Document:

exv10w3

 

Exhibit 10.3

NOTICE OF GRANT OF STOCK OPTIONS AND AWARD AGREEMENT

CAPITOL BANCORP LIMITED

One Business & Trade Center

200 Washington Square North

Lansing, MI 48933

	 	 	 
	Name:

	 	Option Number:
	Address:

	 	Plan: 2007 Equity Incentive Plan
	City, State, Zip:

	 	ID:

     Effective                      (the “Date of Grant”), you have been granted a Non-Qualified Stock
Option to buy                     Shares of Capitol Bancorp Limited (the “Company”) stock at
$                     per Share. This Option shall expire on                      (the “Expiration Date”).

     The total Option price of the Shares granted is $                    .

     Shares in each period will become fully vested on the date shown, subject to
Participant continuing to be a Service Provider through each such date :

	 	 	 	 	 	 	 
	Shares

	 	Vest Type
	 	Full Vest
	 	Expiration

     By your signature and the Company’s signature below, you and the Company agree that this
Option is granted under and governed by the terms and conditions of the Company’s 2007 Equity
Incentive Plan and the Award Agreement, all of which are attached and made a part of this document.

	 	 	 
	 

	 	 
	Capitol Bancorp Limited

	 	Date
	 
	 	 
	 

	 	 
	Participant Name

	 	Date

1

 

NONSTATUTORY STOCK OPTION

     Capitol Bancorp Limited (the “Company”), pursuant to its 2007 Equity Incentive Plan (the
“Plan”), has granted to Participant an Option to purchase shares of the Common Stock of the Company
(“Shares”). This Option is not intended to qualify as an “incentive stock option” within
the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

     The grant hereunder is in connection with and in furtherance of the Company’s compensatory
benefit plan for participation of the Company’s Service Providers. Defined terms not explicitly
defined in this agreement shall have the same definitions as in the Plan or in the Notice of Grant
of Stock Options and Award Agreement (“Notice of Grant”), to which this agreement is attached.

     The details of your Option are as follows:

     1. Total Number of Shares Subject to this Option. The total number of Shares subject
to this Option is set forth in the Notice of Grant.

     2. Vesting. Subject to the limitations contained herein, the Shares will
vest (become exercisable) as set forth in the Notice of Grant until either (i) you cease to be a
Service Provider for any reason, or (ii) this Option becomes fully vested.

     3. Option Price and Method of Payment.

          (a) Option Price. The Option Price per Share is the price set forth in the Notice of Grant,
such price being not less than one hundred percent (100%) of the fair market value of the Common
Stock on the Date of Grant of this Option.

          (b) Method of Payment. Payment of the Option Price per Share is due in full upon exercise of
all or any part of each installment which has accrued to you. You may elect, to the extent
permitted by Applicable Laws, to make payment of the Option Price under one of the following
alternatives:

          (i) Payment of the Option Price per Share in cash (including check) at the time
of exercise;

          (ii) Provided that at the time of exercise the Common Stock is publicly traded
and quoted regularly in the Wall Street Journal, payment by delivery of already
owned Shares, held for the period required to avoid a charge to the Company’s
reported earnings, and owned free and clear of any liens, claims, encumbrances or
security interests, which Common Stock shall be valued at its fair market value on
the date of exercise;

 

 

          (iii) Consideration received by the Company under a formal cashless exercise
program adopted by the Company in connection with the Plan; or

          (iv) Payment by a combination of the methods of payment permitted by Section
3(b)(i), (ii), and (iii) above.

     4. Whole Shares. This Option may only be exercised for whole Shares.

     5. Securities Law Compliance. Notwithstanding anything to the contrary contained
herein, this Option may not be exercised unless the Shares issuable upon exercise of this Option
are then registered under the Securities Act of 1933 (the “Securities Act”) or, if such Shares are
not then so registered, the Company has determined that such exercise and issuance would be exempt
from the registration requirements of the Securities Act.

     6. Term. The term of this Option commences on the Date of Grant and expires
on the Expiration Date, unless this Option expires sooner as set forth below or in the Plan. In no
event may this Option be exercised on or after the Expiration Date. This Option shall terminate
prior to the Expiration Date as follows: three (3) months after your termination as a Service
Provider unless one of the following circumstances exists:

          (a) Your termination as a Service Provider is due to your Disability. This Option will then
expire on the earlier of the Expiration Date set forth above or twelve (12) months following such
termination.

          (b) Your termination as a Service Provider is due to your death. This Option will then expire
on the earlier of the Expiration Date set forth above or twelve (12) months after your death.

          (c) Your termination as a Service Provider is due to Cause. This Option will then expire on
the date of such termination.

          (d) If during any part of such three (3)-month period you may not exercise your Option solely
because of the condition set forth in Section 5 above, then your Option will not expire until the
earlier of the Expiration Date set forth above or until this Option shall have been exercisable for
an aggregate period of three (3) months after your termination as a Service Provider.

          (e) If your exercise of the Option within three (3) months after your termination as a Service
Provider of the Company or of an Affiliate would result in liability under Section 16(b) of the
Securities Exchange Act of 1934, then your Option will expire on the earlier of (i) the Expiration
Date set forth above, or (ii) the tenth (10th) day after the last date upon which exercise would
result in such liability.

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          However, this Option may be exercised following your termination as a Service Provider only as
to that number of Shares as to which it was exercisable on the date of termination under the
provisions of Section 2 of this Option.

     7. Exercise.

          (a) This Option may be exercised, to the extent specified above, by delivering a Notice of
Exercise (in the form attached or otherwise designated by the Company) together with the Option
Price, to the Secretary of the Company, or to such other person as the Company may designate,
during regular business hours, together with such additional documents as the Company may then
require.

          (b) By exercising this Option you agree that, as a precondition to the completion of any
exercise, the Company may require you to enter into an arrangement providing for the payment by you
to the Company of any tax withholding obligation of the Company arising by reason of (1) the
exercise of this Option; (2) the lapse of any substantial risk of forfeiture to which the Shares
are subject at the time of exercise; or (3) the disposition of Shares acquired upon such exercise.
You also agree that the exercise of this Option has not been completed and that the Company is
under no obligation to issue any Shares to you until such an arrangement is established or the
Company’s tax withholding obligations are satisfied, as determined by the Company.

     8. Transferability.

          (a) This Option is not transferable, except by will or by the laws of descent and distribution
and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Company, you may designate a third
party who, in the event of your death, shall thereafter be entitled to exercise this Option.

          (b) Notwithstanding the foregoing, this Option may be transferred by you, in whole or in part,
to:

          (i) your spouse, children or grandchildren (including adopted children and
stepchildren and step-grandchildren) (the “Immediate Family”);

          (ii) a trust solely for your benefit and your Immediate Family; or

          (iii) a partnership or limited liability company whose only partners or members
are you and your Immediate Family ,

(each transferee described in this Section is hereafter referred to as a “Permitted Transferee”),
provided that the Committee (or designees thereof) is notified in advance in writing of the terms
and conditions of any proposed transfer and the Committee (or

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designees thereof) determines that the proposed transfer complies with the requirements of the Plan
and this Award Agreement. Any purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance that does not qualify pursuant to the terms above shall be void and unenforceable
against the Company. If such a transfer occurs, the shares issued upon exercise of the transferred
Option shall be certificated and shall bear a restrictive legend that notes that the subject shares
are not registered with the Securities and Exchange Commission.

          (c) The terms of this agreement (including, without limitation, Section 6(b) relating to
termination as a result of death) shall apply to your beneficiaries, executors and administrators
and your Permitted Transferees (including the beneficiaries, executors and administrators of the
Permitted Transferees), including the right to agree to any amendment of the applicable Award
Agreement, except that Permitted Transferees shall not transfer any Option other than by will or by
the laws of descent and distribution.

          (d) An Option shall be exercised only by you (or your attorney in fact or guardian) (including
in the case of a transferred Option, by a Permitted Transferee), or, in the case of your death, by
the your executor or administrator (including, in the case of a transferred Option, by the executor
or administrator of the Permitted Transferee), and no Shares shall be issued by the Company unless
the exercise of an Option is accompanied by sufficient payment, as determined by the Company, to
meet its withholding tax obligations on such exercise or by other arrangements satisfactory to the
Committee to provide such payment.

     9. Option Not a Service Contract. This Option is not a guarantee of
continued service and nothing in this Option shall be deemed to create in any way whatsoever any
obligation on your part to continue in the service of the Company, or of the Company to continue
your service with the Company. In addition, nothing in this Option shall obligate the Company or
any Affiliate, or their respective shareholders, Board of Directors, officers or employees to
continue any relationship which you might have as a Service Provider for the Company or Affiliate.

     10. Notices. Any notices provided for in this Option or the Plan shall be
given in writing and shall be deemed effectively given upon receipt or, in the case of notices
delivered by the Company to you, five (5) days after deposit in the United States mail, postage
prepaid, addressed to you at the address specified below or at such other address as you hereafter
designate by written notice to the Company.

     11. Governing Plan Document. This Option is subject to all the provisions
of the Plan, a copy of which is attached hereto and its provisions are hereby made a part of this
Option and is further subject to all interpretations, amendments, rules and regulations which may
from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict
between the provisions of this Option and those of the Plan, the provisions of the Plan shall
control.

5

 

NOTICE OF EXERCISE

Capitol Bancorp Limited

Attn: Equity Incentive Plan Administrator

One Business & Trade Center

200 Washington Square North

Lansing, MI 48933

     I,                     , elect to exercise the following Capitol Bancorp Limited stock
option(s):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Number of	 	 	 	 	 	 	 
	Grant	 	Grant	 	 	Type of	 	 	Shares to be	 	 	Exercise Price	 	 	Aggregate	 
	Number:	 	Date:	 	 	Option:	 	 	Exercised:	 	 	Per Share:	 	 	Exercise Price:	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

TYPE OF EXERCISE:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	o	 	CASH(1)	 	o	 	CASHLESS (Sale of underlying
shares of option to pay exercise
price)	 	o	 	STOCK(1)(2) (Use already-
held shares to pay exercise
price) 
Attach Share Attestation Form
	 

	 	 	 	o
	 	Sell shares
	 	o
	 	 Sell all shares

listed above	 	 	 	 

BROKER INFORMATION (if applicable):

	 	 	 	 	 
	Firm:

	 	DTC #
	 	Account #
	Contact Person:

	 	Phone:
	 	Fax:

o I authorize my broker to pay Capitol Bancorp Limited the aggregate exercise price. For
non-qualified (NQ) shares, I also authorize my broker to pay                      Bank for the
applicable taxes owed.

DELIVERY INSTRUCTIONS:

	 	 	 
	o      Mail certificate to my home address.

	 	o      Deliver electronically to my Broker.

     I will (i) provide any additional documents you require pursuant to the terms of the Award
Agreement, (ii) pay any withholding taxes resulting from exercise of a NQ stock option, and (iii)
notify you in writing within fifteen (15) days after any disposition of shares issued under an
incentive stock option (ISO) that occurs within two (2) years after the grant date or one (1) year
after the exercise date.

 

 

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	SS#:
	 	 
	 

	 	Signed
	Telephone:
	 	 
	 

	 	Address
	 
	 	 
	Date:
	 	 

(1) The Effective Date of cash and stock exercises is the day cash, stock, or the Share
Attestation Form is received by the Equity Incentive Plan Administrator, unless otherwise notified
by the Equity Incentive Plan Administrator as a result of insider trading restrictions. If
delivery is made by US Mail (or overnight courier) the Effective Date is the postmark date (or
pick-up date). The value of shares remitted for stock transactions is based on the closing stock
price on the Effective Date.

(2) Attested shares must meet certain requirements.

7

 

SHARE ATTESTATION FORM

Capitol Bancorp Limited

Attn: Equity Incentive Plan Administrator

One Business & Trade Center

200 Washington Square North

Lansing, MI 48933

     I will use shares of Capitol Bancorp Limited (the “Company”) common stock I already own to pay
the exercise price on the stock options identified on the attached Notice of Exercise. I will not
deliver the shares. The Company will subtract the number of shares required to pay the exercise
price from the underlying shares I am entitled to receive from the stock option and send me the
balance.

     1. I certify that I own                                 shares of Capitol Bancorp Limited common stock (the
“Attested Shares”) which I tender to pay part or all of the stock option exercise price. I hold
the Attested Shares (check one):

	 	 	 
	o

	 	individually. A photocopy of the stock certificate(s) is attached.
	 
	 	 
	o

	 	jointly as                     . A photocopy of the stock
certificate(s) is attached.
	 
	 	 
	o

	 	in a brokerage account in the name(s) of                     . A
photocopy of a brokerage statement from the preceding two (2) months
showing the Company stock is attached. (Note: Irrelevant information
related to other investments may be blocked out.)
	 
	 	 
	 

	 	2.      I certify that (check all that apply):
	 
	 	 
	o

	 	the Attested Shares are NOT held by a trustee or custodian in an IRA account or
any tax deferral plan.
	 
	 	 
	o

	 	I have owned the Attested Shares for AT LEAST SIX (6) MONTHS and did not acquire
them in a stock-for-stock transaction during that six (6) months.
	 
	 	 
	o

	 	the Attested Shares were originally acquired through an incentive stock option
(ISO) exercise and
	 
	 	 
	 

	 	o      I have owned                     shares for AT LEAST ONE (1) YEAR;
	 
	 	 
	 

	 	o      I have owned                     shares for LESS THAN ONE (1) YEAR (Note: Attesting ISO shares
held less than one (1) year triggers a disqualifying disposition of the Attested Shares.)
	 
	 	 
	o

	 	the Attested Shares were purchased through the Capitol Bancorp Limited Employee Stock

Ownership Plan (“ESOP”) and:

8

 

	 	 	 
	 

	 	o      I have owned                     shares for AT LEAST EIGHTEEN (18) MONTHS
	 
	 	 
	 

	 	o      I have owned                     shares for LESS THAN EIGHTEEN (18) MONTHS (Note: Attesting ESOP
shares held less than eighteen (18) months triggers a disqualifying disposition of the
Attested Shares.)
	 
	 	 
	 

	 	3.      Apply toward the option price:
	 
	 	 
	o

	 	the maximum number of whole shares necessary to pay the aggregate
exercise price of my option. I agree to settle any fractional share
balance with the Company within two (2) days of the Effective Date via
check.
	 
	 	 
	o

	 	the total number of whole shares represented by this attestation to
pay for only part of the exercise price. I agree to settle the
remaining balance of the aggregate exercise price by check within one
(1) day of the Effective Date.

     Although I will not be required to make actual delivery of the Attested Shares and I will
retain full ownership of the Attested Shares, I represent that I (with the consent of the joint
owner, if any) have the full power to deliver the Attested Shares to the Company for their benefit.

     By signing, any joint owner consents to the exercise of the stock option(s) using Attested
Shares and agrees with any representations made above pursuant to the Attested Shares.

9exv10w4

 

Exhibit 10.4

CAPITOL BANCORP LIMITED 

2007 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

(Executive Officers)

Grant Number: «RSU_Number»

     Capitol Bancorp Limited (the “Company”) hereby grants you, «First» «Middle» «Last» (the
“Participant”), an award of restricted stock units (“RSUs”) under the Capitol Bancorp Limited 2007
Equity Incentive Plan (the “Plan”). The date of this Agreement is                     , 200___. Subject to
the provisions of Appendix A (attached) and of the Plan, the principal features of this award are
as follows:

Number of RSUs: «RSU_Shares»

Vesting of RSUs: The RSUs will vest according to the following schedule:

[Insert vesting schedule.]

     Unless otherwise defined herein or in Appendix A, capitalized terms herein or in Appendix A
will have the defined meanings ascribed to them in the Plan.

     Your signature below indicates your agreement and understanding that this Stock Award is
subject to all of the terms and conditions contained in Appendix A and the Plan. For example,
important additional information on vesting and forfeiture of the RSUs is contained in Sections 3
and 4 of Appendix A. PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS
AND CONDITIONS OF THIS AGREEMENT.

	 	 	 
	 

	 	 
	Capitol Bancorp Limited

	 	Date
	 
	 	 
	 

	 	 
	Participant Name

	 	Date

1

 

APPENDIX A

TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS

Grant # «RSU_Number»

     1. Grant. The Company hereby grants to the Participant under the Plan an
award of the number of RSUs set forth on the first page, subject to all of the terms and conditions
in this Agreement and the Plan.

     2. Company’s Obligation to Pay. Each RSU represents the right to receive a
share of Common Stock (“Share”) on the date it becomes vested. Unless and until the RSUs will have
vested in the manner set forth in Sections 3 and 4, the Participant will have no right to payment
of any such RSUs. Prior to actual payment of any vested RSUs, such RSUs will represent an
unsecured obligation of the Company, payable (if at all) only from the general assets of the
Company.

     3. Vesting Schedule. Subject to Section 4, the RSUs awarded by this
Agreement will vest in the Participant according to the vesting schedule set forth on the attached
Restricted Stock Unit Agreement, subject to the Participant continuing to be a Service Provider
through each such date.

     4. Forfeiture upon Termination of Status as a Service Provider.
Notwithstanding any contrary provision of this Agreement, if the Participant ceases to be a Service
Provider for any or no reason, the then unvested RSUs awarded by this Agreement will thereupon be
forfeited at no cost to the Company and the Participant will have no further rights thereunder.

     5. Payment after Vesting. Any RSUs that vest in accordance with Section 3
will be paid to the Participant (or in the event of the Participant’s death, pursuant to Section 6
hereof) in whole Shares, provided that to the extent determined appropriate by the Company, any
federal, state and local withholding taxes with respect to such RSUs will be paid by reducing the
number of Shares actually paid to the Participant.

     6. Payments after Death. Any distribution or delivery to be made to the
Participant under this Agreement will, if the Participant is then deceased, be made to the
Participant’s designated beneficiary, or if no beneficiary survives the Participant, administrator
or executor of the Participant’s estate. Any such transferee must furnish the Company with (a)
written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to
establish the validity of the transfer and compliance with any laws or regulations pertaining to
said transfer.

     7. Deferral Election. If permitted, the Participant may elect to defer
delivery of the payment of any Shares, which election will be subject to such documentation as the
Company may promptly and reasonably request, and any terms

A-1 

 

under the applicable deferred compensation plan as the Committee deems appropriate. Unless
otherwise determined by the Committee, any such deferral election by the Participant will be void
and not given effect unless the Participant’s deferral election is made at least twelve (12) months
prior to the date the Shares otherwise are scheduled to be paid. The Committee may require that
the Participant make an election earlier than twelve (12) months prior to the date the Shares are
scheduled to be paid. Upon the date the Shares vest to which a deferral election applies, the
Company will create a bookkeeping entry initially representing an amount equivalent to the Fair
Market Value of the number of Shares that would have otherwise been payable hereunder had a
deferral election not been made. Any such obligation will represent an unfunded and unsecured
obligation of the Company. Notwithstanding anything to the contrary, any such deferral election,
if permitted by the Committee, shall comply with the applicable requirements of Section 409A of the
Internal Revenue Code of 1986, as amended, and the Department of Treasury regulations and other
interpretive guidance issued thereunder.

     8. Withholding of Taxes. Notwithstanding any contrary provision of this
Agreement, no certificate representing the Shares will be issued to the Participant, unless and
until satisfactory arrangements (as determined by the Administrator) will have been made by the
Participant with respect to the payment of income, employment and other taxes which the Company
determines must be withheld with respect to such Shares so issuable. The Administrator, in its
sole discretion and pursuant to such procedures as it may specify from time to time, may permit the
Participant to satisfy such tax withholding obligation, in whole or in part by one or more of the
following: (a) paying cash, (b) electing to have the Company withhold otherwise deliverable Shares
having a Fair Market Value equal to the minimum amount required to be withheld, (c) delivering to
the Company already vested and owned Shares having a Fair Market Value equal to the amount required
to be withheld, or (d) selling a sufficient number of such Shares otherwise deliverable to
Participant through such means as the Company may determine in its sole discretion (whether through
a broker or otherwise) equal to the amount required to be withheld. If the Participant fails to
make satisfactory arrangements for the payment of any required tax withholding obligations
hereunder at the time any applicable RSUs otherwise are scheduled to vest pursuant to Section 3,
the Participant will permanently forfeit such RSUs and the RSUs will be returned to the Company at
no cost to the Company and the Participant will have rights to acquire any Shares with respect
thereto.

     9. Rights as Shareholder. Neither the Participant nor any person claiming
under or through the Participant will have any of the rights or privileges of a shareholder of the
Company in respect of any Shares deliverable hereunder unless and until certificates representing
such Shares will have been issued, recorded on the records of the Company or its transfer agents or
registrars, and delivered to the Participant.

     10. No Effect on Service. The Participant’s service with the Company and
its Subsidiaries is on an at-will basis only. Accordingly, the terms of the Participant’s service
with the Company and its Affiliates will be determined from time to time by the

A-2 

 

Company or the Affiliate employing or retaining the Participant (as the case may be), and the
Company or the Affiliate will have the right, which is hereby expressly reserved, to terminate or
change the terms of the service of the Participant at any time for any reason whatsoever, with or
without Cause.

     11. Address for Notices. Any notice to be given to the Company under the
terms of this Agreement will be addressed to the Company at One Business & Trade Center, 200
Washington Square North, Lansing, MI 48933, Attn: Equity Incentive Plan Administrator, or at such
other address as the Company may hereafter designate in writing.

     12. Grant is Not Transferable. Except to the limited extent provided in
Section 6, this grant and the rights and privileges conferred hereby will not be transferred,
assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will
not be subject to sale under execution, attachment or similar process. Upon any attempt to
transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege
conferred hereby, or upon any attempted sale under any execution, attachment or similar process,
this grant and the rights and privileges conferred hereby immediately will become null and void.

     13. Binding Agreement. Subject to the limitation on the transferability of
this grant contained herein, this Agreement will be binding upon and inure to the benefit of the
heirs, legatees, legal representatives, successors and assigns of the parties hereto.

     14. Additional Conditions to Issuance of Stock. If at any time the Company
will determine, in its discretion, that the listing, registration or qualification of the Shares
upon any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory authority is necessary or desirable as a condition to the issuance of
Shares to the Participant (or his estate), such issuance will not occur unless and until such
listing, registration, qualification, consent or approval will have been effected or obtained free
of any conditions not acceptable to the Company. Where the Company determines that the delivery of
the payment of any Shares will violate federal securities laws or other applicable laws, the
Company will defer delivery until the earliest date at which the Company reasonably anticipates
that the delivery of Shares will no longer cause such violation. The Company will make all
reasonable efforts to meet the requirements of any such state or federal law or securities exchange
and to obtain any such consent or approval of any such governmental authority.

     15. Plan Governs. This Agreement is subject to all terms and provisions of
the Plan. In the event of a conflict between one or more provisions of this Agreement and one or
more provisions of the Plan, the provisions of the Plan will govern.

     16. Administrator Authority. The Administrator will have the power to
interpret the Plan and this Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret or

A-3 

 

revoke any such rules (including, but not limited to, the determination of whether or not any
RSUs have vested). All actions taken and all interpretations and determinations made by the
Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. No member of the Administrator will be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or this Agreement.

     17. Captions. Captions provided herein are for convenience only and are not
to serve as a basis for interpretation or construction of this Agreement.

     18. Agreement Severable. In the event that any provision in this Agreement
will be held invalid or unenforceable, such provision will be severable from, and such invalidity
or unenforceability will not be construed to have any effect on, the remaining provisions of this
Agreement.

     19. Electronic Delivery. The Company may, in its sole discretion, decide to
deliver any documents related to RSUs awarded under the Plan or future RSUs that may be awarded
under the Plan by electronic means or request Participant’s consent to participate in the Plan by
electronic means. Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through an online or electronic system established and maintained
by the Company or a third party designated by the Company.

A-4

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