Document:

exv10w1

    Exhibit
10.1

     

 

    EVERGREEN
    SOLAR, INC.

    

 

    Amended
    and Restated 2000 Stock Option and Incentive Plan 

 

		
	
    1.  
	
    Purpose
    and Eligibility.

 

    The purpose of this Amended and Restated 2000 Stock Option and
    Incentive Plan (the “Plan”) of Evergreen Solar, Inc.
    (the “Company”) is to provide stock options and other
    equity interests in the Company (each an “Award”) to
    employees, officers, directors, consultants and advisors of the
    Company and its Subsidiaries, all of whom are eligible to
    receive Awards under the Plan. Any person to whom an Award has
    been granted under the Plan is called a “Participant.”
    Additional definitions are contained in Section 10.

 

		
	
    2.  
	
    Administration.

 

    a. ADMINISTRATION BY BOARD OF
    DIRECTORS.  The Plan will be administered by the
    Board of Directors of the Company (the “Board”). The
    Board, in its sole discretion, shall have the authority to grant
    and amend Awards, subject to Section 9(g), to adopt, amend
    and repeal rules relating to the Plan and to interpret and
    correct the provisions of the Plan and any Award. All decisions
    by the Board shall be final and binding on all interested
    persons. Neither the Company nor any member of the Board shall
    be liable for any action or determination relating to the Plan.

 

    b. APPOINTMENT OF COMMITTEES.  To the
    extent permitted by applicable law, the Board may delegate any
    or all of its powers under the Plan to one or more committees or
    subcommittees of the Board (a “Committee”). All
    references in the Plan to the “Board” shall mean such
    Committee or the Board. Any awards granted to non-employee
    directors shall be administered by a committee of the Board
    consisting solely of non-employee directors of the Company.

 

    c. DELEGATION TO EXECUTIVE OFFICERS.  To
    the extent permitted by applicable law, the Board may delegate
    to one or more executive officers of the Company the power to
    grant Awards and exercise such other powers under the Plan as
    the Board may determine, provided that the Board shall fix the
    maximum number of Awards to be granted and the maximum number of
    shares issuable to any one Participant pursuant to Awards
    granted by such executive officers.

 

		
	
    3.  
	
    Stock
    Available for Awards.

 

    a. NUMBER OF SHARES.  Subject to
    adjustment under Section 3(c), the aggregate number of
    shares of Common Stock, $.01 par value, of the Company (the
    “Common Stock”) that may be issued pursuant to the
    Plan is twenty-two million one hundred and fifty thousand shares
    (22,150,000). If any Award expires, or is terminated,
    surrendered or forfeited, in whole or in part, the unissued
    Common Stock covered by such Award shall again be available for
    the grant of Awards under the Plan. If shares of Common Stock
    issued pursuant to the Plan are repurchased by, or are
    surrendered or forfeited to the Company at no more than cost,
    such shares of Common Stock shall again be available for the
    grant of Awards under the Plan; provided, however, that the
    cumulative number of such shares that may be so reissued under
    the Plan will not exceed twenty-two million one hundred and
    fifty thousand shares (22,150,000) shares. Shares issued under
    the Plan may consist in whole or in part of authorized but
    unissued shares or treasury shares. No more than 5% of the total
    number of shares authorized for issuance pursuant to this Plan
    may be granted as Restricted Stock Awards, Restricted Stock
    Units Performance Shares, Stock Appreciation Rights or other
    share-based Awards (other than Options) which vest within less
    than one year after the date of grant. With respect to such
    Awards in excess of 5% of the total number of shares authorized
    for issuance pursuant to this Plan (i) the vesting period
    for Awards with performance-based vesting provisions shall not
    be less than one (1) year and (ii) the vesting period
    for Awards with time-based vesting provisions shall not be less
    than three (3) years.

    

    1

 

    b. PER-PARTICIPANT LIMIT.  Subject to
    adjustment under Section 3(c), no Participant may be
    granted Awards during any one fiscal year to purchase more than
    1,000,000 shares of Common Stock.

 

    c. ADJUSTMENT TO COMMON STOCK.  In the
    event of any stock split, stock dividend, extraordinary cash
    dividend, recapitalization, reorganization, merger,
    consolidation, combination, exchange of shares, liquidation,
    spin-off,
    split-up, or
    other similar change in capitalization or event, (i) the
    number and class of securities available for Awards under the
    Plan and the per-Participant share limit, (ii) the number
    and class of securities, vesting schedule and exercise price per
    share subject to each outstanding Option, (iii) the
    repurchase price per security subject to repurchase, and
    (iv) the terms of each other outstanding stock-based Award
    shall be adjusted by the Company (or substituted Awards may be
    made) to the extent the Board shall determine, in good faith,
    that such an adjustment (or substitution) is appropriate. If
    Section 9(e)(i) applies for any event, this
    Section 3(c) shall not be applicable.

 

		
	
    4.  
	
    Stock
    Options.

 

    a. GENERAL.  The Board may grant options
    to purchase Common Stock (each, an “Option” and
    determine the number of shares of Common Stock to be covered by
    each Option, the exercise price of each Option and the
    conditions and limitations applicable to the exercise of each
    Option and the Common Stock issued upon the exercise of each
    Option, including vesting provisions, repurchase provisions and
    restrictions relating to applicable federal or state securities
    laws, as it considers advisable.

 

    b. INCENTIVE STOCK OPTIONS.  An Option
    that the Board intends to be an “incentive stock
    option” as defined in Section 422 of the Code (an
    “Incentive Stock Option”) shall be granted only to
    employees of the Company and shall be subject to and shall be
    construed consistently with the requirements of Section 422
    of the Code. The Board and the Company shall have no liability
    if an Option or any part thereof that is intended to be an
    Incentive Stock Option does not qualify as such. An Option or
    any part thereof that does not qualify as an Incentive Stock
    Option is referred to herein as a “Nonstatutory Stock
    Option”.

 

    c. EXERCISE PRICE.  The Board shall
    establish the exercise price (or determine the method by which
    the exercise price shall be determined) at the time each Option
    is granted and specify it in the applicable option agreement.
    The exercise price for an Option shall not be less than 100% of
    the fair market value per share of Common Stock on the date of
    grant.

 

    d. DURATION OF OPTIONS.  Each Option shall
    be exercisable at such times and subject to such terms and
    conditions as the Board may specify in the applicable option
    agreement. Each Option shall terminate no later than ten
    (10) years from the date of grant.

 

    e. EXERCISE OF OPTION.  Options may be
    exercised only by delivery to the Company of a written notice of
    exercise signed by the proper person together with payment in
    full as specified in Section 4(f) for the number of shares
    for which the Option is exercised.

 

    f. PAYMENT UPON EXERCISE.  Common Stock
    purchased upon the exercise of an Option shall be paid for by
    one or any combination of the following forms of payment:

 

		
	
    5.  
	
    Restricted
    Stock.

 

    a. GRANTS.  The Board may grant Awards
    entitling recipients to acquire shares of Common Stock, subject
    to (i) delivery to the Company by the Participant of a
    check in an amount at least equal to the par value of the shares
    purchased, and (ii) the right of the Company to repurchase
    all or part of such shares at their issue price or other stated
    or formula price from the Participant in the event that
    conditions specified by the Board in the applicable Award are
    not satisfied prior to the end of the applicable restriction
    period or periods established by the Board for such Award (each,
    a “Restricted Stock Award”).

 

    b. TERMS AND CONDITIONS.  The Board shall
    determine the terms and conditions of any such Restricted Stock
    Award. Any stock certificates issued in respect of a Restricted
    Stock Award shall be registered in the name of the Participant
    and, unless otherwise determined by the Board, deposited by the
    Participant, together with a stock power endorsed in blank, with
    the Company (or its designee). After the

    

     2

 

    expiration of the applicable restriction periods, the Company
    (or such designee) shall deliver the certificates no longer
    subject to such restrictions to the Participant or, if the
    Participant has died, to the beneficiary designated by a
    Participant, in a manner determined by the Board, to receive
    amounts due or exercise rights of the Participant in the event
    of the Participant’s death (the “Designated
    Beneficiary”). In the absence of an effective designation
    by a Participant, Designated Beneficiary shall mean the
    Participant’s estate.

 

    c. SECTION 162(m) PERFORMANCE
    RESTRICTIONS.  For purposes of qualifying
    Restricted Stock Awards as “performance-based compensation
    “under Section 162(m) of the Code, the Board, in its
    discretion, may set restrictions based upon the achievement of
    Performance Goals. The Performance Goals shall be set by the
    Board on or before the latest date permissible to enable the
    Restricted Stock Award to qualify as “performance-based
    compensation” under Section 162(m) of the Code. In
    granting a Restricted Stock Award which is intended to qualify
    under Section 162(m) of the Code, the Board shall follow
    any procedures determined by it from time to time to be
    necessary or appropriate to ensure qualification of the
    Restricted Stock Award under Section 162(m) of the Code
    (e.g., in determining the Performance Goals).

 

		
	
    6.  
	
    Stock
    Appreciation Rights.

 

    a. GRANT.  Subject to the terms and
    conditions of the Plan, Stock Appreciation Rights
    (“SARs”) may be granted to Participants at any time
    and from time to time as shall be determined by the Board, in
    its sole discretion. The Board shall have complete discretion to
    determine the number of SARs granted to any Participant,
    provided that during any fiscal year no Participant may be
    granted SARs covering more than 1,000,000 Shares.

 

    b. EXERCISE PRICE AND OTHER TERMS.  The
    Board, subject to the provisions of the Plan, shall have
    complete discretion to determine the terms and conditions of
    SARs granted under the Plan. However, the exercise price of an
    SAR shall not be less than one hundred percent (100%) of the
    fair market value of a share of Common Stock on the date of
    grant. Each SAR shall terminate no later than ten
    (10) years from the date of grant.

 

    c. SAR AGREEMENT.  Each SAR shall be
    evidence by a written award agreement that shall specify the
    exercise price, the term of the SAR, the conditions of exercise
    and such other terms and conditions as the Board, in its sole
    discretion, shall determine.

 

    d. EXPIRATION OF SARS.  A SAR granted
    under the Plan shall expire upon the date determined by the
    Board, in its sole discretion, and set forth in the award
    agreement.

 

    e. PAYMENT OF SAR AMOUNT.  Upon exercise
    of a SAR, a Participant shall be entitled to receive payment
    from the Company in an amount determined by multiplying:

 

    (i) The difference between the fair market value of a share
    of Common Stock on the date of exercise over the exercise price;
    multiplied by

 

    (ii) The number of shares of Common Stock with respect to
    which the SAR is exercised.

 

    f. PAYMENT UPON EXERCISE.  At the
    discretion of the Board, payment for a SAR may be in cash,
    shares of Common Stock or a combination thereof.

 

		
	
    7.  
	
    Performance
    Units and Performance Shares.

 

    a. GRANT OF PERFORMANCE UNITS AND PERFORMANCE
    SHARES.  Performance Units and Performance Shares
    may be granted to individuals eligible to receive Awards under
    the Plan at any time and from time to time, as shall be
    determined by the Board, in its sole discretion.

 

    b. NUMBER OF SHARES.  The Board will have
    complete discretion in determining the number of Performance
    Units and Performance Shares granted to each Participant,
    provided that during any fiscal year of the Company, no
    Participant shall be granted either (i) Performance Units
    with an initial value greater than 1,000,000 shares of
    Common Stock or (ii) more than 1,000,000 Performance
    Shares, with such grants in the aggregate being subject to the
    Section 3(b) 1,000,000 share limit.

    

     3

 

    c. VALUE OF PERFORMANCE UNITS/
    SHARES.  Each Performance Unit shall have an
    initial value established by the Board on or before the date of
    grant. Each Performance Share shall have an initial value equal
    to the fair market value of a share of Common Stock on the date
    of grant.

 

    d. PERFORMANCE OBJECTIVES AND OTHER
    TERMS.  The Board will set performance objectives
    or other vesting provisions (including, without limitation,
    continued status as a service provider of the Company or
    subsidiary) in its discretion which, depending on the extent to
    which they are met, will determine the number or value of
    Performance Units or Performance Shares that will be paid out to
    the Participants. The time period during which the performance
    objectives or other vesting provisions must be met will be
    called the “Performance Period.” Each award of
    Performance Units or Performance Shares will be evidenced by an
    award agreement that will specify the Performance Period, and
    such other terms and conditions as the Board, in its sole
    discretion, will determine. The Board may set performance
    objectives based upon the achievement of Company-wide,
    divisional, or individual goals, applicable federal or state
    securities laws, or any other basis determined by the Board in
    its discretion.

 

    e. SECTION 162(m) PERFORMANCE
    OBJECTIVES.  For purposes of qualifying grants of
    Performance Units or Performance Shares as
    “performance-based compensation” under
    Section 162(m) of the Code, the Board, in its discretion,
    may determine that the performance objectives applicable to
    Performance Units or Performance Shares shall be based on the
    achievement of Performance Goals. The Performance Goals shall be
    set by the Committee on or before the latest date permissible to
    enable the Performance Units or Performance Shares to qualify as
    “performance-based compensation” under
    Section 162(m) of the Code. In granting Performance Units
    or Performance Shares which are intended to qualify under
    Section 162(m) of the Code, the Committee shall follow any
    procedures determined by it from time to time to be necessary or
    appropriate to ensure qualification of the Performance Units/
    Shares under Section 162(m) of the Code (e.g., in
    determining the Performance Goals).

 

    f. EARNING OF PERFORMANCE UNITS OR PERFORMANCE
    SHARES.  After the applicable Performance Period
    has ended, the holder of Performance Units or Performance Shares
    shall be entitled to receive a payout of the number of
    Performance Units or Performance Shares earned by the
    Participant over the Performance Period, to be determined as a
    function of the extent to which the corresponding performance
    objectives have been achieved. After the grant of a Performance
    Unit or Performance Share, the Board, in its sole discretion,
    may reduce or waive any performance objective or other vesting
    provisions for such Performance Unit or Performance Share in the
    event of a Participant’s death or disability, or upon the
    occurrence of an Acquisition (as defined in Section 9(e)).

 

    g. FORM AND TIMING OF PAYMENT OF PERFORMANCE UNITS
    OR PERFORMANCE SHARES.  Payment of earned
    Performance Units or Performance Shares will be made as soon as
    practicable after the expiration of the applicable Performance
    Period. The Board, in its sole discretion, may pay earned
    Performance Units or Performance Shares in the form of cash, in
    shares of Common Stock (which have an aggregate fair market
    value equal to the value of the earned Performance Units or
    Performance Shares at the close of the applicable Performance
    Period) or in a combination thereof.

 

    h. CANCELLATION OF PERFORMANCE UNITS OR PERFORMANCE
    SHARES.  On the date set forth in the award
    agreement, all unearned or unvested Performance Units or
    Performance Shares will be forfeited to the Company, and again
    will be available for grant under the Plan.

 

		
	
    8.  
	
    Restricted
    Stock Units.

 

    a. GRANT.  Subject to the terms and
    conditions of the Plan, Restricted Stock Units
    (“RSUs”) in the form of phantom stock units may be
    granted to Participants at any time and from time to time as
    shall be determined by the Board, in its sole discretion. The
    Board shall have complete discretion in determining the number
    of RSUs granted to each Participant.

 

    b. TERMS AND CONDITIONS.  The Board shall
    determine the restrictions and conditions applicable to each
    Award of RSUs at the time of grant. Conditions may be based on
    continuing employment (or other service relationship)
    and/or
    achievement of pre-established performance goals and objectives.
    The grant of an

    

     4

 

    Award of RSUs is contingent on the grantee executing a written
    award agreement (an “RSU Award Agreement”). The terms
    and conditions of each such RSU Award Agreement shall be
    determined by the Board, and such terms and conditions may
    differ among individual Awards and grantees. To the extent that
    an Award of RSUs is subject to Section 409A of the Code
    (“Section 409A”), it may contain such additional
    terms and conditions as the Board shall determine in its sole
    discretion in order for such Award to comply with the
    requirements of Section 409A. At the end of any deferral
    period applicable to an Award of RSUs, such RSUs, to the extent
    vested, shall be settled in the form of shares of Common Stock.

 

    c. RIGHTS AS A STOCKHOLDER.  A Participant
    shall have the rights as a stockholder only as to shares of
    Common Stock acquired by the Participant upon settlement of an
    award of RSUs; provided that the Participant may, in the
    Board’s sole discretion, be credited with dividends or
    dividend equivalent rights with respect to the phantom stock
    units underlying the Participant’s RSUs, subject to such
    terms and conditions as the Board may determine.

 

    d. TERMINATION.  Except as may otherwise
    be provided by the Board either in the RSU Award Agreement or,
    subject to Section 10(g) below, in writing after the RSU
    Award Agreement is issued, a Participant’s right in all
    RSUs that have not vested shall automatically terminate upon the
    Participant’s termination of employment (or cessation of
    service relationship) with the Company and its subsidiaries for
    any reason.

 

		
	
    9.  
	
    General
    Provisions Applicable to Awards.

 

    a. TRANSFERABILITY OF AWARDS.  Except as
    the Board may otherwise determine or provide in an Award, Awards
    shall not be sold, assigned, transferred, pledged or otherwise
    encumbered by the person to whom they are granted, either
    voluntarily or by operation of law, except by will or the laws
    of descent and distribution, and, during the life of the
    Participant, shall be exercisable only by the Participant.
    References to a Participant, to the extent relevant in the
    context, shall include references to authorized transferees.

 

    b. DOCUMENTATION.  Each Award under the
    Plan shall be evidenced by a written instrument in such form as
    the Board shall determine or as executed by an officer of the
    Company pursuant to authority delegated by the Board. Each Award
    may contain terms and conditions in addition to those set forth
    in the Plan provided that such terms and conditions do not
    contravene the provisions of the Plan.

 

    c. BOARD DISCRETION.  The terms of each
    type of Award need not be identical, and the Board need not
    treat Participants uniformly.

 

    d. TERMINATION OF STATUS.  The Board shall
    determine the effect on an Award of the disability, death,
    retirement, authorized leave of absence or other change in the
    employment or other status of a Participant and the extent to
    which, and the period during which, the Participant, or the
    Participant’s legal representative, conservator, guardian
    or Designated Beneficiary, may exercise rights under the Award.

 

    e. ACQUISITION OF THE COMPANY.

 

    (i) CONSEQUENCES OF AN
    ACQUISITION.  Unless otherwise expressly provided
    in the applicable Option or Award, upon the occurrence of an
    Acquisition, the Board or the board of directors of the
    surviving or acquiring entity (as used in this
    Section 9(e)(i), also the “Board”), shall, as to
    outstanding Awards (on the same basis or on different bases, as
    the Board shall specify), make appropriate provision for the
    continuation of such Awards by the Company or the assumption of
    such Awards by the surviving or acquiring entity and by
    substituting on an equitable basis for the shares then subject
    to such Awards either (a) the consideration payable with
    respect to the outstanding shares of Common Stock in connection
    with the Acquisition, (b) shares of stock of the surviving
    or acquiring corporation or (c) such other securities as
    the Board deems appropriate, the fair market value of which (as
    determined by the Board in its sole discretion) shall not
    materially differ from the fair market value of the shares of
    Common Stock subject to such Awards immediately preceding the
    Acquisition. In addition to or in lieu of the foregoing, with
    respect to outstanding Options, the Board may, upon written
    notice to the affected optionees, provide that one or more
    Options then outstanding shall become immediately exercisable in
    full or in part and that such Options must be exercised within a
    specified number of days of the date of such notice, at the end
    of which period such Options shall terminate; or provide that
    one

    

     5

 

    or more Options then outstanding shall become immediately
    exercisable in full or in part and shall be terminated in
    exchange for a cash payment equal to the excess of the fair
    market value (as determined by the Board in its sole discretion)
    for the shares subject to such Options over the exercise price
    thereof.

 

    (ii) ACQUISITION DEFINED.  An
    “Acquisition” shall mean: (x) any merger or
    consolidation after which the voting securities of the Company
    outstanding immediately prior thereto represent (either by
    remaining outstanding or by being converted into voting
    securities of the surviving or acquiring entity) less than 50%
    of the combined voting power of the voting securities of the
    Company or such surviving or acquiring entity outstanding
    immediately after such event; or (y) any sale of all or
    substantially all of the assets or capital stock of the Company
    (other than in a spin-off or similar transaction) or
    (z) any other acquisition of the business of the Company,
    as determined by the Board.

 

    (iii) ASSUMPTION OF OPTIONS UPON CERTAIN
    EVENTS.  In connection with a merger or
    consolidation of an entity with the Company or the acquisition
    by the Company of property or stock of an entity, the Board may
    grant Awards under the Plan in substitution for stock and
    stock-based awards issued by such entity or an affiliate
    thereof. The substitute Awards shall be granted on such terms
    and conditions, as the Board considers appropriate in the
    circumstances.

 

    (iv) PARACHUTE AWARDS.  If, in connection
    with an Acquisition, a tax under Section 4999 of the Code
    would be imposed on the Participant (after taking into account
    the exceptions set forth in Sections 280G(b)(4) and
    280G(b)(5) of the Code), then the number of Awards which shall
    become exercisable, realizable or vested as provided in such
    section shall be reduced (or delayed), to the minimum extent
    necessary, so that no such tax would be imposed on the
    Participant (the Awards not becoming so accelerated, realizable
    or vested, the “Parachute Awards”); PROVIDED, HOWEVER,
    that if the “aggregate present value” of the Parachute
    Awards would exceed the tax that, but for this sentence, would
    be imposed on the Participant under Section 4999 of the
    Code in connection with the Acquisition, then the Awards shall
    become immediately exercisable, realizable and vested without
    regard to the provisions of this sentence. For purposes of the
    preceding sentence, the “aggregate present value” of
    an Award shall be calculated on an after-tax basis (other than
    taxes imposed by Section 4999 of the Code) and shall be
    based on economic principles rather than the principles set
    forth under Section 280G of the Code and the regulations
    promulgated thereunder. All determinations required to be made
    under this Section 9(e)(iv) shall be made by the Company.

 

    f. WITHHOLDING.  Each Participant shall
    pay to the Company, or make provisions satisfactory to the
    Company for payment of, any taxes required by law to be withheld
    in connection with Awards to such Participant no later than the
    date of the event creating the tax liability. The Board may
    allow Participants to satisfy such tax obligations in whole or
    in part by transferring shares of Common Stock, including shares
    retained from the Award creating the tax obligation, valued at
    their fair market value (as determined by the Board or as
    determined pursuant to the applicable option agreement). The
    Company may, to the extent permitted by law, deduct any such tax
    obligations from any payment of any kind otherwise due to a
    Participant.

 

    g. AMENDMENT OF AWARDS.  The Board may
    amend, modify or terminate any outstanding Award including, but
    not limited to, substituting therefor another Award of the same
    or a different type, changing the date of exercise or
    realization, and converting an Incentive Stock Option to a
    Nonstatutory Stock Option, provided that the Participant’s
    consent to such action shall be required unless the Board
    determines that the action, taking into account any related
    action, would not materially and adversely affect the
    Participant. Notwithstanding the foregoing or any other
    provision of the Plan, the Board may not amend the terms of any
    Option to effect a pricing without the approval of the
    shareholders. For the purposes of the foregoing sentence, the
    term “repricing” shall mean any of the following or
    any other action that has the same effect: (i) lowering the
    exercise price of an Option after it is granted,
    (ii) buying-out an outstanding Option at a time when its
    exercise price exceeds the fair market value of the underlying
    stock for cash or shares, or (iii) any other action that is
    treated as a repricing under generally accepted accounting
    principles, or (iv) canceling an Option at a time when its
    exercise price exceeds the fair market value of the underlying
    stock in exchange for another Option, Restricted Stock Awards,
    or other Awards or equity of the Company, unless the
    cancellation and exchange occurs in connection with a merger,
    acquisition, spin-off, or similar corporate transaction.

    

     6

 

    h. CONDITIONS ON DELIVERY OF STOCK.  The
    Company will not be obligated to deliver any shares of Common
    Stock pursuant to the Plan or to remove restrictions from shares
    previously delivered under the Plan until (i) all
    conditions of the Award have been met or removed to the
    satisfaction of the Company, (ii) in the opinion of the
    Company’s counsel, all other legal matters in connection
    with the issuance and delivery of such shares have been
    satisfied, including any applicable securities laws and any
    applicable stock exchange or stock market rules and regulations,
    and (iii) the Participant has executed and delivered to the
    Company such representations or agreements as the Company may
    consider appropriate to satisfy the requirements of any
    applicable laws, rules or regulations.

 

    i. ACCELERATION.  The Board may at any
    time provide that any Options shall become immediately
    exercisable in full or in part, that any Restricted Stock Awards
    shall be free of some or all restrictions, or that any other
    stock-based Awards may become exercisable in full or in part or
    free of some or all restrictions or conditions, or otherwise
    realizable in full or in part, as the case may be, despite the
    fact that the foregoing actions may (i) cause the
    application of Sections 280G and 4999 of the Code if a
    change in control of the Company occurs, or (ii) disqualify
    all or part of the Option as an Incentive Stock Option; provided
    that Board’s ability to accelerate the vesting of Awards
    under the Plan for any participant is limited to change in
    control transactions and the death, disability and retirement of
    such participant.

 

		
	
    10.  
	
    Miscellaneous.

 

    a. DEFINITIONS.

 

    (i) “ANNUAL REVENUE” means the
    Company’s or a business unit’s revenues for the fiscal
    year, determined in accordance with generally accepted
    accounting principles; provided, however, that prior to the
    fiscal year, the Board shall determine whether any significant
    item(s) shall be excluded or included from the calculation of
    Annual Revenue with respect to one or more Participants.

 

    (ii) “CASH POSITION” means the
    Company’s level of cash and cash equivalents.

 

    (iii) “COMPANY” for purposes of
    eligibility under the Plan, shall include any present or future
    subsidiary corporations of Evergreen Solar, Inc., as defined in
    Section 424(f) of the Code (a “Subsidiary”), and
    any present or future parent corporation of Evergreen Solar,
    Inc., as defined in Section 424(e) of the Code. For
    purposes of Awards other than Incentive Stock Options, the term
    “Company” shall include any other business venture in
    which the Company has a direct or indirect significant interest,
    as determined by the Board in its sole discretion.

 

    (iv) “CODE” means the Internal Revenue
    Code of 1986, as amended, and any regulations promulgated
    thereunder.

 

    (v) “EARNINGS PER SHARE” means as to any
    fiscal year, the Company’s or a business unit’s Net
    Income, divided by a weighted average number of common shares
    outstanding and dilutive common equivalent shares deemed
    outstanding, determined in accordance with generally accepted
    accounting principles.

 

    (vi) “EMPLOYEE” for purposes of
    eligibility under the Plan shall include a person to whom an
    offer of employment has been extended by the Company.

 

    (vii) “GROSS MARGIN” means the percentage
    equal to the Company’s or a business unit’s total
    sales revenue minus its cost of goods sold, divided by the total
    sales revenue, determined in accordance with generally accepted
    accounting principles.

 

    (viii) “INDIVIDUAL OBJECTIVES” means as to
    a Participant, the objective and measurable goals set by a
    “management by objectives” process and approved by the
    Board (in its discretion).

 

    (ix) “NET INCOME” means as to any fiscal
    year, the income after taxes of the Company for the fiscal year
    determined in accordance with generally accepted accounting
    principles, provided that prior to the fiscal year, the Board
    shall determine whether any significant item(s) shall be
    included or excluded from the calculation of Net Income with
    respect to one or more Participants.

    

     7

 

    (x) “OPERATING CASH FLOW” means the
    Company’s or a business unit’s sum of Net Income plus
    depreciation and amortization less capital expenditures plus
    changes in working capital comprised of accounts receivable,
    inventories, other current assets, trade accounts payable,
    accrued expenses, product warranty, advance payments from
    customers and long-term accrued expenses, determined in
    accordance with generally accepted accounting principles.

 

    (xi) “OPERATING INCOME” means the
    Company’s or a business unit’s income from operations
    but excluding any unusual items, determined in accordance with
    generally accepted accounting principles.

 

    (xii) “PERFORMANCE GOALS” means the
    goal(s) (or combined goal(s)) determined by the Board (in its
    discretion) to be applicable to a Participant with respect to an
    Award. As determined by the Committee, the Performance Goals
    applicable to an Award may provide for a targeted level or
    levels of achievement using one or more of the following
    measures: (a) Annual Revenue, (b) Cash Position,
    (c) Earnings Per Share, (d) Individual Objectives,
    (e) Net Income, (f) Operating Cash Flow,
    (g) Operating Income, (h) Return on Assets,
    (i) Return on Equity, (j) Return on Sales,
    (k) Profit Margin, (l) Gross Margin and (m) Total
    Shareholder Return. The Performance Goals may differ from
    Participant to Participant and from Award to Award. The Board
    may specify in an Award that Performance Goals shall be adjusted
    to include or exclude the effect of special one-time or
    extraordinary gains or losses and other one-time or
    extraordinary events, including without limitation changes in
    accounting principles, extraordinary, unusual, or nonrecurring
    items (such as material litigation, judgments and settlements),
    currency exchange rate fluctuations, changes in corporate tax
    rates, and the impact of acquisitions, divestitures, and
    discontinued operations. Prior to the occurrence of an
    Acquisition, the Board may exercise its discretion in a uniform
    and non-discriminatory manner for similarly situated
    Participants to reduce (but not increase) any Award otherwise
    payable under this Plan in accordance with objective or
    subjective factors if necessary or appropriate to limit the
    amount payable under an Award to an amount consistent with the
    purposes of the Plan and the intended economic benefits of
    participation in the Plan.

 

    (xiii) “PROFIT MARGIN” means the
    percentage equal to the Company’s or a business unit’s
    Operating Income after taxes, excluding equity compensation
    expense, divided by its total revenue as reported above for the
    entire calendar year, determined in accordance with generally
    accepted accounting principles.

 

    (xiv) “RETURN ON ASSETS” means the
    percentage equal to the Company’s or a business unit’s
    Operating Income before incentive compensation, divided by
    average net Company or business unit, as applicable, assets,
    determined in accordance with generally accepted accounting
    principles.

 

    (xv) “RETURN ON EQUITY” means the
    percentage equal to the Company’s Net Income divided by
    average stockholder’s equity, determined in accordance with
    generally accepted accounting principles.

 

    (xvi) “RETURN ON SALES” means the
    percentage equal to the Company’s or a business unit’s
    Operating Income before incentive compensation, divided by the
    Company’s or the business unit’s, as applicable,
    revenue, determined in accordance with generally accepted
    accounting principles.

 

    (xvii) “TOTAL SHAREHOLDER RETURN” means
    the total return (change in share price plus reinvestment of any
    dividends) of a share of Company Common Stock.

 

    b. NO RIGHT TO EMPLOYMENT OR OTHER
    STATUS.  No person shall have any claim or right
    to be granted an Award, and the grant of an Award shall not be
    construed as giving a Participant the right to continued
    employment or any other relationship with the Company. The
    Company expressly reserves the right at any time to dismiss or
    otherwise terminate its relationship with a Participant free
    from any liability or claim under the Plan.

 

    c. NO RIGHTS AS STOCKHOLDER.  Subject to
    the provisions of the applicable Award, no Participant or
    Designated Beneficiary shall have any rights as a stockholder
    with respect to any shares of Common Stock to be distributed
    with respect to an Award until becoming the record holder
    thereof.

 

    d. EFFECTIVE DATE AND TERM OF PLAN.  The
    Plan shall become effective upon adoption by the Board. No
    Awards shall be granted under the Plan after April 16,
    2018, but Awards previously granted may extend beyond that date.

    

     8

 

    e. AMENDMENT OF PLAN.  The Board may
    amend, suspend or terminate the Plan or any portion thereof at
    any time; provided, however, any amendments that permit stock
    option repricing under the Plan, will be subject to approval by
    the stockholders of the Company. The affirmative vote of a
    majority of shares of the Company’s common stock present in
    person or by proxy at any annual meeting or special meeting of
    stockholders will be required to either (i) materially
    increase the aggregate number of securities that may be issued
    under the Plan or (ii) materially modify the requirements
    as to eligibility for participation under the Plan.

 

    f. GOVERNING LAW.  The provisions of the
    Plan and all Awards made hereunder shall be governed by and
    interpreted in accordance with the laws of Delaware, without
    regard to any applicable conflicts of law.

 

    g. SECTION 409A
    REQUIREMENTS.  Notwithstanding anything to the
    contrary in this Plan or any Award agreement, the following
    provisions shall apply to any payments and benefits otherwise
    payable to or provided to a Participant under this Plan and any
    Award:

 

    (i) For purposes of Section 409A of the Code, each
    “payment” (as defined by Section 409A of the
    Code) made under this Plan or an Award shall be considered a
    “separate payment.” In addition, for purposes of
    Section 409A of the Code, payments shall be deemed exempt
    from the definition of deferred compensation under
    Section 409A of the Code to the fullest extent possible
    under (x) the “short-term deferral” exemption of
    Treasury Regulation § 1.409A-1(b)(4), and (y) (with
    respect to amounts paid as separation pay no later than the
    second calendar year following the calendar year containing the
    Participant’s “separation from service” (as
    defined for purposes of Section 409A of the Code)) the
    “two years/two-times” separation pay exemption of
    Treasury Regulation § 1.409A-1(b)(9)(iii), which are
    hereby incorporated by reference.

 

    (ii) If the Participant is a “specified employee”
    as defined in Section 409A of the Code (and as applied
    according to procedures of the Company and its affiliates) as of
    his or her separation from service, to the extent any payment
    under this Plan or an Award constitutes deferred compensation
    (after taking into account any applicable exemptions from
    Section 409A of the Code), and to the extent required by
    Section 409A of the Code, no payments due under this Plan
    or an Award may be made until the earlier of: (x) the first
    day of the seventh month following the Participant’s
    separation from service, or (y) the Participant’s date
    of death; provided, however, that any payments delayed during
    this six-month period shall be paid in the aggregate in a lump
    sum, without interest, on the first day of the seventh month
    following the Participant’s separation from service.

 

    (iii) If this Plan or any Award fails to meet the
    requirements of Section 409A of the Code, neither the
    Company nor any of its affiliates shall have any liability for
    any tax, penalty or interest imposed on the Participant by
    Section 409A of the Code, and the Participant shall have no
    recourse against the Company or any of its affiliates for
    payment of any such tax, penalty or interest imposed by
    Section 409A of the Code.

 

    ***

 

    Approved by
    the Board of Directors of the Company: April 28, 2010

    Approved by the Stockholders of the Company: July 27, 2010
    

    

     9exv10w2

    Exhibit
10.2

     

 

    EVERGREEN
    SOLAR, INC.

    

 

    AMENDED
    AND RESTATED 2000 EMPLOYEE STOCK PURCHASE PLAN

 

    ARTICLE I

    

 

    Purpose
    

 

    This Amended and Restated 2000 Employee Stock Purchase Plan (the
    “Plan”) is intended to encourage stock ownership by
    all eligible employees of Evergreen Solar, Inc. (the
    “Company”), a Delaware corporation, and its
    participating subsidiaries (as defined in
    Article XVII) so that they may share in the growth of
    the Company by acquiring or increasing their proprietary
    interest in the Company. The Plan is designed to encourage
    eligible employees to remain in the employ of the Company and
    its participating subsidiaries. The Plan is intended to
    constitute an “employee stock purchase plan” within
    the meaning of Section 423(b) of the Internal Revenue Code
    of 1986, as amended (the “Code”).

 

    ARTICLE II

    

 

    Administration
    of the Plan
    

 

    The Plan may be administered by a committee appointed by the
    Board of Directors of the Company (the “Committee”).
    The Committee shall consist of not less than two members of the
    Company’s Board of Directors who shall be
    “non-employee directors” within the meaning of
    Section 16 of the Securities Exchange Act of 1934. The
    Board of Directors may from time to time remove members from, or
    add members to, the Committee. Vacancies on the Committee,
    howsoever caused, shall be filled by the Board of Directors. The
    Committee may select one of its members as Chairman, and shall
    hold meetings at such times and places as it may determine. Acts
    by a majority of the Committee, or acts reduced to or approved
    in writing by a majority of the members of the Committee, shall
    be the valid acts of the Committee.

 

    The interpretation and construction by the Committee of any
    provisions of the Plan or of any option granted under it shall
    be final, unless otherwise determined by the Board of Directors.
    The Committee may from time to time adopt such rules and
    regulations for carrying out the Plan as it may deem best,
    provided that any such rules and regulations shall be applied on
    a uniform basis to all employees under the Plan. No member of
    the Board of Directors or the Committee shall be liable for any
    action or determination made in good faith with respect to the
    Plan or any option granted under it.

 

    In the event the Board of Directors fails to appoint or refrains
    from appointing a Committee, the Board of Directors shall have
    all power and authority to administer the Plan. In such event,
    the word “Committee” wherever used herein shall be
    deemed to mean the Board of Directors.

 

    ARTICLE III

    

 

    Eligible
    Employees
    

 

    All employees of the Company or any of its participating
    subsidiaries whose customary employment is more than
    20 hours per week and for more than five months in any
    calendar year and who have completed 90 days of employment
    on or before the first day of a Payment Period (as hereinafter
    defined) shall be eligible to receive options under the Plan to
    purchase common stock of the Company, and all eligible employees
    shall have the same rights and privileges hereunder. Persons who
    are eligible employees on the first business day of any Payment
    Period (as defined in Article V) shall receive their
    options as of such day. Persons who become eligible employees
    after any date on which options are granted under the Plan shall
    be granted options on the first day of the next succeeding
    Payment Period on which options are granted to eligible
    employees under the Plan. In no event, however, may an employee
    be granted an option if such employee, immediately after the

    

     1

 

    option was granted, would be treated as owning stock possessing
    five percent or more of the total combined voting power or value
    of all classes of stock of the Company or of any parent
    corporation or subsidiary corporation, as the terms “parent
    corporation” and “subsidiary corporation” are
    defined in Section 424(e) and (f) of the Code. For
    purposes of determining stock ownership under this paragraph,
    the rules of Section 424(d) of the Code shall apply, and
    stock which the employee may purchase under outstanding options
    shall be treated as stock owned by the employee. Effective for
    payment periods beginning on and after January 1, 2010, the
    Committee may provide for separate offerings for non-US
    subsidiaries of the Company. Any such offerings shall contain
    such terms and conditions regarding eligibility as the Committee
    determines in its discretion is appropriate, subject to the
    requirements of Sections 423(b)(4) and (5) of the Code.

 

    ARTICLE IV

    

 

    Stock
    Subject to the Plan
    

 

    The stock subject to the options under the Plan shall be shares
    of the Company’s authorized but unissued common stock, par
    value $.01 per share (the “Common Stock”), or shares
    of Common Stock reacquired by the Company, including shares
    purchased in the open market. The aggregate number of shares
    which may be issued pursuant to the Plan is 1,500,000, subject
    to adjustment as provided in Article XII. If any option
    granted under the Plan shall expire or terminate for any reason
    without having been exercised in full or shall cease for any
    reason to be exercisable in whole or in part, the unpurchased
    shares subject thereto shall again be available under the Plan.

 

    ARTICLE V

    

 

    Payment
    Period and Stock Options
    

 

    The first Payment Period during which payroll deductions will be
    accumulated under the Plan shall commence on the first day of
    the first calendar month following effectiveness of the
    Form S-8
    registration statement filed with the Securities and Exchange
    Commission covering the shares to be issued pursuant to the Plan
    (the “Commencement Date”) and shall end on the next
    succeeding January 31 or July 31, whichever comes first,
    following at least six months after the Commencement Date. For
    the remainder of the duration of the Plan, Payment Periods shall
    consist of the six-month periods commencing on February 1 and
    August 1 and ending on July 31 and January 31,
    respectively, of each calendar year.

 

    Twice each year, on the first business day of each Payment
    Period, the Company will grant to each eligible employee who is
    then a participant in the Plan an option to purchase on the last
    day of such Payment Period, at the Option Price hereinafter
    provided for, up to a number of shares of Common Stock
    determined by dividing such eligible employee’s payroll
    deductions accumulated prior to the exercise date and retained
    in such eligible employee’s account by the applicable
    purchase price (subject to any share purchase limitation imposed
    by the Committee), on condition that such employee remains
    eligible to participate in the Plan throughout the remainder of
    such Payment Period. The participant shall be entitled to
    exercise the option so granted only to the extent of the
    participant’s accumulated payroll deductions on the last
    day of such Payment Period. The Option Price per share for each
    Payment Period shall be the lesser of (i) 85% of the
    average market price of the Common Stock on the first business
    day of the Payment Period and (ii) 85% of the average
    market price of the Common Stock on the last business day of the
    Payment Period, in either event rounded up to the nearest cent;
    provided, however, that the Committee on a uniform and
    nondiscriminatory basis may establish a higher Option Price from
    time to time with respect to options that have not been granted
    under the Plan. The Committee shall establish a limit on the
    maximum number of shares of Common Stock that eligible employees
    will be permitted to purchase during any Payment Period. The
    committee may in its discretion change such limit from time to
    time prior to the beginning of the Payment Period to which such
    revised limit shall apply. The foregoing share limitation and
    the Option Price shall be subject to adjustment as provided in
    Article XII.

 

    For purposes of the Plan, the term “average market
    price” on any date means (i) the average (on that
    date) of the high and low prices of the Common Stock on the
    principal national securities exchange on which

    

     2

 

    the Common Stock is traded, if the Common Stock is then traded
    on a national securities exchange; or (ii) the last
    reported sale price (on that date) of the Common Stock on the
    NASDAQ Global Market, if the Common Stock is not then traded on
    a national securities exchange; or (iii) the average of the
    closing bid and asked prices last quoted (on that date) by an
    established quotation service for
    over-the-counter
    securities, if the Common Stock is not reported on the NASDAQ
    Global Market; or (iv) if the Common Stock is not publicly
    traded, the fair market value of the Common Stock as determined
    by the Committee after taking into consideration all factors
    which it deems appropriate, including, without limitation,
    recent sale and offer prices of the Common Stock in private
    transactions negotiated at arm’s length.

 

    For purposes of the Plan, the term “business day”
    means a day on which there is trading on the NASDAQ Global
    Market or the aforementioned national securities exchange,
    whichever is applicable pursuant to the preceding paragraph; and
    if neither is applicable, a day that is not a Saturday, Sunday
    or legal holiday in Massachusetts.

 

    No employee shall be granted an option which permits the
    employee’s right to purchase stock under the Plan, and
    under all other Section 423(b) employee stock purchase
    plans of the Company and any parent or subsidiary corporations,
    to accrue at a rate which exceeds $25,000 of fair market value
    of such stock (determined on the date or dates that options on
    such stock were granted) for each calendar year in which such
    option is outstanding at any time. The purpose of the limitation
    in the preceding sentence is to comply with
    Section 423(b)(8) of the Code. If the participant’s
    accumulated payroll deductions on the last day of the Payment
    Period would otherwise enable the participant to purchase Common
    Stock in excess of the Section 423(b)(8) limitation
    described in this paragraph, the excess of the amount of the
    accumulated payroll deductions over the aggregate purchase price
    of the shares actually purchased shall be promptly refunded to
    the participant by the Company, without interest.

 

    ARTICLE VI

    

 

    Exercise of
    Option
    

 

    Each eligible employee who continues to be a participant in the
    Plan on the last day of a Payment Period shall be deemed to have
    exercised his or her option on such date and shall be deemed to
    have purchased from the Company such number of full shares of
    Common Stock reserved for the purpose of the Plan as the
    participant’s accumulated payroll deductions on such date
    will pay for at the Option Price, subject to any applicable
    share purchase limitation and the Section 423(b)(8)
    limitation described in Article V. If the individual is not
    a participant on the last day of a Payment Period, then he or
    she shall not be entitled to exercise his or her option. Only
    full shares of Common Stock may be purchased under the Plan.
    Unused payroll deductions remaining in a participant’s
    account at the end of a Payment Period by reason of the
    inability to purchase a fractional share shall be carried
    forward to the next Payment Period.

 

    ARTICLE VII

    

 

    Authorization
    for Entering the Plan
    

 

    An employee may elect to enter the Plan by filling out, signing
    and delivering to the Company an authorization:

 

    A. Stating the percentage to be deducted regularly from the
    employee’s pay;

 

    B. Authorizing the purchase of stock for the employee in
    each Payment Period in accordance with the terms of the
    Plan; and

 

    C. Specifying the exact name or names in which stock
    purchased for the employee is to be issued as provided under
    Article XI hereof.

 

    Such authorization must be received by the Company at least ten
    days before the first day of the next succeeding Payment Period
    and shall take effect only if the employee is an eligible
    employee on the first business day of such Payment Period.

    

     3

 

    Unless a participant files a new authorization or withdraws from
    the Plan, the deductions and purchases under the authorization
    the participant has on file under the Plan will continue from
    one Payment Period to succeeding Payment Periods as long as the
    Plan remains in effect.

 

    The Company will accumulate and hold for each participant’s
    account the amounts deducted from his or her pay. No interest
    will be paid on these amounts.

 

    ARTICLE VIII

    

 

    Maximum
    Amount of Payroll Deductions
    

 

    An employee may authorize payroll deductions in an amount
    (expressed as a whole percentage) not less than one percent (1%)
    but not more than ten percent (10%) of the employee’s total
    compensation, including base pay or salary and any overtime,
    bonuses or commissions.

 

    ARTICLE IX

    

 

    Change in
    Payroll Deductions
    

 

    Deductions may not be increased or decreased during a Payment
    Period. However, a participant may withdraw in full from the
    Plan.

 

    ARTICLE X

    

 

    Withdrawal
    from the Plan
    

 

    A participant may withdraw from the Plan (in whole but not in
    part) at any time prior to the last day of a Payment Period by
    delivering a withdrawal notice to the Company.

 

    To reenter the Plan, an employee who has previously withdrawn
    must file a new authorization at least ten days before the first
    day of the next Payment Period in which he or she wishes to
    participate. The employee’s reentry into the Plan becomes
    effective at the beginning of such Payment Period, provided that
    he or she is an eligible employee on the first business day of
    the Payment Period.

 

    ARTICLE XI

    

 

    Issuance of
    Stock
    

 

    Certificates for stock issued to participants shall be delivered
    as soon as practicable after each Payment Period by the
    Company’s transfer agent. Notwithstanding the foregoing,
    the Committee may permit or require that such shares be
    deposited directly with a broker designated by the Committee,
    and the Committee may utilize electronic or other automated
    methods of share transfer.

 

    Stock purchased under the Plan shall be issued only in the name
    of the participant, or if the participant’s authorization
    so specifies, in the name of the participant and another person
    of legal age as joint tenants with rights of survivorship.

 

    ARTICLE XII

    

 

    Adjustments
    

 

    Upon the happening of any of the following described events, a
    participant’s rights under options granted under the Plan
    shall be adjusted as hereinafter provided:

 

    A. In the event that the shares of Common Stock shall be
    subdivided or combined into a greater or smaller number of
    shares or if, upon a reorganization,
    split-up,
    liquidation, recapitalization or the like of the Company, the
    shares of Common Stock shall be exchanged for other securities
    of the Company, each

    

     4

 

    participant shall be entitled, subject to the conditions herein
    stated, to purchase such number of shares of Common Stock or
    amount of other securities of the Company as were exchangeable
    for the number of shares of Common Stock that such participant
    would have been entitled to purchase except for such action, and
    appropriate adjustments shall be made in the purchase price per
    share to reflect such subdivision, combination or
    exchange; and

 

    B. In the event the Company shall issue any of its shares
    as a stock dividend upon or with respect to the shares of stock
    of the class which shall at the time be subject to option
    hereunder, each participant upon exercising such an option shall
    be entitled to receive (for the purchase price paid upon such
    exercise) the shares as to which the participant is exercising
    his or her option and, in addition thereto (at no additional
    cost), such number of shares of the class or classes in which
    such stock dividend or dividends were declared or paid, and such
    amount of cash in lieu of fractional shares, as is equal to the
    number of shares thereof and the amount of cash in lieu of
    fractional shares, respectively, which the participant would
    have received if the participant had been the holder of the
    shares as to which the participant is exercising his or her
    option at all times between the date of the granting of such
    option and the date of its exercise.

 

    Upon the happening of any of the foregoing events, the class and
    aggregate number of shares set forth in Article IV hereof
    which are subject to options which have been or may be granted
    under the Plan and the limitations set forth in the second
    paragraph of Article V shall also be approximately adjusted
    to reflect the events specified in paragraphs A and B
    above. Notwithstanding the foregoing, any adjustments made
    pursuant to paragraphs A or B shall be made only after the
    Committee, based on advice of counsel for the Company,
    determines whether such adjustments would constitute a
    “modification” (as that term is defined in
    Section 424 of the Code). If the Committee determines that
    such adjustments would constitute a modification, it may refrain
    from making such adjustments. If the Company is to be
    consolidated with or acquired by another entity in a merger, a
    sale of all or substantially all of the Company’s assets or
    otherwise (an “Acquisition”), the Committee or the
    board of directors of any entity assuming the obligations of the
    Company hereunder (the “Successor Board”) shall, with
    respect to options then outstanding under the Plan, either
    (i) make appropriate provision for the continuation of such
    options by arranging for the substitution on an equitable basis
    for the shares then subject to such options either (a) the
    consideration payable with respect to the outstanding shares of
    the Common Stock in connection with the Acquisition,
    (b) shares of stock of the successor corporation, or a
    parent or subsidiary of such corporation, or (c) such other
    securities as the Successor Board deems appropriate, the fair
    market value of which shall not materially exceed the fair
    market value of the shares of Common Stock subject to such
    options immediately preceding the Acquisition; or
    (ii) terminate each participant’s options in exchange
    for a cash payment equal to the excess of (a) the fair
    market value on the date of the Acquisition, of the number of
    shares of Common Stock that the participant’s accumulated
    payroll deductions as of the date of the Acquisition could
    purchase, at an option price determined with reference only to
    the first business day of the applicable Payment Period and
    subject to any applicable share purchase limit, Code
    Section 423(b)(8) and fractional-share limitations on the
    amount of stock a participant would be entitled to purchase,
    over (b) the result of multiplying such number of shares by
    such option price.

 

    The Committee or Successor Board shall determine the adjustments
    to be made under this Article XII, and its determination
    shall be conclusive.

 

    ARTICLE XIII

    

 

    No Transfer
    or Assignment of Employee’s Rights
    

 

    An option granted under the Plan may not be transferred or
    assigned and may be exercised only by the participant.

    

     5

 

    ARTICLE XIV

    

 

    Termination
    of Employee’s Rights
    

 

    Whenever a participant ceases to be an eligible employee of the
    Company or a related company because of retirement, voluntary or
    involuntary termination, resignation, layoff, discharge, death
    or for any other reason, his or her rights under the Plan shall
    immediately terminate, and the Company shall promptly refund,
    without interest, the entire balance of his or her payroll
    deduction account under the Plan. Notwithstanding the foregoing,
    eligible employment shall be treated as continuing intact while
    a participant is on military leave, sick leave or other bona
    fide leave of absence, for up to 90 days, or for so long as
    the participant’s right to reemployment is guaranteed
    either by statute or by contract, if longer than 90 days.

 

    ARTICLE XV

    

 

    Termination
    and Amendments to Plan
    

 

    Unless terminated sooner as provided below, the Plan shall
    terminate on April 16, 2018. The Plan may be terminated at
    any time by the Company’s Board of Directors but such
    termination shall not affect options then outstanding under the
    Plan. It will terminate in any case when all or substantially
    all of the unissued shares of stock reserved for the purposes of
    the Plan have been purchased. If at any time shares of stock
    reserved for the purpose of the Plan remain available for
    purchase but not in sufficient number to satisfy all then
    unfilled purchase requirements, the available shares shall be
    apportioned among participants in proportion to the amount of
    payroll deductions accumulated on behalf of each participant
    that would otherwise be used to purchase stock, and the Plan
    shall terminate. Upon such termination or any other termination
    of the Plan, all payroll deductions not used to purchase stock
    will be refunded, without interest.

 

    The Committee or the Board of Directors may from time to time
    adopt amendments to the Plan provided that, without the approval
    of the stockholders of the Company, no amendment may
    (i) increase the number of shares that may be issued under
    the Plan; (ii) change the class of corporations whose
    employees may be offered options under the Plan, if such action
    would be treated as the adoption of a new plan for purposes of
    Section 423(b) of the Code; or (iii) cause
    Rule 16b-3
    under the Securities Exchange Act of 1934 to become inapplicable
    to the Plan.

 

    ARTICLE XVI

    

 

    Limits on
    Sale of Stock Purchased under the Plan
    

 

    The Plan is intended to provide shares of Common Stock for
    investment and not for resale. The Company does not, however,
    intend to restrict or influence any employee in the conduct of
    his or her own affairs. An employee may, therefore, sell stock
    purchased under the Plan at any time the employee chooses,
    subject to compliance with any applicable federal or state
    securities laws and subject to any restrictions imposed under
    Article XXI to ensure that tax withholding obligations are
    satisfied. THE EMPLOYEE ASSUMES THE RISK OF ANY MARKET
    FLUCTUATIONS IN THE PRICE OF THE STOCK.

 

    ARTICLE XVII

    

 

    Participating
    Subsidiaries
    

 

    The term “participating subsidiary” shall mean any
    present or future subsidiary of the Company, as that term is
    defined in Section 424(f) of the Code, which is designated
    from time to time by the Board of Directors to participate in
    the Plan. The Board of Directors shall have the power to make
    such designation before or after the Plan is approved by the
    stockholders.

    

     6

 

    ARTICLE XVIII

    

 

    Optionees
    Not Stockholders
    

 

    Neither the granting of an option to an employee nor the
    deductions from his or her pay shall constitute such employee a
    stockholder of the shares covered by an option until such shares
    have been actually purchased by the employee.

 

    ARTICLE XIX

    

 

    Application
    of Funds
    

 

    The proceeds received by the Company from the sale of Common
    Stock pursuant to options granted under the Plan will be used
    for general corporate purposes.

 

    ARTICLE XX

    

 

    Notice to
    Company of Disqualifying Disposition
    

 

    By electing to participate in the Plan, each participant agrees
    to notify the Company in writing immediately after the
    participant transfers Common Stock acquired under the Plan, if
    such transfer occurs within two years after the first business
    day of the Payment Period in which such Common Stock was
    acquired. Each participant further agrees to provide any
    information about such a transfer as may be requested by the
    Company or any subsidiary corporation in order to assist it in
    complying with the tax laws. Such dispositions generally are
    treated as “disqualifying dispositions” under
    Sections 421 and 424 of the Code, which have certain tax
    consequences to participants and to the Company and its
    participating subsidiaries.

 

    ARTICLE XXI

    

 

    Withholding
    of Additional Income Taxes
    

 

    By electing to participate in the Plan, each participant
    acknowledges that the Company and its participating subsidiaries
    are required to withhold taxes with respect to the amounts
    deducted from the participant’s compensation and
    accumulated for the benefit of the participant under the Plan,
    and each participant agrees that the Company and its
    participating subsidiaries may deduct additional amounts from
    the participant’s compensation, when amounts are added to
    the participant’s account, used to purchase Common Stock or
    refunded, in order to satisfy such withholding obligations. Each
    participant further acknowledges that when Common Stock is
    purchased under the Plan the Company and its participating
    subsidiaries may be required to withhold taxes with respect to
    all or a portion of the difference between the fair market value
    of the Common Stock purchased and its purchase price, and each
    participant agrees that such taxes may be withheld from
    compensation otherwise payable to such participant. It is
    intended that tax withholding will be accomplished in such a
    manner that the full amount of payroll deductions elected by the
    participant under Article VII will be used to purchase
    Common Stock. However, if amounts sufficient to satisfy
    applicable tax withholding obligations have not been withheld
    from compensation otherwise payable to any participant, then,
    notwithstanding any other provision of the Plan, the Company may
    withhold such taxes from the participant’s accumulated
    payroll deductions and apply the net amount to the purchase of
    Common Stock, unless the participant pays to the Company, prior
    to the exercise date, an amount sufficient to satisfy such
    withholding obligations. Each participant further acknowledges
    that the Company and its participating subsidiaries may be
    required to withhold taxes in connection with the disposition of
    stock acquired under the Plan and agrees that the Company or any
    participating subsidiary may take whatever action it considers
    appropriate to satisfy such withholding requirements, including
    deducting from compensation otherwise payable to such
    participant an amount sufficient to satisfy such withholding
    requirements or conditioning any disposition of Common Stock by
    the participant upon the payment to the Company or such
    subsidiary of an amount sufficient to satisfy such withholding
    requirements.

    

     7

 

    ARTICLE XXII

    

 

    Governmental
    Regulations
    

 

    The Company’s obligation to sell and deliver shares of
    Common Stock under the Plan is subject to the approval of any
    governmental authority required in connection with the
    authorization, issuance or sale of such shares.

 

    Government regulations may impose reporting or other obligations
    on the Company with respect to the Plan. For example, the
    Company may be required to identify shares of Common Stock
    issued under the Plan on its stock ownership records and send
    tax information statements to employees and former employees who
    transfer title to such shares.

 

    ARTICLE XXIII

    

 

    Governing Law
    

 

    The validity and construction of the Plan shall be governed by
    the laws of the State of Delaware, without giving effect to the
    principles of conflicts of law thereof.

 

    ***

 

    Approved by
    the Board of Directors of the Company: April 28, 2010

    Approved by the Stockholders of the Company: July 27, 2010
    

    

     8

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