Document:

Exhibit
10.37

 

ARCHIPELAGO HOLDINGS, L.L.C.

SHARE OPTION AWARD AGREEMENT

 

THIS AWARD AGREEMENT, made this
           day of
                  ,
200     (the “Grant Date”), by and between
Archipelago Holdings, L.L.C., a Delaware limited liability company (the “Company”),
and
                              
(the “Employee”) pursuant to the Archipelago Holdings, L.L.C.
200   Long-Term Incentive Plan (the “Plan”).

 

W I T N E S S E T H:

 

WHEREAS, the Company has adopted the Plan and
determined that it is in the interest of the Company to enter into this Award
Agreement.

 

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

 

1.             Grant of Option.  The Company hereby grants to the Employee
pursuant to the Plan the right and option (an “Option”) to purchase,
subject to the vesting and exercise provisions of Section 4, all or any part of
an aggregate of
                      
shares (the “Option Shares”) of the Company’s Class    Shares
(“Shares”) at a purchase price per Share of 
                    
(the “Option Exercise Price”).  If an
executed copy of this Award Agreement is not returned to the Company by
                  ,
200    , the grant of Options hereunder shall be null and
void, unless the Company determines, in its sole discretion, that any delay was
for good cause.

 

2.             Additional Documents. Definitions.  The Plan, which is incorporated in this
Award Agreement by reference and made a part hereof, shall govern all aspects
of this Award Agreement except as otherwise specifically stated herein.  For purposes of this Award Agreement all
terms not defined in this Award Agreement or in Annex A attached hereto shall
have the respective meanings specified under the Plan.

 

3.             Term of Option.  Subject to earlier termination as provided
in Section 5, the Option shall expire and cease to be exercisable on the tenth
(10th) anniversary of the Grant Date (the “Expiration Date”).

 

4.             Vesting and Exercisability.  Except as otherwise provided herein, the Option
shall vest in equal installments on each of
                              ;
provided, however, that neither this Option nor any portion thereof may be
exercised prior to the earlier of (x) the Company’s Initial Public Offering and
(y) the fifth anniversary of
                            
(the “Exercise Event”).

 

5.             Termination of Employment.

 

(a)           Upon
the Employee’s Termination of Employment for Cause, the Option (whether vested
or unvested) shall terminate immediately and no longer be exercisable.

 

 

(b)           Upon
the Employee’s Termination of Employment for any reason other than death,
Disability or dismissal for Cause, the Employee may exercise the Option on the
following terms and conditions:  (i)
exercise may be made only to the extent that the Option vested prior to the
Employee’s Termination of Employment and to the extent that the Employee was
otherwise entitled to exercise the Option on the date of the Employee’s
Termination of Employment and (ii) exercise must occur by the earlier of 30
days after the Employee’s Termination of Employment and the Expiration Date.

 

(c)           Upon
the Employee’s Termination of Employment for Disability, the Option shall be
exercisable on the following terms and conditions:  (i) the Option shall continue to vest as if the Employee was
still employed with the Company as long as the Employee continues to have a
Disability, (ii) exercise may be made only to the extent that the Employee was
otherwise entitled to exercise the Option on the date of Termination of
Employment and (iii) exercise must occur by the later of 6 months after the
Options fully vest and 6 months after the occurrence of an Exercise Event, but
in no case later than the Expiration Date.

 

(d)           If
an Employee dies while employed by the Company or while the Employee has a
Disability covered under Section 5(c), the Option shall be exercisable on the
following terms and conditions:  (i) all
Options shall immediately vest, (ii) exercise may be made, after an Exercise
Event, until the later of 12 months following such Exercise Event and 12 months
after death and (iii) notwithstanding (ii), exercise must occur by the
Expiration Date.  Any such exercise
shall be made only by the Employee’s executor or administrator, unless the
Employee’s will specifically disposes of the Option, in which case such
exercise shall be made only by the recipient of such specific disposition.  If an Employee’s personal representative or
the recipient of a specific disposition under the Employee’s will shall be
entitled to exercise the Option pursuant to the preceding sentence, such
representative or recipient shall be bound by all the terms and conditions of
the Plan and this Award Agreement which would have applied to the Employee.

 

6.             Method of Exercising Option.

 

(a)           Any
unexercised portion of a vested Option shall be exercised by the filing of a
written notice with the Company, on such form and in such manner as the Company
shall prescribe.  Such notice shall
include a certification by the Employee that he/she has not engaged in
Competitive Activity or conduct that would constitute a basis for a Termination
of Employment for Cause (or, in the event the Employee is not then employed by
the Company, that he/she has not engaged in any Competitive Activity or
Detrimental Activity).  The Company, at
its discretion, may hold any request to exercise an Option in abeyance until
such certification has been confirmed to the Committee’s satisfaction.  This Option may be exercised only in respect
of whole Shares.  Full payment for the
Option Shares purchased shall be made at the time of any exercise under this
Award Agreement and shall be made: (i) in cash or by certified or official bank
check; or (ii) by delivery of Shares (which, if acquired pursuant to exercise
of a Share option or under an award made under the Plan or any other
compensatory plan of the Company, were acquired at least six months prior to
the option exercise date) having a

 

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Fair Market Value (determined as of the exercise date) equal to all or
part of the Option Exercise Price and a certified or official bank check (or
the equivalent thereof acceptable to the Company) for any remaining portion of
the full Option Exercise Price; or (iii) at the discretion of the Company and
to the extent permitted by law, by such other method as the Company may from
time to time prescribe.

 

(b)           At
the time of exercise, the Employee shall pay to the Company such amount as the
Company deems necessary to satisfy its obligation to withhold Federal, state or
local income or other taxes (including FICA) incurred by reason of such
exercise or the transfer of Option Shares thereupon by tendering to the Company
a check in the amount of such withholding or, if permitted by the Company, by
electing to have withheld upon exercise, Option Shares having a Fair Market
Value equal to the amount of such statutory minimum tax withholding.

 

7.             Issuance of Shares.  As promptly as practical after receipt of
such written notification of exercise and full payment of the Option Exercise
Price, any required tax withholding and receipt of such Consents as the Company
deems necessary or desirable, the Company shall issue or transfer to the
Employee the number of Option Shares with respect to which such Option has been
exercised (less Shares withheld in satisfaction of tax withholding obligations,
if any), and shall deliver to the Employee a certificate or certificates
therefor, registered in the Employee’s name. 
The Company may postpone such delivery until it receives satisfactory
proof that the issuance or transfer of such Option Shares will not violate any
of the provisions of the Securities Act of 1933, as amended (the “Securities
Act”), or the Securities Exchange Act of 1934, as amended, any rules or
regulations of the Securities and Exchange Commission promulgated thereunder,
or the requirements of applicable state law relating to authorization, issuance
or sale of securities, or until there has been compliance with the provisions
of such acts or rules.

 

8.             Rights as Shareholder.  Neither the Employee nor any permitted
transferee of the Option shall have any of the rights of a member or
shareholder with respect to any Option Shares except to the extent that a
certificate or certificates for such Option Shares shall have been issued upon
the exercise of the Option as provided herein, and no adjustment shall be made
for cash distributions in respect of such Option Shares for which the
distribution date (or record date, in the event the Company becomes a
corporation) is prior to the date upon which such Employee or permitted
transferee shall become the holder of record thereof.

 

9.             Purchase for Purpose of Investment.

 

(a)           Securities
Law Restrictions.  Regardless of
whether the offering and sale of Option Shares under the Plan have been registered
under the Securities Act or have been registered or qualified under the
securities laws of any state, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of such Option Shares
(including the placement of appropriate legends on certificates or the
imposition of stop-transfer instructions) if, in the judgment of the Company,
such restrictions are necessary or desirable in order to achieve compliance
with the Securities Act, the securities laws of any state or any other law.

 

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(b)           Market
Stand-Off.  In connection with any
underwritten public offering by the Company of its equity securities pursuant
to an effective registration statement filed under the Securities Act,
including the Company’s Initial Public Offering, the Employee shall not
directly or indirectly sell, make any short sale of, loan, hypothecate, pledge,
offer, grant or sell any option or other contract for the purchase of, purchase
any option or other contract for the sale of, or otherwise dispose of or
transfer, or agree to engage in any of the foregoing transactions with respect
to, any Option Shares acquired under this Award Agreement without the prior
written consent of the Company.  Such
restriction (the “Market Stand-Off”) shall be in effect for such period
of time following the date of the final prospectus for the offering as may be
required by the Company; provided, however, that with respect to any particular
underwritten public offering, such period shall not exceed 180 days.

 

In the event of any adjustment of, changes in or
additions to the Option Shares, any new, substituted or additional interests or
securities which are by reason of such adjustment, change or addition
distributed with respect to any Option Shares subject to the Market Stand-Off,
or into which such Option Shares thereby become convertible, shall immediately
be subject to the Market Stand-Off.  In
order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions
with respect to the Option Shares acquired under this Award Agreement until the
end of the applicable stand-off period. 
The Company’s underwriters shall be beneficiaries of the agreement set
forth in this Section 9(b).  This
Section 9(b) shall not apply to Option Shares that are registered in the public
offering under the Securities Act.

 

(c)           Investment
Intent at Grant.  The Employee
represents and agrees that at the time of grant the Option Shares to be
acquired upon exercising this Option will be acquired for investment, and not
with a view to the sale or distribution thereof.

 

(d)           Investment
Intent at Exercise.  In the event
that the sale of Option Shares under the Plan is not registered under the
Securities Act but an exemption is available which requires an investment
representation or other representation, the Employee shall represent and agree
at the time of exercise that the Option Shares being acquired upon exercising
this Option are being acquired for investment, and not with a view to the sale
or distribution thereof, and shall make such other representations as are
deemed necessary or appropriate by the Company and its counsel.

 

(e)           Legends.  If the Company chooses to deliver
certificates to evidence the Option Shares purchased under this Award Agreement
in an unregistered transaction all such certificates shall bear the following
legend (and such other restrictive legends as are required or deemed advisable
under the provisions of any applicable law):

 

“THE SHARES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION, AND MAY NOT BE OFFERED, SOLD

 

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OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL (A) REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS
OF ANY OTHER JURISDICTION, OR (B) IN THE OPINION OF COUNSEL, IN FORM AND
SUBSTANCE SATISFACTORY TO ARCHIPELAGO, SUCH OFFER, SALE, TRANSFER, PLEDGE OR
HYPOTHECATION IS IN COMPLIANCE THEREWITH.”

 

(f)            Removal
of Legends.  If, in the opinion of
the Company and its counsel, any legend placed on a stock certificate
representing Option Shares sold under this Award Agreement is no longer
required, the holder of such certificate shall be entitled to exchange such
certificate for a certificate representing the same number of Option Shares but
without such legend.

 

(g)           Administration.  Any determination by the Company and its
counsel in connection with any of the matters set forth in this Section 9 shall
be conclusive and binding on the Employee and all other persons.

 

10.           Right of Recapture.  If at any time within six months after the
date on which the Employee exercises the Option: (a) there is a Termination of
Employment for Cause (or, if still employed by the Company, engages in any
activity that would constitute a basis for a Termination of Employment for
Cause); or (b) the Employee engages in any activity determined in the discretion
of the Company to be Competitive Activity, then any gain realized by the
Employee from the exercise of the Option (“Gain”) shall be paid by the Employee
to the Company upon notice from the Company. 
Such Gain shall be determined as of the date of the Option exercise
without regard to any subsequent change in the Fair Market Value of a Share (as
the difference between the aggregate exercise price of the Option Shares and
the Fair Market Value of the Option Shares on their respective Option exercise
dates).  The Company shall have the
right to offset such Gain against any amounts otherwise owed to the Employee by
the Company (including, without limitation, against any wages, vacation pay, or
pursuant to any benefit plan or other compensatory arrangement) to the maximum
extent permitted by law.

 

11.           Right of Offset.  The Company shall have the right to offset
against the obligation to deliver Option Shares in respect of any Award
Agreement, any outstanding amounts then owed by the Employee to the Company.

 

12.           Notices.  All notices required or permitted hereunder shall be given in
writing by personal delivery, by confirmed facsimile transmission (with a copy
dispatched by express delivery or registered or certified mail), or by express
delivery via express mail or any reputable express courier service.  Notices shall be addressed:

 

(a)           if
to the Company, at 100 South Wacker Drive, 20th Floor, Chicago, IL 60606,
Attention:                ;
Fax: at,                    ;
Confirm:           ; or

 

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(b)           if
to the Employee, at the address set forth on the signature page; or

 

(c)           as
to either party, at such other address as may be designated by notice in the
manner set forth herein.

 

Notices which are delivered personally, by confirmed
facsimile transmission, or by courier as aforesaid, shall be effective on the
date of delivery.

 

13.           Amendment.  The Committee may from time to time revise or amend this Award
Agreement, in its sole discretion, in any manner that it deems appropriate,
including, but not limited to, any amendment effected to preserve or obtain
fixed accounting treatment pursuant to APB 25, as revised from time to time.

 

14.           Binding Effect.

 

(a)           Any
action taken or decision made by the Committee arising out of or in connection
with the construction, administration, interpretation or effect of this Award
Agreement shall lie within its sole and absolute discretion, as the case may
be, and shall be final, conclusive and binding on the Employee and all persons
claiming under or through the Employee.

 

(b)           Subject
to Section 11 hereof, this Award Agreement shall be binding upon the heirs,
executors, administrators and successors of the parties hereto.

 

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15.           No Right to Perform Services.  Neither the granting of this Option, nor the
exercise thereof, shall be construed as granting Employee any right to perform
services for, or remain an employee of, the Company.  The right of the Company to terminate Employee’s services and
employment at any time and for any reason, is specifically reserved.

 

16.           Governing Law.  This Award Agreement shall be construed and
interpreted in accordance with the laws of the State of Delaware.

 

17.           Severability.  If any provision of this Award Agreement shall hereafter be held
to be invalid, unenforceable or illegal in whole or in part, in any
jurisdiction under any circumstances for any reason, (a) such provision shall
be reformed to the minimum extent necessary to cause such provision to be valid,
enforceable and legal while preserving the intent of the parties as expressed
in, and the benefits to the parties provided by, this Award Agreement or (b) if
such provision cannot be so reformed, such provision shall be severed from this
Agreement and an equitable adjustment shall be made to this Award Agreement
(including, without limitation, addition of necessary further provisions to
this Award Agreement) so as to give effect to the intent as so expressed and
the benefits so provided.  Such holding
shall not affect or impair the validity, enforceability or legality of such
provision in any other jurisdiction or under any other circumstances.  Neither such holding nor such reformation or
severance shall affect or impair the legality, validity or enforceability of
any other provision of this Award Agreement.

 

18.           Entire Award Agreement.  This Award Agreement and the Plan comprise
the whole agreement between the parties hereto with respect to the subject
matter hereof, and may not be modified or terminated orally.

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Award Agreement as of the day and year first above written.

 

	
   

  	
  Archipelago Holdings,
  L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Employee]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

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Annex A

Certain Definitions

 

As used in this Award Agreement, the following terms
shall have the following meanings:

 

(a)           “Cause”
shall mean  (i) conviction, or plea of
nolo contendere (or a similar plea), in a criminal proceeding, whether in
respect of a felony or misdemeanor; (ii) misconduct; (iii) dishonesty; (iv)
material violation of the Company’s policies or procedures; (v) willful or
repeated failure or refusal to perform the Employee’s duties satisfactorily
after receiving notice from the Company; (vi) engaging in Detrimental Activity;
or (vii) such other or different circumstances as the Committee may determine
to constitute Cause; in each case as determined by the Committee, which
determination shall be final, binding and conclusive.

 

(b)           “Competitive
Activity” shall mean engaging in activity with an entity that trades stocks
electronically as an electronic communication network, alternative trading
system or stock exchange, if such activity is determined by the Committee,
which determination shall be final, binding and conclusive, to be in
competition with any activity of the Company.

 

(c)           “Consents”
shall mean (i) any and all listings, registrations or qualifications in respect
thereof upon any securities exchange or under any federal, state or local law,
rule or regulation, (ii) any and all written agreements and representations by
the Employee with respect to the disposition of Option Shares, or with respect
to any other matter, which the Committee shall deem necessary or desirable to
comply with the terms of any such listing, registration or qualification or to
obtain an exemption from the requirement that any such listing, qualification
or registration be made, (iii) any and all consents, clearances and approvals
by any governmental or other regulatory bodies, and (iv) any and all consents
or authorizations required to comply with, or required to be obtained under,
applicable local law or otherwise required by the Committee.

 

(d)           “Detrimental
Activity” means  (i) using
confidential information received during employment with the Company relating
to the business affairs of the Company or any of its clients, in breach of such
person’s undertaking to keep such information confidential; or (ii) direct or
indirect persuasion or any attempt to persuade by any means, any employee of
the Company to terminate their employment with the Company or to breach any of
the terms of their employment with the Company; or (iii) any other activity otherwise
deemed to be detrimental, inimical, contrary or harmful to the interests of the
Company, in each case as determined by the Committee, which determination shall
be final, binding and conclusive.

 

(e)           “Disability”
of an Employee shall mean the Employee’s inability to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than 6 months.  An Employee shall not be considered to be
permanently and totally disabled unless such

 

 

Employee furnishes proof satisfactory to the Company in its sole
discretion of the existence thereof in such form and manner, and at such times,
as the Committee may require.

 

(f)            “Termination
of Employment” shall mean the Employee’s ceasing to be employed by the
Company.  The Committee, in its
discretion, may determine (a) whether any leave of absence constitutes a
termination of employment for purposes of this Award Agreement and (b) when a
change in the Employee’s association or status with the Company constitutes a
Termination of Employment for purposes of this Award Agreement.  The Committee shall have the right to
determine whether an Employee’s Termination of Employment is a dismissal for
Cause and the date of termination in such case, which date the Committee may
retroactively deem to be the date of the action that is cause for
dismissal.  Such determinations of the
Committee shall be final, binding and conclusive.QuickLinks
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Exhibit 10.2  

 
  DOLLAR FINANCIAL CORP.    
    
    2004 STOCK INCENTIVE PLAN    
    

        1.    Purposes of the Plan.    The purposes of this Plan are: 

        (a)   to
attract and retain the best available personnel for positions of substantial responsibility, 

        (b)   to
provide additional incentive to selected key Employees, Consultants and Directors, and 

        (c)   to
promote the success of the Company's business. 

        2.    Definitions.    For the purposes of this Plan, the following terms will have the following meanings: 

        (a)   "Administrator" means the Board or any of its Committees that administer the Plan, in accordance with Section 4. 

        (b)   "Applicable Laws" means the legal requirements relating to the administration of and issuance of securities under stock
incentive plans, including, without limitation, the requirements of state corporations law, federal and state securities law, federal and state tax law, and the requirements of any stock exchange or
quotation system upon which the Shares may then be listed or quoted. For all purposes of this Plan, references to statutes and regulations shall be deemed to include any successor statutes and
regulations, to the extent reasonably appropriate as determined by the Administrator. 

        (c)   "Board" means the Board of Directors of the Company. 

        (d)   "Cause" shall have the meaning set forth in a Grantee's employment or consulting agreement with the Company (if any), or
if not defined therein, shall mean (i) acts or omissions by the Grantee which constitute intentional material misconduct or a knowing violation of a material policy of the Company or any of its
subsidiaries, (ii) the Grantee personally receiving a benefit in money, property or services from the Company or any of its subsidiaries or from another person dealing with the Company or any
of its subsidiaries, in material violation of applicable law or Company policy, (iii) an act of fraud, conversion, misappropriation, or embezzlement by the Grantee or his conviction of, or
entering a guilty plea or plea of no contest with respect to, a felony, or the equivalent thereof (other than DUI), or (iv) any material misuse or improper disclosure of confidential or
proprietary information of the Company. 

        (e)   "Code" means the Internal Revenue Code of 1986, as amended. For all purposes of this Plan, references to Code sections
shall be deemed to include any successor Code sections, to the extent reasonably appropriate as determined by the Administrator. 

        (f)    "Committee" means a Committee appointed by the Board in accordance with Section 4. 

        (g)   "Common Stock" means the common stock, $0.001 par value per share, of the Company. 

        (h)   "Company" means Dollar Financial Corp., a Delaware corporation. 

        (i)    "Consultant" means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render
bona fide services and who is compensated for such services, provided that the term "Consultant" does not include (i) Employees or (ii) Directors who are paid only a director's fee by
the Company or who are not compensated by the Company for their services as Directors or (iii) any person who provides services in connection with the offer or sale of securities in a
capital-raising transaction, or who directly or indirectly promotes or maintains a market for the securities of the Company. 

        (j)    "Continuous Status as an Employee, Director or Consultant" means that the employment, director or consulting relationship
is not interrupted or terminated by the Company, any Parent or Subsidiary, or by the Employee, Director or Consultant. Continuous Status as an 

 

Employee,
Director or Consultant will not be considered interrupted in the case of: (i) any leave of absence approved by the Board or required by Applicable Law, including sick leave, military
leave, or any other personal leave, provided, that for purposes of Incentive Stock Options, any such leave may not exceed 90 days, unless
reemployment upon the expiration of such leave is guaranteed by contract (including certain Company policies) or statute; (ii) transfers between locations of the Company or between the Company,
its Parent, its Subsidiaries or its successor, or (iii) in the case of a Nonqualified Stock Option or Stock Award, the ceasing of a person to be an Employee while such person remains a Director
or Consultant, the ceasing of a person to be a Director while such person remains an Employee or Consultant, or the ceasing of a person to be a Consultant while such person remains an Employee or
Director. 

        (k)   "Director" means a member of the Board. 

        (l)    "Disability" means total and permanent disability as defined in Section 22(e)(3) of the Code. 

        (m)  "Employee" means any person, including Officers and Directors employed as a common law employee by the Company or any
Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director's fee by the Company will be sufficient, in and of itself, to constitute "employment" by the Company. 

        (n)   "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        (o)   "Fair Market Value" means, as of any date, the value of Common Stock determined as follows: 

          (i)  If
the Common Stock is listed on any established stock exchange or a national market system, including, without limitation, NASDAQ, the Fair Market Value of a Share of
Common Stock will be (A) the closing sales price for such stock (or the closing bid, if no sales are reported) as quoted on that system or exchange (or the system or exchange with the greatest
volume of trading in Common Stock) on the last market trading day prior to the day of determination, or (B) any sales price for such stock (or the closing bid, if no sales are reported) as
quoted on that system or exchange (or the system or exchange with the greatest volume of trading in Common Stock) on the day of determination, as the Administrator may select, as reported in the  Wall Street
Journal or any other source the Administrator considers reliable. 

         (ii)  If
the Common Stock is regularly quoted by recognized securities dealers but selling prices are not reported, the Fair Market Value of a Share of Common Stock will be
the mean between the high bid and low asked prices for the Common Stock on (A) the last market trading day prior to the day of determination, or (B) the day of determination, as the
Administrator may select, as reported in the Wall Street Journal or any other source the Administrator considers reliable. 

        (iii)  If
the Common Stock is not traded as set forth above, the Fair Market Value will be determined in good faith by the Administrator with reference to the earnings
history, book value and prospects of the Company in light of market conditions generally, and any other factors the Administrator considers appropriate, such determination by the Administrator to be
final, conclusive and binding. 

        (p)   "Family Member" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee's household (other than a tenant or employee), a
trust in which these persons 

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(or
the Grantee) control the management of assets, and any other entity in which these persons (or the Grantee) own more than 50% of the voting interests. 

        (q)   "Grant Notice" shall mean a written notice evidencing certain terms and conditions of an individual Option grant. The
Grant Notice is part of the Option Agreement. 

        (r)   "Grantee" shall mean (i) any Optionee or (ii) any Employee, Consultant or Director to whom a Stock Award
has been granted pursuant to this Plan. 

        (s)   "Incentive Stock Option" means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code and the regulations promulgated thereunder. 

        (t)    "NASDAQ" means the Nasdaq Stock Market, Inc. 

        (u)   "Nonqualified Stock Option" means an Option not intended to qualify as an Incentive Stock Option. 

        (v)   "Officer" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and
the rules and regulations promulgated thereunder. 

        (w)  "Option" means a stock option granted under this Plan. 

        (x)   "Option Agreement" means a written agreement between the Company and an Optionee evidencing the terms and conditions of
an individual Option grant. Each Option Agreement is subject to the terms and conditions of this Plan. 

        (y)   "Optioned Stock" means the Common Stock subject to an Option. 

        (z)   "Optionee" means an Employee, Consultant or Director who holds an outstanding Option. 

        (aa) "Parent" means a "parent corporation" with respect to the Company, whether now or later existing, as defined in
Section 424(e) of the Code. 

        (bb) "Plan" means this 2004 Stock Incentive Plan. 

        (cc) "Section" means, except as otherwise specified, a section of this Plan. 

        (dd) "Share" means a share of the Common Stock, as adjusted in accordance with Section 15. 

        (ee) "Stock Award" shall mean a grant or sale by the Company of a specified number of Shares upon terms and conditions
determined by the Administrator. 

        (ff)  "Subsidiary" means (i) a "subsidiary corporation" with respect to the Company, whether now or later existing, as
defined in Section 424(f) of the Code, or (ii) a limited liability company, whether now or later existing, which would be a "subsidiary corporation" with respect to the Company under
Section 424(f) of the Code if it were a corporation. 

        3.    Stock Subject to the Plan.    Subject to the provisions of Section 15 of the Plan, the maximum aggregate
number of Shares which may be issued under the Plan will be             Shares of Common Stock. The Shares may be authorized, but unissued, or reacquired Common Stock. 

        If
an Option expires or becomes unexercisable without having been exercised in full, or if a Stock Award shall be cancelled or surrendered or expire for any reason without having been
received in full, the Shares that were not purchased or received or that were cancelled will become available for future grant or sale under the Plan (unless the Plan has terminated). If the Company
purchases Shares which were issued pursuant to the exercise of an Option or grant of a Stock Award, however, those purchased Shares will not be available for future grant under the Plan. 

3

 

        4.    Administration of the Plan.    

        (a)    Procedure.    

        (i)    Composition of the Administrator.    The Plan will be administered by (A) the Board, or (B) a
Committee designated by the Board, which Committee will be constituted to satisfy Applicable Laws. Once appointed, a Committee will serve in its designated capacity until otherwise directed by the
Board. The Board may increase the size of the Committee and appoint additional members, remove members (with or without cause) and substitute new members, fill vacancies (however caused), and remove
all members of the Committee and thereafter directly administer the Plan. Notwithstanding the foregoing, unless the Board expressly resolves to the contrary, from and after such time as the Company is
registered pursuant to Section 12 of the Exchange Act, the Plan will be administered only by a Committee, which will then consist solely of persons who are both "non-employee
directors" within the meaning of Rule 16b-3 promulgated under the Exchange Act and "outside directors" within the meaning of Section 162(m) of the Code; provided, however,
the failure of the Committee to be composed solely of individuals who are both "non-employee directors" and "outside directors" shall not render ineffective or void any awards or grants
made by, or other actions taken by, such Committee. 

        (ii)    Multiple Administrative Bodies.    The Plan may be administered by different bodies with respect to Directors,
Officers who are not Directors, and Employees and Consultants who are neither Directors nor Officers. 

        (b)    Powers of the Administrator.    Subject to the provisions of the Plan, and in the case of a Committee, subject
to the specific duties delegated by the Board to that Committee, the Administrator will have the authority, in its discretion: 

          (i)  to
determine the Fair Market Value of the Common Stock, in accordance with Section 2(o); 

         (ii)  to
select the Consultants, Employees or Directors to whom Options or Stock Awards may be granted; 

        (iii)  to
determine whether and to what extent Options or Stock Awards are granted, and whether Options are intended as Incentive Stock Options or Nonqualified Stock Options; 

        (iv)  to
determine the number of Shares to be covered by each Option or Stock Award granted; 

         (v)  to
approve forms of Grant Notices, Option Agreements and agreements governing Stock Awards; 

        (vi)  to
determine the terms and conditions, not inconsistent with the terms of this Plan, of any grant of Options or Stock Awards, including, but not limited to,
(A) the Options' exercise price, (B) the time or times when Options may be exercised or Stock Awards will be vested, which may be based on performance criteria or other reasonable
conditions such as Continuous Status as an Employee, Director or Consultant, (C) any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any
Option, Optioned Stock or Stock Award, based in each case on factors that the Administrator determines in its sole discretion, including but not limited to a requirement subjecting the Optioned Stock
or Shares to (1) certain restrictions on transfer (including without limitation a prohibition on transfer for a specified period of time and/or a right of first refusal in favor of the
Company), and (2) a right of repurchase in favor of the Company upon termination of the Grantee's Continuous Status as an Employee, Director or Consultant; 

4

  

       (vii)  to
determine the terms and restrictions applicable to Options or Stock Awards; 

      (viii)  to
modify or amend each Option or Stock Award, subject to Section 17(c); 

        (ix)  to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Option previously granted by the Administrator; 

         (x)  to
accelerate the vesting or exercisability of an Option or Stock Award; 

        (xi)  to
construe and interpret the terms of this Plan; 

       (xii)  to
prescribe, amend, and rescind rules and regulations relating to the administration of this Plan; and 

      (xiii)  to
make all other determinations it considers necessary or advisable for administering this Plan. 

        (c)    Effect of Administrator's Decision.    The Administrator's decisions, determinations and interpretations will
be final and binding on all holders of Options or Stock Awards. The Administrator shall not be required to exercise its authority or discretion on a uniform or nondiscriminatory basis. 

        5.    Eligibility.    Options granted under this Plan may be Incentive Stock Options or Nonqualified Stock Options, as
determined by the Administrator at the time of grant. Nonqualified Stock Options and Stock Awards may be granted to Employees, Consultants and Directors. Incentive Stock Options may be granted only to
Employees; provided, however, that Incentive Stock Options shall not be granted to Employees of a Subsidiary that is a limited liability company unless such limited liability company is wholly-owned
by the Company or by a Subsidiary that is a corporation. If otherwise eligible, an Employee, Consultant or Director who has been granted an Option or a Stock Award may be granted additional Options or
Stock Awards. 

        6.    Limitations on Grants of Incentive Stock Options.    Each Option will be designated in the Grant Notice as
either an Incentive Stock Option or a Nonqualified Stock Option. However, notwithstanding such designations, if the Shares subject to an Optionee's Incentive Stock Options (granted under all plans of
the Company or any Parent or Subsidiary), which become exercisable for the first time during any calendar year, have a Fair Market Value in excess of $100,000, the Options accounting for this excess
will be treated as Nonqualified Stock Options. For purposes of this Section 6, Incentive Stock Options will be taken into account in the order in which they were granted, and the Fair Market
Value of the Shares will be determined as of the time of grant. 

        7.    Limit on Annual Grants to Individuals.    From and after such time as the Company is required to be registered
pursuant to Section 12 of the Exchange Act, no Optionee may receive grants, during any fiscal year of the Company or portion thereof, of Options which, in the aggregate, cover more
than             Shares, subject to adjustment as provided in Section 15. If an Option expires or terminates for any reason without having been exercised in full, the unpurchased
shares subject to that expired or terminated Option will continue to count against the maximum numbers of shares for which Options may be granted to an Optionee during any fiscal year of the Company
or portion thereof. 

        8.    Term of the Plan.    Subject to Section 21, this Plan will become effective upon the earlier to occur of
its adoption by the Board or its approval by the shareholders of the Company as described in Section 21. It will continue in effect for a term of ten years unless terminated earlier under
Section 17. Unless otherwise provided in this Plan, its termination will not affect the validity of any Option or Stock Award outstanding at the date of termination, which shall continue to be
governed by the terms of this Plan as though it remained in effect. 

        9.    Term of Option.    The term of each Option will be stated in the Option Agreement;  provided, however, that in no event may the term be more than ten years from the date of grant. In
addition, in 

5

 

the
case of an Incentive Stock Option granted to an Optionee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the voting power of all classes of capital
stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five years from the date of grant or any shorter term specified in the Option Agreement. 

        10.    Option Exercise Price and Consideration.    

        (a)    Exercise Price of Incentive Stock Options.    The exercise price for Shares to be issued pursuant to exercise
of an Incentive Stock Option will be determined by the Administrator provided that the per Share exercise price will be no less than 100% of the Fair Market Value per Share on the date of grant;
provided, further that in the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the voting
power of all classes of capital stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. 

        (b)    Exercise Price of Nonqualified Stock Options.    In the case of a Nonqualified Stock Option, the exercise price
for Shares to be issued pursuant to the exercise of any such Option will be determined by the Administrator. 

        (c)    Waiting Period and Exercise Dates.    At the time an Option is granted, the Administrator will fix the period
within which the Option may be exercised and will determine any conditions which must be satisfied before the Option may be exercised. Exercise of an Option may be conditioned upon performance
criteria or other reasonable conditions such as Continuous Status as an Employee, Director or Consultant. 

        (d)    Form of Consideration.    The Administrator will determine the acceptable form of consideration for exercising
an Option, including the method of payment. Such consideration may consist partially or entirely of: 

          (i)  cash;

         (ii)  to
the extent permitted by Applicable Law, a promissory note made by the Optionee in favor of the Company; 

        (iii)  other
Shares which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which an Option will be exercised; 

        (iv)  delivery
of a properly executed exercise notice together with any other documentation as the Administrator and the Optionee's broker, if applicable, require to effect
an exercise of the Option and delivery to the Company of the proceeds required to pay the exercise price; or 

         (v)  any
other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws. 

        11.    Exercise of Option.    

        (a)    Procedure for Exercise; Rights as a Shareholder.    Any Option granted hereunder will be exercisable according
to the terms of the Plan and at times and under conditions determined by the Administrator and set forth in the Option Agreement; provided,  however, that
an Option may not be exercised for a fraction of a Share. 

        An
Option will be deemed exercised when the Company receives: (i) written notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the
Option, (ii) full payment for the Shares with respect to which the Option is exercised, and (iii) all representations, indemnifications and documents reasonably requested by the
Administrator. Full 

6

 

payment
may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and this Plan. Shares issued upon exercise of an Option will be
issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the stock certificate evidencing such Shares is issued (as evidenced by
the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder will exist with
respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the provisions of Sections 14, 18, and 19, the Company will issue (or cause to be issued) such stock certificate
promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in
Section 15 of the Plan. Notwithstanding the foregoing, the Administrator in its discretion may require the Company to retain possession of any certificate evidencing Shares of Common Stock
acquired upon exercise of an Option, if those Shares remain subject to repurchase under the provisions of the Option Agreement or any other agreement between the Company and the Optionee, or if those
Shares are collateral for a loan or obligation due to the Company. 

        Exercising
an Option in any manner will decrease the number of Shares thereafter available, both for purposes of this Plan and for sale under the Option, by the number of Shares as to
which the Option is exercised. 

        (b)    Termination of Employment or Consulting Relationship or Directorship.    If an Optionee holds exercisable
Options on the date his or her Continuous Status as an Employee, Director or Consultant terminates (other than because of termination due to Cause, death or Disability), the Optionee may exercise the
Options that were vested and exercisable as of the date of termination for a period of 90 days following such termination (or such other period as is set forth in the Option Agreement or
determined by the Administrator). If the Optionee is not entitled to exercise his or her entire Option at the date of such termination, the Shares covered by the unexercisable portion of the Option
will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. The Administrator may determine in its sole discretion that such unexercisable portion
of the Option will become exercisable at such times and on such terms as the Administrator may determine in its sole discretion. If the Optionee does not exercise an Option within the time specified
above after termination, that Option will expire, and the Shares covered by it will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. 

        (c)    Disability of Optionee.    If an Optionee holds exercisable Options on the date his or her Continuous Status as
an Employee, Director or Consultant terminates because of Disability, the Optionee may exercise the Options that were vested and exercisable as of the date of termination for a period of twelve months
following such termination (or such other period as is set forth in the Option Agreement or determined by the Administrator). If the Optionee is not entitled to exercise his or her entire Option at
the date of death, the Shares covered by the unexercisable portion of the Option will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. The
Administrator may determine in its sole discretion that such unexercisable portion of the Option will become exercisable at such times and on such terms as the Administrator may determine in its sole
discretion. If the Optionee's estate or a person who acquired the right to exercise the Option by bequest or inheritance does not exercise an Option within the time specified above after termination,
that Option will expire, and the Shares covered by it will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. 

        (d)    Death of Optionee.    If an Optionee holds exercisable Options on the date his or her death, the Optionee's
estate or a person who acquired the right to exercise the Option by bequest or inheritance may exercise the Options that were vested and exercisable as of the date of death 

7

 

for
a period of twelve months following the date of death (or such other period as is set forth in the Option Agreement or determined by the Administrator). If the Optionee is not entitled to exercise
his or her entire Option at the date of death, the Shares covered by the unexercisable portion of the Option will revert to the Plan. 

        (e)    Termination for Cause.    If an Optionee's Continuous Status as an Employee, Director or Consultant is
terminated for Cause, then all Options (including any vested Options) held by Optionee shall immediately be terminated and cancelled. 

        (f)    Disqualifying Dispositions of Incentive Stock Options.    If Common Stock acquired upon exercise of any
Incentive Stock Option is disposed of in a disposition that, under Section 422 of the Code, disqualifies the holder from the application of Section 421(a) of the Code, the holder of the
Common Stock immediately before the disposition will comply with any requirements imposed by the Company in order to enable the Company to secure the related income tax deduction to which it is
entitled in such event. 

        12.    Non-Transferability of Options.    

        (a)    No Transfer.    An Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any
manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee. Notwithstanding the foregoing, to the extent that
the Administrator so authorizes at the time a Nonqualified Stock Option is granted or amended, (i) such Option may be assigned pursuant to a qualified domestic relations order as defined by the
Code, and exercised by the spouse or former spouse of the Optionee who obtained such Option pursuant to such qualified domestic relations order, or (ii) such Option may be assigned, in whole or
in part, during the Optionee's lifetime to one or more Family Members of the Optionee. Rights under the assigned portion may be exercised by the Family Member(s) who acquire a proprietary interest in
such Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the Option immediately before such assignment and shall be set forth in
such documents issued to the assignee as the Administrator deems appropriate. 

        (b)    Designation of Beneficiary.    An Optionee may file a written designation of a beneficiary who is to
receive any Options that remain unexercised in the event of the Optionee's death. If a participant is married and the designated beneficiary is not the spouse, spousal consent will be required for the
designation to be effective. The Optionee may change such designation of beneficiary at any time by written notice to the Administrator, subject to the above spousal consent requirement. 

        (c)    Effect of No Designation.    If an Optionee dies and there is no beneficiary validly designated and living at
the time of the Optionee's death, the Company will deliver such Optionee's Options to the executor or administrator of his or her estate, or if no such executor or administrator has been appointed (to
the knowledge of the Company), the Company, in its discretion, may deliver such Options to the spouse or to any one or more dependents or relatives of the Optionee, or if no spouse, dependent or
relative is known to the Company, then to such other person as the Company may designate. 

        (d)    Death of Spouse or Dissolution of Marriage.    If an Optionee designates his or her spouse as beneficiary, that
designation will be deemed automatically revoked if the Optionee's marriage is later dissolved. Similarly, any designation of a beneficiary will be deemed automatically revoked upon the death of the
beneficiary if the beneficiary predeceases the Optionee. Without limiting the generality of the preceding sentence, the interest in Options of a spouse of an Optionee who has predeceased the Optionee
or (except as provided in Section 12(a) regarding qualified domestic relations orders) whose marriage has been dissolved will automatically pass to the Optionee, and 

8

 

will
not be transferable by such spouse in any manner, including but not limited to such spouse's will, nor will any such interest pass under the laws of intestate succession. 

        13.    Stock Awards.    

        (a)    Grant.    Subject to the express provisions and limitations of the Plan, the Administrator, in its sole and
absolute discretion, may grant Stock Awards to Employees, Consultants or Directors for a number of shares of Common Stock on such terms and conditions and to such Employees, Consultants or Directors
as it deems advisable and specifies in the respective grants. Subject to the limitations and
restrictions set forth in the Plan, an Employee, Consultant or Director who has been granted an Option or Stock Award may, if otherwise eligible, be granted additional Options or Stock Awards if the
Administrator shall so determine. 

        (b)    Restrictions.    The Administrator, in its sole and absolute discretion, may impose restrictions in connection
with any Stock Award, including without limitation, (i) imposing a restricted period during which all or a portion of the Common Stock subject to the Stock Award may not be sold, assigned,
transferred, pledged or otherwise encumbered (the "Restricted Period"), (ii) providing for a vesting schedule with respect to such Common Stock
such that if a Grantee ceases to be an Employee, Consultant or Director during the Restricted Period, some or all of the shares of Common Stock subject to the Stock Award shall be immediately
forfeited and returned to the Company. The Administrator may, at any time, reduce or terminate the Restricted Period. Each certificate issued in respect of shares of Common Stock pursuant to a Stock
Award which is subject to restrictions shall be registered in the name of the Grantee, shall be deposited by the Grantee with the Company together with a stock power endorsed in blank and shall bear
an appropriate legend summarizing the restrictions imposed with respect to such shares of Common Stock. 

        (c)    Rights As Shareholder.    Subject to the terms of any agreement governing a Stock Award, the Grantee of a Stock
Award shall have all the rights of a shareholder with respect to the Common Stock issued pursuant to a Stock Award, including the right to vote such Shares; provided, however, that dividends or
distributions paid with respect to any such Shares which have not vested shall be deposited with the Company and shall be subject to forfeiture until the underlying Shares have vested unless otherwise
provided by the Administrator in its sole discretion. A Grantee shall not be entitled to interest with respect to the dividends or distributions so deposited. 

        14.    Withholding Taxes.    The Company will have the right to take whatever steps the Administrator deems necessary
or appropriate to comply with all applicable federal, state, local, and employment tax withholding requirements, and the Company's obligations to deliver Shares upon the exercise of an Option or in
connection with a Stock Award will be conditioned upon compliance with all such withholding tax requirements. Without limiting the generality of the foregoing, upon the exercise of an Option, the
Company will have the right to withhold taxes from any other compensation or other amounts which it may owe to the Optionee, or to require the Optionee to pay to the Company the amount of any taxes
which the Company may be required to withhold with respect to the Shares issued on such exercise. Without limiting the generality of the foregoing, the Administrator in its discretion may authorize
the Grantee to satisfy all or part of any withholding tax liability by (a) having the Company withhold from the Shares which would otherwise be issued in connection with a Stock Award or on the
exercise of an Option that number of Shares having a Fair Market Value, as of the date the withholding tax liability arises, equal to or less than the amount of the Company's withholding tax
liability, or (b) by delivering to the Company previously-owned and unencumbered Shares of the Common Stock having a Fair Market Value, as of the date the withholding tax liability arises,
equal to or less than the amount of the Company's withholding tax liability. 

9

 

        15.    Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale.    

        (a)    Changes in Capitalization.    Subject to any required action by the shareholders of the Company, if the
outstanding shares of Common Stock are increased, decreased, changed into or exchanged for a different number or kind of shares or securities of the Company or a successor entity, or for other
property (including without limitation, cash), through reorganization, recapitalization, reclassification, stock combination, stock dividend, stock split, reverse stock split, spin off, extraordinary
corporate distribution or other similar transaction, an appropriate and proportionate adjustment will be made in the maximum number and kind of shares as to which Options and Stock Awards may be
granted under this Plan. The Administrator shall also, in its discretion, adjust the number or kind of shares or other property allocated in respect of Stock Awards or deliverable upon exercise of any
unexercised Options which have been granted prior to any such change. Any such adjustment in the outstanding Options will be made without change in the aggregate purchase price applicable to the
unexercised portion of the Options but with a corresponding adjustment in the price for each share or other unit of any security covered by the Option. Such adjustment will be made by the
Administrator, whose determination in that respect will be final, binding, and conclusive. 

        Where
an adjustment under this Section 15(a) is made to an Incentive Stock Option, the adjustment will be made in a manner which will not be considered a "modification" under the
provisions of subsection 424(h)(3) of the Code. 

        (b)    Dissolution or Liquidation.    In the event of the proposed dissolution or liquidation of the Company, to the
extent that an Option had not been previously exercised or a Stock Award had not previously vested, it will terminate immediately prior to the consummation of such proposed dissolution or liquidation.
In such instance, the Administrator may, in the exercise of its sole discretion, declare that any Stock Award shall become vested or any Option will terminate as of a date fixed by the Administrator
and give each Optionee the right to exercise his or her Option as to all or any part of the Optioned Stock, including Shares as to which the Option would not otherwise be exercisable. 

        (c)    Corporate Transaction.    Upon the happening of a merger, reorganization, extraordinary corporate distribution,
sale of a subsidiary or business unit or sale of substantially all of the assets of the Company, the Administrator, may, in its sole discretion, do one or more of the following: (i) shorten the
period during which Options are exercisable (provided they remain exercisable for at least 30 days after the date notice of such shortening is given to the Optionees); (ii) accelerate
any vesting schedule to which an Option or Stock Award is subject; (iii) arrange to have the surviving or successor entity or purchaser entity or any parent entity thereof assume the Stock
Awards and the Options or grant replacement options with appropriate adjustments in the option prices and adjustments in the number and kind of securities issuable upon exercise or adjustments so that
the Options or their replacements represent the right to purchase the shares of stock, securities or other property (including cash) as may be issuable or payable as a result of such transaction with
respect to or in exchange for the number of Shares of Common Stock purchasable and receivable upon exercise of the Options had such exercise occurred in full prior to such transaction;
(iv) cancel Options or Stock Awards upon payment to the Optionees or Grantees in cash, with respect to each Option or Stock Award to the extent then exercisable or vested (including, if
applicable, any Options or Stock Awards as to which the vesting schedule has been accelerated as contemplated in clause (ii) above), of an amount that is the equivalent of the excess of the
Fair Market Value of the Common Stock (at the effective time of the merger, reorganization, sale or other event) over (in the case of Options) the exercise price of the Option; or (v) make such
other adjustments to the consideration issuable upon exercise of Options and other terms of the Options as the Administrator deems appropriate in its sole and absolute 

10

 

discretion.
The Administrator may also provide for one or more of the foregoing alternatives in any particular Option Agreement or agreement governing a Stock Award. 

        16.    Date of Grant.    The date of grant of an Option or Stock Award will be, for all purposes, the date as of which
the Administrator makes the determination granting such Option or Stock Award, or any other, later date determined by the Administrator and specified in the Option Agreement. Notice of the
determination will be provided to each Grantee within a reasonable time after the date of grant. 

        17.    Amendment and Termination of the Plan.    

        (a)    Amendment and Termination.    The Board may at any time amend, alter or suspend or terminate the Plan. 

        (b)    Shareholder Approval.    The Company will obtain shareholder approval of any Plan amendment that increases the
number of Shares for which Options or Stock Awards may be granted, or to the extent necessary and desirable to comply with Section 422 of the Code (or any successor statute) or other Applicable
Laws, or the requirements of any exchange or quotation system on which the Common Stock is listed or quoted. Such shareholder approval, if required, will be obtained in such a manner and to such a
degree as is required by the Applicable Law or requirement. 

        (c)    Effect of Amendment or Termination.    No amendment, alteration, suspension or termination of the Plan will
impair the rights of a Grantee, unless mutually agreed otherwise between the Grantee and the Administrator. Any such agreement must be in writing and signed by the Grantee and the Company. 

        18.    Conditions Upon Issuance of Shares.    

        (a)    Legal Compliance.    Shares will not be issued in connection with a Stock Award or pursuant to the exercise of
an Option unless the exercise of such Option and the issuance and delivery of such Shares will comply with all Applicable Laws, and will be further subject to the approval of counsel for the Company
with respect to such compliance. Any securities delivered under the Plan will be subject to such restrictions, and the person acquiring such securities will, if requested by the Company, provide such
assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all Applicable Laws. To the extent permitted by Applicable Laws, the Plan and
Options and Stock Awards granted hereunder will be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

        (b)    Investment Representation.    As a condition to the exercise of an Option or grant of a Stock Award, the
Company may require the person exercising such Option or receiving such Stock Award to represent and warrant at the time of any such exercise or receipt that the Shares are being acquired only for
investment and without any present intention to sell, transfer, or distribute such Shares. 

        19.    Liability of Company.    

        (a)    Inability to Obtain Authority.    If the Company cannot, by the exercise of commercially reasonable efforts,
obtain authority from any regulatory body having jurisdiction for the sale of any Shares under this Plan, and such authority is deemed by the Company's counsel to be necessary to the lawful issuance
of those Shares, the Company will be relieved of any liability for failing to issue or sell those Shares. 

        (b)    Grants Exceeding Allotted Shares.    If the Optioned Stock covered by an Option or Shares subject to a Stock
Award exceed, as of the date of grant, the number of Shares which may be issued under the Plan without additional shareholder approval, that Option or Stock Award will be contingent with respect to
such excess Shares, unless and until shareholder approval of an 

11

 

amendment
sufficiently increasing the number of Shares subject to this Plan is timely obtained in accordance with Section 17(b). 

        (c)    Rights of Participants and Beneficiaries.    The Company will pay all amounts payable under this Plan only to
the Grantee, or beneficiaries entitled thereto pursuant to this Plan. The Company will not be liable for the debts, contracts, or engagements of any Grantee or his or her beneficiaries, and rights to
cash payments under this Plan may not be taken in execution by attachment or garnishment, or by any other legal or equitable proceeding while in the hands of the Company. 

        20.    Reservation of Shares.    The Company will at all times reserve and keep available for issuance a number of
Shares sufficient to satisfy this Plan's requirements during its term. 

        21.    Shareholder Approval.    Continuance of this Plan will be subject to approval by the shareholders of the
Company within 12 months before or after the date of its adoption. Such shareholder approval will be obtained in the manner and to the degree required under Applicable Laws. Options or Stock
Awards may be granted but Options may not be exercised prior to shareholder approval of the Plan. If any Options or Stock Awards are so granted and shareholder approval is not obtained within
12 months of the date of adoption of this Plan by the Board, those Options or Stock Awards will terminate retroactively as of the date they were granted. 

        22.    Legending Stock Certificates.    In order to enforce any restrictions imposed upon Common Stock issued in
connection with a Stock Award or upon exercise of an Option granted under this Plan or to which such Common Stock may be subject, the Administrator may cause a legend or legends to be placed on any
certificates representing such Common Stock, which legend or legends will make appropriate reference to such restrictions, including, but not limited to, a restriction against sale of such Common
Stock for any period of time as may be required by Applicable Laws. Additionally, and not by way of limitation, the Administrator may impose such restrictions on any Common Stock issued pursuant to
the Plan as it may deem advisable. 

        23.    No Employment Rights.    Neither this Plan nor any Option or Stock Award will confer upon a Grantee any right
with respect to continuing the Grantee's employment or consulting relationship with the Company, or continuing service as a Director, nor will they interfere in any way with the Grantee's right or the
Company's right to terminate such employment or consulting relationship or directorship at any time, with or without cause. 

        24.    Governing Law.    The Plan will be governed by, and construed in accordance with the laws of the State of
Delaware (without giving effect to conflicts of law principles). 

12

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DOLLAR FINANCIAL CORP. 2004 STOCK INCENTIVE PLAN

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