Document:

Exhibit
4.4

 

COMMUNITY
BANK OF NORTHERN VIRGINIA

1993
EMPLOYEES’ INCENTIVE STOCK OPTION PLAN

 

1.                           Grant of
Option. Subject to the terms and conditions hereinafter set
forth, the Bank, with the approval and at the direction of the Board, hereby
grants to the Grantee, as of the Date of Grant, an option to purchase common
stock at an Option Price per share equal to the fair market value of the common
stock on the Grant Date. Such option is hereinafter referred to as the “Option”
and the shares of stock purchasable upon
exercise of the Option are hereinafter sometimes referred to as the ‘Option
Shares.” The Option is intended by the parties hereto to be, and shall be
treated as, an incentive stock option (as such term is defined under section 422
of the Internal Revenue Code of 1986).

 

2.                           Interpretation
of the Plan. The Plan shall be construed and interpreted by the
members of the Board of Directors of the Corporation who comprise the
Compensation Committee. (Such members shall be referred to as the “Committee”).
The decision of a majority of the members of the Committee shall constitute the
decision of the Committee, and the Committee may act (a) at a meeting at which
a majority of the members of the Committee is present, (b) by simultaneous
telephonic communication, or (c) by a written consent signed by all members of
the Committee. The Committee shall prescribe, amend and rescind rules and
regulations relating to the Plan, and make all other determinations necessary
or advisable in the interpretation and construction of the Plan, subject to the
approval of the Board of Directors.

 

3.                           Exercise
of Options. Subject to such further limitations as are provided
herein, the Option shall become exercisable on and after the Grant Date, the
Grantee having the right to purchase from the Bank Option Shares as determined
by the Compensation Committee and approved by the Board of Directors.

 

4.                           Stock
Subject to the Plan. There shall be reserved for issuance upon
the exercise of options granted under the Plan, one hundred fifty thousand
(150,000) shares of the Corporation’s common stock, par value $0.333 per share,
which may be authorized but unissued shares of the Corporation. Subject to Section 7
hereof, the shares for which options may be granted under the Plan shall not
exceed that number.  If
any option shall expire or terminate for any reason without having been
exercised in full, the unpurchased shares subject thereto shall (unless the
Plan shall be terminated) become available for other options under the Plan.

 

5.               Fair Market Value.  As used herein, the “fair market value”
of a share of Stock hereunder shall be the average of the high and low sale
prices per share of Stock on the recognized market source, as determined by
the  Board, on the applicable date of
reference

 

1

 

hereunder, or if there is no sale on such date, then the average of
such high and low sale prices on the last previous day on which a sale is
reported.

 

6.                           Terms of
Option. Each option granted under the Plan shall be subject to
the following terms and conditions.

 

(a)                                 Period for Exercise
of Option. An option shall only be exercisable for the period beginning on
the Grant Date and ending on the tenth (10th) year anniversary of the Grant
Date.

 

(b)                                Exercise of Options.
The option price of each share of Common Stock purchased upon exercise of an
option shall be paid in full in cash at the time of such exercise. An option
may be exercised at any time or from time to time during the term of the option
as to any or all whole shares which have become subject to purchase pursuant to
the terms of the option.

 

(c)                                 Termination of
Option. If an optionee ceases to be an employee of the Corporation for any
reason other than the optionee’s death or the optionee’s removal from the
Corporation’s employment for reasons described in this subsection during
the middle of a term, any option granted to the optionee may be exercised by
him or her in whole or in part during the proceeding twelve (12) month period
or the remainder of the period prescribed by subsection (a) of this Section 6,
whichever time period expires first. In the event of the death of an optionee
while serving as an employee of the Corporation or within the period
immediately after his or her status as an employee terminated for reasons other
than his or her removal, any option granted to the optionee may be exercised in
whole or in part at any time after the date of such death by the executor or
administrator of his or her estate or by the person or persons entitled to the
option by will or by applicable laws of descent and distribution but in no
event may the option be exercised after the expiration of the option term as
prescribed by subsection (a) of this Section 6. If the Grantee shall
(i) commit any act of malfeasance or wrongdoing affecting the Bank or any
subsidiary of the Bank, (ii) breach any covenant not to compete, or employment
contract, with the Bank or any subsidiary of the Bank, or (iii) engage in
conduct that would warrant the Grantee’s discharge for cause (excluding general
dissatisfaction with the performance of the Grantee’s duties, but including any
act of disloyalty or any conduct clearly tending to bring discredit upon or any
subsidiary of the Bank), any unexercised portion of the Option shall immediately
terminate and be void.  Notwithstanding
the foregoing provisions of this subsection (c), no option shall in any
event be exercisable after the expiration of the period fixed by subsection (a)
above.

 

2

 

(d)                                Nontransferrability
of Option. An option may not be transferred by the optionee otherwise than
by will or the laws of descent and distribution during his or her lifetime, and
shall be exercisable by the optionee only.

 

(e)                                 Agreement. Each
option grant shall be evidenced by an agreement between the optionee and the
Corporation.

 

(f)                                   Certificates.
The certificate or certificates for the shares issuable upon an exercise of an
option shall be issued as promptly as practicable after such exercise. An optionee
shall not have any rights of a shareholder in respect to the shares of Common
Stock subject to an option until the date of issuance of a stock certificate to
him or her for such shares. In no case may a fraction of a share be purchased
or issued under the Plan, but if, upon the exercise of an option, a fractional
share would otherwise be issuable, the Corporation shall pay cash in lieu
thereof.

 

(g)                                No Right to
Continued Service. Nothing in this Plan or in any agreement entered into
pursuant hereto shall confer on any person any right to continue his or her
status as an employee of the Corporation or affect any rights the shareholders
of the Corporation may have to terminate his or her status as an employee at
any time.

 

7.                           Adjustment
of Shares.  In the event
of any change after the effective date of the Plan in the outstanding stock of
the Corporation by reason of any reorganization, recapitalization, stock split,
stock dividend, combination of shares, exchange of shares, merger or
consolidation, liquidation, or any other change after the effective date of the
Plan in the nature of the shares of stock of the Corporation, the Committee
shall determine what changes, if any, are appropriate in the number and kind of
shares reserved under the Plan, and in the option price under and the number
and kind of shares covered by outstanding options granted under the Plan. Any
such determination of the Committee hereunder shall be recommended to the Board
of Directors for final approval.

 

8.                           Amendment.  The Board of Directors of the Corporation may
amend the Plan from time to time and, with the consent of the optionee, the
terms and provisions of his option. No amendment of the Plan, however, may,
without the consent of the optionee, make any changes in any outstanding
options theretofore granted under the Plan which would adversely affect the
rights of such optionee.

 

3

 

9.                           Termination.
The Board of Directors of the Corporation may terminate the plan at any time
and no option shall be granted thereafter. Such termination, however, shall not
affect the validity of any option theretofore granted under the Plan.

 

10.                     Successors.
The Plan shall be binding upon the successors and assigns of the Corporation.

 

11.                     Governing
Law. The terms of any options granted hereunder and the rights
and obligations hereunder of the Corporation, the optionee and their successors
in interest shall, except to the extent governed by federal law, be governed by
the laws of the State of Virginia.

 

12.                     Government
and Other Regulations. The obligations of the Corporation to
issue or transfer and deliver shares under options granted under the Plan shall
be subject to compliance with all applicable laws, government rules and
regulations, and administrative action.

 

13.                     Effective
Date. The Plan shall become effective when it shall have been
approved by the Corporation’s Board of Directors.

 

 

	
   

  	
  ADOPTED
  BY THE BOARD OF DIRECTORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ B. Lisa
  Palmer

  	
   

  
	
   

  	
  B. Lisa
  Palmer, Corporate Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  October 7,
  1993

  	
   

  
	
   

  	
  Date of
  Meeting

  
				

 

4Exhibit
4.5

 

COMMUNITY
BANK OF NORTHERN VIRGINIA

 

1998 STOCK
COMPENSATION PLAN

 

 

(Approved  by the Board of Directors March 24,
1998)

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I
  DEFINITIONS 

  	
  1

  
	
   

  	
   

  
	
   

  	
  1.01.

  	
  Affiliate

  	
  1

  
	
   

  	
  1.02.

  	
  Agreement

  	
  1

  
	
   

  	
  1.03.

  	
  Board

  	
  1

  
	
   

  	
  1.04.

  	
  Code

  	
  1

  
	
   

  	
  1.05.

  	
  Committee

  	
  1

  
	
   

  	
  1.06.

  	
  Common Stock

  	
  1

  
	
   

  	
  1.07.

  	
  Corporation

  	
  1

  
	
   

  	
  1.08.

  	
  Director

  	
  1

  
	
   

  	
  1.09.

  	
  Fair Market Value

  	
  1

  
	
   

  	
  1.10.

  	
  Option

  	
  2

  
	
   

  	
  1.11.

  	
  Participant

  	
  2

  
	
   

  	
  1.12.

  	
  Plan

  	
  2

  
	
   

  	
  1.13.

  	
  Ten Percent Shareholder

  	
  2

  
	
   

  	
   

  
	
  ARTICLE II
  PURPOSES

  	
  2

  
	
   

  	
   

  
	
  ARTICLE Ill
  ADMINISTRATION

  	
  2

  
	
   

  	
   

  
	
  ARTICLE IV
  ELIGIBILITY

  	
  3

  
	
   

  	
   

  
	
  ARTICLE V
  STOCK SUBJECT TO PLAN

  	
  3

  
	
   

  	
   

  
	
   

  	
  5.01.

  	
  Shares Issued

  	
  3

  
	
   

  	
  5.02.

  	
  Aggregate Limits

  	
  3

  
	
   

  	
  5.03.

  	
  Reallocation of Shares

  	
  4

  
	
   

  	
   

  
	
  ARTICLE VI
  OPTIONS

  	
  4

  
	
   

  	
   

  
	
   

  	
  6.01.

  	
  Award

  	
  4

  
	
   

  	
  6.02.

  	
  Option Price

  	
  4

  
	
   

  	
  6.03.

  	
  Maximum Option Period

  	
  4

  
	
   

  	
  6.04.

  	
  Nontransferability

  	
  4

  
	
   

  	
  6.05.

  	
  Transferable Options

  	
  5

  
	
   

  	
  6.06.

  	
  Employee Status

  	
  5

  
	
   

  	
  6.07.

  	
  Exercise

  	
  5

  
	
   

  	
  6.08.

  	
  Payment

  	
  5

  
	
   

  	
  6.09.

  	
  Shareholder Rights

  	
  6

  

 

i

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  6.10.

  	
  Disposition of Stock

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII
  ADJUSTMENT UPON CHANGE IN COMMON STOCK

  	
  6

  
	
   

  	
   

  
	
  ARTICLE VIII
  COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

  	
  6

  
	
   

  	
   

  
	
  ARTICLE IX
  GENERAL PROVISIONS

  	
  7

  
	
   

  	
   

  
	
   

  	
  9.01.

  	
  Effect on Employment and Service

  	
  7

  
	
   

  	
  9.02.

  	
  Unfunded Plan

  	
  7

  
	
   

  	
  9.03.

  	
  Rules of Construction

  	
  7

  
	
   

  	
   

  
	
  ARTICLE X
  AMENDMENT

  	
  7

  
	
   

  	
   

  
	
  ARTICLE XI
  DURATION OF PLAN

  	
  8

  
	
   

  	
   

  
	
  ARTICLE XII
  EFFECTIVE DATE OF PLAN

  	
  8

  

 

ii

 

ARTICLE I

 

DEFINITIONS

 

1.01.                           Affiliate

 

Affiliate means any “subsidiary” or “parent” corporation (within the
meaning of Section 424 of the Code) of the Corporation.

 

1.02.                           Agreement

 

Agreement means a written agreement (including any amendment or
supplement thereto) between the Corporation and a Participant specifying the
terms and conditions of an Option granted to such Participant.

 

1.03.                           Board

 

Board means the Board of Directors of the Corporation.

 

1.04.                           Code

 

Code means the Internal Revenue Code of 1986, and any amendments
thereto.

 

1.05.                           Committee

 

Committee means the Compensation Committee of the Board.

 

1.06.                        Common
Stock

 

Common Stock means the common stock of the
Corporation, $0.333 par value per share.

 

1.07.                           Corporation

 

Corporation means Community Bank of Northern Virginia.

 

1.08.                           Director

 

Director means a member of the Board who is not an employee of the
Corporation or an Affiliate.

 

1.09.                           Fair Market Value

 

Fair Market Value means, on any given date, the current fair market
value of a share of Common Stock as determined by the Committee using any
reasonable method in good faith.

 

1

 

1.10.                           Option

 

Option means a stock option that entitles the holder to purchase from
the Corporation a stated number of shares of Common Stock at the price set
forth in an Agreement.

 

1.11.                           Participant

 

Participant means an employee of the Corporation or an Affiliate,
including an employee who is a member of the Board, or any Director who
satisfies the requirements of Article IV and is selected by the Committee
to receive an Option.

 

1.12.                           Plan

 

Plan means the Community Bank of Northern Virginia 1998 Stock
Compensation Plan.

 

1.13.                           Ten Percent Shareholder

 

Ten Percent Shareholder means any individual owning more than ten
percent (10%) of the total combined voting power of all classes of stock of the
Corporation or of an Affiliate. An individual shall be considered to own any
voting stock owned (directly or indirectly) by or for his or her brothers,
sisters, spouse, ancestors or lineal descendants and shall be considered to own
proportionately any voting stock owned (directly or indirectly) by or for a
corporation, partnership, estate or trust of which such individual is a
shareholder, partner or beneficiary.

 

ARTICLE II

 

PURPOSES

 

The Plan is intended to assist the Corporation and its Affiliates in
recruiting and retaining individuals with ability and initiative by enabling
such persons to participate in the future success of the Corporation and its
Affiliates and to associate their interests with those of the Corporation and
its shareholders. The Plan is intended to permit the grant of both Options
qualifying under Section 422 of the Code (“incentive stock options”) and
Options not so qualifying. No Option that is intended to be an incentive stock
option shall be invalid for failure to qualify as an incentive stock option.
The proceeds received by the Corporation from the sale of Common Stock pursuant
to this Plan shall be used for general corporate purposes.

 

ARTICLE III

 

ADMINISTRATION

 

The Plan shall be administered by the Committee. The Committee shall
have authority to grant Options upon such terms (not inconsistent with the
provisions of this Plan), as the

 

2

 

Committee may
consider appropriate. Such terms may include conditions (in addition to those
contained in this Plan), on the exercisability of all or any part of an Option.
Notwithstanding any such conditions, the Committee may, in its discretion,
accelerate the time at which any Option may be exercised. In addition, the
Committee shall have complete authority to interpret all provisions of this
Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules
and regulations pertaining to the administration of the Plan; and to make all
other determinations necessary or advisable for the administration of this
Plan. The express grant in this Plan of any specific power to the Committee
shall not be construed as limiting any power or authority of the Committee. Any
decision made, or action taken, by the Committee or in connection with the
administration of this Plan shall be final and conclusive. Neither the
Committee nor any member of the Committee shall be liable for any act done in
good faith with respect to this Plan or any Agreement or Option. All expenses
of administering this Plan shall be borne by the Corporation.

 

ARTICLE IV

 

ELIGIBILITY

 

Any Director or employee of the Corporation or an Affiliate (including
a corporation that becomes an Affiliate after the adoption of this Plan), is
eligible to participate in this Plan if the Committee, in its sole discretion,
determines that such person has contributed significantly or can be expected to
contribute significantly to the profits or growth of the Corporation or an
Affiliate.

 

ARTICLE V

 

STOCK SUBJECT TO PLAN

 

5.01.                           Shares Issued.

 

Upon the exercise of any Option, the Corporation may deliver to the
Participant (or the Participant’s broker if the Participant so directs), shares
of Common Stock, from its authorized but unissued Common Stock.

 

5.02.                           Aggregate Limits.

 

The maximum aggregate number of shares of Common Stock that may be
issued under this Plan is 450,000 shares. The maximum aggregate number of
shares that may be issued under this Plan shall be subject to adjustment as
provided in Article VIII.

 

3

 

5.03.                           Reallocation of Shares.

 

To the extent that an Option is terminated, in whole or in part, for
any reason other than its exercise, the number of shares of Common Stock
allocated to the terminated Option or portion thereof may be reallocated to
other Options to be granted under this Plan.

 

ARTICLE VI

 

OPTIONS

 

6.01.                           Award.

 

In accordance with the provisions of Article IV, the Committee
will designate each individual to whom an Option is to be granted and will
specify the number of shares of Common Stock covered by such awards.

 

6.02.                           Option Price.

 

The price per share for Common Stock purchased on the exercise of an
Option shall be determined by the Committee on the date of grant, but shall not
be less than the Fair Market Value on the date the Option is granted.
Notwithstanding the preceding sentence, the price per share for Common Stock
purchased on the exercise of any Option that is an incentive stock option
granted to an individual who is a Ten Percent Shareholder on the date such
Option is granted shall not be less than one hundred ten percent (110%) of the
Fair Market Value on the date the Option is granted.

 

6.03.                           Maximum Option Period.

 

The maximum period in which an Option may be exercised shall be
determined by the Committee on the date of grant, except that no Option that is
intended to be an incentive stock option shall be exercisable after the
expiration of ten years from the date such Option was granted. In the case of
an incentive stock option granted to a Participant who is a Ten Percent
Shareholder on the date of grant, such Option shall not be exercisable after
the expiration of five years from the date of grant. The terms of any Option
that is an incentive stock option may provide that it is exercisable for a period
less than such maximum period.

 

6.04.                           Nontransferabilitv.

 

Except as provided in Section 6.05, each Option granted under this
Plan shall be nontransferable except by will or by the laws of descent and
distribution. During the lifetime of the Participant to whom the Option is
granted, the Option may be exercised only by the Participant. No right or
interest of a Participant in any Option shall be liable for, or subject to, any
lien, obligation, or liability of such Participant.

 

4

 

6.05.                           Transferable Options

 

Section 6.04 to the contrary notwithstanding, if the Agreement
provides, an Option that is not an incentive stock option may be transferred by
a Participant to the Participant’s children, grandchildren, spouse, one or more
trusts for the benefit of such family members, a partnership in which such
family members are the only partners, or a charitable organization or
foundation, subject to such terms and conditions as may be prescribed by the
Committee. The holder of an Option transferred pursuant to this section shall
be bound by the same terms and conditions that governed the Option during the
period that it was held by the Participant; provided, however, that such
transferee may not transfer the Option except by will or the laws of descent
and distribution.

 

6.06.                           Employee Status.

 

For purposes of determining the applicability of Section 422 of
the Code (relating to incentive stock options), or in the event that the terms
of any Option provide that it may be exercised only during employment or
continued service or within a specified period of time after termination of
employment or service, the Committee may decide to what extent leaves of
absence for governmental or military service, illness, temporary disability, or
other reasons shall not be deemed interruptions of continuous employment or
service.

 

6.07.                           Exercise.

 

Options granted under the Plan shall be exercisable, in whole or in
part, in accordance with the terms of this Plan and the applicable Agreement.
Subject to the provisions of this Plan and the applicable Agreement, an Option
may be exercised in whole at any time or in part from time to time at such
times and in compliance with such requirements as the Committee shall
determine; provided, however, that incentive stock options (granted under the
Plan and all plans of the Corporation and its Affiliates) may not be first
exercisable in a calendar year for stock having a Fair Market Value (determined
as of the date an Option is granted) exceeding $100,000. An Option granted
under this Plan may be exercised with respect to any number of whole shares
less than the full number for which the Option could be exercised. A partial
exercise of an Option shall not affect the right to exercise the Option from
time to time in accordance with this Plan and the applicable Agreement with
respect to the remaining shares subject to the Option.

 

6.08.                           Payment.

 

Unless otherwise provided by the Agreement, payment of the Option price
shall be made in cash or a cash equivalent acceptable to the Committee. Payment
of all or part of the Option price may also be made by surrendering shares of
Common Stock to the Corporation. If Common Stock is used to pay all or part of
the Option price, the sum of the cash and cash equivalent and the Fair Market
Value (determined as of the day preceding the date of exercise) of the shares
surrendered must not be less than the Option price of the shares for which the
Option is being exercised.

 

5

 

6.09.                           Shareholder Rights.

 

No Participant shall have any rights as a shareholder with respect to
shares subject to his Option until the date of exercise of such Option.

 

6.10.                           Disposition of Stock.

 

A Participant shall notify the Corporation of any sale or other
disposition of Common Stock acquired pursuant to an Option that was an
incentive stock option if such sale or disposition occurs (i) within two years
of the grant of an Option or (ii) within one year of the issuance of the Common
Stock to the Participant. Such notice shall be in writing and directed to the
Secretary of the Corporation.

 

ARTICLE VII

 

ADJUSTMENT UPON CHANGE IN COMMON STOCK

 

The maximum number of shares which may be issued under this Plan and
the terms of outstanding Options shall be adjusted as the Committee shall
determine to be equitably required in the event that (a) the Corporation (i)
effects one or more stock dividends, stock split-ups, subdivisions or
consolidations of shares or (ii) engages in a transaction to which Section 424
of the Code applies or (b) there occurs any other event which, in the judgment
of the Committee necessitates such action. Any determination made under this Article VIII
by the Committee shall be final and conclusive.

 

The issuance by the Corporation of shares of stock of any class, or
securities convertible into shares of stock of any class, for cash or property,
or for labor or services, either upon direct sale or upon the exercise of
rights or warrants to subscribe therefore, or upon conversion of shares or
obligations of the Corporation convertible into such shares or other
securities, shall not affect, and no adjustment by reason thereof shall be made
with respect to, the maximum number of shares which may be issued under this
Plan or the terms of outstanding Options.

 

ARTICLE VIII

 

COMPLIANCE WITH LAW AND APPROVAL OF
REGULATORY BODIES

 

No Option shall be exercisable, no Common Stock shall be issued, no
certificates for shares of Common Stock shall be delivered, and no payment
shall be made under this Plan except in compliance with all applicable federal
and state laws and regulations (including, without limitation, withholding tax
requirements), any listing agreement to which the Corporation is a party, and
the rules of all domestic stock exchanges on which the Corporation’s shares may
be listed. The Corporation shall have the right to rely on an opinion of its
counsel as to such compliance. Any share

 

6

 

certificate
issued to evidence Common Stock when an Option is exercised may bear such
legends and statements as the Committee may deem advisable to assure compliance
with federal and state laws and regulations. No Option shall be exercisable, no
Common Stock shall be issued, no certificate for shares shall be delivered, and
no payment shall be made under this Plan until the Corporation has obtained
such consent or approval as the Committee may deem advisable from regulatory
bodies having jurisdiction over such matters.

 

ARTICLE IX

 

GENERAL PROVISIONS

 

9.01.                           Effect
on Employment and Service.

 

Neither the adoption of this Plan, its operation, nor any documents
describing or referring to this Plan (or any part thereof), shall confer upon
any individual any right to continue in the employ or service of the Corporation
or an Affiliate or in any way affect any right and power of the Corporation or
an Affiliate to terminate the employment or service of any individual at any
time with or without assigning a reason therefore.

 

9.02.                           Unfunded Plan

 

The Plan, insofar as it provides for grants, shall be unfunded, and the
Corporation shall not be required to segregate any assets that may at any time
be represented by grants under this Plan. Any liability of the Corporation to
any person with respect to any grant under this Plan shall be based solely upon
any contractual obligations that may be created pursuant to this Plan. No such
obligation of the Corporation shall be deemed to be secured by any pledge of,
or other encumbrance on, any property of the Corporation.

 

9.03.                           Rules of Construction.

 

Headings are given to the articles and sections of this Plan solely as
a convenience to facilitate reference. The reference to any statute,
regulation, or other provision of law shall be construed to refer to any
amendment to or successor of such provision of law.

 

ARTICLE X

 

AMENDMENT

 

The Board may amend or terminate this Plan from time to time; provided,
however, that no amendment may become effective until shareholder approval is
obtained if (i) the amendment increases the aggregate number of shares of
Common Stock that may be issued under the Plan (other than an adjustment
pursuant to Article VII) or (ii) the amendment changes the class of

 

7

 

individuals
eligible to become Participants. No amendment shall, without a Participant’s
consent, adversely affect any rights of such Participant under any Option
outstanding at the time such amendment is made.

 

ARTICLE XI

 

DURATION OF PLAN

 

No Option may be granted and no Common Stock may be purchased pursuant
to Article VII after April 28, 2008. Options granted before that date
shall remain valid in accordance with their terms.

 

ARTICLE XII

 

EFFECTIVE DATE OF PLAN

 

Options may be granted under this Plan upon its adoption by the Board,
provided that no Option shall be effective or exercisable unless this Plan is
approved by a majority of the votes cast by the Corporation’s shareholders,
voting either in person or by proxy, at a duly held shareholders’ meeting at
which a quorum is present or by the written unanimous consent of the
shareholders.

 

8

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