Document:

EMMET, MARVIN & MARTIN, LLP

Exhibit 4

EMMET, MARVIN & MARTIN, LLP

COUNSELLORS AT LAW

	

WRITER’S DIRECT DIAL

	120 BROADWAY

NEW YORK, NEW YORK 10271

_____

(212) 238-3000

_____

FAX: (212) 238-3100

http://www.emmetmarvin.com

	177 MADISON AVENUE

MORRISTOWN, NEW JERSEY 07960

(973) 538-5600

FAX: (973) 538-6448

1351 WASHINGTON BOULEVARD

2ND FLOOR

STAMFORD, CONNECTICUT 06902-4543

(203) 425-1400

FAX: (203) 425-1410

June 10, 2003

The Bank of New York

  as Depositary

101 Barclay Street

New York, New York, 10286

	Re:

	American Depositary Receipts for Ordinary Participation Certificates, each Ordinary Participation Certificate representing a financial interest in one Series A Share, one Series D-A Share and one Series D-L Share, without par value, of TV Azteca, S.A. de C.V. 

Ladies and Gentlemen:

We refer to the registration statement to be filed on Form F-6 under the Securities Act of 1933 (the "Registration Statement") by the legal entity created by the agreement (the "Deposit Agreement") for issuance of American Depositary Shares ("ADSs") evidenced by American Depositary Receipts ("ADRs") for ordinary participation certificates, each ordinary participation certificate representing a financial interest in one series A share, one series D-A share and one series D-L share, without par value, of TV Azteca, S.A. de C.V. for which you propose to act as Depositary.

We are of the opinion that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when sold, be legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.

This opinion may be used by you as an exhibit to the Registration Statement.

Very truly yours,

/s/ EMMET, MARVIN & MARTIN, LLP

EMMET, MARVIN & MARTIN, LLP[Nacional Financiera letterhead]

[Nacional Financiera letterhead]

June 5, 2003

TV Azteca S.A. de C.V.

Pedregal Sur No. 4121

Col. Fuentes del Pedregal

14141 México, D.F.

Dear Sirs:

I am the Subdirectora Fiduciaria de Formalización (Legal Deputy Director of the Trust Department) and as such, I am acting as Legal Counsel of Nacional Financiera, S.N.C., Trust Department (“Nafin”), a development bank organized under the laws of the United Mexican States.  This opinion is being provided in connection with the offer and sale of American Depositary Shares ("ADS”) and the registration thereof under the Securities Act of 1933, as amended, pursuant to a Registration Statement on Form F-6 originally filed with the Securities and Exchange Commission (as amended, the “Registration Statement”) on July 21, 1997.

Each of the ADSs will represent four Ordinary Participation Certificates (each a “CPO”) issued by Nafin, as trustee (the “CPO Trust Trustee”) for a Mexican trust (the “CPO Trust”) created in terms of that certain Trust Agreement dated August 1997, between Nafin, as the CPO Trustee, and TV Azteca, S.A. de C.V. (“the Company”) and its shareholders, as Grantors (The “CPO Trust Agreement”).  Each CPO will represent financial interest in, and certain voting rights with respect to, one Series A Share, without par value, one Series D-A Share, without par value, and one Series D-L Share, without par value (each a “Share”) of the Company, held in the CPO Trust.

In preparing this Opinion, I have examined and relied upon certificates of public officials and originals or copies, authenticated to my satisfaction of Nafin’s Ley Orgánica and certain corporate records of Nafin.  In addition, I have made such other investigations as I considered necessary or appropriate as a basis for the opinion hereinafter stated.  Based upon all of the foregoing, I am of the opinion that the CPOs, when delivered by the CPO Trustee, upon transfer to the CPO Trustee are duly authorized and validly issued, fully paid and nonassessable, entitling the holders thereof to the rights specified in the Trust Agreement, the Public Deed (of issuance of CPOs) and Certificates, if any, representing such CPOs.

This opinion is limited to matters of Mexican Law.

Very truly yours,

/s/ LIC. SANDRA AGUIRRE TORRES

Lic. Sandra Aguirre Torres

Subdirectora Fiduciaria de Formalización

Legal Deputy Director of the Trust Department

Nacional Financiera, S.N.C.1998 Non-Qualified Stock Option Plan

 EXHIBIT 4.1 
  
 VENTANA MEDICAL SYSTEMS, INC. 
  
 1998 NONSTATUTORY STOCK OPTION PLAN 
  
 (as amended and restated May 13, 2003) 
  

	 	1.	 	Purposes of the Plan. The purposes of this Nonstatutory Stock Option Plan are: 

  

	 	•	 	to attract and retain the best available personnel for positions of substantial responsibility, 

  

	 	•	 	to provide additional incentive to Employees, Directors and Consultants, and 

  

	 	•	 	to promote the success of the Company’s business. 

  
 Options, Restricted Stock, Performance Units or Performance Shares may be granted under the Plan. Options granted under the Plan will be Nonstatutory
Stock Options. 
  

	 	2.	 	Definitions. As used herein, the following definitions shall apply: 

  
 (a) “Administrator” means the Board or any of its Committees as shall be administering the Plan, in accordance with Section 4 of the
Plan. 
  
 (b) “Applicable Laws” means the
requirements relating to the administration of stock option plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any foreign country or jurisdiction where Options are, or will be, granted under the Plan. 
  
 (c) “Award” means, individually or collectively, a grant under the Plan of Nonqualified Stock Options, Restricted Stock, Performance
Units, or Performance Shares. 
  
 (d) “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. An Award Agreement will be subject to the terms and conditions of the Plan. 
  
 (e) “Board” means the Board of Directors of the Company.

  
 (f) “Code” means the Internal Revenue Code of
1986, as amended. 
  
 (g) “Committee” means a
committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 of the Plan. 
  
 (h) “Common Stock” means the Common Stock of the Company. 
  
 (i) “Company” means Ventana Medical Systems, Inc., a Delaware corporation. 
  
 (j) “Consultant” means any person, including an advisor,
engaged by the Company or a Parent or Subsidiary to render services to such entity. 
  
 (k) “Director” means a member of the Board. 
  
 (l) “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 
  
 (m) “Employee” means any person, including Officers, employed by the Company or any Parent or Subsidiary of the Company. A Service
Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the 
  

 Company, its Parent, any Subsidiary, or any successor. Neither service as a Director nor payment of a director’s fee
by the Company shall be sufficient to constitute “employment” by the Company. 
  
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (o) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
  
 (i) If the Common Stock is listed on any established stock exchange or a
national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were
reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
  
 (ii) If the Common Stock is regularly quoted by a recognized securities
dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the last market trading day prior to the day of determination, as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
  
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Administrator. 
  
 (p) “Notice of Grant” means a written or electronic notice evidencing certain terms and conditions of an
individual Award. The Notice of Grant is part of the Award Agreement. 
  
 (q) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (r) “Option” means a nonstatutory stock option granted
pursuant to the Plan that is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
  
 (s) “Option Exchange Program” means a program whereby outstanding Options are surrendered in exchange for
options with a lower exercise price. 
  
 (t)
“Optionee” means the holder of an outstanding Option granted under the Plan. 
  
 (u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
  
 (v) “Participant” means a Service Provider who holds an outstanding Award. 
  
 (w) “Performance Share” means an Award granted to a
Participant pursuant to Section 9. 
  
 (x) “Performance
Unit” means an Award granted to a Participant pursuant to Section 9. 
  
 (y) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of
forfeiture. As provided in Section 8, such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator, in its discretion. 
  
 (z) “Plan” means this 1998 Nonstatutory Stock Option Plan.

  
 (aa) “Restricted Stock” means an Award
granted to a Participant pursuant to Section 8. 
  
 (bb)
“Service Provider” means an Employee, Consultant or Director. 
  
 (cc) “Share” means a share of the Common Stock, as adjusted in accordance with Section 12 of the Plan. 
  

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 (dd) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code. 
  

	 	3.	 	Stock Subject to the Plan. Subject to the provisions of Section 12 of the Plan, the maximum aggregate number of Shares that may be optioned and sold under the Plan is Two
Million Five Hundred Thousand (2,500,000) Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. 

  
 If an Award is settled in cash, or is cancelled, terminates, expires or lapses for any reason, the Shares which were subject thereto shall become
available for future grant or sale under the Plan (unless the Plan has terminated), including without limitation, an Option that is surrendered pursuant to an Option Exchange Program. However, Shares that have actually been issued under the Plan,
upon exercise of an Award, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if unvested Shares acquired pursuant to an Award are repurchased or reacquired by the Company, such
Shares shall become available for future grant under the Plan. 
  

	 	4.	 	Administration of the Plan. 

  
 (a) Administration. The Plan shall be administered by (i) the Board or (ii) a Committee, which committee shall be constituted to satisfy Applicable
Laws. 
  
 (b) Powers of the Administrator. Subject to the
provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion: 
  
 (i) to determine the Fair Market Value of the Common Stock; 
  
 (ii) to select the Service Providers to whom Awards may be granted
hereunder; 
  
 (iii) to determine whether and to what extent
Awards are granted hereunder; 
  
 (iv) to determine the number of
shares of Common Stock to be covered by each Awards granted hereunder; 
  
 (v) to approve forms of agreement for use under the Plan; 
  
 (vi) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be
exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the
Administrator, in its sole discretion, shall determine; 
  
 (vii)
to reduce the exercise price of any Award to the then current Fair Market Value if the Fair Market Value of the Common Stock covered by such Award shall have declined since the date the Award was granted; 
  
 (viii) to institute an Option Exchange Program; 
  
 (ix) to construe and interpret the terms of the Plan and Awards granted
pursuant to the Plan; 
  
 (x) to prescribe, amend and rescind
rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws; 
  
 (xi) to modify or amend each Award (subject to Section 14(b) of the Plan), including the discretionary authority to extend
the post-termination exercisability period of Awards longer than is otherwise provided for in the Plan; 
  
 (xii) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the
Administrator; 
  

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 (xiii) to determine the terms and restrictions applicable to Awards; 
  
 (xiv) to allow Participants to satisfy withholding tax obligations by
electing to have the Company withhold from the Shares to be issued upon exercise of an Award that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld
shall be determined on the date that the amount of tax to be withheld is to be determined. All elections by a Participant to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem
necessary or advisable; and 
  
 (xv) to make all other
determinations deemed necessary or advisable for administering the Plan. 
  
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations shall be final and binding on all Participants and any other holders of Awards. 
  

	 	5.	 	Eligibility. Awards may be granted to Service Providers; provided, however, that notwithstanding anything to the contrary contained in the Plan, Awards may not be granted to
Officers and Directors. 

  

	 	6.	 	Limitation. Neither the Plan nor any Award shall confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with
the Company, nor shall they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause. 

  

	 	7.	 	Stock Options. 

  
 (a) Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined by the
Administrator. 
  
 (b) Waiting Period and Exercise Dates.
At the time an Option is granted, the Administrator shall fix the period within which the Option may be exercised and shall determine any conditions that must be satisfied before the Option may be exercised. 
  
 (c) Form of Consideration. The Administrator shall determine the
acceptable form of consideration for exercising an Option, including the method of payment. Such consideration may consist (without limitation) of: 
  
 (i) cash; 
  
 (ii) check; 
  
 (iii) promissory note; 
  
 (iv) other Shares which (A) in the case of Shares acquired from the Company, have been vested and owned by the Optionee for more than six months on the
date of surrender, and (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised; 
  
 (v) consideration received by the Company under a cashless exercise program implemented by the Company in connection with
the Plan; 
  
 (vi) a reduction in the amount of any Company
liability to the Optionee, including any liability attributable to the Optionee’s participation in any Company-sponsored deferred compensation program or arrangement; 
  
 (vii) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws;
or 
  
 (viii) any combination of the foregoing methods of
payment. 
  

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 (d) Term of Option. The term of each Option shall be stated in the Award Agreement. 
  
 (e) Exercise of Option. 
  
 (i) Procedure for Exercise; Rights as a Shareholder. Any Option
granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share.

  
 An Option shall be deemed exercised when the Company
receives: (i) written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may
consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the
Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends
or any other rights as a shareholder shall exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No
adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 12 of the Plan. 
  
 Exercising an Option in any manner shall decrease the number of Shares thereafter available, both for purposes of the Plan
and for sale under the Option, by the number of Shares as to which the Option is exercised. 
  
 (ii) Termination of Relationship as a Service Provider. If an Optionee ceases to be a Service Provider, other than upon the Optionee’s death or Disability, the Optionee may exercise his or her Option, but
only within such period of time as is specified in the Award Agreement, and only to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award
Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for three (3) months following the Optionee’s termination. If, on the date of termination, the Optionee is not vested as to his or her
entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and
the Shares covered by such Option shall revert to the Plan. 
  
 (iii) Disability of Optionee. If an Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her Option within such period of time as is specified in the Award
Agreement, to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the
Option shall remain exercisable for twelve (12) months following the Optionee’s termination. If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option
shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
  
 (iv) Death of Optionee. If an Optionee dies while a Service Provider,
the Option may be exercised within such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Notice of Grant), by the Optionee’s estate or by a person
who acquires the right to exercise the Option by bequest or inheritance, but only to the extent that the Option is vested on the date of death. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve
(12) months following the Optionee’s termination. If, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan. The Option may
be exercised by the executor or administrator of the Optionee’s estate or, if none, by the person(s) entitled to exercise the Option under the Optionee’s will or the laws of descent or distribution. If the Option is not so exercised within
the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
  
 (v) Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares, an Option previously granted based on
such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made. 
  

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	 	8.	 	Restricted Stock 

  
 (a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, shall determine. The Administrator in its sole discretion, shall determine the number of Shares to be granted to each Participant.

  
 (b) Restricted Stock Agreement. Each Award of
Restricted Stock shall be evidenced by an Award Agreement that shall specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, shall determine. Unless the
Administrator determines otherwise, Shares of Restricted Stock shall be held by the Company as escrow agent until the restrictions on such Shares have lapsed. 
  

(c) Transferability. Except as provided in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 
  
 (d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate, in accordance with this Section 8(d).

  
 (i) General Restrictions. The Administrator may set
restrictions based upon the achievement of specific performance objectives (Company-wide, divisional, or individual), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. 
  
 (ii) Legend on Certificates. The Administrator in its discretion, may
legend the certificates representing Restricted Stock to give appropriate notice of such restrictions. 
  
 (e) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made
under the Plan shall be released from escrow as soon as practicable after the last day of the Period of Restriction. The Administrator, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the
restrictions have lapsed, the Participant shall be entitled to have any legend or legends under Section 8(d)(ii) removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant. 
  
 (f) Voting Rights. During the Period of Restriction, Participants
holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 
  
 (g) Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted
Stock shall be entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions are paid in Shares, the Shares shall be subject to the
same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 
  
 (h) Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not
lapsed shall revert to the Company and again shall become available for grant under the Plan. 
  

	 	9.	 	Performance Units and Performance Shares 

  
 (a) Grant of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time and from time to
time, as shall be determined by the Administrator, in its sole discretion. The Administrator shall have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant. 
  
 (b) Value of Performance Units/Shares. Each Performance Unit shall
have an initial value that is established by the Administrator on or before the Grant Date. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on its date of grant. 
  

 6 

 (c) Performance Objectives and Other Terms. The Administrator shall set performance objectives in
its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Participants. The time period during which the performance objectives must be met shall
be called the “Performance Period.” Each Award of Performance Units/Shares shall be evidenced by an Award Agreement that shall specify the Performance Period, and such other terms and conditions as the Administrator, in its sole
discretion, shall determine. 
  
 (i) General Performance
Objectives. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual goals, applicable federal or state securities laws, or any other basis determined by the Administrator in its
discretion. 
  
 (d) (Earning of Performance Units/Shares.
After the applicable Performance Period has ended, the holder of Performance Units/Shares shall be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a
function of the extent to which the corresponding performance objectives have been achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives for such Performance
Unit/Share. 
  
 (e) Form and Timing of Payment of Performance
Units/Shares. Payment of earned Performance Units/Shares shall be made as soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the
form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 
  
 (f) Cancellation of Performance Units/Shares. On the date set forth in
the Award Agreement, all unearned or unvested Performance Units/Shares shall be forfeited to the Company, and again shall be available for grant under the Plan. 
  

	 	10.	 	Term of Plan. The Plan shall become effective upon its adoption by the Board. It shall continue until terminated under Section 14 of the Plan. 

  

	 	11.	 	Non-Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any
manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award shall contain such additional
terms and conditions as the Administrator deems appropriate. 

  

	 	12.	 	Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale. 

  
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of
Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an
Award, as well as the price per Share covered by each such outstanding Award, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
or price of shares of Common Stock subject to an Option. 
  
 (b)
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Participant as soon as practicable prior to the effective date of such proposed transaction. The
Administrator in its discretion may provide for a Participant to have the right to exercise his or her Award until ten (10) days prior to such transaction as to all of the Shares subject to such Award. Stock covered thereby, including Shares as to
which the Award would not otherwise be exercisable. In addition, the Administrator may provide that any Company repurchase option or other restrictions applicable to any Shares received pursuant to an Award shall lapse as to all such Shares,
provided the proposed dissolution or liquidation 
  

 7 

 takes place at the time and in the manner contemplated. To the extent it has not been previously exercised, an Award will
terminate immediately prior to the consummation of such proposed action. 
  
 (c) Merger of Asset Sale. 
  
 (i) Options. 
  
 (1) In the event of a merger of
the Company with or into another corporation, or the sale of all or substantially all of the assets of the Company (as applicable, a “Transaction”), each outstanding Option shall be assumed or an equivalent option or right substituted by
the successor corporation or a parent or Subsidiary of the successor corporation. 
  
 (2) In the event that the successor corporation refuses to assume or substitute for the Option, then the Options held by such Participant shall become one hundred percent (100%) exercisable. If an Option becomes fully
vested and exercisable in lieu of assumption or substitution in the event of a Transaction, the Company shall notify the Participant in writing or electronically that the Option shall be fully vested and exercisable (subject to the consummation of
the Transaction) for a period of fifteen (15) days from the date of such notice, and the Option shall terminate upon the expiration of such period. 
  
 (3) For the purposes of this Section 12(c)(i), the Option shall be considered assumed if, following the Transaction, the option or right confers the
right to purchase or receive, for each Share subject to the Option immediately prior to the Transaction, the consideration (whether stock, cash, or other securities or property) received in the Transaction by holders of Shares for each Share held on
the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the
Transaction is not solely common stock of the successor corporation or its parent, the Administrator or the Board may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option, for
each Share subject to the Option, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Shares in the Transaction, as determined on the date of the
Transaction. 
  
 (ii) Restricted Stock. In the event of a
Transaction, any Company repurchase or reacquisition right with respect to outstanding Shares of Restricted Stock held by the Participant will be assigned to the successor corporation. In the event that the successor corporation refuses to accept
the assignment of any such Company repurchase or reacquisition right, such Company repurchase or reacquisition right will lapse and the Participant will become one hundred percent (100%) vested in such Shares of Restricted Stock immediately prior to
the Transaction. 
  
 (iii) Performance Shares and Performance
Units. In the event of a Transaction, the Administrator or the Board, in its discretion, may provide for any one or more of the following with respect to the Performance Shares and Units: (a) any outstanding Performance Shares and Units shall be
assumed by the successor corporation or a parent or subsidiary of the successor corporation, (b) any outstanding Performance Shares and Units shall be terminated immediately prior to the Transaction, or (c) with respect to a Transaction that occurs
prior to a Participant’s termination as a Service Provider, one hundred percent (100%) of any outstanding Performance Shares or Units shall be deemed to be earned and shall be immediately payable to the Participant, or, in cases where a
Participant has received a target award of Performance Units or Shares, one hundred percent (100%) of the target amount shall vest. In the event any outstanding Performance Shares and Units are assumed, the successor corporation shall have the
ability to reasonably and equitably adjust the performance goals. 
  

	 	13.	 	Date of Grant. The date of grant of an Award shall be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later
date as is determined by the Administrator. Notice of the determination shall be provided to each Optionee within a reasonable time after the date of such grant. 

  

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	 	14.	 	Amendment and Termination of the Plan. 

  
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 
  
 (b) Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.
Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 
  

	 	15.	 	Deferral. The Administrator, in its sole discretion, may permit a Participant to defer receipt of the payment of cash or the delivery of Shares that would otherwise be due to
such Participant under an Award. Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Administrator in its sole discretion. 

  

	 	16.	 	Conditions Upon Issuance of Shares. 

  
 (a) Legal Compliance. Shares shall not be issued pursuant to an Award unless the Award and the issuance and delivery of such Shares thereunder
shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  
 (b) Investment Representations. As a condition to the exercise of an Award the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is
required. 
  

	 	17.	 	Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

  

	 	18.	 	Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the
requirements of the Plan. 

  

 9

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