Document:

First Capital Bankers, Inc. 1996 Executive Stock Option Plan

 Exhibit 10.12 
  
 FIRST CAPITAL BANKERS, INC. 
 1996 Executive Stock Option Plan 
  
 1. PURPOSE. The purpose of the 1996 Executive Stock Option Plan (the “Plan”), is to promote the interests of First Capital Bankers, Inc. (the “Company”), and its subsidiaries, by affording an incentive to certain
officers and key management employees to remain in the employ of the Company and to use their best efforts in its behalf; and further to aid the Company in attracting, maintaining, and developing capable management personnel of a caliber required to
insure the Company’s continued success, by means of an offer to such persons of an opportunity to acquire or increase their proprietary interest in the Company through the granting of options to purchase the Company’s stock pursuant to the
terms of this Plan. 
  
 2. SHARES SUBJECT TO PLAN. (a) The shares
to be delivered upon exercise of options granted under the Plan shall be made available, at the discretion of the Board of Directors, from the authorized unissued shares of the Company’s Common Stock $1.00 par value (the “Common
Stock”) or from shares of Common Stock reacquired by the Company, including shares purchased in the open market. 
  
 (b) Subject to adjustments made pursuant to provisions of Section 12, the aggregate number of shares which may be issued upon exercise of
all options which may be granted under the Plan shall not exceed 47,260 shares of the Common Stock of the Company. 
  
 (c) In the event that any option granted under the Plan expires or terminates for any reason whatsoever without having been exercised in
full, the shares subject to, but not delivered under, such option shall become available for other options to the same employee or other employees without decreasing the aggregate number of shares which may be granted under the Plan; or shall be
available for any lawful corporate purpose. 
  
 (d) More than one option may be granted to an optionee pursuant to this Plan. 
  
 3. OPTION AGREEMENTS. (a) Each option under the Plan shall be evidenced by an option agreement, which shall be signed by an officer of the Company and by the employee and which shall contain such provisions as may be
approved by the Committee (as defined in Section 4). 
  
 (b) The option agreements shall constitute binding contracts between the Company and the optionee and every optionee, upon acceptance of such option agreement, shall be bound by the terms and restrictions of this Plan and of the option
agreement. 
  
 (c) The terms of the option
agreement shall be in accordance with this Plan, but may include additional provisions and restrictions, provided that the same are not inconsistent with the Plan. 
  

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 4. ADMINISTRATION. The Board of Directors shall appoint an option committee (hereinafter called the
“Committee”), to administer the Plan, which Committee shall consist of not less than three nor more than five members of the Board, to serve at the pleasure of the Board. The Committee shall have full power and authority to construe,
interpret, and administer the Plan and may from time to time adopt such rules and regulations for carrying out this Plan as it may deem proper and in the best interests of the Company. Subject to the terms, provisions, and conditions of the Plan,
the Committee shall have exclusive jurisdiction (i) to select the key employees to whom options shall be granted, (ii) to determine the number of shares subject to each option, (iii) to determine the time or times when options will be granted, (iv)
to determine the option price of the shares subject to each option, (v) to determine the time when each option may be exercised, (vi) to determine whether the option granted shall be an “incentive stock option” within the meaning of the
Internal Revenue Code or an option which is not an incentive stock option (“nonqualified option”), (vii) to fix such other provisions of the option agreement as the Committee may deem necessary or desirable consistent with the terms of
this Plan, and (viii) to determine all other questions relating to the administration of the Plan. The interpretation of any provisions of this Plan by the Committee shall be final, conclusive, and binding upon all persons and the Board of Directors
shall place into effect the determinations of the Committee. 
  
 5. ELIGIBILITY. Key employees of the Company and any of its subsidiaries, including officers and directors who are salaried employees shall be eligible to receive options. The fact that an employee has been granted an option under this Plan
shall not in any way affect or qualify the right of the employer to terminate his employment at any time. Nothing contained in this Plan shall be construed to limit the right of the Company to grant options otherwise than under the Plan for any
proper and lawful corporate purpose, including but not limited to options granted to key employees. Key employees to whom options may be granted under the Plan will be those selected by the Committee from time to time who, in the sole discretion of
the Committee, have contributed in the past or who may be expected to contribute materially in the future to the successful performance of the Company. 
  
 6. OPTION PRICE. The price at which shares of stock may be purchased under an option granted pursuant to this Plan shall be determined by the Committee
but shall not be less than 100 percent of fair market value of such shares on the date that the option is granted, such fair market value to be determined by, and in accordance with procedures to be established by, the Committee. However, under no
circumstances shall the fair market value as determined by the Committee be less than the book value of the Company’s Common Stock as reflected in the Company’s most recent financial statements, prepared by the certified public accountant
who is then servicing the Company’s account, which are prepared in accordance with generally accepted accounting principles. For all purposes of this Plan, the fair market value of shares subject to option shall be deemed conclusive, upon the
determination of the Committee made in good faith. The option price will be subject to adjustments in accordance with provisions of Section 10 herein. 
  

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 7. EXERCISE OF OPTIONS. (a) Subject to the provisions of the Plan with respect to termination of
employment under Section 9 herein, the period during which each option may be exercised shall be fixed by the Committee at the time such option is granted, but such period shall expire not later than ten years from the date the option is granted.

  
 (b) Each incentive stock option granted under
the Plan may be exercised, except as provided in Section 9, only during the continuance of the optionee’s employment with the Company or one of its subsidiaries. Subject to the foregoing limitations and the terms and conditions of the option
agreement, each option shall be exercisable in whole or in part in installments at such time or times as the Committee may prescribe and specify in the applicable option agreement. 
  
 (c) No shares shall be delivered pursuant to any exercise of an option until the requirements of such laws
and regulations as may be deemed by the Committee to be applicable to them are satisfied and until payment in full in cash (or other acceptable consideration as set forth in the option agreement) of the option price for them is received by the
Company. No optionee, or the legal representative, legatee, or distributee of an optionee, shall be deemed to be a holder of any shares subject to any option unless and until the certificate or certificates for them have been issued. 
  
 8. TEN-PERCENT OWNERS. Notwithstanding the provisions of paragraphs 6 and 7,
above, the following terms and conditions shall apply to any incentive stock options granted hereunder to a “10-percent owner.” For this purpose, a “10-percent owner” shall mean an optionee who, at the time the option is granted,
owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or of any subsidiary thereof. With respect to a 10-percent owner: 
  
 (a) the price at which shares of stock may be purchased under an incentive stock option granted pursuant to
this Plan shall be not less than 110 percent of the fair market value thereof, said fair market value being determined in the manner described at paragraph 6, above; and 
  
 (b) the period during which any such incentive stock option may be exercised, to be fixed by the Committee
in the manner described at paragraph 7, above, shall expire not later than five years from the date the option is granted. 
  
 9. ANNUAL LIMIT ON GRANT AND EXERCISE OF INCENTIVE STOCK OPTIONS. No employee eligible to participate herein shall be granted incentive stock options to
purchase shares, which said incentive options are exercisable during any one calendar year, to the extent that the fair market value of such shares (determined at the time that the options are granted) exceeds $100,000. No employee shall be given
the opportunity to exercise incentive stock options granted hereunder with respect to shares valued in excess of $100,000 in any calendar year, except and to the extent that the options shall have accumulated over a period in excess of one year.

  

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 10. OTHER TERMS AND CONDITIONS. Options granted hereunder may contain such other and additional terms,
not inconsistent with the terms of this Plan, which are deemed necessary or desirable by the Committee, which such terms, together with the terms of this Plan, constitute such option as an “Incentive Stock Option” within the meaning of
Section 422 of the 1986 Internal Revenue Code and lawful regulations thereunder. 
  
 11. TRANSFERABILITY OF OPTIONS. An option granted under the Plan may not be transferred except by will or the laws of descent or distribution, and during the lifetime of the employee to whom granted, may be exercised
only by such employee. 
  
 12. CAPITAL ADJUSTMENTS AFFECTING
STOCK. In the event of a capital adjustment resulting from a stock dividend, stock split, reorganization, merger, consolidation, or a combination or exchange of shares, the number of shares of stock subject to this Plan and the number of shares
under option shall be adjusted consistent with such capital adjustment. The price of any share under option shall be adjusted so that there will be no change in the aggregate purchase price payable under exercise of any such option. The granting of
an option pursuant to this Plan shall not affect in any way the right or power of the Company to make adjustments, reorganizations, reclassifications, or changes of its capital or business structure or to merge, consolidate, dissolve, liquidate, or
sell or transfer all or any part of its business or assets. 
  
 13. AMENDMENTS, SUSPENSION, OR TERMINATION. The Board of Directors of the Company shall have the right, at any time, to amend, suspend or terminate the Plan in any respect which it may deem to be in the best interests of the Company,
provided, however, no amendments shall be made in the Plan without the approval of the stockholders of the Company which: 
  
 (a) Increase the total number of shares for which options may be granted under this Plan for all key employees or for any one of them
except as provided in Section 10; 
  
 (b) Change
the minimum purchase price for the optioned shares, except as provided in Section 10; 
  
 (c) Affect outstanding options or any unexercised rights thereunder, except as provided in Section 7; 
  
 (d) Extend the option period provided in Section 7 or make
an option exercisable earlier than as specified in Section 7; 
  
 (e) Extend the termination date of the Plan. 
  
 14. EFFECTIVE DATE, TERM, AND APPROVAL. Subject to the approval of the stockholders of the Company, the Plan shall take effect on June 20, 1996. This Plan will terminate on June 19, 2006 and no options may be granted
under the Plan after that date, unless an earlier termination date after which no options may be granted under the Plan is fixed by 

  

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action of the Board of Directors, but any option granted prior thereto may be exercised in accordance with its terms. The Plan and all options granted
pursuant to it are subject to all laws, approvals, requirements and regulations of any governmental authority which may be applicable thereto and, notwithstanding any provisions of the Plan or option agreement, the holder of an option shall not be
entitled to exercise his option nor shall the Company be obligated to issue any shares to the holder if such exercise or issuance shall constitute a violation by the holder or the Company of any provisions of any such approval requirements, law or
regulation. 
  

 -5-First Capital Bankers, Inc. Amended and Restated 1998 Stock Option Plan

 Exhibit 10.13 
  
 AMENDED AND RESTATED 
  
 1998 STOCK OPTION PLAN 
  

  
 I. PURPOSE OF THE PLAN 
  
 The FIRST CAPITAL BANKERS, INC. 1998 STOCK OPTION PLAN (the
“Plan”) is intended to provide a means whereby certain employees of FIRST CAPITAL BANKERS, INC., a Texas corporation (the “Company”), and its subsidiaries may develop a sense of proprietorship and personal involvement in the
development and financial success of the Company, and to encourage them to remain with and devote their best efforts to the business of the Company, thereby advancing the interests of the Company and its shareholders. Accordingly, the Company may
grant to certain employees (“Optionees”) the option (“Option”) to purchase shares of the common stock, $1.00 par value, of the Company (“Stock”), as hereinafter set forth. Options granted under the Plan may be either
incentive stock options, within the meaning of section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”), (“Incentive Stock Options”) or options which do not constitute Incentive Stock Options. 
  
 II. ADMINISTRATION 
  
 The Plan shall be administered by a committee (the “Committee”) of, and appointed by, the Board of Directors of
the Company (the “Board”), and the Committee shall be (a) comprised solely of two or more outside directors (within the meaning of section 162(m) of the Code and applicable interpretive authority thereunder), and (b) constituted so as to
permit the Plan to comply with Rule 16b-3, as currently in effect or as hereinafter modified or amended (“Rule 16b-3”), promulgated under the Securities Exchange Act of 1934, as amended (the “1934 Act”). The Committee shall have
sole authority to select the Optionees from among those individuals eligible hereunder and to establish the number of shares which may be issued under each Option; provided, however, that, notwithstanding any provision in the Plan to the contrary,
the maximum number of shares that may be subject to Options granted under the Plan to an individual Optionee during any calendar year may not exceed 150,000 (subject to adjustment in the same manner as provided in Paragraph VIII hereof with respect
to shares of Stock subject to Options then outstanding). The limitation set forth in the preceding sentence shall be applied in a manner which will permit compensation generated under the Plan to constitute “performance-based” compensation
for purposes of section 162(m) of the Code, including, without limitation, counting against such maximum number of shares, to the extent required under section 162(m) of the Code and applicable interpretive authority thereunder, any shares subject
to Options that are canceled or repriced. In selecting the Optionees from among individuals eligible hereunder and in establishing the number of shares that may be issued under each Option, the Committee may take into account the nature of the
services rendered by such individuals, their present and potential contributions to the Company’s success and such other factors as the Committee in its discretion shall deem relevant. The Committee is authorized to interpret the Plan and may
from time to time adopt such rules and regulations, consistent with the provisions of the Plan, as it may deem advisable to carry out the Plan. All decisions made by the Committee in selecting the Optionees, in establishing the number of shares
which may be issued under each Option and in construing the provisions of the Plan shall be final. If a Committee is not appointed by the Board, the Board shall act as the Committee for purposes of the Plan. 
  
 III. OPTION AGREEMENTS 
  
 (a) Each Option shall be evidenced by a written agreement between the Company and the Optionee (“Option
Agreement”) which shall contain such terms and conditions as may be approved by the Committee. The terms and conditions of the respective Option Agreements need not be identical. Specifically, an Option Agreement may provide for the surrender
of the right to purchase shares under the Option in return for a payment in cash or shares of Stock or a combination of cash and shares of Stock equal in value to the excess of the fair market value of the shares with respect to which the right to
purchase is surrendered over the option price therefor (“Stock Appreciation Rights”), on such terms and conditions 

  

 
as the Committee in its sole discretion may prescribe; provided, that, except as provided in Subparagraph VIII(c) hereof, the Committee shall retain final
authority (i) to determine whether an Optionee shall be permitted, or (ii) to approve an election by an Optionee, to receive cash in full or partial settlement of Stock Appreciation Rights. Moreover, an Option Agreement may provide for the payment
of the option price, in whole or in part, by the delivery of a number of shares of Stock (plus cash if necessary) having a fair market value equal to such option price. 
  
 (b) For all purposes under the Plan, the fair market value of a share of Stock on a particular date shall be equal to the
mean of the high and low sales prices of the Stock (i) reported by the National Market System of NASDAQ on that date or (ii) if the Stock is listed on a national stock exchange, reported on the stock exchange composite tape on that date; or, in
either case, if no prices are reported on that date, on the last preceding date on which such prices of the Stock are so reported. If the Stock is traded over the counter at the time a determination of its fair market value is required to be made
hereunder, its fair market value shall be deemed to be equal to the average between the reported high and low or closing bid and asked prices of Stock on the most recent date on which Stock was publicly traded. In the event Stock is not publicly
traded at the time a determination of its value is required to be made hereunder, the determination of its fair market value shall be made by the Committee in such manner as it deems appropriate. 
  
 (c) Each Option and all rights granted thereunder shall not be transferable
other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and shall
be exercisable during the Optionee’s lifetime only by the Optionee or the Optionee’s guardian or legal representative. 
  
 IV. ELIGIBILITY OF OPTIONEE 
  
 Options may be granted only to individuals who are employees (including officers and directors who are also employees) of the Company or any parent or
subsidiary corporation (as defined in section 424 of the Code) of the Company at the time the Option is granted; provided, however, that Options which do not constitute Incentive Stock Options may be granted to individuals who are directors (but not
also employees) of the Company or any such parent or subsidiary corporation. Options may be granted to the same individual on more than one occasion. No Incentive Stock Option shall be granted to an individual if, at the time the Option is granted,
such individual owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its parent or subsidiary corporation, within the meaning of section 422(b)(6) of the Code, unless (i) at the time
such Option is granted the option price is at least 110% of the fair market value of the Stock subject to the Option and (ii) such Option by its terms is not exercisable after the expiration of five years from the date of grant. To the extent that
the aggregate fair market value (determined at the time the respective Incentive Stock Option is granted) of stock with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all
incentive stock option plans of the Company and its parent and subsidiary corporations exceeds $100,000, such excess Incentive Stock Options shall be treated as Options which do not constitute Incentive Stock Options. The Committee shall determine,
in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of an Optionee’s Incentive Stock Options will not constitute Incentive Stock Options because of such limitation and shall
notify the Optionee of such determination as soon as practicable after such determination. 
  
 V. SHARES SUBJECT TO THE PLAN 
  
 The aggregate number of shares which may be issued under Options granted under the Plan shall not exceed 434,631 shares of Stock. Such shares may consist of authorized but unissued shares of Stock or previously issued shares of Stock
reacquired by the Company. Any of such shares which remain unissued and which are not subject to outstanding Options at the termination of the Plan shall cease to be subject to the Plan, but, until termination of the Plan, the Company shall at all
times make available a sufficient number of shares to meet the requirements of the Plan. Should any Option hereunder expire or terminate prior to its exercise in full, the shares theretofore subject to such Option may again be subject to an Option

  

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granted under the Plan to the extent permitted under Rule 16b-3. The aggregate number of shares which may be issued under the Plan shall be subject to
adjustment in the same manner as provided in Paragraph VIII hereof with respect to shares of Stock subject to Options then outstanding. Exercise of an Option in any manner, including an exercise involving a Stock Appreciation Right, shall result in
a decrease in the number of shares of Stock which may thereafter be available, both for purposes of the Plan and for sale to any one individual, by the number of shares as to which the Option is exercised. The Company shall issue separate stock
certificates for those shares acquired pursuant to the exercise of an Incentive Stock Option and for those shares acquired pursuant to the exercise of any Option which does not constitute an Incentive Stock Option. 
  
 VI. OPTION PRICE 
  
 The Committee shall determine the purchase price of Stock issued under each Option, but in the case of an Incentive Stock
Option, such purchase price shall not be less than the fair market value of Stock subject to the Option on the date the Option is granted. 
  
 VII. TERM OF PLAN 
  
 The Plan shall be effective upon the date of its adoption by the Board, provided the Plan is approved by the shareholders of the Company within twelve
months thereafter. Notwithstanding any provision in this Plan or in any Option Agreement, no Option shall be exercisable prior to such shareholder approval. Except with respect to Options then outstanding, if not sooner terminated under the
provisions of Paragraph IX, the Plan shall terminate upon and no further Options shall be granted after the expiration of ten years from the date of its adoption by the Board. 
  
 VIII. RECAPITALIZATION OR REORGANIZATION 
  
 (a) The existence of the Plan and the Options granted hereunder shall not affect in any way the right or power of the Board or the shareholders of the
Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities, the
dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. 
  
 (b) The shares with respect to which Options may be granted are shares of Stock as presently constituted, but if, and
whenever, prior to the expiration of an Option theretofore granted, the Company shall effect a subdivision or consolidation of shares of Stock or the payment of a stock dividend on Stock without receipt of consideration by the Company, the number of
shares of Stock with respect to which such Option may thereafter be exercised (i) in the event of an increase in the number of outstanding shares shall be proportionately increased, and the purchase price per share shall be proportionately reduced,
and (ii) in the event of a reduction in the number of outstanding shares shall be proportionately reduced, and the purchase price per share shall be proportionately increased. 
  
 (c) If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure (a
“recapitalization”), the number and class of shares of Stock covered by an Option theretofore granted shall be adjusted so that such Option shall thereafter cover the number and class of shares of stock and securities to which the Optionee
would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the Optionee had been the holder of record of the number of shares of Stock then covered by such Option. If (i) the Company shall
not be the surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary of an entity), (ii) the Company sells, leases or exchanges all or substantially all of its assets to any other person or entity, (iii)
the Company is to be dissolved and liquidated, (iv) any person or entity, including a “group” as contemplated by Section 13(d)(3) of the 1934 Act, acquires or gains ownership or control (including, without limitation, power to vote) of
more than 50% of the outstanding shares of the Company’s voting stock (based upon voting power), or (v) as a result of or in connection with a contested election of directors, the persons who were directors of the Company before such election
shall cease to constitute a majority of the Board (each 

  

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such event is referred to herein as a “Corporate Change”), no later than (a) ten days after the approval by the shareholders of the Company of such
merger, consolidation, reorganization, sale, lease or exchange of assets or dissolution or such election of directors or (b) thirty days after a change of control of the type described in Clause (iv), the Committee, acting in its sole discretion
without the consent or approval of any Optionee, shall act to effect one or more of the following alternatives, which may vary among individual Optionees and which may vary among Options held by any individual Optionee: (1) accelerate the time at
which Options then outstanding may be exercised so that such Options may be exercised in full for a limited period of time on or before a specified date (before or after such Corporate Change) fixed by the Committee, after which specified date all
unexercised Options and all rights of Optionees thereunder shall terminate, (2) require the mandatory surrender to the Company by selected Optionees of some or all of the outstanding Options held by such Optionees (irrespective of whether such
Options are then exercisable under the provisions of the Plan) as of a date, before or after such Corporate Change, specified by the Committee, in which event the Committee shall thereupon cancel such Options and the Company shall pay to each
Optionee an amount of cash per share equal to the excess, if any, of the amount calculated in Subparagraph (d) below (the “Change of Control Value”) of the shares subject to such Option over the exercise price(s) under such Options for
such shares, (3) make such adjustments to Options then outstanding as the Committee deems appropriate to reflect such Corporate Change (provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to
Options then outstanding) or (4) provide that the number and class of shares of Stock covered by an Option theretofore granted shall be adjusted so that such Option shall thereafter cover the number and class of shares of stock or other securities
or property (including, without limitation, cash) to which the Optionee would have been entitled pursuant to the terms of the agreement of merger, consolidation or sale of assets and dissolution if, immediately prior to such merger, consolidation or
sale of assets and dissolution, the Optionee had been the holder of record of the number of shares of Stock then covered by such Option. 
  
 (d) For the purposes of clause (2) in Subparagraph (c) above, the “Change of Control Value” shall equal the amount determined in clause (i),
(ii) or (iii), whichever is applicable, as follows: (i) the per share price offered to shareholders of the Company in any such merger, consolidation, reorganization, sale of assets or dissolution transaction, (ii) the price per share offered to
shareholders of the Company in any tender offer or exchange offer whereby a Corporate Change takes place, or (iii) if such Corporate Change occurs other than pursuant to a tender or exchange offer, the fair market value per share of the shares into
which such Options being surrendered are exercisable, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Options. In the event that the consideration offered to shareholders
of the Company in any transaction described in this Subparagraph (d) or Subparagraph (c) above consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other
than cash. 
  
 (e) Any adjustment provided for in Subparagraphs
(b) or (c) above shall be subject to any required shareholder action. 
  
 (f) Except as hereinbefore expressly provided, the issuance by the Company of shares of stock of any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the
exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the number of shares of Stock subject to Options theretofore granted or the purchase price per share. 
  
 IX. AMENDMENT OR TERMINATION OF THE PLAN 
  
 The Board in its discretion may terminate the Plan at any time with respect to any shares for which Options have not theretofore been granted. The Board
shall have the right to alter or amend the Plan or any part thereof from time to time; provided, that no change in any Option theretofore granted may be made which would impair the rights of the Optionee without the consent of such Optionee; and
provided, further, that (i) the Board may not make any alteration or amendment which would decrease any authority granted to the Committee hereunder in contravention of Rule 16b-3 and (ii) the Board may not make any alteration or amendment which
would materially increase the benefits accruing to participants under the Plan, 

  

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increase the aggregate number of shares which may be issued pursuant to the provisions of the Plan, change the class of individuals eligible to receive
Options under the Plan or extend the term of the Plan, without the approval of the shareholders of the Company. 
  
 X. SECURITIES LAWS 
  
 (a) The Company shall not be obligated to issue any Stock pursuant to any Option granted under the Plan at any time when the offering of the shares
covered by such Option have not been registered under the Securities Act of 1933 and such other state and federal laws, rules or regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel for the Company, there
is no exemption from the registration requirements of such laws, rules or regulations available for the offering and sale of such shares. 
  
 It is intended that the Plan and any grant of an Option made to a person subject to Section 16 of the 1934 Act meet all of the requirements of Rule 16b-3.
If any provision of the Plan or any such Option would disqualify the Plan or such Option under, or would otherwise not comply with, Rule 16b-3, such provision or Option shall be construed or deemed amended to conform to Rule 16b-3. 
  

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