Document:

EX-10.21

 Exhibit 10.21 

PAPAY TOPCO, INC. 

LONG-TERM INCENTIVE PLAN 

May 26, 2017 
 1.
Purpose of Plan. This Long-Term Incentive Plan (the “Plan”) of Papay Topco, Inc., a Delaware corporation and indirect parent of Cvent, Inc. (the “Company”), is designed to provide Incentives to such present
and future employees, directors, officers, or managers of the Company or its Subsidiaries (“Participants”), as may be selected in the sole discretion of the Board, through the grant of Incentives by the Company to Participants. 

2. Definitions. Certain terms used in this Plan have the meanings set forth below: 

“Asset Sale” means any sale or transfer by the Company and its Subsidiaries of all or substantially all (as defined in the
Revised Model Business Corporation Act) of their assets on a consolidated basis. 
 “Board” means the Company’s board
of directors. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as
the same may be amended from time to time. 
 “Incentive” shall have the meaning set forth in
Section 3(a) hereof. 
 “Investors” means Vista Equity Partners Fund VI, L.P. arid any affiliate
or designee of the foregoing. 
 “Investor Funds” means Vista Equity Partners Fund VI, L.P., Vista Equity Partners Fund VI-A, L.P. and VEPF FAF VI, L.P., and any of such fund’s respective portfolio companies (excluding the Company and its Subsidiaries), and their respective partners, members, directors, employees, stockholders,
agents, any successor by operation of law (including by merger) of any such Person, and any entity that acquires all or substantially all of the assets of any such Person in a single transaction or series of related transactions. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint share
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Residual Equity Value” shall mean, following a Qualified Event, the fair market value, as determined by the Board acting in
good faith, of the Investor Funds’ (i) residual equity interest in the Company and its Subsidiaries (if any) and (ii) any other equity interests (whether or not marketable) received by the Investor Funds’ as consideration for such
Investor Fund’s equity interests in the Company and its Subsidiaries. 
 “Qualified Event” shall mean any sale or
transfer to any third party of at least 50% of the Investor Funds’ equity interests (whether by merger, combination or otherwise), other than to the VEP Group, and excluding, for the avoidance of doubt, a Sale of the Company. 

 

 “Sale of the Company” means the earlier of (i) the first date on which
the Investors no longer hold any equity securities of the Company and no longer hold any equity interest received in respect of any such equity securities held or previously held by the Investors or (ii) any Asset Sale. 

“Subsidiary” means any corporation or other entity of which the securities or other ownership interests having the voting
power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by the Company, directly or through one or more Subsidiaries. 

“Total Equity Return Multiple” shall be determined by the Board acting in good faith and shall mean the quotient of
(i) the cumulative total of all cash distributions actually made to, or other cash proceeds actually received by, the Investor Funds (excluding management or transaction fees and expenses, payments pursuant to all incentive plans (equity or
otherwise), any other advisory fees and expenses, any board fees and expenses or any other expenses but including, for the avoidance of doubt, all “carried interest”) in respect of its ownership of equity or debt securities of the Company
or any of its Subsidiaries and any loans provided by the Investor Funds during the life of the Investor Funds’ investment period (the “Investor Funds Proceeds”), divided by (ii) the Investor Funds’ total investment in
the Company and its Subsidiaries (whether in exchange for equity, indebtedness or otherwise) (the “Investor Funds Investments”). For purposes of calculating the Total Equity Return Multiple, all distributions made to the Investor
Funds will be net of all accrued but unpaid management fees, all expenses associated with the Sale of the Company and assuming, for purposes of the calculation made pursuant to clause (i) above, the vesting (and exercise, if applicable) (prior
to the calculation of the Total Equity Return Multiple) of all outstanding options, warrants and other outstanding rights to acquire capital stock of the Company. 

“VEP Group” means Vista Equity partners, its affiliates and any of their respective managed investment funds and portfolio
companies (including Vista Equity Partners Fund VI, L.P., Vista Equity Partners Fund VI-A, L.P. and VEPF FAF VI, L.P., but excluding the Company and its Subsidiaries) and their respective partners, members,
directors, managers, employees, stockholders, agents, any successor by operation of law (including by merger or otherwise) of any such Person, and any entity that acquires all or substantially all of the assets of any such Person in a single
transaction or series of related transactions. 
 3. Incentive. 

(a) Grant. The Board shall have the power and authority to grant to any Participant an incentive (the “Incentive”) to
receive a cash payment upon a Sale of the Company, as of (and contingent upon) the completion of a Sale of the Company, or upon any such additional event as determined by the Board. Unless otherwise provided in a written agreement between a
Participant and the Company, no payment in respect of any Incentive shall be made in the absence of a Sale of the Company. Incentives are not intended to be, and shall not be construed as, an option to acquire equity interests in the Company. In
addition, the grant of any Incentives will not entitle Participant to any voting rights or other indicia of actual equity ownership. Nothing in this Plan shall interfere with or limit in any way the right of the Company to terminate
Participant’s employment at any time (with or without cause), nor confer upon Participant any right to continue in the employ of the Company for any period of time or to continue employment at any specific rate of compensation. 

  
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 (b) Taxes. The Company shall be entitled to deduct or withhold from any amounts owing
from the Company under this Plan (and, to the extent not paid directly by Participant to the applicable taxing authority, Participant shall reimburse the Company for any required amount not so withheld for) any federal, state, local or foreign
withholding taxes, excise tax, or employment taxes that are required to be withheld by the Company and imposed with respect to payments from the Company pursuant to this Plan. 

4. Administration of the Plan. The Board shall have the power and authority to prescribe, amend and rescind rules and procedures
governing the administration of this Plan, including, but not limited to the full power and authority (i) to interpret the terms of this Plan, the terms of any Incentives granted under this Plan and the rules and procedures established by the
Board governing any such Incentives, (ii) to determine the rights of any person under this Plan or the meaning of requirements imposed by the terms of this Plan or any rule or procedure established by the Board, (iii) to correct any defect
or omission or reconcile any inconsistency in the Plan or in any written agreement between the Company and a Participant evidencing the grant of any Incentive hereunder, (iv) to update the schedule accompanying any written agreement between the
Company and the Participant and (v) to make all other determinations and take all other actions necessary or advisable for the implementation and administration of the Plan. Each action of the Board shall be conclusively binding on all persons.
It is the Company’s intent that the Incentives be treated as exempt from, or compliant with, Section 409A of the Code or the regulations thereunder as amended from time to time. In the event the Internal Revenue Service or Treasury
Department issues additional guidance interpreting Section 409A of the Code, the Board may modify the terms of any such previously issued Incentive to the extent the Board determines that such modification is necessary to comply with the
requirements of Section 409A of the Code. For purposes of Section 409A of the Code, a Participant’s right, if any, to receive any installment payments pursuant to this Plan shall be treated as a right to receive a series of separate
and distinct payments. Notwithstanding the foregoing, in no event whatsoever shall the Company or any of its affiliates be liable for any additional tax, interest, income inclusion or other penalty that may be imposed on a Participant by Code
Section 409A or for damages for failing to comply with Code Section 409A. 
 5. Term and Amendment. The Board at any time may
suspend or terminate this Plan and make such additions or amendments as it deems advisable under this Plan; provided, however, that, subject to the other provisions hereof (which shall govern), the Board may not change any of the material terms of a
written agreement with respect to an Incentive in a manner which would have a material adverse effect on the Participant without the approval of the holder of such Incentive. This Plan and all Incentives granted hereunder shall expire and terminate
automatically upon the earliest to occur of (A) a Sale of the Company and (B) November 29, 2023, and no Incentive may be granted thereafter under this Plan. 

  
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 6. Participant Acknowledgements. In connection with the grant of any Incentives pursuant to
this Plan, each Participant acknowledges and agrees (as a condition to the effectiveness of any Incentives) that: (i) the Company will have no duty or obligation to disclose to any Participant, and no Participant will have any right to be
advised of, any material information egarding the Company or its Subsidiaries at any time; (ii) neither the grant of any Incentive nor any provision contained in this Plan or in any written agreement evidencing the grant of any Incentive shall
entitle such Participant to remain in the employment of the Company or its Subsidiaries or affect the right of the Company to terminate any Participant’s employment at any time for any reason; (iii) such Participant will have consulted, or
will have had an opportunity to consult with, independent legal counsel regarding his or her rights and obligations under this Plan and any written agreement evidencing any grant of any Incentive and he or she fully understands the terms and
conditions contained herein and therein; and (iv) the effective date of this Plan shall be the date first listed above, and this Plan supersedes any other agreement, arrangement or plan covering the subject matter hereof. 

7. Termination. 
 (a)
Subject to Section 7(b) below, if a Participant is no longer employed (or in the case of a Participant who was not an employee, the date on which such Participant is no longer acting as a director, manager or officer of the
Company or any of its Subsidiaries) by the Company or its Subsidiaries for any reason prior to the earlier to occur of a Qualified Event and a Sale of the Company, all Incentives granted to such Participant will be immediately forfeited and
automatically cancelled (without any action required by the Board, the Company or otherwise); provided that, for the avoidance of doubt, if, while the Participant remains an employee of the Company in good standing, a Qualified Event occurs
prior to a Sale of the Company, Participant’s Incentive shall vest in full upon the consummation of such Qualified Event and Participant shall be entitled to the remainder of Participant’s Incentive (if any) in the event that a Sale of the
Company occurs prior to the termination of the Plan (whether or not Participant is employed by, or serving as a director, manager or officer of, the Company upon the consummation of such Sale of the Company). 

(b) In the event of an Asset Sale, for purposes of Section 7(a) only, the Participant’s employment shall not be
deemed terminated if both immediately before and subsequent to the consummation of any such Asset Sale, the Participant is employed by the Company, and/or any of its Subsidiaries and/or any successor to the Company or its Subsidiaries. 

8. Restrictions on Transfer. Incentives are personal to Participant and no Participant may sell, transfer, assign, pledge, encumber or
otherwise transfer any interest (legal or beneficial) in any Incentives (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of law). Any transfer or attempted transfer of
any Incentive in violation of any provision of this Plan shall be null and void. 
 9. Severability. Whenever possible, each provision
of this Plan will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Plan is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Plan will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 10. Business Days. If any time period for giving notice or taking action hereunder expires on a day
which is a Saturday, Sunday or holiday in the state in which the Company’s chief executive office is located, the time period shall be automatically extended to the business day immediately following such Saturday, Sunday or holiday. 

  
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 11. Governing Law. All issues concerning this Plan will be governed by and construed
in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision of rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any
jurisdiction other than the State of Delaware. Each of the Company and each Participant submits to the non-exclusive jurisdiction of the United States District Court and any Delaware state court sitting in
Wilmington, Delaware over any lawsuit under this Plan and waives any objection based on venue or forum non conveniens with respect to any action instituted therein. Each of the Company and each Participant waives the necessity for personal
service of any and all process upon it and consents that all such service of process may be made by registered or certified mail (return receipt requested), in each case directed to such party in accordance with the notice requirements set forth in
this Plan, and service so made will be deemed to be completed on the date of actual receipt. Each of the Company and each Participant consents to service of process as aforesaid. Nothing in this Plan will prohibit personal service in lieu of the
service by mail. 
 12. Notices. Any notice required or permitted under this Plan or any agreement executed and delivered in
connection with this Plan shall be in writing and shall be either personally delivered, or mailed by first class mail, return receipt requested, to any Participant at the address indicated in the Company’s records for such Person, and to the
Company at the address below indicated: 
  

			
	Notices to the Company:	  	And with a copy to:
		
	Cvent, Inc.	  	Kirkland & Ellis LLP
	1765 Greensboro Station Place	  	555 California Street, Suite 2700
	7th Floor	  	San Francisco, CA 94104
	Tysons Corner, VA 22102	  	Attention: Stuart E. Casillas, P.C.
	Attention: General Counsel	  	

 or such other address or to the attention of such other person as the recipient party shall have specified by prior
written notice to the sending party. Any notice under this Plan shall be deemed to have been given when so delivered or mailed. 
 * * * * *

  
 5EX-4.1

 Exhibit 4.1 

DONEGAL GROUP INC. 
 2021 AGENCY
STOCK PURCHASE PLAN 
  

	1.	 Purpose. 

Donegal Group Inc. (the “Company”) established this 2021 Agency Stock Purchase Plan (this “Plan”) for the benefit of
eligible independent insurance agencies of Donegal Mutual Insurance Company (“Donegal Mutual”), any insurance company that the Company or Donegal Mutual owns 50% or more of such company’s stock or any company from which the Company or
Donegal Mutual assumes 100% quota share reinsurance (collectively, the “Companies”). This Plan provides an Eligible Agency, as defined in Section 2, an opportunity to acquire a long-term proprietary interest in the Company through the
purchase of the Company’s Class A common stock (the “Class A common stock”) at a discount from current market prices. In offering this Plan, the Company seeks to foster the common interests of the Company and Eligible Agencies in
achieving long-term profitable growth for the Company. Accordingly, the Company has created this Plan to facilitate the purchase and long-term investment in shares of the Class A common stock by Eligible Agencies. 

 

	2.	 Eligible Agencies. 

An Eligible Agency is an agency that the Company determines, in its discretion, brings value to the Companies and with which the Companies seek
a long-term relationship. The Company will consider the following criteria to determine eligibility: 
 (i) the agency’s premium volume;

 (ii) the potential growth of such premium volume; 

(iii) the profitability of the agency’s business; and 

(iv) whether the Company has placed the agency on rehabilitation or revoked the agency’s binding authority. 

The Company, in its discretion, may base eligibility on agency segmentation class or any other factors that indicate value, directly or indirectly, to the
Companies. The Company will conduct periodic reviews to determine the continued eligibility of each Eligible Agency. Although an Eligible Agency is legally permitted to sell shares of Class A common stock it purchases pursuant to this Plan in
its discretion, a pattern of immediate resale of the Class A common stock acquired under this Plan by an Eligible Agency will be a factor in the Company’s determination whether an agency should remain eligible for continued participation
in this Plan because immediate resales would tend to indicate that an Eligible Agency is not seeking to share in the long-term profitable growth of the Companies. The Company will treat its decision, in its discretion, to discontinue the eligibility
of an agency under this Plan, as an automatic withdrawal from this Plan. See Section 9. 

	3.	 Methods of Payment and Amount of Contribution. 

An Eligible Agency will have three methods of payment, pursuant to subsections (a), (b) and (c) of this Section 3, through which it
may purchase shares of Class A common stock under this Plan. Subject to the provisions of Section 11(b), an Eligible Agency may elect any of the payment methods individually or in combination. In each Subscription Period, as defined in
Section 4, an Eligible Agency may contribute an aggregate maximum of $12,000 toward the purchase of Class A common stock under all payment methods combined (the “Maximum Amount”), subject to the limitations set forth below: 

(a) An Eligible Agency may elect to purchase Class A common stock through deductions from its monthly direct bill commission payments.
Under this method, an Eligible Agency will direct the Company to withhold no less than 1% and no more than 10% of the Eligible Agency’s direct bill commission payments from the Eligible Agency’s direct bill commission payments; provided,
however, that the Company will withhold no more than $12,000 from direct bill commission payments during each Subscription Period. Direct bill commission payments will mean the commissions earned and that are actually available for payment in a
monthly period to an Eligible Agency for personal and commercial direct bill policies after all offsetting debits and credits are applied, as determined solely from the Company’s records. 

(b) An Eligible Agency may elect to purchase Class A common stock during each Subscription Period through a deduction from the contingent
commission, if any, payable to the Eligible Agency under the applicable agency contingent plan or its equivalent. Under this method, an Eligible Agency will direct the Company to withhold a percentage of the contingent commission subject to the
Maximum Amount. 
 (c) An Eligible Agency may elect to purchase Class A common stock through
lump-sum payments to the Company. Under this method, the Eligible Agency will pay to the Company a dollar amount in a lump sum by the last day of the applicable Subscription Period. The amount of the lump sum
payment may not be less than $1,000 nor more than the Maximum Amount. 
 At the end of each Subscription Period, the Company will total each
Eligible Agency’s direct bill commission payments and contingent commission payments, if any, and add such total to all lump-sum payments, if any, made by such agency during such Subscription Period. If
at any time during a Subscription Period an Eligible Agency’s total payments exceed the Maximum Amount for that Subscription Period then, upon the Eligible Agency’s request, the Company will return such excess amount to the Eligible Agency
without interest within a reasonable period. The Company will apply any such amount not returned to the Eligible Agency to the purchase of Class A common stock during the next Subscription Period without reducing the Maximum Amount applicable
to such Subscription Period. 

  
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	4.	 Duration of This Plan and Subscription Periods. 

This Plan is effective as of the effective date of the Form S-3 registration statement for the Plan
through and including September 30, 2024. During its term, this Plan will have semi-annual “Subscription Periods.” Each Subscription Period will extend from April 1 through September 30 or from October 1 through
March 31 of each year. 
  

	5.	 Enrollment and Enrollment Periods. 

“Enrollment Periods” are in effect from March 1 through March 31 and from September 1 through September 30 of
each year, with the first Enrollment Period commencing the effective date of the Form S-3 registration statement for the Plan and continuing for 30 days thereafter. The Company will send an Eligible Agency a
Subscription Agreement prior to the beginning of the first Enrollment Period following such agency’s designation as an Eligible Agency. 

(a) An Eligible Agency that desires to subscribe for the purchase of Class A common stock through withholding from direct bill
commissions must return a duly executed and completed Subscription Agreement during the first applicable Enrollment Period. 
 (b) An
Eligible Agency that wishes to make lump-sum purchases during a Subscription Period will remit each lump-sum payment to the Company with a supplemental Subscription
Agreement by the last day of the applicable Subscription Period. 
 (c) An Eligible Agency that wishes to make a purchase during a
Subscription Period through designation of a portion of its contingent commission under the agency contingent plan will file a Subscription Agreement during the Enrollment Period applicable to that Subscription Period. 

Once enrolled, an Eligible Agency will continue to participate in this Plan for each succeeding Subscription Period until it ceases to be an
Eligible Agency or chooses to withdraw from this Plan pursuant to Section 9. If an Eligible Agency desires to change its rate of contribution, it may do so effective for the next Subscription Period by filing a new Subscription Agreement during
the Enrollment Period for the next Subscription Period. 
  

	6.	 Number of Shares To Be Offered. 

The total number of shares available under this Plan is 500,000 shares of Class A common stock. In the event all 500,000 shares of
Class A common stock are purchased prior to the expiration of this Plan, the Company may terminate this Plan in accordance with Section 13. 

  
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	7.	 Subscription Price. 

The “Subscription Price” for each share of Class A common stock will be equal to 90% of the average of the closing prices of the
Class A common stock on the Nasdaq Global Select Market for the last ten trading days of the applicable Subscription Period. 
  

	8.	 Purchase of Shares. 

The Company will maintain a “Plan Account” on behalf of each enrolled Eligible Agency with the Company’s transfer agent. As of
the last day of each Subscription Period, the Company will credit the aggregate of (i) the amount deducted from the Eligible Agency’s direct bill commission payments, (ii) the Eligible Agency’s contingent commission withholdings
and (iii) all of the Eligible Agency’s lump-sum payments, not to exceed the Maximum Amount permitted pursuant to Section 3 from all three payment methods, to the Eligible Agency’s Plan
Account. At such time, the Company will divide the amount then contained in the Eligible Agency’s Plan Account by the Subscription Price for such Subscription Period and credit each Plan Account with the number of whole shares that results. The
Company will carry forward any amount remaining in the Plan Account to the next Subscription Period or, at the option of the Eligible Agency, return it to the Eligible Agency. Any amount so carried forward will not reduce the Maximum Amount
applicable to such succeeding Subscription Period. If the number of shares subscribed for during any Subscription Period exceeds the number of shares available for sale under this Plan, the Company will allocate the remaining shares among all
Eligible Agencies in proportion to their aggregate Plan Account balances, exclusive of any amounts carried forward as provided in Section 3 and this Section 8. The Company will issue the shares that each Eligible Agency purchases under
this Plan in electronic “book-entry” form through the Direct Registration System and deposit such shares directly into an account with Computershare Trust Company N.A., the Company’s transfer agent, within a reasonable time
thereafter. 
  

	9.	 Withdrawal from This Plan. 

An enrolled Eligible Agency may withdraw from this Plan at any time by giving written notice of withdrawal signed by an authorized
representative of the Eligible Agency to the Company. Promptly after the time of withdrawal or the discontinuance of an Eligible Agency’s eligibility, the Company will refund without interest the amount of any cash credited to the Eligible
Agency’s Plan Account for the current Subscription Period. If an Eligible Agency withdraws, such Eligible Agency may not resubscribe until after the next full Subscription Period has elapsed, and then only if the Company has redesignated such
agency as an Eligible Agency. 

  
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	10.	 Termination of Agency Status. 

The Company will treat termination of agency status for any reason as an automatic withdrawal from this Plan pursuant to Section 9. 

 

	11.	 Assignment and Issuance of Shares. 

Except as expressly permitted by this Section 11, no Eligible Agency may assign its subscription payments under this Plan or rights to
subscribe under this Plan to any other person (including its shareholders, partners, members or other principals), and any attempted assignment will be void. Neither an Eligible Agency’s rights under this Plan nor shares held in an Eligible
Agency’s Plan Account may be transferred, pledged, hypothecated or assigned. All shares issued under this Plan will be titled in the name of the Eligible Agency; provided, however, that an Eligible Agency may, upon written request to the
Company: (a) designate that the Company issue such shares to a shareholder, partner, member, principal or other licensed employee of such Eligible Agency, or (b) designate that any retirement plan maintained by or for the benefit of such
Eligible Agency or a shareholder, partner, member, principal or other licensed employee of such Eligible Agency may purchase shares in lieu of such Eligible Agency through lump-sum payments made by the
designee, subject to the $12,000 Maximum Amount limitation set forth in Section 3, compliance with applicable laws, including the Employee Retirement Income Security Act of 1974, as amended, and, if applicable, payment by the Eligible Agency or
its designee of any applicable transfer taxes and satisfaction of the Company’s usual requirements for recognition of a transfer of Class A common stock. 
  

	12.	 Adjustment of and Changes in the Class A Common Stock. 

In the event that the outstanding shares of the Class A common stock are hereafter increased or decreased or changed into or exchanged for
a different number or kind of shares or other securities of the Company, or of another corporation, by reason of reorganization, merger, consolidation, recapitalization, reclassification, stock split-up, stock
dividend either in shares of the Class A common stock or of another class of the Company’s stock, spin-off or combination of shares, the Committee appointed pursuant to Section 14 of this Plan
will make appropriate adjustments in the aggregate number and kind of shares that are reserved for sale under this Plan. 
  

	13.	 Amendment or Discontinuance of This Plan. 

The board of directors of the Company will have the right to amend, modify or terminate this Plan at any time without notice provided that the
amendment, modification or termination of this Plan does not adversely affect any participant’s existing rights. 

  
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	14.	 Administration. 

A committee (the “Committee”) consisting of at least three persons the board of directors of the Company has appointed from time to
time will administer this Plan. The Committee may from time to time adopt rules and regulations for carrying out this Plan. Any Committee interpretation or construction of any provision of this Plan will be final and conclusive on all participants
absent contrary action by the board of directors of the Company. Any interpretation or construction of any provision of this Plan by the board of directors of the Company will be final and conclusive on all participants. 

 

	15.	 Titles. 

Titles are provided in this Plan for convenience only and are not to serve as a basis for interpretation or construction of this Plan. 

 

	16.	 Applicable Law. 

This Plan will be construed, administered and governed in all respects under the laws of the State of Delaware and the United States of
America. 

  
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