Document:

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                                                                   Exhibit 10.17

                             DRESSER-RAND GROUP INC.

                              ANNUAL INCENTIVE PLAN

                                    SECTION 1
                                     PURPOSE

          This Dresser-Rand Group Inc. Annual Incentive Plan is intended to
permit Dresser-Rand Group Inc. (the "COMPANY") to attract, retain and
motivate qualified executives and key employees through awards of annual
incentive compensation.

                                    SECTION 2
                                   DEFINITIONS

         "AWARD" shall mean, for any Performance Period, the incentive
opportunity granted to a Participant by the Committee for such Performance
Period.

         "BOARD" shall mean the Board of Directors of the Company.

         "CODE" shall mean the Internal Revenue Code of 1986, as amended, and
the regulations thereunder.

          "COMMITTEE" means the Compensation Committee of the Board, or when
section 162(m) of the Code or Rule 16b promulgated under the Exchange Act would
require action to be taken by a committee of "outside directors" or
"Non-Employee Directors," as the case may be, the "Committee" shall, if
appropriate, be deemed to refer to a subcommittee of the Compensation Committee
that consists of two or more members meeting such requirements, or the full
Board in the absence of such a subcommittee.

         "ELIGIBLE EMPLOYEES" shall mean, for each Performance Period, each (I)
"covered employee" as defined in Section 162(m) of the Code and (II) each other
executive officer or key employee of the Company or a Subsidiary whom the
Committee has selected to participate in the Plan.

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended.

         "PARTICIPANT" shall mean any Eligible Employee selected to participate
in the Plan.

         "PERFORMANCE PERIOD" shall mean the Company's fiscal year or any other
period designated by the Committee with respect to which an Award may be
granted. Performance Periods may not overlap.

         "PLAN" shall mean this Dresser-Rand Group Inc. Annual Incentive Plan,
as amended from time to time.
<PAGE>

          "STOCK INCENTIVE PLANS" shall mean the Dresser-Rand Group Inc. 2005
Stock Incentive Plan and any future equity compensation s approved by the
shareholders of the Company.

         "SUBSIDIARY" shall mean any corporation in which the Company owns,
directly or indirectly, stock representing 50% or more of the voting power of
all classes of stock entitled to vote and any other business organization,
regardless of form, in which the Company possesses directly or indirectly 50% or
more of the total combined equity interests in such organization.

                                   SECTION 3
                                 ADMINISTRATION

         The Plan shall be administered by the Committee, which shall have full
authority to interpret the Plan, to establish rules and regulations relating to
the operation of the Plan, to select Participants, to determine the amounts of
any Awards and to make all determinations and take all other actions necessary
or appropriate for the proper administration of the Plan. The Committee's
interpretation of the Plan, and all actions taken within the scope of its
authority, shall be final and binding on the Company, its stockholders,
Participants, and former Participants and their respective successors and
assigns. The Committee may delegate its authority hereunder, PROVIDED that the
Committee shall in no event delegate its authority with respect to the
compensation of any Participant whose compensation the Board or Committee
reasonably believes may become subject to Section 162(m) of the Code. No member
of the Committee shall be eligible to participate in the Plan.

                                   SECTION 4
                             DETERMINATION OF AWARDS

          (a) ESTABLISHMENT OF TARGET AWARD. Prior to the beginning of each
Performance Period, or at such later time as may be permitted by applicable
provisions of the Code, the Committee shall establish (A) the Eligible Employees
who will be Participants in the Plan, (B) each Participant's target Award for
such Performance Period or the formula for determining each Participant's Award
and (C) the applicable performance objective or objectives for such Performance
Period.

          (b) PERFORMANCE CRITERIA. Any performance objective established
pursuant to Section 4(a) will be determined by the Committee and be based upon
the achievement of one or more of the following criteria (I) revenue growth,
(II) earnings before interest, taxes, depreciation and amortization, (III)
earnings before interest, taxes and amortization, (IV) operating income, (V)
pre- or after-tax income, (VI) cash flow, (VII) cash flow per share, (VIII) net
earnings, (IX) earnings per share, (X) return on equity, (XI) return on invested
capital, (XII) return on assets, (XIII) economic value added (or an equivalent
metric), (XIV) share price performance, (XV) total shareholder return, (XVI)
improvement in or attainment of expense levels, (XVII) improvement in or
attainment of working capital

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levels, (XVIII) debt reduction, or (XIX) any other criteria the Committee in its
sole discretion deems appropriate. Any of the performance objectives set forth
above may measure performance (A) on a Company-wide basis or with respect to one
or more business units, divisions or Subsidiaries and (B) in either absolute
terms, relative to the performance of one or more similarly situated companies,
relative to the performance of an index covering a peer group of companies, or
relative to other external measures of the selected performance criteria. Any
performance objective may measure performance on an individual basis, as
appropriate.

          (c) EXCLUSIONS AND ADJUSTMENTS. When establishing performance
objectives for a Performance Period, the Committee may exclude any or all
"extraordinary items" as determined under U.S. generally accepted accounting
principles including, but not limited to, the charges or costs associated with
restructurings of the Company or any Subsidiary, discontinued operations, other
unusual or non-recurring items, and the cumulative effects of accounting
changes. During a Performance Period, the Committee may also adjust the
performance objectives as it deems equitable in recognition of unusual or
non-recurring events affecting the Company, changes in applicable tax laws or
accounting principles, or such other factors as the Committee may determine.

          (d) CERTIFICATION BY COMMITTEE. Unless otherwise determined by the
Committee, no payments shall be made hereunder in respect of any Performance
Period unless the Committee shall certify in writing following the end of the
Performance Period that the performance objectives applicable to the Performance
Period have been satisfied.

          (e) PARTIAL YEAR PARTICIPATION. If an employee becomes a Participant
with respect to any Performance Period after the beginning of such Performance
Period, the Committee may provide at the time such person becomes a Participant
that such Participant shall receive, if and when payments with respect to Awards
for such Performance Period are made under Section 5 hereof, a payment equal to
a pro rata portion of such Participant's Award (if any) with respect to such
Performance Period. Notwithstanding the foregoing, in the case of a newly hired
Participant, the Committee may provide for a guaranteed bonus, or a bonus that
would exceed the bonus that would otherwise be payable in the Plan.

          (f) TERMINATION OF EMPLOYMENT. Unless otherwise determined by the
Committee and except as may otherwise be provided in a Participant's employment
agreement with the Company or a Subsidiary, if a Participant's employment
terminates for any reason prior to the date on which an Award for a Performance
Period is paid hereunder, such Participant shall forfeit all rights to such
Award, PROVIDED that if a Participant's employment terminates as a result of
death, disability or retirement, the Committee shall give consideration at its
sole discretion to the payment of a partial bonus with regard to the portion of
the Performance Period worked.
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          (g) INITIAL PLAN YEAR. Any incentive opportunity awarded to Eligible
Employees for the Company's 2005 fiscal year shall be paid pursuant to and in
accordance with the terms of the Plan notwithstanding the requirements of this
Section 4.

          (h) MAXIMUM AMOUNT PAYABLE. The maximum award payable hereunder for
any Performance Period shall in no event exceed $3 million.

                                   SECTION 5
                                PAYMENT OF AWARDS

         As soon as practicable after the amount of each Participant's Award for
a Performance Period has been determined in accordance with the terms of the
Plan, the Participant shall be eligible to receive payment of the Award. The
Committee shall determine whether payment of the Award will be in cash, shares,
the right to receive shares, options or other similar awards, and whether any
such payments will be subject to restrictions on transfer, vesting, forfeiture
or deferral requirements. Equity or equity-based awards shall be granted under
the terms and conditions of one or more of the Company's Stock Incentive Plans.

                                   SECTION 6
                EFFECTIVENESS OF PLAN, AMENDMENT AND TERMINATION

         The Plan shall be effective immediately prior to the consummation date
of the Company's initial public offering. The Committee may amend, suspend,
discontinue or terminate the Plan at any time and from time to time. No action
under this section which adversely affects a Participant's rights to, or
interest in, an Award granted prior to the date of such action shall be
effective unless the Participant shall have agreed thereto in writing. Unless
earlier terminated, the Plan shall terminate on the day immediately prior to the
first meeting of the stockholders of the Company in 2009 at which directors will
be elected.

                                   SECTION 7
                                OTHER PROVISIONS

          (a) NO RIGHT TO AWARDS. No Participant or other person shall have any
claim or right to be granted an Award under this Plan until such Award is
actually granted. Neither the establishment of this Plan, nor any action taken
hereunder, shall be construed as giving any Participant any right to be retained
in the employ of the Company. Nothing contained in this Plan shall limit the
ability of the Company to make payments or awards to Participants under any
other plan, agreement or arrangement.

          (b) NON-TRANSFERABILITY. The rights and benefits of a Participant
hereunder are personal to the Participant and, except for any payments that may
be made following a Participant's death, shall not be subject to any voluntary
or involuntary alienation, assignment, pledge, transfer, encumbrance,
attachment, garnishment or other disposition.
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          (c) NO IMPACT ON BENEFITS. Except as may otherwise be specifically
stated under any employee benefit plan, policy or program, no amount payable in
respect of any Award shall be treated as compensation for purposes of
calculating a Participant's right under any such plan, policy or program nor
shall any Award be treated as compensation for purposes of termination
indemnities or other similar rights.

          (d) WITHHOLDING TAXES. The Company shall have the right to deduct from
Awards any taxes or other amounts required to be withheld by law.

          (e) NO CONSTRAINT ON CORPORATE ACTION. Nothing in this Plan shall be
construed (A) to limit, impair or otherwise affect the Company's right or power
to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell, or transfer all or any part of its business or assets or (B) to
limit the right or power of the Company or any of its Subsidiaries to take any
action which such entity deems to be necessary or appropriate.

          (f) GOVERNING LAW. The Plan shall be construed in accordance with and
governed by the laws of the State of Delaware, without reference to principles
of conflict of laws which would require application of the law of another
jurisdiction, except to the extent that the corporate law of the State of
Delaware specifically and mandatorily applies.<PAGE>
                                                                   Exhibit 10.18

           DRESSER-RAND GROUP INC. 2005 DIRECTORS STOCK INCENTIVE PLAN

                                   ARTICLE I
                                    PURPOSES

         This Dresser-Rand Group Inc. 2005 Directors Stock Incentive Plan is
intended to provide the non-employee directors of the Company a direct
proprietary interest by granting such directors equity and equity-based awards
enabling them to participate in the long-term growth, performance and financial
success of the Company. Capitalized terms are defined in Article VII.

                                   ARTICLE II
                                 ADMINISTRATION

                  The Board shall be responsible for the administration of the
Plan. The Board shall also be responsible for construing and interpreting the
Plan, and establishing, amending and rescinding such rules and regulations as it
may deem necessary or desirable for the proper administration of the Plan. Any
decision or action taken or to be taken by the Board, arising out of or in
connection with the construction, administration, interpretation and effect of
the Plan and of its rules and regulations, shall, to the greatest extent
permitted by applicable law, be within its absolute discretion and shall be
conclusive and binding upon the Company and its Subsidiaries, all Eligible
Directors and any person claiming under or through any Eligible Director. In
administering the Plan, the Board may request such assistance as it deems
necessary from any committee of the Board, officers or employees of the Company
or its Subsidiaries and professional advisors.

                                  ARTICLE III
                              STOCK SUBJECT TO PLAN

         3.1 NUMBER. Subject to the provisions of this Article III, the number
of Shares subject to Awards under the Plan and the Dresser-Rand Group Inc. 2005
Stock Incentive Plan, collectively, may not exceed 4,042,611 Shares. The Shares
to be delivered under the Plan may consist, in whole or in part, of treasury
stock or authorized but unissued Common Stock not reserved for any other
purpose.

         3.2 FORFEITED AWARDS AND AWARDS SETTLED FOR CASH. If any Award granted
hereunder is forfeited, any Shares covered by such forfeited or settled portion
of such Award shall be available for further Awards under this Plan.

         3.3 ADJUSTMENT IN CAPITALIZATION. In connection with any Adjustment
Event, the Board shall, in such manner as the Board shall deem equitable, adjust
the number and type of Shares or Awards that may thereafter be awarded and/or
the number and type of Shares subject to outstanding Awards, in each case in
order to preserve or prevent enlargement of the benefits or potential benefits
made available under the Plan, and the may also make provisions for a cash
payment in respect of outstanding Awards.
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                                   ARTICLE IV
                                  SHARE AWARDS

         4.1 ANNUAL GRANT OF SHARE AWARDS. Effective upon the consummation of
the Company's initial public offering of its Common Stock, and thereafter
immediately following the first regular meeting of the Board in any full
calendar year the Plan is in effect, each Eligible Director then in office shall
receive an Annual Grant of Shares or the right to receive Shares. A pro-rata
portion of the Annual Grant may be awarded to any director who becomes Eligible
Directors following the date of the Annual Grant.

         4.2 VESTING AND OTHER TERMS OF ANNUAL GRANT. Each Annual Grant shall
become vested in four equal installments on the first day of each of the first
four calendar quarters following the grant date, subject to the Eligible
Director remaining in office on each vesting date. Each Annual Grant shall also
become vested upon the Eligible Director's death or Disability or upon a Change
in Control. Each Annual Grant shall be evidenced by an Award agreement that
shall specify whether the Annual Grant consists of Shares, the right to receive
Shares or a combination thereof, and the other terms of the Annual Grant.

         4.3 ELECTIVE SHARE AWARDS. Each Eligible Director may elect to have any
portion of any fee for services as a director that would otherwise have been
payable in cash instead paid in an Award of Shares or the right to receive
Shares. The number of Shares subject to any such Award shall be that number of
Shares with an aggregate Fair Market Value on the grant date equal to the amount
of such foregone cash fee. Each Award granted in lieu of cash fees shall be
fully vested and be evidenced by an Award Agreement that shall specify whether
such Award consists of Shares, the right to receive Shares or a combination
thereof, and the other terms of such Award.

         4.4 DIVIDEND EQUIVALENTS. Dividends or equivalent payments shall be
paid with respect to all Awards, and Board shall determine whether and to what
extent such amounts will be credited to the account of, or paid currently to the
holder.

                                   ARTICLE V
                                CHANGE IN CONTROL

         In the event of a Change in Control, the Board may provide for a cash
payment based on the Change in Control Price in settlement of Awards, or for the
assumption or substitution of Awards by the surviving entity (or the parent or a
Subsidiary of such entity) immediately following the Change in Control.

                                   ARTICLE VI
                        AMENDMENTAND MODIFICATION OF PLAN

         The Board at any time may terminate or suspend the Plan, and from time
to time may amend or modify the Plan, PROVIDED that no amendment, modification,
or termination of the Plan shall materially adversely affect any Award
theretofore granted under the Plan without the consent of the holder thereof. In
connection with any

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amendment to the Plan, the Board shall determine whether shareholder approval of
the amended Plan is required under any regulatory requirement that the Board
determines to be applicable, including, but not limited to, the rules of the
New York Stock Exchange, and shall seek such shareholder approval if
determined to be necessary.

                                  ARTICLE VII
                                   DEFINITIONS

         7.1 CERTAIN DEFINITIONS. Capitalized terms used herein without
definition shall have the respective meanings set forth below:

             "ACT" means the Securities Exchange Act of 1934, as amended.

             "ADJUSTMENT EVENT" means any stock dividend, stock split,
         share combination, extraordinary cash dividend, recapitalization,
         reorganization, merger, consolidation, split-up, spin-off, combination,
         exchange of shares or other event similarly affecting the Common Stock.

             "AFFILIATE" means, with respect to any person, any other
         person controlled by, controlling or under common control with such
         person.

             "ANNUAL GRANT" means an Award of Shares or the right to
         receive Shares that comprises part of the annual fees payable to an
         Eligible Director for his or her service as a member of the Board
         having that value, determined on the date of award, as shall be
         determined by the Board of Directors or others committee thereof from
         time to time, and which shall initially equal $30,000.

             "AWARD" means any right to acquire Shares available under the
         Plan.

             "BOARD" means the Board of Directors of the Company.

             "CHANGE IN CONTROL" means the first occurrence of any of the
         following events (other than a Public Offering):

                            (i) during any 12-month period, the members of the
              Board (the "INCUMBENT DIRECTORS") cease for any reason other than
              due to death or Disability to constitute at least a majority of
              the members of the Board, PROVIDED that any director whose
              election, or nomination for election by the Company's
              stockholders, was approved by a vote of at least a majority of the
              members of the Board other than as a result of a proxy contest, or
              any agreement arising out of an actual or threatened proxy
              contest, shall be treated as an Incumbent Director;

                            (ii) the acquisition by any person, entity or
              "group" (as defined in Section 13(d) of the Act), other than the
              Company or any of its Subsidiaries, any employee benefit plan of
              the Company or any of its Subsidiaries, First Reserve or any
              Affiliate of First Reserve, of 50% or

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<PAGE>

              more of the combined voting power of the Company's then
              outstanding voting securities;

                            (iii) the merger, consolidation or other similar
              transaction of the Company, as a result of which the stockholders
              of the Company immediately prior to such merger, consolidation or
              other transaction, do not, immediately thereafter, own, directly
              or indirectly, more than 50% of the combined voting power entitled
              to vote generally in the election of directors of the merged or
              consolidated company; and

                            (iv) the sale, transfer or other disposition of all
              or substantially all of the assets of the Company to one or more
              persons or entities that are not, immediately prior to such sale,
              transfer or other disposition, Affiliates of the Company or First
              Reserve.

         A "Change in Control" shall not be deemed to occur if the Company
         undergoes a bankruptcy, liquidation or reorganization under the United
         States Bankruptcy Code.

              "CHANGE IN CONTROL PRICE" means the price per Share on a
          fully-diluted basis offered in conjunction with any transaction
          resulting in a Change in Control as determined in good faith by the
          Board as constituted before the Change in Control, or in the case of a
          Change in Control occurring solely by reason of a change in the
          composition of the Board, the average Fair Market Value of a Share on
          the 30 trading days immediately preceding the date on which a Change
          in Control occurs.

              "CODE" means the Internal Revenue Code of 1986, as amended,
          and the regulations thereunder.

              "COMMON STOCK" means the common stock of the Company, par
          value $.01 per share.

              "COMPANY" means Dresser-Rand Group Inc., a Delaware
          corporation, and any successor thereto.

              "DISABILITY" means an Eligible Director being unable to
          remain in office due to a reasonably documented physical or mental
          illness.

              "ELIGIBLE DIRECTOR" means a director of the Company who is
          not, at the relevant time, an officer or employee of the Company, any
          of its Subsidiaries, or the First Reserve Corporation.

              "FAIR MARKET VALUE" means, as of any date of determination,
          the closing price of a Share on the New York Stock Exchange (or on
          such other recognized market or quotation system on which the trading
          prices of Common Stock are traded or quoted at the relevant time). If
          there are no Common Stock transactions reported on such exchange or
          system on such date, Fair Market Value shall mean

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          the closing price of a Share on the immediately preceding day on which
          Common Stock transactions were so reported.

              "FIRST RESERVE" means First Reserve Fund IX, L.P., a
          Delaware limited partnership, First Reserve X, L.P., a Delaware
          limited partnership, and any other investment vehicle managed by the
          First Reserve Corporation.

              "PERMITTED TRANSFEREES" has the meaning given in Section 8.1.

              "PLAN" means this Dresser-Rand Group Inc. 2005 Directors Stock
          Incentive Plan, as the same may be amended from time to time.

              "PUBLIC OFFERING" means a public offering pursuant to an
          effective registration statement under the Securities Act of 1933, as
          amended, that covers (together with prior registrations) (A) not less
          than 20% of the outstanding Shares on a fully diluted basis, or (B)
          Shares that, after the closing of such public offering, will be traded
          on the New York Stock Exchange, the American Stock Exchange or the
          National Association of Securities Dealers Automated Quotation System.

              "SHARE" means a share of Common Stock.

              "SUBSIDIARY" means any corporation in which the Company owns,
         directly or indirectly, stock representing 50% or more of the voting
         power of all classes of stock entitled to vote and any other business
         organization, regardless of form, in which the Company possesses
         directly or indirectly 50% or more of the total combined equity
         interests in such organization.

          7.2 GENDER AND NUMBER. Except when otherwise indicated by the context,
words in the masculine gender used in the Plan shall include the feminine
gender, the singular shall include the plural, and the plural shall include the
singular.

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

          8.1 NONTRANSFERABILITY OF AWARDS. No Award shall be assignable or
transferable except by will or the laws of descent and distribution, PROVIDED
that the Board may permit (on such terms as it shall establish) an Eligible
Director to transfer an Award for no consideration to the Eligible Director's
"family members" as defined in Form S-8 under the Securities Act of 1933, as
amended ("PERMITTED TRANSFEREES"). Except to the extent required by law, no
right or interest of any Eligible Director shall be subject to any lien,
obligation or liability of the Eligible Director. The rights of a Permitted
Transferee shall be limited to the rights conveyed to such Permitted Transferee,
who shall be subject to and bound by the terms of the Award agreement or
agreements between the Eligible Director and the Company.

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<PAGE>

          8.2 BENEFICIARY DESIGNATION. Each Eligible Director may from time to
time name any beneficiary or beneficiaries (who may be named contingently or
successively) to whom any benefit under the Plan is to be paid. Each designation
will revoke all prior designations by the Eligible Director, shall be in a form
prescribed by the Board, and will be effective only when filed by the Eligible
Director in writing with the Board during his lifetime. In the absence of any
such designation, benefits remaining unpaid at the Eligible Director's death
shall be paid to the Eligible Director's surviving spouse, if any, or otherwise
to or by his or her estate.

          8.3 NO RIGHTS AS STOCKHOLDER. Except as otherwise specifically
provided for in this Plan, an Eligible Director (or a Permitted Transferee)
shall have no rights as a stockholder with respect to any Shares covered by an
Award until he or she shall have become the holder of record of such Share(s),
and no adjustments shall be made for dividends in cash or other property, other
distributions or other rights in respect of any such Shares.

          8.4 COMPLIANCE WITH LEGAL AND EXCHANGE REQUIREMENTS. The Plan, the
granting of Awards thereunder, and any obligations of the Company under the
Plan, shall be subject to all applicable federal, state and non-United States
laws, rules, and regulations, and to such approvals by any regulatory or
governmental agency as may be required, and to any rules or regulations of any
exchange on which the Shares are listed. The Company, in its discretion, may
postpone the granting of Awards, the issuance or delivery of Shares under any
Award or any other action permitted under the Plan to permit the Company, with
reasonable diligence, to complete such stock exchange listing or registration or
qualification of such Shares or other required action under any federal, state
or non-United States law, rule, or regulation and may require any Eligible
Director to make such representations and furnish such information as it may
consider appropriate in connection with the issuance or delivery of Shares in
compliance with applicable laws, rules, and regulations. The Company shall not
be obligated by virtue of any provision of the Plan to issue Shares in violation
of any such laws, rules, or regulations.

          8.5 INDEMNIFICATION. Each person who is or was a member of the Board
shall be indemnified and held harmless by the Company against and from any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred by
him in connection with or resulting from any claim, action, suit, or proceeding
to which he may be made a party or in which he may be involved by reason of any
action taken or failure to act under the Plan and against and from any and all
amounts paid by him in settlement thereof, with the Company's approval, or paid
by him in satisfaction of any judgment in any such action, suit, or proceeding
against him, PROVIDED he shall give the Company an opportunity, at its own
expense, to handle and defend the same before he undertakes to handle and defend
it on his own behalf. The foregoing right of indemnification shall not be
exclusive and shall be independent of any other rights of indemnification to
which such persons may be entitled under the Company's Articles of Incorporation
or By-laws, by contract, as a matter of law, or otherwise.

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<PAGE>

          8.6 NO LIMITATION ON FEES. Nothing in the Plan shall be construed to
limit the right of the Company to establish other plans or to pay fees to
Eligible Directors, in cash or property, in a manner that is not expressly
authorized under the Plan.

          8.7 SEVERABILITY. If and to the extent that any one or more of the
terms of this Plan or an Award shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby.

          8.8 UNFUNDED PLAN. The Plan shall be an unfunded plan within the
meaning of the Employee Retirement Income Security Act of 1974, as amended, and
the Company shall not be required to set aside a fund for the payment of any
Awards.

          8.9 NO CONSTRAINT ON CORPORATE ACTION. Nothing in this Plan shall be
construed (A) to limit, impair or otherwise affect the Company's right or power
to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell, or transfer all or any part of its business or assets or (B) to
limit the right or power of the Company or any of its Subsidiaries to take any
action which such entity deems to be necessary or appropriate.

          8.10 HEADINGS AND CAPTIONS. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of
this Plan, and shall not be employed in the construction of this Plan.

          8.11 GOVERNING LAW. The Plan shall be construed in accordance with and
governed by the laws of the State of Delaware, without reference to principles
of conflict of laws which would require application of the law of another
jurisdiction, except to the extent that the corporate law of the State of
Delaware specifically and mandatorily applies.

          8.12 EFFECTIVE DATE. The Plan shall be effective immediately prior to
the consummation date of the initial public offering of Shares.

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