Document:

Exhibit 10.05

 

SEVENTH AMENDMENT TO LEASE

 

THIS SEVENTH AMENDMENT TO LEASE (“Agreement”)
dated this 6th day of December, 2010, is made and entered into by and between HOLLIS STREET INVESTORS, L.L.C., a Delaware
limited liability company (“Landlord”) and LEAPFROG ENTERPRISES, INC., a Delaware corporation (“Tenant”).

 

BACKGROUND

 

A.           Landlord
and Tenant entered into that certain Lease Agreement dated November 14, 2000, for approximately 40,060 rentable square feet of
space (the “Premises”) located at 6401 Hollis Street, Suite 150, Emeryville, California, as more fully described
in the Lease.

 

B.           The
Lease has been amended by a First Amendment to Lease dated April 30, 2001.

 

C.           The
Lease has been amended by a Second Amendment to Lease dated February 22, 2002, whereby the Premises were expanded by an additional
30,770 rentable square feet and Tenant’s Pro Rata Share was increased to Fifty-One and Sixty-Two Hundredths Percent (51.62%).

 

D.           The
Lease has been amended by a Third Amendment to Lease dated March 27, 2003, whereby the Premises were expanded by an additional
31,980 rentable square feet and Tenant’s Pro Rata Share was increased to Seventy-Four and Ninety-Three Hundredths Percent
(74.93%).

 

E.           The
Lease has been amended by a Fourth Amendment to Lease dated March 27, 2003.

 

F.           The
Lease has been amended by a Fifth Amendment to Lease dated March 7, 2005, whereby the Lease Term was extended until March 31, 2016.

 

G.           The
Lease has been amended by a Sixth Amendment to Lease dated March 22, 2006, whereby the size of the Premises was increased by an
additional 34,393 rental square feet known as Suite 125.

 

H.           The
Lease Agreement, as amended from time to time, is referred to as the “Lease”.

 

I.           The
Premises currently contain 137,203 rentable square feet.

 

J.           The
current term of the Lease expires on March 31, 2016.

 

K.          Tenant
desires to reduce the size of the Premises by terminating the Lease as to Suite 175 consisting of 30,770 rental square feet and
to amend the terms and conditions of the Lease as set forth in this Agreement.

 

    	 

    	 

    

 

L.           Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Lease.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the covenants
and agreements contained herein, the parties hereby mutually agree as follows:

 

1.          VACATION
AND SURRENDOR OF SUITE 175. Effective as of January 7, 2011 (the “Effective Date”) Tenant shall
give, grant and surrender Suite 175 to Landlord and all of the right, title and interest whatsoever of Tenant in Suite 175. Tenant
shall vacate and surrender Suite 175 no later than the Effective Date. Landlord has inspected Suite 175 and agrees that, subject
to Tenant’s removal of its Personal Property and repair of any damage caused by such removal, Tenant shall not be required
to perform any work in, or remove any Alterations from, Suite 175 prior to Tenant’s surrender thereof.

 

2.          TERMINATION
FEES. As a condition to the effectiveness of this Agreement, Tenant shall pay to Landlord on the Effective Date the sum
Three Hundred Forty-Four Thousand Six Hundred Eighty-Seven and 18/100 Dollars ($344,687.18), comprised of Two Hundred Seventy-Eight
Thousand Four Hundred Forty-Three and 51/100 Dollars ($278,443.51) as a termination fee, and Sixty-Six Thousand Two Hundred Forty-Three
and 67/100 Dollars ($66,243.67) as the total rent for Suite 175 for January, 2011. On February 1, 2011, Tenant shall pay Landlord
another payment of Sixty-Six Thousand Two Hundred Forty-Three and 67/100 Dollars ($66,243.67) as the total rent for Suite 175 for
February, 2011. On March 1, 2011, Tenant shall pay Landlord a final payment of Sixty-Six Thousand Two Hundred Forty-Three and 67/100
Dollars ($66,243.67) as the total rent for Suite 175 for March, 2011.

 

3.          PREMISES.
The square footage of the Premises is currently 137,203 rentable square feet. As of the Effective Date, the term “Premises”
shall no longer include Suite 175 consisting of 30,770 RSF and shall consist of 106,433 rentable square feet, composed of the
following:

 

	Suite 2 (Suite 100)	 	31,980 RSF
	Suite 3 (Suite 150)	 	40,060 RSF
	Suite 4 (Suite 125)	 	34,393 RSF
	Total	 	106,433 RSF

 

4.          TENANT’S
PRO RATA SHARE. As of the Effective Date, Tenant’s Pro Rata Share for the Premises shall be reduced to Seventy-Seven
and Fifty-Seven Hundredths Percent (77.57%).

 

5.          RENT.
The definition of “Base Rent” in Section 1 of the Lease is hereby amended to reflect that, (a) the Base Rent
for Suite 4 (Suite 125) shall remain as set forth in the Sixth Amendment to Lease, and (b) as of the Effective Date, the Base Rent
for Suite 2 (Suite 100) and Suite 3 (Suite 150) shall be as set forth below, payable in equal monthly installments, in advance,
on the first business day of each and every month of the Term.

 

    	2

    	 

    

 

New Rent Structure

 

	Time Period	 	Suite 2 (#100)	 	 	Suite 3 (#150)	 	 	Total	 
	01/01/11 – 12/31/11	 	$	50,204.49	 	 	$	62,889.06	 	 	$	113,093.55	 
	01/01/12 – 12/31/12	 	$	51,283.82	 	 	$	64,241.08	 	 	$	115,524.90	 
	01/01/13 – 12/31/13	 	$	52,390.13	 	 	$	65,626.91	 	 	$	118,017.04	 
	01/01/14 – 12/31/14	 	$	53,524.09	 	 	$	67,047.38	 	 	$	120,571.47	 
	01/01/15 – 12/31/15	 	$	54,686.41	 	 	$	68,503.36	 	 	$	123,189.77	 
	01/01/16 – 3/31/16	 	$	55,877.78	 	 	$	69,995.75	 	 	$	125,873.53	 

 

6.          PARKING.

 

(a)          Tenant
has the right to use Four (4) parking spaces per 1,000 rentable square feet of leased area in Suite 2 (Suite 100) and Suite 3 (Suite
100) for a total of 128 and 160 parking stalls, respectively. Tenant has the right to use and Two and Seventy-Five Hundredths (2.75)
parking spaces per 1,000 rentable square feet of leased area in Suite 4 (Suite 125) pursuant to the Sixth Amendment, for a total
of 95 parking stalls. The aggregate parking rights in the Premises as of the Effective Date are as follows:

 

	Suite 2 (Suite 100)	 	128	 parking stalls 
	Suite 3 (Suite 150)	 	160	 parking stalls
	Suite 4 (Suite 125)	 	95	 parking stalls
	Total	 	383 	 parking stalls

 

In order to achieve the above-stated parking ratio, some parking
may be tandem parking requiring an attendant. Tenant agrees that in that event the cost of the parking attendant shall be an Operating
Expense and Tenant will be liable for its pro rata share.

 

(b)          Notwithstanding
the above, Tenant shall continue to have the right to use unlimited parking spaces beyond Tenant’s allocation (the “Additional
Parking Spaces”) until such time as all parking spaces in the Project have been allocated to tenants. Provided
that Landlord may notify Tenant from time to time as Landlord leases additional space in the Project of the number of Additional
Parking Spaces that Tenant must relinquish so that Landlord can provide parking spaces for other tenants in the Project (which
parking for other tenants shall not exceed four (4) spaces per 1,000 rentable square feet of leased area) without implementing
tandem parking. After Tenant has relinquished its right to use all of the Additional Parking Spaces, Landlord may need to implement
tandem parking for all tenants.

 

    	3

    	 

    

 

7.          TERMINATION
RIGHT. Tenant’s termination rights in Paragraph 10 of the Fifth Amendment shall continue in effect as to Suite 100
and shall be terminated as to any other Suite. Subparagraph 10(b) is hereby revised to read as follows:

 

			“(b) Tenant shall have provided Landlord with written notice of Tenant’s intention to exercise the option to terminate
the Lease as to Suite 100, which notice must be received by Landlord no later than eighteen (18) months prior to the Effective
Termination Date;”

 

8.          AUTHORITY.
Tenant represents and warrants that all necessary corporate actions have been duly taken to permit Tenant to enter into this
Agreement and that the person signing this Agreement on behalf of Tenant has been duly authorized and instructed to execute this
Agreement. Landlord represents and warrants that all necessary company actions have been duly taken to permit Landlord to enter
into this Agreement and that the person signing this Agreement on behalf of Landlord has been duly authorized and instructed to
sign this Agreement.

 

9.          BROKERS.
Each of Landlord and Tenant warrants and represents that it has dealt with no real estate broker in connection with this Agreement
and that no broker is entitled to any commission on account of this Agreement. The party who breaches this warranty shall defend,
hold harmless and indemnify the other from any loss, cost, damage or expense, including reasonable attorneys’ fees, arising
from the breach; Landlord’s indemnity of Tenant shall include claims by the Broker. Landlord is solely responsible for paying
the commission of the Broker in accordance with a separate agreement.

 

10.         FULL
FORCE AND EFFECT. Except as expressly modified above, all terms and conditions of the Lease remain in full force and effect
and are hereby ratified and confirmed. Landlord and Tenant hereby acknowledge and agree that, except as provided in this Agreement,
the Lease has not been modified, amended, canceled, terminated, released, superseded or otherwise rendered of no force or effect.

 

    	4

    	 

    

 

	Designated Address for Landlord:	 	LANDLORD:
	 	 	 
	c/o Kennedy Associates Real Estate Counsel, LP	 	Hollis Street Investors II LLC, a Delaware limited
	Attn: Executive Vice President – Asset	 	liability company
	Management	 	 	 	 	 	 	 	 
	1215 Fourth Avenue, Suite 2400	 	By: 	Hollis Street Investors, L.L.C, a Delaware
	Seattle, WA  98161	 	 	limited liability company, its Sole Member
	Facsimile: 206-682-4769	 	 	 	 	 	 	 	 
	 	 	 	By: 	MEPT Hollis Street Investors LLC, a
	and to:	 	 	 	Delaware limited liability company, its
	 	 	 	 	Manager
	c/o Kennedy Associates Real Estate Counsel, LP	 	 	 	 	 	 	 	 
	Attn: Vice President – Asset Management	 	 	 	By: 	MEPT Edgemoor REIT LLC, a
	7315 Wisconsin Ave., Ste. 350 West	 	 	 	 	Delaware limited liability company,
	Bethesda, MD  20814	 	 	 	 	its Manager
	Facsimile: 301-656-9339	 	 	 	 	 	 	 	 
	 	 	 	 	 	By: 	Kennedy Associates Real Estate
	and to:	 	 	 	 	 	Counsel, LP., its Authorized
	 	 	 	 	 	 	Signatory
	MEPT Edgemoor REIT, LLC	 	 	 	 	 	 	 	 
	c/o NewTower Trust Company	 	 	 	 	 	By: 	Kennedy Associates Real
	Attn: President/MEPT or Patrick O. Mayberry	 	 	 	 	 	 	Estate Counsel GP, LLC,
	3 Bethesda Metro Center, Suite 1600	 	 	 	 	 	 	its General Partner
	Bethesda, MD  20814	 	 	 	 	 	 	 	 
	Facsimile: 240-235-9961	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	/s/ Michael R. McCormick
	 	 	 	 	 	 	 	Name: 	Michael R. McCormick
	 	 	 	 	 	 	 	Its:	Senior Vice President

 

	Designated Address for Tenant:	TENANT:	 
	 	 	 
	Leapfrog Enterprises, Inc.	Leapfrog Enterprises, Inc., a Delaware
	Attn: Director of Real Estate and Facilities	corporation
	6401 Hollis Street	 	 
	Emeryville, CA 94608	 	 
	 	By:	/s/ Mark Etnyre
	With a copy to:	Name:	Mark Etnyre
	 	Its:	CFO
	Leapfrog Enterprises, Inc.	 	 
	Attn: General Counsel	 	 
	6401 Hollis Street	 	 
	Emeryville, CA 94608	 	 

 

    	5Exhibit 10.14

 

LeapFrog
Enterprises, Inc.

Restricted Stock Unit Award Grant Notice

(2002 Non-Employee Directors' Stock
Award Plan)

 

LeapFrog Enterprises, Inc. (the “Company”),
pursuant to its 2002 Non-Employee Directors’ Stock Award Plan, as amended (the “Plan”), hereby
awards to Participant a Restricted Stock Unit Award for the number of stock units set forth below (the “Award”).
The Award is subject to all of the terms and conditions as set forth herein and in the Plan and the Restricted Stock Unit Award
Agreement, both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Plan or the Restricted Stock Unit Award Agreement. Except as explicitly provided
herein, in the event of any conflict between the terms in the Award and the Plan, the terms of the Plan shall control.

 

	Participant:	 	 
	Date of Grant:	 	 
	Grant Number:	 	 
	Vesting Commencement Date:	 	 
	Number of Stock Units Subject to Award:	 	 
	Consideration:	Participant’s Services	 

 

	Vesting Schedule: 	__________________________________________________________________.
	 	Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.
	 	 
	Issuance Schedule:	The shares of Class A Common Stock to be issued in respect of the Award will be issued in accordance with the issuance schedule set forth in Section 7 of the Restricted Stock Unit Award Agreement.
	 	 
	Taxes:	The Participant understands and agrees that the Participant is solely responsible for any and all income, excise or other taxes imposed on the Participant with respect to the Award.

 

Additional Terms/Acknowledgements: The
undersigned Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit Grant Notice, the Restricted
Stock Unit Award Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit
Grant Notice, the Restricted Stock Unit Award Agreement and the Plan set forth the entire understanding between Participant and
the Company regarding the Award and supersedes all prior oral and written agreements on that subject.

 

	LeapFrog Enterprises,
    Inc.	 	Participant:
	 	 	 	 
	By:	 	 	 
	 	Signature	 	Signature
	 	 	 	 	 
	Title: 	 	 	Date: 	 
	 	 	 	 	 
	Date:	 	 	 	 

  

Attachments: Restricted
Stock Unit Award Agreement, 2002 Non-Employee Directors’ Stock Award Plan

 

    	 

    	 

    

 

LeapFrog
Enterprises, Inc. 

2002
Non-Employee Directors’ Stock Award Plan

 

Restricted
Stock Unit Award Agreement

 

Pursuant to the Restricted
Stock Unit Grant Notice (“Grant Notice”) and this Restricted Stock Unit Award Agreement and in consideration
of your services, LeapFrog Enterprises, Inc. (the “Company”) has awarded you a Restricted Stock Unit
Award (the “Award”) under its 2002 Non-Employee Directors’ Stock Award Plan, as amended (the “Plan”).
Your Award is granted to you effective as of the Date of Grant set forth in the Grant Notice for this Award. This Restricted Stock
Unit Award Agreement shall be deemed to be agreed to by the Company and you upon the electronic acceptance or signing by you of
the Restricted Stock Unit Grant Notice to which it is attached. Capitalized terms not explicitly defined in this Restricted Stock
Unit Award Agreement shall have the same meanings given to them in the Plan or the Grant Notice, as applicable. Except as otherwise
explicitly provided herein, in the event of any conflict between the terms in this Restricted Stock Unit Award Agreement and the
Plan, the terms of the Plan shall control. The details of your Award, in addition to those set forth in the Grant Notice and the
Plan, are as follows.

 

1.     
     Grant of the Award. This
Award represents the right to be issued on a future date the number of shares of the Company’s Class A Common Stock
that is equal to the number of stock units indicated in the Grant Notice (the “Stock Units”). This
Award was granted in consideration of your services to the Company. Except as otherwise provided herein, you will not
be required to make any payment to the Company (other than past and future services to the Company) with respect to your
receipt of the Award, the vesting of the Stock Units or the delivery of the Common Stock to be issued in respect of the
Award.

 

2.     
     Vesting. Subject to the
limitations contained herein, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant
Notice, provided that vesting will cease upon the termination of your Continuous Service. Upon such termination of your
Continuous Service, the unvested Stock Units as of the date of such termination will be forfeited at no cost to the
Company and you will have no further right, title or interest in the Stock Units or the shares of Class A Common Stock to be
issued in respect of the Award.

 

3.           Change
in Control. If a Change in Control (as defined in the Plan)
occurs and as of, or within twelve (12) months after, the effective time of such Change in Control, your Continuous Service is
involuntarily terminated by the Company or you are required to resign by the terms of the Change in Control, the Company or the
acquiring entity pursuant to the Change in Control, then any unvested Stock Units will accelerate and become fully vested on the
date of your termination.

 

4.    
      Number of Shares.

 

(a)          The
number of Stock Units subject to your Award may be adjusted from time to time for capitalization adjustments, as provided in Section
12 of the Plan.

 

(b)          Any
additional Stock Units that become subject to the Award pursuant to this Section 3 and Section 7, if any, shall be subject, in
a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of
delivery as applicable to the other Stock Units covered by your Award.

 

(c)          Notwithstanding
the provisions of this Section 3, no fractional shares or rights for fractional shares of Class A Common Stock shall be created
pursuant to this Section 3. The Board shall, in its discretion, determine an equivalent benefit for any fractional shares or fractional
shares that might be created by the adjustments referred to in this Section 3.

 

    	1

    	 

    

          

5.     
     Securities Law Compliance.
You may not be issued any shares in respect of your Award unless either (i) the shares are registered under the Securities
Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the
Securities Act. Your Award also must comply with other applicable laws and regulations governing the Award, and you will not
receive such shares if the Company determines that such receipt would not be in material compliance with such laws and
regulations.

 

6.     
     Transfer Restrictions. Your
Award is not transferable, except by will or by the laws of descent and distribution. In addition to any other limitation on
transfer created by applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise dispose
of any interest in any of the shares of Class A Common Stock subject to the Award until the shares are issued to you in
accordance with Section 7 of this Agreement. After the shares have been issued to you, you are free to assign,
hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in
compliance with the provisions herein and applicable securities laws. Notwithstanding the foregoing, by delivering written
notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your
death, shall thereafter be entitled to receive any distribution of Class A Common Stock to which you were entitled at the
time of your death pursuant to this Agreement.

 

7.     
     Date of Issuance. The Company
will deliver to you a number of shares of the Company’s Class A Common Stock equal to the number of vested Stock Units
subject to your Award, including any additional Stock Units received pursuant to Section 2 above that relate to those vested
Stock Units on the applicable vesting date(s). However, if a scheduled delivery date falls on a date that is not a business
day, such delivery date shall instead fall on the next following business day. Notwithstanding the foregoing, in the event
that (i) you are subject to the Company’s policy permitting officers and directors to sell shares only during certain
“window” periods, in effect from time to time (the “Policy”) or you are otherwise
prohibited from selling shares of the Company’s Class A Common Stock in the public market and any shares covered by
your Award are scheduled to be delivered on a day (the “Original Distribution Date”) that does not
occur during an open “window period” applicable to you or a day on which you are permitted to sell shares of the
Company’s common stock pursuant to a written plan that meets the requirements of Rule 10b5-1 under the Exchange Act, as
determined by the Company in accordance with the Policy, or does not occur on a date when you are otherwise permitted to
sell shares of the Company’s common stock on the open market, and (ii) the Company elects not to satisfy its tax
withholding obligations by withholding shares from your distribution, then such shares shall not be delivered on such
Original Distribution Date and shall instead be delivered on the first business day of the next occurring open “window
period” applicable to you pursuant to such policy (regardless of whether you are still providing continuous services at
such time) or the next business day when you are not prohibited from selling shares of the Company’s Class A Common
Stock in the open market, but in no event later than the fifteenth (15th) day of the third calendar month of the calendar
year following the calendar year in which the shares covered by the Award vest. Delivery of the shares pursuant to the
provisions of this Section 7(a) is intended to comply with the requirements for the short-term deferral exemption available
under Treasury Regulations Section 1.409A-1(b)(4) and shall be construed and administered in such manner. The form of such
delivery of the shares (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by
the Company. The provisions in this Agreement for delivery of the shares in respect of the
Award are intended to provide a basis for exemption from the requirements of Section 409A of the Code and any state law of
similar effect (collectively “Section 409A”) so that the delivery of the shares will
not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

 

8.     
     Dividends. You may
become entitled to receive payments equal to any cash dividends and other distributions paid with respect to a
corresponding number of shares to be issued in respect of the Stock Units covered by your Award, which cash payments shall be
subject to the same forfeiture restrictions as apply to the Stock Units and shall be paid at the same time that the
corresponding shares are issued in respect of your vested Stock Units, provided that if any such dividends or distributions
are paid in shares, then you will automatically be granted a corresponding number of additional Stock Units subject to the
Award (the “Dividend Units”), and further provided that such Dividend Units shall be subject to the
same forfeiture restrictions and restrictions on transferability, and same timing requirements for issuance of shares, as
apply to the Stock Units subject to the Award with respect to which the Dividend Units relate.

 

    	2

    	 

    

            
 

9.      
    Restrictive Legends. The shares
issued in respect of your Award shall be endorsed with appropriate legends determined by the Company.

 

10.         Award
not a Service Contract.

 

(a)          Your
Continuous Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the Company
or an Affiliate at any time, for any reason, with or without cause and with or without notice.  Nothing in this Restricted
Stock Unit Award Agreement (including, but not limited to, the vesting of your Award pursuant to the schedule set forth in Section
2 herein or the issuance of the shares in respect of your Award), the Plan or any covenant of good faith and fair dealing that
may be found implicit in this Restricted Stock Unit Award Agreement or the Plan shall:  (i) confer upon you any right to
continue in affiliation with the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate
regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition
of employment or affiliation; or (iii) confer any right or benefit under this Restricted Stock Unit Award Agreement or the Plan
unless such right or benefit has specifically accrued under the terms of this Agreement or Plan.

 

(b)          By
accepting this Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to the schedule set forth
in Section 2 is earned only by continuing as a director at the will of the Company (not through the act of being elected, being
granted this Award or any other award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise
restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). 
You further acknowledge and agree that such a reorganization could result in the termination of your Continuous Service and the
loss of benefits available to you under this Restricted Stock Unit Award Agreement, including but not limited to, the termination
of the right to continue vesting in the Award. You further acknowledge and agree that this Restricted Stock Unit Award Agreement,
the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and
fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement
as an director for the term of this Agreement, for any period, or at all.

 

11.         Taxes.
 The Participant understands and agrees that the Participant is solely responsible for any and all income, excise or
other taxes imposed on the Participant with respect to the Award.

 

12.         Unsecured
Obligation. Your Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor
of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You shall not
have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Agreement
until such shares are issued to you pursuant to Section 7 of this Agreement. Upon such issuance, you will obtain full voting and
other rights as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other
person.

 

13.         Other
Documents. You hereby acknowledge receipt or the right
to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes
the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy permitting officers and directors to sell
shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to
time.

 

14.         Notices.
Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed effectively given upon receipt
or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid,
addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion,
decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent
to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested,
to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company.

 

    	3

    	 

    

           
 

 15.         Miscellaneous.

 

(a)          The
rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all covenants
and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your
rights and obligations under your Award may only be assigned with the prior written consent of the Company. 

 

(b)          You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company
to carry out the purposes or intent of your Award.

 

(c)          You
acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing and accepting your Award, and fully understand all provisions of your Award.

 

(d)          This
Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required.

 

(e)          All
obligations of the Company under the Plan and this Agreement shall be binding on any successor to the Company, whether the existence
of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and/or assets of the Company.

 

16.         Governing
Plan Document. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part
of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be
promulgated and adopted pursuant to the Plan. Except as expressly provided herein, in the event of any conflict between the provisions
of your Award and those of the Plan, the provisions of the Plan shall control.

 

17.         Severability.
If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful
or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be
unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if
possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent
possible while remaining lawful and valid.

 

18.         Amendment.
This Agreement may not be modified, amended or terminated except by an instrument in writing, signed by you and by
a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board
by a writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to
you, and provided that no such amendment adversely affecting your rights hereunder may be made without your written consent. Without
limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Agreement in
any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws
or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable
only to rights relating to that portion of the Award which is then subject to restrictions as provided herein.

 

    	4

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