Document:

1995 Directors Stock Option Plan

 Exhibit (qq) 
 MARSHALL & ILSLEY CORPORATION 
 1995 DIRECTORS STOCK OPTION PLAN 
 as amended on August 15, 2002 
 as further amended on October 19, 2006 
 1. PURPOSE OF THE PLAN 
 The purpose of the Marshall & Ilsley Corporation 1995 Directors Stock Option Plan (the “Plan”) is to promote the best interests of
Marshall & Ilsley Corporation (the “Company”) and its shareholders by providing the non-employee directors of the Company with an opportunity to acquire a proprietary interest in the Company thereby more closely aligning their
interests with those of shareholders and providing a stronger incentive for them to put forth maximum effort for the continued success and growth of the Company. In addition, the opportunity to acquire a proprietary interest in the Company will aid
the Company in attracting and retaining qualified personnel to serve as directors of the Company. 
 2. ADMINISTRATION OF THE PLAN

 (a) Procedure; Disinterested Directors. The Board of Directors will administer the Plan; provided, however, that the
Board of Directors may appoint a committee (the “Committee”) of not less than three (3) directors to administer the Plan if the Board of Directors deems it necessary or advisable to appoint such Committee, or if it is otherwise
necessary to appoint such Committee in order to comply with the exemptive rules promulgated pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
 (b) Powers. Grants of options to purchase the common stock, par value $1.00 per share (“Common Stock”), of the Company
under the Plan (the “Options”) and the amount, price, and timing of the awards to be granted will be automatic as described in Section 5. However, all questions of interpretation of the Plan will be determined by the Board of
Directors or the Committee, as applicable, and such determination will be final and binding upon all parties. 
 3. PARTICIPANTS IN THE PLAN

 Participants in the Plan shall consist of all present or future directors of the Company who are not employees of the Company or its
subsidiaries. Any director who is an employee of the Company or its subsidiaries and who subsequently ceases to be an employee of the Company and its subsidiaries, but remains a director of the Company, shall become eligible to participate in the
Plan at the time such director ceases to be employed by the Company or its subsidiaries. 

 4. SHARES RESERVED UNDER THE PLAN 
 The aggregate number of shares of the Company’s Common Stock which may be issued under the Plan shall not exceed an aggregate of five hundred
thousand (500,000) shares of Common Stock, which may be treasury shares or authorized but unissued shares, or a combination of the two, subject to adjustment as provided in Paragraph 11 hereof. Any shares of Common Stock which are subject to an
Option which expires or terminates for any reason (whether by voluntary surrender, lapse of time, or otherwise) and which is unexercised as to such shares, may again be the subject of an Option under the Plan. The holder of an Option shall be
entitled to the rights and privileges of ownership with respect to the shares of Common Stock subject to the Option only after actual purchase and issuance of such shares of Common Stock pursuant to the exercise of all or part of an Option.

 5. NUMBER OF SHARES TO BE GRANTED EACH ELIGIBLE DIRECTOR; EXERCISE 
 (a) Automatic Grant. On the date of the Company’s 1995 Annual Meeting of Shareholders, each eligible director of the Company
whose term of office continues after the Company’s 1995 Annual Meeting of Shareholders shall be granted an Option to purchase that number of shares of Common Stock equal to the multiple of two thousand five hundred (2,500) and the number
of years remaining in such director’s term as a director of the Company. On the date of each Annual Meeting of Shareholders of the Company after the Company’s 1995 Annual Meeting of Shareholders, each eligible director elected or
re-elected at such Annual Meeting shall be granted an Option to purchase that number of shares of Common Stock equal to the multiple of two thousand five hundred (2,500) and the number of years in the term to which such director has been
elected to the Company’s Board of Directors. Each eligible director appointed to the Board of Directors to fill a vacancy on the Board of Directors, including a vacancy resulting from an increase in the number of directors, and each director
who becomes an eligible director because such director ceases to be employed by the Company or its subsidiaries, shall, at the next Annual Meeting of Shareholders of the Company after such appointment or change in employment status, as the case may
be, if such eligible director is not elected or re-elected at such Annual Meeting, be granted an option to purchase that number of shares of Common Stock equal to the multiple of two thousand five hundred (2,500) and the number of years
remaining in such director’s term as a director of the Company. 
 (b) Exercise. An Option may be exercised in
whole at any time or in part from time to time on or after the date of grant; provided, however, that if an Option is exercised within six (6) months from the date of grant, the Common Stock issued upon exercise of such Option may not be sold,
transferred, or otherwise disposed of by the director exercising such Option until such six (6) month period has expired. 
  

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 (c) Written Agreement. Each Option shall be evidenced by an appropriate written
agreement, the form of which shall be consistent with the terms and conditions of the Plan and applicable law, and which shall be signed by one or more designated members of the Board of Directors or the Committee and the non-employee director.

 (d) Tax Status of Options. Options granted hereunder shall not comply with the provisions of Section 422 of
Internal Revenue Code of 1986, as amended. 
 6. OPTION PRICE; TERM 
 Options granted hereunder shall consist of options to purchase shares of Common Stock at purchase prices per share of not less that 100 percent of the
fair market value per share of the shares of Common Stock on the date the Option is granted. For purposes of this Plan, the fair market value per share of the Common Stock on any date shall be the closing sale price per share of the Common Stock on
the National Association of Securities Dealers Automated Quotation/National Market System (“NASDAQ/NMS”) on the business day immediately preceding such date. If the Common Stock ceases to be listed on the NASDAQ/NMS, the Board of Directors
or the Committee, as applicable, shall designate an alternative method of determining the fair market value per share of the Common Stock. No Option will be exercisable after the expiration of ten (10) years after the date of its grant, and
each Option will terminate no later than three (3) years after the holder thereof ceases to be a director of the Company for any reason (but in no event later than ten (10) years after its date of grant). 
 7. FORM OF PAYMENT 
 The exercise price of
the Option shall be payable in whole or in part in cash or in shares of Common Stock held by the director for more than six (6) months. If the director elects to pay all or a part of the exercise price in shares of Common Stock, such director
may make such payment by delivering to the Company a number of shares already owned by the director equal to the exercise price. All shares of Common Stock so delivered shall be valued at their fair market value per share on the date delivered.

 8. TAXES 
 The Company shall
be entitled to pay or withhold the amount of any tax which it believes is required as a result of the grant or exercise of any Option under the Plan, and the Company may defer making delivery with respect to the Common Stock obtained pursuant to
exercise of any Option until arrangements satisfactory to it have been made with respect to any such withholding obligations. A director exercising an Option may, at such director’s election and subject to Paragraph 5(b), satisfy the obligation
for payment of withholding taxes either by having the Company retain a number of shares having an aggregate fair market value per share on the date the shares are withheld equal to the amount of the withholding tax or by delivering to the Company
shares already owned by the director having an aggregate fair market value per share on the date the shares are delivered equal to the amount of the withholding tax. 
  

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 9. TRANSFERABILITY 
 Options granted to a director under this Plan shall not be transferable and during the lifetime of such director shall be exercisable only by such director. A director shall have the right to transfer the Options
granted to such director upon such director’s death, either by the terms of such director’s will or under the laws of descent and distribution, subject to the limitations set forth herein, and all such distributes shall be subject to all
terms and conditions of this Plan to the same extent as would such director if still alive, except as otherwise expressly provided herein. 
 10. SECURITIES LAW 
 Each Option agreement shall contain such representations, warranties and other terms and conditions as shall be
necessary in the opinion of counsel to the Company to comply with all applicable federal and state securities law. The Company shall have the right to delay the issue or delivery of any shares of Common Stock under the Plan until (a) the
completion of such registration or qualification of such shares under any federal or state law, ruling or regulation as the Company shall determine to be necessary or advisable, and (b) receipt from the holder of the Option of such documents
and information as the Company may deem necessary to appropriate in connection with such registration or qualification. 
 11. ADJUSTMENT
PROVISIONS 
 In the event of any corporate event or transaction, such as a merger, consolidation, share exchange, recapitalization,
reorganization, separation, stock dividend, stock split, split-up, spin-off or other distribution of stock or property of the Company, combination of shares, exchange of shares, dividend in kind, or other like change in capital structure or
distribution (other than normal cash dividends) to shareholders of the Company, the Committee, in order to prevent dilution or enlargement of participants’ rights under the Plan, shall substitute or adjust, in an equitable manner (including
adjustments to avoid fractional shares), the number of Common Shares (i) reserved under the Plan, (ii) for which Options may be granted to an individual Participant, and (iii) covered by outstanding Options denominated in stock,
(b) the stock prices related to outstanding Options; (c) the appropriate Fair Market Value and other price determinations for such Options; and (d) the number of shares to be granted pursuant to Section 5(a) hereof. In the event
of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee shall be authorized to issue or assume Options, whether or not in a transaction to which Section 424(a) of the Code
applies, by means of substitution of new Options for previously issued awards or an assumption of previously issued awards. All adjustments under this Section 11 shall be made in a manner such that they will not result in a penalty under
Section 409A of the Code. Any adjustment, waiver, conversion or other action taken by the Committee under this Section 11 shall be conclusive and binding on all Participants, the Company and their successors, assigns and beneficiaries.

  

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 12. EFFECTIVENESS OF PLAN 
 The Plan shall become effective on February 16, 1995, subject to approval of the Plan by the shareholders of the Company. 
 13. RULE 16b-3 
 It is intended that the Plan and any award made to a person subject to Section 16 of
the Exchange Act, and any transaction or election hereunder by any such person, shall meet all of the requirements of Rule 16b-3. If any provision of the Plan or any award hereunder would disqualify the Plan or such award hereunder, or would not
comply with Rule 16b-3, such provision or award shall be construed or deemed amended to conform to Rule 16b-3. 
 14. TENURE 
 The Plan shall not be construed as conferring any rights upon any person for continuation as a member of the Board of Directors of the Company 

15. TERMINATION AND AMENDMENT 
 Unless the
Plan shall theretofore have been terminated as hereinafter provided, no Option hereunder shall be granted after February 16, 2005. The Plan may be terminated, modified or amended by the affirmative vote of the holders of a majority of the
shares of Common Stock present, or represented, and entitled to vote at a meeting of the shareholders of the Company. The Board of Directors of the Company may also terminate the Plan or make such modifications or amendments thereof as it shall deem
advisable, including such modifications or amendments as it shall deem advisable in order to conform to any law or regulation applicable thereto; provided, however, that the Board of Directors may not, unless otherwise permitted under the federal
securities laws, without further approval of the shareholders of the Company, adopt any amendment to the Plan which would cause the Plan to no longer comply with Rule 16b-3, or any successor rule or other regulatory requirements. No termination,
modification or amendment of the Plan may, without the consent of the holder an Option granted hereunder, adversely affect the rights of such holder under an outstanding Option then held by the holder. 
  

 51993 Executive Stock Option Plan

 Exhibit (10)(rr) 
 MARSHALL & ILSLEY CORPORATION 
 1993 EXECUTIVE STOCK OPTION PLAN 
 as amended on February 13, 1997, December 14, 1995, 
 and December 12, 1996 
 as further amended on October 19, 2006 
 1. PURPOSE OF THE PLAN. 
 The purpose of the
Plan is to promote the best interests of Marshall & Ilsley Corporation and its shareholders by providing key employees of Marshall & Ilsley Corporation and its Subsidiaries with an opportunity to acquire a proprietary interest in
Marshall & Ilsley Corporation thereby providing a stronger incentive for them to put forth maximum effort for the continued success and growth of Marshall & Ilsley Corporation. In addition, the opportunity to acquire a proprietary
interest in Marshall & Ilsley Corporation will aid in attracting and retaining key personnel. 
 2. DEFINITIONS. 
 Unless the context otherwise requires, the following terms shall have the meanings set forth below: 
 (a) “Cause” shall mean the discharge of an Employee on account of fraud or embezzlement against the Company or its Subsidiaries
or serious and willful acts of misconduct detrimental to the business of the Company or its Subsidiaries or their reputations. 
 (b) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” shall
mean the Committee of the Board of Directors constituted as provided in Paragraph 4 of the Plan. 
 (d) “Company”
shall mean Marshall & Ilsley Corporation, a Wisconsin corporation. 
 (e) “Employees” shall mean those
individuals who are full-time employees of the Company or its Subsidiaries, from among whom the Committee may select the holders of Options. 
 (f) “Holder” shall mean an Employee to whom an Option has been granted. 
 (g)
“Incentive Stock Option” shall mean an option to purchase Shares which complies with the provisions of Section 422 of the Code. 
 (h) “Market Price” shall mean the closing sale price of a Share on the NASDAQ National Market System as reported in the Midwest Edition of the Wall Street Journal, or such other market price as the Committee
may determine in conformity with pertinent law and regulations of the Treasury Department. 
 (i) “1934 Act” shall
mean the Securities Exchange Act of 1934, as amended. 
  

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 (j) “Nonstatutory Stock Option” shall mean an option to purchase Shares which
does not comply with the provisions of Section 422 of the Code. 
 (k) “Option” shall mean an Incentive Stock
Option or Nonstatutory Stock Option granted under the Plan. 
 (l) “Option Agreement” shall mean the agreement
between the Company and an Employee whereby an Option is granted to such Employee. 
 (m) “Parent” shall mean a
parent corporation of the Company as defined in Section 424(e) of the Code. 
 (n) “Plan” shall mean the 1993
Executive Stock Option Plan of the Company. 
 (o) “Share” or “Shares” shall mean the $1.00 par value
Common Stock of the Company. 
 (p) “Subsidiary” shall mean a subsidiary corporation of the Company as defined in
Section 424(f) of the Code. 
 (q) “Triggering Event” shall mean any of the following: (a) the
commencement by any person or group of persons, other than the Company or a Subsidiary, of a tender or exchange offer for twenty-five percent (25%) or more of the outstanding shares of the common stock of the Company; (b) the acceptance by
the Board of Directors of the Company of, or the public recommendation by the Board that the stockholders of the Company accept, an offer from any person or group of persons, other than the Company or a Subsidiary, to acquire twenty-five percent
(25%) or more of either the outstanding shares of the common stock of the Company or the consolidated assets of the Company; (c) the acquisition, by any person or group of persons, of the beneficial ownership or the right to acquire
beneficial ownership of twenty-five percent (25%) or more of the outstanding shares of the common stock of the Company (the term “group” and “beneficial ownership” as used in the paragraph having the meanings assigned
thereto in Section 13(d) of the 1934 Act and the regulations promulgated thereunder); or (d) the Company (or any Subsidiary or Subsidiaries in the aggregate representing at least 25% of the consolidated assets of the Company), shall have
entered into an agreement with any person, or any person shall have filed a draft or final application or notice with the Board of Governors of the Federal Reserve System or the Office of the Comptroller of the Currency or any other deferral or
state regulatory agency for approval, to (i) merge or consolidate with, or enter into any similar transaction with, the Company or such Subsidiary, in which the Company or Subsidiary is not the survivor (ii) purchase, lease or otherwise
acquire all or substantially all of the assets of the Company or such Subsidiary or (iii) purchase or otherwise acquire (including by way of merger, consolidation, share exchange or any similar transaction ) or otherwise hold or own, securities
representing twenty-five percent (25%) or more of the voting power of the Company or such Subsidiary. 
  

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 3. SHARES RESERVED UNDER PLAN. 
 The aggregate number of Shares which may be issued or sold under the Plan shall not exceed 3,000,000 Shares, which may be treasury Shares or authorized
but unissued Shares, or a combination of the two, subject to adjustment as provided in Paragraph 12 hereof. Any Shares subject to an Option which expires or terminated for any reason (whether by voluntary surrender, lapse of time, termination of
employment or otherwise) and is unexercised as to such Shares may again be the subject of an Option under the Plan. The Holder of an Option shall be entitled to the rights and privileges of ownership with respect to the Shares subject to the Option
only after actual purchase and issuance of such Shares pursuant to exercise of all or part of an Option. No Employee shall be eligible to receive Options for Shares aggregating more than 600,000 of the Shares reserved under the Plan during the term
of the Plan, subject to adjustment as provided in Paragraph 12 hereof. 
 4. ADMINISTRATION OF THE PLAN. 
 (a) The Plan shall be administered by the Committee. The Committee shall consist of not less than three members of the Board of
Directors of the Company and shall be so constituted as to permit the Plan to comply with Rule 16b-3 under the 1934 Act, as such rule is currently in effect or as hereafter modified or amended (“Rule 16b-3”), Section 162(m) of the
Code, or any successor rule or other statutory or regulatory requirements. The members of the Committee shall be appointed from time to time by the Board of Directors. 
 (b) The Committee shall have sole authority in its discretion, but always subject to the express provisions of the Plan, to determine the
Employees to whom and the time or times at which Options shall be granted, the number of Shares to be subject to each Option, and the extent to which Options may be exercised in installments; to interpret the Plan; to prescribe, amend, and rescind
rules and regulations pertaining to the Plan; to determine the terms and provisions of the respective Option Agreements; and to make all other determinations and interpretations deemed necessary or advisable for the administration of the Plan. The
Committee’s determination of the foregoing matters shall be conclusive and binding on the Company, all Employees, all Holders, and all other persons. 
 5. ELIGIBILITY. 
 Only Employees shall be eligible to receive Options under the Plan. In determining the
Employees to whom Options shall be granted and the number of Shares to be covered by each Option, the Committee may take into account the nature of the services rendered by the respective Employees, their present and potential contributions to the
success of the Company, and other such factors as the Committee in its discretion shall deem relevant. An Employee who has been granted an Option under the Plan may be granted additional Options under the Plan if the Committee shall so determine.
The Company shall effect the granting of Options under the Plan by execution of Option Agreements in such form as shall be approved by the Committee. No Option may be granted under the Plan to any person who is then a member of the Committee.

  

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 6. OPTIONS: GENERAL PROVISIONS. 
 (a) Types of Options. Options to purchase Shares granted pursuant to this Plan shall be specified to be either an Incentive Stock
Option (as described in Paragraph 7) or a Nonstatutory Stock Option. An Option Agreement executed pursuant to this Plan may include both an Incentive Stock Option and a Nonstatutory Stock Option. An Option Agreement executed pursuant to this Plan
shall in no event provide for the grant of a tandem Option, wherein two Options are issued together and the exercise of one affects the right to exercise the other. 
 (b) Option Exercise Price. The per share exercise price of the Shares under each Option granted pursuant to this Plan shall be
determined by the Committee but shall not be less than one hundred percent (100%) of the fair market value per share on the date of grant of such Option. 
 (c) General Exercise Period. No Option granted under this Plan shall provide for its exercise earlier than six (6) months from
its date of grant. The Committee may, in its discretion, (i) require that a Holder be employed by the Company or a Subsidiary for a designated number of years prior to the exercise by the Holder of any Option or portion of an Option granted
under this Plan or (ii) impose additional restrictions on exercise of any Option. The Committee may, in its discretion, determine the periods during which Options or portions of Options may be exercise by a Holder, subject only to the terms of
this Plan. Any of the foregoing requirements or limitations subsequently may be reduced or waived by the Committee in its discretion, unless such reduction or waiver is prohibited by the Code or other applicable law. 
 (d) Vesting. If an Option Agreement provides that a Holder must be employed by the Company or a Subsidiary for a designated period
before an Option becomes exercisable, such Option will become immediately exercisable upon the occurrence of a Triggering Event. 
 (e) Payment of Exercise Price. The exercise price shall be payable in whole or in part in cash or in Shares held by the Holder for more than six months. If the Employee elects to pay all or a part of the exercise price in Shares,
such Employee may make such payment by delivering to the Company a number of Shares already owned by the Employee equal in value to the exercise price. All Shares so delivered shall be valued at their Market Price on the date delivered. 

7. INCENTIVE STOCK OPTIONS. 
 This
Paragraph sets forth the special provisions that govern Incentive Stock Options granted under this Plan. 
 (a) Maximum
Calendar Year Grant to Any Employee. The aggregate fair market value (determined at the time the Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time during any calendar year under
this Plan (and under all other plans of the Company or any Parent or Subsidiary qualifying under Section 422 of the Code) shall not exceed $100,000 per Employee, and/or any other limit as may be prescribed by the Code from time to time.

  

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 (b) Grant and Exercise Period. No Incentive Stock Option shall (i) be granted
after ten (10) years from the date this Plan is adopted by the Company’s Board of Directors, or (ii) be exercisable after the expiration of ten (10) years from its date of grant. Every Incentive Stock Option which has not been
exercised within ten years of its date of grant shall lapse upon the expiration of said ten-year period unless it shall have lapsed at an earlier date. 
 8. TERMINATION OF EMPLOYMENT. 
 (a) Any Holder whose employment with the Company or a
Subsidiary is terminated due to retirement on such Holder’s normal retirement date (as defined in the M&I Retirement Growth Plan or any successor thereto) or due to early retirement with the consent of the Committee shall have five
(5) years from the date of such termination of employment to exercise any Option granted hereunder as to all or part of the Shares subject to such Option, provided, however, that no Incentive Stock Option shall be exercisable subsequent to ten
(10) years after its date of grant; and provided, further, that on the date of termination of employment, the Holder then had a present right to exercise such Option. 
 (b) Any Holder whose employment with the Company or a Subsidiary is terminated due to disability (as defined in Section 22(e)(3) of
the Code) shall have one (1) year from the date of termination of employment to exercise any Option granted hereunder as to all or part of the Shares subject to such Option; provided, however that no Incentive Stock Option shall be exercisable
subsequent to ten (10) years after its date of grant; and provided, further, that on the date of termination of employment, the Holder then had a present right to exercise such Option. 
 (c) In the event of the death of a Holder while in the employ of the Company or a Subsidiary, and Option theretofore granted to such
Holder shall be exercisable: 
 (1) For one (1) year after the Holder’s death, but in no event later than ten
(10) years from its date of grant in the case of an Incentive Stock Option; 
 (2) Only by the personal representative,
administrator or other representative of the estate of the deceased Holder or by the person or persons to whom the deceased Holder’s right under the Option shall pass by will or the laws of descent and distribution; and 
 (3) Only to the extent that the deceased Holder would have been entitled to exercise such Option on the date of the Holder’s death.

 (d) If a Holder’s employment is terminated for a reason other than those specified above, the Holder shall have three
(3) months from the date of termination of employment to exercise any Option granted hereunder as to all or part of the Shares subject thereto, provided, however, that no Incentive Stock Option shall be exercisable subsequent to ten
(10) years after its date of grant; and provided, further, that on the date of termination of employment, the Holder then had a present right to exercise such Option. Notwithstanding the foregoing, (i) if a Holder’s employment is
terminated for Cause, to the extent an Option is not effectively exercised prior to such termination, it shall lapse immediately upon termination and (ii) if a Holder’s employment is terminated in anticipation of, or as a result of, a
Triggering Event which results in a transaction 

  

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which will be accounted for using the pooling of interests accounting method, any Holder who is an executive officer for purposes of Section 16(b) of
the 1934 Act shall have the greater of (a) six (6) months and (1) day or (b) ten (10) business days following the release of 30 days of combined results of the Company and any acquiring company, to exercise any Option
granted hereunder as to all or part of the Shares subject thereto. 
 (e) The Committee may in its sole discretion increase
the periods permitted for exercise of an Option following a termination of employment as provided in Subparagraphs 8(a), (b), (c), and (d), above if allowable under applicable law; provided, however, in no event shall an Incentive Stock Option be
exercisable subsequent to ten (10) years after its date of grant. 
 (f) The Plan shall not confer upon any Holder any
right with respect to continuation of employment by the Company or a Subsidiary, nor shall it interfere in any way with the right of the Company or such Subsidiary to terminate any Holder’s employment at any time. 
 9. TRANSFERABILITY. 
 (a)
Except as provided in this Paragraph 9, Options granted to a Holder under this Plan shall be not transferable and during the lifetime of the Holder shall be exercisable only by the Holder. A Holder shall have the right to transfer the Options
granted to such Holder upon such Holder’s death, either by the terms of such Holder’s will or under the laws of descent and distribution, subject to the limitations set forth in Paragraph 8 above, and all such distributes shall be subject
to all terms and conditions of this Plan to the same extent as would the Holder if still alive, except as otherwise expressly provided herein or as determined by the Committee. 
 (b) An Option Agreement may provide that Options are transferable to members of a Holder’s immediate family, to trusts for the
benefit of such immediate family members and to partnerships in which such family members are the only partners. For purposes of the preceding sentence, “immediate family” shall mean a Holder’s children, grandchildren and spouse.

 10. EXERCISE. 
 An Option
Agreement may provide for the exercise of its respective Option in such amounts and at such times as shall be specified therein; provided, however, except as provided in Paragraph 8, above, no Option may be exercised unless the Holder is then in the
employ of the Company or a Subsidiary and shall have been continuously so employed since its date of grant. An Option shall be exercisable by a Holder’s giving written notice of exercise to the Secretary of the Company accompanied by payment of
the required exercise price. The Company shall have the right to delay the issue or delivery of any Shares under the Plan until (a) the completion of such registration or qualification of such Shares under any federal or state law, ruling or
regulation as the Company shall determine to be necessary or advisable, and (b) receipt from the Holder of such documents and information as the Committee may deem necessary or appropriate in connection with such registration or qualification.

  

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 11. SECURITIES LAWS. 
 Each Option Agreement shall contain such representations, warranties and other terms and conditions as shall be necessary in the opinion of counsel to the Company to comply with all applicable federal and state
securities laws. 
 12. ADJUSTMENT PROVISIONS. 
 In the event of any corporate event or transaction, such as a merger, consolidation, share exchange, recapitalization, reorganization, separation, stock dividend, stock split, split-up, spin-off or other distribution
of stock or property of the Company, combination of shares, exchange of shares, dividend in kind, or other like change in capital structure or distribution (other than normal cash dividends) to shareholders of the Company, the Committee, in order to
prevent dilution or enlargement of Holders’ rights under the Plan, shall substitute or adjust, in an equitable manner (including adjustments to avoid fractional shares), the number of Shares (i) reserved under the Plan, (ii) available
for Incentive Stock Options, (iii) for which Options may be granted to an individual Holder, and (iv) covered by outstanding Options denominated in stock, (b) the stock prices related to outstanding Options; and (c) the
appropriate Market Price and other price determinations for such Options. In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee shall be authorized to issue or
assume Options, whether or not in a transaction to which Section 424(a) of the Code applies, by means of substitution of new Options for previously issued awards or an assumption of previously issued awards. All adjustments under this
Section 12 shall be made in a manner such that they will not result in a penalty under Section 409A of the Code. Any adjustment, waiver, conversion or other action taken by the Committee under this Section 12 shall be conclusive and
binding on all Holders, the Company and their successors, assigns and beneficiaries. 
 13. TIME OF GRANTING. 
 Nothing contained in the Plan or in any resolution adopted or to be adopted by the Board of Directors or the shareholders of the Company and no action
taken by the Committee shall constitute the granting of any Option hereunder. The granting of an Option pursuant to the Plan shall take place only when a written Option Agreement shall have been duly executed by and on behalf of the Company.

 14. TAXES. 
 The Company shall
be entitled to pay or withhold the amount of any tax which it believes is requires as a result of the grant or exercise of any Option under the Plan, and the Company may defer making delivery with respect to Shares obtained pursuant to exercise of
any Option, until arrangement satisfactory to it have been made with respect to any such withholding obligations. An Employee exercising a Nonstatutory Stock Option may, at his election, satisfy his obligation for payment of withholding taxes either
by having the Company retain a number of Shares having an aggregate Market Price on the date the Shares are withheld equal to the amount of the withholding tax or by delivering to the Company Shares already owned by the 

  

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Employee having an aggregate Market Price on the date the Shares are delivered equal to the amount of the withholding tax. 
 15. EFFECTIVENESS OF THE PLAN. 
 The Plan
shall become effective, upon approval of the Company’s Compensation Committee and the Board of Directors on December 16, 1993, subject to ratification of the Plan by the vote of the holders of a majority of Shares present or represented
and entitled to vote at an annual or special meeting thereof duly called and held. 
 16. TERMINATION AND AMENDMENT. 
 Unless the Plan shall theretofore have been terminated as hereinafter provided, no Incentive Stock Option hereunder shall be granted after
December 15, 2003. The Plan may be terminated, modified or amended by the affirmative vote of the holders of a majority of the Shares of the Company present, or represented, and entitled to vote at a meeting of the shareholders of the Company.
The Board of Directors of the Company may also terminate the Plan or make such modifications or amendments thereof as it shall deem advisable, including such modifications or amendments as it shall deem advisable in order to conform to any law or
regulation applicable thereto; provided, however, that the Board of Directors may not, unless otherwise permitted under the federal securities laws, without further approval of the shareholders of the Company, adopt any amendment to the Plan which
would cause the Plan to no longer comply with Rule 16b-3, or any successor rule or other regulatory requirements. No termination, modification or amendment of the Plan may, without the consent of the Holder, adversely affect the rights of such
Holder under an outstanding Option then held by the Holder. 
 17. RULE 16b-3. 
 (a) It is intended that the Plan meet all of the requirements of Rule 16b-3. If any provision of the Plan would disqualify the Plan under,
or would not comply with, Rule 16b-3, such provision shall be construed or deemed amended to conform to Rule 16b-3. 
 (b) Any
election by any Employee subject to Section 16 of the 1934 Act, pursuant to Paragraph 6(e) or 14 hereof, may be made only during such times as permitted by Rule 16b-3 and may be disapproved by the Committee at any time after the election.

  

 8

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