Document:

Exhibit
10.31

 

SYNOPSYS, INC.

2005 NON-EMPLOYEE
DIRECTORS EQUITY INCENTIVE PLAN

 

Adopted by the
Board of Directors on March 1, 2005

Approved by the
Stockholders on May 23, 2005

 

I.  PURPOSE OF THE PLAN

 

This 2005 Non-Employee
Directors Equity Incentive Plan (the “Plan”) is intended to promote the
interests of Synopsys, Inc., a Delaware corporation (the “Corporation”),
by providing the non-employee members of the Board of Directors with the
opportunity to acquire a proprietary interest, or otherwise increase their
proprietary interest, in the Corporation as an incentive for them to remain in
the service of the Corporation.

 

II.  DEFINITIONS

 

For purposes of the Plan,
the following definitions shall be in effect:

 

ANNUAL MEETING: the first
meeting of the Corporation’s stockholders held each calendar year at which
directors of the Corporation are selected.

 

AWARD: an option granted
pursuant to Section VI.A(1), Section VI.A(2)(i) or Section VI.A(3) or
common stock issued as Restricted Stock pursuant to Section VI.A(2)(ii).

 

BOARD: the Corporation’s
Board of Directors.

 

CODE: the Internal
Revenue Code of 1986, as amended.

 

COMMON STOCK: shares of
the Corporation’s common stock.

 

CHANGE IN CONTROL: a
change in ownership or control of the Corporation effected through either of
the following transactions:

 

(1)               any
person or related group of persons (other than the Corporation or a person that
directly or indirectly controls, is controlled by, or is under common control
with, the Corporation) directly or indirectly acquires beneficial ownership
(within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934,
as amended) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Corporation’s outstanding securities pursuant to a
tender or exchange offer made directly to the Corporation’s stockholders; or

 

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(2)               there
is a change in the composition of the Board over a period of twenty-four (24)
consecutive months or less such that a majority of the Board members ceases, by
reason of one or more contested elections for Board membership, to be comprised
of individuals who either (A) have been Board members continuously since
the beginning of such period or (B) have been elected or nominated for
election as Board members during such period by at least a majority of the
Board members described in clause (A) who were still in office at the time
such election or nomination was approved by the Board.

 

CORPORATE TRANSACTION:
any of the following stockholder-approved transactions to which the Corporation
is a party:

 

(1)               a
merger or consolidation in which the Corporation is not the surviving entity,

 

(2)               the
sale, transfer or other disposition of all or substantially all of the assets
of the Corporation but only if such sale, transfer or other disposition occurs
in connection with the complete liquidation or dissolution of the Corporation,
or

 

(3)               any
merger in which the Corporation is the surviving entity but becomes a more than
fifty percent (50%) owned subsidiary of another corporation.

 

EFFECTIVE DATE: March 1,
2005, the date on which the Plan was adopted by the Board.

 

ELIGIBLE DIRECTOR:  a person designated as an Eligible Director
pursuant to Section V.A.

 

FAIR MARKET VALUE: the
Fair Market Value per share of Common Stock determined in accordance with the
following provisions:

 

(1)               If
the Common Stock is not at the time listed or admitted to trading on any
national securities exchange but is traded on the Nasdaq National Market, the
Fair Market Value shall be the closing selling price per share on the date in
question, as such price is reported by the National Association of Securities
Dealers on the Nasdaq National Market or any successor system. If there is no
reported closing selling price for the Common Stock on the date in question,
then the closing selling price on the last preceding date for which such
quotation exists shall be determinative of Fair Market Value.

 

(2)               If
the Common Stock is at the time listed or admitted to trading on any national
securities exchange, then the Fair Market Value shall be the closing selling
price per share on the date in question on the exchange serving as the primary
market for the Common Stock, as such price is officially quoted in the
composite tape of transactions on such exchange. If there is no reported sale
of Common Stock on such exchange on the date in question, then the

 

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Fair Market Value shall be the closing selling price on the exchange on
the last preceding date for which such quotation exists.

 

1934 ACT: the Securities
Exchange Act of 1934, as amended.

 

OPTIONEE: any person to
whom an option is granted under the Plan.

 

PERMANENT DISABILITY OR
PERMANENTLY DISABLED: the inability of the Optionee to engage in any
substantial gainful activity by reason of any medically determinable physical
or mental impairment expected to result in death or to be of continuous
duration of twelve (12) months or more.

 

RESTRICTED STOCK:  shares of Common Stock as described in Section VI.A(2)(ii).

 

III.  ADMINISTRATION OF THE PLAN

 

Except as otherwise
provided herein, the terms and conditions of each Award (including the timing
and pricing of option grants) shall be determined by the express terms and
conditions of the Plan.  To the extent
not inconsistent with the foregoing, the Board shall have the power to construe
and interpret the Plan and Awards granted under it, and to establish, amend,
and revoke rules and regulations for the administration of the Plan.  The Board, in the exercise of this power, may
(i) correct any defect, omission or inconsistency in the Plan or in any
Stock Option Agreement or Restricted Stock Agreement, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective, (ii) to
amend the Plan or an Award as provided in Section VIII, or (iii) to
exercise such powers and to perform such acts as the Board deems necessary or
expedient to promote the best interests of the Corporation.  Notwithstanding the foregoing, the Board
shall not have the power to approve a program whereby outstanding Awards are
surrendered in exchange for Awards with a lower exercise price, without first
obtaining stockholder approval of such program other than changes to
outstanding awards pursuant to Section IV.C.

 

IV.  STOCK SUBJECT TO THE PLAN

 

A.        Shares
of the Corporation’s Common Stock shall be available for issuance under the
Plan and shall be drawn from either the Corporation’s authorized but unissued
shares of Common Stock or from reacquired shares of Common Stock, including
shares repurchased by the Corporation on the open market. The number of shares
of Common Stock reserved for issuance over the term of the Plan shall initially
be fixed at 300,000 shares.

 

B.        Should
one or more outstanding options under this Plan expire or terminate for any
reason prior to exercise in full, then the shares subject to the portion of
each option not so exercised shall be available for issuance under the
Plan.  Unvested shares of Restricted
Stock that revert to the Corporation shall also be available for reissuance
under the Plan.  In addition, should the
exercise price of an outstanding option under the Plan be paid with shares of
Common

 

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Stock that were not acquired from the Corporation, then the number of
shares of Common Stock available for issuance under the Plan shall be reduced
by the gross number of shares for which the option is exercised, and not by the
net number of shares of Common Stock actually issued to the holder of such
option.

 

C.        Should
any change be made to the Common Stock issuable under the Plan by reason of any
stock split, stock dividend, recapitalization, combination of shares, exchange
of shares or other change affecting the outstanding Common Stock as a class
without the Corporation’s receipt of consideration, then appropriate
adjustments shall be made to (i) the maximum number and/or class of
securities issuable under the Plan, (ii) the number and/or class of
securities for which Awards are to be subsequently made to each newly-elected
or continuing non-employee Board member under the Plan, and (iii) the
number and/or class of securities and price per share in effect under each
Award outstanding under the Plan. The adjustments to the outstanding Awards
shall be made by the Board in a manner which shall preclude the enlargement or
dilution of rights and benefits under such Awards and shall be final, binding
and conclusive.

 

V.  ELIGIBILITY

 

A.        Eligible
Directors. The individuals eligible to receive Awards pursuant to the
provisions of this Plan shall be limited to (i) those individuals who are
first elected or appointed as non-employee Board members after the Effective
Date, whether through appointment by the Board or election by the Corporation’s
stockholders, and (ii) those individuals who are re-elected as
non-employee Board members at one or more Annual Meetings held after the
Effective Date whether or not such individual is serving as a non-employee
director on the Effective Date.  Each
non-employee Board member eligible to participate in the Plan pursuant to the
foregoing criteria is hereby designated an Eligible Director.

 

B.        Limitation.
Except for the grants to be made pursuant to this Plan, non-employee Board
members shall not be eligible to receive any stock options, stock appreciation
rights, direct stock issuances or other stock awards under this Plan or any
other stock plan of the Corporation or any parent or subsidiary.

 

VI.  TERMS AND CONDITIONS OF AUTOMATIC AWARDS

 

A.                Award
Amounts and Dates. Awards shall be granted in the amounts and on the dates
specified below:

 

(1)       Initial
Awards. Each individual who first becomes an Eligible Director after the
Effective Date, whether through election by the Corporation’s stockholders or
appointment by the Board, shall automatically be granted, at the time of such
initial election or appointment, a non-statutory option to purchase thirty
thousand (30,000) shares of Common Stock. 
The terms and conditions of any such option shall be as set forth in Section VI.B.

 

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(2)       Annual
Awards. On the date of each Annual Meeting during the term of this Plan, each
Eligible Director who is re-elected to the Board at that Annual Meeting shall
automatically be granted, on the date of such Annual Meeting (the “Award Annual
Meeting”), an annual Award (an “Annual Award”) in the form described below,
with a value equal to the Annual Award Value, as defined below. There shall be
no limit on the number of Annual Awards any one Eligible Director may receive
over his or her period of continued Board service during the term of this
Plan.  On or before the December 31st
of the calendar year immediately preceding the calendar year in which the Award
Annual Meeting occurs, the Board shall determine if the Annual Award shall be
in the form of a stock option in the form described in Section VI.A(2)(i) below
or in the form of Restricted Stock described in Section VI.A(2)(ii) below.  In the event that no such determination is
made by such December 31st, the Annual Award shall be in the
form of a stock option in the form described in Section VI.A(2)(i) below,
except in the case of Awards to be received on the date of the 2005 Annual
Meeting, for which the Board shall make such determination a reasonable period
of time before the date of such Annual Meeting.

 

(i)  If the Annual
Award is in the form of a stock option, the Annual Award shall be a
non-statutory option to purchase a number of shares of Common Stock (an “Annual
Option Grant”) equal to the number of shares which will result in the Annual
Option Grant having a value as determined under the generally accepted
accounting principles employed by the Corporation for the purposes of preparing
its financial statements equal to the Annual Award Value.  The Annual Option Grant shall have the terms
and conditions set forth in Section VI.B.

 

(ii)  If the Annual
Award is in the form of Restricted Stock, the Annual Award shall be a grant of
a number of unvested shares of Common Stock with a Fair Market Value equal to
the Annual Award Value with any fractional share being eliminated.  The terms and conditions of an Annual Award
in the form of restricted stock shall be as set forth in Section VI.C.  Notwithstanding the foregoing, the Board
shall have the authority to provide that an Award in the form of Restricted
Stock shall instead be in the form of a commitment to issue shares of Common
Stock on the dates the Restricted Stock would have vested and otherwise with
substantially the same provisions as set forth in this Plan for Awards of
Restricted Stock.  (Such a commitment is
commonly referred to as an award of “Restricted Stock Units.”)  If the Board has determined that Awards of
Restricted Stock Units shall be made in lieu of Awards of Restricted Stock,
references in this Plan to Restricted Stock shall be deemed references to
Restricted Stock Units.

 

(3)       Interim
Awards.  In the case of an Eligible
Director who is appointed to the Board on a date (the “Interim Appointment Date”)
that is neither (x) the date of an Annual Meeting nor (y) a date that is more
than eleven (11) months since the most recent Annual Meeting that preceded the
Interim Appointment Date, such Eligible Director shall automatically be
granted, at the time of such appointment, an Award (an “Interim Award”) in the
form of a non-statutory option to purchase a number of shares of Common Stock
(an “Interim Option Grant”) equal to the number of shares which will result in
the Interim Option Grant having a value as determined under the generally
accepted accounting principles employed by the

 

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Corporation for the purposes of preparing its financial statements
equal to the Interim Award Value, as defined below.  The Interim Option Grant shall have the terms
and conditions set forth in Section VI.B

 

(4)       Definitions.
The following definitions shall apply for the purposes of this Section VI:

 

(i)  For the
purposes of this Section VI.A, “Annual Award Value” shall mean a dollar
amount equal to the annual cash retainer for service as a Director in effect at
the time of the Award Annual Meeting for the period from the Award Annual
Meeting until the first Annual Meeting following the Award Annual Meeting.

 

(ii)  “Interim Award
Value” shall mean a dollar amount equal to the product of (i) the Annual
Award Value the Eligible Director would have received had the Eligible Director
been appointed to the Board at the time of the most recent Annual Meeting that
preceded the Interim Appointment Date multiplied by (ii) a fraction the
numerator of which is twelve (12) minus the lesser of (x) the number of whole
months from the most recent Annual Meeting that preceded the Interim
Appointment Date until the Interim Appointment Date with any fraction of a
month being rounded up to the next whole month or (y) twelve (12) and the
denominator of which is twelve (12).

 

B.            Terms
and Conditions of Options.  Any options
granted pursuant to Section VI.A(1), Section VI.A(2)(i) or Section VI.A(3) shall
have the following terms and conditions:

 

(1)       Exercise
Price. The exercise price per share of Common Stock subject to such option
shall be equal to one hundred percent (100%) of the Fair Market Value per share
of Common Stock on the grant date.

 

(2)       Payment.
Upon the exercise of the option in whole or in part, the exercise price for the
portion being exercised shall become immediately due and shall be payable in
one of the alternative forms specified below, or in a combination of such
alternative forms, to the extent permitted by law and permitted in the form of
Stock Option Agreement issued in connection with the option:

 

(i)           full
payment in cash or check made payable to the Corporation’s order; or

 

(ii)          full
payment in shares of Common Stock valued at Fair Market Value on the Exercise
Date (as such term is defined below); or

 

(iii)         full
payment through a broker-dealer sale and remittance procedure pursuant to which
the non-employee Board member (x) shall provide irrevocable written
instructions to a brokerage firm acceptable to the Corporation to effect the
immediate sale of the purchased shares and remit to the Corporation, out of the
sale proceeds available on the settlement date, sufficient

 

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funds to cover the aggregate
exercise price payable for the purchased shares and (y) shall concurrently
provide written directives to the Corporation to deliver the certificates for
the purchased shares directly to such brokerage firm in order to complete the
sale transaction; or

 

(iv)  a “net
exercise” arrangement pursuant to which the Corporation will reduce the number
of shares of Common Stock issued upon exercise of the option by the largest
whole number of shares with a Fair Market Value that does not exceed the
aggregate exercise price; provided, however, that the Corporation shall accept
a cash payment from the Eligible Director to the extent of any remaining
balance of the aggregate exercise price not satisfied by such holding back of
whole shares; provided further, however, that shares of Common Stock will no
longer be outstanding under the option and will not be exercisable thereafter
to the extent that (x) shares are used to pay the exercise price pursuant to
the “net exercise” of the option and (y) shares are directly or indirectly
delivered to the Eligible Director as a result of such exercise of the option.

 

For purposes of this Section VI.B(2),
the Exercise Date shall be the date on which written notice of the option
exercise is delivered to the Corporation. Except to the extent the sale and
remittance procedure specified above is utilized in connection with the
exercise of the option, payment of the exercise price for the purchased shares
must accompany the exercise notice.

 

(3)       Exercisability/Vesting.
Each stock option granted pursuant to this Plan shall be exercisable only if
the option becomes vested in accordance with the terms of this Plan.  Once a portion of an option becomes vested,
such portion shall remain exercisable until either such portion is exercised or
the option is terminated in accordance with the provisions of this Plan.  In no event, however, shall any additional
option shares vest after the Optionee’s cessation of Board service.  Except as otherwise provided in this Plan,
options granted pursuant to this Plan shall vest as follows:

 

(i)                The
initial automatic grant for thirty thousand (30,000) shares made to each
Eligible Director shall vest in a series of four (4) successive equal
installments as such individual continues in Board service through the date
immediately preceding each of the first four (4) Annual Meetings following
the grant date of that option.

 

(ii)               Each
Annual Option Grant and any Interim Option Grant made to an Eligible Director
shall vest in thirty-six (36) successive equal installments for each month the
Optionee continues in Board service from the grant date of that option through
the third (3rd) anniversary of the grant date of the option.

 

(iii)              Should
the Optionee die or become Permanently Disabled while serving as a Board member,
then any option grant issued under the Plan held by the Optionee at the time of
his or her death or Permanent Disability may subsequently be exercised for any
or all of the option shares in which the Optionee is vested at that time plus
an additional number of option shares equal to the number of option shares (if
any) in which the Optionee would have vested had he or she continued in Board
service until the next Annual Meeting.

 

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(4)       Option
Term. Each option grant under the Plan shall have a maximum term of seven (7) years
measured from the automatic grant date.

 

(5)       Effect
of Termination of Board Service.

 

(i)             Should
the Optionee cease to serve as a Board member for any reason (other than death
or Permanent Disability) while holding one or more option grants issued under
the Plan, then such individual shall have a six (6)-month period following the
date of such cessation of Board service in which to exercise each such option
for any or all of the option shares in which the Optionee is vested at the time
of his or her cessation of Board service. Each such option shall immediately
terminate and cease to be outstanding, at the time of such cessation of Board
service, with respect to any option shares in which the Optionee is not
otherwise at that time vested.

 

(ii)            Should
the Optionee die on or before the date that is six (6) months after
cessation of Board service, then any option grant issued under the Plan held by
the Optionee at the time of death may subsequently be exercised, for any or all
of the option shares in which the Optionee is vested at the time of his or her
cessation of Board service (less any option shares subsequently purchased by
the Optionee prior to death), by the personal representative of the Optionee’s
estate or by the person or persons to whom the option is transferred pursuant
to the Optionee’s will or in accordance with the laws of descent and
distribution. The right to exercise each such option shall lapse upon the
expiration of the twelve (12)-month period measured from the date of the
Optionee’s death.

 

(iii)           Should
the Optionee become Permanently Disabled while serving as a Board member, then
the Optionee shall have the right to exercise the option for any or all of the
option shares in which the Optionee is vested at the time of his or her
cessation of Board service at any time prior to the expiration of the twelve
(12)-month period measured from the date of the Optionee’s Permanent
Disability.

 

(iv)          In
no event shall any option grant under this Plan remain exercisable after the
expiration date of the maximum seven (7) year option term. Upon the
expiration of the applicable post-service exercise period under subparagraphs (i) through
(iii) above or (if earlier) upon the expiration of the maximum seven
(7)-year option term, the grant shall terminate and cease to be outstanding for
any option shares in which the Optionee was vested at the time of his or her
cessation of Board service but for which such option was not otherwise exercised.

 

(6)       Stockholder
Rights. The holder of an option grant issued under the Plan shall have none of
the rights of a stockholder with respect to any shares subject to such option
until such individual shall have exercised the option and paid the exercise price
for the purchased shares.

 

(7)       Remaining
Terms. The remaining terms and conditions of each option grant issued under the
Plan shall be as set forth in a written stock option agreement (the “Stock
Option

 

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Agreement”) in a form adopted from time to time by the Board; provided,
however, that the terms of any Stock Option Agreement shall be consistent with
the provisions of this Plan.

 

C.         Terms
and Conditions of Restricted Stock.  Any
Restricted Stock granted pursuant to the provisions of

Section VI.A(2)(ii) shall have the following terms and conditions:

 

(1)       Payment.  To the fullest extent permitted by law, the
payment for the restricted shares shall be in the form of past services
rendered to or future services to be rendered to the Corporation.  In the event additional consideration is
required to be paid in order that the restricted shares shall be deemed fully
paid and nonassessable, the Board shall determine the amount and character of
such additional consideration.

 

(2)       Vesting.  Each Annual Award granted to an Eligible
Director in the form of Restricted Stock shall vest, and the Corporation’s
repurchase right shall lapse, in thirty-six (36) successive equal installments
for each month the Eligible Director continues in Board service from the grant
date of that Annual Award through the third (3rd) anniversary of the
grant date of such Annual Award.  Should
the Eligible Director die or become Permanently Disabled while serving as a
Board member, then any Restricted Stock issued under the Plan held by the
Eligible Director at the time of his or her death or Permanent Disability shall
be deemed vested for a number of shares equal to the number calculated in the
preceding sentence as of the date of death or Permanent Disability plus an
additional number of shares equal to the number of shares (if any) in which the
Eligible Director would have vested had he or she continued in Board service
until the next Annual Meeting.

 

(3)       Effect
of Termination of Board Service.  Should
an Eligible Director cease to serve as a Board member while holding unvested
Restricted Stock, the unvested stock shall immediately be forfeited and revert
back to the Corporation.  No notice or
other action shall be required of the Corporation to effectuate such reversion.

 

(4)       Remaining
Terms.  The remaining terms and
conditions of each grant of Restricted Stock under the Plan shall be as set
forth in a written restricted stock agreement (the “Restricted Stock Agreement”)
in a form adopted from time to time by the Board; provided, however, that the
terms of any Restricted Stock Agreement shall be consistent with the provisions
of this Plan.

 

VII.  SPECIAL VESTING ACCELERATION EVENTS

 

A.        In
the event of any Corporate Transaction, the Board may provide that some or all
of the outstanding stock options and some or all of the Corporation’s
outstanding reacquisition rights shall be assumed by the successor corporation
or its parent corporation.  In the event
of any Corporate Transaction, each outstanding stock option and each
outstanding share of Restricted Stock shall become immediately vested,
immediately prior to the Corporate Transaction unless (i) in the case of
an option, such option is assumed by the successor corporation or its parent
corporation or (ii) in the case of Restricted Stock, the Corporation’s
reacquisition rights are

 

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assumed by the successor corporation or its parent corporation.  In the event an option outstanding
immediately prior to the Corporate Transaction is not assumed by the successor
corporation or its parent corporation, the outstanding option shall terminate
and cease to be outstanding immediately following the Corporate Transaction to
the extent that such option is not exercised as of the effective date of the
Corporate Transaction.

 

B.        In
connection with any Change in Control of the Corporation, each outstanding,
unvested option granted under the Plan and each share of unvested Restricted
Stock issued under the Plan shall automatically vest in full immediately prior
to the specified effective date for the Change in Control.

 

VIII.  AMENDMENT OF THE PLAN AND AWARDS

 

The Board has complete
and exclusive power and authority to amend or modify the Plan (or any component
thereof) in any or all respects whatsoever; provided, however, that no such
amendment or modification shall adversely affect rights and obligations with
respect to Awards at the time outstanding under the Plan, unless the affected
Eligible Directors consent to such amendment. In addition, the Board may not,
without the approval of the Corporation’s stockholders, amend the Plan in such
a manner that would violate the listing requirements applicable to the
Corporation with respect to any securities exchange or quotation system on
which the Corporation lists the Corporation’s securities.

 

IX.  EFFECTIVE DATE AND TERM OF PLAN

 

A.        The
Plan became effective immediately upon adoption by the Board on the Effective
Date, and one or more automatic option grants may be made under the Plan at any
time on or after such Effective Date. However, no options granted under the
Plan shall become exercisable in whole or in part prior to approval of the Plan
by the Corporation’s stockholders at the 2005 Annual Meeting. If such approval
is not obtained, then all options previously granted under the Plan shall
terminate and cease to be outstanding, and no further option grants shall be
made under the Plan.

 

B.        The
Plan shall terminate upon the earlier of (i) the day immediately prior to
the date of the Annual Meeting of stockholders that occurs in 2007 or (ii) the
date on which all shares available for issuance under the Plan shall have been
issued or canceled pursuant to the exercise of Awards. If the date of
termination is determined under clause (i) above, then all option grants
and issuances of Restricted Stock outstanding on such date shall thereafter
continue to have force and effect in accordance with the provisions of the
applicable Stock Option Agreements and Restricted Stock Agreements..

 

X.  USE OF PROCEEDS

 

Any cash proceeds
received by the Corporation from the sale of shares pursuant to option grants
or share issuances under the Plan shall be used for general corporate purposes.

 

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XI.  REGULATORY APPROVALS

 

A.        The
implementation of the Plan, the granting of any Awards and the issuance of
Common Stock upon the exercise of an Award shall be subject to the Corporation’s
compliance in all respects with the requirements of applicable law and the rules of
any securities exchange or quotation system on which the Corporation lists the
Corporation’s securities.

 

B.        No
shares of Common Stock or other assets shall be issued or delivered under this
Plan unless and until there shall have been compliance with all applicable
requirements of Federal and state securities laws, including the filing and
effectiveness of the Form S-8 registration statement for the shares of
Common Stock issuable under the Plan, and all applicable listing requirements
of any securities exchange or quotation system on which the Common Stock is
then listed or quoted for trading.

 

XII.  NO IMPAIRMENT OF RIGHTS

 

Neither the action of the
Corporation in establishing the Plan nor any provision of the Plan shall be
construed or interpreted so as to affect adversely or otherwise impair the
right of the Corporation or the stockholders to remove any individual from the
Board at any time in accordance with the provisions of applicable law.

 

XIII.  MISCELLANEOUS PROVISIONS

 

A.        Awards
may not be assigned, encumbered or otherwise transferred by any holder of the
Award except by will or the laws of descent and distribution or as provided in
the associated Stock Option Agreement or Restricted Stock Agreement.

 

B.        The
provisions of the Plan shall inure to the benefit of, and be binding upon, the
Corporation and its successors or assigns, whether by Corporate Transaction or
otherwise, and the Optionees, the legal representatives of their respective
estates, their respective heirs or legatees and their permitted assignees.

 

C.        The
existence of outstanding Awards shall in no way affect the right of the
Corporation to adjust, reclassify, reorganize or otherwise change its capital
or business structure or to merge, consolidate, dissolve, liquidate or sell or
transfer all or any part of its business or assets.

 

11EXHIBIT 10.32
 
Amended as of October 30, 2000
 
NASSDA CORPORATION
 
1998 STOCK OPTION PLAN
 
1.             Purposes of the Plan. The purposes of this Stock Option Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees and Consultants of the Company and its Subsidiaries and to promote the success of the Company’s business. Options granted under the Plan may be incentive stock options (as defined under Section 422 of the Code) or nonstatutory stock options, as determined by the Administrator at the time of grant of an option and subject to the applicable provisions of Section 422 of the Code, as amended, and the regulations promulgated thereunder.
 
2.             Definitions. As used herein, the following definitions shall apply:
 
(a)           “Administrator” means the Board or any of its Committees appointed pursuant to Section 4 of the Plan.
 
(b)           “Board” means the Board of Directors of the Company.
 
(c)           “Code” means the Internal Revenue Code of 1986, as amended.
 
(d)           “Committee” means a Committee appointed by the Board of Directors in accordance with Section 4 of the Plan.
 
(e)           “Common Stock” means the Common Stock of the Company.
 
(f)            “Company” means NASSDA Corporation, a California corporation.
 
(g)           “Consultant” means any person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory services and is compensated for such services, and any director of the Company whether compensated for such services or not. If and in the event the Company registers any class of any equity security pursuant to the Exchange Act, the term Consultant shall thereafter not include directors who are not compensated for their services or are paid only a director’s fee by the Company.
 
(h)           “Continuous Status as an Employee or Consultant” means that the employment or consulting relationship with the Company, any Parent, or Subsidiary, is not interrupted or terminated. Continuous Status as an Employee or Consultant shall not be considered interrupted in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. A leave of absence approved by the Company shall include sick leave, military leave, or any other personal leave approved by an authorized representative of the Company. For purposes of Incentive Stock Options, no such leave may exceed 90
 

 
days, unless reemployment upon expiration of such leave is guaranteed by statute or contract, including Company policies. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option.
 
(i)            “Employee” means any person, including Officers and directors, employed by the Company or any Parent or Subsidiary of the Company. The payment of a director’s fee by the Company shall not be sufficient to constitute “employment” by the Company.
 
(j)            “Exchange Act” means the Securities Exchange Act of 1934, as amended.
 
(k)           “Fair Market Value” means, as of any date, the value of Common Stock determined as follows:
 
(i)            If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market of the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) System, 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 prior to the time of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
 
(ii)           If the Common Stock is quoted on the NASDAQ System (but not on the Nasdaq National Market thereof) or regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the last market trading day prior to the day of determination, or;
 
(iii)          In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator.
 
(l)            “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.
 
(m)          “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option.
 
(n)           “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

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(o)           “Option” means a stock option granted pursuant to the Plan.
 
(p)           “Optioned Stock” means the Common Stock subject to an Option.
 
(q)           “Optionee” means an Employee or Consultant who receives an Option.
 
(r)            “Parent” means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code.
 
(s)           “Plan” means this 1998 Stock Option Plan.
 
(t)            “Share” means a share of the Common Stock, as adjusted in accordance with Section 11 below.
 
(u)           “Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.
 
3.             Stock Subject to the Plan. Subject to the provisions of Section 11 of the Plan, the maximum aggregate number of Shares which may be optioned and sold under the Plan is 8,301,900 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.
 
If an Option expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated); provided, however, that Shares that have actually been issued under the Plan shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if unvested Shares are repurchased by the Company at their original purchase price, and the original purchaser of such Shares did not receive any benefits of ownership of such Shares, such Shares shall become available for future grant under the Plan. For purposes of the preceding sentence, voting rights shall not be considered a benefit of Share ownership.
 
4.             Administration of the Plan.
 
(a)           Initial Plan Procedure. Prior to the date, if any, upon which the Company becomes subject to the Exchange Act, the Plan shall be administered by the Board or a committee appointed by the Board.

 

(b)           Plan Procedure after the Date, if any, upon Which the Company becomes Subject to the Exchange Act.
 
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(i)            Administration with Respect to Directors and Officers. With respect to grants of Options to Employees who are also Officers or directors of the Company, the Plan shall be administered by (A) the Board if the Board may administer the Plan in compliance with Rule 16b-3 promulgated under the Exchange Act or any successor thereto (“Rule 16b-3”) with respect to a plan intended to qualify thereunder as a discretionary plan, or (B) a Committee designated by the Board to administer the Plan, which Committee shall be constituted in such a manner as to permit the Plan to comply with Rule 16b-3 with respect to a plan intended to qualify thereunder as a discretionary plan. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly administer the Plan, all to the extent permitted by Rule 16b-3 with respect to a plan intended to qualify thereunder as a discretionary plan.
 
(ii)           Multiple Administrative Bodies. If permitted by Rule 16b-3, the Plan may be administered by different bodies with respect to directors, non-director Officers and Employees who are neither directors nor Officers.
 
(iii)          Administration With Respect to Consultants and Other Employees. With respect to grants of Options to Employees or Consultants who are neither directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a committee designated by the Board, which committee shall be constituted in such a manner as to satisfy the legal requirements relating to the administration of incentive stock option plans, if any, of California corporate and securities laws, of the Code, and of any applicable stock exchange (the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws.
 
(c)           Powers of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, including the approval, if required, of any stock exchange upon which the Common Stock is listed, the Administrator shall have the authority, in its discretion:
 
(i)            to determine the Fair Market Value of the Common Stock, in accordance with Section 2(k) of the Plan;
 
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(ii)           to select the Consultants and Employees to whom Options may from time to time be granted hereunder;
 
(iii)          to determine whether and to what extent Options are granted hereunder;
 
(iv)          to determine the number of shares of Common Stock to be covered by each such award granted hereunder;
 
(v)           to approve forms of agreement for use under the Plan;
 
(vi)          to determine the terms and conditions of any award granted hereunder;
 
(vii)         to determine whether and under what circumstances an Option may be settled in cash under subsection 9(f) instead of Common Stock;
 
(viii)        to reduce the exercise price of any Option to the then current Fair Market Value if the Fair Market Value of the Common Stock covered by such Option has declined since the date the Option was granted; and
 
(ix)           to construe and interpret the terms of the Plan and awards granted pursuant to the Plan.
 
(d)           Effect of Administrator’s Decision. All decisions, determinations and interpretations of the Administratorshall be final and binding on all Optionees and any other holders of any Options.
 
5.             Eligibility.
 
(a)           Nonstatutory Stock Options may be granted to Employees and Consultants. Incentive Stock Options may be granted only to Employees. An Employee or Consultant who has been granted an Option may, if otherwise eligible, be granted additional Options.
 
(b)           Each Option shall be designated in the written option agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designations, to the extent that the aggregate Fair Market Value:
 
(i)            of Shares subject to an Optionee’s Incentive Stock Options granted by the Company, any Parent or Subsidiary, which
 
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(ii)           become exercisable for the first time during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(b), Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted.
 
(c)           The Plan shall not confer upon any Optionee any right with respect to continuation of employment or consulting relationship with the Company, nor shall it interfere in any way with his or her right or the Company’s right to terminate his or her employment or consulting relationship at any time, with or without cause.
 
(d)           Upon the Company or a successor corporation issuing any class of common equity securities required to be registered under Section 12 of the Exchange Act or upon the Plan being assumed by a corporation having a class of common equity securities required to be registered under Section 12 of the Exchange Act, the following limitations shall apply to grants of Options to Employees:
 
(i)            No Employee shall be granted, in any fiscal year of the Company, Options to purchase more than 500,000 Shares.
 
(ii)           In connection with his or her initial employment, an Employee may be granted Options to purchase up to an additional 1,000,000 Shares which shall not count against the limit set forth in subsection (i) above.
 
(iii)          The foregoing limitations shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in Section 11.
 
(iv)          If an Option is canceled in the same fiscal year of the Company in which it was granted (other than in connection with a transaction described in Section 11), the cancelled Option will be counted against the limit set forth in Section 11. For this purpose, if the exercise price of an Option is reduced, the transaction will be treated as a cancellation of the Option and the grant of a new Option.
 
6.             Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the shareholders of the Company, as described in Section 17 of the Plan. It shall continue in effect for a term of ten (10) years unless sooner terminated under Section 13 of the Plan.
 
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7.             Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Option Agreement.
 
8.             Option Exercise Price and Consideration.
 
(a)           The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined by the Board, but shall be subject to the following:
 
(i)            In the case of an Incentive Stock Option
 
(A) granted to an Employee who, at the time of the grant of such Incentive Stock Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant.
 
(B) granted to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.
 
(ii)           In the case of a Nonstatutory Stock Option
 
(A) granted to a person who, at the time of the grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of the grant.
 
(B) granted to any person, the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on the date of grant.
 
(b)           The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant) and may consist entirely of (1) cash, (2) check, (3) promissory note, (4) other Shares which (x) in the case of Shares acquired upon exercise of an Option have been owned by the Optionee for more than six months on the date of surrender and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised, (5) delivery of a properly executed exercise notice together
 
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with such other documentation as the Administrator and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the exercise price, or (6) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Board shall consider if acceptance of such consideration may be reasonably expected to benefit the Company.
 
9.             Exercise of Option.
 
(a)           Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Board, including performance criteria with respect to the Company and/or the Optionee, and as shall be permissible under the terms of the Plan, but in no case at a rate of less than 20% per year over five (5) years from the date the Option is granted.
 
An Option may not be exercised for a fraction of a Share.
 
An Option shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is exercised has been received by the Company. Full payment may, as authorized by the Board, consist of any consideration and method of payment allowable under Section 8(b) of the Plan. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly upon exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 11 of the Plan.
 
Exercise of an Option in any manner shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
 
(b)           Termination of Employment or Consulting Relationship. In the event of termination of an Optionee’s Continuous Status as an Employee or Consultant with the Company (but not in the event of an Optionee’s change of status from Employee to Consultant (in which case an Employee’s Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the ninety-first (91st) day following such change of status) or from Consultant to Employee), such Optionee may, but only within such period of time as is determined by the Administrator, of at least thirty (30) days, with such determination in the case of an Incentive Stock Option not exceeding three (3) months after the date
 
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of such termination (but in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise his or her Option to the extent that Optionee was entitled to exercise it at the date of such termination. To the extent that Optionee was not entitled to exercise the Option at the date of such termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate.
 
(c)           Disability of Optionee. In the event of termination of an Optionee’s consulting relationship or Continuous Status as an Employee as a result of his or her disability, Optionee may, but only within twelve (12) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination; provided, however, that if such disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Nonstatutory Stock Option on the day three months and one day following such termination. To the extent that Optionee is not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
 
(d)           Death of Optionee. In the event of the death of an Optionee, the Option may be exercised at any time within twelve (12) months following the date of death (but in no event later than the expiration of the term of such Option as set forth in the Notice of Grant), by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent that the Optionee was entitled to exercise the Option at the date of death. If, at the time of death, the Optionee was not entitled to exercise his or her entire Option, the Shares covered by the unexercisable portion of the Option shall immediately revert to the Plan. If, after death, the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance does not exercise the Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
 
(e)           Rule 16b-3. Options granted to persons subject to Section 16(b) of the Exchange Act must comply with Rule 16b-3 and shall contain such additional conditions or restrictions as may be required thereunder to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.
 
(f)            Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares, an Option previously granted, based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made.
 
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10.           Non-Transferability of Options. Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.
 
11.           Adjustments Upon Changes in Capitalization or Merger.
 
(a)           Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of shares of Common Stock covered by each outstanding Option, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, as well as the price per share of Common Stock covered by each such outstanding Option, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option.
 
(b)           Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Board shall notify the Optionee at least fifteen (15) days prior to such proposed action. To the extent it has not been previously exercised, the Option will terminate immediately prior to the consummation of such proposed action.
 
(c)           Merger. In the event of a merger of the Company with or into another corporation, the Option may be assumed or an equivalent option may be substituted by such successor corporation or a parent or subsidiary of such successor corporation. If, in such event, the Option is not assumed or substituted, the Option shall terminate as of the date of the closing of the merger. For the purposes of this paragraph, the Option shall be considered assumed if, following the merger, the option confers the right to purchase, for each Share of Optioned Stock subject to the Option immediately prior to the merger, the consideration (whether stock, cash, or other securities or property) received in the merger by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger was not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of

 

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the Option for each Share of Optioned Stock subject to the Option to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the merger.
 
12.           Time of Granting Options. The date of grant of an Option shall, for all purposes, be the date on which the Administrator makes the determination granting such Option, or such other date as is determined by the Board. Notice of the determination shall be given to each Employee or Consultant to whom an Option is so granted within a reasonable time after the date of such grant.
 
13.           Amendment and Termination of the Plan.
 
(a)           Amendment and Termination. The Board may at any time amend, alter, suspend or discontinue the Plan, but no amendment, alteration, suspension or discontinuation shall be made which would impair the rights of any Optionee under any grant theretofore made, without his or her consent. In addition, to the extent necessary and desirable to comply with Rule 16b-3 under the Exchange Act or with Section 422 of the Code (or any other applicable law or regulation, including the requirements of the NASD or an established stock exchange), the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required.
 
(b)           Effect of Amendment or Termination. Any such amendment or termination of the Plan shall not affect Options already granted, and such Options shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the Optionee and the Board, which agreement must be in writing and signed by the Optionee and the Company.
 
14.           Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance.
 
As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions of law.
 
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15.           Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan.
 
The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.
 
16.           Agreements. Options shall be evidenced by written agreements in such form as the Board shall approve from time to time.
 
17.           Shareholder Approval. Continuance of the Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted. Such shareholder approval shall be obtained in the degree and manner required under applicable state and federal law and the rules of any stock exchange upon which the Common Stock is listed.
 
18.           Information to Optionees and Purchasers. The Company shall provide to each Optionee, not less frequently than annually, copies of annual financial statements. The Company shall also provide such statements to each individual who acquires Shares pursuant to the Plan while such individual owns such Shares. The Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent information.
 
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