Document:

Form of NYMEX Holdings, Inc. 2006 Omnibus Long-Term Incentive Plan

 Exhibit 10.14 
  
 NYMEX HOLDINGS, INC. 
 2006 OMNIBUS LONG-TERM INCENTIVE PLAN 
  
 NYMEX Holdings, Inc., a Delaware corporation (the “Company”), sets forth herein the terms of its 2006 Omnibus Long-Term Incentive Plan (the “Plan”), as follows: 
  
 1. PURPOSE 
  
 The Plan is intended to enhance the Company’s and its Affiliates’ (as defined herein) ability to attract and
retain highly qualified officers, directors, key employees, and other persons, and to motivate such officers, directors, key employees, and other persons to serve the Company and its Affiliates and to expend maximum effort to improve the business
results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the Plan provides for the grant of stock options,
stock appreciation rights, restricted stock, restricted stock units, unrestricted stock and cash awards. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals in
accordance with the terms hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein. 
  
 2. DEFINITIONS 
  
 For purposes of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply: 
  
 2.1. “Affiliate” means any company or other trade or
business that “controls,” is “controlled by” or is “under common control” with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary.

  
 2.2. “Annual Incentive Award” means an Award
made subject to attainment of performance goals (as described in Section 13) over a performance period of a duration as specified by the Committee. 
  
 2.3. “Award” means a grant of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or cash award under the Plan.

  
 2.4. “Award Agreement” means a written
agreement between the Company and a Grantee, or notice from the Company to a Grantee, that evidences and sets out the terms and conditions of an Award. 
  
 2.5. “Board” means the Board of Directors of the Company. 
  
 2.6. “Cause” means, as determined by the Board and unless otherwise provided in an applicable agreement
with the Company or an Affiliate at or before the Grant Date: (i) engaging in any act, or failing to act, or misconduct that is injurious to the Company or its Affiliates; (ii) gross negligence or willful misconduct in connection with the
performance of duties; (iii) conviction of a criminal offense (other than minor traffic offenses); (iv) fraud, embezzlement or misappropriation of funds or property of the Company or an Affiliate; (v) material breach of any term of
any employment, consulting or other services, confidentiality, intellectual property or non-competition agreements, if any, between the Service Provider and the Company or an Affiliate; (vi) the entry of an order duly issued by any regulatory
agency (including federal, state and local regulatory agencies and self-regulatory bodies) having jurisdiction over the Company or an Affiliate requiring the removal from any office held by the Service Provider with the Company or prohibiting a
Service Provider from participating in the business or affairs of the Company or any Affiliate; or (vii) the revocation or threatened 

  

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revocation of any of the Company’s or an Affiliate’s government licenses, permits or approvals, which is primarily due to the Service
Provider’s action or inaction and such revocation or threatened revocation would be alleviated or mitigated in any material respect by the termination of the Service Provider’s Services. 
  
 2.7. “Change in Control” shall have the meaning set forth in
Section 15.2. 
  
 2.8. “Code” means the
Internal Revenue Code of 1986, as now in effect or as hereafter amended. 
  
 2.9. “Committee” means the Compensation Committee of the Board, or such other committee as determined by the Board. The Compensation Committee of the Board may, in its discretion, designate a
subcommittee of its members to serve as the Committee (to the extent the Board has not designated another person, committee or entity as the Committee) or to cause the Committee to (i) consist solely of persons who are “Nonemployee
Directors” as defined in Rule 16b-3 issued under the Exchange Act, (ii) consist solely of persons who are Outside Directors, or (iii) satisfy the applicable requirements of any stock exchange on which the Common Stock may then be
listed. 
  
 2.10. “Company” means NYMEX Holdings,
Inc., a Delaware corporation, or any successor corporation. 
  
 2.11. “Common Stock” or “Stock” means share of common stock of the Company, par value $0.01 per share. 
  
 2.12. “Covered Employee” means a Grantee who is a “covered employee” within the meaning of Section 162(m)(3) of the Code
as qualified by Section 13.4 herein. 
  
 2.13.
“Disability” means the Grantee is unable to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which
can be expected to last for a continuous period of not less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive Stock Option following termination of the Grantee’s Service,
Disability has the meaning as set forth in Section 22(e)(3) of the Code. 
  
 2.14. “Effective Date” means                     , 2006. 
  
 2.15. “Exchange Act” means the Securities Exchange Act of
1934, as now in effect or as hereafter amended. 
  
 2.16.
“Fair Market Value” of a share of Common Stock as of a particular date shall mean (1) the closing sale price reported for such share on the national securities exchange or national market system on which such stock is principally
traded on the last day preceding such date on which a sale was reported, or (2) if the shares of Common Stock are not then listed on a national securities exchange or national market system, or the value of such shares is not otherwise
determinable, such value as determined by the Board in good faith in its sole discretion (but in any event not less than fair market value within the meaning of Section 409A); notwithstanding the foregoing, the Fair Market Value of a share of
Common Stock for purposes of Awards with a Grant Date as of the Company’s initial public offering shall be the price per share of Common Stock in such initial public offering, as determined by the Board. 
  
 2.17. “Family Member” means a person who is a spouse, former
spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of the applicable
individual, any person sharing the applicable individual’s household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent of the beneficial interest, a foundation in which any one or
more of these persons (or the applicable individual) control the management of assets, and any other entity in which one or more of these persons (or the applicable individual) own more than fifty percent of the voting interests. 
  

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 2.18. “Grant Date” means, as determined by the Board, the latest to occur of
(i) the date as of which the Board approves an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6 hereof, or (iii) such other date as may be specified by the Board
in the Award Agreement. 
  
 2.19. “Grantee” means
a person who receives or holds an Award under the Plan. 
  
 2.20. “Incentive Stock Option” means an “incentive stock option” within the meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted tax statute, as amended from time to
time. 
  
 2.21. “Non-qualified Stock Option”
means an Option that is not an Incentive Stock Option. 
  
 2.22. “Option” means an option to purchase one or more shares of Stock pursuant to the Plan. 
  
 2.23. “Option Price” means the exercise price for each share of Stock subject to an Option. 
  
 2.24. “Outside Director” means a member of the Board who is
not an officer or employee of the Company or an Affiliate, determined in accordance with the requirements of Section 162(m) of the Code. 
  
 2.25. “Performance Award” means an Award made subject to the attainment of performance goals (as described in Section 13) over a
performance period of up to ten (10) years. 
  
 2.26.
“Plan” means this NYMEX Holdings, Inc. 2006 Omnibus Long-Term Incentive Plan. 
  
 2.27. “Purchase Price” means the purchase price for each share of Stock pursuant to a grant of Restricted Stock. 
  
 2.28. “Reporting Person” means a person who is required to
file reports under Section 16(a) of the Exchange Act. 
  
 2.29. “Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to Section 10 hereof. 
  
 2.30. “Restricted Stock Unit” means a bookkeeping entry representing the equivalent of shares of Stock, awarded to a Grantee pursuant to
Section 10 hereof. 
  
 2.31. “SAR Exercise
Price” means the per share exercise price of a SAR granted to a Grantee under Section 9 hereof. 
  
 2.32. “Section 409A” shall mean Section 409A of the Code and all formal guidance and regulations promulgated thereunder. 

 
 2.33. “Securities Act” means the Securities Act of 1933,
as now in effect or as hereafter amended. 
  
 2.34.
“Separation from Service” means a termination of Service by a Service Provider, as determined by the Board, which determination shall be final, binding and conclusive; provided if any Award governed by Section 409A is to be
distributed on a Separation from Service, then the definition of Separation from Service for such purposes shall comply with the definition provided in Section 409A. 
  
 2.35. “Service” means service as a Service Provider to the Company or an Affiliate. Unless otherwise stated
in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or an Affiliate. 
  
 2.36. “Service Provider” means an employee, officer or
director of the Company or an Affiliate. 
  

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 2.37. “Stock Appreciation Right” or “SAR” means a right granted to a
Grantee under Section 9 hereof. 
  
 2.38.
“Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code. 
  
 2.39. “Termination Date” means the date upon which an Option shall terminate or expire, as set forth in Section 8.3 hereof.

  
 2.40. “Ten Percent Stockholder” means an
individual who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding stock of the Company, its parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of
Section 424(d) of the Code shall be applied. 
  
 3. ADMINISTRATION OF THE
PLAN 
  
 3.1. General. 
  
 The Board shall have such powers and authorities related to the
administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee, which shall
have full authority to act in accordance with its charter, and with respect to the authority of the Board to act hereunder, all references to the Board shall be deemed to include a reference to the Committee, to the extent such power or
responsibilities have been delegated. Except as specifically provided in Section 13 or as otherwise may be required by applicable law, regulatory requirement or the certificate of incorporation or the bylaws of the Company, the Board
shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all
such other determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan. The interpretation and construction by the Board of any provision of
the Plan, any Award or any Award Agreement shall be final, binding and conclusive. Without limitation, the Board shall have full and final authority, subject to the other terms and conditions of the Plan, to: 
  
 (i) designate Grantees; 
  
 (ii) determine the type or types of Awards to be made to a Grantee;

  
 (iii) determine the number of shares of Stock to be subject to
an Award; 
  
 (iv) establish the terms and conditions of each
Award (including, but not limited to, the Option Price of any Option, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of
Stock subject thereto, and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options); 
  
 (v) prescribe the form of each Award Agreement; and 
  
 (vi) amend, modify, or supplement the terms of any outstanding Award including the authority, in order to effectuate the purposes of the Plan, to modify
Awards to foreign nationals or individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom. 
  
 Notwithstanding the foregoing, no amendment or modification may be made to an outstanding Option or SAR that (i) causes the Option or SAR to become
subject to Section 409A, (ii) reduces the Option Price or SAR Exercise Price, either by lowering the Option Price or SAR Exercise Price or by canceling the outstanding Option or SAR and granting a replacement Option or SAR with a lower
Option Price or SAR Exercise Price or (iii) would be treated as a repricing under the rules of the exchange upon which the Company’s Stock trades, 

  

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without, with respect to item (i), the Grantee’s written prior approval, and with respect to items (ii) and (iii), without the approval of the
stockholders of the Company, provided, that, appropriate adjustments may be made to outstanding Options and SARs pursuant to Section 15. 
  
 The Company may retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee on account of actions taken by the Grantee
in violation or breach of or in conflict with any employment agreement, non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality obligation with respect
to the Company or any Affiliate thereof or otherwise in competition with the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to the Grantee. Furthermore, the Company may annul an Award if the Grantee is
terminated for Cause as defined in the applicable Award Agreement or the Plan, as applicable. The grant of any Award may be contingent upon the Grantee executing the appropriate Award Agreement. 
  
 3.2. Deferral Arrangement. 
  
 The Board may permit or require the deferral of any Award payment into a
deferred compensation arrangement, subject to such rules and procedures as it may establish and in accordance with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting
such credits into deferred Stock units. 
  
 3.3. No Liability.

  
 No member of the Board or of the Committee shall be
liable for any action or determination made in good faith with respect to the Plan, any Award or Award Agreement. 
  
 3.4. Book Entry. 
  
 Notwithstanding any other provision of this Plan to the contrary, the Company may elect to satisfy any requirement under this Plan for the delivery of
stock certificates through the use of book-entry. 
  
 4. STOCK SUBJECT TO THE
PLAN 
  
 Subject to adjustment as provided in
Section 15 hereof, the maximum number of shares of Stock available for issuance under the Plan shall be 4,300,000. All such shares of Stock available for issuance under the Plan shall be available for issuance pursuant to Incentive Stock
Options. Notwithstanding any provision to the contrary, no more than 1,433,333 shares of Stock available for issuance under the Plan shall be available for issuance as Restricted Stock or Restricted Stock Units. Stock issued or to be issued under
the Plan shall be authorized but unissued shares; or, to the extent permitted by applicable law, issued shares that have been reacquired by the Company. 
  
 The Board may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or
substitute awards) and make adjustments in accordance with Section 15. If the Option Price of any Option granted under the Plan, or if pursuant to Section 16.3 the withholding obligation of any Grantee with respect to an
Option or other Award, is satisfied by tendering shares of Stock to the Company (by either actual delivery or by attestation) or by withholding shares of Stock, the number of shares of Stock issued net of the shares of Stock tendered or withheld
shall be deemed delivered for purposes of determining the maximum number of shares of Stock available for delivery under the Plan. To the extent that an Award under the Plan is canceled, expired, forfeited, settled in cash, settled by issuance of
fewer shares than the number underlying the Award, or otherwise terminated without delivery of shares to the Grantee, the shares retained by or returned to the Company will be available under the Plan; and shares that are withheld from such an Award
or separately surrendered by the Grantee in payment of any exercise price or taxes relating to such an Award shall be deemed to constitute shares not delivered to the Grantee and will be available under 

  

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the Plan. In addition, in the case of any Award granted in assumption of or in substitution for an award of a company or business acquired by the Company or
a Subsidiary or Affiliate or with which the Company or a Subsidiary or Affiliate combines, shares issued or issuable in connection with such substitute Award shall not be counted against the number of shares reserved under the Plan. 
  
 5. EFFECTIVE DATE, DURATION AND AMENDMENTS 
  
 5.1. Term. 
  
 The Plan shall be effective as of the Effective Date and shall terminate
automatically as of the first meeting of stockholders at which directors are to be elected that occurs after the close of the third calendar year following the calendar year in which the initial public offering occurs unless the Plan is approved by
the stockholders of the Company prior to such meeting but subsequent to the Effective Date. In the event that the Plan is approved by the stockholders during the time prescribed in the preceding sentence, then the Plan shall terminate automatically
on the ten (10) year anniversary of the Effective Date and may be terminated on any earlier date as provided in Section 5.2. 
  
 5.2. Amendment and Termination of the Plan. 
  
 The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to any Awards which have not been made. An amendment shall be
contingent on approval of the Company’s stockholders to the extent stated by the Board, required by applicable law or required by applicable stock exchange listing requirements. No Awards shall be made after termination of the Plan. No
amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair rights or obligations under any Award theretofore awarded. 
  

6. AWARD ELIGIBILITY AND LIMITATIONS 
  
 6.1. Service Providers. 
  
 Subject to this Section 6, Awards may be made to: (i) any Service Provider, including any Service Provider who is an officer or director
of the Company or of any Affiliate, as the Board shall determine and designate from time to time in its discretion and (ii) any Outside Director. 
  
 6.2. Successive Awards. 
  
 An eligible person may receive more than one Award, subject to such restrictions as are provided herein. 
  
 6.3. Stand-Alone, Additional, Tandem, and Substitute Awards.

  
 Awards may, in the discretion of the Board, be granted
either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any
other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Board
shall have the right to require the surrender of such other Award in consideration for the grant of the new Award. The Board shall have the right, in its discretion, to make Awards in substitution or exchange for any other award under another plan
of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any
Affiliate, in which the value of Stock subject to the Award is equivalent in value to the cash compensation (for example, Restricted Stock Units or Restricted Stock). 
  
 7. AWARD AGREEMENT 
  
 Each Award shall be evidenced by an Award Agreement, in such form or forms as the Board shall from time to time determine. Without limiting the foregoing,
an Award Agreement may be provided in the form of a 

  

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notice which provides that acceptance of the Award constitutes acceptance of all terms of the Plan and the notice. Award Agreements granted from time to time
or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Stock Options or
Incentive Stock Options, and in the absence of such specification such options shall be deemed Non-qualified Stock Options. 
  
 8. TERMS AND CONDITIONS OF OPTIONS 
  
 8.1. Option Price. 
  
 The Option Price of each Option shall be fixed by the Board and stated in the related Award Agreement. The Option Price of each Option shall be at least
the Fair Market Value on the Grant Date of a share of Stock; provided, however, that (a) in the event that a Grantee is a Ten Percent Stockholder as of the Grant Date, the Option Price of an Option granted to such Grantee that is
intended to be an Incentive Stock Option shall be not less than 110 percent of the Fair Market Value of a share of Stock on the Grant Date, and (b) with respect to Awards made in substitution for or in exchange for awards made by an entity
acquired by the Company or an Affiliate, the Option Price does not need to be at least the Fair Market Value on the Grant Date. In no case shall the Option Price of any Option be less than the par value of a share of Stock. 
  
 8.2. Vesting. 
  
 Subject to Section 8.3 hereof, each Option shall become
exercisable at such times and under such conditions (including without limitation performance requirements) as shall be determined by the Board and stated in the Award Agreement. For purposes of this Section 8.2, fractional numbers of
shares of Stock subject to an Option shall be rounded down to the next nearest whole number. 
  
 8.3. Term. 
  
 Each Option
shall terminate, and all rights to purchase shares of Stock thereunder shall cease, upon the expiration of eight years from the Grant Date, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by
the Board and stated in the related Award Agreement (the “Termination Date”); provided, however, that in the event that the Grantee is a Ten Percent Stockholder, an Option granted to such Grantee that is intended to be an
Incentive Stock Option at the Grant Date shall not be exercisable after the expiration of five years from its Grant Date. 
  
 8.4. Separation from Service. 
  
 Except as otherwise provided in an Award Agreement, if a Grantee’s employment with or service as a director of the Company or Affiliate terminates
for any reason other than Cause, (i) Options granted to such Grantee, to the extent that they are exercisable at the time of such termination, shall remain exercisable for a period of not more than 90 days after such termination (one year in
the case of termination by reason of death or Disability), on which date they shall expire, and (ii) Options granted to such Grantee, to the extent that they were not exercisable at the time of such termination, shall expire on the date of such
termination. In the event of the termination of a Grantee’s employment or service for Cause, all outstanding Options granted to such Grantee shall expire on the date of such termination. Notwithstanding the foregoing, no Option shall be
exercisable after the expiration of its term. 
  
 8.5.
Limitations on Exercise of Option. 
  
 Notwithstanding any
other provision of the Plan, in no event may any Option be exercised, in whole or in part, (i) prior to the date the Plan is approved by the stockholders of the Company as provided herein or (ii) after the occurrence of an event referred
to in Section 15 hereof which results in termination of the Option. 
  

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 8.6. Method of Exercise. 
  
 An Option that is exercisable may be exercised by the Grantee’s delivery to the Company of written notice of exercise
on any business day, at the Company’s principal office, on the form specified by the Company. Such notice shall specify the number of shares of Stock with respect to which the Option is being exercised and shall be accompanied by payment in
full of the Option Price of the shares for which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to an Award. The minimum number of
shares of Stock with respect to which an Option may be exercised, in whole or in part, at any time shall be the lesser of (i) the number set forth in the related Award Agreement and (ii) the maximum number of shares available for purchase
under the Option at the time of exercise. Notwithstanding anything contained herein to the contrary, the Board may, solely in its discretion, approve payment in whole or in part by an alternative method, including (i) by means of any cashless
exercise procedure approved by the Board, (ii) in the form of unrestricted shares of Stock already owned by the Grantee (for at least six months) on the date of surrender to the extent the shares of Stock have a Fair Market Value on the date of
surrender equal to the aggregate Option Price of the shares as to which such Option shall be exercised, provided that, in the case of an Incentive Stock Option, the right to make payment in the form of already owned shares of Stock may be
authorized only at the time of grant, or (iii) any combination of the foregoing. 
  
 8.7. Rights of Holders of Options. 
  
 Unless otherwise stated in the related Award Agreement, an individual holding or exercising an Option shall have none of the rights of a stockholder (for example, the right to receive cash or dividend payments or
distributions attributable to the subject shares of Stock or to direct the voting of the subject shares of Stock) until the shares of Stock covered thereby are fully paid and issued to him. Except as provided in Section 15 hereof, no
adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date of such issuance. 
  
 8.8. Delivery of Stock Certificates. 
  
 Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the issuance of a
stock certificate or certificates evidencing his or her ownership of the shares of Stock subject to the Option. 
  
 8.9. Transferability of Options. 
  
 Except as provided in Section 8.10, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetence,
the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of
descent and distribution. 
  
 8.10. Family Transfers.

  
 If authorized in the applicable Award Agreement, a
Grantee may transfer, not for value, all or part of an Option which is not an Incentive Stock Option to any Family Member. For the purpose of this Section 8.10, a “not for value” transfer is a transfer which is (i) a gift,
(ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) a transfer to an entity in which more than fifty percent of the voting interests are owned by Family Members (or the Grantee) in exchange
for an interest in that entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. Subsequent transfers of
transferred Options are prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. Notwithstanding the foregoing, the Board may also provide that
Options may be transferred to persons other than Family Members. The events of termination of Service of Section 8.4 hereof shall continue to be applied with respect to the original Grantee, following which the Option shall be
exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4. 
  

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 8.11. Limitations on Incentive Stock Options. 
  
 An Option shall constitute an Incentive Stock Option only (i) if the
Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value (determined at the
time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee’s
employer and its Affiliates) does not exceed $100,000. This limitation shall be applied by taking Options into account in the order in which they were granted. 
  

9. TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 
  
 9.1. Right to Payment. 
  
 A SAR shall confer on the Grantee a right to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one share of Stock on the
date of exercise over (ii) the SAR Exercise Price, as determined by the Board. The Award Agreement for an SAR shall specify the SAR Exercise Price, which shall be fixed at the Fair Market Value of a share of Stock on the Grant Date. SARs may be
granted alone or in conjunction with all or part of an Option or at any subsequent time during the term of such Option or in conjunction with all or part of any other Award. A SAR granted in tandem with an outstanding Option following the Grant Date
of such Option shall have a grant price that is equal to the Option Price; provided, however, that the SAR’s grant price may not be less than the Fair Market Value of a share of Stock on the Grant Date of the SAR. 
  
 9.2. Other Terms. 
  
 The Board shall determine at the Grant Date or thereafter, the time or times
at which and the circumstances under which an SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable
following termination of Service or upon other conditions, the method of exercise, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. 
  
 9.3. Term of SARs. The term of a SAR granted under the Plan shall be
determined by the Board, in its sole discretion; provided, however, that such term shall not exceed ten (10) years. 
  
 9.4. Payment of SAR Amount. Upon exercise of a SAR, a Grantee shall be entitled to receive payment from the Company in an amount determined by
multiplying: 
  
 (i) the difference between the
Fair Market Value of a Share on the date of exercise over the SAR Exercise Price; by 
  
 (ii) the number of Shares with respect to which the SAR is exercised. 
  
 10. TERMS AND CONDITIONS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
  
 10.1. Restrictions. 
  
 At the time of grant, the Board may, in its sole discretion, establish a
period of time (a “restricted period”) and any additional restrictions including the satisfaction of corporate or individual performance objectives applicable to an Award of Restricted Stock or Restricted Stock Units in accordance with
Section 13.1 and 13.2. Each Award of Restricted Stock or Restricted Stock Units may be subject to a different restricted period and additional restrictions. Neither Restricted Stock nor Restricted Stock Units may be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or prior to the satisfaction of any other applicable restrictions. 
  
 10.2. Restricted Stock Certificates. 
  
 The Company shall issue stock, in the name of each Grantee to whom Restricted Stock has been granted, stock certificates or
other evidence of ownership representing the total number of shares of Restricted Stock 

  

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granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either (i) the
Secretary of the Company shall hold such certificates for the Grantee’s benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or (ii) such certificates shall be delivered to the Grantee,
provided, however, that such certificates shall bear a legend or legends that comply with the applicable securities laws and regulations and makes appropriate reference to the restrictions imposed under the Plan and the Award
Agreement. 
  
 10.3. Rights of Holders of Restricted Stock.

  
 Unless the Board otherwise provides in an Award
Agreement, holders of Restricted Stock shall have no rights as stockholders of the Company. 
  
 10.4. Rights of Holders of Restricted Stock Units. 
  
 10.4.1. Settlement of Restricted Stock Units. 
  
 Restricted Stock Units may be settled in cash or Stock, as determined by the Board and set forth in the Award Agreement. The Award Agreement shall also set forth whether the Restricted Stock Units shall be settled
(i) within the time period specified in Section 16.9.1 for short term deferrals or (ii) otherwise within the requirements of Section 409A, in which case the Award Agreement shall specify upon which events such Restricted
Stock Units shall be settled. 
  
 10.4.2. Voting and Dividend
Rights. 
  
 Holders of Restricted Stock Units shall have no
rights as stockholders of the Company. The Board may provide in an Award Agreement that the holder of such Restricted Stock Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding Stock, a cash
payment for each Restricted Stock Unit held equal to the per-share dividend paid on the Stock, which may be deemed reinvested in additional Restricted Stock Units at a price per unit equal to the Fair Market Value of a share of Stock on the date
that such dividend is paid to shareholders. 
  
 10.4.3.
Creditor’s Rights. 
  
 A holder of Restricted Stock
Units shall have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement.

  
 10.5. Termination of Service. 
  
 Unless the Board otherwise provides in an Award Agreement or in writing
after the Award Agreement is issued, upon the termination of a Grantee’s Service, any Restricted Stock or Restricted Stock Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have
not lapsed, shall immediately be deemed forfeited, and the Grantee shall have no further rights with respect to such Award. 
  
 10.6. Purchase of Restricted Stock. 
  
 The Grantee shall be required, to the extent required by applicable law, to purchase the Restricted Stock from the Company at a Purchase Price equal to
the greater of (i) the aggregate par value of the shares of Stock represented by such Restricted Stock or (ii) the Purchase Price, if any, specified in the related Award Agreement. 

  

 10 

 
If specified in the Award Agreement, the Purchase Price may be deemed paid by Services already rendered. The Purchase Price shall be payable in a form
described in Section 12 or, in the discretion of the Board, in consideration for past Services rendered. 
  
 10.7. Delivery of Stock. 
  
 Upon the expiration or termination of any restricted period and the satisfaction of any other conditions prescribed by the Board, the restrictions
applicable to shares of Restricted Stock or Restricted Stock Units settled in Stock shall lapse, and, unless otherwise provided in the Award Agreement, a stock certificate for such shares shall be delivered, free of all such restrictions, to the
Grantee or the Grantee’s beneficiary or estate, as the case may be. 
  
 11. [RESERVED] 
  
 12. FORM OF PAYMENT FOR OPTIONS AND
RESTRICTED STOCK 
  
 12.1. General Rule. 

 
 Payment of the Option Price for the shares purchased pursuant to the
exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable to the Company, except as provided in this Section 12. 
  
 12.2. Surrender of Stock. 
  

To the extent the Award Agreement so provides, payment of the Option Price for shares purchased pursuant to the exercise of an Option or the Purchase
Price for Restricted Stock may be made all or in part through the tender to the Company of shares of Stock, which shares, if acquired from the Company and if so required by the Company, shall have been held for at least six months at the time of
tender and which shall be valued, for purposes of determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender. 
  
 12.3. Cashless Exercise. 
  
 With respect to an Option only (and not with respect to Restricted Stock),
to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price may be made all or in part by delivery (on a form acceptable to the Board) of an irrevocable direction to a licensed securities broker
acceptable to the Company to sell shares of Stock and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 16.3. 
  
 12.4. Other Forms of Payment. 
  
 To the extent the Award Agreement so provides, payment of the Option Price
or the Purchase Price may be made in any other form that is consistent with applicable laws, regulations and rules. 
  
 13. TERMS AND CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE AWARDS 
  
 13.1. Performance Conditions. 
  
 The right of a Grantee to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as
may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce the amounts payable
under any Award subject to performance conditions, except as limited under Sections 13.2 hereof in the case of a Performance Award or Annual Incentive Award intended to qualify under Code Section 162(m). 
  

 11 

 13.2. Performance or Annual Incentive Awards Granted to Designated Covered Employees. 

 
 If and to the extent that the Committee determines that a Performance or
Annual Incentive Award to be granted to a Grantee who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of Code Section 162(m), the grant, exercise
and/or settlement of such Performance or Annual Incentive Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in this Section 13.2. 
  
 13.2.1. Performance Goals Generally. 
  
 The performance goals for such Performance or Annual Incentive Awards shall
consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 13.2. Performance goals shall be objective and shall
otherwise meet the requirements of Code Section 162(m) and regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being
“substantially uncertain.” The Committee may determine that such Performance or Annual Incentive Awards shall be granted, exercised and/or settled upon achievement of any one performance goal or that two or more of the performance goals
must be achieved as a condition to grant, exercise and/or settlement of such Performance or Annual Incentive Awards. Performance goals may differ for Performance or Annual Incentive Awards granted to any one Grantee or to different Grantees.

  
 13.2.2. Business Criteria. 
  
 One or more of the following business criteria for the Company, on a
consolidated basis, and/or specified subsidiaries or business units of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used exclusively by the Committee in establishing performance goals
for such Performance or Annual Incentive Awards: (i) total stockholder return; (ii) such total stockholder return as compared to total return (on a comparable basis) of a publicly available index such as, but not limited to, the
Standard & Poor’s 500 Stock Index; (iii) net income; (iv) pretax earnings; (v) earnings before interest expense, taxes, depreciation and amortization; (vi) pretax operating earnings after interest expense and before
bonuses, service fees, and extraordinary or special items; (vii) operating margin; (viii) earnings per share; (ix) return on equity; (x) return on capital; (xi) return on investment; (xii) operating earnings;
(xiii) working capital; (xiv) ratio of debt to stockholders’ equity and (xv) revenue. 
  
 13.2.3. Timing for Establishing Performance Goals. 
  
 Performance goals shall be established not later than 90 days after the beginning of any performance period applicable to such Performance or Annual
Incentive Awards, or at such other date as may be required or permitted for “performance-based compensation” under Code Section 162(m). 
  
 13.2.4. Settlement of Performance or Annual Incentive Awards; Other Terms. 
  
 Settlement of such Performance or Annual Incentive Awards shall be in cash, Stock, other Awards or other property, in the
discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance or Annual Incentive Awards. The Committee shall specify the circumstances in which such
Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a performance period or settlement of Performance Awards. 
  
 13.3. Written Determinations. 
  
 All determinations by the Committee as to the establishment of performance
goals, the amount of any Performance Award pool or potential individual Performance Awards and as to the achievement of performance 

  

 12 

 
goals relating to Performance Awards, and the amount of any Annual Incentive Award pool or potential individual Annual Incentive Awards and the amount of
final Annual Incentive Awards, shall be made in writing in the case of any Award intended to qualify under Code Section 162(m). To the extent permitted by Code Section 162(m), the Committee may delegate any responsibility relating to such
Performance Awards or Annual Incentive Awards. 
  
 13.4. Status
of Section 13.2 Awards Under Code Section 162(m). 
  
 It is the intent of the Company that Performance Awards and Annual Incentive Awards under Section 13.2 hereof granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code
Section 162(m) and regulations thereunder shall, if so designated by the Committee, constitute “qualified performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the
terms of Section 13.2, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations thereunder. The foregoing notwithstanding,
because the Committee cannot determine with certainty whether a given Grantee will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a person designated by
the Committee, at the time of grant of Performance Awards or an Annual Incentive Award, as likely to be a Covered Employee with respect to that fiscal year. If any provision of the Plan or any agreement relating to such Performance Awards or Annual
Incentive Awards does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 

 
 14. REQUIREMENTS OF LAW 
  
 14.1. General. 
  
 The Company shall not be required to sell or issue any shares of Stock under
any Award if the sale or issuance of such shares would constitute a violation by the Grantee, any other individual exercising an Option, or the Company of any provision of any law or regulation of any governmental authority, including without
limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any shares subject to an Award upon any securities exchange or under
any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares hereunder, no shares of Stock may be issued or sold to the Grantee or any other individual exercising an Option
pursuant to such Award unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of
termination of the Award. Specifically, in connection with the Securities Act, upon the exercise of any Option or the delivery of any shares of Stock underlying an Award, unless a registration statement under such Act is in effect with respect to
the shares of Stock covered by such Award, the Company shall not be required to sell or issue such shares unless the Board has received evidence satisfactory to it that the Grantee or any other individual exercising an Option may acquire such shares
pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Board shall be final, binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities covered
hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or the issuance of shares of Stock pursuant to the Plan to comply with any law or regulation of any
governmental authority. As to any jurisdiction that expressly imposes the requirement that an Option shall not be exercisable until the shares of Stock covered by such Option are registered or are exempt from registration, the exercise of such
Option (under circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 
  
 14.2. Rule 16b-3. 
  
 During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that
Awards and the exercise of Options granted hereunder will 

  

 13 

 
qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Board or Committee
does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced,
the Board may exercise its discretion to modify this Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its replacement. 
  
 15. EFFECT OF CHANGES IN CAPITALIZATION 
  
 15.1. Changes in Stock. 
  
 If the number of outstanding shares of Stock is increased or decreased or
the shares of Stock are changed into or exchanged for a different number or kind of shares or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of shares, exchange of
shares, stock dividend or other distribution payable in capital stock, or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which
grants of Options and other Awards may be made under the Plan shall be adjusted proportionately and accordingly by the Company; provided that any such adjustment shall comply with Section 409A. In addition, the number and kind of shares for
which Awards are outstanding shall be adjusted proportionately and accordingly so that the proportionate interest of the Grantee immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any
such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Exercise Price payable with respect to shares that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall
include a corresponding proportionate adjustment in the Option Price or SAR Exercise Price per share. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected without receipt of
consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s stockholders of securities of any other entity or other assets (including an extraordinary cash dividend but excluding a non-extraordinary dividend
payable in cash or in stock of the Company) without receipt of consideration by the Company, the Company may, in its sole discretion and in such manner as the Company deems appropriate, adjust (i) the number and kind of shares subject to
outstanding Awards and/or (ii) the exercise price of outstanding Options and Stock Appreciation Rights to reflect such distribution. 
  
 15.2. Definition of Change in Control. 
  
 “Change in Control” shall mean the occurrence of any of the following: 
  
 i. Any ‘person’ (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the
‘beneficial owner’ (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s
then-outstanding voting securities, provided, however, that a Change in Control shall not be deemed to occur if an employee benefit plan (or a trust forming a part thereof) maintained by the Company, directly or indirectly, becomes the beneficial
owner of more than fifty percent (50%) of the then-outstanding voting securities of the Company after such acquisition; 
  
 ii. The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which
would result in (a) the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (b) the directors of the Company immediately prior thereto
continuing to represent at least fifty percent (50%) of the directors of the Company or such surviving entity immediately after such merger or consolidation; or 
  
 iii. The consummation of the sale or disposition by the Company of all or substantially all of the
Company’s assets. 
  

 14 

 Notwithstanding the foregoing, the Company will not be deemed to have undergone a Change in Control
unless the Company is deemed to have undergone a change in control pursuant to the definition in Section 409A. 
  
 15.3. Effect of Change in Control 
  
 The Board shall determine the effect of a Change in Control upon Awards, and such effect may be set forth in the appropriate Award Agreement. Without
limiting the foregoing, the Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, the actions that will be taken upon the occurrence of a Change in Control, including, but not limited
to, accelerated vesting, termination or assumption. The Board may also provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those
described in Sections 15.1 and 15.2. 
  
 15.4.
Reorganization Which Does Not Constitute a Change in Control. 
  
 If the Company undergoes any reorganization, merger, or consolidation of the Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to
and apply to the securities to which a holder of the number of shares of Stock subject to such Option or SAR would have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment
of the Option Price or SAR Exercise Price per share so that the aggregate Option Price or SAR Exercise Price thereafter shall be the same as the aggregate Option Price or SAR Exercise Price of the shares remaining subject to the Option or SAR
immediately prior to such reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement, any restrictions applicable to such Award shall apply as well to any replacement shares received by the Grantee as a result
of the reorganization, merger or consolidation. 
  
 15.5.
Adjustments. 
  
 Adjustments under this
Section 15 related to shares of Stock or securities of the Company shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant
to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. 
  

15.6. No Limitations on Company. 
  
 The making of Awards pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets. 
  
 16. GENERAL PROVISIONS 
  
 16.1. Disclaimer of Rights. 
  
 No provision in the Plan or in any Award Agreement shall be construed to confer upon any individual the right to remain in the employ or service of the
Company or any Affiliate, or to interfere in any way with any contractual or other right or authority of the Company either to increase or decrease the compensation or other payments to any individual at any time, or to terminate any employment or
other relationship between any individual and the Company. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, no Award granted under the Plan shall be affected by
any change of duties or position of the Grantee, so long as such Grantee continues to be a Service Provider, if applicable. The obligation of the Company to pay any benefits pursuant to this Plan shall be interpreted as a contractual obligation to
pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust
or escrow for payment to any Grantee or beneficiary under the terms of the Plan. 
  

 15 

 16.2. Nonexclusivity of the Plan. 
  
 Neither the adoption of the Plan nor the submission of the Plan to the stockholders of the Company for approval shall be
construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a
particular individual or particular individuals), including, without limitation, the granting of stock options as the Board in its discretion determines desirable. 
  
 16.3. Withholding Taxes. 
  
 The Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state,
or local taxes of any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an Award, (ii) upon the issuance of any shares of Stock upon the exercise of an Option, or
(iii) pursuant to an Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or the Affiliate, as the case may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to
satisfy such withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by the Company or the Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations,
in whole or in part, (i) by causing the Company or the Affiliate to withhold shares of Stock otherwise issuable to the Grantee or (ii) by delivering to the Company or the Affiliate shares of Stock already owned by the Grantee. The shares
of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Company or the
Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this Section 16.3 may satisfy his or her withholding obligation only with shares of Stock that are not
subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. 
  
 16.4. Captions. 
  
 The
use of captions in this Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or any Award Agreement. 
  
 16.5. Other Provisions. 
  
 Each Award Agreement may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Board, in its sole discretion.

  
 16.6. Number and Gender. 
  
 With respect to words used in this Plan, the singular form shall include the
plural form, the masculine gender shall include the feminine gender, etc., as the context requires. 
  
 16.7. Severability. 
  
 If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the
remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 
  
 16.8. Governing Law. 
  
 The validity and construction of this Plan and the instruments evidencing the Award hereunder shall be governed by the laws of the State of New York,
other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

  

 16 

 16.9. Section 409A. 
  
 16.9.1. Short-Term Deferrals. 
  
 For each Award intended to comply with the short-term deferral exception provided for under Section 409A, the related
Award Agreement shall provide that such Award shall be paid out by the later of (i) the 15th day of the third
month following the Grantee’s first taxable year in which the Award is no longer subject to a substantial risk of forfeiture or (ii) the 15th day of the third month following the end of the Company’s first taxable year in which the Award is no longer subject to a substantial risk of forfeiture. 
  
 16.9.2. Adjustments. 
  
 To the extent that the Board determines that a Grantee would be subject to
the additional 20% tax imposed on certain deferred compensation arrangements pursuant to Section 409A as a result of any provision of any Award, to the extent permitted by Section 409A, such provision shall be deemed amended to the minimum
extent necessary to avoid application of such additional tax. The Board shall determine the nature and scope of such amendment. 
  
 16.10. Stockholder Approval; Effective Date of Plan. 
  
 The Plan shall be effective as of the Effective Date. Any Option that is designated as an Incentive Stock Option shall be a Nonqualified Stock Option if
the Plan is not approved by the shareholders of the Company within twelve (12) months after the Effective Date of the Plan. No award that is intended to qualify as performance-based compensation within the meaning of section 162(m) of the Code
shall be effective unless and until the Plan is approved by the stockholders of the Company. 
  

			
	NYMEX HOLDINGS, INC.
		
	 By:
	 	

	 Title:
	 	

  

 179% Notes Third Supplemental Indenture

 Exhibit 4.1 
 THIRD SUPPLEMENTAL INDENTURE 
 This Third Supplemental Indenture, dated as of July 14, 2006
(this “Third Supplemental Indenture”), among Aleris International, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), the guarantors (the “Guarantors”) named in the Indenture (as
defined below) and LaSalle Bank National Association, as Trustee under the Indenture. 
 WITNESSETH: 
 WHEREAS, the Company, the Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of November 4, 2004 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $125.0 million of 9% Senior Notes due 2014 of the Company (the “Securities”); 
 WHEREAS, Section 10.02 of the Indenture provides that the Company and the Trustee may make certain amendments to the Indenture with the consent of
the Holders of at least a majority in principal amount of the Notes then outstanding; 
 WHEREAS, the Company distributed an Offer to
Purchase and Consent Solicitation Statement dated as of June 30, 2006 (the “Offer to Purchase”), in order to, among other things, make an offer to purchase (the “Offer”) all outstanding Notes upon terms and conditions
described in the Offer to Purchase and to solicit consents (the “Consents”) from the Holders to amendments to the Indenture (the “Amendments”); 
 WHEREAS, Holders of at least a majority in aggregate principal amount of the Notes outstanding have given and, as of the date hereof, have not withdrawn their consent to the Amendments and 
 WHEREAS, the execution of this Third Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture, the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel with respect to such authorization, and all things necessary to make this Third Supplemental Indenture a valid agreement of the Company and the Trustee in
accordance with its terms have been done. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.1 Defined Terms. As used in this Third Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are
used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Third Supplemental Indenture refer to this Third Supplemental Indenture as a whole and not to any
particular section hereof. 
 ARTICLE II 
 Effect 
 SECTION 2.1 Effect. This Third Supplemental Indenture shall become effective upon its execution and delivery by the
parties hereto. Notwithstanding the foregoing, the amendments set forth in Article 3 below shall only become operative when validly tendered Notes representing at least a majority of the then aggregate outstanding 
  

 1 

 principal amount of the Notes (excluding for such purposes any Notes owned by the Company or any of its Affiliates) are
accepted for purchase pursuant to the Offer. If, after the date hereof, either the Offer is terminated or withdrawn or all payments in respect of the Notes accepted for payment pursuant to the Offer are not made on the Payment Date (as defined in
the Offer to Purchase), the amendments set forth in Article 3 hereof shall have no effect and the Indenture shall be deemed to be amended so that it reads the same as it did immediately prior to the date hereof. 
 ARTICLE III 
 Amendments 
 SECTION 3.1 Amendments to the Indenture. The Indenture is hereby amended as follows: 
 (i) Sections 4.05, 4.07, 4.08, 4.10, 4.13, 4.15, 4.16, 4.17, 4.19 and 4.20 are hereby amended by deleting all such Sections in their entirety and all
references thereto contained elsewhere in the Indenture in their entirety and these Sections shall be of no further force and effect and the words “[INTENTIONALLY OMITTED]” shall be inserted, in each case, in place of the deleted text;

 (ii) The text of Section 4.09 is hereby amended to read as follows: 
 “(a) The Company will not, and will not permit any Guarantor to, directly or indirectly, incur any Indebtedness which by its terms (or by the terms
of any agreement governing such Indebtedness) is expressly subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any
agreement governing such Indebtedness) made expressly subordinate to the Notes or the applicable Guarantee, as the case may be, to the same extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company or
such Guarantor, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed to be subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of such Indebtedness being unsecured
or by virtue of the fact that the holders of such Indebtedness have entered into one or more intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them. 
 (b) [Intentionally omitted].” 
 (iii)
The text of Section 4.14 is hereby amended to read as follows: 
 “Subject to Article 5 hereof, the Company shall do or cause to be
done all things necessary to preserve and keep in full force and effect its corporate existence in accordance with the organizational documents (as the same may be amended from time to time) of the Company.” 
 (iv) The text of Section 5.01 is hereby amended to read as follows: 
 “(a) The Company will not, in a single transaction or series of related transactions, consolidate with, or merge with or into, any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or
cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and the Restricted
Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 
 (1) either: 
 (a) the Company shall be the surviving or continuing corporation; or 
  

 2 

 (b) the Person (if other than the Company) formed by such consolidation or into which the Company is
merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition such properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving
Entity”): shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all
of the Notes and the performance of every covenant of the Notes, the Indenture and the Registration Rights Agreement on the part of the Company to be performed or observed; 
 (2) [Intentionally omitted]; 
 (3)
[Intentionally omitted]; 
 (4) [Intentionally omitted]. 
 The Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and the Notes with the same effect as if such surviving entity had been named
as such. 
 (b) [Intentionally omitted].” 
 (vi) The text of Section 6.01 is hereby amended to read as follows: 
 “Each of the following events
constitutes an “Event of Default”: 
 (a) the failure to pay interest on any Notes when the same becomes due and payable and such
default continues for 30 days; 
 (b) the failure to pay the principal of, or premium, if any, on any Notes, when such principal or premium
becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer and including the failure to make a special
mandatory redemption when required by Section 3.08); 
 (c) a default in the observance or performance of any other covenant or agreement
described under Article 4 contained in this Indenture which default continues for 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25%
of the outstanding principal amount of the Notes (except in the case of a default with respect to Section 5.01, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
 (d) [Intentionally omitted]; 
 (e)
[Intentionally omitted]; 
 (f) a court of competent jurisdiction enters a decree or order under Bankruptcy Law for 
 (i) relief against the Company in an involuntary case; 
 (ii) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or for all or substantially all of the property and assets of the Company; or 
  

 3 

 (iii) the winding up or liquidation of the affairs of the Company and, in each case, such decree or
order shall remain unstayed and in effect for a period of [90] consecutive days; 
 (g) the Company, pursuant to or within the meaning of
applicable Bankruptcy Law: 
  

	 	(i)	commences a voluntary case or proceeding, or consents to the entry of an order for relief in an involuntary case, 

  

	 	(ii)	consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or for all or
substantially all of the property and assets of the Company, 

  

	 	(iii)	makes any general assignment for the benefit of creditors; or 

 (h) any Guarantee of a Significant Subsidiary ceases to be in full force and effect (other than by reason of release of a Guarantor in accordance with the terms of this Indenture) or any Guarantee of a Significant Subsidiary is declared to
be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor that is a Significant Subsidiary denies its liability under its Guarantee.” 
 (vii) The text of Section 9.04 is hereby amended to read as follows: 
 “The following are the conditions precedent to the application of either Section 9.02 or 9.03 hereof to the outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant Defeasance: 
 (1) the Company must irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars, non-callable U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient, to pay the principal of, premium, if any, and interest
on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 
 (2) [Intentionally omitted];

 (3) [Intentionally omitted]; 
 (4) [Intentionally omitted]; 
 (5) [Intentionally omitted]; 
 (6) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of
preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
 (7) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 
 (8) [Intentionally
omitted].” 
 (viii) Any definitions used exclusively in the provisions of the Indenture or Notes that are deleted pursuant to this
Article 3, and any definitions used exclusively within such definitions, are hereby deleted in their 
  

 4 

 entirety from the Indenture and the Notes, and all references in the Indenture and the Notes to paragraphs, Sections,
Articles or other terms or provisions of the Indenture referred to in this Article 3 above or that have been otherwise deleted pursuant to this Third Supplemental Indenture are hereby deleted in their entirety. 
 ARTICLE IV 
 Miscellaneous 
 SECTION 3.1 Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than
the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Third Supplemental Indenture or the Indenture or any provision herein or therein contained. 
 SECTION 3.2 Governing Law. This Third Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 SECTION 3.3 Severability Clause. In case any provision in this Third Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 SECTION 3.4 Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder
of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Third Supplemental Indenture or with respect to the recitals contained
herein, all of which recitals are made solely by the other parties hereto. 
 SECTION 3.5 Counterparts. The parties hereto may sign
one or more copies of this Third Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 
 SECTION 3.6 Headings. The headings of the Articles and the sections in this Third Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions
hereof. 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed
as of the date first above written. 
  

					
	ALERIS INTERNATIONAL, INC.
		
	By:	 	 /s/ Sean M. Stack

		 	Name:	 	Sean M. Stack
		 	Title:	 	Senior Vice President
	
	ALCHEM ALUMINUM SHELBYVILLE INC.
	ALCHEM ALUMINUM, INC.
	ALERIS BLANKING AND RIM PRODUCTS, INC.
	ALERIS OHIO MANAGEMENT, INC.
	ALSCO HOLDINGS, INC.
	ALSCO METALS CORPORATION
	ALUMITECH OF CLEVELAND, INC.
	ALUMITECH OF WABASH, INC.
	ALUMITECH OF WEST VIRGINIA, INC.
	ALUMNITECH, INC.
	AWT PROPERTIES, INC.
	COMMONWEALTH ALUMINUM
	COMMONWEALTH ALUMINUM SALES
	COMMONWEALTH INDUSTRIES, INC.
	CONCAST, INC. CORPORATION
	ETS SCHAEFER CORPORATION
	GULF REDUCTION CORPORATION
	IMCO INTERNATIONAL, INC.
	IMCO INVESTMENT COMPANY
	 IMCO RECYCLING OF CALIFORNIA, INC.
 IMCO RECYCLING OF IDAHO INC.

	IMCO RECYCLING OF ILLINOIS INC.
	IMCO RECYCLING OF INDIANA INC.
	IMCO RECYCLING OF OHIO INC.
	IMCO RECYCLING OF UTAH INC.
	IMCO RECYCLING SERVICES COMPANY
	IMSAMET, INC.
	INTERAMERICAN ZINC, INC.
	METALCHEM, INC.
	MIDWEST ZINC CORPORATION
	ROCK CREEK ALUMINUM, INC.
	SILVER FOX HOLDING COMPANY
	U.S. ZINC CORPORATION
	U.S. ZINC EXPORT CORPORATION
	WESTERN ZINC CORPORATION
		
	By:	 	 /s/ Sean M. Stack

		 	Name:	 	Sean M. Stack
		 	Title:	 	Senior Vice President

			
	IMCO MANAGEMENT PARTNERSHIP L.P.
		
	By:	 	IMCO Recycling Inc., its general partner
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	IMCO INDIANA PARTNERSHIP L.P.
		
	By:	 	IMCO Energy Corp., its general partner
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	IMCO RECYCLING OF MICHIGAN LLC
		
	By:	 	IMCO Recycling Inc., its manager
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	CA LEWISPORT, LLC
		
	By:	 	Commonwealth Industries, Inc., its sole member
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	CI HOLDINGS, LLC
		
	By:	 	Commonwealth Industries, Inc., its sole member
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President

			
	COMMONWEALTH ALUMINUM, LLC
		
	By:	 	Commonwealth Aluminum Concast, Inc., its sole member
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	COMMONWEALTH ALUMINUM LEWISPORT, LLC
		
	By:	 	CA Lewisport, LLC, its managing member
		
	By:	 	Commonwealth Industries, Inc., its sole member
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	COMMONWEALTH ALUMINUM METALS, LLC
		
	By:	 	Commonwealth Aluminum Lewisport, LLC, its sole member
		
	By:	 	CA Lewisport, LLC, its managing member
		
	By:	 	Commonwealth Industries, Inc., its sole member
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President
	
	COMMONWEALTH ALUMINUM TUBE ENTERPRISES, LLC
		
	By:	 	Commonwealth Aluminum Concast, Inc., its sole member
		
	By:	 	 /s/ Sean M. Stack

		 	Name:  Sean M. Stack
		 	Title:    Senior Vice President

			
	 LASALLE BANK NATIONAL ASSOCIATION, as
 Trustee

		
	By:	 	 /s/ Gregory S. Clarke

		 	Name:  Gregory S. Clarke
		 	Title:    Vice President

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