Document:

Exhibit
10.1

    

    AMENDED
AND RESTATED SELECTIVE INSURANCE GROUP, INC.

    STOCK
PURCHASE PLAN FOR INDEPENDENT INSURANCE AGENCIES (2010)

    

    
      	
              1.

            	
              PURPOSE;
      GENERAL

            

    

    

    The
purpose of the Amended and Restated Selective Insurance Group, Inc. Stock
Purchase Plan for Independent Insurance Agencies (the “Plan”) is to motivate
independent insurance agencies that sell products and services for the insurance
company subsidiaries of Selective Insurance Group, Inc., a New Jersey
corporation (the “Company”), by
enabling them to participate in the Company’s long-term growth and success and
to help align their success with those interests of the Company’s
stockholders.

    

    The Plan
allows each Eligible Agency (as defined in Section 2(a) below) and those
eligible Principals, Key Employees, and Benefit Plans (each as defined in
Section 2(a) below, and collectively referred to as the “Eligible Persons”)
designated by the Eligible Agency to purchase shares of the common stock of the
Company, par value $2.00 per share (“Common Stock”), at a
discount as described below.  An Eligible Agency or Eligible Person
may elect to apply all or a portion of its Earned Cash Commissions (as defined
in Section 2(c) below) and its distributions from the Company’s insurance
subsidiaries’ Supplemental Commission program (the “Supplemental Commission
Program”) to the purchase of shares of Common Stock under the
Plan.

    

    Each
Eligible Agency, together with its designated Eligible Persons (each such
Eligible Agency and its designated Eligible Persons a “Participant”), may
invest up to the applicable Maximum Contribution Amount (as described in the
chart below) per calendar quarter under the Plan on certain Purchase Dates (as
defined in Section 2(c) below), based upon the amount of total Written Premiums
(as defined below) by such Eligible Agency during the previous calendar year
with one or more of Selective’s insurance subsidiaries, as follows:

    

    
      
        
          
            
              
                
                  
                    	
                            Written Premiums

                          	 	
                            Maximum Contribution Amounts

                          	 
	
                            Less
      than $2,000,000

                          	 	$	30,000	 
	
                            $2,000,000
      or more but less than $5,000,000

                          	 	$	50,000	 
	
                            $5,000,000
      or more

                          	 	$	75,000	 

                  

                

              

            

          

        

      

    

     

    “Written Premiums”
include all written premiums, less cancellations and returns, recorded by the
Company and its insurance subsidiaries, but do not include:

     

    
      	
               
      

            	
              1.

            	
              Premiums
      for policies written through pools, associations, or
      syndicates;

            

    

     

    
      	
               
      

            	
              2.

            	
              Premiums
      for insurance written in any reinsurance facility, joint underwriting
      association, or other insurance program required by
  law;

            

    

     

    
      	
               
      

            	
              3.

            	
              Policyholder
      dividends, expense fees, surcharges, and other like
    charges;

            

    

     

    
      	
               
      

            	
              4.

            	
              Premiums
      from any accident and health, systems breakdown, and flood
      policies;

            

    

     

    
      	
               
      

            	
              5.

            	
              Premiums
      for alternative market business, including, but not limited to,
      retrospectively rated policies and assumed business;
  and

            

    

     

    
      	
               
      

            	
              6.

            	
              Premiums
      for policies, coverages, or plans that the Committee (as defined in
      Section 6 hereof) may exclude from this
Plan.

            

    

    

    There is
a $100 (one hundred dollar) minimum for purchases under the Plan by a
Participant per calendar quarter.  If a Participant does not purchase
$100 (one hundred dollars) per a calendar quarter, any amounts below such
minimum will be refunded, without interest, to such Participant by check as soon
as practicable after the end of the quarter.  The Company offers
shares of Common Stock under the Plan at a 10% discount from Fair Market Value
(as defined below) on the Purchase Date and Participants pay no brokerage
commissions or other charges on purchases of such shares under the
Plan.  “Fair
Market Value” means the closing selling price for the Common

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    Stock
reported on the NASDAQ Stock Market, or such other exchange on which the Common
Stock may be traded, on the applicable Purchase Date.

    

    
      	
              2.

            	
              PARTICIPATION
      IN THE PLAN

            

    

    

    
      	
               
      

            	
              (a)

            	
              Eligibility

            

    

     

    Each
eligible independent insurance agency that is under contract with any of the
insurance subsidiaries of the Company to promote and sell the Company’s
subsidiaries’ insurance products, other than such agencies that promote and sell
only the Company’s subsidiaries’ flood insurance products (each, an “Eligible Agency”) is
eligible to participate in the Plan and to purchase shares of Common Stock under
the Plan.  Also eligible to purchase shares of Common Stock under the
Plan in conjunction with an Eligible Agency are the following Eligible
Persons:

    

    
      	
               
      

            	
              ·

            	
              principals,
      general partners, officers, and stockholders of, and designated by, an
      Eligible Agency (collectively, “Principals”);

            

    

     

    
      	
               
      

            	
              ·

            	
              key
      employees of an Eligible Agency designated by such Eligible Agency (“Key
      Employees”); and

            

    

     

    
      	
               
      

            	
              ·

            	
              individual
      retirement plans of Principals and Key Employees, Keogh plans of
      Principals and Key Employees, and employee benefit plans of, and
      designated by, an Eligible Agency (collectively, the “Benefit
      Plans”).

            

    

     

    The
Committee or its designee shall, in its sole discretion, determine whether any
Eligible Agency, or Eligible Person designated by an Eligible Agency, is
ineligible to be a Participant in the Plan.

    

    Eligible
Agencies and Eligible Persons are under no obligation to participate in the Plan
or to purchase shares of Common Stock under the Plan.  If an Eligible
Agency and/or its Eligible Persons choose not to participate in the Plan, the
Eligible Agency and/or its Eligible Persons, as applicable, shall receive the
Earned Cash Commissions (as defined in Section 2(c) below) and the distributions
from the Supplemental Commission Program to which they are
entitled.  The Plan is for the benefit only of the
Participants.  No other persons shall be direct or indirect
beneficiaries or participants in the Plan.  The Company shall not be
obligated with respect to the Plan under any other arrangements between an
Eligible Agency and any other person, including, but not limited to, the
Eligible Agency’s Principals, Key Employees, and Benefit Plans.

    

    
      	
               
      

            	
              (b)

            	
              Enrollment
      in the Plan

            

    

     

    The
Company shall send to each Eligible Agency:

    

    
      	
               
      

            	
              ·

            	
              a
      copy of the Plan;

            

    

     

    
      	
               
      

            	
              ·

            	
              an
      enrollment/purchase form;

            

    

     

    
      	
               
      

            	
              ·

            	
              a
      copy of a prospectus and any prospectus supplements;
  and

            

    

     

    
      	
               
      

            	
              ·

            	
              a
      copy of the most recent Annual Report of the
  Company.

            

    

     

    If an
Eligible Person wishes to participate in the Plan, the Eligible Agency and each
participating Eligible Person must complete and sign the enrollment/purchase
form and return the form to the Company at the address contained in Section 2(c)
hereof.  Eligible Agencies may obtain additional forms by written or
telephonic request to the Company, attention: “Billing Services” at the address
contained in Section 2(c) hereof or by calling (973) 948-1990.  In
addition, forms are available online in eSelect®, within
the “My Agency” tab.

    

    An
Eligible Person shall become a Participant in the Plan only (i) after the
Eligible Agency affiliated with such Eligible Person has received a copy of the
Plan, a prospectus, any applicable prospectus supplement or supplements, and the
most recent Annual Report of the Company, (ii) after the Company has received a
properly completed enrollment/purchase form signed by such Eligible Agency and
such Eligible Person, and (iii) if such 

     

    
      
         

      

      
        Page
2

        
          

        

      

      
         

      

    

     

    Eligible
Person has not been determined to be ineligible to become a Participant in the
Plan by the Committee or its designee pursuant to Section 2(a)
hereof.  By returning a properly completed and signed form to the
Company, the Eligible Agency and participating Eligible Person each acknowledge
the receipt of the documents described in subsection (i) of the previous
sentence.

    

    
      	
               
      

            	
              (c)

            	
              Purchasing
      Shares of Common Stock

            

    

     

    Shares
may generally be purchased by Participants under the Plan on the first day of
March, June, September, and December of each year or the next succeeding
business day (each a “Purchase Date” and
collectively, the “Purchase Dates”),
however, the Company does not guarantee that such days will be Purchase Dates
and may designate other dates as Purchase Dates.  The Company does not
pay any interest on cash payments received under the Plan.

    

    Once each
calendar quarter, and prior to a Contribution Date (as defined below), the
Company shall provide enrollment/purchase forms to each Eligible
Agency.  Purchases shall be made under the Plan on the next applicable
Purchase Date.

    

    Each
Participant shall designate the dollar amount to be invested on the next
Purchase Date (the “Contribution Amount”)
in the appropriate sections of the enrollment/purchase form.  Each
Participant shall designate (i) the amount, if any, of the Contribution Amount
that is to be paid in cash by check, (ii) the percentage, if any, that is to be
deducted from monthly payments of Earned Cash Commissions (as defined below) and
applied to the Contribution Amount, and (iii) the percentage, if any, that is to
be deducted from the Participant’s distributions under the Supplemental
Commission Program and applied to the Contribution Amount.

    

    Changes
to, or revocation of, the percentage that is to be deducted from a Participant’s
monthly payments of Earned Cash Commissions and applied to the Contribution
Amount must be received in writing by the Company by the 25th day of a month, or
the previous business day if the 25th is not a business day, to be effective for
that month.  Such changes to Earned Cash Commission deductions will be
applied to the Contribution Amount for the next practicable quarterly Purchase
Date, as set forth below:

    

    
      
        
          
            
              	
                      Changes
      relating to the Percentage of Deductions from 

                      Monthly
      Payments of Earned Cash Commissions made by the 

                      25th
      of:

                    	 
      	
                      Will
      be Applied to the Contribution Amount for 

                      the
      Purchase Date for:

                    
	
                      November,
      December, January

                    	 
      	
                      March

                    
	
                      February,
      March, April

                    	 
      	
                      June

                    
	
                      May,
      June, July

                    	 
      	
                      September

                    
	
                      August,
      September, October

                    	 
      	
                      December

                    

            

          

        

      

    

    

    A
Participant’s designation regarding the percentage to be deducted from monthly
payments of Earned Cash Commissions shall remain in effect until revoked or
modified in accordance with the provisions set forth above.

    

    Changes
to, or revocation of, the percentage that is to be deducted from a Participant’s
distributions under the Supplemental Commission Program and applied to the
Contribution Amount must be received in writing by the Company by the 7th day of
February, or the previous business day if the 7th is not a business day, to be
effective as of the next March Purchase Date.  A Participant’s
designation regarding the percentage to be deducted from distributions under the
Supplemental Commission Program shall remain in effect until revoked or modified
in writing.  The Contribution Amount designation regarding cash shall
only remain in effect for the next Purchase Date.

    

    “Earned Cash
Commissions” means those commissions that are fully earned and are due
and payable to a participating Eligible Agency for personal and commercial
direct bill policies after all offsetting debits and credits are applied, as
determined by and solely from the records of the Company and its
subsidiaries.

     

    
      
         

      

      
        Page
3

        
          

        

      

      
         

      

    

    For each
Participant, the enrollment/purchase form must include:

    

    
      	
               
      

            	
              ·

            	
              such
      Participant’s full name and
address;

            

    

     

    
      	
               
      

            	
              ·

            	
              such
      Participant’s social security or taxpayer identification number;
      and

            

    

     

    
      	
               
      

            	
              ·

            	
              the
      amount of cash, if any, and percentages of Earned Cash Commissions and/or
      Supplemental Commission Program payments, if any, to be invested in shares
      of Common Stock for each Eligible Person for whom purchase instructions
      are submitted.

            

    

     

    In
addition, each Participant must sign their enrollment/purchase form certifying
to the Company receipt of a copy of the Plan, any prospectus or supplements
thereto, and a copy of the most recent Annual Report of the
Company.  Notwithstanding anything to the contrary herein, enrollment
in the Plan for a particular Purchase Date is irrevocable after the applicable
Contribution Date (as defined below).  The form must be signed by the
applicable Eligible Agency and each affiliated Eligible Person listed on the
form.

    

    Completed
and signed enrollment/purchase forms must be sent to the Company
at:

    

    Selective
Insurance Group, Inc.

    40
Wantage Avenue

    Branchville,
New Jersey  07890

    Attention:  Billing
Services ASPP

    

    Properly
completed forms and necessary payments must be received by the Company at least
ten (10) business days prior to the applicable Purchase Date (the “Contribution
Date”).  The Company will perform such necessary ministerial
and clerical work regarding the forms as to effect the transaction and promptly
forward enrollment/purchase information to the Plan Agent (as defined in Section
2(d) hereof).  If necessary payments are not received by the
applicable Contribution Date, the purchase will not be effected and any payments
received after the Contribution Date will be returned.

    

    
      	
               
      

            	
              (d)

            	
              Purchased
      Shares and Participants’ Accounts

            

    

     

    The
Company shall record the ownership of the shares of Common Stock purchased
through the Plan in book-entry form.  When a Participant makes his or
her first purchase of shares of Common Stock under the Plan, the Company shall
establish an account for each such Participant with Wells Fargo Shareowner
Services, the Company’s transfer agent and registrar (the “Plan
Agent”).  Each time a Participant purchases shares of Common
Stock, the shares shall be credited to the Participant’s account and the Company
shall record the shares on its Common Stock records.  The Participant
shall receive a written account statement from the Plan Agent following each
purchase of shares.  A Participant may vote all shares of Common Stock
held in his or her account.

    

    
      	
               
      

            	
              (e)

            	
              Restrictions
      on Shares Purchased under the Plan

            

    

     

    Shares of
Common Stock purchased under the Plan shall be restricted for a period of one
year beginning on the Purchase Date and expiring upon the first anniversary of
the Purchase Date (the “Restricted
Period”).  During the Restricted Period, the Participant may
not sell, transfer, pledge, assign, or dispose of his or her shares of Common
Stock in any way.  During this period, the Plan Agent shall hold the
Participant’s shares of Common Stock in the Participant’s account, but no share
certificates shall be issued.  However, a Participant may vote his or
her shares of Common Stock during the Restricted Period and shall receive any
dividends declared by the Board of Directors of the Company (the “Board”).  The
Participant shall own all of the shares in his or her account and none of the
Participant’s shares of Common Stock shall be subject to
forfeiture.

    

    Following
the expiration of the Restricted Period, the Participant’s shares of Common
Stock shall remain in his or her account until the Participant requests, in
writing to the Plan Agent, that the shares be transferred, that the shares be
sold, that certificates be issued to the Participant, or that the Participant’s
account be closed.

    
      
         

      

      
        Page
4

        
          

        

      

      
         

      

    

     

    If an
Eligible Agency closes its account, it may re-enroll in the Plan at any time it
is eligible to participate by completing a new enrollment/purchase
form.  An Eligible Person may similarly re-enroll in the Plan,
provided the Eligible Person complied with the enrollment procedures set forth
in the Plan.

    

    
      	
              3.

            	
              SHARES
      AVAILABLE UNDER THE PLAN

            

    

    

    The
maximum number of shares of Common Stock reserved for issuance under the Plan
shall be 1,500,000 (one million five hundred thousand), subject to adjustment as
provided herein.  The Company may make the shares available from
authorized but unissued shares of Common Stock or authorized and issued shares
of Common Stock held in the Company’s treasury, including shares purchased by
the Company in the open market.

    

    In the
event that the Board determines that any stock dividend or other distribution,
extraordinary cash dividend, stock split or reverse stock split,
recapitalization, reorganization, merger, consolidation, split-up, spin-off,
combination, exchange of shares, warrants, rights offering to purchase shares of
Common Stock at a price substantially below fair market value, or other similar
corporate transaction or event affects the Common Stock so that an adjustment is
required in order to preserve the benefits or potential benefits intended to be
made available under the Plan, then the Board may, in its sole and absolute
discretion, adjust any or all of the number and type of shares which may be
available under the Plan.

    

    
      	
              4.

            	
              DIVIDENDS;
      DIVIDEND REINVESTMENT

            

    

    

    The
Company pays dividends, as and when declared by the Board, to the record holders
of shares of Common Stock.  As the record holder of shares of Common
Stock purchased under the Plan, a Participant shall receive dividends, if any,
in cash for all shares registered in the Participant’s name on the record
date.  Such payment shall be made on the date that such dividend would
be paid to the Company’s stockholders generally.

    

    Any
dividend payable in Common Stock or any split shares distributed by the Company
on shares purchased under the Plan shall be deposited in the Participant’s
account with the Plan Agent.  Any shares received as the result of a
stock split shall be subject to the same restrictions on transfer as the shares
purchased under the Plan.  Shares received as dividends shall not be
subjected to any transfer restrictions.

    

    Participants
in the Plan are also eligible to participate in the Company’s dividend
reinvestment plan pursuant to the terms and conditions of that
plan.  If a Participant elects to participate in the Company’s
dividend reinvestment plan, the Participant shall be entitled to reinvest his or
her dividends to purchase additional shares of Common Stock.  There is
no discount on the purchase price of shares under the Company’s dividend
reinvestment plan.  The transfer restrictions applicable to shares
purchased under the Plan shall not apply to any shares purchased under the
Company’s dividend reinvestment plan.  Wells Fargo Shareowner Services
is the plan administrator of the Company’s dividend reinvestment
plan.  Information about the Company’s dividend reinvestment plan may
be obtained from the Company or from Wells Fargo Shareowner
Services.

    

    
      	
              5.

            	
              OTHER
      STOCKHOLDER RIGHTS; INFORMATION
REPORTING

            

    

    

    If the
Company has a rights offering, Participants in the Plan shall be entitled to
participate based upon their total share holdings.  Rights on shares
of Common Stock purchased under the Plan and registered in the name of a
Participant shall be mailed directly to that Participant in the same manner as
to stockholders not participating in the Plan.

    

    Each
Participant in the Plan shall receive the Company’s annual and other periodic or
quarterly reports issued to stockholders, notices of stockholder meetings, proxy
statements, and Internal Revenue Service information for reporting dividends
paid and income resulting from the discount on the purchase of Common Stock
under the Plan.

    

    Each
Participant shall be entitled to vote the shares purchased under the Plan and
registered in that Participant’s name on a record date for a meeting of
stockholders.  A Participant may vote in person or by proxy at any
meeting of stockholders.

    
      
         

      

      
        Page
5

        
          

        

      

      
         

      

    

    

    
      	
              6.

            	
              ADMINISTRATION
      OF THE PLAN, INQUIRIES, AND
CORRESPONDENCE

            

    

    

    The Plan
shall be administered by the Salary and Employee Benefits Committee of the Board
(the “Committee”) or its
designee.  The Committee shall have the authority, in its sole
discretion, subject to and not inconsistent with the express provisions of the
Plan, to administer the Plan and to exercise all the powers and authorities
either specifically granted to it under the Plan or necessary or advisable in
the administration of the Plan, including, without limitation, the authority
to:

    

    
      	
               
      

            	
              ·

            	
              construe
      and interpret the Plan;

            

    

     

    
      	
               
      

            	
              ·

            	
              make
      adjustments in response to changes in applicable laws, regulations, or
      accounting principles, or for any other
reason;

            

    

     

    
      	
               
      

            	
              ·

            	
              prescribe,
      amend, and rescind rules and regulations relating to the Plan and appoint
      such agents as it shall deem appropriate for the proper administration of
      the Plan, in accordance with Section 7 hereof;
  and

            

    

     

    
      	
               
      

            	
              ·

            	
              make
      all other determinations deemed necessary or advisable for the
      administration of the Plan.

            

    

     

    Determinations
of the Committee shall be final, conclusive, and binding on all persons, and the
Committee will not be liable for any action or determination made in good faith
with respect to the Plan.

    

    The
Committee shall engage the Plan Agent to perform custodial and record-keeping
functions for the Plan, such as holding record title to the Participants’
shares, maintaining an individual investment account for each Participant, and
providing periodic account status reports to each Participant.

    

    All
enrollment/purchase forms should be sent to the Company at the following
address:

    

    Selective
Insurance Group, Inc.

    40
Wantage Avenue

    Branchville,
New Jersey  07890

    Attention:  Billing
Services ASPP

    

    Telephone
inquiries may be directed to the Company at (973) 948-1990 or via e-mail at
AgentStockPlan@selective.com.

    

    All share
account inquiries and correspondence should be sent to:

    

    Wells
Fargo Shareowner Services

    P.O. Box
64854

    St. Paul,
Minnesota  55164-0854

    

    Telephone
inquiries may be directed to Wells Fargo Shareowner Services at (866)
877-6351.

    

    The
Company pays all of its administrative expenses related to the
Plan.  Plan Participants pay no brokers commissions or administrative
or other charges for purchases of Common Stock under the Plan.

    

    
      	
              7.

            	
              AMENDMENT
      OR TERMINATION OF THE PLAN

            

    

    

    Either
the Board or the Committee may amend, revise, suspend, or terminate the Plan at
any time and in any respect whatsoever; provided, however, that stockholder
approval shall be required for any such amendment if and to the extent such
approval is required in order to comply with applicable law or any stock
exchange listing requirement.

     

    
      
         

      

      
        Page
6

        
          

        

      

      
         

      

    

    
      	
              8.

            	
              RIGHTS
      NOT TRANSFERABLE

            

    

    

    Rights
under the Plan are not transferable by a Participant other than by will or the
laws of descent and distribution and are exercisable during the Participant’s
lifetime only by the Participant.

    

    
      	
              9.

            	
              RIGHT
      TO CONTINUED EMPLOYMENT OR AGENCY
STATUS

            

    

    

    Nothing
in the Plan or any enrollment/purchase form shall confer an obligation on the
Company or any Eligible Agency to employ or continue the employment or service
of any Participant for any specified period of time and shall not lessen,
affect, or interfere with the Company’s or any Eligible Agency’s right to
terminate the employment or service of any such Participant at any time or for
any reason not prohibited by law.

    

    
      	
              10.

            	
              APPLICABLE
      OR GOVERNING LAW; SEVERABILITY

            

    

    

    Except to
the extent preempted by any applicable federal law, the Plan shall be construed
and administered in accordance with the laws of the State of New Jersey without
reference to its principles of conflicts of law.

    

    If any
provision of the Plan is held to be invalid or unenforceable, the other
provisions of the Plan shall not be affected but shall be applied as if the
invalid or unenforceable provision had not been included in the
Plan.

    
      
         

      

      
        Page
7DENTSPLY
International Inc.

    2010
Equity Incentive Plan

    

    SECTION 1  PURPOSE

     

    The purpose of the DENTSPLY
International Inc. 2010 Equity Incentive Plan (the "Plan") is to benefit
DENTSPLY International Inc. ("DENTSPLY") and its "Subsidiaries," as defined
below (hereinafter referred to, either individually or collectively, as the
"Company") by recognizing the contributions made to the Company by officers and
other key employees, consultants and advisers, to provide such persons with an
additional incentive to devote themselves to the future success of the Company,
and to improve the ability of the Company to attract, retain and motivate such
persons. The Plan is also intended as an additional incentive to members of the
Board of Directors of DENTSPLY (the "Board") who are not employees of the
Company ("Outside Directors") to serve on the Board and to devote themselves to
the future success of the Company.  "Subsidiaries," as used in the
Plan, has the definition set forth in Section 424 (f) of the Internal Revenue
Code of 1986, as amended (the "Code").

    

    Stock options which constitute
"incentive stock options" within the meaning of Section 422 of the Code
("ISOs"), stock options which do not constitute ISOs ("NSOs"), stock which is
subject to certain forfeiture risks and restrictions ("Restricted Stock"), stock
delivered upon vesting of units ("Restricted Stock Units") and stock
appreciation rights ("Stock Appreciation Rights") may be awarded under the Plan.
ISOs and NSOs are collectively referred to as "Options." Options, Restricted
Stock, Restricted Stock Units and Stock Appreciation Rights are collectively
referred to as "Awards." The persons to whom Options are granted under the Plan
are hereinafter referred to as "Optionees." The persons to whom Restricted
Stock, Restricted Stock Units and/or Stock Appreciation Rights are granted under
the Plan are hereinafter referred as to "Grantees."

    

    SECTION
2  ELIGIBILITY

     

    Outside Directors shall be eligible to
participate in the Plan in the same manner as Key Employees (as defined below)
and other participants in the Plan.  The Committee (as defined in
Section 3) shall initially, and from time to time thereafter, select those
officers and other key employees of the Company, including members of the Board
who are also employees ("Employee Directors"), and consultants and advisers to
the Company, to participate in the Plan on the basis of the importance of their
services in the management, development and operations of the Company. Officers,
other key employees and Employee Directors are collectively referred to as "Key
Employees."

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
3  ADMINISTRATION

     

    
      	
            	
              3.1 

            	
              The
      Committee

            

    

     

    
      The Plan
shall be administered by the Human Resources Committee of the Board or a
subcommittee thereof (“Committee”).  The Committee shall be comprised
of two (2) or more members of the Board.  All members of the Committee
shall qualify as "Non-Employee Directors" as defined in Rule 16b-3 under the
Securities Exchange Act of 1934, as amended (the "1934 Act"), or any successor
rule or regulation, "independent directors" as defined in Section 4200(15) of
the Marketplace Rules of The Nasdaq Stock Market and "outside directors" as
defined in Section 162(m) or any successor provision of the Code and applicable
Treasury regulations thereunder, if such qualification is deemed necessary in
order for the grant or the exercise of Options under the Plan to qualify for any
tax or other material benefit to Optionees or the Company under applicable
law.

    

    

    
      	
            	
              3.2 

            	
              Authority
      of the Committee

            

    

     

    
      Subject
to the express provisions of the Plan, the Committee shall have sole discretion
concerning all matters relating to the Plan and Awards granted
hereunder.  The Committee, in its sole discretion, shall determine the
Key Employees, consultants and advisors to whom, and the time or times at which,
Awards will be granted, the number of shares to be subject to each Award, the
expiration date of each Award, the time or times within which the Option may be
exercised or forfeiture restrictions lapse, the cancellation or termination of
the Award and the other terms and conditions of the grant of the
Award.  The terms and conditions of Awards need not be the same with
respect to each Optionee and/or Grantee or with respect to each
Award.  The Governance Committee, which is responsible for Director
compensation, makes such determinations with respect to Outside
Directors.

    

    

    
      The
Committee may, subject to the provisions of the Plan, establish such rules and
regulations as it deems necessary or advisable for the proper administration of
the Plan, and may make determinations and may take such other actions in
connection with or in relation to the Plan as it deems necessary or
advisable.  Each determination or other action made or taken pursuant
to the Plan, including interpretation of the Plan and the specific terms and
conditions of the Award granted hereunder by the Committee, shall be final,
binding and conclusive for all purposes and upon all persons.

    

    

    
      	
            	
              3.3

            	
              Award
      Agreement

            

    

     

    
      Each
Award shall be evidenced by a written agreement or grant certificate specifying
the type of Award granted, the number of shares of Common Stock ("Common Stock")
to be subject to such Award and, as applicable, the vesting schedule, the
exercise or grant price, the terms for payment of the exercise price, the
expiration date of the Option, the restrictions imposed upon the Restricted
Stock and/or Restricted Stock Units and such other terms and conditions
established by the Committee, in its sole discretion, which are not inconsistent
with the Plan.

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    SECTION
4  SHARES OF COMMON STOCK SUBJECT TO THE PLAN

     

    4.1           Subject
to adjustment as provided in Sections 4.1 and 4.2, Options, Restricted Stock,
Restricted Stock Units and Stock Appreciation Rights with respect to an
aggregate of thirteen million (13,000,000) shares of common stock of DENTSPLY
(the "Common Stock") (plus any shares of Common Stock covered by any remaining
authorizations under the DENTSPLY International Inc.  2002 Equity
Incentive Plan, as amended), may be granted under the Plan (the "Maximum
Number"). The Maximum Number shall be increased, if at all, on January 1 of each
calendar year during the term of the Plan (as set forth in Section 15) by the
excess of the amount by which seven percent (7%) of the outstanding shares of
Common Stock on such date exceeds the thirteen million (13,000,000) shares
authorized at the time of adoption of this Plan.  Notwithstanding the
foregoing, and subject to adjustment as provided in Section 4.2, (i) Options
with respect to no more than one million (1,000,000) shares of Common Stock may
be granted as ISOs under the Plan, (ii) no more than two million five hundred
thousand (2,500,000) shares may be awarded as Restricted Stock or Restricted
Stock Units under the Plan, and (iii) in any calendar year no Key Employee shall
be granted Options or Stock Appreciation Rights with respect to more than five
hundred thousand (500,000) shares of Common Stock, or Restricted Stock and
Restricted Stock Units in excess of 150,000 shares of Common Stock. Any shares
of Common Stock reserved for issuance upon exercise of Options or Stock
Appreciation Rights which expire, terminate or are cancelled, and any shares of
Common Stock subject to any grant of Restricted Stock or Restricted Stock Units
which are forfeited, may again be subject to new Awards under the
Plan.  For the avoidance of doubt, notwithstanding any adjustment in
the Maximum Number, as provided above, all Awards granted under the Plan on or
following the Effective Date, subject to forfeitures or cancellation, shall be
counted towards the Maximum Number.

     

    4.2           The
number of shares of Common Stock subject to the Plan and to Awards granted under
the Plan shall be adjusted as follows: (a) in the event that the number of
outstanding shares of Common Stock is changed by any stock dividend, stock split
or combination of shares, the number of shares subject to the Plan and to Awards
previously granted thereunder shall be proportionately adjusted, (b) in the
event of any merger, consolidation or reorganization of the Company with any
other corporation or corporations, there shall be substituted on an equitable
basis as determined by the Board of Directors, in its sole discretion, for each
share of Common Stock then subject to the Plan and for each share of Common
Stock then subject to an Award granted under the Plan, the number and kind of
shares of stock, other securities, cash or other property to which the holders
of Common Stock of the Company are entitled pursuant to the transaction, and (c)
in the event of any other changes in the capitalization of the Company, the
Committee, in its sole discretion, shall provide for an equitable adjustment in
the number of shares of Common Stock then subject to the Plan and to each share
of Common Stock then subject to Award granted under the Plan.  In the
event of any such adjustment, the exercise price per share of any Options or
Stock Appreciation Rights shall be proportionately adjusted.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    SECTION
5  GRANTS OF OPTIONS TO EMPLOYEES, OUTSIDE DIRECTORS,CONSULTANTS AND
ADVISERS

     

    
      	
            	
              5.1

            	
              Grants

            

    

     

    
      Subject
to the terms of the Plan, the Committee (the Governance Committee with respect
to Outside Directors) may from time to time grant Options which are ISOs to Key
Employees and Options which are NSOs to Outside Directors, Key Employees,
consultants and advisers of the Company.  Each such grant shall
specify whether the Options so granted are ISOs or NSOs, provided, however, that
if, notwithstanding its designation as an ISO, all or any portion of an Option
does not qualify under the Code as an ISO, the portion which does not so qualify
shall be treated for all purposes as a NSO.

    

    

    
      	
            	
              5.2

            	
              Expiration

            

    

     

    
      Except to
the extent otherwise provided in or pursuant to Sections 10 and 11, each Option
shall expire, and all rights to purchase shares of Common Stock shall expire, on
the tenth anniversary of the date on which the Option was
granted.

    

    

    
      	
            	
              5.3

            	
              Vesting

            

    

     

    
      Except to
the extent otherwise provided in or pursuant to Sections 10 and 11, or in the
proviso to this sentence, Options shall vest pursuant to the following schedule:
with respect to one-third of the total number of shares of Common Stock subject
to Option on the first anniversary following the date of its grant, and with
respect to an additional one-third of the total number of shares of Common Stock
subject to the Option, on each anniversary thereafter during the succeeding two
years; provided, however, that the Committee, in its sole discretion, shall have
the authority to shorten or lengthen the vesting schedule with respect to any or
all Options, or any part thereof, granted under the Plan.

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              5.4

            	
              Required
      Terms and Conditions of ISOs

            

    

     

    
      ISOs may
be granted to Key Employees. Each ISO granted to a Key Employee shall be in such
form and subject to such restrictions and other terms and conditions as the
Committee may determine, in its sole discretion, at the time of grant, subject
to the general provisions of the Plan, the applicable Option agreement or grant
certificate, and the following specific rules:

    

    

    (a)           Except
as provided in Section 5.4(c), the exercise price per share of each ISO shall be
the “Fair Market Value” of a share of Common Stock on the date such ISO is
granted.  For purposes of the Plan, “Fair Market Value” shall mean the
closing sales price of the Common Stock on The NASDAQ National Market, or other
national securities exchange which is the principal securities market on which
the Common Stock is traded (as reported in The Wall Street Journal, Eastern
Edition).”

     

    (b)           The
aggregate Fair Market Value (determined with respect to each ISO at the time
such Option is granted) of the shares of Common Stock with respect to which ISOs
are exercisable for the first time by an Optionee during any calendar year
(under all incentive stock option plans of the Company) shall not exceed
$100,000.

     

    (c)           Notwithstanding
anything herein to the contrary, if an ISO is granted to an individual who owns
stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company, (i) the exercise price of each ISO shall
be not less than one hundred ten percent (110%) of the Fair Market Value of a
share of Common Stock on the date the ISO is granted, and (ii) the ISO shall
expire and all rights to purchase shares thereunder shall cease no later than
the fifth anniversary of the date the ISO was granted.

     

    
      	
            	
              5.5

            	
              Required
      Terms and Conditions of NSOs

            

    

     

    
      Each NSO
granted to Outside Directors, Key Employees, consultants and advisers shall be
in such form and subject to such restrictions and other terms and conditions as
the Committee may determine, in its sole discretion, at the time of grant,
subject to the general provisions of the Plan, the applicable Option agreement
or grant certificate, and the following specific rule: except as otherwise
determined by the Committee in its sole discretion with respect to a specific
grant, the exercise price per share of each NSO shall be not less than the Fair
Market Value of a share of Common Stock on the date the NSO is
granted.

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    SECTION
6  EXERCISE OF OPTIONS

     

    
      	
            	
              6.1

            	
              Notices

            

    

     

    
      A person
entitled to exercise an Option may do so by delivery of a written notice to that
effect, in a form specified by the Committee, specifying the number of shares of
Common Stock with respect to which the Option is being exercised and any other
information or documents the Committee may prescribe.  The notice
shall be accompanied by payment as described in Section 6.2.  All
notices, documents or requests provided for herein shall be delivered to the
Secretary of the Company.

       

    

    
      	
            	
              6.2

            	
              Exercise
      Price

            

    

     

    
      Except as
otherwise provided in the Plan or in any Option agreement or grant certificate,
the Optionee shall pay the exercise price of the number of shares of Common
Stock with respect to which the Option is being exercised upon the date of
exercise of such Option (a) in cash, (b) pursuant to a cashless exercise
arrangement with a broker on such terms as the Committee may determine, (c) by
delivering shares of Common Stock held by the Optionee for at least six (6)
months and having an aggregate Fair Market Value on the date of exercise equal
to the Option exercise price, (d) in the case of a Key Employee, by such other
medium of payment as the Committee, in its sole discretion, shall authorize, or
(e) by any combination of (a), (b), (c), and (d). The Company shall issue, in
the name of the Optionee, stock certificates representing the total number of
shares of Common Stock issuable pursuant to the exercise of any Option as soon
as reasonably practicable after such exercise, provided that any shares of
Common Stock purchased by an Optionee through a broker pursuant to clause (b)
above shall be delivered to such broker in accordance with applicable
law.

    

    

    SECTION
7  STOCK APPRECIATION RIGHTS

     

    The Committee (the Governance Committee
with respect to Outside Directors) may award shares of Common Stock to Outside
Directors, Key Employees and consultants and advisors under a Stock Appreciation
Right Award, upon such terms as the Committee deems applicable, including the
provisions set forth below:

    

    
      	
            	
              7.1

            	
              General
      Requirements.

            

    

     

    Stock Appreciation Rights may be
granted in tandem with another Award, in addition to another Award, or
freestanding and unrelated to another Award.  Stock Appreciation
Rights granted in tandem with or in addition to an Award may be granted either
at the same time as the Award or, except in the case of Incentive Stock Options,
at a later time.  The Committee shall determine the number of shares
of Common Stock to be issued pursuant to a Stock Appreciation Right Award and
the conditions and limitations applicable to the exercise thereof subject to the
following specific rule: except as otherwise determined by the Committee in its
sole discretion with respect to a specific grant, the exercise price per share
of each Stock Appreciation Right shall be not less than the Fair Market Value of
a share of Common Stock on the date the Stock Appreciation Right is
granted.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              7.2

            	
              Expiration.

            

    

     

    Except to
the extent otherwise provided in or pursuant to Sections 10 and 11, each Stock
Appreciation Right Award shall expire, and all rights to purchase shares of
Common Stock shall expire, on the tenth anniversary of the date on which the
Stock Appreciation Right Award was granted.

     

    
      	
            	
              7.3

            	
              Payment.

            

    

     

    A Stock Appreciation Right shall
entitle the Grantee to receive, upon exercise of the Stock Appreciation Right or
any portion thereof, an amount equal to the product of (a) the excess of the
Fair Market Value of a share of Common Stock on the date of exercise over the
grant price thereof and (b) the number of shares of Common Stock as to which
such Stock Appreciation Right Award is being exercised.  Payment of
the amount determined under this Section 7.2 shall be made solely in shares of
Common Stock, provided that, the Stock Appreciation Rights which are settled
shall be counted in full against the number of shares available for award under
the Plan, regardless of the number of shares of Common Stock issued upon
settlement of the Stock Appreciation Right.

    

    
      	
            	
              7.4

            	
              Exercise.

            

    

     

    (a)           Except
to the extent otherwise provided in Sections 10 or 11, or in the proviso to this
sentence, Stock Appreciation Rights shall vest pursuant to the following
schedule: with respect to one-third of the total number of shares of Common
Stock subject to the Stock Appreciation Right on the first anniversary following
the date of its grant, and with respect to an additional one-third of the total
number of shares of Common Stock subject to the Stock Appreciation Right, on
each anniversary thereafter during the succeeding two years; provided, however,
that the Committee, in its sole discretion, shall have the authority to shorten
or lengthen the vesting schedule with respect to any or all Stock Appreciation
Rights, or any part thereof, granted under the Plan. Notwithstanding the
foregoing, a tandem stock appreciation right shall be exercisable at such time
or times and only to the extent that the related Award is
exercisable.

     

    (b)           A
person entitled to exercise a Stock Appreciation Right Award may do so by
delivery of a written notice to that effect, in a form specified by the
Committee, specifying the number of shares of Common Stock with respect to which
the Stock Appreciation Right Award is being exercised and any other information
or documents the Committee may prescribe. Upon exercise of a tandem Stock
Appreciation Right Award, the number of shares of Common Stock covered by the
related Award shall be reduced by the number of shares with respect to which the
Stock Appreciation Right has been exercised.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    SECTION
8  TRANSFERABILITY OF OPTIONS AND STOCK APPRECIATION RIGHTS

     

    
      Unless
otherwise determined by the Committee, no Option or Stock Appreciation Right
granted pursuant to the Plan shall be transferable otherwise than by will or by
the laws of descent and distribution or pursuant to a qualified domestic
relations order as defined by the Code.

    

    

    SECTION
9  RESTRICTED STOCK AND RESTRICTED STOCK UNITS

     

    The Committee may award shares of
Common Stock to Outside Directors, Key Employees and consultants and advisors
under an Award of Restricted Stock and/or Restricted Stock Units, upon such
terms as the Committee deems applicable, including the provisions set forth
below.

    

    
      	
            	
              9.1

            	
              General
      Requirements.

            

    

     

    Shares of Common Stock issued or
transferred pursuant to an Award of Restricted Stock and/or Restricted Stock
Units may be issued or transferred for consideration or for no consideration,
and subject to restrictions or no restrictions, as determined by the
Committee.  The Committee may establish conditions under which
restrictions on shares of Restricted Stock and/or Restricted Stock Units shall
lapse over a period of time or according to such other criteria (including
performance-based criteria which are intended to satisfy the qualified
performance-based compensation exception from the tax deductibility limitations
of Section 162(m) of the Code) as the Committee deems
appropriate.  The period of time during which shares of Restricted
Stock and/or Restricted Stock Units remain subject to restrictions will be
designated in the written agreement or grant certificate as the "Restricted
Period."

    

    
      	
            	
              9.2

            	
              Number of
      Shares.

            

    

     

    The Committee shall determine the
number of shares of Common Stock to be issued pursuant to an Award of Restricted
Stock and/or Restricted Stock Units and the restrictions applicable to the
shares subject to such Award.

    

    
      	
            	
              9.3

            	
              Restrictions on Transfer and
      Legend on Stock Certificate.

            

    

     

    During the Restricted Period, subject
to such exceptions as the Committee may deem appropriate, a Grantee may not
sell, assign, transfer, donate, pledge or otherwise dispose of the shares of
Restricted Stock or Restricted Stock Units. Each certificate for a share of
Restricted Stock shall contain a legend giving appropriate notice of the
applicable restrictions.  The Grantee shall be entitled to have the
legend removed from the stock certificate covering the shares of Restricted
Stock subject to restrictions when all restrictions on such shares
lapse.  The Board may determine that the Company will not issue
certificates for shares of Restricted Stock until all restrictions on such
shares lapse, or that the Company will retain possession of certificates for
shares of Restricted Stock until all restrictions on such shares
lapse.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              9.4

            	
              Right to
      Dividends.

            

    

     

    During the Restricted Period, except as
otherwise set forth in the applicable written agreement or grant certificate, in
the event that dividends are paid on shares of Common Stock, an amount equal to
the dividend paid on each such share shall be credited to the shares subject to
Award of Restricted Stock Units ("Dividend Credits").  Any Dividend
Credits shall be paid to the Grantee if and when the restrictions with respect
to such Restricted Stock Units lapse as set forth in Section 9.5.

    

    
      	
            	
              9.5

            	
              Lapse of
      Restrictions.

            

    

     

    (a)           All
restrictions imposed on Restricted Stock and/or Restricted Stock Units shall
lapse upon the expiration of the applicable Restricted Period and the
satisfaction of all conditions imposed by the Committee (the date on which
restrictions lapse as to any shares of Restricted Stock or Restricted Stock
Units, the "Vesting Date").  The Committee may determine, as to any
grant of Restricted Stock and/or Restricted Stock Units, that the restrictions
shall lapse without regard to any Restricted Period.

     

    (b)           Upon
the lapse of restrictions with respect to any Restricted Stock Units, the value
of such Restricted Stock Units shall be paid to the Grantee in shares of Common
Stock. For purposes of the preceding sentence, each Restricted Stock Unit as to
which restrictions have lapsed shall have a value equal to the Fair Market Value
as of the Units Vesting Date. "Units Vesting Date" means, with respect to any
Restricted Stock Units, the date on which restrictions with respect to such
Restricted Stock Units lapse.

     

    
      	
            	
              9.6

            	
              Performance-Based
      Criteria

            

    

     

    At the
Committee's discretion, awards of Restricted Stock and Restricted Stock Units
may be made subject to the attainment of performance goals which are intended to
satisfy the qualified performance-based compensation exception from the tax
deductibility limitations of Section 162(m) of the Code. The performance
criteria shall consist of one or more or any combination of the following
measures:  net sales (with or without precious metal content); sales
growth; operating income; earnings before or after tax; earnings before interest
and taxes; earnings before interest, taxes, depreciation and amortization; cash
flow; gross or net margin; earnings per share (whether on a pre-tax, after-tax,
operational or other basis); ratio of debt to debt plus equity; credit quality
or debt ratings; capital expenditures; expenses or expense levels; ratio of
operating earnings to revenues or any other operating ratios; the extent to
which business goals are met; the accomplishment of mergers, acquisitions,
dispositions, or similar extraordinary business transactions; price of the
Company’s Common Stock; market share criteria; management of costs; return on
assets, net assets, invested capital, equity, or stockholders’ equity; market
share; inventory levels, inventory turn or shrinkage; regulatory compliance;
total return to stockholders (“Performance Criteria”).  The
Performance Criteria may be applied to the performance of the Company as a whole
or any business unit of the Company and may be measured relative to a peer group
or index selected by the Committee, provided that, the Performance Criteria
shall be calculated consistently with the Company’s financial statements, under
generally accepted accounting principles, or under a methodology established by
the Committee in connection with the granting of an Award which is consistently
applied with respect to that Award. To the extent the Committee deems
appropriate, Performance Criteria may exclude or otherwise be adjusted for (i)
extraordinary, unusual and/or non-recurring items of gain or loss, (ii) gains or
losses on the disposition of a business, (iii) the effect of changes in tax
and/or accounting regulations, laws or principles and the interpretation
thereof, or (iv) the effects of mergers, acquisitions and/or
dispositions.  This Section 9.6 shall not limit the discretion of the
Committee to grant Awards that do not satisfy the requirements of the qualified
performance-based compensation exception from the tax deductibility limitations
of Section 162(m) of the Code.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    SECTION
10  EFFECT OF TERMINATION OF EMPLOYMENT

     

    
      	
              
              

            	
              10.1

            	
              Termination
      Generally

            

    

     

    (a)           Except
as provided in Section 10.2, 10.3 or 11, or as determined by the Committee, in
its sole discretion, all rights to exercise the vested portion of any Option
held by an Optionee or of any Stock Appreciation Right Award held by a Grantee
whose employment and/or relationship with the Company or service on the Board is
terminated for any reason other than "Cause," as defined below, shall terminate
ninety (90) days following the date of termination of employment, relationship
or service on the Board, as the case may be (“Exercise Period”). All rights to
exercise the vested portion of any Option held by an Optionee or of any Stock
Appreciation Right Award held by a Grantee whose employment and/or relationship
with the Company is terminated for "Cause" shall terminate on the date of
termination of employment and/or the relationship. For the purposes of this
Plan, "Cause" shall mean a finding by the Committee that the Optionee has
engaged in conduct that is fraudulent, disloyal, criminal or injurious to the
Company, including, without limitation, acts of dishonesty, embezzlement, theft,
felonious conduct or unauthorized disclosure of trade secrets or confidential
information of the Company. Unless otherwise provided in the Plan or determined
by the Committee, vesting of Options and Stock Appreciation Right Awards for Key
Employees and consultants ceases immediately upon the date of termination of
employment and/or the relationship with the Company and any portion of an Option
and/or Stock Appreciation Right Award that has not vested on or before such date
is forfeited on such date.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (b)           If
a Grantee who has received an Award of Restricted Stock and/or Restricted Stock
Units ceases to be employed by the Company during the Restricted Period, or if
other specified conditions are not met, the Award of Restricted Stock and/or
Restricted Stock Units shall terminate as to all shares covered by the Award as
to which the restrictions have not lapsed, and, in the case of Restricted Stock,
those shares of Common Stock shall be canceled in exchange for the purchase
price, if any, paid by the Grantee for such shares.  The Committee may
provide, however, for complete or partial exceptions to this requirement as it
deems appropriate.

     

    (c)           The
transfer of employment from the Company to a Subsidiary, or from a Subsidiary to
the Company, or from a Subsidiary to another Subsidiary, shall not constitute a
termination of employment for purposes of the Plan. Awards granted under the
Plan shall not be affected by any change of duties in connection with the
employment of the Key Employee or by a leave of absence authorized by the
Company.

     

    
      	
            	
              10.2

            	
              Death
      and Disability

            

    

     

    
      	
               
      

            	
              In
      the event of the death or Disability (as defined below) of an Optionee or
      Grantee during employment or such Optionee's or Grantee relationship with
      the Company or service on the Board, (a) all Options held by the Optionee
      and all Stock Appreciation Right Awards held by the Grantee shall become
      fully exercisable on such date of death or Disability and (b) all
      restrictions and conditions on all Restricted Stock and/or Restricted
      Stock Units held by the Grantee shall lapse on such date of death or
      Disability.  Each of the Options held by such an Optionee and
      each of the Stock Appreciation Right Awards held by such a Grantee shall
      expire on the earlier of (i) the first anniversary of the date of death or
      Disability and (ii) the date that such Option or Stock Appreciation Right
      Award expires in accordance with its terms, provided that, in any event,
      NSOs granted under this Plan shall not expire earlier than one year from
      the date of death or disability.  For purposes of this Section
      11.2, "Disability" shall mean the inability of an individual to engage in
      any substantial gainful activity by reason of any medically determinable
      physical or mental impairment which is expected to result in death or
      which has lasted or can be expected to last for a continuous period of not
      less than twelve (12) months.  The Committee, in its sole
      discretion, shall determine the existence and date of any
      Disability.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              10.3

            	
              Retirement

            

    

    (a)           Key
Employees. In the event the employment of a Key Employee with the Company shall
be terminated by reason of "Normal Retirement" or "Early Retirement," as defined
below, all Options and Stock Appreciation Right Awards held by such Key Employee
shall become fully exercisable on the date of such Employee retirement. Each of
the Options and Stock Appreciation Right Awards held by such a Key Employee
shall expire on the earlier of (i) the fifth anniversary of the date of the
Employee retirement, or (ii) the date that such Option expires in accordance
with its terms. For the purposes hereof, "Normal Retirement" shall mean
retirement of a Key Employee at or after age 65 and "Early Retirement" shall
mean retirement of a Key Employee at or after age 60 with a minimum of 15 years
of service with the Company. In the event the employment of a Key Employee with
the Company shall be terminated by reason of a retirement that is not a Normal
Retirement or Early Retirement, the Committee may, in its sole discretion,
determine the vesting, exercisability and exercise periods applicable to Options
and Stock Appreciation Right Awards held by such Key Employee. In the event the
employment of a Key Employee with the Company shall be terminated by reason of
"Normal Retirement" or "Early Retirement", all restrictions and conditions on
all Restricted Stock and/or Restricted Stock Units held by such Key Employee
shall lapse on the date of such Normal Retirement or Early Retirement. In the
event the employment of a Key Employee with the Company shall be terminated by
reason of a retirement that is not a Normal Retirement or Early Retirement, the
Committee may, in its sole discretion, determine the restrictions and
conditions, if any, on Restricted Stock and/or Restricted Stock Units held by
such Key Employee that will lapse.

     

    (b)           Outside
Directors. In the event the service on the Board of an Outside Director shall be
terminated by reason of the retirement of such Outside Director ("Outside
Director Retirement"), all Options and Stock Appreciation Right Awards held by
such Outside Director shall become fully exercisable on the date of such Outside
Director Retirement. Each of the Options and Stock Appreciation Right Awards
held by such an Outside Director shall expire on the earlier of (i) the date
that such Option or Stock Appreciation Right Award expires in accordance with
its terms or (ii) the five year anniversary date of such Outside Director
Retirement. In the event the service on the Board of an Outside Director shall
be terminated by reason of an "Outside Director Retirement", all restrictions
and conditions on all Restricted Stock and/or Restricted Stock Units held by
such Outside Director shall lapse on the date of such Outside Director
Retirement.  For purposes of this provision, Outside Director
Retirement shall mean a Director resignation from the Board after nine years of
service on the Board or retirement in accordance with the Company’s mandatory
retirement policy for Directors.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (c) Key
Employees Who Are Employee Directors. Section 10.3(a) shall be applicable to
Options, Stock Appreciation Rights, Restricted Stock and/or Restricted Stock
Units held by any Key Employee who is an Employee Director at the time that such
Key Employee's employment with the Company terminates by reason of Employee
Retirement. If such Key Employee continues to serve on the Board as of the date
of such Key Employee’s Employee Retirement, then Section 10.3(b) shall be
applicable to Options, Stock Appreciation Rights Restricted Stock and/or
Restricted Stock Units granted after such date.

    

    SECTION
11  CHANGE IN CONTROL

     

    
      	
            	
              11.1

            	
              Effect
      of Change in Control

            

    

     

    
      	
               
      

            	
              Notwithstanding
      any of the provisions of the Plan or any written agreement or grant
      certificate evidencing Awards granted hereunder, immediately upon a
      "Change in Control" (as defined in Section 11.2), all outstanding Options
      and Stock Appreciation Rights granted to Key Employees or Outside
      Directors, whether or not otherwise exercisable as of the date of such
      Change in Control, shall accelerate and become fully exercisable and all
      restrictions thereon shall terminate in order that Optionees and Grantees
      may fully realize the benefits thereunder, and all restrictions and
      conditions on all Restricted Stock and Restricted Stock Units granted to
      Key Employees or Outside Directors shall lapse upon the effective date of
      the Change of Control. The Committee may determine in its discretion (but
      shall not be obligated to do so) that any or all holders of outstanding
      Options and Stock Appreciation Right Awards which are exercisable
      immediately prior to a Change of Control (including those that become
      exercisable under this Section 11.1) will be required to surrender them in
      exchange for a payment, in cash or Common Stock as determined by the
      Committee, equal to the value of such Options and Stock Appreciation Right
      Awards, with such payment to take place as of the date of the Change in
      Control or such other date as the Committee may
  prescribe.

            

    

    

    
      	
            	
              11.2

            	
              Definition
      of Change in Control

            

    

     

    
      	
               
      

            	
              The
      term "Change in Control" shall mean the occurrence, at any time during the
      term of an Award granted under the Plan, of any of the following
      events:

            

    

    

    (a)           The
acquisition, other than from the Company, by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
"Person") (other than the Company or any benefit plan sponsored by the Company)
of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act) of 30% or more of either (i) the then outstanding shares of the Common
Stock (the "Outstanding Common Stock") or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "Voting Securities"); or

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    (b)           Less
than a majority of the Board (rounded down to the nearest whole number) is
comprised of individuals who, as of the Effective Date, constitute the Board
(the "Incumbent Board"), provided that any individual whose election or
nomination for election was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the
Directors of the Company; or

     

    (c)           Consummation
by the Company of a reorganization, merger or consolidation (a "Business
Combination"), in each case, with respect to which all or substantially all of
the individuals and entities who were the respective beneficial owners of the
Outstanding Common Stock and Voting Securities immediately prior to such
Business Combination do not, following such Business Combination, beneficially
own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such Business
Combination in substantially the same proportion as their ownership immediately
prior to such Business Combination of the Outstanding Common Stock and Voting
Securities, as the case may be; or

     

    (d)           Consummation
of a complete liquidation or dissolution of the Company, or sale or other
disposition of all or substantially all of the assets of the Company other than
to a corporation with respect to which, following such sale or disposition, more
than 50% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors is then owned beneficially, directly or
indirectly, by all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the Outstanding Common Stock and Voting
Securities immediately prior to such sale or disposition in substantially the
same proportions as their ownership of the Outstanding Common Stock and Voting
Securities, as the case may be, immediately prior to such sale or
disposition.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (e)           In
addition to the foregoing, with respect to any Key Employee covered under this
provision, consummation by the Company of a Business Combination, in each case,
with respect to which all or substantially all of the individuals and entities
who were the respective beneficial owners of the Outstanding Common Stock and
Voting Securities immediately prior to such Business Combination do not,
following such Business Combination, beneficially own, directly or indirectly,
more than 55% of, respectively, the then outstanding shares of common stock and
the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination in substantially the same
proportion as their ownership immediately prior to such Business Combination of
the Outstanding Common Stock and Voting Securities, as the case may be, and any
Key Employees who were employed by the Company and were Optionees or Grantees
under the Plan at the time of such Business Combination is terminated other than
for Cause or voluntarily leaves the employ of the Company within two (2) years
from the date of any such Business Combination as the result of a voluntary
termination of employment by such Key Employee within sixty (60) days after any
one or more of the following events have occurred:

     

    
      	
               
      

            	
              (i)

            	
              failure
      by the Company to maintain the duties, status, and responsibilities of the
      Key Employee substantially consistent with those prior to the Business
      Combination, or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      reduction by the Company in the Key Employee’s base salary as in effect as
      of the date prior to the Business Combination,
  or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      failure of the Company to maintain and to continue the Key Employee’s
      participation in the Company’s benefit plans as in effect from time to
      time on a basis substantially equivalent to the participation and benefits
      of Company employees similarly situated to the
  Employee.

            

    

     

    SECTION
12  RIGHTS AS STOCKHOLDER

     

    An Optionee or Grantee (or a transferee
of any such person pursuant to Section 8) shall have no rights as a stockholder
with  respect to any Common Stock covered by an Award or receivable
upon the exercise of Award until the Optionee, Grantee or transferee shall have
become the holder of record of such Common Stock, and no adjustments shall be
made for dividends or distributions in cash or other property or rights in
respect to such Common Stock for which the applicable record date is prior to
the date on which the Optionee or Grantee shall have become the holder of record
of the shares of Common Stock purchased pursuant to exercise of the
Award.

    

    SECTION
13  POSTPONEMENT OF EXERCISE

     

    The Committee may postpone any exercise
of an Option or Stock Appreciation Right Awards for such time as the Committee
in its sole discretion may deem necessary in order to permit the Company to
comply with any applicable laws or rules, regulations or other requirements of
the Securities and Exchange Commission or any securities exchange or quotation
system upon which the Common Stock is then listed or quoted.  Any such
postponement shall not extend the term of an Option or Stock Appreciation Right
Award, unless such postponement extends beyond the expiration date of the Award
in which case the expiration date shall be extended thirty (30) days, and
neither the Company nor its directors, officers, employees or agents shall have
any obligation or liability to an Optionee or Grantee, or to his or her
successor or to any other person.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    SECTION
14  TAXES

     

    
      	
            	
              14.1

            	
              Taxes
      Generally

            

    

     

    
      	
               
      

            	
              The
      Company shall have the right to withhold from any Award, from any payment
      due or transfer made under any Award or under the Plan or from any
      compensation or other amount owing to a participant the amount (in cash,
      shares or other property) of any applicable withholding or other taxes in
      respect of an Award, its exercise, or any payment or transfer under an
      Award or under the Plan and to take such other action as may be necessary
      in the opinion of the Committee to satisfy all obligations for the payment
      of such taxes.

            

    

    

    
      	
            	
              14.2

            	
              Payment
      of Taxes

            

    

     

    
      	
               
      

            	
              A
      participant, with the approval of the Committee, may satisfy the
      obligation set forth in Section 14.1, in whole or in part, by (a)
      directing the Company to withhold such number of shares of Common Stock
      otherwise issuable upon exercise or vesting of an Award (as the case may
      be) having an aggregate Fair Market Value on the date of exercise equal to
      the amount of tax required to be withheld, or (b) delivering shares of
      Common Stock of the Company having an aggregate Fair Market Value equal to
      the amount required to be withheld on any date.  The Committee
      may, in its sole discretion, require payment by the participant in cash of
      any such withholding obligation and may disapprove any election or
      delivery or may suspend or terminate the right to make elections or
      deliveries under this Section 14.2.

            

    

    

    SECTION
15  TERMINATION, AMENDMENT AND TERM OF PLAN

     

    15.1           The
Board or the Committee may terminate, suspend, or amend the Plan, in whole or in
part, from time to time, without the approval of the stockholders of the Company
provided, however, that no Plan amendment shall be effective until approved by
the stockholders of the Company if the effect of the amendment is to lower the
exercise price of previously granted Options or Stock Appreciation Rights or if
such stockholder approval is required in order for the Plan to continue to
satisfy the requirements of Rule 16b-3 under the 1934 Act or applicable tax or
other laws.  Except in connection with a corporate transaction
involving the Company (including, without limitation, any stock dividend, stock
split, extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, or exchange of shares), the
terms of outstanding awards may not be amended to reduce the exercise price of
outstanding Options of Stock Appreciation Rights or cancel, exchange,
substitute, buyout or surrender outstanding Options or Stock Appreciation Rights
with an exercise price that is less than the exercise price of the original
Options or Stock Appreciation Rights without stockholder approval.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    15.2           The
Committee may correct any defect or supply any omission or reconcile any
inconsistency in the Plan or in any Award granted hereunder in the manner and to
the extent it shall deem desirable, in its sole discretion, to effectuate the
Plan.  No amendment or termination of the Plan shall adversely affect
any Award theretofore granted without the consent of the recipient, except that
the Committee may amend the Plan in a manner that does affect Awards theretofore
granted upon a finding by the Committee that such amendment is in the best
interests of holders of outstanding Options affected thereby.

     

    15.3           The
Plan was adopted and authorized on March 24, 2010 by the Board of Directors for
submission to the stockholders of the Company for their approval.  If
the Plan is approved by the stockholders of the Company, it shall be deemed to
have become effective as of March 24, 2010.  Unless earlier terminated
in accordance herewith, the Plan shall terminate on March 24,
2020.  Termination of the Plan shall not affect Awards previously
granted under the Plan.

     

    SECTION
16  GOVERNING LAW

     

    The Plan shall be governed and
interpreted in accordance with the laws of the State of Delaware, without regard
to any conflict of law provisions which would result in the application of the
laws of any other jurisdiction.

    

    SECTION
17  NO RIGHT TO AWARD; NO RIGHT TO EMPLOYMENT

     

    No person shall have any claim of right
to be granted an Award under the Plan.  Neither the Plan nor any
action taken hereunder shall be construed as giving any employee of the Company
any right to be retained in the employ of the Company or as giving any member of
the Board any right to continue to serve in such capacity.

    

    SECTION
18  AWARDS NOT INCLUDABLE FOR BENEFIT PURPOSES

     

    Income recognized by a participant
pursuant to the provisions of the Plan shall not be included in the
determination of benefits under any employee pension benefit plan (as such term
is defined in Section 3(2) of the Employee Retirement Income Security Act of
1974) or group insurance or other benefit plans applicable to the participant
which are maintained by the Company, except as may be provided under the terms
of such plans or determined by resolution of the Committee.

    

    SECTION
19  NO STRICT CONSTRUCTION

     

    No rule of strict construction shall be
implied against the Company, the Committee, or any other person in the
interpretation of any of the terms of the Plan, any Award granted under the Plan
or any rule or procedure established by the Board.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    SECTION
20  CAPTIONS

     

    All Section headings used in the Plan
are for convenience only, do not constitute a part of the Plan, and shall not be
deemed to limit, characterize or affect in any way any provisions of the Plan,
and all provisions of the Plan shall be construed as if no captions have been
used in the Plan.

    

    SECTION
21  SEVERABILITY

     

    Whenever possible, each provision in
the Plan and every Award at any time granted under the Plan shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of the Plan or any Award at any time granted under the Plan shall be
held to be prohibited by or invalid under applicable law, then such provision
shall be deemed amended to accomplish the objectives of the provision as
originally written to the fullest extent permitted by law, and all other
provisions of the Plan and every other Award at any time granted under the Plan
shall remain in full force and effect.

    

    SECTION
22  MODIFICATION FOR GRANTS OUTSIDE THE U.S.

     

    The Board may, without amending the
Plan, determine the terms and conditions applicable to grants of Awards to
participants who are foreign nationals or employed outside the United States in
a manner otherwise inconsistent with the Plan if the Board deems such terms and
conditions necessary in order to recognize differences in local law or
regulations, tax policies or customs.

    
      
         

      

      
        18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]