Document:

exv10w22

Exhibit 10.22

EURONET WORLDWIDE, INC.

EMPLOYEE STOCK PURCHASE PLAN

ARTICLE I

INTRODUCTION

     1.01 Purpose. The Euronet Worldwide, Inc. Employee Stock Purchase Plan (the “Plan”) is
intended to provide a method whereby employees of Euronet Worldwide Inc. (the “Company”) and its
Eligible Subsidiary Companies (as defined below) will have an opportunity to acquire a proprietary
interest in the Company through the purchase of shares of the Common Stock of the Company.

     1.02 Rules of Interpretation. It is the intention of the Company to have the Plan qualify as
an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as
amended (the “Code”). The provisions of the Plan shall be construed so as to extend and limit
participation in a manner consistent with the requirements of that section of the Code.

ARTICLE II

DEFINITIONS

     2.01 “Board” shall mean the Board of Directors of the Company.

     2.02 “Compensation” shall mean the gross cash compensation (including, wage, salary and
overtime earnings) paid by the Company or any Eligible Subsidiary Company to a participant in
accordance with the terms of employment, but excluding all bonus payments, expense allowances and
compensation paid in a form other than cash.

     2.03 “Committee” shall mean the individuals described in Article XI.

     2.04 “Eligible Subsidiary Company” shall mean each Subsidiary Company the employees of which
are entitled to participate in the Plan, as listed or referred to on Schedule 2.03 hereto, subject
to the discretion of the Board or the Plan Representative at any time and from time to time to
approve changes the designations within Schedule 2.03 from among a group consisting of Subsidiary
Companies.

     2.05 “Employee” shall mean any person employed by the Company or any Eligible Subsidiary
Company, including any full-time, part-time or temporary employee.

     2.06 “Fair Market Value” shall mean as of any date, the value of Common Stock of the Company
determined as follows:

 

 

	 	(a)	 	If the Common Stock is listed on any established stock exchange or a
national market system, including without limitation the Nasdaq National Market or
The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall
be the closing sales price for such stock (or the closing bid, if no sales were
reported) as quoted on such exchange or system for the last market trading day on
the date of such determination, as reported in The Wall Street Journal or such
other source as the Board deems reliable;
	 
	 	(b)	 	If the Common Stock is regularly quoted by a recognized securities
dealer but selling prices are not reported, its Fair Market Value shall be the
mean of the closing bid and asked prices for the Common Stock on the date of such
determination, as reported in The Wall Street Journal or such other source as the
Board deems reliable; or
	 
	 	(c)	 	In the absence of an established market for the Common Stock, the
Fair Market Value thereof shall be determined in good faith by the Board.

     2.07 “Plan Representative” shall mean any person designated from time to time by the
Committee to receive certain notices and take certain other administrative actions relating to
participation in the Plan.

     2.08 “Subsidiary Company” shall mean any present or future corporation which is or becomes a
“Subsidiary Company” of the Company as that term is defined in Section 424 of the Code.

ARTICLE III

ELIGIBILITY AND PARTICIPATION

     3.01 Initial Eligibility. Each Employee who shall have completed three consecutive months of
employment with the Company or any corporation or entity acquired by the Company or any Eligible
Subsidiary Company and shall be employed by the Company or any Eligible Subsidiary Company on the
date his or her participation in the Plan is to become effective shall be eligible to participate
in Offerings (as defined below) under the Plan which commence after such three-month period has
concluded. Persons who are not Employees shall not be eligible to participate in the Plan.

     3.02 Restrictions on Participation. Notwithstanding any provision of the Plan to the
contrary, no Employee shall be granted an option to purchase shares of Common Stock under the Plan:

	 	(a)	 	if, immediately after the grant, such Employee would own stock
and/or hold outstanding options to purchase stock possessing 5% or more of the

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total combined voting power or value of all classes of stock of the Company (for
purposes of this paragraph, the rules of Section 424(d) of the Code shall apply in
determining stock ownership of any Employee); or

	 	(b)	 	which permits such Employee’s rights to purchase stock under all
employee stock purchase plans (as that term is defined in Section 423(b) of the
Code) of the Company to accrue at a rate which exceeds $25,000 of fair market
value of the stock (determined at the time such option is granted) for each
calendar year in which such option is outstanding at any time.

     3.03 Commencement of Participation. An eligible Employee may become a participant by
completing an enrollment form provided by the Company and filing the completed form with the Plan
Representative on or before the filing date set therefor by the Committee, which date shall be
prior to the Offering Commencement Date for the next following Offering (as such terms are defined
below), unless a later time for submission of the form is set by the Committee for all eligible
Employees with respect to a given Offering Period. Payroll deductions for a participant shall
commence on the next following Offering Commencement Date after the Employee’s authorization for
payroll deductions becomes effective and shall continue until termination of the Plan or the
participant’s earlier termination of participation in the Plan. Each participant in the Plan shall
be deemed to continue participation until termination of the Plan or such participant’s earlier
termination of participation in the Plan pursuant to Article VIII below.

ARTICLE IV

STOCK SUBJECT TO THE PLAN AND OFFERINGS

     4.01 Stock Subject to the Plan. Subject to the provisions of Section 12.04 of the Plan, the
Board shall reserve initially for issuance under the Plan an aggregate of five hundred thousand
(500,000) shares of the Company’s common stock (the “Common Stock”), which shares shall be
authorized but unissued shares of Common Stock. If, on a given Offering Termination Date, the
number of shares with respect to which options are to be exercised exceeds the number of shares
then available under the Plan, the Committee shall make a pro rata allocation of the shares
remaining available for purchase in as uniform manner as shall be practicable and as it shall
determine to be equitable. The Board may from time to time reserve additional shares of authorized
and unissued Common Stock for issuance pursuant to the Plan; provided, however, that at no time
shall the number of shares of Common Stock reserved be greater than permitted by applicable law.

     4.02 Offerings. The Plan shall be implemented by a series of Offerings of the Company’s
Common Stock (the “Offerings”) of three (3) months duration, with new Offerings commencing on or
about January 1, April 1, July 1 and October 1 of each year

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(or at such other dates as the Committee shall determine); provided that the first Offering
will be for the period commencing February 1, 2003 and ending March 31, 2003. The first day of
each Offering shall be deemed the “Offering Commencement Date” and the last day the “Offering
Termination Date” for such Offering. The Committee shall have the power to change the duration
and/or the frequency of future Offerings without stockholder approval if such change is announced
at least five (5) days prior to the beginning of the first Offering to be affected and the duration
of such Offering does not exceed twenty-seven (27) months. Each Offering shall be in such form and
shall contain such terms and conditions as the Committee shall deem appropriate, which shall comply
with the requirements of Section 423(b)(5) of the Code that all Employees granted options to
purchase shares of Common Stock under the Plan shall have the same rights and privileges. The Plan
shall continue until terminated in accordance with Section 12.05.

ARTICLE V

PAYROLL DEDUCTIONS AND SUBSCRIPTIONS

     5.01 Amount of Deduction. The form described in Section 3.03 will permit a participant to
elect during each Offering (except Offerings as to which the participant is suspended from
participating in accordance with Section 8.02) payroll deductions to occur in an amount determined
by the participant. In addition, for each Eligible Subsidiary Company that establishes a sub-plan
pursuant to Section 11.04(b), the Plan Representative may in its discretion permit employees of the
Eligible Subsidiary Company to subscribe to pay the Company a fixed dollar amount in one payments
completed on or before the Offering Termination Date. In all cases, the amount of each
participant’s payroll deductions or subscriptions may be limited in order to comply with the
requirements of Section 3.02(b).

     5.02 Participant’s Account. All payroll deductions and payments made for or by a participant
pursuant to Section 5.01 shall be credited to an account established for such participant under the
Plan.

     5.03 Changes in Payroll Deductions and Payments. A participant may reduce or increase future
payroll deductions or payments made pursuant to Section 5.01 by filing with the Plan Representative
a form provided by the Company for such purpose. The effective date of any increase or reduction
in future payroll deductions or payments pursuant to Section 5.01 will be the next Offering
Commencement Date that both succeeds processing of the change form and involves an Offering in
which the participant is eligible to participate, taking into account any suspension of
participation that Section 8.02 requires. A participant’s changed enrollment election pursuant to
Section 5.01 shall remain in effect for successive Offerings unless terminated as provided in
Section 8.01.

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ARTICLE VI

GRANTING OF OPTION

     6.01 Number of Option Shares. On or prior to the Offering Commencement Date, the Committee
shall specify a maximum number of shares of Common Stock that may be purchased by each participant
during the Offering subject to any adjustment pursuant to Section 12.04, the limitations of Section
3.02(b) and 4.01, and any suspensions of participation pursuant to Section 8.02. For each Offering
commencing on or after February 1, 2003, the maximum number of shares which may be purchased by
each participant during the Offering shall not exceed 3,000 shares (subject to the discretion of
the Plan Representative to increase or decrease this limit on a prospective basis, through advance
written notice to Plan participants).

     6.02 Offering Price. The option price of Common Stock purchased with payroll deductions made
during any Offering (the “Offering Price”) for a participant therein shall be the lesser of:

	 	(a)	 	85% of the Fair Market Value of the shares of Common Stock on the
Offering Commencement Date, or

	 	(b)	 	85% of the Fair Market Value of the shares of Common Stock on the
Offering Termination Date.

ARTICLE VII

EXERCISE OF OPTION

     7.01 Automatic Exercise. Each Plan participant’s option for the purchase of stock with
payroll deductions (or payments pursuant to Section 5.01) made during any Offering will be deemed
to have been exercised automatically on the applicable Offering Termination Date for the purchase
of the number of shares of Common Stock which the accumulated payroll deductions and payments
pursuant to Section 5.01 in the participant’s account at the time will purchase at the applicable
Offering Price (but not in excess of the number of shares for which outstanding options have been
granted to the participant pursuant to Section 6.01).

     7.02 Withdrawal of Account. No participant in the Plan shall be entitled to withdraw any
amount from the accumulated payroll deductions (and contributions pursuant to Section 5.01) in his
or her account; provided, however, that a participant’s accumulated payroll deductions (and
contributions pursuant to Section 5.01) shall be refunded to the participant as and to the extent
specified in Section 8.01 below upon termination of such participant’s participation in the Plan.

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     7.03 Fractional Shares. Fractional shares of Common Stock may be issued under the Plan.

     7.04 Exercise of Options. During a participant’s lifetime, options held by such participant
shall be exercisable only by such participant.

     7.05 Delivery of Stock. As promptly as practicable after the Offering Termination Date of
each Offering, the Company will deliver to each participant in such Offering, as appropriate, the
shares of Common Stock purchased therein upon exercise of such participant’s option. The Company
may deliver such shares in certificated or book entry form, at the Company’s sole election.

     7.06 Stock Transfer Restrictions. The Plan is intended to satisfy the requirements of
Section 423 of the Code. A participant will not obtain the benefits of this provision if such
participant disposes of shares of Common Stock acquired pursuant to the Plan within two (2) years
from the Offering Commencement Date or within one (1) year from the date such Common Stock is
purchased by the participant, whichever is later.

ARTICLE VIII

WITHDRAWAL

     8.01 In General. A participant may stop participating in the Plan at any time by giving
written notice to the Plan Representative. Upon processing of any such written notice, no further
payroll deductions will be made from the participant’s Compensation during such Offering or
thereafter, unless and until such participant elects to resume participation in the Plan, in
accordance with Section 8.02 hereof, by providing written notice to the Plan Representative
pursuant to Section 3.03 above. Such participant’s payroll deductions and payments accumulated
pursuant to Section 5.01 prior to processing of such notice shall be applied toward purchasing
shares of Common Stock in the then-current Offering as provided in Section 7.01 above. Any cash
balance remaining after the purchase of shares in such Offering shall be refunded promptly to such
participant.

     8.02 Effect on Subsequent Participation. A participant’s withdrawal from an Offering
pursuant to Section 8.01 (including as a deemed withdrawal a participant’s failure to make all
subscription payments required pursuant to Section 5.01 on or before an Offering Termination Date)
will result in the participant’s suspension from Plan participation for the remaining of the
Offering and for the subsequent three Offerings. The participant’s suspension will not thereafter
have any effect upon such participant’s eligibility to participate in any succeeding Offering or in
any similar plan which may hereafter be adopted by the Company and for which such participant is
otherwise eligible.

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     8.03 Termination of Employment. Upon termination of a participant’s employment with the
Company or any Eligible Subsidiary Company (as the case may be) for any reason, including
retirement or death, then —

     (i) any shares that the Company or the Plan holds for the participant pursuant to the Plan
will be issued and delivered to the participant (or the participant’s estate in the event the
particiant is deceased) unless the Plan Representative determines in its discretion that the
participant has before such employment termination date provided directions (in a form and manner
acceptable to the Plan Representative) that are sufficient and timely to permit a transfer of such
shares within the thirty-day period following the participant’s termination of employment; and

     (ii) the participant’s payroll deductions and contributions accumulated pursuant to Section
5.01 prior to such termination, if any, shall be refunded to him or her, or, in the case of his or
her death, to the person or persons entitled thereto under Section 12.01, and his or her
participation in the Plan shall be deemed to be terminated.

     8.04 Hardship Withdrawal. Hardship distributions may be made without suspension of a
participant’s right to re-enroll in a future Offering (as otherwise required under Section 8.02).
A participant will be considered to have a hardship if a distribution is necessary to pay —

	 	•	 	any of the following expenses with respect to the participant, the
participant’s spouse or significant other, or a member of the participant’s
immediate family: uninsured medical expenses, or tuition or related expenses for
the next 12 months of post-secondary education,
	 
	 	•	 	expenses associated with the purchase of the participant’s principal
residence,
	 
	 	•	 	the costs necessary to avoid foreclosure or eviction from the
participant’s principal residence,
	 
	 	•	 	any amount the participant requests within 90 days following the
death of the participant’s spouse or significant other, or
	 
	 	•	 	any amount the participant’s designated beneficiary requests within
90 days following the death of the participant.

ARTICLE IX

INTEREST

     9.01 Payment of Interest. No interest will be paid or allowed on any money paid into the
Plan or credited to the account of or distributed to any participant Employee.

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ARTICLE X

STOCK

     10.01 Participant’s Interest in Option Stock. No participant will have any interest in
shares of Common Stock covered by any option held by such participant until such option has been
exercised as provided in Section 7.01 above.

     10.02 Registration of Stock. Shares of Common Stock purchased by a participant under the
Plan will be registered in the name of the participant, or, if the participant so directs by
written notice to the Plan Representative prior to the Offering Termination Date applicable
thereto, in the names of the participant and one such other person as may be designated by the
participant, as joint tenants with rights of survivorship or as tenants by the entireties, to the
extent permitted by applicable law.

     10.03 Restrictions on Exercise. The Committee may, in its discretion, require as conditions
to the exercise of any option that the shares of Common Stock reserved for issuance upon the
exercise of such option shall have been duly listed, upon official notice of issuance, upon a stock
exchange or market, and that either:

	 	(a)	 	a registration statement under the Securities Act of 1933, as amended,
with respect to said shares shall be effective, or

	 	(b)	 	the participant shall have represented at the time of purchase, in form
and substance satisfactory to the Company, that it is his or her intention to
purchase the shares for investment and not for resale or distribution.

ARTICLE XI

ADMINISTRATION

     11.01 Appointment of Committee. The Board shall appoint a committee (the “Committee”) to
administer the Plan, which shall consist solely of no fewer than three “non-employee directors” (as
defined in Rule 16b-3(a)(3) promulgated under the Securities Act of 1933, as amended).

     11.02 Authority of Committee. Subject to the express provisions of the Plan, the Committee
shall have plenary authority in its discretion to interpret and construe any and all provision of
the Plan, to adopt rules and regulations for administering the Plan, and to make all other
determinations deemed necessary or advisable for administering the Plan. The Committee’s
determination of the foregoing matters shall be conclusive. Without regard to whether any
participant rights may be considered to have been “adversely affected,” the Committee shall be
entitled to limit the frequency and/or number of changes in the amount withheld during an Offering,
establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars,
permit payroll withholding in excess of the amount designated by a participant in order to adjust
for

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delays or mistakes in the Company’s processing of properly completed withholding elections,
establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to
ensure that amounts applied toward the purchase of Common Stock for each participant properly
correspond with amounts withheld from the participant’s Compensation, and establish such other
limitations or procedures as the Committee determines in its sole discretion advisable that are
consistent with the Plan.

     11.03 Rules Governing the Administration of the Committee. The Board may from time to time
appoint members of the Committee in substitution for or in addition to members previously appointed
and may fill vacancies, however caused, in the Committee. The Committee may select one of its
members as its chairman, shall hold its meetings at such times and places as it shall deem
advisable, and may hold telephonic meetings. All determinations of the Committee shall be made by
a majority of its members. A decision or determination reduced to writing and signed by a majority
of the members of the Committee shall be as fully effective as if it had been made by a majority
vote at a meeting duly called and held. The Committee may appoint a secretary and shall make such
rules and regulations for the conduct of its business as it shall deem advisable.

     11.04 Rules For Foreign Jurisdictions And Non-423 Plan.

          (a) Local Rules and Procedures. The Company may adopt rules or procedures relating to the
operation and administration of the Plan to accommodate the specific requirements of local laws and
procedures. Without limiting the generality of the foregoing, the Company is specifically
authorized to adopt rules and procedures regarding handling of payroll deductions, payment of
interest, conversion of local currency, payroll tax, withholding procedures and handling of stock
certificates which vary with local requirements.

          (b) Sub-Plans. The Company may also adopt sub-plans applicable to particular Subsidiary
Companies or locations, which sub-plans may be designed to be outside the scope of Code section
423. The rules of such sub-plans may take precedence over other provisions of this Plan, but
unless otherwise superseded by the specific terms of such sub-plan, the provisions of this Plan
shall govern the operation of such sub-plan. Schedule 11.04(b) hereto designates all Subsidiary
Companies that are establishing sub-plans as of the Effective Date. These Subsidiary Companies are
becoming Eligible Subsidiary Companies as of the Effective Date for all purposes of the Plan except
they are not adopting the Plan pursuant to Code section 423 and are therefore outside its scope.

ARTICLE XII

MISCELLANEOUS

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     12.01 Designation of Beneficiary. A participant may file with the Plan Representative a
written designation of a beneficiary who is to receive any shares of Common Stock and/or cash under
the Plan upon the participant’s death. Such designation of beneficiary may be changed by the
participant at any time by written notice to the Plan Representative. Upon the death of a
participant and receipt by the Company of proof of identity and existence at the participant’s
death of a beneficiary validly designated by the participant under the Plan, and subject to Article
VIII above concerning withdrawal from the Plan, the Company shall deliver such shares of Common
Stock and/or cash to such beneficiary. In the event of the death of a participant lacking a
beneficiary validly designated under the Plan who is living at the time of such participant’s
death, the Company shall deliver such shares of Common Stock and/or cash to the executor or
administrator of the estate of the participant, or if no such executor or administrator has been
appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such
shares of Common Stock and/or cash to the spouse or to any one or more dependents of the
participant, in each case without any further liability of the Company whatsoever under or relating
to the Plan. No beneficiary shall, prior to the death of the participant by whom he or she has
been designated, acquire any interest in the shares of Common Stock and/or cash credited to the
participant under the Plan.

     12.02 Transferability. Neither payroll deductions or payments credited to any participant’s
account pursuant to Section 5.01 nor any option or rights with regard to the exercise of an option
or to receive Common Stock under the Plan may be assigned, transferred, pledged, or otherwise
disposed of in any way by the participant other than by will or the laws of descent and
distribution. Any such attempted assignment, transfer, pledge or other disposition shall be
without effect, except that the Company may, in its discretion, treat such act as an election to
withdraw from participation in the Plan in accordance with Section 8.01.

     12.03 Use of Funds. All payroll deductions and payments received or held by the Company
under the Plan may be used by the Company for any corporate purpose. The Company shall not be
obligated to segregate such payroll deductions.

     12.04 Adjustment Upon Changes in Capitalization.

	 	(a)	 	If, while any options are outstanding under the Plan, the
outstanding shares of Common Stock of the Company have increased, decreased,
changed into, or been exchanged for a different number or kind of shares or
securities of the Company through any reorganization, merger, recapitalization,
reclassification, stock split, reverse stock split or similar transaction,
appropriate and proportionate adjustments may be made by the Committee in the
number and/or kind of shares which are subject to purchase under outstanding
options and in the Offering Price or Prices applicable to such outstanding
options. In addition, in any such event, the number and/or kind of shares which
may be offered in the Offerings

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described in Article IV hereof shall also be proportionately adjusted. No such
adjustments shall be made for or in respect of stock dividends. For purposes of
this paragraph, any distribution of shares of Common Stock to shareholders in an
amount aggregating 20% or more of the outstanding shares of Common Stock shall be
deemed a stock split, and any distribution of shares aggregating less than 20% of
the outstanding shares of Common Stock shall be deemed a stock dividend.

	 	(b)	 	Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation, or
upon a sale of substantially all of the property or capital stock of the Company
to another corporation, the holder of each option then outstanding under the Plan
will thereafter be entitled to receive at the next Offering Termination Date, upon
the exercise of such option, for each share as to which such option shall be
exercised, as nearly as reasonably may be determined, the cash, securities and/or
property which a holder of one share of the Common Stock was entitled to receive
upon and at the time of such transaction. The Board shall take such steps in
connection with such transactions as the Board shall deem necessary to assure that
the provisions of this Section 12.04 shall thereafter be applicable, as nearly as
reasonably may be determined, in relation to the said cash, securities and/or
property as to which each such holder of any such option might hereafter be
entitled to receive.

     12.05 Amendment and Termination.

	 	(a)	 	The Board may at any time and for any reason terminate or amend the
Plan. Except as provided in Section 12.04, no such termination can affect options
previously granted, provided that an Offering may be terminated by the Board on
any Offering Termination Date if the Board determinates that the termination of
the Offering or the Plan is in the best interests of the Company and its
stockholders. Except as provided in Section 12.04 and this Section 12.05, no
amendment may make any change in any option theretofore granted that adversely
affects the rights of any participant. To the extent necessary to comply with
Section 423 of the Code (or any other applicable law, regulation or stock exchange
rule), the Company shall obtain shareholder approval in such a manner and to such
a degree as required.

	 	(b)	 	In the event the Board determines that the ongoing operation of the
Plan may result in unfavorable financial accounting consequences, the Board may,
in its discretion and, to the extent necessary or desirable, modify or

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amend the Plan to reduce or eliminate such accounting consequence including, but
not limited to:

	 	(i)	 	altering the Offering Price for any Offering, including an
Offering underway at the time of the change in the Offering;
	 
	 	(ii)	 	shortening any Offering so that Offering ends on a new
Offering Termination Date, including an Offering underway at the time of the
Board action; and
	 
	 	(iii)	 	allocating shares.

Such modifications or amendments shall not require stockholder approval or the
consent of any participants.

     12.06 Effective Date. The Plan shall become effective as of February 1, 2003, regardless of
whether or not the Plan receives approval by the holders of a majority of the shares of Common
Stock present and represented at any special or annual meeting of the shareholders of the Company
duly held within 12 months after adoption of the Plan (because such approval is being sought solely
in order for the Plan to meet the requirements of Section 423 of the Code).

     12.07 No Employment Rights. The Plan does not, directly or indirectly, create in any person
any right with respect to continuation of employment by the Company or any Subsidiary Company, and
it shall not be deemed to interfere in any way with the Company’s or any Subsidiary Company’s right
to terminate, or otherwise modify, any employee’s employment at any time.

     12.08 Effect of Plan. The provisions of the Plan shall, in accordance with its terms, be
binding upon, and inure to the benefit of, all successors of each Employee participating in the
Plan, including, without limitation, such Employee’s estate and the executors, administrators or
trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of
creditors of such Employee.

     12.09 Governing Law. The law of the State of Delaware will govern all matters relating to
this Plan except to the extent superseded by the federal laws of the United States.

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Schedule 2.03 to

Euronet Worldwide Inc. Employee Stock Purchase Plan

Eligible Subsidiary Companies

	1.	 	Euronet USA Inc.
	 
	2.	 	PaySpot, Inc.
	 
	3.	 	Euronet Worldwide, Inc.
	 
	4.	 	Euronet Payments & Remittance, Inc.
	 
	5.	 	Continental Exchange Solutions, Inc.
	 
	6.	 	RIA Telecommunications of New York, Inc.
	 
	7.	 	RIA Envia, Inc.
	 
	8.	 	Prepaid Concepts, Inc.
	 
	9.	 	Call Processing, Inc.
	 
	10.	 	Telecomnet, Inc.
	 
	11.	 	Continental Payment Solutions, Inc.

Schedule 11.04(b) to

Euronet Worldwide Inc. Employee Stock Purchase Plan

Eligible Subsidiary Companies

Adopting Sub-Plans:

	 	1.	 	RIA Telecommunications of Canada Inc.
	 
	 	2.	 	RIA de la Hispaniola, C.porA
	 
	 	3.	 	Envia Telecomunicaciones, S.A.
	 
	 	4.	 	Euronet Adminisztracios Szolgaltato Kft.
	 
	 	5.	 	Euronet Banktechnikai Szolgaltato Kft
	 
	 	6.	 	Bankomat 24 / Euronet Sp. z.o.o.
	 
	 	7.	 	Omega Logic Ltd.
	 
	 	8.	 	transact Elektronische Zahlungssysteme GmbH

 

 

	 	9.	 	EFT-Usluge d.o.o.
	 
	 	10.	 	Euronet Services GmbH
	 
	 	11.	 	Euronet Services, Spol. s.r.o.
	 
	 	12.	 	Euronet Services S.R.L.
	 
	 	13.	 	EFT Services Holding B.V.
	 
	 	14.	 	epay Ltd.
	 
	 	15.	 	Electronic Transactions Network Ltd.
	 
	 	16.	 	Gescoro Inc.
	 
	 	17.	 	e-pay (M) Sdn Bhd
	 
	 	18.	 	PT G4S Euronet Nusantara
	 
	 	19.	 	epay Australia Pty. Ltd.
	 
	 	20.	 	EFT Usluge d.o.o.
	 
	 	21.	 	Brodos Romania S.R.L.
	 
	 	22.	 	RIA Financial Services Ltd.
	 
	 	23.	 	Europlanet d.o.o. Beograd
	 
	 	24.	 	Euronet Services India Pvt. Ltd.
	 
	 	25.	 	ATX Software Limited
	 
	 	26.	 	RIA Envia Financial Services GmbH
	 
	 	27.	 	epay New Zealand Ltd.
	 
	 	28.	 	Euronet Services Slovakia, spol. s r. o
	 
	 	29.	 	e-pay Holdings Ltd.
	 
	 	30.	 	e-pay Australia Holdings Pty. Ltd.
	 
	 	31.	 	Delta Euronet GmbH
	 
	 	32.	 	RIA Italia S.R.L.

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	 	33.	 	Euronet Business Holdings S.L.
	 
	 	34.	 	Euronet Movilcarga S.L.
	 
	 	35.	 	Euronet Telerecarga S.L.
	 
	 	36.	 	Euronet Services LLC
	 
	 	37.	 	RIA Financial Services AG
	 
	 	38.	 	Euronet Bulgaria EOOD
	 
	 	39.	 	RIA Financial Services Australia Pty. Ltd.
	 
	 	40.	 	Euronet Asia Holdings Limited
	 
	 	41.	 	EWI Foreign Holdings Limited
	 
	 	42.	 	Euronet China Co., Ltd.
	 
	 	43.	 	Euronet Card Services S.A.
	 
	 	44.	 	Euronet Middle East W.L.L.
	 
	 	45.	 	Euronet Essentis Ltd.
	 
	 	46.	 	“Euronet Ukraine” Limited Liability Company
	 
	 	47.	 	Euronet Pay & Transaction Services S.R.L.
	 
	 	48.	 	RIA France SAS
	 
	 	49.	 	RIA Spain Holdings S.L.
	 
	 	50.	 	Euronet Elektronik Islem Hizmetleri Limited Sirketi
	 
	 	51.	 	RIA Financial Services New Zealand Ltd.
	 
	 	52.	 	RIA Envia Financial Services Belgium
	 
	 	53.	 	RIA de Centroamérica, S.A. de C.V.
	 
	 	54.	 	Euronet Prepaid Hellas Ltd.
	 
	 	55.	 	RIA Financial Services Puerto Rico, Inc.
	 
	 	56.	 	e-pay S.R.L.

3

 

	 	57.	 	ATX Middle East FZC
	 
	 	58.	 	Cashlink Bangladesh Ltd.
	 
	 	59.	 	Euronet Payment & Card Services Ltd.
	 
	 	60.	 	Euronet Payment Services Ltd.
	 
	 	61.	 	epay France SAS
	 
	 	62.	 	XBA Szolgaltato Kft.
	 
	 	63.	 	RIA Money Transfer Services Pvt. Ltd.
	 
	 	64.	 	Euronet Middle East, Africa & Pakistan LLC
	 
	 	65.	 	RIA Netherlands Holding B.V.
	 
	 	66.	 	Euronet Pakistan Holdings Inc.
	 
	 	67.	 	Telecom Net S.A. Logistica Digital
	 
	 	68.	 	RIA Financial Services Sweden AB
	 
	 	69.	 	RIA Financial Services Ireland Ltd.

4exv10w23

Exhibit 10.23

EURONET LONG-TERM INCENTIVE

STOCK OPTION PLAN

(As Last Amended and Restated in January 2009)

     1. Purpose of Plan. The purpose of the Euronet Long-Term Incentive Plan (the “Plan”)
is to (i) increase the ownership of common stock of Euronet Services Inc. (the “Company”) by those
key employees or independent consultants who are primarily responsible for the continued growth,
development and financial success of the Company and its subsidiaries, and (ii) attract and retain
such employees and consultants and reward them for the continued profitable performance of the
Company and its subsidiaries.

     The Plan was adopted by the Board of Directors of the Company (the Board”) on December 17,
1996. Certain stock option grants were made to employees and consultants of the Company or its
subsidiaries in agreements made prior to the date of adoption of this Plan (“Prior Grants”). This
Plan is intended to incorporate all such grants which shall, from the date the grantees under such
grants so acknowledge, be governed by this Plan.

     2. Definitions. The following definitions are applicable herein:

     “Adoption Date” — December 17, 1996, the date on which the original version of this Plan was
adopted by the Board.

     “Award” — individually or collectively, Options granted hereunder.

     “Board” — the Board of Directors of the Company.

     “Company” — Euronet Services Inc., acting for purposes of this plan through the Board. The
term “Company” as used herein shall also include any successor to the Company as provided in
Section 9.6 of this Plan.

     “Date of Grant” — the date on which the grant of an Award is authorized by the Company or
such other date as may be specified by the Company in such authorization.

     “Date of Retirement” — the date on which an employee of the Company or a Subsidiary retires
from such employment or the effective date of an Early Retirement.

     “Early Retirement” — the retirement of an employee of the Company or a Subsidiary prior to
the legally mandated age of retirement, if any, or that age provided in applicable policies of the
Company as such may be instituted from time to time.

     “Eligible Person” — any person employed or retained as a consultant by the Company or a
Subsidiary on a regular basis who satisfies all of the requirements of Section 5.3.

     “Fair Market Value” — the greater of (i) the per share price at which shares of the Company
were issued to or purchased by any party in the last transaction occurring prior to the date of the
exercise of the Option, and (ii) the net book value of the Company, divided by the number of the
Company shares outstanding at the time of the exercise of an Award by a Participant; provided that
the Fair Market Value shall always be at least equal to the par

1

 

value of the Stock. In the event
that a public market is created for shares, then the Fair Market Value of a
share of common stock on any day shall be the closing sale quotation on the market with
respect to which such shares are traded as reported for such day or, if no such quotation is
reported for such day, the average of the high bid and low asked price of common stock as reported
for such day. If no quotation is made for the applicable day, the Fair Market Value of a share of
common stock on such day shall be determined in the manner set forth in the preceding sentence
using quotations for the next preceding day for which there were quotations, provided that such
quotations shall have been made within the ten (10) “trading” days preceding the applicable day.
Notwithstanding the foregoing, if no such information is available or if otherwise deemed necessary
or appropriate by the Option Committee, the Fair Market Value of a share of common stock on any day
shall be determined in good faith by the Option Committee taking into account all relevant material
facts and circumstances.

     “Group of Persons” — a “group” as such term is defined in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder (the
“Exchange Act”).

     “Option” or “Stock Option” — an option granted under Section 5 of this Plan.

     “Option Committee” — an Option Committee created by the Board. It is acknowledged that no
such committee exists as of the time of the adoption of this Plan and until such creation all
functions attributed hereunder to the Option Committee shall be exercised by the Board.

     “Optionee” — any person to whom an Option is granted under this Plan.

     “Option Period” or “Option Periods” — the period or periods during which an Option is
exercisable as described in Section 5.6.

     “Option Shares” — shares purchase by an Optionee under an Option.

     “Owner” — a person or Group which owns shares, including a beneficial owner as defined under
the Exchange Act.

     “Participant” — an Eligible Person who has been granted an Award under this Plan.

     “Person” — any individual or legal entity of any form whatsoever.

     “Plan” — this Euronet Long Term Incentive Stock Option Plan.

     “Securities Act” — the laws and regulations of any jurisdiction governing the issuance and
trading of securities, including, without limitation, the U.S. Securities Act of 1933.

     “Stock Option Agreement” — an agreement entered into by an Optionee and the Company pursuant
to Section 5 of this Plan.

     “Subsidiary” — any corporation of which 50% or more of the outstanding voting stock or voting
power is beneficially owned, directly or indirectly, by the Company.

     “Termination” — termination of the employment or the consulting arrangement of a

2

 

person with
the Company or any Subsidiary. The Company may, in its discretion, determine whether any “leave of
absence” constitutes a Termination for purposes of this Plan and the impact, if any, of any such
leave of absence on Awards made under this Plan. The Company shall have the right to determine
whether the termination of a Participant’s employment or
consulting arrangement is a dismissal for cause and the date of Termination in such case,
which date the Company may retroactively deem to be the date of the action that constitutes cause
for dismissal. Such determinations of the Company shall be final, binding and conclusive.

     “Vested Shares” — shares of Stock with respect to which an Optionee’s purchase right under an
Option has vested in accordance with the terms of Section 5.6.

     3. Effective Date and Duration.

          3.1 Effective Date. This Plan shall be effective as of the Adoption Date.

          3.2 Period for Grant of Awards. Awards may be made as provided herein for a period of
ten (10) years after the Adoption Date.

          3.3 Termination. This Plan shall continue in effect until all matters relating to the
payment of Awards and administration of the Plan have been settled.

     4. Administration.

          4.1 The Board; Option Committee. The Plan shall be administered in accordance with
the terms of this Plan document by the Board or a committee thereof, provided that all questions of
interpretation regarding the terms and conditions pursuant to which Awards are granted, exercised
or forfeited under the provisions hereof, shall be subject to the determination of the Board or the
Option Committee, as the case may be. Any such determination shall be final and binding upon all
parties affected thereby.

          4.2 Indemnification. Each member of the Board or the Option Committee (and each
person to whom any of them has delegated any authority or power under this Plan) shall be
indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or
expense that may be imposed upon or incurred by such person in connection with or resulting from
any claim, action, suit, or proceeding to which such person may be a party or in which such person
may be involved by reason of any action or failure to act under the Plan; and (ii) any and all
amounts paid by such person in satisfaction of judgment in any such action, suit, or proceeding
relating to the Plan. Each person covered by this indemnification shall give the Company an
opportunity, at its own expense, to handle and defend the same before such person undertakes to
handle and defend it on such person’s own behalf. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such persons may be entitled under the
Articles of Incorporation or By-Laws of the Company or any of its Subsidiaries, as a matter of law,
or otherwise, or of any other power that the Company may have to indemnify such person or hold such
person harmless.

          4.3 Reliance on Reports. Each member of the Board or the Option Committee (and each
person to whom any of them has delegated any authority or power under this Plan) shall be fully
justified in relying or acting in good faith upon any report made by the independent public
accountants of the Company and its Subsidiaries and upon

3

 

any other information furnished in
connection with the Plan. In no event shall any person who is or shall have been a member of the
Board or the Option Committee be liable for any determination made or other action taken or any
omission to act in reliance upon any such report or information or for any action taken, including
the furnishing of information, or failure to act, if in good faith.

     5. Stock Options.

          5.1 Grant of Stock Options. The Company may, from time to time, grant Stock Options
for shares of common stock in the Company to one or more Eligible Persons, provided that: (i) all
grants must be approved in advance by the Board or by the Option Committee acting on behalf of the
Board; (ii) the aggregate number of shares of Stock subject to Stock Options under this Plan,
subject to any adjustment pursuant to Section 5.11, may not exceed Two Million Four Hundred
Thirteen Thousand Five Hundred and Eighty-Six (2,413,586) shares, plus all Prior Grants; (iii) in
the event that a Stock Option lapses or the rights of the Participant to whom it as granted
terminate, any shares of Stock subject to such Option shall again be available for the grant of an
Option to another Eligible Person under this Plan; and (iv) shares of Stock delivered by the
Company under this Plan may be either authorized and unissued Stock, Stock held in the treasury of
the Company or Stock purchased on the open market (including private purchases), in accordance with
any applicable Securities Act.

          5.2 Payment Nature of Option. All Options granted shall be in consideration of
services performed for the Company or its Subsidiaries by the Optionee. All Options granted shall
constitute a special incentive payment to the Optionee and shall not be taken into account in
computing the amount of salary or compensation of the Optionee for the purpose of determining any
benefits under any pension, retirement, profit-sharing, bonus, life insurance or other benefit plan
of the Company or under any agreement between the Company and the Optionee, unless such plan or
agreement specifically otherwise provides.

          5.3 Eligibility. Key employees and consultants of the Company and its Subsidiaries
(including employees and consultants who are members of the Board) who, in the opinion and sole
discretion of the Company, are primarily responsible for the continued growth and development and
financial success of the business of the Company or one or more of its Subsidiaries shall be
eligible to be granted Awards under the Plan. Subject to the provisions of this Plan, the Company
may from time to time select from such Eligible Persons those to whom Awards shall be granted and
determine the nature and amount of each Award. The Company shall not be under any obligation to
grant any employee or consultant of the Company or its Subsidiaries an Award under this Plan.

          5.4 Non-Uniform Determinations. The Company’s determinations under this Plan need not
be uniform and may be made by it selectively among Eligible Persons who receive, or are eligible to
receive, Options (whether or not such persons are similarly situated). Without limiting the
generality of the foregoing, the Company shall be entitled, among other things, to make non-uniform
and selective determinations which may, inter alia, reflect the specific terms of
individual employment or consulting agreements, and to enter into non-uniform and selective Option
Agreements, as to (a) the persons qualified to receive Options and (b) the terms and conditions of
Options.

          5.5 Number of Shares of Stock Subject to Option. In determining the size of Options
to be granted, the Company shall take into account a prospective Participant’s job

4

 

responsibilities, level, performance, potential, cash compensation level, the Fair Market Value of
the Stock at the time of granting the Award, as well as such other considerations it deems
appropriate.

          5.6 Stock Option Terms. Each Option granted under this Plan shall be evidenced by a
Stock Option Agreement between the Company and the Participant under terms and conditions approved
by the Company, provided, however, that unless otherwise provided in the Stock Option Agreement,
the following terms and conditions shall apply:

               (1) The Optionee’s right to exercise the Options granted shall vest
over a period of five years, in five tranches, each equal to one-fifth of the total number of
shares of Stock which are the subject of an Option grant. One tranche shall vest on each
anniversary of the Date of Grant for five years after the Date of Grant.

               (2) The Options are exercisable with respect to Vested Shares either in total or in part, with
a partial exercise not affecting the exercisability of the balance of the Option.

               (3) Each Option shall cease to be exercisable as to any share of Stock, at the earliest of (i)
the Optionee’s purchase of the entire amount of Stock to which the Option relates or (ii) the lapse
of the Option in accordance with Section 5.8 below.

               (4) Options are not transferable by the Optionee except by will or the laws of descent and
distribution and shall be exercisable (i) during the Optionee’s lifetime only by the Optionee, or
by the Optionee’s guardian or legal representative or (ii) after an Optionee’s death by the
Optionee’s beneficiary or representative of the estate of the Optionee as provided in Section 5.8.
In the event a Stock Option Agreement establishes an Option Period which does not begin immediately
upon the grant thereof, such agreement may initially provide, or the Company may at any time
thereafter unilaterally amend it to provide, for the immediate exercisability of the Option granted
therein upon the occurrence of events determined by the Company, in its sole discretion, to justify
such immediate exercisability.

               (5) The Option price per share of Stock shall be 100% of the Fair Market Value at the Date of
Grant.

               (6) The Option price for an Option shall be payable in full at the time of the exercise of
the Option by any of the following methods:

          (i) cash or certified bank check;

          (ii) through the sale of the Company’s common stock acquired on exercise of the
Option through a broker-dealer to whom the Optionee has submitted an irrevocable
notice of exercise and irrevocable instructions to deliver promptly to the Company
the amount of sale or loan proceeds sufficient to pay for such shares of the
Company’s common stock, together with, if requested by the Company, the amount of
federal, state, local or foreign withholding taxes payable by the Optionee by reason
of such exercise,

          (ii) through simultaneous sale through a broker of the Company’s common stock
acquired on exercise, as permitted under Regulation T of the

5

 

Federal Reserve Board,

          (iii)
by delivery to the Company of certificates representing the number of shares of the Company’s common stock then owned by the Optionee, the Fair Market
Value of which equals the aggregate Option price, or, in lieu of delivering shares
of common stock having a Fair Market Value in the aggregate equal to such Option
price, as provided above, by submitting to the Company a statement affirming
ownership by the Optionee of such number of shares of Common Stock and request that
such shares, although not actually surrendered, be deemed to have been surrendered
by the Optionee as payment of the exercise price, or

          (iv) by a “net exercise” arrangement pursuant to which the Company will not
require a payment of the Option price but will reduce the number of shares of
Company common stock upon the exercise by the largest number of whole shares that
has a Fair Market Value on the date of exercise that does not exceed the aggregate
Option price.

          5.7 Dividend Equivalency. Any Option may, in the discretion of the Company, provide
for dividend equivalency rights under which the Participant shall be entitled to additional
payments, in the nature of compensation, equal to the amount of dividends which would have been
paid, during the period such Option is held, on the number of shares of Stock equal to the number
of shares subject to such Option.

          5.8 Lapse of Option. An Option will lapse upon the first occurrence of one of the
following circumstances: (i) 10 years from the Date of Grant; (ii) on the 90th day following the
Optionee’s Date of Retirement; (iii) on the date which is 60 days after an Optionee’s Termination;
or (iv) at the expiration of the Option Period set forth in the Stock Option Agreement; provided
that the Option Committee may, on a case by case basis, permit extension of the period of time
within which an Optionee may exercise Options beyond the 90-day, 60-day or six month periods
provided in subsections (ii) and (iii) above, and the following sentence, respectively. If,
however, the Optionee dies within the Option Period and prior to the lapse of the Option, the
Option shall lapse unless it is exercised within the Option Period or one year from the date of the
Optionee’s death, whichever is earlier, by the Optionee’s beneficiary, legal representative or
representatives or by the person or persons entitled to do so under the Optionee’s will or, if the
Optionee shall fail to designate a beneficiary or make a testamentary disposition of such Option or
shall die intestate, by the person or persons entitled to receive said Option under the applicable
laws of descent and distribution.

          5.9 Change in Control.

               (1) “Change In Control” shall be deemed to have occurred upon the happening of any of the
following events: (i) any Person or Group of Persons (other than any shareholder of the Company as
of the Adoption Date), becomes the Owner, directly or indirectly, whether by purchase, acquisition
or otherwise, of 50% or more of the outstanding shares of the Company; or (ii) the Company’s
shareholders approve an agreement to merge, consolidate, liquidate, or sell all or substantially
all of the Company’s assets. The Company shall give prompt notice to all Optionees in the event it
becomes aware that a Change In Control has occurred.

6

 

               (2) Upon the event of a Change in Control: (i) any Option outstanding prior to the date of
the Change in Control shall become, notwithstanding any other provision of this Plan or any Stock
Option Agreement, fully vested and immediately exercisable; and (ii) the Company may, in its sole
discretion and subject to the provisions of Section 7 below, amend any Stock Option Agreement in
such manner as it deems appropriate, but only as to those Options which have not been exercised.

               (3) Whenever deemed appropriate by the Company, any action referred to in Section 5.9(2)(ii)
may be made conditional upon the consummation of the applicable Change in Control transaction.

          5.10 Restrictions. In furtherance of the foregoing, at the time of any exercise of an
Option, the Company may, if it shall determine it necessary or desirable for any reason, require
the Optionee, as a condition to the exercise thereof, to deliver to the Company a written
representation of the Optionee’s present intention to purchase the Stock for investment and not
for distribution. Each Option shall also be subject to the requirement that, if at any time
the Company determines, in its discretion, that either (i) the registration or qualification of
Stock subject to an Option under any Securities Act, or (ii) the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the issue or purchase of Stock thereunder, the Option may not be exercised in whole or in part
unless such registration, qualification, consent or approval shall have been effected or obtained
free of any conditions not acceptable to the Company.

          5.11 Changes in Capital Structure. In the event of any change in the outstanding
shares of Stock by reason of any stock dividend or split, recapitalization, combination or exchange
of shares or other similar changes in the Stock, then appropriate adjustments shall be made in the
shares of Stock theretofore awarded to the Optionees and in the aggregate number of shares of Stock
which may be awarded pursuant to the Plan. Such adjustments shall be made by the Company and shall
be binding and conclusive for all purposes. Additional shares of Stock issued to a Optionee as the
result of any such change shall bear the same restrictions as the shares of Stock to which they
relate.

     6. Other Payments or Options. Nothing contained in this Plan shall be deemed, in any
way, to limit or restrict the Company from granting an option to purchase Stock or payment to any
person under any other plan, arrangement or understanding, whether now existing or hereafter in
effect.

     7. Amendment and Termination. The Board may, from time to time, suspend, discontinue,
revise or amend this Plan in any respect whatsoever provided however that no such amendment shall
materially impair any rights or materially increase any obligations under any outstanding Award
without the consent of the Participant (or, upon the Participant’s death or adjudication of mental
incapacity, the person having the right to exercise the Award).

     8. Miscellaneous Provisions.

          8.1 Non-transferability. Except as otherwise provided by the Option Committee on a
case by case basis, no benefit provided under this Plan shall be subject to alienation or
assignment by a Optionee (or by any person entitled to such benefit pursuant to the terms of this
Plan), nor shall it be subject to attachment or other legal process of whatever nature. Any
attempted alienation, assignment or attachment shall be void and of no effect

7

 

whatsoever. Payment
shall be made only to the Optionee entitled to receive the same or said Optionee’s authorized legal
representative.

          8.2 No Employment Right or Right of Retainer. Neither this Plan nor any action taken
hereunder shall be construed as giving any right to be retained as an officer, employee or
consultant of the Company or any of its Subsidiaries.

          8.3 Tax Withholding. Either the Company or a Subsidiary, as appropriate, shall have
the right to deduct from all Awards paid in cash any taxes as it deems to be required by law to be
withheld with respect to such cash payments. In the case of Awards paid in Stock, the employee or
other person receiving such Stock may be required to pay to the Company or a Subsidiary, as
appropriate, the amount of any such taxes which the Company or a Subsidiary is required to withhold
with respect to such Stock. At the request of an Optionee, or as required by law, upon the
exercise of an Option, such sums as may be required for the payment of any estimated or accrued
income tax liability may be withheld or paid by the Optionee to the Company and remitted to the
governmental entity entitled to receive the same. Without
limitation, the Company may permit the Optionee to pay all minimum required amounts of tax
withholding, or any part thereof, by electing to transfer to the Company, or to have the Company
withhold from shares of the Company’s common stock otherwise issuable to the Optionee, shares
having a value equal to the minimum amount required to be withheld under federal, state or local
law or such lesser amount as may be elected by the Optionee. For non-employees, including
non-employee directors, the Company may also permit the Optionee to transfer to the Company or have
the Company withhold from shares of Company common stock otherwise issuable to the Optionee, an
amount of shares determined by the Optionee necessary to cover applicable federal, state or local
income or self-employment taxes relating to the exercise, vesting or payment of the Option. All
elections shall be subject to the approval or disapproval of the Option Committee or its delegate.
The value of shares of common stock to be withheld shall be based on the Fair Market Value of the
common stock on the date that the amount of tax to be withheld is to be determined (the “Tax
Date”), as determined by the Option Committee. Any such elections by Optionee to have shares of
common stock withheld for this purpose will be subject to the following restrictions:

               (1) All elections must be made prior to the Tax Date;

               (2) All elections shall be irrevocable; and

               (3) If the Optionee is an officer or director of the Company within the meaning of Section 16
of the Exchange Act (“Section 16”), the Optionee must satisfy the requirements of such Section 16
and any applicable rules thereunder with respect to the use of Common Stock to satisfy such tax
withholding obligation.

          8.4 Fractional Shares. Any fractional shares concerning Awards shall be eliminated at
the time of payment or payout by rounding down for fractions of less than one-half and rounding up
for fractions of equal to or more than one-half. No cash settlements shall be made with respect to
fractional shares eliminated by rounding.

          8.5 Government and Other Regulations. The obligation of the Company to make payment
of Awards in Stock or otherwise shall be subject to all applicable laws, rules and regulations, and
to such approvals by any government agencies as may be required. If

8

 

Stock awarded under the Plan
may in certain circumstances be exempt from registration under the Securities Act, the Company may
restrict its transfer in such manner as it deems advisable to ensure such exempt status.

          8.6 Company Successors. In the event the Company becomes a party to a merger,
consolidation, sale of substantially all of its assets or any other corporate reorganization in
which the Company will not be the surviving corporation or in which the holders of the Stock will
receive securities of another corporation (in any such case, the “New Company”), then the New
Company shall assume the rights and obligations of the Company under this Plan.

          8.7 Governing Law. All matters relating to the Plan or to Awards granted hereunder
shall be governed by the laws of the State of Delaware.

          8.8 Relationship to Other Benefits. No payment under the Plan shall be taken into
account in determining any benefits under any other pension, retirement, profit-sharing or group
insurance plan of the Company or any Subsidiary.

          8.9 Expenses. The expenses of administering the Plan shall be borne by the Company
and its Subsidiaries.

          8.10 Titles and Headings. The titles and headings of the sections in the Plan are for
convenience of reference only, and in the event of any conflict, the text of the Plan, rather than
such titles and headings, shall control.

9

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