Document:

THIRD CONSENT AND WAIVER UNDER THE SENIOR UNSECURED TERM LOAN AGREEMENT

 Exhibit 4.2 
  

EXECUTION COPY 
  
 THIRD CONSENT AND WAIVER UNDER THE SENIOR UNSECURED 
 TERM LOAN AGREEMENT 
  
 Dated as of July 14, 2005 
  
 THIRD CONSENT AND
WAIVER UNDER THE SENIOR UNSECURED TERM LOAN AGREEMENT, dated as of July 14, 2005 (this “Consent”), among DRESSER, INC., a Delaware corporation (the “Borrower”), the Guarantors (as defined below), the
Lenders listed on the signature pages hereto and MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), as Administrative Agent. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrower, the Guarantors, the Lenders party thereto and the
Agents have entered into a Senior Unsecured Term Loan Agreement dated as of March 1, 2004, as modified by the Consent and Waiver dated as of March 18, 2005 and the Second Consent and Waiver dated as of May 27, 2005 (the “Term Loan
Agreement”; capitalized terms used herein but not defined shall be used herein as defined in the Term Loan Agreement). 
  
 WHEREAS, the Borrower desires to modify the Term Loan Agreement in certain respects and to waive certain Defaults and Events of Default under the Credit
Agreement, in each case as provided herein; 
  
 WHEREAS, the
Required Lenders have agreed, subject to the terms and conditions hereinafter set forth, to modify the Term Loan Agreement in response to the Borrower’s request as set forth below; 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency
of which is hereby acknowledged), the parties hereto hereby agree as follows: 
  
 SECTION 1. Consent. Notwithstanding anything to the contrary set forth in the Term Loan Agreement, the Required Lenders hereby consent to (a) the extension of the delivery date specified for the audited
financial statements for the Fiscal Year ended December 31, 2004 and the other material with respect to such Fiscal Year required by Section 5.01(b) of the Term Loan Agreement to no later than September 30, 2005 (the “10K Extended
Delivery Date”), it being understood and agreed that if the Borrower fails to deliver such audited financial statements and other materials on or before the 10K Extended Delivery Date, and a notice of Default with respect to such
failure is delivered to the Borrower by the Administrative Agent or the Lenders holding of at least 25% of the outstanding principal amount of the Senior Unsecured Obligations pursuant to Section 6.01(c) of the Term Loan Agreement, such failure
shall constitute an Event of Default for all purposes under the Loan Documents and (b) the extension of the delivery date specified for the material required by Section 5.01(b) with respect to each of the fiscal quarters ended March 31, 2005 and
June 30, 2005 to no later than September 30, 2005 (the “10Q Extended Delivery Date”), it being understood and agreed that if the Borrower fails to 

 
deliver the materials required by Section 5.01(b) with respect to each of the fiscal quarters ended March 31, 2005 and June 30, 2005 by the 10Q Extended
Delivery Date, and a notice of Default with respect to such failure is delivered to the Borrower by the Administrative Agent or the Lenders holding of at least 25% of the outstanding principal amount of the Senior Unsecured Obligations pursuant to
Section 6.01(c) of the Term Loan Agreement, such failure shall constitute an Event of Default for all purposes under the Loan Documents. Notwithstanding the foregoing, it is further understood and agreed that the Borrower shall deliver to the
Lenders all financial statements for each of the fiscal quarters ended March 31, 2005 and June 30, 2005 that are provided to the “Lenders” under the Existing Credit Agreement at the same time as such financial statements are delivered
under the Existing Credit Agreement, and if the Borrower fails to do so, and a notice of Default with respect to such failure is delivered to the Borrower by the Administrative Agent or the Lenders holding of at least 25% of the outstanding
principal amount of the Senior Unsecured Obligations pursuant to Section 6.01(c) of the Term Loan Agreement, such failure shall constitute an Event of Default for all purposes under the Loan Documents. 
  
 SECTION 2. Waiver. The Lenders holding not less than a majority in
aggregate principal amount of the then outstanding Senior Unsecured Obligations hereby waive any Default or Event of Default in respect of the provisions of Sections 3.01(a)(iv), 3.01(c), 4.01(f), 4.01(g), 4.01(h), 4.01(j), 5.01(b) and 5.01(c) of
the Term Loan Agreement and any related or substantially comparable provision of any Loan Document, in each case consisting of, resulting from or relating in any respect to (i) the re-audit, revision or restatement of any financial statement
delivered prior to the date of this Consent and Waiver by the Borrower or any of its Subsidiaries (including, without limitation, any misstatement therein or in any certificate, representation or warranty relating thereto, or any error, defect or
deficiency in accounting procedures or in the application of accounting principles reflected thereby or relating thereto), (ii) any failure to deliver any such financial statement when or as required, except as required by Section 1 above, (iii) any
failure to comply with any obligation that became required to be performed or observed under any of such provisions by reason of the occurrence of any such Default or Event of Default or (iv) any misstatement as to the absence of any such Default or
Event of Default. 
  
 SECTION 3. Conditions to
Effectiveness. This Consent shall become effective as of the first date set forth above (the “Effective Date”) when each of the conditions set forth in this Section 3 to this Consent shall have been fulfilled to the
satisfaction of the Administrative Agent. 
  
 (i)
Execution of Counterparts. The Administrative Agent shall have received counterparts of this Consent, duly executed and delivered on behalf of each of (a) the Borrower and each Guarantor, (b) the Administrative Agent and (c) the Required
Lenders, or as to any of the foregoing parties, advice reasonably satisfactory to the Administrative Agent that each of the foregoing parties has executed a counterpart of this Consent. 
  
 (ii) Payment of Fees and Expenses. The Borrower shall have paid, on or before July 18, 2005, (a) to
the Administrative Agent, for the benefit of each Lender executing this Consent on or before July 14, 2005, a fee equal to 0.125% of the aggregate Commitments and Advances of each such Lender and (b) all expenses (including the fees 

  

 2 

 
and expenses of Shearman & Sterling LLP) incurred in connection with the preparation, negotiation and execution of this Consent and other matters
relating to the Term Loan Agreement from and after the last invoice to the extent invoiced. 
  
 SECTION 4. Representations and Warranties. Each Borrower hereby represents and warrants that as of the date hereof no Default has occurred and is continuing or would result from the effectiveness of this
Consent. 
  
 SECTION 5. Reference to and Effect on the
Transaction Documents. (a) On and after the effectiveness of this Consent, each reference in the Term Loan Agreement to “hereunder”, “hereof” or words of like import referring to the Term Loan Agreement, and each reference in
the other transaction documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Term Loan Agreement, shall mean and be a reference to the Term Loan Agreement as modified by
this Consent. 
  
 (b) The Term Loan Agreement,
the Notes and each of the other Loan Documents, as specifically amended by this Consent, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
  
 (c) The execution, delivery and effectiveness of this
Consent shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

 
 SECTION 6. Execution in Counterparts. This Consent may be executed
in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an
executed counterpart of a signature page to this Consent by telecopier shall be effective as delivery of a manually executed counterpart of this Consent. 
  
 SECTION 7. Governing Law. This Consent shall be governed by, and construed in accordance with, the laws of the State of New York, and shall be
subject to the jurisdictional and service provisions of the Term Loan Agreement, as if this were a part of the Term Loan Agreement. 
  
 SECTION 8. Entire Agreement; Modification. This Consent constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, there being no other agreements or understandings, oral, written or otherwise, respecting such subject matter, any such agreement or understanding being superseded hereby, shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, and may not be amended, extended or otherwise modified, except in a writing executed in whole or in counterparts by each party hereto. 
  
 [Signatures follow.] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Consent to be executed and delivered by their
respective authorized officers as of the day and year first above written. 
  

					
	DRESSER, INC., as Borrower
		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President and Chief Financial Officer

					
	THE GUARANTORS
	
	 DRESSER INTERNATIONAL, INC.

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President
	
	 DRESSER RE, INC.

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President
	
	 DRESSER RUSSIA, INC.

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President
	
	 LVF HOLDING CORPORATION

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President
	
	 DRESSER ENTECH, INC.

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President
	
	 RING-O VALVE, INCORPORATED

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President

					
	 DRESSER CHINA, INC.

		
	By:	 	/s/    JAMES A.
NATTIER        
	 	 	 Name:
	 	James A. Nattier
	 	 	 Title:
	 	Executive Vice President

					
	MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent
		
	By:	 	/s/    EUGENE
MARTIN        
	 	 	 Name:
	 	Eugene Martin
	 	 	 Title:
	 	Managing Director

					
	 MORGAN STANLEY & CO. INCORPORATED,
 as
Collateral Agent

		
	By:	 	/s/    EUGENE
MARTIN        
	 	 	 Name:
	 	Eugene Martin
	 	 	 Title:
	 	Managing Director

					
	LENDERS
	
	 
	 [Print Name of Financial Institution]

			
	By:	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

					
	 MORGAN STANLEY SENIOR FUNDING, INC.,
as Administrative Agent

		
	By:	 	/s/    EUGENE F.
MARTIN        
	 	 	 Name:
	 	Eugene F. Martin
	 	 	 Title:
	 	 Vice President
 Morgan Stanley Senior Funding, Inc.

  

					
	 MORGAN STANLEY & CO. INCORPORATED,
as Collateral Agent

		
	By:	 	/s/    EUGENE F.
MARTIN        
	 	 	 Name:
	 	Eugene F. Martin
	 	 	 Title:
	 	Managing Director

  

					
	LENDERS
	
	LANDMARK CDO LIMITED
		
	By:	 	 ALADDIN CAPITAL MANAGEMENT LLC,
 AS
MANAGER

			
	By:	 	 	 	/s/    JOSEPH MORONEY        
	 	 	 Name:
	 	JOSEPH MORONEY, CFA
	 	 	Title:	 	Authorized Signatory

  

					
	LENDERS
	
	 LANDMARK II CDO LIMITED

		
	By:	 	ALADDIN CAPITAL MANAGEMENT LLC
as MANAGER
			
	 By: 
	 	 	 	/s/    JOSEPH MORONEY        
	 	 	 Name:
	 	JOSEPH MORONEY, CFA
	 	 	 Title:
	 	Authorized Signatory

  

					
	LENDERS
	
	 LANDMARK IV CDO LIMITED

		
	By:	 	ALADDIN CAPITAL MANAGEMENT LLC
as MANAGER
			
	 By: 
	 	 	 	/s/    JOSEPH MORONEY        
	 	 	 Name:
	 	JOSEPH MORONEY, CFA
	 	 	 Title:
	 	Authorized Signatory

  

					
	LENDERS
	
	Centurion CDO II, Ltd.
		
	By:	 	American Express Asset Management Group, Inc. as Collateral Manager
	 	 	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    VINCENT P. PHAM        
	 	 	 Name:
	 	Vincent P. Pham
	 	 	 Title:
	 	Director-Operations

  

					
	LENDERS
	
	 Centurion CDO VI, Ltd.

		
	 By:
	 	American Express Asset Management Group, Inc. as Collateral Manager
	 	 	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    VINCENT P. PHAM        
	 	 	 Name:
	 	Vincent P. Pham
	 	 	 Title:
	 	Director-Operations

  

					
	LENDERS
	
	Sequils-Centurion V, Ltd.
		
	By:	 	American Express Asset Management Group, Inc. as Collateral Manager
	 	 	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    VINCENT P. PHAM        
	 	 	 Name:
	 	Vincent P. Pham
	 	 	 Title:
	 	Director-Operations

  

					
	LENDERS
	
	AMMC CDO IV, LIMITED
		
	By:	 	 American Money Management Corp.,
 as Collateral Manager

			
	By:	 	 	 	/s/    CHESTER M. ENG        
	 	 	 Name:
	 	Chester M. Eng
	 	 	 Title:
	 	Senior Vice President

  

					
	LENDERS
	
	AMMC CDO II, LIMITED
		
	By:	 	 American Money Management Corp.,
 as Collateral Manager

			
	By:	 	 	 	/s/    CHESTER M. ENG        
	 	 	 Name:
	 	Chester M. Eng
	 	 	 Title:
	 	Senior Vice President

  

					
	LENDERS
	
	ARES III CLO Ltd.
		
	By:	 	 ARES CLO Management LLC,
 Investment Manager

			
	By:	 	 	 	/s/    SETH J. BRUFSKY        
	 	 	 Name:
	 	SETH J. BRUFSKY
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	Ares IV CLO Ltd.
		
	By:	 	 Ares CLO Management IV, L.P.,
 Investment
Manager

		
	By:	 	 Ares CLO GP IV, LLC,
 Its Managing
Member

			
	By:	 	 	 	/s/    SETH J. BRUFSKY        
	 	 	 Name:
	 	SETH J. BRUFSKY
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	Ares VI CLO Ltd.
		
	By:	 	 Ares CLO Management VI, L.P.,
 Investment
Manager

		
	By:	 	 Ares CLO GP VI, LLC,
 Its Managing
Member

			
	By: 	 	 	 	/s/    SETH J. BRUFSKY        
	 	 	 Name:
	 	SETH J. BRUFSKY
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	 Ares VIII CLO Ltd.

		
	By:	 	 Ares CLO Management VIII, L.P.,
 Investment Manager

		
	By:	 	 Ares CLO GP VIII, LLC,
 Its General Partner

			
	By:	 	 	 	/s/    SETH J. BRUFSKY        
	 	 	 Name:
	 	SETH J. BRUFSKY
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	 Flagship CLO 2001-1

		
	By:	 	Flagship Capital Management, Inc.
			
	 By: 
	 	 	 	/s/    ERIC S. MEYER        
	 	 	 Name:
	 	Eric S. Meyer
	 	 	 Title:
	 	Director

  

					
	LENDERS
	
	 Flagship CLO II

		
	By:	 	Flagship Capital Management, Inc.
			
	 By: 
	 	 	 	/s/    ERIC S. MEYER        
	 	 	 Name:
	 	Eric S. Meyer
	 	 	 Title:
	 	Director

  

					
	LENDERS
	
	Franklin CLO I, Limited
			
	By:	 	 	 	/s/    DAVID ARDINI        
	 	 	 Name:
	 	DAVID ARDINI
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	Franklin CLO II, Limited
	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    DAVID ARDINI        
	 	 	 Name:
	 	DAVID ARDINI
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	Franklin CLO III, Limited
	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    DAVID ARDINI        
	 	 	 Name:
	 	DAVID ARDINI
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	Franklin CLO IV, Limited
	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    DAVID ARDINI        
	 	 	 Name:
	 	DAVID ARDINI
	 	 	 Title:
	 	VICE PRESIDENT

  

					
	LENDERS
	
	FRANKLIN FLOATING RATE DAILY ACCESS FUND
			
	 By:
	 	 	 	/s/    MADELINE LAM        
	 	 	 Name:
	 	Madeline Lam
	 	 	 Title:
	 	Vice President

  

					
	LENDERS
	
	 Franklin Floating Rate Master Series

			
	 By:
	 	 	 	/s/    MADELINE LAM        
	 	 	 Name:
	 	Madeline Lam
	 	 	 Title:
	 	Vice President

  

					
	LENDERS
	
	 Franklin Floating Rate Trust

			
	 By:
	 	 	 	/s/    RICHARD HSU        
	 	 	 Name:
	 	Richard Hsu
	 	 	 Title:
	 	Vice President

  

			
	LENDERS
	
	Floating Rate Income Strategies Fund, Inc.
		
	By: 	 	/s/    OMAR JAMA        
	 	 	Omar Jama
	 	 	Authorized Signatory
	
	SENIOR HIGH INCOME PORTFOLIO, INC.
		
	By: 	 	/s/    OMAR JAMA        
	 	 	Omar Jama
	 	 	Authorized Signatory
	
	DEBT STRATEGIES FUND, INC.
		
	By: 	 	/s/    OMAR JAMA        
	 	 	Omar Jama
	 	 	Authorized Signatory
	
	 MERRILL LYNCH GLOBAL INVESTMENT SERIES:
 INCOME STRATEGIES PORTFOLIO

		
	By:	 	 Merrill Lynch Investment Managers, L.P.
 as Investment Advisor

		
	By: 	 	/s/    OMAR JAMA        
	 	 	Omar Jama
	 	 	Authorized Signatory

  

					
	LENDERS
	
	Venture III CDO Limited
		
	 By
	 	 its investment advisor, MJX Asset Management LLC

			
	By:	 	 	 	/s/    MARTIN DAVEY        
	 	 	 Name:
	 	Martin Davey
	 	 	 Title:
	 	Managing Director

  

					
	LENDERS
	
	NYLIM Flatiron CLO 2003-1 Ltd.
		
	 By:
	 	 New York Life Investment Management LLC,
 as Collateral Manager and Attorney-in-Fact

			
	By:	 	 	 	/s/    ROBERT H. DIAL        
	 	 	 Name:
	 	Robert H. Dial
	 	 	 Title:
	 	Managing Director

  

					
	NYLIM Flatiron CLO 2004-1 Ltd.
		
	 By:
	 	 New York Life Investment Management LLC,
 as Collateral Manager and Attorney-in-Fact

			
	By:	 	 	 	/s/    ROBERT H. DIAL        
	 	 	 Name:
	 	Robert H. Dial
	 	 	 Title:
	 	Managing Director

  

					
	NYLIM High Yield CDO 2001 Ltd.
		
	 By:
	 	 New York Life Investment Management LLC,
 as Investment Manager and Attorney-in-Fact

			
	By:	 	 	 	/s/    ROBERT H. DIAL        
	 	 	 Name:
	 	Robert H. Dial
	 	 	 Title:
	 	Managing Director

  

					
	New York Life Insurance and Annuity Corporation
		
	 By:
	 	 New York Life Investment Management LLC,
 its Investment Manager

			
	By:	 	 	 	/s/    ROBERT H. DIAL        
	 	 	 Name:
	 	Robert H. Dial
	 	 	 Title:
	 	Managing Director

  

					
	New York Life Insurance Company
			
	By:	 	 	 	/s/    ROBERT H. DIAL        
	 	 	 Name:
	 	Robert H. Dial
	 	 	 Title:
	 	Vice President

  

			
	LENDERS
	
	Bedford CDO, Limited
		
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
		
	 By:
	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 Mohan V. Phansalkar
 Managing Director

  

			
	LENDERS
	
	EQ Advisors Trust EQ/High Yield Portfolio
		
	 By:
	 	Pacific Investment Management Company LLC, as its Investment Advisor
		
	By:	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	Mohan V. Phansalkar
	 	 	Managing Director

  

					
	LENDERS
	
	PIMCO Floating Rate Income Fund
		
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO
			
	 By:
	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

  

					
	LENDERS
	
	SEQUILS-MAGNUM, LTD.
		
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
			
	 By:
	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

  

													
	 	 	 	 	 	 	LENDERS
			
	 	 	 	 	OAK HILL SECURITIES FUND II, L.P.
					
	 	 	 	 	 	 	 By:
	 	 Oak Hill Securities GenPar II, L.P.
 its General Partner

					
	 	 	 	 	 	 	 By:
	 	 Oak Hill Securities MGP II, Inc.,
 its General Partner

							
	 	 	 	 	 	 	 	 	By:	 	 	 	/s/    SCOTT D. KRASE        
	 	 	 	 	 	 	 	 	 	 	 Name:
	 	Scott D. Krase
	 	 	 	 	 	 	 	 	 	 	 Title:
	 	Vice President
			
	 	 	 	 	OAK HILL SECURITIES FUND, L.P.
					
	 	 	 	 	 	 	 By:
	 	 Oak Hill Securities GenPar, L.P.
 its General Partner

					
	 	 	 	 	 	 	 By:
	 	 Oak Hill Securities MGP, Inc.,
 its General Partner

							
	 	 	 	 	 	 	 	 	By:	 	 	 	/s/    SCOTT D. KRASE        
	 	 	 	 	 	 	 	 	 	 	 Name:
	 	Scott D. Krase
	 	 	 	 	 	 	 	 	 	 	 Title:
	 	Vice President
			
	 	 	 	 	OAK HILL CREDIT PARTNERS I, LIMITED
					
	 	 	 	 	 	 	 By:
	 	 Oak Hill CLO Management I, LLC
 As Investment Manager

							
	 	 	 	 	 	 	 	 	By:	 	 	 	/s/    SCOTT D. KRASE        
	 	 	 	 	 	 	 	 	 	 	 Name:
	 	Scott D. Krase
	 	 	 	 	 	 	 	 	 	 	 Title:
	 	Authorized Person
			
	 	 	 	 	OAK HILL CREDIT PARTNERS III, LIMITED
					
	 	 	 	 	 	 	 By:
	 	 Oak Hill CLO Management III, LLC
 As Investment Manager

							
	 	 	 	 	 	 	 	 	By:	 	 	 	/s/    SCOTT D. KRASE        
	 	 	 	 	 	 	 	 	 	 	 Name:
	 	Scott D. Krase
	 	 	 	 	 	 	 	 	 	 	 Title:
	 	Authorized Person

  

					
	LENDERS
	
	BOSTON HARBOR CLO 2004-1, LTD.
			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	PUTNAM DIVERSIFIED INCOME TRUST
			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	PUTNAM FLOATING RATE INCOME FUND
			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	PUTNAM HIGH YIELD ADVANTAGE FUND
			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	PUTNAM HIGH YIELD TRUST
			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	 PUTNAM MASTER INTERMEDIATE INCOME TRUST

			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	 PUTNAM PREMIER INCOME TRUST

			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	 PUTNAM VARIABLE TRUST – PVT DIVERSIFIED INCOME FUND

			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

					
	LENDERS
	
	 PUTNAM VARIABLE TRUST – PVT HIGH YIELD FUND

			
	By:	 	 	 	/s/    BETH MAZOR        
	 	 	 Name:
	 	Beth Mazor
	 	 	 Title:
	 	V.P.

  

  

					
	LENDERS
	
	Sankaty High Yield Partners II, L.P.
			
	By:	 	 	 	/s/    DIANE J. EXTER        
	 	 	Name:	 	DIANE J. EXTER
	 	 	Title:	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

  

  

					
	LENDERS
	
	 Sankaty Advisors, LLC as Collateral
 Manager for AVERY POINT CLO,
 LTD., as Term Lender

			
	By:	 	 	 	/s/    DIANE J. EXTER        
	 	 	Name:	 	DIANE J. EXTER
	 	 	Title:	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

  

  

					
	LENDERS
	
	 Sankaty Advisors, LLC as Collateral
 Manager for Prospect Funding I,
 LLC as Term Lender

			
	By:	 	 	 	/s/    DIANE J. EXTER        
	 	 	Name:	 	DIANE J. EXTER
	 	 	Title:	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

  

  

					
	LENDERS
	
	JUPITER LOAN FUNDING LLC
			
	By:	 	 	 	/s/    CRISTINA HIGGINS        
	 	 	Name:	 	Cristina Higgins
	 	 	Title:	 	Assistant Vice President

  

  

					
	LENDERS
	
	WINGED FOOT FUNDING TRUST
			
	By:	 	 	 	/s/    ANN E. MORRIS        
	 	 	Name:	 	Ann E. Morris
	 	 	Title:	 	Authorized Agent

  

					
	NYLIM Flatiron CLO 2005-1 Ltd.
		
	By:	 	 New York Life Investment Management LLC,
 as
Collateral Manager and Attorney-in-Fact

		
	By:	 	/s/    ROBERT H.
DIAL        
	 Name:
	 	 	 	Robert H. Dial
	 Title:
	 	 	 	Managing Director

					
	 Flagship CLO IV
 by Flagship Capital
Management, Inc.

			
	By:	 	 	 	/s/    ERIC S. MEYER        
	 	 	 Name:
	 	Eric S. Meyer
	 	 	 Title:
	 	Director

					
	 Aurum CLO 2002-1 Ltd.,
 by Columbia
Management Advisors, Inc.
 as Investment Manager

			
	By:	 	 	 	/s/    ERIC S. MEYER        
	 	 	 Name:
	 	Eric S. Meyer
	 	 	 Title:
	 	Vice President

					
	LENDERS
	
	TORONTO DOMINION (NEW YORK), LLC
	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    JACKIE BARRETT        
	 	 	Name:	 	Jackie Barrett
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	ULT CBNA Loan Funding LLC, for itself or as agent for ULT CFPI Loan Funding LLC
			
	By:	 	`	 	/s/    DOMINIC BLEA        
	 	 	Name:	 	Dominic Blea
	 	 	Title:	 	As Attorney-in-Fact

					
	LENDERS
	
	Lloyols TSB Bank plc
	[Print Name of Financial Institution]
			
	By:	 	 	 	/s/    STEWART TAYLOR        
	 	 	Name:	 	S. J. Taylor
	 	 	Title:	 	SVP & CCO

					
	LENDERS
	
	Addison CDO, Limited
		
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

			
	LENDERS
	
	CAPTIVA III Finance Ltd.
	 as advised by Pacific Investment
 Management Company LLC

		
	By:	 	/s/    DAVID DYER        
	 	 	David Dyer
	 	 	Director

			
	LENDERS
	
	CAPTIVA IV Finance Ltd.
	 as advised by Pacific Investment
 Management Company LLC

		
	By:	 	/s/    DAVID DYER        
	 	 	David Dyer
	 	 	Director

					
	LENDERS
	
	DELANO Company
		
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

					
	LENDERS
	
	Loan Funding III LLC
		
	By:	 	Pacific Investment Management Company LLC, as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

					
	LENDERS
	
	ROYALTON COMPANY
		
	By:	 	Pacific Investment Management Company LLC,
as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

					
	LENDERS
	
	Southport CLO, Limited
		
	By:	 	Pacific Investment Management Company LLC,
as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

					
	LENDERS
	
	Waveland – INGOTS, LTD.
		
	By:	 	Pacific Investment Management Company LLC,
as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

					
	LENDERS
	
	Wrigley CDO, Ltd.
		
	By:	 	Pacific Investment Management Company LLC,
as its Investment Advisor
			
	By:	 	 	 	/s/    MOHAN V.
PHANSALKAR        
	 	 	 	 	Mohan V. Phansalkar
	 	 	 	 	Managing Director

					
	LENDERS
	
	 KZH Pondview LLC

			
	By:	 	 	 	/s/    SUSAN LEE        
	 	 	Name:	 	Susan Lee
	 	 	Title:	 	Authorized Agent

					
	LENDERS
	
	 KZH Soleil LLC

			
	By:	 	 	 	/s/    SUSAN LEE        
	 	 	Name:	 	Susan Lee
	 	 	Title:	 	Authorized Agent

  

					
	LENDERS
	
	 KZH Soleil-2 LLC

			
	By:	 	 	 	/s/    SUSAN LEE        
	 	 	Name:	 	Susan Lee
	 	 	Title:	 	Authorized Agent

					
	LENDERS
	
	ALZETTE EUROPEAN CLO S.A.
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	 AVALON CAPITAL LTD.

		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Portfolio Advisor

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	 AVALON CAPITAL LTD. 3

		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Asset Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	CHAMPLAIN CLO, LTD.
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	 CHARTER VIEW PORTFOLIO

		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Investment Advisor

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	 DIVERSIFIED CREDIT PORTFOLIO LTD.

		
	By:	 	 INVESCO Senior Secured Management, Inc.
 as Investment Adviser

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	AIM FLOATING RATE FUND
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Sub-Adviser

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	INVESCO EUROPEAN CDO I S.A.
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	LOAN FUNDING IX LLC, for itself or as agent for Corporate Loan Funding IX LLC
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Portfolio Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	SEQUILS-LIBERTY, LTD.
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	PETRUSSE EUROPEAN CLO S.A.
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	SARATOGA CLO I, LIMITED
		
	By:	 	 INVESCO Senior Secured Management, Inc.
 As Asset Manager

			
	By:	 	 	 	/s/    SCOTT BASKIND        
	 	 	Name:	 	Scott Baskind
	 	 	Title:	 	Authorized Signatory

					
	LENDERS
	
	 Ares VII CLO Ltd.

		
	By:	 	 Ares CLO Management VII, L.P.,
 Investment Manager

		
	By:	 	 Ares CLO GP VII, LLC,
 Its General Partner

			
	By:	 	 	 	/s/    SETH J. BRUFSKY        
	 	 	Name:	 	Seth J. Brufsky
	 	 	Title:	 	Vice President

					
	LENDERS
	
	 Morgan Stanley Senior Funding, Inc.

			
	By:	 	 	 	/s/    EUGENE F. MARTIN        
	 	 	 Name:
	 	Eugene F. Martin
	 	 	 Title:
	 	 Vice President
 Morgan Stanley Senior Funding, Inc

 Dresser – 3rd Consent and Waiver 
  

					
	LENDER
	
	ARCHIMEDES FUNDING III, LTD.
		
	 BY:
	 	 ING Capital Advisors LLC,
 as Collateral Manager

			
	BY:	 	 	 	/s/    GORDON R. COOK        
	 	 	 Name:
	 	Gordon R. Cook
	 	 	 Title:
	 	Managing Director

					
	LENDERS
	
	 47th Street Funding II Inc.

			
	By:	 	 	 	/s/    DAVID M. MILLISON        
	 	 	 Name:
	 	David M. Millison
	 	 	 Title:
	 	Managing Director

					
	LENDERS
	
	 HARBOUR TOWN FUNDING LLC

	 [Print Name of Financial Institution]

			
	By:	 	 	 	/s/    CRISTINA HIGGINS        
	 	 	 Name:
	 	Cristina Higgins
	 	 	 Title:
	 	Assistant Vice PresidentAmended 2005 Equity Incentive Plan

 Exhibit 10.1 
  
 AMERICAN DENTAL PARTNERS, INC. 
  
 2005 EQUITY INCENTIVE PLAN 
  
 Amended as of July 13, 2005 
  
 Section 1. Purpose of Plan. 
  
 The purpose of this 2005 Equity Incentive Plan (the “Plan”) of American Dental Partners, Inc., a Delaware corporation (the “Company”),
is to advance the interests of the Company and its stockholders by providing a means of attracting and retaining key employees for the Company and its subsidiaries. In furtherance of this purpose, the Plan encourages and enables key employees to
participate in the Company’s future prosperity and growth by providing them with incentives and compensation based on the Company’s performance, development, and financial success. These objectives may be promoted by granting to key
employees equity-based awards in the form of one or more of the following: (a) incentive stock options (“ISOs”), which are intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”); (b)
non-qualified stock options which are not intended to qualify as ISOs (“NQSOs”) (ISOs and NQSOs are hereinafter referred to generally as “Stock Options”); (c) shares of common stock, par value $.01 a share, of the Company
(“Shares”), which will be subject to a vesting schedule based on the recipient’s continued employment (“Restricted Shares”); (d) Shares which will be subject to a vesting schedule based on certain performance objectives
(“Performance Shares”); and (e) the right to receive Shares at the end of a specified deferral period (“Deferred Shares”). (The Stock Options, Restricted Shares, Performance Shares, and Deferred Shares are referred to generally
hereinafter as the “Awards”.) 
  
 Section 2. Administration of
Plan. 
  
 The Plan shall be administered by the Compensation
Committee of the Company’s Board of Directors (the “Board”), or such other committee of at least two directors as the Board may designate (the “Committee”); provided that members of the Committee shall be (a)
“non-employee directors” within the meaning of Rule 16b-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”), (b) “outside directors” within the meaning of Section 162(m) of the Code, and (c)
“independent directors” under the rules of The Nasdaq Stock Market, Inc., or of such other stock exchange on which the Shares may be traded from time to time. The members of the Committee shall serve at the pleasure of the Board, which may
remove members from the Committee or appoint new members to the Committee from time to time, and members of the Committee may resign by written notice to the Chairman of the Board or the Secretary of the Company. The Committee shall have the power
and authority to: (i) determine or approve the Eligible Employees (as defined in Section 3, below) to be recipients of Awards (such recipients, “Participants”); (ii) grant Stock Options, Restricted Shares, Performance Shares, or Deferred
Shares, or any combination thereof; (iii) determine the number and type of Awards to be granted; (iv) determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award, including without limitation time and performance
restrictions; (v) adopt, alter, and repeal such administrative rules, guidelines, and practices governing the Plan as it shall, 

 
from time to time, deem advisable; (vi) interpret the terms and provisions of the Plan and any Award and any agreements relating thereto; and (vii) take any
other actions the Committee considers appropriate in connection with, and otherwise supervise the administration of, the Plan. All decisions made by the Committee pursuant to the provisions of the Plan, including without limitation decisions with
respect to Eligible Employees to be granted Awards and the number and type of Awards, shall be made in the Committee’s sole discretion and shall be final and binding on all persons. 
  
 The Committee may designate individual Committee members or persons other than its members to carry out its responsibilities
under such conditions and limitations as it may set, except to the extent that such delegation is prohibited by law or would cause an Award intended to be exempt from the limitation on deductibility under Section 162(m) of the Code, or from the
short-swing profit recovery rules of Section 16(b) of the 1934 Act, to fail to be so exempt. 
  
 Section 3. Participants In Plan. 
  
 The persons eligible to receive Awards under the Plan (“Eligible Employees”) shall include officers who are employees, and other key employees, of the Company or one or more of its subsidiaries. As used in
the Plan, the term “subsidiary” shall mean (a) any subsidiary corporation of the Company as defined in Section 424(f) of the Code and the Treasury Regulations promulgated thereunder (the “Regulations”), (b) any limited liability
company in which the Company or any of its subsidiaries is the sole member, and (c) any limited partnership (i) in which the Company or one of its subsidiaries owns 50 percent or more of the combined voting power of all classes of equity, and (ii)
which has elected to be taxed as a corporation for federal income tax purposes; provided that for purposes of the application of the Plan to grants of ISOs, the term subsidiary shall include only those subsidiaries defined in Section 424(f) of the
Code and the Regulations thereunder. 
  
 Section 4. Shares Subject To Plan.

  
 The maximum aggregate number of Shares which may be issued
under the Plan shall be 450,000 (the “Available Shares”). The Available Shares may be authorized but unissued Shares or issued Shares reacquired by the Company, including without limitation Shares purchased on the open market, and held as
treasury shares. Any Shares related to Awards that, in whole or in part, expire or are unexercised, forfeited, terminated, surrendered, cancelled, or settled in such a manner that all or some of the Shares covered by an Award are not issued to or do
not vest in a Participant, or are returned to the Company in payment of the exercise price or tax withholding obligations in connection with outstanding Awards, shall again become Available Shares. Any Shares delivered upon the assumption of or in
substitution for outstanding grants made by a company or division acquired by the Company shall not decrease the number of Available Shares, except to the extent otherwise provided by applicable law or regulation. Notwithstanding the foregoing, the
maximum aggregate number of Shares with respect to which ISOs may be granted under the Plan shall be 150,000, and the maximum aggregate number of Shares with respect to which Stock Options may be granted, or Restricted Shares, Performance Shares, or
Deferred Shares awarded, to any single Participant under the Plan during any single calendar year shall be 100,000. 

 Section 5. Grant of Awards. 
  
 ISOs, NQSOs, Restricted Shares, Performance Shares, and Deferred Shares may be granted alone or in addition to other Awards
granted under the Plan. Any Awards granted under the Plan shall be in such form as the Committee may from time to time approve, consistent with the Plan, and the provisions of Awards need not be the same with respect to each Participant. Each Award
granted under the Plan shall be authorized by the Committee and shall be evidenced by a written Stock Option Agreement, Restricted Share Agreement, Performance Share Agreement, or Deferred Share Agreement, as the case may be (collectively,
“Award Agreements”), each in the form approved by the Committee from time to time, which shall be dated as of the date approved by the Committee in connection with the grant, signed by an officer of the Company authorized by the Committee,
and signed by the Participant, and which shall describe the Award and state that the Award is subject to all the terms and provisions of the Plan and such other terms and provisions, not inconsistent with the Plan, as the Committee may approve. The
date on which the Committee approves the granting of an Award shall be deemed to be the date on which the Award is granted for all purposes, unless the Committee otherwise specifies in its approval. The granting of an Award under the Plan, however,
shall be effective only if and when a written Award Agreement is duly executed and delivered by or on behalf of the Company and the Participant. 
  
 Section 6. Stock Options. 
  
 Stock Options granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions not
inconsistent with the terms of the Plan as the Committee deems appropriate: 
  
 (a) Exercise Price. 
  
 The exercise price per Share issuable upon exercise of a Stock Option shall be no less than the fair market value per Share on the date the Stock Option is granted; provided that, if the Participant at the time an ISO
is granted owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any subsidiary, the exercise price per Share shall be at least 110% of the fair market value of the Shares subject to the
ISO on the date of grant. For purposes of the Plan, the fair market value of the Shares shall mean, as of any given date, the (i) last reported sale price on the New York Stock Exchange on the most recent previous trading day, (ii) last reported
sale price on the NASDAQ National Market System on the most recent previous trading day, (iii) mean between the high and low bid and ask prices, as reported by the National Association of Securities Dealers, Inc. on the most recent previous trading
day, or (iv) last reported sale price on any other stock exchange on which the Shares are listed on the most recent previous trading day, whichever is applicable; provided that if none of the foregoing is applicable, then the fair market value of
the Shares shall be the value determined in good faith by the Committee, in its sole discretion. 

 (b) Vesting and Exercise of Options. 
  
 A Stock Option shall be exercisable only with respect to the
Shares which have become vested pursuant to the terms of that Stock Option. Each Stock Option shall become vested with respect to Shares subject to that Stock Option on such date or dates and on the basis of such other criteria, including without
limitation the performance of the Company, as the Committee may determine, in its sole discretion, and as shall be specified in the applicable Stock Option Agreement. The Committee shall have the authority, in its sole discretion, to accelerate the
time at which a Stock Option shall be exercisable whenever it may determine that such action is appropriate by reason of changes in applicable tax or other law or other changes in circumstances occurring after the grant of such Stock Option.

  
 (c) Term. 
  
 Each Stock Option Agreement shall set forth the period for
which such Stock Option shall be exercisable from the date on which that Stock Option is granted. In no event, however, shall a Stock Option be exercisable after the expiration of 10 years from the date on which that Stock Option is granted. In
addition, with respect to ISOs, if the Participant at the time the ISO is granted owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any subsidiary, the ISO shall not be exercisable after
the expiration of five years from the date on which the ISO is granted. 
  
 (d) Method of Exercise. 
  
 To
the extent the right to purchase Shares under a Stock Option is in effect, the Stock Option may be exercised, in whole or in part, by giving written notice to the Company stating the number of Shares (which must be a whole number) to be purchased.
Upon receipt of payment of the full purchase price for such Shares by certified or bank cashier’s check or other form of payment acceptable to the Company, or, if approved by the Committee, in its sole discretion, by (i) delivery of
unrestricted Shares having a fair market value on the date of such delivery equal to the total exercise price, (ii) surrender of Shares subject to the Stock Option which have a fair market value equal to the total exercise price at the time of
exercise, or (iii) a combination of the preceding methods, and subject to compliance with all other terms and conditions of the Plan and the Stock Option Agreement relating to that Stock Option, the Company shall issue, as soon as reasonably
practicable after receipt of such payment, such Shares to the person entitled to receive such Shares, or such person’s designated representative. Such Shares may be issued in the form of a certificate, by book entry, or otherwise, in the
Company’s sole discretion. 
  
 (e) Restrictions on Shares
Subject to Stock Options. 
  
 Shares issued
upon the exercise of any Stock Option may be made subject to such disposition, transferability or other restrictions or conditions as the Committee may determine, in its sole discretion, and as shall be set forth in the applicable Stock Option
Agreement. 

 (f) Transferability. 
  
 Except as provided in this paragraph, Stock Options shall not be transferable, and any attempted transfer
(other than as provided in this paragraph) shall be null and void. Except for Stock Options transferred as provided in this paragraph, all Stock Options shall be exercisable during a Participant’s lifetime only by the Participant or the
Participant’s legal representative. Without limiting the generality of the foregoing: (i) ISOs may be transferred only upon the Participant’s death and only by will or the laws of descent and distribution and, in the case of such a
transfer, shall be exercisable only by the transferee or such transferee’s legal representative; (ii) NQSOs may be transferred by will or the laws of descent and distribution and, in the case of such a transfer, shall be exercisable only by the
transferee or such transferee’s legal representative; and (iii) the Committee may, in its sole discretion and in the manner established by the Committee, provide for the irrevocable transfer, without payment of consideration, of any NQSO by a
Participant during the Participant’s lifetime to such Participant’s parents, spouse, children, grandchildren, nieces, nephews, to the trustee of a trust for the principal benefit of one or more such persons, or to a partnership whose only
partners are one or more such persons, and, in the case of such transfer, such NQSO shall be exercisable only by the transferee or such transferee’s legal representative. 
  
 (g) Termination of Employment by Reason of Death or Disability. 
  
 If a Participant’s employment with the Company and its
subsidiaries terminates by reason of the Participant’s death or disability (as defined in Section 22(e)(3) of the Code, or with respect to NQSOs, as may otherwise be defined by the Committee, in its sole discretion, at or before grant and set
forth in the Stock Option Agreement), then (i) unless otherwise determined by the Committee, in its sole discretion, at or before grant (and set forth in the Stock Option Agreement), to the extent a Stock Option held by such Participant is not
vested as of the date of death or disability, such Stock Option shall automatically terminate on such date, and (ii) to the extent a Stock Option held by such Participant is vested as of the date of death or disability, such Stock Option may
thereafter be exercised by the Participant, the legal representative of the Participant’s estate, the legatee of the Participant under the will of the Participant, or the distributee of the Participant’s estate, whichever is applicable,
for a period of one year from the date of death or disability (or, with respect to NQSOs, such other period as the Committee may specify, in its sole discretion, at or before grant and set forth in the Stock Option Agreement), or until the
expiration of the stated term of such Stock Option, whichever period is shorter. 
  
 (h) Other Termination of Employment. 
  
 If a Participant’s employment with the Company and its subsidiaries terminates for any reason other than death or disability, then (i) unless otherwise determined by the 

 
Committee, in its sole discretion, at or before grant (and set forth in the Stock Option Agreement), to the extent any Stock Option held by such Participant
is not vested as of the date of such termination, such Stock Option shall automatically terminate on such date; and (ii) to the extent any Stock Option held by such Participant is vested as of the date of such termination, such Stock Option may
thereafter be exercised for a period of 90 days from the date of such termination (or, with respect to NQSOs, such other period as the Committee may specify, in its sole discretion, at or before grant and set forth in the Stock Option Agreement), or
until the expiration of the stated term of such Stock Option, whichever period is shorter; provided that, upon the termination of the Participant’s employment by the Company or its subsidiaries for Cause (as defined by the Committee from time
to time, in its sole discretion, and included in the applicable Stock Option Agreement), any and all unexercised Stock Options granted to such Participant shall immediately lapse and be of no further force or effect. For purposes of the Plan,
whether a definition of Cause is included in the Stock Option Agreement, and whether termination of a Participant’s employment by the Company and its subsidiaries is for Cause, shall be determined by the Committee, in its sole discretion.

  
 (i) Effect of Termination of Participant’s Employment
on Transferee. 
  
 No Stock Option held by a
transferee of a Participant pursuant to Section 6(f), above, shall remain exercisable for any period of time longer than would otherwise be permitted under Sections 6(g) and (h). 
  
 (j) ISO Limitations and Savings Clause. 
  
 The aggregate fair market value (determined as of the time of grant) of the Shares with respect to which
ISOs are exercisable for the first time by the Participant during any calendar year under the Plan and any other stock option plan of the Company and its affiliates shall not exceed $100,000 unless otherwise permitted by Code Section 422 as an
unused limit carryover to such year. Any Stock Options which were intended to be ISOs that exceed this limitation shall be deemed to be NQSOs. 
  
 Any provision of the Plan to the contrary notwithstanding, no provision of the Plan relating to ISOs shall be interpreted, amended, or
altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code or so as to disqualify any ISO under such Code Section 422. 
  
 Section 7. Restricted Shares. 
  
 Restricted Shares awarded under the Plan shall be subject to the following
terms and conditions and such additional terms and conditions not inconsistent with the terms of the Plan as the Committee deems appropriate: 

 (a) Price. 
  
 The purchase price for Restricted Shares shall be any price set by the Committee and may be zero. Payment in
full of the purchase price, if any, shall be made by certified or bank cashier’s check or other form of payment acceptable to the Company, or, if approved by the Committee, in its sole discretion, by (i) delivery of unrestricted Shares having a
fair market value on the date of such delivery equal to the total purchase price, or (ii) a combination of the preceding methods. 
  
 (b) Acceptance of Restricted Shares. 
  
 Awards of Restricted Shares must be accepted by the Participant within 30 days (or such other period as the Committee may specify at or
before grant) after the grant date by executing the Restricted Share Agreement. The Participant shall not have any rights with respect to the grant of Restricted Shares unless and until the Participant has executed the Restricted Share Agreement,
delivered a fully executed copy thereof to the Company, and otherwise complied with the applicable terms and conditions of the Award. 
  
 (c) Share Restrictions. 
  
 Subject to the provisions of the Plan and the applicable Restricted Share Agreement, and as shall be set forth in the applicable
Restricted Share Agreement, the Participant shall not be permitted to sell, transfer, pledge, assign, or otherwise encumber the Restricted Shares for a period of at least three years for non-performance-based Awards, and at least one year for
performance-based Awards, or such longer period of time as may be set by the Committee, in its sole discretion (the “Restriction Period”). The Committee may, in its sole discretion, provide for the lapse of restrictions in installments
during the Restriction Period or on such other basis as may be determined by the Committee, in its sole discretion. 
  
 (d) Stock Issuances and Restrictive Legends. 
  
 Upon execution and delivery of the Restricted Share Agreement as described above and receipt of payment of the full purchase price, if
any, for the Restricted Shares subject to such Restricted Share Agreement, the Company shall, as soon as reasonably practicable thereafter, issue the Restricted Shares. Restricted Shares may be issued, whenever issued, in the form of a certificate,
by book entry, or otherwise, in the Company’s sole discretion, and shall bear an appropriate restrictive legend. Notwithstanding the foregoing to the contrary, the Committee may, in its sole discretion, require that Restricted Shares be held by
the Company or a trustee of a trust set up by the Committee, consistent with the terms and conditions of the Plan, to hold such Restricted Shares until the restrictions thereon have lapsed (in full or in part, in the Committee’s sole
discretion), and the Committee may require that, as a condition of any Restricted Share Award, the Participant shall have delivered to the Company or such trustee, as appropriate, a stock power, endorsed in blank, relating to the Restricted Shares
covered by the Award. 

 (e) Expiration of Restriction Period. 
  
 Upon the expiration of the Restriction Period without prior
forfeiture of the Restricted Shares (or rights thereto) subject to such Restriction Period, unrestricted Shares shall be delivered to the Participant. 
  
 (f) Shareholder Rights. 
  
 Except as otherwise provided in the Plan or the applicable Restricted Share Agreement, each Participant shall have, with respect the
Restricted Shares covered by any Award to that Participant, all of the rights of a shareholder of the Company, including without limitation the right to vote the Restricted Shares and the right to receive any dividends or other distributions with
respect to the Restricted Shares; provided that if any Restricted Shares are forfeited as provided in the Plan or the applicable Restricted Share Agreement, then such rights shall terminate automatically at that time with respect to those Restricted
Shares. 
  
 (g) Termination of Employment. 
  
 If a Participant’s employment by the Company and its
subsidiaries terminates before the end of any Restriction Period with the consent of the Committee, in its sole discretion, or upon the Participant’s death or disability (as defined in Section 22(e)(3) of the Code, or as otherwise defined by
the Committee, in its sole discretion, at or before grant and set forth in the Restricted Share Agreement), the Committee may, in its sole discretion, authorize the retention by such Participant (or his legal representative or successor in interest)
of all or a portion of the Restricted Shares which would have been retained by him had his employment continued to the end of the Restriction Period. Otherwise, all Restricted Shares awarded to such Participant that are still subject to restriction
at the time of any such termination shall be forfeited. If the Participant’s employment by the Company and its subsidiaries terminates before the end of any Restriction Period for any other reason, all Restricted Shares awarded to such
Participant and still subject to restriction shall be forfeited. 
  
 Section 8.
Performance Shares. 
  
 Performance Shares awarded under
the Plan shall be subject to the following terms and conditions and such additional terms and conditions not inconsistent with the terms of the Plan as the Committee deems appropriate: 
  
 (a) Performance Periods and Goals. 
  
 (i) The performance period for each Award of Performance Shares shall be of such duration as the Committee
shall establish at the time of the Award (the “Performance Period”). There may be more than one Award in existence at any one time, and Performance Periods may differ. 

 (ii) At the time of each Award of Performance Shares, the Committee shall establish one
or more performance goals (the “Performance Goals”) to be achieved during the Performance Period. The Performance Goals shall be determined by the Committee using such measures of the performance over the Performance Period as the
Committee shall select from one or any combination of the following: revenue, earnings or earnings per share, earnings from operations, cash flow, return on capital, shareholder return measured in terms of stock price appreciation, total shareholder
return measured in terms of stock price appreciation and/or dividend growth, achievement of cost control, or stock price of the Company. Such Performance Goals may also be based upon attaining specified levels of Company performance under one or
more of the measures described above relative to the performance of other companies. The Performance Goals may be established on a Company-wide basis or established with respect to one or more subsidiaries, operating units, divisions or ventures of
the Company. The Performance Goals are intended to qualify under Section 162(m)(4)(c) of the Code and shall be set by the Committee within the time period prescribed by Section 162(m) of the Code and related Regulations. 
  
 (iii) Performance Shares awarded to Participants shall be
earned as determined by the Committee with respect to the attainment of the Performance Goals set for the applicable Performance Period. Attainment of the highest Performance Goal for the Performance Period shall earn 100% of the Performance Shares
awarded for the Performance Period. Failure to attain the lowest Performance Goal for the Performance Period shall earn none of the Performance Shares awarded for the Performance Period. After the applicable Performance Period shall have ended, the
Committee shall certify in writing the extent to which the established Performance Goals have been achieved and the number of Performance Shares earned. 
  
 (iv) Attainment of the Performance Goals shall be determined by the Committee. If Performance Goals are based on the financial performance
of the Company, attainment of the Performance Goals shall be determined from the consolidated financial statements of the Company, as applicable, but shall generally exclude (A) the effects of changes in federal income tax rates, (B) the effects of
unusual, non-recurring, and extraordinary items as defined by Generally Accepted Accounting Principles (“GAAP”), and (C) the cumulative effect of changes in accounting principles in accordance with GAAP. The Performance Goals may vary for
different Performance Periods and need not be the same for each Participant receiving an Award for a Performance Period. The Committee may, in its sole discretion, subject to the limitations of Section 17, vary the terms and conditions of any
Performance Share Award, including without limitation the Performance Period and Performance Goals, without shareholder approval, as applied to any recipient who is not a “covered employee” with respect to the Company as defined in Section
162(m) of the Code. 

 (b) Price. 
  
 The purchase price for Performance Shares shall be any price set by the Committee and may be zero. Payment
in full of the purchase price, if any, shall be made by certified or bank cashier’s check or other form of payment acceptable to the Company, or, if approved by the Committee, in its sole discretion, by (i) delivery of unrestricted Shares
having a fair market value on the date of such delivery equal to the total purchase price, or (ii) a combination of the preceding methods. 
  
 (c) Acceptance of Performance Shares. 
  
 Awards of Performance Shares must be accepted by the Participant within 30 days (or such other period as the Committee may specify at or
before grant) after the grant date by executing the Performance Share Agreement. The Participant shall not have any rights with respect to the grant of Performance Shares unless and until the Participant has executed the Performance Share Agreement,
delivered a fully executed copy thereof to the Company, and otherwise complied with the applicable terms and conditions of the Award. 
  
 (d) Share Restrictions. 
  
 At the time of the Performance Share Award, the Performance Shares shall, after vesting pursuant to the Performance Period and Performance
Goal provisions described above, be further restricted as to transferability or be subject to repurchase by the Company or forfeiture upon the occurrence of certain events determined by the Committee, in its sole discretion, for a period of at least
one year, or such longer period of time as the Committee may determine and as set forth in the Performance Share Agreement. Subject to the provisions of the Plan and the applicable Performance Share Agreement, during the Performance Period and the
additional restriction period, the Participant shall not be permitted to sell, transfer, pledge, assign, or otherwise encumber the Performance Shares. The Committee shall have the authority, in its sole discretion, to accelerate the time at which
any or all of the restrictions shall lapse with respect to any Performance Shares, but such acceleration will not terminate the restriction period prior to the expiration of one year. 
  
 (e) Stock Issuances and Restrictive Legends. 
  
 Upon execution and delivery of the Performance Share
Agreement as described above and receipt of payment of the full purchase price, if any, for the Performance Shares subject to such Performance Share Agreement, the Company shall, as soon as reasonably practicable thereafter, issue the Performance
Shares. Performance Shares may be issued, whenever issued, in the form of a certificate, by book entry, or otherwise, in the Company’s sole discretion, and shall bear an appropriate restrictive legend. Notwithstanding the foregoing to the
contrary, the Committee may, in its sole discretion, require that the Performance Shares be held by the Company or a trustee of a trust set up by the Committee, consistent with the terms and conditions of the Plan, to hold such 

 
Performance Shares until the restrictions on such Performance Shares have lapsed (in full or in part, in the Committee’s sole discretion), and the
Committee may require that, as a condition of any Performance Share Award, the Participant shall have delivered to the Company or such trustee a stock power, endorsed in blank, relating to the Performance Shares covered by the Award. 
  
 (f) Expiration of Restricted Period. 
  
 Subject to fulfillment of the terms and conditions of the
applicable Performance Share Agreement and any other vesting requirements related to the applicable Performance Period or Performance Goals, and upon the expiration of any additional period of restriction as described in Section 8(d), if any,
without prior forfeiture of the Performance Shares (or rights thereto) subject to such Restriction Period, unrestricted Shares shall be delivered to the Participant. 
  
 (g) Shareholder Rights. 
  
 Except as otherwise provided in the Plan or the applicable Performance Share Agreement, each Participant shall have, with respect the
Performance Shares covered by any Award to that Participant, all of the rights of a shareholder of the Company, including without limitation the right to vote the Performance Shares and the right to receive any dividends or other distributions with
respect to the Performance Shares; provided that if any Performance Shares are forfeited as provided in the Plan or the applicable Performance Share Agreement, then such rights shall terminate automatically at that time with respect to those
Performance Shares. 
  
 (h) Termination of
Employment. 
  
 If a Participant’s
employment by the Company and its subsidiaries terminates before the end of any Performance Period, or the expiration of any additional period of restriction as described in Section 8(d), with the consent of the Committee, in its sole discretion, or
upon the Participant’s death or disability (as defined in Section 22(e)(3) of the Code, or as otherwise defined by the Committee, in its sole discretion, at or before the time of grant and set forth in the Performance Share Agreement), the
Committee, taking into consideration the performance of such Participant and the performance of the Company over the Performance Period, may authorize the retention by such Participant (or his legal representative or other successor in interest) of
all or a portion of the Performance Shares which would have been retained by him had his employment continued to the end of the Performance Period and the expiration of any such additional period of restriction. Otherwise, all Performance Shares
awarded to such Participant that are still subject to restriction at the time of any such termination of employment shall be forfeited. If the Participant’s employment by the Company and its subsidiaries terminates before the end of any
Performance Period or any additional period of restriction established as described in Section 8(d) for any other reason, all such Performance Shares awarded to such Participant and still subject to restriction shall be forfeited. 

 Section 9. Deferred Shares. 
  
 Deferred Shares awarded under the Plan shall be subject to the following terms and conditions and such additional terms and
conditions not inconsistent with the terms of the Plan as the Committee deems appropriate: 
  
 (a) Deferral Period. 
  
 At the time of awarding Deferred Shares, the Committee shall, in its sole discretion, establish the duration of the period (the “Deferral Period”) during which, and the conditions under which, receipt of the
Deferred Shares shall be deferred; provided that the Deferral Period shall be not less than three years and one day for non-performance-based Awards and not less than one year and one day for performance-based Awards. The Committee may, in its sole
discretion, at the time of the award of Deferred Shares determine that the Deferred Shares shall be issued after the Deferral Period either in a lump sum or any such periodic installments as the Committee may determine, in its sole discretion (all
as shall be set forth in the Deferred Share Agreement). 
  
 (b)
Price. 
  
 The purchase price for Deferred
Shares shall be any price set by the Committee and may be zero. Payment in full of the purchase price, if any, shall be made by certified or bank cashier’s check or other form of payment acceptable to the Company, or, if approved by the
Committee, in its sole discretion, by (i) delivery of unrestricted Shares having a fair market value on the date of such delivery equal to the total purchase price, or (ii) a combination of the preceding methods. 
  
 (c) Acceptance of Deferred Share Award. 
  
 Awards of Deferred Shares must be accepted by the
Participant within 30 days (or such other period as the Committee may specify at or before grant) after the grant date by executing the Deferred Share Agreement. The Participant shall not have any rights with respect to the grant of Deferred Shares
unless and until the Participant has executed the Deferred Share Agreement, delivered a fully executed copy thereof to the Company, and otherwise complied with the applicable terms and conditions of the Award. 
  
 (d) Share Restrictions. 
  
 During the Deferral Period, the Participant shall not be
permitted to sell, transfer, pledge, assign, or encumber any rights with respect to the Deferred Shares. 

 (e) Stock Issuances. 
  
 Upon expiration of the Deferral Period and satisfaction of all other conditions to issuance of the Deferred
Shares under the applicable Deferred Share Agreement, the Company shall, as soon as reasonably practicable thereafter, issue the Shares covered by the Deferred Share Award. Such Shares may be issued, whenever issued, in the form of a certificate, by
book entry, or otherwise, in the Company’s sole discretion. 
  
 (f) Dividend Equivalents. 
  
 Deferred Shares shall be credited with an amount equivalent to the dividends, if any, paid by the Company during the Deferral Period on an equal number of outstanding Shares (the “Dividend Equivalents”). Dividend Equivalents shall
be credited as of the payment date of such dividends in the manner set forth in the following paragraph of this subsection. Deferred Shares held pending distribution after the expiration of the applicable Deferral Period (including without
limitation any Deferred Shares to be issued in periodic installments after the Deferral Period) shall continue to be credited with Dividend Equivalents until issued. 
  
 Dividend Equivalents so credited shall be converted into an additional number of Deferred Shares as of the
payment date of the dividend (based on the Fair Market Value of a Share on such payment date). Such Deferred Shares shall thereafter be treated in the same manner as the Deferred Shares with respect to which the Dividend Equivalents are so credited.
Dividend Equivalents resulting in fractional shares shall be held for the credit of the Participant until the final distribution of the Participant’s Deferred Shares that are subject to the same Deferred Share Agreement. At that time, any
remaining fractional share of a Dividend Equivalent shall be paid to the Participant in cash. 
  
 (g) Shareholder Rights. 
  
 No Participant shall have any rights of a shareholder in the Company with respect to Deferred Shares covered by an Award unless and until the Deferred Shares have been duly issued and delivered to that Participant
under the Plan. 
  
 Section 10. Restriction on Exercise After Termination.

  
 Notwithstanding any provision of this Plan to the contrary,
no unexercised right created under this Plan (an “Unexercised Right”) and held by a Participant on the date of termination of such Participant’s employment with the Company and its subsidiaries for any reason (including without
limitation the right to receive any unissued Deferred Shares) shall be exercisable after such termination if, prior to such exercise, the Participant (a) violates any non-competition, confidentiality, conflict of interest, or similar provision set
forth in the Award Agreement pursuant to which such Unexercised Right was awarded, or (b) otherwise conducts himself in a manner adversely affecting the Company, in each case as determined by the Committee, in its sole discretion. 

 Section 11. Withholding Tax. 
  
 The Company, at its option, shall have the right to require the Participant or any other person receiving Shares (including
without limitation upon the exercise of any Stock Option), Restricted Shares, Performance Shares, or Deferred Shares to pay the Company the amount of any taxes which the Company is required to withhold with respect to such Shares (including without
limitation upon the exercise of any Stock Option), Restricted Shares, Performance Shares, or Deferred Shares, or, at the Company’s option, in lieu of such payment, to retain or sell without notice a number of such Shares sufficient to cover the
amount required to be so withheld. The Company, at its option, shall have the right to deduct from all dividends or other amounts paid with respect to Shares, Restricted Shares, Performance Shares, and Deferred Shares the amount of any taxes which
the Company is required to withhold with respect to such dividends or other amounts. The obligations of the Company under the Plan shall be conditional on such payment or other arrangements acceptable to the Company, in its sole discretion.

  
 Section 12. Securities Law Restrictions. 
  
 No right under the Plan shall be exercisable and no Shares or other
securities shall be delivered under the Plan except in compliance with all applicable federal and state securities laws and regulations. The Company shall not be required to deliver any Shares or other securities under the Plan prior to such
registration or other qualification of such Shares or other securities under any state or federal law, rule, or regulation as the Committee shall determine to be necessary or advisable, in its sole discretion. 
  
 The Committee may require each person acquiring Shares under the Plan to make
such representations, warranties, and agreements with respect to the investment intent of such person or persons as the Committee may reasonably request. Any certificates for such Shares may include any legend which the Committee deems appropriate
to reflect any restrictions on transfer. 
  
 All Shares or other
securities delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable, in its sole discretion, under the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon or market in which the Shares are then listed or traded, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any certificates evidencing such Shares to
make appropriate reference to such restrictions. 
  
 Section 13. Change in
Control. 
  
 (a) Accelerated Vesting and Company Purchase
Option. 
  
 Notwithstanding any provision of
this Plan or any Award Agreement to the contrary (unless such Award Agreement contains a provision referring specifically to this Section 13 and stating that this Section 13 shall not be applicable to the Award evidenced by such Award Agreement), if
a Change in Control (as defined below) occurs, then: 

 (i) Any and all Stock Options theretofore granted and not fully vested shall thereupon
become vested and exercisable in full and shall remain so exercisable in accordance with their terms, and the restrictions applicable to any or all Restricted Shares and Performance Shares shall lapse and such Shares and Awards shall be fully
vested; provided that no Stock Option or other Award which has previously been exercised or otherwise terminated shall become exercisable; and 
  
 (ii) The Company may, at its option, terminate any or all unexercised Stock Options and portions thereof not more than 30 days after such
Change in Control; provided that the Company shall, upon such termination and with respect to each Stock Option so terminated, pay to the Participant (or such Participant’s transferee, if applicable) theretofore holding such Stock Option cash
in an amount equal to the difference between the fair market value (as defined in Section 6(a), above) of the Shares subject to the Stock Option at the time the Company exercises its option under this Section 13(a)(ii) and the exercise price of the
Stock Option; and provided further that if such fair market value is less than such exercise price, then the Committee may, in its sole discretion, terminate such Stock Option without any payment. 
  
 (b) Definition of Change in Control. 
  
 For purposes of the Plan, a “Change in Control”
shall mean the happening of either of the following: 
  
 (i) The direct or indirect acquisition by any “person” as defined in §3(a)(9) of the 1934 Act and as used in §§13(d) and 14(d) thereof, including a “group” within the meaning of §13(d) of the 1934 Act
(hereinafter, simply a “Person”), of “beneficial ownership” (within the meaning of Rule 13d-3 under the 1934 Act) of securities of the Company representing more than 50% of the combined voting power of the Company’s then
outstanding voting securities entitled to vote generally in the election of directors of the Company (the “Company Voting Securities”); provided that: (A) for purposes of this subsection (i), the term “Person” shall not include
the Company, any subsidiary of the Company, or any employee benefit plan sponsored or maintained by the Company or any subsidiary of the Company (including any trustee of such plan acting as trustee); and (B) the provisions of this subsection (i)
shall not apply to (1) any acquisition of securities from the Company or any of its subsidiaries, or (2) any acquisition of securities pursuant to a Business Combination (as defined below) which satisfies clauses (A) and (B) of subsection (iii) of
this Section 13(b); 
  
 (ii) When, during any
period of 24 consecutive months during the existence of the Plan, the individuals who, at the beginning of such period constitute the Board (the “Incumbent Directors”) cease for any reason other than death to constitute at least at least a
majority of the Board; provided, however, that a director who was not a director at the beginning of such 24-month period shall be deemed to have satisfied such 24-month requirement (and be an 

 
Incumbent Director) if such director was elected by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then
qualified as Incumbent Directors either actually (because they were directors at the beginning of such 24-month period) or by prior operation of this Section 13(b)(ii); or 
  
 (iii) Approval by the stockholders of the Company of a reorganization, merger, consolidation, or
recapitalization of the Company, or a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of the assets of another corporation or other entity (any such transaction, a “Business
Combination”), or the consummation of a Business Combination for which stockholder approval is not obtained, unless, in any such case, following such Business Combination: (A) all or substantially all of the individuals and entities who were
the beneficial owners of the Company Voting Securities outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, immediately following such Business Combination, more than 50% of the combined voting power
of the then outstanding voting securities entitled to vote generally in the election of directors (or their equivalent) of the corporation or other entity resulting from such Business Combination in substantially the same proportions as their
ownership of the Company Voting Securities immediately prior to such Business Combination, and (B) at least a majority of the members of the board of directors (or its equivalent) of the corporation or other entity resulting from such Business
Combination were Incumbent Directors at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  
 (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

  
 (c) No Application To Deferred Shares. 
  
 The preceding provisions of this Section 13 shall not apply
to any Deferred Shares. Deferred Shares shall be subject only to such change in control or similar provisions as are established by the Committee, in its sole discretion, at or before grant and set forth in the applicable Deferred Share Agreement.

  
 Section 14. Changes in Capital Structure. 
  
 In the event the Company changes its outstanding Shares by reason of stock
splits, stock dividends, or any other increase or reduction of the number of outstanding Shares without receiving consideration in the form of money, services, or property deemed appropriate by the Board, in its sole discretion, the aggregate number
of Shares subject to the Plan, the limitation on the number of Shares subject to ISOs and the limitation on the number of Shares subject to Stock Options, Restricted Shares, Performance Shares, and Deferred Shares granted to any single Participant
shall be proportionately adjusted or substituted and the number of Shares, and the exercise price for each Share subject to the unexercised portion of any then-outstanding Award shall be proportionately adjusted, with the objective that the
Participant’s proportionate interest 

 
in the Company shall reflect equitably the effects of such changes as applicable to the unexercised portion of any then-outstanding Awards, all as determined
by the Committee, in its sole discretion. 
  
 In the event of any
other recapitalization, corporate separation or division, or any merger, consolidation, or other reorganization of the Company, the Committee shall make such adjustment, if any, as it may deem appropriate to accurately reflect the number and kind of
shares deliverable, and the exercise prices payable, upon subsequent exercise of any then-outstanding Awards, as determined by the Committee, in its sole discretion. 
  
 The Committee’s determination of the adjustments appropriate to be made under this Section 14 shall be conclusive upon
all Participants under the Plan. 
  
 Section 15. No Enlargement of Employee
Rights. 
  
 The adoption of this Plan and the grant of one or
more Awards to an employee of the Company or any of its subsidiaries shall not confer any right to the employee to continue in the employ of the Company or any such subsidiary and shall not restrict or interfere in any way with the right of his
employer to terminate his employment at any time, with or without cause. 
  
 Section 16. Rights as a Shareholder. 
  
 No
Participant or his executor or administrator or other transferee shall have any rights of a shareholder in the Company with respect to the Shares covered by an Award unless and until such Shares have been duly issued to him under the Plan.

  
 Section 17. Acceleration of Rights. 
  
 Except with respect to Deferred Shares, the Committee shall have the
authority, in its sole discretion, to accelerate the time at which a Stock Option or other Award right shall be exercisable whenever it may determine that such action is appropriate by reason of changes in applicable tax or other laws or other
changes in circumstances occurring after the grant of the Award. 
  
 Section 18.
Interpretation, Amendment, or Termination of the Plan. 
  
 The interpretation by the Committee of any provision of the Plan or of any Award Agreement executed pursuant to the grant of an Award under the Plan shall be final and conclusive upon all Participants or transferees under the Plan. The
Board, without further action on the part of the stockholders of the Company, may from time to time alter, amend, or suspend the Plan or may at any time terminate the Plan, provided that: (a) no such action shall materially and adversely affect any
outstanding Award under the Plan without the consent of the holder of such Award; and (b) except for the adjustments provided for in Section 14, above, no amendment may be made by Board action without shareholder approval if the amendment would
require shareholder approval under applicable law or regulation, or if the amendment is a “material amendment” as defined below. Subject to the above provisions, the Board shall have authority to amend the Plan to take into account changes
in applicable tax and securities laws and accounting rules, stock exchange or market rules, as well as other developments. 

 For the purposes of this Section 18, a “material amendment” to the Plan shall mean: 

 
 (1) any material increase in the number of Shares to be issued under the
Plan (other than to reflect a reorganization, stock split, merger, spinoff or similar transaction); 
  
 (2) any material increase in benefits to Participants, including any amendment to: (a) permit a repricing (as defined below) of outstanding Stock Options,
(b) reduce the price at which Shares or Stock Options may be offered, or (c) extend the duration of the Plan; 
  
 (3) any material expansion of the class of Participants eligible to participate in the Plan; and 
  
 (4) any expansion in the types of Stock Options or Awards provided under the
Plan. 
  
 The Committee may amend the terms of any Award
theretofore granted, prospectively or retroactively; provided, no such amendment shall impair the rights of any Participant without the Participant’s consent, unless it is made to cause the Plan or such Award to comply with applicable law,
stock exchange or market rules or accounting rules. The Committee’s ability to amend the terms of outstanding Awards does not provide the authority for the Committee to amend the terms of any Restriction Period or holding period for stock
Awards, except as otherwise set forth in this Plan. Notwithstanding the foregoing, the Committee may not adjust or amend the exercise price of Stock Options previously granted, whether through amendment, cancellation or replacement grants or any
other means (a “repricing”) unless the Company obtains stockholder approval for such repricing. 
  
 Section 19. Unfunded Status of the Plan. 
  
 The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments or deliveries of Shares not yet made by the Company to a Participant or transferee
nothing contained herein shall give any such Participant or transferee any rights that are greater than those of a general creditor of the Company. The Committee may authorize the creation of trusts or other arrangements to meet obligations created
under the Plan to deliver Shares or payments hereunder consistent with the foregoing. 
  
 Section 20. Protection of Board and Committee. 
  
 No member of the Board or the Committee shall have any liability for any determination or other action made or taken in good faith with respect to the Plan or any Award granted under the Plan. 

 Section 21. Government Regulations. 
  
 Notwithstanding any provision of the Plan or any Award Agreement executed pursuant to the Plan, the Company’s
obligations under the Plan and such Award Agreement shall be subject to all applicable laws, rules, and regulations and to such approvals as may be required by any governmental or regulatory agencies, including without limitation any stock exchange
or market on which the Company’s Shares may then be listed or traded. 
  
 Section 22. Governing Law. 
  
 The Plan shall be
construed under and governed by the laws of the State of Delaware. 
  
 Section 23.
Genders and Numbers. 
  
 When permitted by the context,
each pronoun used in the Plan shall include the same pronoun in other genders and numbers. 
  
 Section 24. Captions. 
  
 The captions of the various sections of the Plan are not part of the context of the Plan, but are only labels to assist in locating those sections, and shall be ignored in construing the Plan. 
  
 Section 25. Effective Date. 
  
 The Plan shall be effective April 26, 2005 (the “Effective Date”);
provided that if the Plan is not approved by the Company’s stockholders at the annual meeting of the stockholders held on the Effective Date, or at any adjournment of that meeting, then the Plan shall automatically become null and void and have
no further force or effect. 
  
 Section 26. Term of Plan. 
  
 No Award shall be granted pursuant to the Plan on or after the 10th
anniversary of the Effective Date, but Awards granted prior to such tenth anniversary may extend beyond that date. 

 Section 27. Savings Clause. 
  
 In case any one or more of the provisions of this Plan or any Award shall be held invalid, illegal, or unenforceable in any
respect, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the invalid, illegal, or unenforceable provision shall be deemed null and void. However, to the extent
permissible under applicable law, any provision which could be deemed null and void shall first be construed, interpreted, or revised retroactively to permit the Plan or such Award, as applicable, to be construed so as to foster the intent of this
Plan. This Plan and all Awards are intended to comply in all respects with applicable law and regulation, including, as applicable, Section 422 of the Code, Rule 16b-3 under the 1934 Act (with respect to persons subject to Section 16 of the 1934 Act
(“Reporting Persons”)), and Section 162(m) of the Code (with respect to covered employees as defined under Section 162(m) of the Code (“Covered Employees”)). In case any one or more of the provisions of this Plan or any Award
shall be held to violate or be unenforceable in any respect under Code Section 422, if applicable, Rule 16b-3, or Code Section 162(m), then, to the extent permissible under applicable law, any provision which could be deemed to violate or be
unenforceable under Code Section 422, Rule 16b-3, or Code Section 162(m) shall first be construed, interpreted, or revised retroactively to permit the Plan or such Award, as applicable, to be in compliance with Code Section 422, Rule 16b-3, and Code
Section162(m). Notwithstanding anything in this Plan to the contrary, the Committee, in its sole discretion, may bifurcate the Plan so as to restrict, limit, or condition the use of any provision of this Plan to Participants who are Reporting
Persons or Covered Employees without so restricting, limiting, or conditioning this Plan with respect to other Participants. 
  
 To the extent that any Award under the Plan is or may be considered to involve a nonqualified deferred compensation plan or deferral subject to Section
409A of the Code, the terms and administration of such Award shall comply with the provisions of such section, applicable IRS guidance and good faith reasonable interpretations thereof, and to the extent necessary, shall be modified, replaced, or
terminated in the discretion of the Committee. 
  
 The Committee
may modify the terms of any Award under the Plan granted to a Participant who, at the time of grant or during the term of the Award, is resident or employed outside of the United States in any manner deemed by the Committee to be necessary or
appropriate in order to accommodate differences in local law, regulation, tax policy or custom, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of
the Participant’s residence or employment abroad, will be comparable to the value of such Award to a Participant who is resident or employed in the United States. Moreover, the Committee may approve such supplements to, or amendments,
restatements or alternative versions of this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this Plan as in effect for any other purpose, provided that no such supplements, amendments,
restatements or alternative versions shall include any provisions that are inconsistent with the terms of the Plan, as then in effect, unless this Plan could have been amended to eliminate such inconsistency without further approval of stockholders
of the Company.

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