc.

Montrose Environmental Group, Inc.

Nuverra Environmental Solutions, Inc.

NV5 Global, Inc.

Ranger Energy Services, Inc.

The Hackett Group, Inc.

Willdan Group, Inc.

 

 

	
2.16
	
PERFORMANCE BASED AWARD means an LTIP Award in the form of Restricted Stock Units pursuant to Section 8 of the Equity Plan. 

	
2.17
	
PERFORMANCE PERIOD means the three (3) calendar years, January 1 through December 31, beginning with the calendar year in which the Performance Based Award was granted, provided, however, that for Performance Based Awards granted in 2021, the Performance Period shall be November 1, 2021 through December 31, 2023. 

	
2.18
	
PREDECESSOR means an entity which the Company has acquired, directly or indirectly, through merger, consolidation, or the purchase of substantially all the asset or voting stock.

	
2.19
	
RELATIVE TOTAL SHAREHOLDER RETURN means the Company’s Total Shareholder Return (“TSR”) relative to the TSR of the Peer Companies, as further defined in Section 7.7 herein.  

	
2.20
	
RETIREMENT or RETIRES means, with the consent of the Committee, an LTIP Participant’s termination of employment with the Company other than for Cause after May 7, 2024 (or in the case of the CEO after May 7, 2026) provided that the LTIP Participant (i) gave at least three-months prior written notification to the Company of intention to terminate employment, (ii) has attained the age of 55, (iii) has accrued five (5) or more years of continuous service with the Company and/or a Predecessor, and (iv) has combined years of age and years of service with the Company and/or a Predecessor of seventy (70) or more.

	
2.21
	
TARGET EQUITY AWARD means the target value of annual equity award as of the beginning date of a Performance Period, expressed in dollars as specified in an applicable Employment Agreement or if no Employment Agreement applies as determined by the Committee.  Initial Award Period Target Equity Awards are shown on Exhibit A.

	
2.22
	
THRESHOLD EQUITY AWARD means the threshold value of annual equity award expressed in dollars as specified in an applicable Employment Agreement or if no Employment Agreement applies as determined by the Committee.

	
2.13 
	
TIME BASED AWARD means an LTIP Award in the form of Shares of Restricted Stock pursuant to Section 8 of the Equity Plan.

	
2.14
	
TOTAL SHAREHOLDER RETURN (“TSR”) means, for each of the Company and the Peer Companies, the company’s total shareholder return expressed as a percentage, which will be calculated by dividing (i) the Closing Average Share Value by (ii) the Opening Average Share Value and subtracting one from the quotient.

SECTION 3.

ADMINISTRATION

	
3.1
	
OFFICERS LTIP ADMINISTRATION.  The Committee shall administer the Officers LTIP pursuant to Section 3 of the Equity Plan. 

 

 

SECTION 4.

ELIGIBILITY AND PARTICIPATION

	
4.1
	
ELIGIBILITY.  Persons eligible to participate in the Officers LTIP include Named Executive Officers and other Employees as designated by the Committee subject to the provisions of Section 5.1 of the Equity Plan. 

	
4.2
	
PARTICIPATION.  Subject to the provisions of the Equity Plan, the Committee shall determine and designate, from time to time, the LTIP Participants to whom Awards shall be granted, the terms of such Awards, and the number of Shares subject to such Award.

SECTION 5.

AMENDMENT, MODIFICATION, AND TERMINATION

	
5.1
	
AMENDMENT, MODIFICATION, AND TERMINATION.  Except as otherwise provided in the Equity Plan and subject to Section 5.2 below, at any time the Committee may wholly or partially amend, modify, suspend, or terminate the Officers LTIP. 

	
5.2
	
AWARDS PREVIOUSLY GRANTED.  Without the written (or electronic) consent of the LTIP Participant holding such Award there shall be no termination, amendment, suspension, or modification of the Officers LTIP, other than to the least extent necessary to comply with applicable U.S. or foreign laws, that adversely affects in any material way any LTIP Award previously granted under the Officers LTIP.

SECTION 6.

TIME BASED AWARDS

	
6.1
	
PARTICIPATION.  The Company’s Chief Operating Officer, Chief Financial Officer, Chief Legal Officer and other LTIP Participants as designated by the Committee shall be eligible to receive Time Based Awards. 

	
6.2
	
TYPE OF AWARD.  Time based awards shall be in the form of shares Company restricted stock.

	
6.3
	
DATE OF GRANT, FAIR MARKET VALUE OF AWARD, AND VESTING.  Time Based Awards shall be granted by the Committee annually within three months after the end of each  calendar year beginning after the Effective Date.  Unless otherwise determined by the Committee, Time-Based Awards  shall have a Fair Market Value equal to twenty-five percent (25.00%) of the Target Equity Award and shall vest as follows:

 

 

 

		
	
Vesting Date
	
Percent of Restricted 

Shares Vesting

	
December 31 of the year of grant
	
33.33%

	
Last day of subsequent calendar quarter
	
41.67%

	
Last day of subsequent calendar quarter
	
50.00%

	
Last day of subsequent calendar quarter
	
58.33%

	
Last day of subsequent calendar quarter
	
66.67%

	
Last day of subsequent calendar quarter
	
75.00%

	
Last day of subsequent calendar quarter
	
83.33%

	
Last day of subsequent calendar quarter
	
91.66%

	
Last day of subsequent calendar quarter
	
100.00%

 

If prior to any of the vesting dates set forth immediately above an LTIP Participant (i) dies, (ii) terminates employment due to Disability, (iii) terminates employment as a result of a Change in Control, and subject to provisions in his or her Employment Agreement related thereto, (iv) terminates employment for Good Reason, or (v) Retires either by Retirement or Early Retirement, then such LTIP Participant shall be 100% vested with respect to any Time Based Award granted prior to such event.  If an LTIP Participant is not employed by the Company on a Vesting Date and none of the above are true, then the LTIP Participant shall forfeit any unvested portion of any Time Based Award granted prior to termination of employment.

SECTION 7.

PERFORMANCE BASED AWARDS

	
7.1
	
PARTICIPATION.  The Named Executive Officers and other LTIP Participants as designated by the Committee shall be eligible to receive Performance Based Awards. 

	
7.2
	
TYPE OF AWARD.  Performance Based Awards shall be in the form of Performance-Based Restricted Stock Units (“PSU”) with each PSU representing the right to receive, upon the terms and conditions of the Performance-Based Restricted Stock Unit Agreement between the LTIP Participant and the Company, one share of common stock of the Company.

	
7.3
	
DATE OF GRANT.  Performance Based Awards shall be granted by the Committee annually within three months after the end of each calendar year, provided that for calendar year 2021, the Performance Based Award shall be granted on November 1, 2021.     

	
7.4
	
FAIR MARKET VALUE OF AWARD.  Unless otherwise determined by the Committee, Performance Based Awards shall have a Fair Market Value on the date of Grant as follows:

 

 

 

		
	
LTIP Participant Position
	
Fair Market Value of 

Performance Based Award

	
Chief Executive Officer
	
2.00 x Target Equity Award

	
Chief Operating Officer
	
1.75 x Target Equity Award

	
Chief Financial Officer
	
1.75 x Target Equity Award

	
Chief Legal Officer
	
1.75 x Target Equity Award

 

	
7.5
	
PERFORMANCE PERIODS.  Total Shareholder Return shall be measured for the Company and for the Peer Companies over the Performance Period.   

	
7.6
	
VESTING AND SETTLEMENT PROVISIONS.  

	
7.6.1
	
Provided that on the date the applicable Performance Period ends, and subject to any contrary provisions in the LTIP Participant’s employment agreement, if the LTIP Participant either (i) has died, (ii) has terminated employment due to Disability, (iii) has terminated employment pursuant to a Change in Control, subject to provisions in his or her Employment Agreement related thereto, or (iv) has terminated employment for Good Reason, the LTIP Participant shall be entitled to all unvested Performance Based Awards issued prior thereto which shall vest at the 55th  percentile level.  

	
7.6.2
	
If the LTIP Participant Retires on or after July 1 of any calendar year, either by Retirement or Early Retirement, then he or she shall be entitled, upon their vesting as provided below, to all Performance Based Awards issued during the calendar year two years prior, to two-thirds (2/3) of Performance Based Awards issued during the immediately prior calendar year, and to  one-third (1/3) of Performance Based Awards issued during the year of Retirement or Early Retirement, and the balance of Performance Based Awards issued during the immediately prior calendar year and the year of Retirement or Early Retirement shall be forfeited.  If the LTIP Participant Retires prior to July 1 of any calendar year, either by Retirement or Early Retirement, then he or she shall be entitled, upon their vesting as provided below, to all Performance Based Awards issued during the calendar year two years prior, to one-third (1/3) of Performance Based Awards issued during the immediately prior calendar year, and to none of the Performance Based Awards issued during the year of Retirement or Early Retirement, and the balance of Performance Based Awards issued during the immediately prior calendar year and the year of Retirement or Early Retirement shall be forfeited.  

	
7.6.3
	
If on the date the applicable Performance Period ends an LTIP Participant is not employed by the Company and the reason for termination of employment is other than due to death, Disability, Good Reason, a Change in Control subject to provisions in his or her Employment Agreement related thereto, or having attained Retirement or Early Retirement status, then he or she shall forfeit the Performance Based Awards applicable to such Performance Period.

	
7.6.4
	
Performance Based Awards shall vest and be settled as promptly as practicable after the Committee has approved the calculation of Relative Total Shareholder Return for the applicable Performance Period.  Vesting shall be based by multiplying the number of Performance Based Restricted Stock Units issued to the LTIP Participant for such Performance Period by the Vesting % Level determined by the following formula:

 

 

 

		
	
Relative Total Shareholder

Return at end of

Performance Period
	
Vesting % Level 

	
75th Percentile or higher
	
100%

	
55th Percentile
	
50%

	
35th Percentile
	
25%

	
Below 35th Percentile
	
0%

 

For the Chief Executive Officer, between the 35th Percentile and the 55th Percentile the Vesting Level shall be extrapolated at the rate of 1.25% for each 1% increase in Percentile, and between the 55th Percentile and the 75th Percentile the Vesting Level shall be extrapolated at the rate of 2.5% for each 1% increase in Percentile.  For the Chief Operating Officer, Chief Financial Officer and Chief Legal Officer, between the 35th Percentile and the 55th Percentile the Vesting Level shall be extrapolated at the rate of 1.524% for each 1% increase in Percentile, and between the 55th Percentile and the 75th Percentile the Vesting Level shall be extrapolated at the rate of 2.857% for each 1% increase in Percentile.  The Vesting Percentage Level may not be more than 100%.  Any Performance Based Award that is not vested shall be forfeited. 

	
7.7
	
RELATIVE TOTAL SHAREHOLDER RETURN.   Relative TSR will be determined by Committee and based on ranking the Company and the Peer Companies from highest to lowest according to their respective TSR’s.  After this ranking, the percentile performance of the Company relative to the Peer Companies will be determined as follows:

P = 1 – ((R – 1) / (N – 1))

where: “P” represents the percentile performance which will be rounded, if necessary, to the nearest whole percentile by application of regular rounding; “N” represents the remaining number of Peer Companies plus the Company; and “R” represents the Company’s ranking among the Peer Companies.  By way of example, if there are 24 Peer Companies and the Company ranked 7th, the performance would be at the 75th percentile: 1 – ((7 – 1) / (25 – 1)).

	
7.8
	
PEER COMPANIES.  The Committee may make such changes to Peer Companies as it may deem appropriate, including, but not limited to, the following:

	
7.8.1
	
In the event of a merger, acquisition or business combination transaction of a Peer Company with or by another Peer Company, the surviving entity shall remain a Peer Company.

	
7.8.2
	
In the event of a merger of a Peer Company with an entity that is not a Peer Company, or the acquisition of business combination transaction by or with a Peer Company, or with an entity that is not a Peer Company, in each case where the Peer Company is the surviving entity and remains publicly traded, the surviving entity shall remain a Peer Company.

	
7.8.3
	
In the event of a merger or acquisition or business combination transaction of a Peer Company by or with an entity that is not a Peer Company, a “going private” transaction involving a Peer Company or the liquidation of a Peer Company where the Peer Company is not the surviving entity or is no longer publicly traded, the company shall no longer be a Peer Company.

 

 

	
7.8.4
	
In the event of a bankruptcy of a Peer Company, such company shall remain a Peer Company.

	
7.8.5
	
In the event of a stock distribution from a Peer Company consisting of the shares of a new publicly traded company (a “spin-off”), the Peer Company shall remain a Peer Company and the stock distribution shall be treated as a dividend from the Peer Company based on the closing price of the shares of the spun-off company on the first day of trading.  The performance of the shares of the spun-off company shall not thereafter be tracked as a Peer Company for the purpose of calculating TSR.

	
7.9
	
For the purposes of calculating TSR, the value of any Peer Company shares traded on a foreign exchange will be converted to U.S. dollars.

SECTION 8.

ADMINISTRATION AND INTERPRETATION

	
8.1
	
Fractional Shares.  Fractional shares shall not be issued, and any grant shall be rounded to the nearest whole share.

	
8.2 
	
Incorporation of Equity Plan.  This Plan is to be interpreted in accordance with the terms of the Equity Plan, which are incorporated herein by reference, including without limitation provisions in the Equity Plan related to (a) choice of law, (b) successors and assignability, (c) rights of setoff and claw-back, (d) withholding of taxes, and (e) compliance with Internal Revenue Code Section 409A, and other provisions.

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