Document:

Exhibit 4.3

 Exhibit 4.3 
 FORM OF COMMON STOCK WARRANT 
 This warrant and the securities issuable upon the exercise of this warrant have not
been registered under the Securities Act of 1933, as amended (the “Act”) or any applicable state securities law, and may not be offered, sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in the absence of an
effective registration statement under the Act, and such registration or qualification as may be necessary under the securities laws of any state, or an opinion of counsel satisfactory to the Company that such registration or qualification is not
required. 
 PAETEC HOLDING CORP. 
  

 COMMON STOCK PURCHASE WARRANT 
  

  
 Warrant No. [-] 
 Dated as of [to come], 2007 
  

	1.	Grant. For value received, PAETEC Holding Corp., a Delaware corporation (the “Company”), hereby grants to
                 , or his, her, or its registered assigns or transferees (the “Holder”), at the Exercise Price set forth in Section 3 below, the right to
purchase                  shares of Common Stock (the “Warrant Shares”), subject to adjustment from time to time as hereinafter set forth. This Warrant is
issued in exchange for a warrant issued by US LEC Corp. under a Note Purchase Agreement, dated as of December 31, 2002, by and among US LEC Corp. and the Investors listed on the signature page thereof (the “Purchase Agreement”).
Capitalized terms used herein, but not elsewhere defined herein, have the meanings set forth in the Purchase Agreement. 

  

	2.	Exercise Period. The right to exercise this Warrant, in whole or in part, begins on the date hereof. The right to exercise this Warrant expires on September 30, 2009
(the “Expiration Date”). 

  

	3.	Exercise Price. The exercise price per share of this Warrant is equal to $[1.90]1[2.06]2, subject to adjustment from time to time as hereinafter set
forth (the “Exercise Price”). 

  

	1	Price to be used for warrants held by warrantholders other than Messrs. Aab and Ganatra. 

  

	2	Price to be used for warrants held by Messrs. Aab and Ganatra. 

  

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	4.	Anti-Dilution Adjustments. 

  

	 	(a)	Adjustment for Changes in Common Stock. If the Company pays a dividend or makes a distribution on its Common Stock in shares of its Common Stock, subdivides its outstanding
shares of Common Stock into a greater number of shares, combines its outstanding shares of Common Stock into a smaller number of shares, or issues by reclassification of its Common Stock any other shares of capital stock (each, an “Adjustment
Event”), the number of Warrant Shares issuable hereunder immediately prior to such action shall be proportionately adjusted so that the Holder will receive upon exercise, the aggregate number and kind of shares of capital stock of the Company
which the Holder would have owned immediately following such action if the Holder had exercised this Warrant immediately prior to such Adjustment Event, and the Exercise Price in effect hereunder immediately prior to such action shall be
proportionately adjusted so that the Holder shall pay upon exercise, the aggregate amount which the Holder would have paid if the Holder had exercised this Warrant immediately prior to such Adjustment Event. The adjustment shall become effective
immediately upon the record date in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision, combination or reclassification. 

  

	 	(b)	Capital Reorganizations. If there shall be any consolidation or merger to which the Company is a party, other than a consolidation or a merger of which the Company is the
continuing or surviving corporation and which does not result in any reclassification of, or change (other than an Adjustment Event) in, outstanding shares of Common Stock, or any sale or conveyance of all or substantially all of the property of the
Company, or any recapitalization of the Company (any such event being called a “Capital Reorganization”), then, effective upon the effective date of such Capital Reorganization, the Holder shall no longer have the right to purchase Common
Stock, but shall have instead the right to purchase, upon exercise of this Warrant, the kind and amount of shares of stock and other securities and property (including cash) which the Holder would have owned or have been entitled to receive pursuant
to such Capital Reorganization if this Warrant had been exercised immediately prior to the effective date of such Capital Reorganization. As a condition to effecting any Capital Reorganization, the Company or the successor or surviving corporation,
as the case may be, shall execute and deliver to the Holder an agreement as to the Holder’s rights in accordance with this Section 4(b), providing, to the extent of any right to purchase equity securities hereunder, for subsequent
adjustments as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this Section 4(b) shall similarly apply to successive Capital Reorganizations. 

  

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	 	(c)	Adjustment Rules. Any adjustments pursuant to this Section 4 shall be made successively whenever an event referred to herein occurs. If the Company takes a record of the
holders of its Common Stock for any purpose referred to in this Section 4, then (i) such record date shall be deemed to be the effective date of any adjustment required pursuant to this Section 4 and (ii) if the Company shall
legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to this Section 4 in respect of such action. 

  

	 	(d)	Notice of Adjustment. Not less than 10 nor more than 30 days prior to the record date or effective date, as the case may be, of any action which requires or might require an
adjustment or readjustment pursuant to Section 4, the Company shall give notice to the Holder of such event, describing such event in reasonable detail and specifying the record date or effective date, as the case may be, and, if determinable,
the required adjustment and the computation thereof. If the required adjustment is not determinable at the time of such notice, the Company shall give notice to the Holder of such adjustment and computation promptly after such adjustment becomes
determinable. 

  

	 	(e)	No Fractional Shares Required to be Issued. The Company shall not be required to issue fractions of shares of Common Stock upon exercise of this Warrant. If any fraction of a
share would, but for this Section, be issuable upon final exercise of this Warrant, in lieu of such fractional share, the Company shall pay to the Holder in cash an amount equal to the same fraction of the Market Value (as defined in
Section 8) per share of outstanding Common Stock immediately prior to the date of such exercise. 

  

	5.	Reservation of Common Stock. The Company will reserve and keep available for issuance and delivery upon the exercise of this Warrant such number of its authorized but
unissued shares of Common Stock or other securities of the Company as will be sufficient to permit the exercise in full of this Warrant. Upon issuance, each of the Warrant Shares will be validly issued, fully paid and nonassessable, free and clear
of all liens, security interests, charges and other encumbrances or restrictions on sale (other than restrictions imposed by applicable securities laws) and free and clear of all preemptive rights. 

  

	6.	No Voting Rights; Limitations of Liability. Prior to exercise, this Warrant shall not entitle the Holder to (a) any voting rights or (b) other rights as a
stockholder of the Company. No provision of this Warrant, in the absence of affirmative action by the Holder to exercise this Warrant, and no enumeration in this Warrant of the rights or privileges of the Holder, will give rise to any liability of
such Holder for the Exercise Price. 

  

	7.	Exercise Procedure. 

  

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	 	(a)	To exercise this Warrant, the Holder must deliver to the principal office of the Company (prior to the Expiration Date) this Warrant, the Election to Purchase substantially in the
form of Exhibit A attached hereto, and the Exercise Price. The Holder may deliver the Exercise Price by any of the following methods, at the Holder’s option: (i) in legal tender, (ii) by bank cashier’s or certified check,
(iii) by wire transfer to an account designated by the Company, or (iv) in accordance with Section 8. Upon exercise, the Company, at its sole expense, will issue and deliver to Holder, within 10 days after the date on which the Holder
exercises this Warrant, certificates for the Warrant Shares purchased hereunder. The Warrant Shares shall be deemed issued, and the Holder deemed the holder of record of such Warrant Shares, as of the opening of business on the date on which the
Holder exercises this Warrant. 

  

	 	(b)	In the event this Warrant is partially exercised, the Company shall forthwith issue and deliver to the Holder a new Warrant of like tenor to purchase that number of shares with
respect to which such partial exercise did not apply. 

  

	 	(c)	The Company shall pay any documentary, stamp or similar issue or transfer taxes payable in respect of the issue or delivery of the Warrant Shares. 

  

	8.	Cashless Exercise. 

  

	 	(a)	Use of Warrant Shares to Pay Exercise Price. In lieu of paying the applicable Exercise Price by legal tender, check or wire transfer, the Holder may elect to receive, upon
exercise of this Warrant, that number of Warrant Shares equal to the quotient obtained by dividing: 

 [(A-B)(X)] by (A),
where: 
 A = the Market Value (as defined below) of a share of Common Stock on the date of exercise; 
 B = the Exercise Price for a share of Common Stock; 
 X = the number of Warrant Shares (equal to or less than the number of Warrant Shares then issuable hereunder) as to which this Warrant is being exercised. 
  

	 	(b)	Market Value. For purposes of this Section 8, the Market Value of a share of Common Stock means: 

  

	 	(i)	 if the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on such exchange or listed for 

  

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trading on The NASDAQ Stock Market LLC — the average of the last reported sale price of the Common Stock for the five consecutive trading days
immediately prior to the date of exercise of this Warrant (or the average closing bid and asked prices for each such day if no such sale is made on such day); 
  

	 	(ii)	if clause (i) does not apply, and if the prices are reported by the OTC Bulletin Board Service — the average of the means of the last reported bid and asked prices
reported for the five consecutive trading days immediately prior to the date of exercise of this Warrant; and 

  

	 	(iii)	in all other cases, the per share value as determined by the Company’s Board of Directors in good faith. 

  

	9.	Sale of Warrant or Warrant Shares. Neither the sale of this Warrant nor the issuance of any of the Warrant Shares upon exercise of this Warrant has been registered under the
Act or under the securities laws of any state. The issuance of the Warrant Shares upon exercise of this Warrant shall comply with all applicable federal and state securities laws. Neither this Warrant nor any of the Warrant Shares (when issued) may
be sold, assigned, transferred, pledged or hypothecated or otherwise disposed of except as permitted: (i) by any effective registration statement under the Act and by registration or qualification under applicable state securities laws or
(ii) by an opinion of counsel reasonably satisfactory to the Company stating that such registration under the Act and registration or qualification under applicable state securities laws is not required. Until the Warrant Shares have been
registered under the Act and registered and qualified under applicable state securities laws, the Company shall cause each certificate evidencing any Warrant Shares to bear the following legend: 

 The shares evidenced by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or under the
securities laws of any state. The shares may not be offered, sold, assigned, transferred, pledged or hypothecated or otherwise disposed of in the absence of an effective registration statement under the Act and such registration or qualification as
may be necessary under the securities laws of any state or an opinion of counsel reasonably satisfactory to the Company that such registration or qualification is not required. 
  

	10.	Transfer. The Company will register this Warrant on its books and keep such books at its offices. To effect a transfer, the Holder must present (either in person or by duly
authorized attorney) this Warrant and written notice substantially in the form of Exhibit B attached hereto. To prevent a transfer in violation of Section 9, the Company may issue appropriate stop orders to its transfer agent.

  

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	11.	Replacement of Warrant. If the Holder provides evidence that this Warrant or any certificate or certificates representing the Warrant Shares have been lost, stolen, destroyed
or mutilated, the Company (at the request and expense of the Holder) will issue a replacement Warrant or certificates upon reasonably satisfactory indemnification of the Company by the Holder. 

  

	12.	Registration Rights Agreement. The Holder shall have certain rights in regard to the Warrant Shares issued or issuable hereunder as set forth in a Registration Rights
Agreement, as amended, by and among US LEC Corp., the Holder and the other Investors listed on the signature page of the Purchase Agreement or in any registration rights agreement executed by the Holder that supersedes such agreement.

  

	13.	Governing Law. The laws of the State of Delaware (other than its conflict of law rules) govern this Warrant. 

  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed on its behalf, in its corporate name, by its
[TITLE], as of the date first written above. 
  

			
	 PAETEC Holding Corp.
 a Delaware corporation

		
	By:	 	  
	[Name] [Title]	 	
	
	 Principal Office:

	
	 One PAETEC Plaza
 600 Willowbrook Office Park
 Fairport, New York 14450

  

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 EXHIBIT A 
 IRREVOCABLE ELECTION TO PURCHASE 
  

	To:	PAETEC Holding Corp. 

 One PAETEC Plaza 
 600 Willowbrook Office Park 
 Fairport, New
York 14450 
 The undersigned hereby irrevocably elects to exercise the Holder’s right under the attached Warrant to purchase
                 shares of the Common Stock at an Exercise Price of
$                     per share. The certificates for such shares shall be issued in the name of: 
  

	
	  
	 (Name)

	
	  
	 (Address)

	
	  
	 (Taxpayer Number)

	
	and delivered to:
	
	  
	(Name)
	
	  
	 (Address)

  ̈ CASH PAYMENT EXERCISE: The aggregate Exercise Price of $             is enclosed. 
 or 
  ̈ CASHLESS EXERCISE: In lieu of payment of the aggregate Exercise Price hereof, the attached Warrant is being exercised in accordance with Section 8 of the attached
Warrant. 
  

			
	Date:	 	  
		
	Signed:	 	  
		 	 (Name of Holder, Please Print)

		
		 	  
		 	(Address)
		
		 	  
		 	 (Signature)

  

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 EXHIBIT B 
 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfer unto: 

 

			
		 	  
		 	 (Name)

		
		 	  
		 	(Address)

 the attached Warrant, together with all right, title and interest therein to purchase shares of
the Common Stock and does hereby irrevocably appoint
                                        
         as attorney-in-fact to transfer said Warrant on the books of PAETEC Holding Corp., with full power of substitution in the premises. 
 Done this          day of
                     20    . 
  

	
	
	  
	(Signature)
	
	  
	(Name and title)
	
	  
	
	  
	(Address)

  

 9Exhibit 10.10.8

 Exhibit 10.10.8 
 Incentive Stock Option Agreement 
 PAETEC CORP. 
 2001 STOCK OPTION AND INCENTIVE PLAN 
 INCENTIVE STOCK OPTION AGREEMENT 
 PaeTec Corp., a Delaware corporation (the “Company”), hereby grants an option
to purchase shares of Class A Common Stock, par value $.01 per share, of the Company (the “Stock”) to the optionee named below. The terms and conditions of this option are set forth in this cover sheet, in the attached term sheet and
in the PaeTec Corp. 2001 Stock Option and Incentive Plan (as amended from time to time, the “Plan”) Capitalized terms that are used, but not defined, in this cover sheet or the attached term sheet have the meanings ascribed to such terms
in the Plan. 
 Grant Date:
                                , 200     

Name of Optionee:
                                        
                                        
             
 Number of Shares Covered by Option:
                     
 Option Price per Share: $                .             
 Vesting Start Date:
                                ,
             
 By signing this cover sheet, you agree to all of the
terms and conditions described in this cover sheet, in the attached term sheet and in the Plan, a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan and agree that the Plan will control in the event any
provision of this Agreement (as defined in the attached term sheet) should appear to be inconsistent. 
  
  

			
	  	 	 
	 (Optionee)
	 	 Keith M. Wilson
 Executive Vice
President

 Attachment 
 This is not a stock certificate or a negotiable instrument. 
  

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 Incentive Stock Option Term Sheet 
 PAETEC CORP. 
 2001 STOCK OPTION AND INCENTIVE PLAN 
 INCENTIVE STOCK OPTION AGREEMENT 
  

	 Incentive Stock Option  
	 This option is intended to be an incentive stock option under Section 422 of the Internal Revenue Code and will be interpreted accordingly.
If you cease to be an employee of the Company, its parent or a subsidiary (“Employee”), but continue to provide Service, this option will be deemed a nonstatutory stock option three months after you cease to be an Employee. In addition, to
the extent that all or part of this option exceeds the $100,000 rule of section 422(d) of the Internal Revenue Code, this option or the lesser excess part will be deemed to be a nonstatutory stock option. 

  

	 Definition of Service  
	 For purpose of this Agreement, “Service” means service as an employee, officer, director or other Service Provider of the Company or an
affiliate of the Company. A change in your position or duties will not result in interrupted or terminated Service, so long as you continue to be an employee, officer, director or other Service Provider of the Company or an affiliate of the Company.
Subject to the preceding sentence, whether a termination of Service will have occurred for purposes of the Plan will be determined by the Board, which determination will be final, binding and conclusive. 

  

	 Vesting  
	 This option is only exercisable before it expires and then only with respect to the vested portion of this option. Subject to the preceding
sentence, you may exercise this option, in whole or in part, to purchase a whole number of vested shares that is equal to or greater than 100 shares, unless the number of shares purchased is the total number available for purchase under this option,
by following the procedures set forth in the Plan and below in this Agreement. 

  

	 	 Your right to purchase shares of Stock under this option vests as to one-fourth (1/4) of the total number of shares covered by this option,
as shown on the cover sheet, on the one-year anniversary of the Vesting Start Date (the “Anniversary Date”), provided you then continue in Service. Thereafter, for each such vesting date that you remain in Service, the number of shares of
Stock which you may purchase under this option will vest at the rate of one-fourth (1/4) per year as of each Anniversary Date. The resulting aggregate number of vested shares will be rounded to the nearest 

  

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	 	 whole number, and you cannot vest in more than the number of shares covered by this option. 

  

	 	 No additional shares of Stock will vest after your Service has terminated for any reason. 

  

	 Exercise Freeze  
	 Notwithstanding any provision of this Agreement to the contrary, this option may not be exercised until the date which is 30 days after the date
on which the Company becomes a reporting company under the Securities Exchange Act of 1934, or any corresponding provision of any successor statute (the “Exchange Act”), with respect to any class of its securities. This prohibition on
exercise is referred to as the “Exercise Freeze.” Notwithstanding the foregoing, the Board may in its discretion at any time prior to such date determine to terminate the Exercise Freeze with respect to all or any portion of this option.

  

	 	 For as long as the Exercise Freeze is in place, if your Service terminates for any reason other than for Cause, you may exercise the portion of
this option that is vested at the time of your termination of Service during the period commencing with the date the Exercise Freeze expires or is terminated and ending on the date that is 30 days following the lifting of such Exercise Freeze, or,
if later, on the date on which the option otherwise may be exercised as described in the applicable section below under “Regular Termination,” “Death,” Disability,” or “Retirement.” In no event may you exercise
this option after the day before the 10th anniversary of the Grant Date, as shown on the cover sheet.

  

	 	 If the Exercise Freeze applicable to this option is not earlier terminated, the Exercise Freeze with respect to this option will automatically
expire on the date that is 31 days before the 10th anniversary of the Grant Date, as shown on the cover sheet. 

  

	 Term  
	 This option will expire in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as
shown on the cover sheet. This option will expire earlier if your Service terminates, as described below. 

  

	 Regular Termination  
	 If your Service terminates for any reason, other than your death, “permanent and total disability” within the meaning of
Section 22(e)(3) of the Code (“Disability”), Retirement (as defined below), or Cause, then this option will expire at the close of business at Company headquarters on the 30th day after your termination date (subject to the special rules regarding the Exercise Freeze described above). 

  

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	 Death  
	 If your Service terminates because of your death, then this option will expire at the close of business at Company headquarters on the date that
is twelve (12) months after the date of death (subject to the special rules regarding the Exercise Freeze described above). During that twelve month period, your estate or heirs may exercise the vested portion of this option.

  

	 	 In addition, if you die during the 30-day period described in connection with a regular termination (i.e., a termination of your Service not on
account of your death, Disability, Cause, or Retirement), and a vested portion of this option has not yet been exercised, then this option will instead expire on the date that is twelve (12) months after your termination date (subject to the
special rules regarding the Exercise Freeze described above). In such a case, during the period following your death up to the date that is twelve (12) months after your termination date, your estate or heirs may exercise the vested portion of
this option. 

  

	 Disability  
	 If your Service terminates because of your Disability, then this option will expire at the close of business at Company headquarters on the date
twelve (12) months after your termination date (subject to the special rules regarding the Exercise Freeze described above). During that twelve month period, you may exercise all or any portion of this option that was vested as of your
termination date. For purposes of this Agreement, Disability means your “permanent and total disability” within the meaning of Section 22(e)(3) of the Code. 

  

	 Termination for Cause  
	 If your Service is terminated for Cause, then you will immediately forfeit all rights to this option and the option will immediately expire. For
purposes of this Agreement, termination for “Cause” will mean termination of your Service with the Company or one of its affiliates due to: (1) failure or refusal to perform the duties assigned to you, including but not limited to
failure to reach assigned goals, quotas and/or objectives, (2) your refusal to follow the reasonable directives of the Board or Chief Executive Officer of the Company or one of its affiliates, or other insubordination, (3) conviction or
plea of guilty or nolo contendere of a felony, or of a misdemeanor involving dishonesty or violence, (4) misappropriation of any funds or property of the Company or any affiliate of the Company, (5) violation of any Company policies,
(6) breach of your confidentiality, non-solicitation and/or non-competition obligations, or (7) commission of any act which could materially injure the business or reputation of, or materially adversely affect the interests of Company or
any affiliate of the Company. 

  

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	 Retirement  
	 If your Service terminates because of your Retirement, then this option will expire at the close of business at Company headquarters on the date
that is three (3) years after the date of Retirement (subject to the special rules regarding the Exercise Freeze described above). During that three year period, you may exercise all or any portion of this option that was vested as of the date
of Retirement. For the purpose of this Agreement, “Retirement” means “Retirement” as defined in the Company’s Retirement Plan as set forth in the Company’s Employee Handbook. 

  

	 Leaves of Absence  
	 For purposes of this option, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the
Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating 30 days after you went on employee leave,
unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work. 

  

	 	 The Company determines, in its sole discretion, which leaves count , and when your Service terminates, in each case, for all purposes under the
Plan. 

  

	 Notice of Exercise  
	 When you wish to exercise this option, you must notify the Company by filing the proper “Notice of Exercise” form at the address given
on the form. Your notice must specify the number of whole shares you wish to purchase (in a parcel of at least 100 shares, generally). Your notice must also specify how your shares of Stock should be registered (in your name only or in your and your
spouse’s names as joint tenants with right of survivorship, for example). The notice will be effective when it is received by the Company. 

  

	 	 If someone else wants to exercise this option after your death, that person must prove to the Company’s satisfaction that he or she is
entitled to do so. 

  

	 Form of Payment  
	 When you submit your notice of exercise, you must include payment of the option price for the shares you are purchasing. Payment may be made in
one (or a combination) of the following forms: 

  

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	 	 •  Cash, your personal check, a cashier’s check, a money order or another cash equivalent acceptable to the
Company. 

  

	 	 •  To the extent permitted by law and at the discretion of the Board , shares of Stock which have already been
owned by you for more than six months and which are surrendered to the Company. The value of the shares, determined as of the effective date of the option exercise, will be applied to the option price. 

  

	 	 •  To the extent a public market for the Stock exists as determined by the Company, by delivery (on a form
prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate option price and any
withholding taxes. 

  

	 Withholding Taxes  
	 You will not be allowed to exercise this option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a
result of the option exercise or sale of Stock acquired under this option. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise or sale of shares arising
from this grant, the Company will have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any affiliate of the Company. 

  

	 Transfer of Option  
	 During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise
this option. You cannot transfer or assign this option. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of
this option in your will or it may be transferred upon your death by the laws of descent and distribution. 

  

	 	 Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the
Company obligated to recognize in any manner any purported interest of your spouse in this option. 

  

	 Transfer of Option Shares  
	 Until such time as the Company becomes a reporting company under the Exchange Act with respect to any class of its securities, you may not sell,
assign, pledge, hypothecate, transfer by gift or 

  

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	 	 otherwise dispose of Shares acquired under this option except in transfers back to the Company, transfers by will or the laws of descent and
distribution, or transfers by gift or domestic relations order to “family members” as defined in Rule 701 under the Securities Act of 1933. 

  

	 Retention Rights  
	 Neither this option nor this Agreement give you the right to be retained by the Company (or any affiliate of the Company) in any capacity. The
Company (and any affiliate of the Company) reserves the right to terminate your Service at any time and for any reason. 

  

	 Stockholder Rights  
	 You, or your estate or heirs, have no rights as a stockholder of the Company until you properly exercise this option, in whole or in part, and a
certificate evidencing the shares of Stock subject to such exercise has been issued. No adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued, except as described in the Plan.

  

	 Adjustments  
	 In the event of a stock split, a stock dividend, reverse stock split or a similar change in the Stock, the number of shares covered by this option
and the option price per share may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan. Your rights with respect to this option will be subject to the terms of the agreement of merger, liquidation or reorganization in the
event the Company is subject to such corporate activity in accordance with the terms of the Plan. 

  

	 Applicable Law  
	 This term sheet and the cover sheet to which it is attached (together with the exhibits and /or schedules attached hereto or thereto), this
“Agreement”) will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction. 

  

	 Certain Dispositions  
	 If you sell or otherwise dispose of Stock acquired pursuant to the exercise of this option sooner than the one year anniversary of the date you
acquired the Stock, then you agree to notify the Company in writing of the date of sale or disposition, the number of share of Stock sold or disposed of and the sale price per share within 30 days of such sale or disposition.

  

	 Forum Selection  
	 At all times each party hereto (1) irrevocably submits to the exclusive jurisdiction of any New York court or Federal court sitting in New
York; (2) agrees that any action or proceeding arising out of or relating to this Agreement or the transactions 

  

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	 	 contemplated hereby will be heard and determined in such New York or Federal court; (3) to the extent permitted by law irrevocably waives
(i) any objection such party may have to the laying of venue of any such action or proceeding in any of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum;
and (4) to the extent permitted by law, irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this section entitled “Forum Selection” will affect the right of any party hereto to serve legal process in any manner permitted by law. 

 Legend/ 

	 Opinion of Counsel  
	 All certificates representing the Stock issued upon exercise of this option will, where applicable, have endorsed thereon the following legend:

  

	 	 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION OR QUALIFICATION THEREOF UNDER SUCH ACT AND SUCH APPLICABLE STATE OR OTHER JURISDICTION’S SECURITIES LAWS OR AN OPINION OF
COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.” 

  

	 	 As a condition to the transfer of any Stock issued upon exercise of this option, the Company may require that you provide the Company with the
opinion of counsel referred to in the foregoing legend, which opinion must be satisfactory to the Company and its counsel. 

  

	 The Plan  
	 The text of the Plan is incorporated in this Agreement by reference. 

  

	 	 This Agreement and the Plan constitute the entire understanding between you and the Company regarding this option. Any prior agreements,
commitments or negotiations concerning this option are superseded. 

 By signing the cover sheet of this Agreement,
you agree to all of the terms and 
conditions described above and in the Plan. 
  

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