Document:

Employment Agreement by and among the Company and Kevin R. Rhodes

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and
entered into as of June 12, 2007, by and among Edgewater Technology, Inc., a Delaware corporation (the “Company”) and Kevin R. Rhodes (“Employee”). 
 RECITALS 
 WHEREAS, in the course of building the business of the
Company, and in his capacity as an executive officer thereof, Employee will be engaged in a confidential relationship and will gain knowledge of the business, affairs, customers and methods of the Company and each of its direct and indirect
Subsidiaries (as defined below) during his executive officer relationship and employment with the Company; 
 WHEREAS, in this
capacity, Employee will have access to lists of the Company’s and its respective Subsidiaries’ customers and their needs, and will become personally known to and acquainted with the Company’s and its Subsidiaries’ customers,
thereby establishing a personal relationship with such customers for the benefit of the Company and the applicable Subsidiary; and 
 WHEREAS, the Company being duly authorized hereto by its Board of Directors and the individual having the requisite capacity and authority, desire to enter into this Agreement to reflect the foregoing, and for other purposes as
hereinafter set forth. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the parties hereto agree as follows: 
 1. TERM OF AGREEMENT. The term of this Agreement shall commence on the date hereof and shall continue until December 31, 2009, unless
terminated sooner in accordance with Sections 5 or 6 hereof (the “Term”). During the Term, the calendar year shall be referred to herein as a “Compensation Year,” which in addition to the full calendar years covered in the Term,
for purposes of any incentive compensation plans of the type referenced in Section 3.3, shall include the period of January 1, 2007 through the date of this Agreement and the balance of the 2007 year following the date of this Agreement.

 2. DUTIES AND PERFORMANCE. 
 (a) During the Term, Employee shall be employed on a full-time basis as Chief Financial Officer, Treasurer and Corporate Secretary (Principal Financial and Accounting Officer) of the Company and shall have such
authority and shall perform such duties consistent with his position as may be reasonably assigned to him by, and shall report to the Chief Executive Officer of the Company. Employee shall use all reasonable efforts to further 

  

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the interests of the Company and its Subsidiaries and shall devote substantially all of his business time and attentions to his duties hereunder;
provided, however, that Employee shall not be prohibited from making investments of a passive nature (other than investment in companies engaged in competition with the Company; provided, Employee shall not prohibited from being a
passive owner of not more than three percent (3%) of the outstanding capital stock of a entity which is publicly-traded, as long as the Employee has no active participation in such entity’s business) and devoting time to non-business
related ventures, such as real estate investments and charitable activities, so long as such activities do not prevent, or materially interfere, with Employee’s performance of his obligations hereunder. At all times during the Term,
Employee’s office and the base from which he primarily performs his duties hereunder shall be located at the Company’s offices which shall not be located more than twenty (20) miles from Wakefield, Massachusetts, unless otherwise
agreed to by Employee. 
 (b) Employee shall be entitled to be reimbursed in accordance with the policies of the Company, as
adopted and amended from time to time, for all reasonable and necessary expenses incurred by him in connection with the performance of his duties of employment hereunder; provided, however, that Employee shall, as a condition of such
reimbursement, submit verification of the nature and amount of such expenses in accordance with the reimbursement policies from time to time adopted by the Company. 
 3. COMPENSATION. 
 3.1 Base Salary. The Company shall pay to Employee a base
salary at the rate of $180,000.00 per annum through the expiration of the Term, payable bi-weekly as per normal pay practices of the Company. Such base salary shall be subject to increase based upon review by the Compensation Committee of the
Company (the “Committee”) from time to time. 
 3.2 Stock Options and Restricted Stock Awards. Prior to the
date of this Agreement, Employee has been granted stock options and restricted stock under the Company’s Amended and Restated 1996 Stock Option Plan (the “1996 Plan”), the Company’s Amended and Restated 2000 Stock Option Plan
(the “2000 Plan”) and the Company’s 2003 Incentive Plan (the “2003 Plan”). All shares underlying all existing and future grants of stock options and/or restricted stock awards, to Employee under the 1996 Plan, the 2000 Plan,
the 2003 Plan and/or any other stock based incentive compensation plan of the during the Term, will vest and become immediately exercisable upon a Change in Control. This Change in Control vesting provision will be reflected in each stock option
agreement for each stock option grant and/or restricted stock award, if any, granted under the 1996 Plan, the 2000 Plan, the 2003 Plan and/or any other stock based incentive compensation plan of the Company after the date of this Agreement during
the Term. Except as otherwise expressly set forth herein, all of the terms, provisions and conditions of the 1996 Plan Grants, the 2000 Plan grants and the 2003 Plan grants shall remain in full force and effect unaltered and unaffected
hereby. 
  

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 3.3 Bonus. Employee shall be eligible to receive an annual cash bonus for each
Compensation Year of up to 75% of Employee’s annual base salary, subject to the terms, provisions and conditions of the incentive compensation plan for each such Compensation Year as approved and adopted by the Committee. Notwithstanding the
foregoing, the Committee does have the authority, but not the obligation under this Agreement or otherwise, to pay Employee a discretionary cash bonus for each Compensation Year in addition to the aforementioned annual cash bonus. 
 4. BENEFITS. 
 During
the Term, Employee shall be entitled annually to accrue up to four (4) weeks vacation in accordance with the Company’s vacation policy as in effect from time to time. During the Term, the Company shall pay Employee a car allowance of
$500.00 per month. Employee shall be entitled, if eligible, to participate in any insurance, stock purchase, or other benefit plan of the Company now existing or hereafter adopted as offered to other employees of the Company similarly situated.
Nothing herein contained shall be construed as requiring the Company to establish or continue any particular benefit plan in discharge of its obligation under this Agreement. The Company will provide Employee with prompt reimbursement for all
reasonable business expenses incurred in the performance of Employee’s duties pursuant to this Agreement; provided, however, that Employee shall, as a condition of such reimbursement, submit verification of the nature and amount
of such expenses in accordance with the reimbursement policies from time to time adopted by the Company. 
 5. TERMINATION OF AGREEMENT
AND EMPLOYMENT. 
 (a) The Company shall be entitled to terminate this Agreement and Employee’s employment or services with the
Company, and any of its Subsidiaries, in any of the following circumstances during the Term: 
 (i) for “Cause,”
which shall mean by reason of any of the following: (A) Employee’s material breach of any provision of Section 7 of this Agreement; (B) after providing 30 days prior notice to the Employee and providing the opportunity for
Employee to be heard by the Board of Directors during such time, the Board of Directors issues a final written determination that Employee has willfully failed and refused to comply with the material and reasonable directives of the Company;
(C) Employee’s failure to meet written performance standards established by the President and Chief Executive Officer of the Company from time to time which Employee has failed to cure within ninety (90) days after receipt of written
notice of nonperformance from the Company ; (D) Employee’s gross negligence or willful or intentional misconduct; (E) after providing 30 days prior notice to the Employee and providing the opportunity for Employee to be heard by the
Board of Directors during such time, the Board of Directors issues a final written determination that 

  

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Employee has breached his fiduciary duties to the Company; or (F) the conviction of, or the entering of a guilty plea or plea of no contest with respect
to, a felony with respect to Employee, or any other criminal activity which materially affects Employee’s ability to perform his duties or materially harms the reputation of the Company; 
 (ii) if, during the Term, Employee because of physical or mental illness or incapacity shall be unable for any reason to substantially
perform all of his duties and responsibilities under this Agreement for a period of one hundred and eighty (180) days in the aggregate in any twelve (12) month period (“Disability”); provided, however, that the
Company shall give Employee at least ten (10) days prior written notice of its intention to terminate this Agreement, as of the date set forth in the notice, at any time after the expiration of such one hundred and eighty (180) day period.
In case of termination for Disability, Employee shall be entitled to receive salary, benefits, and reimbursable expenses owing Employee through the date of termination; 
 (iii) the death of Employee. In case of death during the Term, the Company’s obligations hereunder shall terminate on the date death
occurs, except as to compensation and other benefits previously earned through and until such date; or 
 (iv) for any reason
other than the reasons set forth in clauses (i)-(iii) above. 
 (b) Except as provided in Section 6 hereof, in the event of the
termination of this Agreement and Employee’s employment: 
 (i) for Cause during the Term, or in the event of the
resignation of Employee (excluding circumstances involving Good Reason, as defined below), then as of the date of such termination, all of the Company’s obligations hereunder, including, without limitation, the Company’s obligations to pay
Employee’s base salary or any other compensation accruing after the date of such termination and any benefits (except as otherwise required by applicable law), other than those obligations which have accrued but remain unpaid as of the date of
such termination (such as accrued but unpaid salary, any accrued but unpaid bonus, expense reimbursements, health insurance premiums, retirement plan contributions, if any, vacation pay, sick pay, etc.) and any lump sum severance payment obligation
under any other provision of this Agreement and all of Employee’s obligations hereunder, except with respect to Section 7 below, shall cease and Employee shall not be entitled to receive any incentive compensation for the Compensation Year
in which such termination shall occur or thereafter; or 
 (ii) at any time prior to the expiration of the Term, by the
Company pursuant to Section 5(a)(iv) above, or by Employee for Good Reason (as defined below), then in such event Employee shall receive from the Company a lump sum payment equal to the lesser of the following; except, that in the case of any
date of termination following the end of the fifteenth month of the Term, but prior to the end of the Term, in which case clause (B) and not clause (A) shall be applicable, notwithstanding the word lesser above: (A) the amount of

  

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Employee’s base salary for the remaining period of the Term plus the prior year’s cash bonus paid to Employee; or (B) the sum of one
and one fourth (1.25) times the annual base salary of Employee at the time of termination plus the prior year’s cash bonus paid to Employee. The lump sum payment shall be due within thirty (30) days after the date of such
termination. Upon the effective date of termination in either case, all options and restricted stock awards granted to Employee as referenced in Section 3.2 to the extent not already vested and exercisable, shall become immediately vested and
exercisable. In addition, in the case of any such termination, the Company shall continue Employee’s health care, life insurance and disability coverage for Employee for the period of one (1) year following the date of any such
termination: (i) under the terms of the applicable Company sponsored health care plan by which he was covered at the time of such termination of employment, as such plan may be in effect or may be modified from time to time, or (ii) if
such Company sponsored health care, life insurance or disability plan does not by its terms allow Employee’s participation or continued participation, the Company shall obtain such insurance coverage on behalf of Employee that provides all
benefits otherwise provided under such Company sponsored health care plan (collectively, “Continued Health Care Coverage”). “Good Reason” shall mean any of the following circumstances unless remedied by the Company within thirty
(30) days after receipt of written notification by Employee that such circumstances exist or have occurred: (A) assignment to Employee of any duties inconsistent with Employee’s position, authority, duties or responsibilities as Chief
Financial Officer, Treasurer and Corporate Secretary of the Company as contemplated by Section 2(a) of this Agreement, change in the location of employment in conflict or any other action by the Company that results in a material diminution of
such position, authority, duties or responsibilities; (B) a material reduction of Employee’s compensation and/or benefits; or (C) any material failure by the Company to comply with any of the material provisions of this Agreement.

 6. CHANGE IN CONTROL. 
 (a) If Employee’s employment with the Company is terminated during the Term following a Change in Control, either by the Company which is not for Cause or by the Employee for Good Reason only: (i) the
Company shall pay Employee a lump sum amount equal to the greater of: (A) the annual base salary in effect at the time of such termination for the remaining period of the Term plus his cash bonus paid for the year immediately preceding
the year in which termination of employment occurs; or (B) one and one fourth (1.25) times Employee’s annual base salary then in effect plus his cash bonus paid for the year immediately preceding the year in which the
termination of employment occurs, which such lump sum payment shall be due on the effective date of the termination of Employee’s employment; (ii) the provisions of Section 5(b)(ii) relating to exercisability of options and restricted
stock awards and Continued Health Care Coverage shall apply; and (iii) the non-competition provisions of Section 7 shall apply for a period of only six (6) months from the effective date of termination. In such event, Employee shall
have no further obligations under this Agreement, other than continued compliance with Section 7 hereof during the aforementioned period in the preceding sentence. 
  

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 (b) A “Change in Control” shall be deemed to have occurred if: (i) any
person, other than the Company or an employee benefit plan of the Company, acquires, directly or indirectly, the beneficial ownership of any voting security of the Company and immediately after such acquisition such person is, directly or
indirectly, the beneficial owner of voting securities representing 50% or more of the total voting power of the then-outstanding voting securities of the Company; (ii) the individuals (A) who, as of the date of this Agreement, constitute
the Board (the “Original Directors”) or (B) who thereafter are elected to the Board and whose election, or nomination for election, to the Board was approved by a vote of at least two-thirds (2/3) of the Original Directors then
still in office (such directors becoming “Additional Original Directors” immediately following their election) or (C) who are elected to the Board and whose election, or nomination for election to the Board was approved by a vote of
at least two-thirds (2/3) of the Original Directors and Additional Original Directors then still in office (such directors also becoming “Additional Original Directors” immediately following their election), cease for any reason to
constitute a majority of the members of the Board; (iii) the stockholders of the Company shall approve a merger, consolidation, recapitalization, or reorganization of the Company, a reverse stock split of outstanding voting securities, or
consummation of any such transaction if stockholder approval is not sought or obtained, other than any such transaction which would result in at least 75% of the total voting power represented by the voting securities of the surviving entity
outstanding immediately after such transaction being beneficially owned by at least 75% of the holders of outstanding voting securities of the Company immediately prior to the transaction, with the voting power of each such continuing holder
relative to other such continuing holders not substantially altered in the transaction; or (iv) the stockholders of the Company shall approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of
all or a substantial portion of the Company’s assets (i.e., 50% or more of the total assets of the Company). 
 (c)
(i) Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution by the Company to or for the benefit of Employee, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),
amounts payable or distributable to or for the benefit of the Employee pursuant to this Agreement that are determined to be “parachute payments” within the meaning of Section 280G(b)(2) of the Code (such payments or distributions
pursuant to this Agreement are hereinafter referred to as “Agreement Payments”) shall not be paid or distributed in the amounts or at the times otherwise required by this Agreement, but shall instead be paid or distributed annually,
beginning as of the effective date of the termination of Employee’s employment and thereafter on each anniversary thereof, in the maximum substantially equal amounts and over the minimum number of years that are determined to be required to
reduce the aggregate present value of Agreement Payments to an amount that will not cause any Payment to be non-deductible under section 280G of the Code. For purposes of this Section 6, present value shall be determined in accordance with
section 280G(d)(4) of the Code. 
  

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 (ii) All determinations to be made under this Section 6 (c) shall be made by
the Company’s independent public accountant immediately prior to the Change of Control (the “Accounting Firm”), which firm shall provide its determinations and any supporting calculations both to the Company and Employee within 10
days of the effective date of the termination of Employee’s employment. Any such determination by the Accounting Firm shall be binding upon the Company and Employee. 
 (iii) Within two years after the effective date of the termination of Employee’s employment, the Accounting Firm shall review the
determination made by it pursuant to Section 6(c)(i) above. If at that time, as a result of the uncertainty in the application of section 280G of the Code at the time of the initial determination by the Accounting Firm hereunder, the annual
amounts of Agreement Payments or the period over which Agreement Payments are paid or distributed, as determined pursuant to clause (i), above, are determined not to satisfy the requirements of clause (i), then the annual amount of future Agreement
Payments and/or the period over which future Agreement Payments are paid or distributed shall be redetermined to satisfy the requirements of clause (i), and all future Agreement Payments shall be paid or distributed in accordance with such
redetermination. 
 (iv) All of the fees and expenses of the Accounting Firm in performing the determinations referred to in
Section 6(c)(ii) and (iii) above shall be borne solely by the Company. The Company agree to indemnify and hold harmless the Accounting Firm of and from any and all claims, damages and expenses resulting from or relating to its
determinations pursuant to Section 6 (c)(ii) and (iii) above, except for claims, damages or expenses resulting from the negligence or misconduct of the Accounting Firm. 
 7. COVENANT NOT TO COMPETE, NON-SOLICITATION, CONFIDENTIALITY. 
 (a) Employee acknowledges that in the course of his employment by the Company, Employee has and will become privy to various economic and
trade secrets and relationships of the Company and subsidiaries under its direct or indirect control (collectively, “Subsidiaries”). Therefore, in consideration of this Agreement, Employee hereby agrees that he will not, directly or
indirectly, except for the benefit of the Company, or its Subsidiaries, or with the prior written consent of the Board, which consent may be granted or withheld at the sole discretion of the Board: 
 (i) During the Noncompetition Period (as hereinafter defined), become an officer, director, stockholder, partner, member, manager,
associate, employee, owner, creditor, independent contractor, co-venturer, consultant or otherwise (“Affiliated”), or be interested in or associated with any other person, corporation, firm or business engaged in providing
(i) software solutions services, including but not limited to, systems integration, custom software development, training, systems support, 

  

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outsourcing and/or information technology consulting services, (ii) ) business intelligence and analytics, and (iii) merger and acquisition related
consulting on information technology matters, so-called “monetizing knowledge” consulting and project management framework consulting; excluding, however, information technology staffing businesses and commercial software product
businesses, except as to where a majority of the revenues of any such business is derived from custom software development services measured on the date the Employee becomes so Affiliated (all of the foregoing being referred to herein collectively,
as the “Edgewater Services Business”) anywhere in the United States of America and its territories and any other country in which business is conducted by the Company or any of its Subsidiaries (collectively, the “Territory”);
provided, however, that 
 (A) Nothing herein shall be construed to prohibit Employee from owning not
more than three percent (3%) of any class of securities issued by an entity which is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or which is traded over the counter; 
 (B) The foregoing shall not restrict Employee with respect to businesses, other than Edgewater Services Businesses, engaged in by the
Company or its Subsidiaries after the Employee’s termination, unless Employee either is or was substantially involved in the acquisition or development of such other businesses of the Company or such Subsidiaries or had access to Confidential
Information (as hereinafter defined) with respect to such other businesses; or 
 (C) Nothing herein shall be construed to
prohibit Employee from engaging in general business consulting (excluding the Edgewater Services Business) to companies or individuals: (i) that do not compete, directly or indirectly, with an Edgewater Services Business; (ii) who are not
or have not been customers of the Company or its Subsidiaries for a period of one (1) year, and/or (ii) who have not received within the last twelve (12) months a written proposal from the Company for services to be performed by the
Company. 
 (ii) During the Noncompetition Period, in the Territory, solicit, cause or authorize, directly or indirectly, to
be solicited for or on behalf of himself or third parties, from parties who are or were customers of the Company, or its Subsidiaries, or parties to whom the Company or its Subsidiaries have submitted a written proposal with in the last twelve
(12) months, any Edgewater Services Business transacted with, or proposed to be transacted with, such customer by the Company or its Subsidiaries; or 
  

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 (iii) During the Noncompetition Period, in the Territory, accept or cause or authorize,
directly or indirectly, to be accepted for or on behalf of himself or for third parties, any such Edgewater Services Business from any such customers of the Company or its Subsidiaries or parties to whom the Company or its Subsidiaries have
submitted a written proposal with in the last twelve (12) months; or 
 (iv) (A) During the Noncompetition Period, use,
publish, disseminate or otherwise disclose, directly or indirectly, any information heretofore or hereafter acquired, developed or used by the Company, or its Subsidiaries relating to their business or the operations, employees or customers of the
Company or its Subsidiaries, which constitutes proprietary or confidential information of the Company or its Subsidiaries (“Confidential Information”), including without limitation any Confidential Information contained in any customer
lists, mailing lists and sources thereof, statistical data and compilations, patents, copyrights, trademarks, trade names, inventions, formulae, methods, processes, agreements, contracts, manuals or any other documents; and (B) from and after
the date hereof, use, publish, disseminate or otherwise disclose, directly or indirectly, any information heretofore or hereafter acquired, developed or used by the Company or its Subsidiaries which constitutes Confidential Information, but
excluding any Confidential Information which has become part of common knowledge or understanding in the Edgewater Services Business industry or otherwise in the public domain (other than from disclosure by Employee in violation of this Agreement);
provided, however, this subsection (iv) shall not be applicable to the extent Employee is required to testify in a judicial or regulatory proceeding pursuant to the order of a judge or administrative law judge after Employee
requests that such Confidential Information be preserved; or 
 (v) During the Noncompetition Period, in the Territory,

 (A) Solicit, entice, persuade or induce, directly or indirectly, any employee (or person who within the preceding ninety
(90) days was an employee) of the Company or its Subsidiaries or any other person who is under contract with or rendering services to the Company or its Subsidiaries, to terminate his or her employment by, or contractual relationship with, such
person or to refrain from extending or renewing the same (upon the same or new terms) or to refrain from rendering, services to or for such person or to become employed by or to enter into contractual relations with any persons other than such
person or to enter into a relationship with a competitor of the Company or its Subsidiaries; 
 (B) Solicit, induce, attempt
to hire, or hire any employee of the Company or its Subsidiaries (or anyone who was an employee of the Company or its Subsidiaries during the period from the date six months prior to termination of Employee’s employment with the Company), or
assist in such hiring by any other person or business entity; and/or 
  

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 (C) Authorize or knowingly approve or assist in the taking of any such actions by any
person other than the Company or its Subsidiaries. 
 (b) For purposes of this Agreement, the term “Noncompetition
Period” shall mean the period commencing on the date hereof and ending twelve (12) months after the date Employee ceases to be an officer or employee of, or consultant to the Company or any of its Subsidiaries; provided,
however, that the Noncompetition Period shall end at the times prescribed in Section 6 year upon the termination of this Agreement and employment of Employee by the Company under this Agreement which is without Cause or by
Employee for Good Reason after a Change in Control as referenced therein. 
 (c) The invalidity or non-enforceability of this
Section 7 in any respect shall not affect the validity or enforceability of this Section 7 in any other respect or of any other provisions of this Agreement. In the event that any provision of this Section 7 shall be held invalid or
unenforceable by a court of competent jurisdiction by reason of the geographic or business scope or the duration thereof, such invalidity or unenforceability shall attach only to the scope or duration of such provision and shall not affect or render
invalid or unenforceable any other provision of this Agreement, and, to the fullest extent permitted by law, this Agreement shall be construed as if the geographic or business scope or the duration of such provision had been more narrowly drafted so
as not to be invalid or unenforceable and further, to the extent permitted by law, such geographic or business scope or the duration thereof may be re-written by a court of competent jurisdiction to make such sufficiently limited to be enforceable.

 (d) Employee acknowledges that the Company’s and/or its Subsidiaries’ remedies at law for any breach of the
provisions of this Section 7 are and will be insufficient and inadequate and that the Company and its Subsidiaries shall be entitled to equitable relief, including by way of temporary and permanent injunction, in addition to any remedies the
Company or its Subsidiaries may have at law. 
 (e) The provisions of this Section 7 shall survive termination of this
Agreement in accordance with provisions referenced above. 
 8. DIVISIBILITY OF AGREEMENT. In the event that any term, condition or
provision of this Agreement is for any reason rendered void, all remaining terms, conditions and provisions shall remain and continue as valid and enforceable obligations of the parties hereto. 
  

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 9. NOTICES. Any notices or other communications required or permitted to be sent hereunder shall
be in writing and shall be duly given if personally delivered or sent postage prepaid by certified or registered mail, return receipt requested, or sent by prepaid overnight courier service, delivery confirmed, as follows: 
  

			
	 If to Employee:
	  	Kevin Rhodes
		  	123 Oak Street
		  	Reading, MA 01867
		
	 If the Company:
	  	Shirley Singleton, Chief Executive Officer
		  	Edgewater Technology, Inc.
		  	20 Harvard Mill Square
		  	Wakefield, MA 01880
		
	 With a copy to:
	  	Aaron A. Gilman, Esq.
		  	Devine, Millimet & Branch, P.A.
		  	300 Brickstone Square, 9th Floor
		  	Andover, MA 01810

 Either party may change his or its address for the sending of notice to such party by written notice to the other
party sent in accordance with the provisions hereof. 
 10. COMPLETE AGREEMENT. This Agreement, and any grants under the 1996 Plan,
the 2000 Plan and the 2003 Plan contain the entire understanding of the parties with respect to the employment of Employee (including nonsolicitation and noncompetition agreements) and supersedes all prior arrangements or understandings with respect
thereto, including but not limited to that certain employment agreement by and between Edgewater Delaware and Employee dated as of May 22, 2003. This Agreement may not be altered or amended except by a writing, duly executed by the party
against whom such alteration or amendment is sought to be enforced. 
 11. ASSIGNMENT. This Agreement is personal and non-assignable
by Employee. It shall inure to the benefit of and be binding in all respects upon, any corporation or other entity with which the Company shall merge or consolidate or to which the Company shall lease or sell all or substantially all of its assets
and may be assigned by the Company to any affiliate of the Company or to any corporation or entity with which such affiliate shall merge or consolidate or which shall lease or acquire all or substantially all of the assets of such affiliate.

 12. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be an original and all of which together
shall constitute one and the same instrument. 
  

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 13. GOVERNING LAW. This Agreement shall in all respects be construed according to the laws of the
State of Delaware. 
 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement in multiple counterparts as of the
day and year first above written. 
  

			
	 EMPLOYEE:

	
	 /s/ Kevin R. Rhodes

	Kevin R. Rhodes
	
	EDGEWATER TECHNOLOGY, INC. :
		
	By:	 	 /s/ Shirley Singleton

	Name:	 	Shirley Singleton
	Title:	 	Chairman, President and Chief Executive Officer

  

 -12-2007 Stock Incentive Plan

 Exhibit 10.1 
 CELSION CORPORATION 
 2007 STOCK INCENTIVE PLAN 
 EFFECTIVE: JUNE 13, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	1.      Establishment, Purpose and Types of Awards	  	1
	2.      Definitions	  	1
	3.      Administration	  	4
	         (a) Procedure	  	4
	         (b) Secondary Committees and Sub-Plans	  	5
	         (c) Powers of the Committee	  	5
	         (d) Limited Liability	  	7
	         (e) Indemnification	  	7
	         (f) Effect of Committee’s Decision	  	7
	         (g) Apprising the Board	  	7
	4.      Stock Available Under the Plan; Maximum Awards	  	7
	         (a) Stock Available Under the Plan	  	7
	         (b) Maximum Awards to Covered Employees	  	8
	5.      Participation	  	8
	6.      Stock Options	  	8
	         (a) Grant of Option	  	9
	         (b) Exercise Price	  	9
	         (c) Payment	  	9
	         (d) Term of Options	  	9
	         (e) Restrictions on Incentive Stock Options	  	9
	         (f) Other Terms and Conditions	  	10
	7.      Restricted Stock and Restricted Stock Units	  	10
	         (a) In General	  	10
	         (b) Vesting Conditions and Other Restrictions	  	11
	         (c) Stock Issuance and Stockholder Rights	  	11
	8.      Stock Appreciation Rights	  	12
	         (a) Award of Stock Appreciation Rights	  	12
	         (b) Restrictions of Tandem SARs	  	12
	         (c) Amount of Payment upon Exercise of SARs	  	12
	         (d) Form of Payment upon Exercise of SARs	  	12
	9.      Phantom Stock	  	13
	10.    Performance Awards	  	13
	         (a) In General	  	13
	         (b) Covered Employee Targets	  	13
	11.    Withholding and Reporting of Taxes	  	14
	12.    Transferability	  	14
	13.    Adjustments; Business Combinations	  	15
	         (a) Adjustments	  	15
	         (b) Change in Control	  	15
	         (c) Dissolution and Liquidation	  	15
	         (d) Other Adjustments	  	16

					
	14.    Termination and Amendment	  	16
	         (a) Amendment or Termination by the Board	  	16
	         (b) Amendments by the Committee	  	17
	         (c) Approval of Grantees	  	17
	15.    Non-Guarantee of Employment	  	17
	16.    Termination of Employment	  	17
	17.    Written Agreement	  	17
	18.    Non-Uniform Determinations	  	17
	19.    Limitation on Benefits	  	18
	20.    Listing and Registration	  	18
	21.    Compliance with Securities Law	  	18
	22.    No Trust or Fund Created	  	19
	23.    No Limit on Other Compensation Arrangements	  	19
	24.    No Restriction of Corporate Action	  	19
	25.    Governing Law	  	19
	26.    Plan Subject to Charter and Bylaws	  	20
	27.    Effective Date; Termination Date	  	20

 CELSION CORPORATION 
 2007 STOCK INCENTIVE PLAN 
  

	1.	Establishment, Purpose and Types of Awards 

 Celsion
Corporation, a Delaware corporation (the Company), hereby establishes the Celsion Corporation 2007 Stock Incentive Plan (the “Plan”). The purpose of the Plan is to promote the long-term growth and profitability of the “Company”
by (i) providing incentives to improve stockholder value and to contribute to the growth and financial success of the Company, and (ii) enabling the Company to attract, retain and reward the best available persons for positions of
substantial responsibility. 
 The Plan permits the granting of Awards in the form of Incentive Stock Options, Nonqualified Stock Options,
Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Phantom Stock, and Performance Awards, in each case as such term is defined below, and any combination of the foregoing. 
  

	2.	Definitions 

 Under this Plan, except where the
context otherwise indicates, the following definitions apply: 
 (a) “Affiliate” shall mean any entity other than a
Subsidiary, if the Company and/or one or more Subsidiaries own directly or indirectly not less than fifty percent (50%) of such entity. 
 (b) “Awards” shall mean Incentive Stock Options, Nonqualified Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Phantom Stock, and Performance Awards, and any combination of the foregoing.

 (c) “Board” shall mean the Board of Directors of the Company. 
 (d) “Change in Control” shall mean: 
 (i) The consummation of an amalgamation, merger or consolidation of the Company with or into another entity or any other corporate reorganization of the Company, if more than fifty percent (50%) of the combined
voting power of the continuing or surviving entity’s securities outstanding immediately after such amalgamation, merger, consolidation or other reorganization (or, if applicable, more than fifty percent (50%) of the combined voting power
of the ultimate parent company that directly or indirectly has beneficial ownership of the securities of such continuing or surviving entity) is not owned directly or indirectly by persons who were holders of the Company’s then-outstanding
voting securities immediately prior to such amalgamation, merger, consolidation or other reorganization; 

 (ii) The sale, transfer or other disposition of all or substantially all of the
Company’s assets to an entity that is not a Parent, a Subsidiary or an Affiliate of the Company; 
 (iii) Any transaction
as a result of which any person becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting power
represented by the Company’s then-outstanding voting securities. For purposes of this subsection, the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude:
(A) any Parent, Subsidiary or Affiliate of the Company, (B) any employee benefit plan (or related trust) sponsored or maintained by the Company, a Parent, or any Subsidiary or Affiliate, and (C) any underwriter temporarily holding
securities pursuant to an offering of such securities; or 
 (iv) A change in the composition of the Board over a period of
twenty four (24) consecutive months or less as a result of which individuals who, at the beginning of such period, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual subsequently becoming a director whose election, or nomination for election by the Company’s Stockholders, was approved by a vote of at least a majority of the directors then comprising the Board (either
by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.

 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended, and any regulations issued thereunder. 

(f) “Committee” shall mean the Board or a committee of the Board appointed pursuant to Section 3 of the Plan to administer the
Plan. 
 (g) “Committee Delegate” shall mean the Chief Executive Officer or other senior officer of the Company to whom
duties and powers of the Board or Committee hereunder have been delegated pursuant to Section 3(c). 
 (h) “Covered
Employee” shall mean an employee of the Company or any Parent, Subsidiary or Affiliate who is subject to Code Section 162(m). 
 (i) “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended and any rules or regulations promulgated thereunder. 
  

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 (j) “Fair Market Value” of the Stock for any purpose on a particular date shall mean:

 (i) if the Stock is traded on a public securities exchange or a national automated quotation system, the closing price for
Stock on the relevant date, or (if there were no sales on such date) the closing price on the nearest day before the relevant date, as reported in The Wall Street Journal or a similar publication selected by the Committee; or 
 (ii) if the Stock is not traded on a public securities exchange or a national quotation system on such date, the price determined in a
manner such as the Committee shall in good faith determine to be appropriate. 
 (k) “Grant Agreement” shall mean a written
agreement between the Company and a grantee memorializing the terms and conditions of an Award granted pursuant to the Plan. 
 (l)
“Grant Date” shall mean the date on which the Committee formally acts to grant an Award to a grantee or such other date as the Committee shall so designate at the time of taking such formal action. 
 (m) “Incentive Stock Options” shall mean Stock options that meet the requirements of Code Section 422. 
 (n) “Nonqualified Stock Options” shall mean Stock options that do not meet the requirements of Code Section 422. 
 (o) “Parent” shall mean a company, whether now or hereafter existing, within the meaning of the definition of “parent company”
provided in Section 424(e) of the Code, or any successor thereto of similar import. 
 (p) “Participant” shall mean a
director, officer, employee or consultant of the Company, or any Parent, Subsidiary or Affiliate, who is granted an Award under the Plan. 
 (q) “Performance Award” shall mean an Award under Section 9 hereof. 
 (r) “Performance
Measure” shall mean one or more of the following criteria selected by the Committee to measure performance of the Company or any Parent, Subsidiary or Affiliate or other business division of same for a Performance Period, whether in
absolute or relative terms: basic or diluted earnings per share of Stock; earnings per share of Stock growth; revenue; operating income; net income (either before or after taxes); earnings and/or net income before interest and taxes; earnings and/or
net income before interest, taxes, depreciation and amortization; return on capital; return on equity; return on assets; net cash provided by operations; free cash flow; Stock price; economic profit; economic value; total stockholder return; gross
margins and costs. Each such measure shall be determined in accordance with generally accepted accounting 

  

 3 

 
principles as consistently applied and, if so determined by the Committee and, in the case of a Performance Award to a Covered Employee, to the extent
permitted under Code Section 162(m), adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects of changes in
accounting principles. 
 (s) “Performance Period” means a period of not less than one year over which the achievement of
targets for Performance Measures is determined. 
 (t) “Phantom Stock” shall mean Awards under Section 9. 

(u) “Restricted Stock” and “Restricted Stock Units” shall mean Awards under Section 7. 
 (v) “Rule 16b-3” shall mean Rule 16b-3 as in effect under the Exchange Act on the effective date of the Plan, or any successor provision
prescribing conditions necessary to exempt the issuance of securities under the Plan (and further transactions in such securities) from Section 16(b) of the Exchange Act. 
 (w) “Securities Act” shall mean the U.S. Securities Act of 1933, as amended and any rules or regulations promulgated thereunder.

 (x) “Stock” shall mean common stock of the Company, par value $0.01 per share. 
 (y) “Stock Appreciation Rights” shall mean Awards under Section 8(a) to (d). 
 (z) “Subsidiary” and “Subsidiaries” shall mean only a company or companies, whether now or hereafter existing, within the
meaning of the definition of “subsidiary company” provided in Section 424(f) of the Code, or any successor thereto of similar import. 
 (aa) “2001 Plan” shall mean the 2001 Celsion Corporation Stock Option Plan. 
 (bb)
“2004 Plan” shall mean the Celsion Corporation 2004 Stock Incentive Plan. 
  

	3.	Administration 

 (a) Procedure. The Plan
shall be administered by the Board. In the alternative, the Board may delegate authority to a Committee to administer the Plan on behalf of the Board, subject to such terms and conditions as the Board may prescribe. Such Committee shall consist of
not less than two (2) members of the Board each of whom is a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, or any successor rule of similar import, and an “outside director” within the
meaning of Section 162(m) of the Code and the regulations promulgated thereunder. 
  

 4 

 Once appointed, the Committee shall continue to serve until otherwise directed by the Board. From time to
time, the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the
Committee and, thereafter, directly administer the Plan. In the event that the Board is the administrator of the Plan in lieu of a Committee, the term “Committee” as used herein shall be deemed to mean the Board. 
 Members of the Board or Committee who are either eligible for Awards or have been granted Awards may vote on any matters affecting the administration of
the Plan or the grant of Awards pursuant to the Plan, except that no such member shall act upon the granting of an Award to himself or herself, but any such member may be counted in determining the existence of a quorum at any meeting of the Board
or the Committee during which action is taken with respect to the granting of an Award to him or her. 
 The Committee shall meet at such
times and places and upon such notice as it may determine. A majority of the Committee shall constitute a quorum. Any acts by the Committee may be taken at any meeting at which a quorum is present and shall be by majority vote of those members
entitled to vote. Additionally, any acts reduced to writing or approved in writing by all of the members of the Committee shall be valid acts of the Committee. 
 (b) Secondary Committees and Sub-Plans. The Board may, in its sole discretion, divide the duties and powers of the Committee by establishing one or more secondary Committees to which certain duties and powers
of the Board hereunder are delegated (each of which shall be regarded as a “Committee” under the Plan with respect to such duties and powers), or delegate all of its duties and powers hereunder to a single Committee. Additionally, if
permitted by applicable law, the Board or Committee may delegate any or all of its duties and powers hereunder to the Chief Executive Officer and/or to other senior officers of the Company subject to such conditions and limitations as the Board or
Committee shall prescribe. However, only the Committee described under Subsection 3(a) may designate and grant Awards to Participants who are subject to Section 16 of the Exchange Act or Section 162(m) of the Code. The Committee shall also
have the power to establish sub-plans (which may be included as appendices to the Plan or the respective Grant Agreements), which may constitute separate schemes, for the purpose of establishing schemes which meet any special tax or regulatory
requirements of jurisdictions other than the United States and its subdivisions. Any such interpretations, rules, administration and sub-plans shall be consistent with the basic purposes of the Plan. 
 (c) Powers of the Committee. The Committee shall have all the powers vested in it by the terms of the Plan, such powers to include authority, in
its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish programs for granting Awards. The Committee shall have full power and authority to take all other actions necessary to
carry out the purpose and intent of the Plan, including, but not limited to, the authority to: 
 (i) determine the
Participants to whom, and the time or times at which, Awards shall be granted, 
  

 5 

 (ii) determine the types of Awards to be granted, 
 (iii) determine the number of shares of Stock and/or amount of cash to be covered by or used for reference purposes for each Award,

 (iv) impose such terms, limitations, vesting schedules, restrictions and conditions upon any such Award as the Committee
shall deem appropriate, including without limitation establishing, in its discretion, Performance Measures that must be satisfied before an Award vests and/or becomes payable, the term during which an Award is exercisable, the purchase price, if
any, under an Award and the period, if any, following a grantee’s termination of employment or service with the Company or any Parent, Subsidiary or Affiliate during which the Award shall remain exercisable, 
 (v) modify, extend or renew outstanding Awards, accept the surrender of outstanding Awards and substitute new Awards, provided that no
such action shall be taken with respect to any outstanding Award that would materially, adversely affect the grantee without the grantee’s consent, or constitute a repricing of stock options without the consent of the holders of the
Company’s voting securities under (vi) below, 
 (vi) only with the approval of the holders of the voting securities
of the Company to the extent that such approval is required by applicable law, the regulation or the rules of an national securities exchange or automated quotation system to which the Company is subject, reprice Incentive Stock Options and
Nonqualified Stock Options either by amendment to lower the exercise price or by accepting such stock options for cancellation and issuing replacement stock options with a lower exercise price or through any other mechanism, 
 (vii) accelerate the time in which an Award may be exercised or in which an Award becomes payable and waive or accelerate the lapse, in
whole or in part, of any restriction or condition with respect to an Award, 
 (viii) establish objectives and conditions,
including targets for Performance Measures, if any, for earning Awards and determining whether Awards will be paid after the end of a Performance Period, and 
 (ix) permit the deferral of, or require a Participant to defer such Participant’s receipt of, the delivery of Stock and/or cash under
an Award that would otherwise be due to such Participant and establish rules and procedures for such payment deferrals, provided the requirements of Code Section 409A are met with respect to any such deferral. 
  

 6 

 The Committee shall have full power and authority to administer and interpret the Plan and to adopt such rules,
regulations, agreements, guidelines and instruments for the administration of the Plan as the Committee deems necessary, desirable or appropriate in accordance with the Bylaws of the Company. 
 (d) Limited Liability. To the maximum extent permitted by law, no member of the Board or Committee or a Committee Delegate shall be liable for any
action taken or decision made in good faith relating to the Plan or any Award thereunder. 
 (e) Indemnification. The members of the
Board and Committee and any Committee Delegate shall be indemnified by the Company in respect of all their activities under the Plan in accordance with the procedures and terms and conditions set forth in the Certificate of Incorporation Bylaws of
the Company as in effect from time to time. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation, as a matter
of law, or otherwise. 
 (f) Effect of Committee’s Decision. All actions taken and decisions and determinations made by the
Committee or a Committee Delegate on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Committee’s or Committee Delegate’s sole and absolute discretion and shall be conclusive and binding on all
parties concerned, including the Company, its stockholders, any Participants in the Plan and any other employee of the Company, and their respective successors in interest. 
 (g) Apprising the Board. The Committee will inform the Board regarding its activities under the Plan not less frequently than at each scheduled
Board meeting and at such other times as the Board may request. 
  

	4.	Stock Available Under the Plan; Maximum Awards 

 (a)
Stock Available Under the Plan.  
 (i) Subject to adjustments as provided in Section 13 of the Plan, the Stock
that may be delivered or purchased or used for reference purposes (with respect to Stock Appreciation Rights, or Phantom Stock) with respect to Awards granted under the Plan, including with respect to Incentive Stock Options, shall not exceed an
aggregate of one million (1,000,000) shares of Stock, plus the number of shares of Stock available from the 2001 Plan and 2004 Plan as provided in Subsection 4(a)(ii) below. Stock available under the Plan may be, in any combination,
authorized but unissued Stock, treasury Stock and Stock that is repurchased, in the market, and canceled by the Company. The Company shall reserve said number of shares of Stock for Awards under the Plan, subject to adjustments as provided in
Section 13 of the Plan. If any Award, or portion of an Award, issued under the Plan, expires or terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as 

  

 7 

 
to any shares of Stock without the delivery by the Company (or, in the case of Restricted Shares, without vesting) of Stock or other consideration, the Stock
subject to such Award shall thereafter be available for further Awards under the Plan. 
 (ii) There shall be available for
issuance under the Plan the sum of (A) the number of shares of Stock remaining available for issuance under the 2004 Plan at the effective date of this Plan, plus (B) shares of Stock subject to any stock options issued under the 2001 Plan
or 2004 Plan to the extent such stock options subsequently expire or terminate unexercised, become unexercisable or are forfeited or otherwise terminated, surrendered or canceled, without delivery of shares of Stock or other consideration to the
holder. 
 (b) Maximum Awards to Covered Employees. The maximum number of shares of Stock subject to Awards that may be granted during
any one calendar year to any one Covered Employee shall be limited to two million (200,000). To the extent required by Section 162(m) of the Code and so long as Section 162(m) of the Code is applicable to persons eligible to participate in
the Plan, shares of Stock subject to the foregoing maximum with respect to which the related Award is terminated, surrendered or canceled shall nonetheless continue to be taken into account with respect to such maximum for the calendar year in which
granted. 
  

	5.	Participation 

 Participation in the Plan shall be
open to all directors, officers, employees and consultants of the Company, or of any Parent, Subsidiary or Affiliate of the Company, as may be selected by the Committee from time to time. Notwithstanding the foregoing, participation in the Plan with
respect to Awards of Incentive Stock Options shall be limited to employees of the Company or of any Parent or Subsidiary of the Company. 
 Awards may be granted to such Participants and for or with respect to such number of shares of Stock as the Committee shall determine, subject to the limitations in Section 4 of the Plan. A grant of any type of Award made in any one
year to a Participant shall neither guarantee nor preclude a further grant of that or any other type of Award to such person in that year or subsequent years. 
  

	6.	Stock Options 

 Subject to the other applicable
provisions of the Plan, the Committee may from time to time grant to Participants Awards of Nonqualified Stock Options and/or Incentive Stock Options. The stock option Awards granted shall be subject to the following terms and conditions.

  

 8 

 (a) Grant of Option. The grant of a stock option shall be evidenced by a Grant Agreement, executed
by the Company and the grantee, stating the number of shares of Stock subject to the stock option evidenced thereby, the exercise price and the terms and conditions of such stock option, in such form as the Committee may from time to time determine.

 (b) Exercise Price. The price per share payable upon the exercise of each stock option shall be determined by the Committee, but
shall not be less than the Fair Market Value of the shares on the Grant Date, unless the stock option complies with Section 409A of the Code. 
 (c) Payment. Stock options may be exercised in whole or in part by payment of the exercise price of the Stock to be acquired in accordance with the provisions of the Grant Agreement, and/or such rules and regulations as the Committee
may have prescribed, and/or such determinations, orders, or decisions as the Committee may have made. Payment may be made in cash (or cash equivalents acceptable to the Committee) or, if provided in the Grant Agreement and permitted by applicable
law, in shares of Stock which have been held by grantee for at least six (6) months, or a combination of cash and such Stock, or by such other means as the Committee may prescribe. The Fair Market Value of Stock delivered on exercise of stock
options shall be determined as of the date of exercise. 
 If the Stock is registered under Section 12(b) or 12(g) of the Exchange Act,
the Committee, subject to such limitations as it may determine, may authorize payment of the exercise price, in whole or in part, by delivery of a properly executed exercise notice, together with irrevocable instructions, to: (i) a brokerage
firm to deliver promptly to the Company the aggregate amount of sale or loan proceeds to pay the exercise price and any withholding tax obligations that may arise in connection with the exercise, and (ii) the Company to deliver the certificates
for such purchased Stock directly to such brokerage firm. 
 (d) Term of Options. The term during which each stock option may be
exercised shall be determined by the Committee; provided, however, that in no event shall a stock option be exercisable more than ten years from the date it is granted. Prior to the exercise of the stock option and delivery of the Stock certificates
represented thereby, the grantee shall have none of the rights of a stockholder with respect to any Stock represented by an outstanding stock option. 
 (e) Restrictions on Incentive Stock Options. Incentive Stock Option Awards granted under the Plan shall comply in all respects with Code Section 422 and, as such, shall meet the following additional
requirements: 
 (i) Grant Date. An Incentive Stock Option must be granted within ten (10) years of the earlier of
the Plan’s adoption by the Board of Directors or approval by the Company’s stockholders. 
  

 9 

 (ii) Exercise Price and Term. The exercise price of an Incentive Stock Option
shall not be less than one hundred percent (100%) of the Fair Market Value of the Stock on the date the stock option is granted and the term of the stock option shall not exceed ten (10) years. Also, the exercise price of any Incentive
Stock Option granted to a grantee who owns (within the meaning of Section 422(b)(6) of the Code, after the application of the attribution rules in Section 424(d) of the Code) more than ten percent (10%) of the total combined voting
power of all classes of shares of Stock of the Company or any Parent or Subsidiary of the Company shall be not less than one hundred ten percent (110%) of the Fair Market Value of the Stock on the grant date and the term of such stock option
shall not exceed five (5) years. 
 (iii) Maximum Grant. The aggregate Fair Market Value (determined as of the
Grant Date) of Stock of the Company with respect to which all Incentive Stock Options first become exercisable by any grantee in any calendar year under this or any other plan of the Company and its Parent and Subsidiaries may not exceed One Hundred
Thousand Dollars ($100,000) or such other amount as may be permitted from time to time under Section 422 of the Code. To the extent that such aggregate Fair Market Value shall exceed One Hundred Thousand Dollars ($100,000), or other applicable
amount, such stock options to the extent of the Stock in excess of such limit shall be treated as Nonqualified Stock Options. In such case, the Company may designate the shares of Stock that are to be treated as Stock acquired pursuant to the
exercise of an Incentive Stock Option. 
 (iv) Grantee. Incentive Stock Options shall only be issued to employees of
the Company or of a Parent, Subsidiary or Affiliate of the Company. 
 (v) Designation. No stock option shall be an
Incentive Stock Option unless so designated by the Committee at the time of grant or in the Grant Agreement evidencing such stock option. 
 (vi) Stockholder Approval. No stock option issued under the Plan shall be an Incentive Stock Option unless the Plan is approved by the stockholders of the Company within twelve (12) months of its adoption
by the Board in accordance with the Bylaws of the Company and governing law relating to such matters. 
 (f) Other Terms and
Conditions. Stock options may contain such other provisions, not inconsistent with the provisions of the Plan, as the Committee shall determine appropriate from time to time. 
  

	7.	Restricted Stock and Restricted Stock Units 

 (a)
In General. Subject to the other applicable provisions of the Plan and applicable law, the Committee may at any time and from time to time grant Restricted Stock or Restricted Stock Units to Participants, in such amounts and subject to such

  

 10 

 
vesting conditions, other restrictions and conditions for removal of restrictions as it determines. Unless determined otherwise by the Committee,
Participants receiving Restricted Stock or Restricted Stock Units are not required to pay the Company cash consideration therefor (except as may be required for applicable tax withholding). 
 (b) Vesting Conditions and Other Restrictions. Each Award for Restricted Stock and Restricted Stock Units shall be evidenced by a Grant Agreement
that specifies the applicable vesting conditions and other restrictions, if any, on such Award, the duration of such restrictions, and the time or times at which such restrictions shall lapse with respect to all or a specified number of the shares
of Stock that are part of the Award. Notwithstanding the foregoing, the Committee may reduce or shorten the duration of any vesting or other restriction applicable to any Restricted Stock or Restricted Stock Units awarded to any grantee under the
Plan. 
 (c) Stock Issuance and Stockholder Rights. 
 (i) Restricted Stock. Stock certificates with respect to Stock granted pursuant to a Restricted Stock Award shall be issued, and/or Stock
shall be registered, at the time of grant of the Restricted Stock Award, subject to forfeiture if the Restricted Stock does not vest or other restrictions do not lapse. Any Stock certificates shall bear an appropriate legend with respect to the
restrictions applicable to such Restricted Stock Award and the grantee may be required to deposit the certificates with the Company during the period of any restriction thereon and to execute a blank stock power or other instrument of transfer
therefor. Except as otherwise provided by the Committee, during the period of restriction following issuance of Restricted Stock certificates, the grantee shall have all of the rights of a holder of Stock, including but not limited to the rights to
receive dividends (or amounts equivalent to dividends) and to vote with respect to the Restricted Stock. The Committee, in its discretion, may provide that any dividends or distributions paid with respect to Stock subject to the unvested portion of
a Restricted Stock Award will be subject to the same restrictions as the Restricted Stock to which such dividends or distributions relate. 
 (ii) Restricted Stock Units. Stock certificates for the shares of Stock subject to a Restricted Stock Unit shall be issued, and/or Stock shall be registered, upon vesting and lapse of any other restrictions with
respect to the issuance of Stock under such Award. The grantee will not be entitled to vote such Stock or to any of the other rights of stockholders during the period prior to issuance of the certificates for such Stock and/or the registration of
the Stock. An Award of Restricted Stock Units may provide the Participant with the right to receive amounts equivalent to dividends and distributions paid with respect to Stock subject to the Award while the Award is outstanding, which payments may,
in the Committee’s discretion, either be made currently or credited to an account for the Participant, and may be settled in cash or Stock, all as determined by the Committee. Unless otherwise determined by the Committee with respect to a
particular Award, each outstanding Restricted Stock Unit shall accrue such 

  

 11 

 
dividend equivalents, deferred as equivalent amounts of additional Restricted Stock Units, which amounts will be paid only when and if the Restricted Stock
Unit (on which such dividend equivalents were accrued) vests and becomes payable. To the extent that a Restricted Stock Unit does not vest or is otherwise forfeited, any accrued and unpaid dividend equivalents shall be forfeited. 
  

	8.	Stock Appreciation Rights 

 (a) Award of Stock
Appreciation Rights. Subject to the other applicable provisions of the Plan, the Committee may at any time and from time to time grant Stock Appreciation Rights (“SARs”) to Participants, either on a free-standing basis (without regard
to or in addition to the grant of a stock option) or on a tandem basis (related to the grant of an underlying stock option), as it determines. SARs granted in tandem with or in addition to a stock option may be granted either at the same time as the
stock option or at a later time; provided, however, that a tandem SAR shall not be granted with respect to any outstanding Incentive Stock Option Award without the consent of the grantee. SARs shall be evidenced by Grant Agreements, executed by the
Company and the grantee, stating the number of shares of Stock subject to the SAR evidenced thereby and the terms and conditions of such SAR, in such form as the Committee may from time to time determine. The term during which each SAR may be
exercised shall be determined by the Committee. In no event shall a SAR be exercisable more than ten years from the date it is granted. The grantee shall have none of the rights of a stockholder with respect to any Stock represented by a SAR.

 (b) Restrictions of Tandem SARs. No Incentive Stock Option may be surrendered in connection with the exercise of a tandem SAR
unless the Fair Market Value of the Stock subject to the Incentive Stock Option is greater than the exercise price for such Incentive Stock Option. SARs granted in tandem with stock options shall be exercisable only to the same extent and subject to
the same conditions as the stock options related thereto are exercisable. The Committee may, in its discretion, prescribe additional conditions to the exercise of any such tandem SAR. 
 (c) Amount of Payment upon Exercise of SARs. A SAR shall entitle the grantee to receive, subject to the provisions of the Plan and the Grant
Agreement, a payment having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Stock over (B) the base price per share of Stock specified in the Grant Agreement,
times (ii) the number of shares of Stock specified by the SAR, or portion thereof, that is exercised. In the case of exercise of a tandem SAR, such payment shall be made in exchange for the surrender of the unexercised related stock option (or
any portion or portions thereof which the grantee from time to time determines to surrender for this purpose). The base price per share under a SAR shall not be less than the Fair Market Value of a share of Stock on the Grant Date, unless the SAR
complies with Section 409A of the Code. 
 (d) Form of Payment upon Exercise of SARs. Payment by the Company of the amount
receivable upon any exercise of a SAR may be made by the delivery of Stock or 

  

 12 

 
cash, or any combination of Stock and cash, as determined in the sole discretion of the Committee from time to time. If upon settlement of the exercise of a
SAR a grantee is to receive a portion of such payment in Stock, the number of shares of Stock shall be determined by dividing such portion by the Fair Market Value of a share of Stock on the exercise date. No fractional shares shall be used for such
payment and the Committee shall determine whether cash shall be given in lieu of such fractional shares or whether such fractional shares shall be eliminated. 
  

	9.	Phantom Stock 

 The grant of Phantom Stock shall be
evidenced by a Grant Agreement, executed by the Company and the grantee, that incorporates the terms of the Plan and states the number of shares of Phantom Stock evidenced thereby and the terms and conditions of such Phantom Stock in such form as
the Committee may from time to time determine. Phantom Stock granted to a Participant shall be credited to a bookkeeping reserve account solely for accounting purposes and shall not require a segregation of any of the Company’s assets. Each
share of Phantom Stock shall represent the value of one share of Stock. Phantom Stock shall become payable in whole or in part in such form, at such time or times and pursuant to such conditions in accordance with the provisions of the Grant
Agreement, and/or such rules and regulations as the Committee may prescribe, and/or such determinations, orders or decisions as the Committee may make. Except as otherwise provided in the applicable Grant Agreement, the grantee shall have none of
the rights of a stockholder with respect to any shares represented by Phantom Stock as a result of the grant of Phantom Stock to the grantee. Phantom Stock may contain such other provisions, not inconsistent with the provisions of the Plan, as the
Committee shall determine desirable or appropriate from time to time. 
  

	10.	Performance Awards 

 (a) In General. The
Committee, in its discretion, may establish targets for Performance Measures for selected Participants and authorize the granting, vesting, payment and/or delivery of Performance Awards in the form of Incentive Stock Options, Nonqualified Stock
Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, and/or Phantom Stock to such Participants upon achievement of such targets for Performance Measures during a Performance Period. The Committee, in its discretion, shall
determine the Participants eligible for Performance Awards, the targets for Performance Measures to be achieved during each Performance Period, and the type, amount, and terms and conditions of any Performance Awards. Performance Awards may be
granted either alone or in addition to other Awards made under the Plan. 
 (b) Covered Employee Targets. After the Company is subject
to Code Section 162(m), in connection with any Performance Awards granted to a Covered Employee, the Committee shall (i) establish in the applicable Grant Agreement the specific targets relative to the Performance Measures which must be
attained before the respective Performance Award is granted, vests, or is otherwise paid or delivered, (ii) provide in the applicable Grant Agreement the method for computing the portion of the Performance 

  

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Award which shall be granted, vested, paid and/or delivered if the target or targets are attained in full or part, and (iii) at the end of the relevant
Performance Period and prior to any such grant, vesting, payment or delivery certify the extent to which the applicable target or targets were achieved and whether any other material terms were in fact satisfied. The specific targets and the method
for computing the portion of such Performance Award which shall be granted, vested, paid or delivered to any Covered Employee shall be established by the Committee prior to the earlier to occur of (A) ninety (90) days after the
commencement of the Performance Period to which the Performance Measure applies and (B) the elapse of twenty-five percent (25%) of the Performance Period and in any event while the outcome is substantially uncertain. In interpreting Plan
provisions applicable to Performance Measures and Performance Awards with respect to Covered Employees, it is the intent of the Plan to conform with the standards of Section 162(m) of the Code and Treasury Regulations
Section 1.162-27(e)(2)(i), and the Committee in interpreting the Plan shall be guided by such provisions. 
  

	11.	Withholding and Reporting of Taxes 

 The Company may
require, as a condition to the grant of any Award under the Plan, vesting or exercise pursuant to such Award or to the delivery of certificates for shares of Stock issued or payments of cash to a grantee pursuant to the Plan or a Grant Agreement,
that the grantee pay to the Company, in cash or, if approved by the Company, in Stock, including Stock acquired upon grant of the Award or exercise of the Award, valued at Fair Market Value on the date as of which the withholding tax liability is
determined, any federal, state or local taxes of any kind or any applicable taxes or other required withholding of any other jurisdiction required by law to be withheld with respect to any taxable event under the Plan. The Company, to the extent
permitted or required by law, shall have the right to deduct from any payment of any kind (including salary or bonus) otherwise due to a grantee any federal, state or local taxes of any kind or any applicable taxes or other required withholding of
any other jurisdiction required by law to be withheld with respect to the grant, vesting, exercise or payment of or under any Award under the Plan or a Grant Agreement, or to retain or sell a sufficient number of the shares of Stock to be issued to
such grantee to cover any such taxes. The Company or any Parent, Subsidiary or Affiliate shall comply with any applicable tax reporting requirements of any jurisdiction imposed on it by law with respect to the granting, vesting, exercise and/or
payment of Awards. 
  

	12.	Transferability 

 No Award granted under the Plan
shall be transferable by a grantee otherwise than by will or the laws of descent and distribution. Unless otherwise determined by the Committee in accordance with the provisions of the immediately preceding sentence, an Award may be exercised during
the lifetime of the grantee only by the grantee or, during the period the grantee is under a legal disability, by the grantee’s guardian or legal representative. Notwithstanding the foregoing, an Award other than an Incentive Stock Option may,
in the Committee’s sole discretion, be transferable by gift or domestic relations order to (i) the grantee’s child, stepchild, grandchild, parent, stepparent, 

  

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grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law or sister-in-law,
including adoptive relationships (such persons, “Family Members”), (ii) a company, partnership, limited liability company or other business entity whose only stockholders, partners or members, as applicable are the grantee and/or
Family Members, or (iii) a trust in which the Grantee and/or Family Members have all of the beneficial interests, and subsequent to any such transfer any Award may be exercised by any such transferee. 
  

	13.	Adjustments; Business Combinations 

 (a)
Adjustments. In the event of a reclassification, recapitalization, stock split, reverse stock split, stock dividend, combination of shares or other similar event, the maximum number and kind of shares reserved for issuance or with respect to
which Awards may be granted under the Plan as provided in Section 4 shall be adjusted to reflect such event, and the Committee shall make such adjustments as it deems appropriate and equitable in the number, kind and price of shares covered by
outstanding Awards made under the Plan, and in any other matters that relate to Awards and that are affected by the changes in the shares referred to above. 
 (b) Change in Control. In the event of any proposed Change in Control under Section 2(d)(i), (ii) or (iii), the Committee shall take such action as it deems appropriate and equitable to effectuate the
purposes of this Plan and to protect the grantees of Awards, which action may include, without limitation, any one or more of the following, provided such action is in compliance with Code Section 409A if applicable: (i) acceleration or
change of the exercise and/or expiration dates of any Award to require that exercise be made, if at all, prior to the Change in Control; (ii) cancellation of any Award upon payment to the holder in cash of the Fair Market Value of the Stock
subject to such Award as of the date of (and, to the extent applicable, as established for purposes of) the Change in Control, less the aggregate exercise price, if any, of the Award; and (iii) in any case where equity securities of another
entity are proposed to be delivered in exchange for or with respect to Stock of the Company, arrangements to have such other entity replace the Awards granted hereunder with awards with respect to such other securities, with appropriate adjustments
in the number of shares subject to, and the exercise prices under, the Award. 
 (c) Dissolution and Liquidation. In the event the
Company dissolves and liquidates (other than pursuant to a plan of amalgamation, merger or reorganization), then notwithstanding any restrictions on exercise set forth in this Plan or any Grant Agreement, or other agreement evidencing a stock
option, Stock Appreciation Right, Phantom Stock, Restricted Stock or Restricted Stock Unit Award, provided such action is in compliance with Code Section 409A if applicable: (i) each grantee shall have the right to exercise his stock
option, Stock Appreciation Right, or Phantom Stock or to require delivery of Stock certificates, and/or registration of the Stock, representing any such Restricted Stock or Restricted Stock Unit Award, at any time up to ten (10) days prior to
the effective date of such liquidation and dissolution; and (ii) the Committee may make arrangements with the grantees for the payment of appropriate consideration to them for 

  

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the cancellation and surrender of any stock option, Stock Appreciation Right, Phantom Stock, Restricted Stock or Restricted Stock Unit Award that is so
canceled or surrendered at any time up to ten (10) days prior to the effective date of such liquidation and dissolution. The Committee may establish a different period (and different conditions) for such exercise, delivery, cancellation or
surrender to avoid subjecting the grantee to liability under Section 16(b) of the Exchange Act. Any stock option, Stock Appreciation Right or Phantom Stock not so exercised, canceled or surrendered shall terminate on the last day for exercise
prior to such effective date; and any Restricted Stock or Restricted Stock Units as to which there has not been such delivery of Stock certificates or that has not been so canceled or surrendered, shall be forfeited on the last day prior to such
effective date. The Committee shall give to each grantee written notice of the commencement of any proceedings for such liquidation and dissolution of the Company and the grantee’s rights with respect to his outstanding Award. 
 (d) Other Adjustments. The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including, without limitation, the events described in the preceding paragraphs of this Section 13) affecting the Company, or the financial statements of the Company or any Parent, Subsidiary or
Affiliate, or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to
be made available under the Plan. 
 Except as hereinbefore expressly provided, issuance by the Company of stock of any class or securities
convertible into stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warranty to subscribe therefor, or upon conversion of stock or obligations of the Company convertible into such stock or
other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share
of Stock subject to Awards. 
  

	14.	Termination and Amendment 

 (a) Amendment or
Termination by the Board. The Board, without further approval of the stockholders, may amend or terminate the Plan or any portion thereof at any time, except that no amendment shall become effective without prior approval of the stockholders of
the Company to increase the number of shares of Stock subject to the Plan or if stockholder approval is necessary to comply with any tax or regulatory requirement or rule of any exchange or national automated quotation system upon which the Stock is
listed or quoted (including for this purpose stockholder approval that is required for continued compliance with Rule 16b-3 or stockholder approval that is required to enable the Committee to grant Incentive Stock Options pursuant to the Plan).

  

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 (b) Amendments by the Committee. The Committee shall be authorized to make minor or administrative
amendments to the Plan as well as amendments to the Plan that may be dictated by requirements of U.S. federal or state laws applicable to the Company or that may be authorized or made desirable by such laws. The Committee may amend any outstanding
Award in any manner as provided in Sections 3(c) and (d) and to the extent that the Committee would have had the authority to make such Award as so amended. 
 (c) Approval of Grantees. No amendment to the Plan or any Award may be made that would materially adversely affect any outstanding Award previously made under the Plan without the approval of the grantee.
Further, no amendment to the Plan or an Award shall be made which would cause any Award to fail to either comply with or meet an exception from Code Section 409A. 
  

	15.	Non-Guarantee of Employment 

 Nothing in the Plan or
in any Grant Agreement thereunder shall confer any right on an employee to continue in the employ of the Company or any Parent, Subsidiary or Affiliate or shall interfere in any way with the right of the Company or any Parent, Subsidiary or
Affiliate to terminate an employee at any time. 
  

	16.	Termination of Employment 

 For purposes of
maintaining a grantee’s continuous status as an employee and accrual of rights under any Award, transfer of an employee among the Company and the Company’s Parent, Subsidiaries or Affiliates shall not be considered a termination of
employment. Nor shall it be considered a termination of employment for such purposes if an employee is placed on military or sick leave or such other leave of absence that is considered as continuing intact the employment relationship; in such a
case, the employment relationship shall be continued until the date when an employee’s right to reemployment shall no longer be guaranteed either by law or contract. 
  

	17.	Written Agreement 

 Each Grant Agreement entered
into between the Company and a grantee with respect to an Award granted under the Plan shall incorporate the terms of this Plan and shall contain such provisions, consistent with the provisions of the Plan, as may be established by the Committee.

  

	18.	Non-Uniform Determinations 

 The Committee’s
determinations under the Plan (including without limitation determinations of the persons to receive Awards, the form, amount and time of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform
and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. 
  

 17 

	19.	Limitation on Benefits 

 With respect to persons
subject to Section 16 of the Exchange Act, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be
deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 
  

	20.	Listing and Registration 

 If the Company determines
that the listing, registration or qualification upon any securities exchange or upon any listing or quotation system established by the National Association of Securities Dealers, Inc. or under any law of Stock subject to any Award is necessary or
desirable as a condition of, or in connection with, the granting of same or the issue or purchase of Stock thereunder, no such Award may be exercised in whole or in part and no restrictions on such Award shall lapse, unless such listing,
registration or qualification is effected free of any conditions not acceptable to the Company. 
  

	21.	Compliance with Securities Law 

 The Company may
require that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any Stock certificate, provide to the Company, at the time of each such exercise and each such delivery, a written representation that the Stock
being acquired shall be acquired by the grantee solely for investment and will not be sold or transferred without registration or the availability of an exemption from registration under the Securities Act and applicable state securities laws. The
Company may also require that a grantee submit other written representations that will permit the Company to comply with applicable federal and state securities laws in connection with the issuance of the Stock, including representations as to the
knowledge and experience in financial and business matters of the grantee and the grantee’s ability to bear the economic risk of the grantee’s investment. The Company may require that the grantee obtain a “purchaser
representative” as that term is defined in applicable federal and state securities laws. Any Stock certificates for shares issued pursuant to this Plan may bear a legend restricting transferability of the Stock unless such shares are registered
or an exemption from registration is available under the Securities Act and applicable securities laws of the states of the U.S. The Company may notify its transfer agent to stop any transfer of Stock not made in compliance with these restrictions.
Stock shall not be issued with respect to an Award granted under the Plan unless the exercise of such Award and the issuance and delivery of Stock certificates for such shares pursuant thereto shall comply with all relevant provisions of law,
including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder and the requirements of any national securities exchange or Nasdaq System upon which the Stock may then be listed or quoted, and
shall be further subject to the approval of counsel for the Company with respect to such compliance to the extent such approval is sought by the Committee. 
  

 18 

	22.	No Trust or Fund Created 

 Neither the Plan nor any
Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other person acquires a right to receive payments
from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 
  

	23.	No Limit on Other Compensation Arrangements 

 Nothing contained in the Plan shall prevent the Company or any Parent, Subsidiary or Affiliate from adopting or continuing in effect other compensation arrangements (whether such arrangements be generally applicable or applicable only in
specific cases), including without limitation the granting of stock options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights or Phantom Stock Units otherwise than under the Plan. 
  

	24.	No Restriction of Corporate Action 

 Nothing
contained in the Plan shall be construed to limit or impair the power of the Company or any Parent, Subsidiary or Affiliate to make adjustments, reclassifications, reorganizations, or changes in its capital or business structure, or to amalgamate,
merge or consolidate, liquidate, sell or transfer all or any part of its business or assets or, except as otherwise provided herein, or in a Grant Agreement, to take other actions which it deems to be necessary or appropriate. No employee,
beneficiary or other person shall have any claim against the Company or any Parent, Subsidiary or Affiliate as a result of such action. 
  

	25.	Governing Law 

 The validity, construction and
effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions made by the Board or Committee relating to the Plan or such Grant Agreements, and the rights of any and all persons
having or claiming to have any interest therein or thereunder, shall be determined in accordance with applicable federal laws and the laws of the State of Maryland. Unless otherwise provided in the Award Agreement, recipients of an Award under the
Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or local courts of the State of Maryland, to resolve any and all issues that may arise out of or relate to the Plan or any related Grant Agreement. The Awards under the
Plan are intended to either comply with or meet an exception from Code Section 409A and shall be so interpreted. 
  

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	26.	Plan Subject to Charter and Bylaws 

 This Plan is
subject to the Certificate of Incorporation and Bylaws of the Company, as they may be in effect from time to time. 
  

	27.	Effective Date; Termination Date 

 The Plan is effective as of the date on which the Plan is approved by the stockholders of the
Company. No Award shall be granted under the Plan after the close of business on the day immediately preceding the tenth (10th) anniversary of the effective date of the Plan. Subject to other applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards have been
satisfied or terminated in accordance with the Plan and the terms of such Awards. 
 Date Approved by the Board: March 12, 2007 
 Date Approved by the Stockholders: June 13, 2007 
  

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