Document:

exv10w11

 

Exhibit 10.11

THE CORPORATE EXECUTIVE BOARD COMPANY

2004 STOCK INCENTIVE PLAN

(as amended)

1. Purpose

     The purpose of The Corporate Executive Board Company 2004 Stock Incentive Plan (the “Plan”) is
to advance the interests of The Corporate Executive Board Company (the “Company”) by stimulating
the efforts of employees, officers and, to the extent provided by Section 5(d) and Section 5(e),
non-employee directors and other service providers, in each case who are selected to be
participants, by heightening the desire of such persons to continue in working toward and
contributing to the success and progress of the Company. The Plan supersedes the Company’s 1999
Stock Option Plan, 2001 Stock Option Plan and 2002 Non-Executive Stock Incentive Plan with respect
to future awards, and provides for the grant of Incentive and Non-Qualified Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units and Deferred Stock Units, any of
which may be performance-based, and for Incentive Bonuses, which may be paid in cash or stock or a
combination thereof, as determined by the Administrator.

2. Definitions

     As used in the Plan, the following terms shall have the meanings set forth below:

     (a) “Administrator” means the Administrator of the Plan in accordance with Section 18.

     (b) “Award” means an Incentive Stock Option, Non-Qualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Deferred Stock Unit or Incentive Bonus granted to a
Participant pursuant to the provisions of the Plan, any of which the Administrator may structure to
qualify in whole or in part as a Performance Award.

     (c) “Award Agreement” means a written agreement or other instrument as may be approved from
time to time by the Administrator implementing the grant of each Award. An Agreement may be in the
form of an agreement to be executed by both the Participant and the Company (or an authorized
representative of the Company) or certificates, notices or similar instruments as approved by the
Administrator.

     (d) “Board of Directors” or “Board” means the Board of Directors of the Company.

     (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
rulings and regulations issues thereunder.

     (f) “Common Stock” means the Company’s common stock, par value $.01, subject to adjustment as
provided in Section 12.

     (g) “Company” means The Corporate Executive Board Company, a Delaware corporation.

     (h) “Deferred Stock Unit” or “DSU” means an Award granted pursuant to Section 9 representing
the unfunded and unsecured right to receive Common Stock or cash or a combination thereof, as
determined by the Administrator, at the end of a specified deferral period.

     (i) “Incentive Bonus” means a bonus opportunity awarded under Section 10 pursuant to which a
Participant may become entitled to receive an amount based on satisfaction of such performance
criteria as are specified in the Award Agreement.

     (j) “Incentive Stock Option” or “ISO” means a stock option that is intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code.

     (k) “Nonemployee Director” means each person who is, or is elected to be, a member of the
Board of Directors and who is not an employee of the Company or any Subsidiary.

     (l) “Option” means an ISO and/or a NQSO granted pursuant to Section 6 of the Plan.

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     (m) “Participant” means any individual described in Section 3 to whom Awards have been granted
from time to time by the Administrator and any authorized transferee of such individual.

     (n) “Performance Award” means an Award, the grant, issuance, retention, vesting or settlement
of which is subject to satisfaction of one or more Qualifying Performance Criteria established
pursuant to Section 13.

     (o) “Plan” means The Corporate Executive Board Company 2004 Stock Incentive Plan as set forth
herein and as amended from time to time.

     (p) “Prior Plans” mean The Corporate Executive Board Company 1999 Stock Option Plan, The
Corporate Executive Board Company 2001 Stock Option Plan and The Corporate Executive Board Company
2002 Non-Executive Stock Incentive Plan.

     (q) “Qualifying Performance Criteria” has the meaning set forth in Section 13(b). As used
in Section 13(b), the term “contract value” means the aggregate annualized revenue attributed to
all agreements in effect at a given date without regard to the remaining duration of any such
agreement, and the term “client renewal rate” means the percentage of member institutions renewed,
adjusted to reflect reductions in member institutions resulting from mergers and acquisitions of
members.

     (r) “Restricted Stock” means shares of Common Stock granted pursuant to Section 8 of the Plan.

     (s) “Restricted Stock Unit” means an Award granted to a Participant pursuant to Section 8
pursuant to which shares of Common Stock may be issued in the future.

     (t) “Retirement” has the meaning specified by the Administrator in the terms of an Award
Agreement or, in the absence of any such term, shall mean, with respect to Participants other than
Nonemployee Directors, retirement from active employment with the Company and its Subsidiaries
(i) at or after age 55 and with the approval of the Administrator or (ii) at or after age 65. The
determination of the Administrator as to an individual’s Retirement shall be conclusive on all
parties.

     (u) “Stock Appreciation Right” means a right granted pursuant to Section 7 of the Plan that
entitles the Participant to receive, in cash or shares of Common Stock or a combination thereof, as
determined by the Administrator, value equal to or otherwise based on the excess of (i) the market
price of a specified number of shares of Common Stock at the time of exercise over (ii) the
exercise price of the right, as established by the Administrator on the date of grant.

     (v) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company where each of the corporations in the unbroken chain other
than the last corporation owns stock possessing at least 50 percent or more of the total combined
voting power of all classes of stock in one of the other corporations in the chain, and if
specifically determined by the Administrator in the context other than with respect to Incentive
Stock Options, may include an entity in which the Company has a significant ownership interest or
that is directly or indirectly controlled by the Company.

     (w) “Termination of employment” means ceasing to serve as a full-time employee of the Company
and its Subsidiaries or, with respect to a Non-employee Director or service provider, ceasing to
serve as such for the Company, except that (i) subject to Section 6(c), an approved leave of
absence or approved employment on a less than full-time basis may constitute employment as
determined by the Administrator, (ii) the Administrator may determine that a transition of
employment to service with a partnership, joint venture or corporation not meeting the requirements
of a Subsidiary in which the Company or a Subsidiary is a party is not considered a “termination of
employment,” (iii) service as a member of the Board of Directors shall constitute continued
employment with respect to Awards granted to a Participant while he or she served as an employee
and (iv) service as an employee of the Company or a Subsidiary shall constitute continued
employment with respect to Awards granted to a Participant while he or she served as a member of
the Board of Directors. The Administrator shall determine whether any corporate transaction, such
as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to
result in a termination of employment with the Company and its Subsidiaries for purposes of any
affected Participant’s Options, and the Administrator’s decision shall be final and binding.

     (x) “Total and Permanent Disablement” has the meaning specified by the Administrator in the
terms of an Award Agreement or, in the absence of any such term or in the case of an Option
intending to qualify as an ISO, the inability to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than
12 months. The determination of the Administrator as to an individual’s Total and Permanent
Disablement shall be conclusive on all parties.

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3. Eligibility

     Any person who is a current or prospective officer or employee (including any director who is
also an employee, in his or her capacity as such) of the Company or of any Subsidiary shall be
eligible for selection by the Administrator for the grant of Awards hereunder. To the extent
provided by Section 5(e), any Nonemployee Director shall be eligible for selection by the
Administrator for the grant of Awards hereunder. In addition, to the extent provided by
Section 5(d), any service provider who has been retained to provide consulting, advisory or other
services to the Company or to any Subsidiary shall be eligible for selection by the Administrator
for the grant of Awards hereunder. Options intending to qualify as ISOs may only be granted to
employees of the Company or any Subsidiary within the meaning of the Code, as selected by the
Administrator. For purposes of this Plan, the Chairman of the Board’s status as an employee shall
be determined by the Administrator.

4. Effective Date and Termination of Plan

     This Plan was adopted by the Board of Directors of the Company as of June 11, 2004, and
originally became effective (the “Effective Date”) when it was approved by the Company’s
stockholders on July 28, 2004. The first amendment and restatement of the Plan was adopted by the
Board of Directors of the Company as of July 18, 2005, which became effective when it is approved
by the Company’s stockholders on August 18, 2005. Subsequent amendments and restatements of
the Plan were adopted by the Board of Directors of the Company on December 22, 2006 and
February 21, 2007. The Plan was further amended and restated by the Board of Directors of the
Company, effective upon approval by the Company’s stockholders at the Company’s 2007 Annual
Meeting. The Plan shall remain available for the grant of Awards until the tenth (10th)
anniversary of the Effective Date. Notwithstanding the foregoing, the Plan may be terminated at
such earlier time as the Board of Directors may determine. Termination of the Plan will not affect
the rights and obligations of the Participants and the Company arising under Awards theretofore
granted and then in effect.

5. Shares Subject to the Plan and to Awards

     (a) Aggregate Limits. The aggregate number of shares of Common Stock issuable pursuant to all
Awards shall not exceed 6,300,000, plus any shares subject to outstanding awards under the Prior
Plans as of June 11, 2004 that on or after such date cease for any reason to be subject to such
awards (other than by reason of exercise or settlement of the awards to the extent they are
exercised for or settled in vested and nonforfeitable shares), up to an aggregate maximum of
9,400,000 shares. Any shares of Common Stock granted as Options or Stock Appreciation Rights shall
be counted against this limit as one (1) share for every one (1) share granted. Any shares of
Common Stock granted as Awards other than Options or Stock Appreciation Rights shall be counted
against this limit as two and one-half (2.5) shares for every one (1) share granted. The aggregate
number of shares of Common Stock available for grant under this Plan and the number of shares of
Common Stock subject to outstanding Awards shall be subject to adjustment as provided in
Section 12. The shares of Common Stock issued pursuant to Awards granted under this Plan may be
shares that are authorized and unissued or shares that were reacquired by the Company, including
shares purchased in the open market.

     (b) Issuance of Shares. For purposes of Section 5(a), the aggregate number of shares of
Common Stock issued under this Plan at any time shall equal only the number of shares actually
issued upon exercise or settlement of an Award and shall not include shares subject to Awards that
have been canceled, expired or forfeited. Notwithstanding the foregoing, Shares subject to an Award
under the Plan may not again be made available for issuance under Awards if such shares are:
(i) shares that were subject to a stock-settled Stock Appreciation Right or Stock Option and that
were not issued upon the net settlement or net exercise of such Stock Appreciation Right or Stock
Option, or (ii) shares delivered to or retained by the Company to pay the exercise price or
withholding taxes related to an Award.

     (c) Tax Code Limits. The aggregate number of shares of Common Stock subject to Options and
Stock Appreciation Rights granted under this Plan during any calendar year to any one Participant
shall not exceed 500,000, and the aggregate number of shares of Common Stock issued or issuable
under all Awards granted under this Plan other than Options or Stock Appreciation Rights during any
calendar year to any one Participant shall not exceed 200,000, which numbers shall be calculated
and adjusted pursuant to Section 12 only to the extent that such calculation or adjustment will not
affect the status of any Award intended to qualify as “performance based compensation” under Code
Section 162(m). The aggregate number of shares of Common Stock that may be issued pursuant to the
exercise of ISOs granted under this Plan shall not exceed 4,000,000, which number shall be
calculated and adjusted pursuant to Section 12 only to the extent that such calculation or
adjustment will not affect the status of any option intended to qualify as an ISO under Code
Section 422. The maximum amount payable pursuant to that portion of an Incentive Bonus granted
under this Plan for any calendar year to any Participant that is intended to satisfy the
requirements for “performance based compensation” under Code Section 162(m) shall not exceed four
million dollars ($4,000,000).

     (d) Awards to Service Providers. The aggregate number of shares of Common Stock issued under
this Plan pursuant to all Awards granted to service providers shall not exceed 100,000.

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     (e) Director Awards. The aggregate number of shares of Common Stock subject to Options and
Stock Appreciation Rights granted under this Plan during any calendar year to any one Nonemployee
Director shall not exceed 30,000, and the aggregate number of shares of Common Stock issued or
issuable under all Awards granted under this Plan other than Options or Stock Appreciation Rights
during any calendar year to any one Nonemployee Director shall not exceed 12,000; provided,
however, that in the calendar year in which a Nonemployee Director first joins the Board of
Directors, the maximum number of shares subject to Awards granted to the Participant may be up to
two hundred percent (200%) of the number of shares set forth in the foregoing limits.

6. Options

     (a) Option Awards. Options may be granted at any time and from time to time prior to the
termination of the Plan, to Participants selected by the Administrator. No Participant shall have
any rights as a stockholder with respect to any shares of stock subject to Option hereunder until
said shares have been issued. Each Option shall be evidenced by an Award Agreement. Options granted
pursuant to the Plan need not be identical but each Option must contain and be subject to the terms
and conditions set forth below.

     (b) Price. The purchase price under each Option shall be established by the Administrator,
provided that in no event will the purchase price be less than the market price of the Common Stock
on the date of grant, except for Options that the Participant pays for or as to which the
Participant foregoes other compensation equal in value to the amount of such discount. The purchase
price of any Option may be paid in Common Stock, cash or a combination thereof, as determined by
the Administrator, including an irrevocable commitment by a broker to pay over such amount from a
sale of the shares issuable under an Option, the delivery of previously owned Common Stock and
withholding of Common Stock deliverable upon exercise.

     (c) No Repricing. Other than in connection with a change in the Company’s capitalization (as
described in Section 12) the exercise price of an Option may not be reduced without stockholder
approval (including canceling previously awarded Options and regranting them with a lower exercise
price).

     (d) Duration and Exercise or Termination of Option. The Administrator shall have the right to
make the timing of the ability to exercise any Option subject to continued employment, the passage
of time and/or such performance requirements as deemed appropriate by the Administrator, provided
that in no event shall any Option become exercisable sooner than one (1) year after the date of
grant except in the event of the Participant’s death, Total and Permanent Disablement or,
Retirement or, a change of control (as defined in the applicable Award Agreement). Unless the
Administrator provides otherwise Options shall become exercisable 25 percent per year beginning one
(1) year after the date of the grant. Unless provided otherwise in the applicable Award Agreement,
the vesting period and/or exercisability of an Option shall be adjusted by the Administrator during
or to reflect the effects of any period during which the Participant is on an approved leave of
absence or is employed on a less than full-time basis. Each Option shall expire within a period of
not more than seven (7) years from the date of grant.

     (e) Termination of Employment: Unless an Option earlier expires upon the expiration date
established pursuant to Section 6(d), upon the termination of the Participant’s employment, his or
her rights to exercise an Option then held shall be only as follows, unless the Administrator
specifies otherwise:

     (1) Death. Upon the death of a Participant while in the employ of the Company or any
Subsidiary or while serving as a member of the Board of Directors, all of the
Participant’s Options then held shall be exercisable by his or her estate, heir or beneficiary
at any time during the twelve (12) months next succeeding the date of death. Any and all of the
deceased Participant’s Options that are not exercised during the twelve (12) months next
succeeding the date of death shall terminate as of the end of such twelve (12) month period.

          If a Participant should die within thirty (30) days of his or her termination of employment
with the Company and its Subsidiaries, an Option shall be exercisable by his or her estate, heir
or beneficiary at any time during the twelve (12) months succeeding the date of termination, but
only to the extent of the number of shares as to which such Option was exercisable as of the
date of such termination. Any and all of the deceased Participant’s Options that are not
exercised during the twelve (12) months succeeding the date of termination shall terminate as of
the end of such twelve (12) month period. A Participant’s estate shall mean his or her legal
representative or other person who so acquires the right to exercise the Option by bequest or
inheritance or by reason of the death of the Participant.

     (2) Total and Permanent Disablement. Upon termination of employment as a result of the
Total and Permanent Disablement of any Participant, all of the Participant’s Options then held
shall be exercisable for a period of twelve (12) months after termination. Any and all Options
that are not exercised during the twelve (12) months succeeding the date of termination shall
terminate as of the end of such twelve (12) month period.

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     (3) Retirement. Upon Retirement of a Participant, the Participant’s Options then held
shall be exercisable for a period of twelve (12) months after Retirement. The number of shares
with respect to which the Options shall be exercisable shall equal the total number of shares
that were exercisable under the Participant’s Option on the date of his or her Retirement. Any
and all Options that are unexercised during the twelve (12) months succeeding the date of
termination shall terminate as of the end of such twelve (12) month period.

     (4) Other Reasons. Upon the date of a termination of a Participant’s employment for any
reason other than those stated above in Sections 6(e)(1), (e)(2) and (e)(3) or as described in
Section 15, (A) any Option that is unexercisable as of such termination date shall remain
unexercisable and shall terminate as of such date, and (B) any Option that is exercisable as of
such termination date shall expire the earlier of (i) ninety (90) days following such date or
(ii) the expiration date of such Option.

     (f) Incentive Stock Options. Notwithstanding anything to the contrary in this Section 6, in
the case of the grant of an Option intending to qualify as an ISO: (i) if the Participant owns
stock possessing more than 10 percent of the combined voting power of all classes of stock of the
Company (a “10% Stockholder”), the purchase price of such Option must be at least 110 percent of
the fair market value of the Common Stock on the date of grant and the Option must expire within a
period of not more than five (5) years from the date of grant, (ii) termination of employment will
occur when the person to whom an Award was granted ceases to be an employee (as determined in
accordance with Section 3401(c) of the Code and the regulations promulgated thereunder) of the
Company and its Subsidiaries. Notwithstanding anything in this Section 6 to the contrary, options
designated as ISOs shall not be eligible for treatment under the Code as ISOs to the extent that
either (iii) the aggregate fair market value of shares of Common Stock (determined as of the time
of grant) with respect to which such Options are exercisable for the first time by the Participant
during any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000,
taking Options into account in the order in which they were granted, and (iv) such Options
otherwise remain exercisable but are not exercised within three (3) months of Termination of
employment (or such other period of time provided in Section 422 of the Code).

     (g) Other Terms and Conditions: Options may also contain such other provisions, which shall
not be inconsistent with any of the terms of this Plan, as the Administrator shall deem
appropriate.

7. Stock Appreciation Rights

     Stock Appreciation Rights may be granted to Participants from time to time either in tandem
with or as a component of other Awards granted under the Plan (“tandem SARs”) or not in conjunction
with other Awards (“freestanding SARs”) and may, but need not, relate to a specific Option granted
under Section 6. The provisions of Stock Appreciation Rights need not be the same with respect to
each grant or each recipient. Any Stock Appreciation Right granted in tandem with an Option may be
granted at the same time such Option is granted or at any time thereafter before exercise or
expiration of such Option. All Stock Appreciation Rights under the Plan shall be granted subject to
the same terms and conditions applicable to Options as set forth in Section 6; provided, however,
that Stock Appreciation Rights granted in tandem with a previously granted Option shall have the
terms and conditions of such Option. Subject to the provisions of Section 6, the Administrator may
impose such other conditions or restrictions on any Stock Appreciation Right as it shall deem
appropriate. Stock Appreciation Rights may be settled in shares of Common Stock, cash or
combination thereof, as determined by the Administrator. Other than in connection with a change in
the Company’s capitalization (as described in Section 12) the exercise price of a Stock
Appreciation Rights may not be reduced without stockholder approval (including canceling previously
awarded Stock Appreciation Rights and regranting them with a lower exercise price).

8. Restricted Stock and Restricted Stock Units

     (a) Restricted Stock and Restricted Stock Unit Awards. Restricted Stock and Restricted Stock
Units may be granted at any time and from time to time prior to the termination of the Plan to
Participants selected by the Administrator. Restricted Stock is an award or issuance of shares of
Common Stock the grant, issuance, retention, vesting and/or transferability of which is subject
during specified periods of time to such conditions (including continued employment or performance
conditions) and terms as the Administrator deems appropriate. Restricted Stock Units are Awards
denominated in units of Common Stock under which the issuance of shares of Common Stock is subject
to such conditions (including continued employment or performance conditions) and terms as the
Administrator deems appropriate. Each grant of Restricted Stock and Restricted Stock Units shall be
evidenced by an Award Agreement. Unless determined otherwise by the Administrator, each Restricted
Stock Unit will be equal to one share of Common Stock and will entitle a Participant to either
shares of Common Stock or an amount of cash determined with reference to the value of shares of
Common Stock. To the extent determined by the Administrator, Restricted Stock and Restricted Stock
Units may be satisfied or settled in Common Stock, cash or a combination thereof. Restricted Stock
and Restricted Stock Units granted pursuant to the Plan need not be identical but each grant of
Restricted Stock and Restricted Stock Units must contain and be subject to the terms and conditions
set forth below.

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     (b) Contents of Agreement. Each Award Agreement shall contain provisions regarding (i) the
number of shares of Common Stock or Restricted Stock Units subject to such Award or a formula for
determining such number, (ii) the purchase price of the shares, if any, and the means of payment,
(iii) the performance criteria, if any, and level of achievement versus these criteria that shall
determine the number of shares or units granted, issued, retainable and/or vested, (iv) such terms
and conditions on the grant, issuance, vesting and/or forfeiture of the shares or units as may be
determined from time to time by the Administrator, (v) restrictions on the transferability of the
shares or units and (vi) such further terms and conditions in each case not inconsistent with this
Plan as may be determined from time to time by the Administrator. Shares of Common Stock issued
under a Restricted Stock Award may be issued in the name of the Participant and held by the
Participant or held by the Company, in each case as the Administrator may provide.

     (c) Sales Price. Subject to the requirements of applicable law, the Administrator shall
determine the price, if any, at which Awards of Restricted Stock or Restricted Stock Units, or
shares of Common Stock issuable under Restricted Stock Unit Awards, shall be sold or awarded to a
Participant, which may vary from time to time and among Participants and which may be below the
market price of such shares at the date of grant.

     (d) Vesting. The grant, issuance, retention, vesting and/or settlement of shares of
Restricted Stock and Restricted Stock Units shall occur at such time and in such installments as
determined by the Administrator or under criteria established by the Administrator. The
Administrator shall have the right to make the timing of the grant and/or the issuance, ability to
retain, vesting and/or settlement of shares of Restricted Stock and under Restricted Stock Units
subject to continued employment, passage of time and/or such performance criteria as deemed
appropriate by the Administrator; provided that in no event shall the grant, issuance, retention,
vesting and/or settlement of shares under Restricted Stock or Restricted Stock Unit Awards that is
based on performance criteria and level of achievement versus such criteria be subject to a
performance period of less than one year and no condition that is based upon continued employment
or the passage of time shall provide for vesting or settlement in full of a Restricted Stock or
Stock Unit Award over a period of less than three years from the date the Award is made, in each
case except in the event of death, Total and Permanent Disablement or Retirement or a change
of control (as defined in the applicable Award Agreement) . as specified in the agreement
evidencing such Award. Notwithstanding anything to the contrary herein, the performance criteria
for any Restricted Stock or Restricted Stock Unit that is intended to satisfy the requirements for
“performance-based compensation” under Section 162(m) of the Code shall be a measure based on one
or more Qualifying Performance Criteria selected by the Administrator and specified at the time the
Restricted Stock or Restricted Stock Unit is granted.

     (e) Discretionary Adjustments and Limits. Subject to the limits imposed under Code
Section 162(m) for Awards that are intended to qualify as “performance based compensation,”
notwithstanding the satisfaction of any performance goals, the number of shares of Common Stock
granted, issued, retainable and/or vested under an Award of Restricted Stock or Restricted Stock
Units on account of either financial performance or personal performance evaluations may be reduced
by the Administrator on the basis of such further considerations as the Administrator shall
determine.

     (f) Voting Rights. Unless otherwise determined by the Administrator, Participants holding
shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those
shares during the period of restriction. Participants shall have no voting rights with respect to
shares of Common Stock underlying Restricted Stock Units unless and until such shares are reflected
as issued and outstanding shares on the Company’s stock ledger.

     (g) Dividends and Distributions. Participants in whose name Restricted Stock is granted shall
be entitled to receive all dividends and other distributions paid with respect to those shares,
unless determined otherwise by the Administrator. Any such dividends or distributions will be
subject to the same restrictions on transferability as the Restricted Stock with respect to which
they were distributed. Shares underlying Restricted Stock Units shall be entitled to dividends or
dividend equivalents only to the extent provided by the Administrator.

9. Deferred Stock Units

     The Administrator may establish rules for the deferred delivery of Common Stock upon exercise
of an Option or Stock Appreciation Right and upon settlement, vesting or other events with respect
to Restricted Stock or Restricted Stock Units, or in payment or satisfaction of an Incentive Bonus
or of any other compensation arrangement maintained by the Company or a Subsidiary, in each case
with the deferral evidenced by use of “Stock Units” equal in number to the number of shares of
Common Stock whose delivery is so deferred or to the value of the amount being so deferred. A
“Stock Unit” is a bookkeeping entry representing an amount equivalent to the fair market value of
one share of Common Stock. Unless the Administrator specifies otherwise, Stock Units represent an
unfunded and unsecured obligation of the Company. Settlement of Stock Units upon expiration of the
deferral period shall be made in Common Stock, cash or a combination thereof, as determined by the
Administrator. The amount of Common Stock,
or other settlement medium, to be so distributed may be increased by dividend equivalents.
Unless determined otherwise by the Administrator, during the deferral period a Participant will not
have any rights as a stockholder of the Company, including, without limitation, voting rights and
the right to receive dividends or distributions. Until a Stock Unit is so settled, the number of
shares of Common Stock represented by a Stock Unit shall be subject to adjustment pursuant to
Section 12. Any Stock Units that are settled after the holder’s death shall be distributed to the
holder’s designated beneficiary(ies) or, if none was designated, the holder’s estate.

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10. Incentive Bonuses

     (a) General. Each Incentive Bonus Award will confer upon the Participant the opportunity to
earn a future payment tied to the level of achievement with respect to one or more performance
criteria established for a performance period of not less than one year.

     (b) Incentive Bonus Document. Each Award Agreement evidencing an Incentive Bonus shall
contain provisions regarding (i) the target and maximum amount payable to the Participant as an
Incentive Bonus, (ii) the performance criteria and level of achievement versus these criteria that
shall determine the amount of such payment, (iii) the term of the performance period as to which
performance shall be measured for determining the amount of any payment, (iv) the timing of any
payment earned by virtue of performance, (v) restrictions on the alienation or transfer of the
Incentive Bonus prior to actual payment, (vi) forfeiture provisions and (vii) such further terms
and conditions, in each case not inconsistent with this Plan as may be determined from time to time
by the Administrator.

     (c) Performance Criteria. The Administrator shall establish the performance criteria and
level of achievement versus these criteria that shall determine the target and maximum amount
payable under an Incentive Bonus, which criteria may be based on financial performance and/or
personal performance evaluations. The Administrator may specify the percentage of the target
Incentive Bonus that is intended to satisfy the requirements for “performance-based compensation”
under Code Section 162(m). Notwithstanding anything to the contrary herein, the performance
criteria for any portion of an Incentive Bonus that is intended by the Administrator to satisfy the
requirements for “performance-based compensation” under Code Section 162(m) shall be a measure
based on one or more Qualifying Performance Criteria (as defined in Section 13(b)) selected by the
Administrator and specified at the time the Incentive Bonus is granted. The Administrator shall
certify the extent to which any Qualifying Performance Criteria has been satisfied, and the amount
payable as a result thereof, prior to payment of any Incentive Bonus that is intended to satisfy
the requirements for “performance-based compensation” under Code Section 162(m).

     (d) Timing and Form of Payment. The Administrator shall determine the timing of payment of
any Incentive Bonus. Payment of the amount due under an Incentive Bonus may be made in cash or in
shares of Common Stock, as determined by the Administrator. The Administrator may provide for or,
subject to such terms and conditions as the Administrator may specify, may permit a Participant to
elect for the payment of any Incentive Bonus to be deferred to a specified date or event.

     (e) Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the
amount paid under an Incentive Bonus on account of either financial performance or personal
performance evaluations may be reduced by the Administrator on the basis of such further
considerations as the Administrator shall determine.

11. Conditions and Restrictions Upon Securities Subject to Awards

     The Administrator may provide that the shares of Common Stock issued upon exercise of an
Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be
subject to such further agreements, restrictions, conditions or limitations as the Administrator in
its discretion may specify prior to the exercise of such Option or Stock Appreciation Right or the
grant, vesting or settlement of such Award, including without limitation, conditions on vesting or
transferability, forfeiture or repurchase provisions and method of payment for the shares issued
upon exercise, vesting or settlement of such Award (including the actual or constructive surrender
of Common Stock already owned by the Participant) or payment of taxes arising in connection with an
Award. Without limiting the foregoing, such restrictions may address the timing and manner of any
resales by the Participant or other subsequent transfers by the Participant of any shares of Common
Stock issued under an Award, including without limitation (i) restrictions under an insider trading
policy or pursuant to applicable law, (ii) restrictions designed to delay and/or coordinate the
timing and manner of sales by Participant and holders of other Company equity compensation
arrangements, and (iii) restrictions as to the use of a specified brokerage firm for such resales
or other transfers.

12. Adjustment of and Changes in the Stock

     In the event that the number of shares of Common Stock of the Company shall be increased or
decreased through a reorganization, reclassification, combination of shares, stock split, reverse
stock split, spin-off, dividend (other than regular, quarterly cash dividends), or otherwise
in an equity restructuring transaction, as that term is defined in Statement of Financial
Accounting Standards No. 123 (revised), then each share of Common Stock of the Company which
has been authorized for issuance under the Plan, whether such share is then currently subject to or
may become subject to an Award under the Plan, as well as the per share limits set forth in
Section 5 of this Plan, shall be proportionately adjusted by the Administrator to reflect such
increase or decrease, unless the Company provides otherwise under the terms of such transaction.
The terms of any outstanding Award also shall be equitably adjusted by the Administrator as to
price, number of shares of Common Stock subject to such Award and other terms to reflect the
foregoing events.

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     In the event there shall be any other change in the number or kind of outstanding shares of
Common Stock of the Company, or any stock or other securities into which such Common Stock shall
have been changed, or for which it shall have been exchanged, whether by reason of a change of
control, other merger, consolidation or otherwise in circumstances that do not involve an
equity restructuring transaction, as that term is defined in Statement of Financial Accounting
Standards No. 123 (revised), then the Administrator shall, in its sole discretion, determine
the appropriate adjustment, if any, to be effected. In addition, in the event of such change
described in this paragraph, the Administrator may accelerate the time or times at which any Award
may be exercised and may provide for cancellation of such accelerated Awards that are not exercised
within a time prescribed by the Administrator in its sole discretion. Notwithstanding anything to
the contrary herein, any adjustment to Options granted pursuant to this Plan intended to qualify as
ISOs shall comply with the requirements, provisions and restrictions of the Code.

     No right to purchase fractional shares shall result from any adjustment in Awards pursuant to
this Section 12. In case of any such adjustment, the shares subject to the Award shall be rounded
down to the nearest whole share. Notice of any adjustment shall be given by the Company to each
Participant, which shall have been so adjusted and such adjustment (whether or not notice is given)
shall be effective and binding for all purposes of the Plan.

13. Qualifying Performance-Based Compensation

     (a) General. The Administrator may establish performance criteria and level of achievement
versus such criteria that shall determine the number of shares of Common Stock to be granted,
retained, vested, issued or issuable under or in settlement of or the amount payable pursuant to an
Award, which criteria may be based on Qualifying Performance Criteria or other standards of
financial performance and/or personal performance evaluations. In addition, the Administrator may
specify a percentage of an Award that is intended to satisfy the requirements for
“performance-based compensation” under Section 162(m) of the Code, provided that the performance
criteria for any portion of an Award that is intended by the Administrator to satisfy the
requirements for “performance-based compensation” under Section 162(m) of the Code shall be a
measure based on one or more Qualifying Performance Criteria selected by the Administrator and
specified at the time the Award is granted. The Administrator shall certify the extent to which any
Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof,
prior to payment, settlement or vesting of any Award that is intended to satisfy the requirements
for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding satisfaction
of any performance goals, the number of shares issued under or the amount paid under an award may,
to the extent specified in the Award Agreement, be reduced by the Administrator on the basis of
such further considerations as the Administrator in its sole discretion shall determine.

     (b) Qualifying Performance Criteria. For purposes of this Plan, the term “Qualifying
Performance Criteria” shall mean any one or more of the following performance criteria, either
individually, alternatively or in any combination, applied to either the Company as a whole or to a
business unit or Subsidiary, either individually, alternatively or in any combination, and measured
either annually or cumulatively over a period of years, on an absolute basis or relative to a
pre-established target, to previous years’ results or to a designated comparison group, in each
case as specified by the Administrator: (i) cash flow (before or after dividends), (ii) earnings
per share (including earnings before interest, taxes, depreciation and amortization), (iii) stock
price, (iv) return on equity, (v) total stockholder return, (vi) return on capital (including
return on total capital or return on invested capital), (vii) return on assets or net assets,
(viii) market capitalization, (ix) economic value added, (x) debt leverage (debt to capital),
(xi) revenue, (xii) income or net income, (xiii) operating income, (xiv) operating profit or net
operating profit, (xv) operating margin or profit margin, (xvi) return on operating revenue,
(xvii) cash from operations, (xviii) operating ratio, (xix) operating revenue, (xx) customer
service, (xxi) contract value, or (xxii) client renewal rate. To the extent consistent
with Section 162(m) of the Code, the Administrator may appropriately adjust any evaluation of
performance under a Qualifying Performance Criteria to exclude any of the following events that
occurs during a performance period: (i) asset write-downs, (ii) litigation, claims, judgments or
settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or
provisions affecting reported results, (iv) accruals for reorganization and restructuring programs
and (v) any extraordinary, unusual or non-recurring items as described in Accounting Principles
Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and
results of operations appearing in the Company’s Forms 10-K or 10-Q for the applicable year.

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14. Transferability

     Unless the Administrator specifies otherwise, each Award may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by will or
the laws of descent and distribution, and each Option or Stock Appreciation Right shall be
exercisable only by the Participant during his or her lifetime.

15. Suspension or Termination of Awards

     Except as otherwise provided by the Administrator, if at any time (including after a notice of
exercise has been delivered or an award has vested) the Chief Executive Officer or any other person
designated by the Administrator (each such person, an “Authorized Officer”) reasonably believes
that a Participant may have committed an Act of Misconduct as described in this Section 15, the
Authorized Officer, Administrator or Board of Directors may suspend the Participant’s rights to
exercise any Option, to vest in an Award, and/or to receive payment for or receive shares of Common
Stock in settlement of an Award pending a determination of whether an Act of Misconduct has been
committed.

     If the Administrator or an Authorized Officer determines a Participant has committed an act of
embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Company or any
Subsidiary, breach of fiduciary duty or deliberate disregard of the Company or Subsidiary rules
resulting in loss, damage or injury to the Company or any Subsidiary, or if a Participant makes an
unauthorized disclosure of any Company or Subsidiary trade secret or confidential information,
engages in any conduct constituting unfair competition, breaches any non-competition agreement,
induces any Company or Subsidiary customer to breach a contract with the Company or any Subsidiary,
or induces any principal for whom the Company or any Subsidiary acts as agent to terminate such
agency relationship (any of the foregoing acts, an “act of misconduct”), then except as otherwise
provided by the Administrator, (i) neither the Participant nor his or her estate nor transferee
shall be entitled to exercise any Option whatsoever, vest in or have the restrictions on an Award
lapse, or otherwise receive payment of an Award, (ii) the Participant will forfeit all outstanding
Awards and (iii) the Participant may be required, at the Administrator’s sole discretion, to return
and/or repay to the Company any then unvested shares of Common Stock previously issued under the
Plan. In making such determination, the Administrator or an Authorized Officer shall give the
Participant an opportunity to appear and present evidence on his or her behalf at a hearing before
the Administrator or an opportunity to submit written comments, documents, information and
arguments to be considered by the Administrator. Any dispute by a Participant or other person as to
the determination of the Administrator shall be resolved pursuant to Section 23 of the Plan.

16. Compliance with Laws and Regulations

     This Plan, the grant, issuance, vesting, exercise and settlement of Awards thereunder, and the
obligation of the Company to sell, issue or deliver shares under such Awards, shall be subject to
all applicable foreign, federal, state and local laws, rules and regulations and to such approvals
by any governmental or regulatory agency as may be required. The Company shall not be required to
register in a Participant’s name or deliver any shares prior to the completion of any registration
or qualification of such shares under any foreign, federal, state or local law or any ruling or
regulation of any government body which the Administrator shall determine to be necessary or
advisable. To the extent the Company is unable to or the Administrator deems it infeasible to
obtain authority from any regulatory body having jurisdiction, which authority is deemed by the
Company’s counsel to be necessary to the lawful issuance and sale of any shares hereunder, the
Company and its Subsidiaries shall be relieved of any liability with respect to the failure to
issue or sell such shares as to which such requisite authority shall not have been obtained. No
Stock Option shall be exercisable and no shares shall be issued and/or transferable under any other
Award unless a registration statement with respect to the shares underlying such Stock Option is
effective and current or the Company has determined that such registration is unnecessary.

     In the event an Award is granted to or held by a Participant who is employed or providing
services outside the United States, the Administrator may, in its sole discretion, modify the
provisions of the Plan or of such Award as they pertain to such individual to comply with
applicable foreign law or to recognize differences in local law, currency or tax policy. The
Administrator may also impose conditions on the grant, issuance, exercise, vesting, settlement or
retention of Awards in order to comply with such foreign law and/or to minimize the Company’s
obligations with respect to tax equalization for Participants employed outside their home country.

17. Withholding

     To the extent required by applicable federal, state, local or foreign law, a Participant shall
be required to satisfy, in a manner satisfactory to the Company, any withholding tax obligations
that arise by reason of an Option exercise, disposition of shares issued under an ISO, the vesting
of or settlement of deferred units under an Award, an election pursuant to Section 83(b) of the
Code or otherwise with respect to an Award. The Company and its Subsidiaries shall not be required
to issue shares of Common Stock, make
any payment or to recognize the transfer or disposition of shares until such obligations are
satisfied. The Administrator may permit these obligations to be satisfied by having the Company
withhold a portion of the shares of Common Stock that otherwise would be issued to him or her upon
exercise of the Option or the vesting or settlement of an Award, or by tendering shares previously
acquired.

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18. Administration of the Plan

     (a) Administrator of the Plan. The Plan shall be administered by the Administrator who shall
be the Compensation Committee of the Board of Directors or, in the absence of a Compensation
Committee, the Board of Directors itself. Any power of the Administrator may also be exercised by
the Board of Directors, except to the extent that the grant or exercise of such authority would
cause any Award or transaction to become subject to (or lose an exemption under) the short-swing
profit recovery provisions of Section 16 of the Securities Exchange Act of 1934 or cause an Award
designated as a Performance Award not to qualify for treatment as performance-based compensation
under Code Section 162(m). To the extent that any permitted action taken by the Board conflicts
with action taken by the Administrator, the Board action shall control. The Compensation Committee
may by resolution authorize one or more officers of the Company to perform any or all things that
the Administrator is authorized and empowered to do or perform under the Plan, and for all purposes
under this Plan, such officer or officers shall be treated as the Administrator; provided, however,
that the resolution so authorizing such officer or officers shall specify the total number of
Awards (if any) such officer or officers may award pursuant to such delegated authority, and any
such Award shall be subject to the form of Option agreement theretofore approved by the
Compensation Committee. No such officer shall designate himself or herself or any Nonemployee
Director as a recipient of any Awards granted under authority delegated to such officer. In
addition, the Compensation Committee may delegate any or all aspects of the day-to-day
administration of the Plan to one or more officers or employees of the Company or any Subsidiary,
and/or to one or more agents.

     (b) Powers of Administrator. Subject to the express provisions of this Plan, the
Administrator shall be authorized and empowered to do all things that it determines to be necessary
or appropriate in connection with the administration of this Plan, including, without limitation:
(i) to prescribe, amend and rescind rules and regulations relating to this Plan and to define terms
not otherwise defined herein; (ii) to determine which persons are Participants, to which of such
Participants, if any, Awards shall be granted hereunder and the timing of any such Awards, and to
grant Awards; (iii) to grant Awards to Participants and determine the terms and conditions thereof,
including the number of shares subject to Awards and the exercise or purchase price of such shares
and the circumstances under which Awards become exercisable or vested or are forfeited or expire,
which terms may but need not be conditioned upon the passage of time, continued employment, the
satisfaction of performance criteria, the occurrence of certain events (including events which the
Board or the Administrator determine constitute a Change of Control), or other factors; (iv) to
establish and verify the extent of satisfaction of any performance goals or other conditions
applicable to the grant, issuance, exercisability, vesting and/or ability to retain any Award;
(v) to prescribe and amend the terms of the agreements or other documents evidencing Awards made
under this Plan (which need not be identical) and the terms of or form of any document or notice
required to be delivered to the Company by Participants under this Plan; (vi) to establish the
terms of adjustments pursuant to Section 12; (vii) to interpret and construe this Plan, any rules
and regulations under this Plan and the terms and conditions of any Award granted hereunder, and to
make exceptions to any such provisions in good faith and for the benefit of the Company; and
(viii) to make all other determinations deemed necessary or advisable for the administration of
this Plan.

     (c) Determinations by the Administrator. All decisions, determinations and interpretations by
the Administrator regarding the Plan, any rules and regulations under the Plan and the terms and
conditions of or operation of any Award granted hereunder, shall be final and binding on all
Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under the
Plan or any Award. The Administrator shall consider such factors as it deems relevant, in its sole
and absolute discretion, to making such decisions, determinations and interpretations including,
without limitation, the recommendations or advice of any officer or other employee of the Company
and such attorneys, consultants and accountants as it may select.

     (d) Subsidiary Awards. In the case of a grant of an Award to any Participant employed by a
Subsidiary, such grant may, if the Administrator so directs, be implemented by the Company issuing
any subject shares to the Subsidiary, for such lawful consideration as the Administrator may
determine, upon the condition or understanding that the Subsidiary will transfer the shares to the
Participant in accordance with the terms of the Award specified by the Administrator pursuant to
the provisions of the Plan. Notwithstanding any other provision hereof, such Award may be issued by
and in the name of the Subsidiary and shall be deemed granted on such date as the Administrator
shall determine.

19. Amendment of the Plan or Awards

     The Board may amend, alter or discontinue this Plan and the Administrator may amend, or alter
any agreement or other document evidencing an Award made under this Plan but, except as provided
pursuant to the provisions of Section 12, no such amendment shall, without the approval of the
stockholders of the Company:

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	 	(a)	 	increase the maximum number of shares for which Awards may be granted under this Plan;
	 
	 	(b)	 	reduce the price at which Options may be granted below the price provided for in
Section 6(a);
	 
	 	(c)	 	reduce the exercise price of outstanding Options;
	 
	 	(d)	 	extend the term of this Plan;
	 
	 	(e)	 	change the class of persons eligible to be Participants;
	 
	 	(f)	 	otherwise amend the Plan in any manner requiring stockholder approval
by law or under the NASDAQ National Market listing requirements; or
	 
	 	(g)	 	increase the individual maximum limits in Sections 5(c) and (d).

     No amendment or alteration to the Plan or an Award or Award Agreement shall be made which
would impair the rights of the holder of an Award, without such holder’s consent, provided that no
such consent shall be required if the Administrator determines in its sole discretion and prior to
the date of any change of control (as defined in the applicable Award Agreement) that such
amendment or alteration either is required or advisable in order for the Company, the Plan or the
Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial
accounting consequences under any accounting standard.

20. No Liability of Company

     The Company and any Subsidiary or affiliate which is in existence or hereafter comes into
existence shall not be liable to a Participant or any other person as to: (i) the non-issuance or
sale of shares of Common Stock as to which the Company has been unable to obtain from any
regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary
to the lawful issuance and sale of any shares hereunder; and (ii) any tax consequence expected, but
not realized, by any Participant or other person due to the receipt, exercise or settlement of any
Award granted hereunder.

21. Non-Exclusivity of Plan

     Neither the adoption of this Plan by the Board of Directors nor the submission of this Plan to
the stockholders of the Company for approval shall be construed as creating any limitations on the
power of the Board of Directors or the Administrator to adopt such other incentive arrangements as
either may deem desirable, including without limitation, the granting of restricted stock or stock
options otherwise than under this Plan, and such arrangements may be either generally applicable or
applicable only in specific cases.

22. Governing Law

     This Plan and any agreements or other documents hereunder shall be interpreted and construed
in accordance with the laws of the Delaware and applicable federal law. Any reference in this Plan
or in the agreement or other document evidencing any Awards to a provision of law or to a rule or
regulation shall be deemed to include any successor law, rule or regulation of similar effect or
applicability.

23. Arbitration of Disputes

     In the event a Participant or other holder of an Award or person claiming a right under an
Award or the Plan believes that a decision by the Administrator with respect to such person or
Award was arbitrary or capricious, the person may request arbitration with respect to such
decision. The review by the arbitrator shall be limited to determining whether the Participant or
other Award holder has proven that the Administrator’s decision was arbitrary or capricious. This
arbitration shall be the sole and exclusive review permitted of the Administrator’s decision.
Participants, Award holders and persons claiming rights under an Award or the Plan explicitly waive
any right to judicial review.

69

 

     Notice of demand for arbitration shall be made in writing to the Administrator within thirty
(30) days after the applicable decision by the Administrator. The arbitrator shall be selected by
those members of the Board of Directors who are neither members of the
Compensation Committee of the Board of Directors nor employees of the Company or any
Subsidiary. If there are no such members of the Board of Directors, the arbitrator shall be
selected by the Board of Directors. The arbitrator shall be an individual who is an attorney
licensed to practice law in the District of Columbia, Commonwealth of Virginia or State of
Delaware. Such arbitrator shall be neutral within the meaning of the Commercial Rules of Dispute
Resolution of the American Arbitration Association; provided, however, that the arbitration shall
not be administered by the American Arbitration Association. Any challenge to the neutrality of the
arbitrator shall be resolved by the arbitrator whose decision shall be final and conclusive. The
arbitration shall be administered and conducted by the arbitrator pursuant to the Commercial Rules
of Dispute Resolution of the American Arbitration Association. Each side shall bear its own fees
and expenses, including its own attorney’s fees, and each side shall bear one half of the
arbitrator’s fees and expenses. The decision of the arbitrator on the issue(s) presented for
arbitration shall be final and conclusive and may be enforced in any court of competent
jurisdiction.

24. No Right to Employment, Reelection or Continued Service

     Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right
of the Company, its Subsidiaries and/or its affiliates to terminate any Participant’s employment,
service on the Board or service for the Company at any time or for any reason not prohibited by
law, nor confer upon any Participant any right to continue his or her employment or service for any
specified period of time. Neither an Award nor any benefits arising under this Plan shall
constitute an employment contract with the Company, any Subsidiary and/or its affiliates,
accordingly, subject to Sections 4 and 19, this Plan and the benefits hereunder may be terminated
at any time in the sole and exclusive discretion of the Board of Directors without giving rise to
any liability on the part of the Company, its Subsidiaries and/or its affiliates.

70exv10w30

 

Exhibit 10.30

AGREEMENT

     This INDEMNITY AGREEMENT made and entered into this
                     day of
                    , 2008, by and
between The Corporate Executive Board Company, a Delaware corporation (the “Company”), and
                    (the
“Indemnitee”). This Agreement supercedes any prior indemnity agreements entered into between the Company and the Indemnitee.

     
WHEREAS, the Board of Directors has determined that the ability to attract and retain qualified persons as directors, officers,
and designated executives is critical to the best interests of the Company and, accordingly, the Company should act to assure
such persons that there will be insurance and indemnification to protect against the tendency of increased litigation and
other challenges by stockholders and others against officers, directors, and designated executives of companies; and

     
WHEREAS, the Company has adopted provisions in its Certificate of Incorporation and By-laws providing for indemnification
of its officers, directors, and designated executives to the fullest extent permitted by applicable law, and the
Indemnitee has been serving and continues to serve as a director or officer or designated executive of the Company in part
in reliance on such provisions; and

     
WHEREAS, Section 145 of the General Corporation Law of the State of Delaware, sets forth certain provisions relating to
the mandatory and permissive indemnification of officers, directors, and designated executives (among others) of a Delaware
corporation by such corporation is specifically not exclusive of other rights to which those indemnified thereunder may
be entitled under any charter, by-law, agreement, contract, vote of stockholders or disinterested directors, or pursuant
to the direction (howsoever embodied) of any court of competent jurisdiction or otherwise; and

     
WHEREAS, in order to provide Indemnitee with contractual assurance that the protection set forth in the Certificate of
Incorporation and By-laws will be available to Indemnitee, the Company has determined, after due consideration
and investigation of the terms and provisions of this Agreement and the various other options available to the Company and
the Indemnitee in lieu hereof, that the following Agreement is not only reasonable and prudent but necessary to promote
and ensure the best interests of the Company and its stockholders.

     
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and the
Indemnitee do hereby covenant and agree as follows:

     
SECTION 1.  Service by the Indemnitee. The Indemnitee will serve and/or continue to serve as an officer or
director or designated executive or designated executive or designated executive of the Company faithfully and
to the best of his ability so long as such Indemnitee is duly elected or qualified in accordance with the provisions
of the By-laws of the Company or until such time as such Indemnitee tenders his resignation in writing. The Indemnitee
may at any time and for any reason resign from such position (subject to any other contractual obligation or other obligation
imposed by operation of law). Nothing in this Agreement shall confer upon the Indemnitee the right to continue in the
employ of the Company or affect the right of the Company to terminate the Indemnitee's employment at any time in the sole discretion
of the Company, with or without cause.

71

 

     
SECTION 2. Indemnification in Proceedings Other than Those by or
in the Right of the Company. The Indemnitee shall be
entitled to the indemnification rights provided in this Section if Indemnitee is a party or is threatened
to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of
the fact that such Indemnitee is or was an officer or director or designated executive of the Company, or is or was
an officer or director or designated executive of the Company serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason
of anything done or not done by such Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be
indemnified against all Expenses (defined below), judgments, penalties, Fines (defined below), liabilities and losses actually and
reasonably incurred by such Indemnitee in connection with such Proceeding, so long as such Indemnitee acted in Good Faith
(defined below) and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and with
respect to any criminal action or Proceeding, had no reasonable cause to believe such Indemnitee’s conduct was unlawful.

     
SECTION 3. Indemnification in Proceedings by or in the Right of the Company. The Indemnitee shall be entitled to the
indemnification rights provided in this Section if such Indemnitee was or is a party or is threatened to be made a party to
any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that such
Indemnitee is or was an officer of the Company, or is or was an officer of the Company serving at the request of the Company
as a director, officer, designated executive, employee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, or by reason of anything done or not done by such Indemnitee in any such capacity.
Pursuant to this Section, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by such Indemnitee
in connection with the defense or settlement of such Proceeding so long as such Indemnitee acted in Good Faith and in a
manner reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that no such
indemnification shall be made in respect of any claim, issue, or matter as to which the Indemnitee has been adjudged to
be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the
court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to Indemnification for such Expenses as the
court shall deem proper.

     
SECTION 4.  Prohibited Indemnification.  No indemnification pursuant to this Agreement shall be paid by the Company on account of:

     
(a) 	Indemnitee’s conduct that is finally adjudged to have been knowingly fraudulent or to constitute willful misconduct;

     
(b)	any Proceeding in which judgment is rendered against the Indemnitee for an accounting of profits made from the purchase
or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act
of 1934 and amendments thereto or similar provisions of any federal, state or local statutory law;

     
(c) conduct for which payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid
and enforceable indemnity clause, by-law or agreement, except in respect of any indemnity exceeding the payment under such
insurance, clause, by-law or agreement;

     
(d) if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful
(and, in this respect, both the Company and the Indemnitee have been advised that the Securities and Exchange Commission believes
that (i) indemnification for liabilities arising under the federal securities laws is against public policy and is,
therefore, unenforceable and (ii) claims for indemnification should be submitted to the appropriate court for adjudication); or

72

 

     
(e) any proceeding (or part thereof) by the Indemnitee against the Company or its directors, officers, employees, or
other indemnitees, unless (1) such indemnification is expressly required to be made by law, (2) the proceeding was
authorized by the Board, (3) such indemnification is provided by the Company, in its sole discretion, pursuant to the
powers vested in the Company under applicable law, (4) to establish or enforce a right to indemnify under this Agreement or
any other agreement or insurance policy or under the Company’s Certificate of Incorporation or By-laws now or
hereafter in effect or (5) the Proceeding is instituted after a Change in Control (other than a Change in Control
approved by a majority of the directors on the Board who were directors immediately prior to such Change in Control).

     
SECTION 5. Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by
the Company for some or a portion of the Expenses, judgments, penalties, Fines, liabilities or losses actually and
reasonably incurred by such Indemnitee in connection with a Proceeding described in Section 2 or 3, but
not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of
such Expenses, judgments, penalties, Fines, liabilities and losses actually and reasonably incurred by him to which
the Indemnitee is entitled.

     
SECTION 6. Determination of Entitlement to Indemnification.

     
(a) Any indemnification under Sections 2 and 3 of this Agreement (unless ordered by a court) shall be made by
the Company only as authorized in the specific case upon a determination (in accordance with this Section 6) that
indemnification of the Indemnitee is proper in the circumstances because such Indemnitee has met the applicable standard of
conduct set forth in Section 2 or 3, as the case may be. A determination of entitlement to indemnification shall be made by
(i) the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such
majority constitutes a quorum; (ii) if the Board of Directors by the majority vote of Disinterested Directors so directs or
if there are no Disinterested Directors, by Independent Counsel (defined below) in a written opinion to the
Board of Directors, a copy of which shall be delivered to the Indemnitee; or (ii) the stockholders of the Company.
The Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee. Upon failure
of the Board so to select such Independent Counsel or upon failure of the Indemnitee so to approve, such
Independent Counsel shall be selected upon application of Indemnitee by the Chancellor of the State of Delaware or such
other person as the Chancellor shall designate to make such selection.

     
(b) Notwithstanding anything in the foregoing to the contrary, to the extent that the Indemnitee has been successful, on the
merits or otherwise, in defense of any Proceeding referred to in Sections 2 and 3, or in defense of any claim, issue or
matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
determined that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by him in connection therewith, without the necessity of authorization in
the specific case.

     
(c) A determination of entitlement to indemnification shall be made by written request of the Indemnitee. The request shall
include documentation or information which is necessary for such determination and which is reasonably available to the
Indemnitee, and shall include a statement that the Indemnitee has met the applicable standard of conduct set forth in
Section 2 or 3 of this Agreement, as the case may be. Promptly upon receipt of the Indemnitee’s
request for indemnification, the Secretary of the Company shall advise in writing the Board of Directors or such other
person or persons empowered to make the determination of entitlement to indemnification that the Indemnitee has made a
written request for indemnification. A determination of entitlement to indemnification shall be made promptly thereafter and
not later than 65 days after receipt by the Company of a written request.

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(d) If it is determined that the Indemnitee is entitled to all or part of the indemnification with respect to which the Indemnitee
has made a request, the amount of the indemnification to which the Indemnitee is entitled shall be paid in full within 90
days after receipt by the Company of the written request for indemnification.

     
(e) Any Expenses incurred by the Indemnitee in connection with his request for indemnification hereunder shall be borne by
the Company. The Company hereby agrees to indemnify the Indemnitee for any such Expense and agrees to hold the Indemnitee harmless
therefrom irrespective of the outcome of the determination of the Indemnitee's entitlement to indemnification. If the person making
such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application
for indemnification, such person shall reasonably prorate such partial indemnification among such claims, issues or matters.

     
SECTION 7. Presumptions and Effect of Certain Proceedings. Upon making a written request for indemnification, the
Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of
proof in the making of any determination contrary to such presumption. The person or persons empowered to make the
determination of entitlement to indemnification shall within 65 days after receipt by the Company of the request,
specifically determine that the Indemnitee is so entitled, unless it or they make a determination that (i) sufficient
evidence exists to rebut the presumption that the Indemnitee has met the applicable standard of conduct set forth
in Section 2 or 3 hereof, as the case may be or (ii) that the request relates to one of the matters with respect to
which Section 2 of this Agreement prohibits indemnification. The termination of any Proceeding described in Section 2 or 3
by judgment, order, settlement conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that the Indemnitee did not meet the applicable standard of conduct set forth in Section 2 or 3 or
otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.

     
SECTION 8. Advancement of Expenses.

     
(a) If so requested by the Inedmnitee, all Expenses incurred by the Indemnitee in defending or investigating a Proceeding
shall be paid by the Company, in advance of the final disposition of the Proceeding, provided that if and to the extent the
Company determines upon advice of counsel that Indemnitee would not be permitted to be so indemnified under applicable law,
the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to, and shall, reimburse the Company) for
all such amounts theretofore paid in connection with the Proceeding then in question. Such Expenses shall be paid in full
within 20 days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance
or advances from time to time. Upon making a request for advancement of expenses, the Indemnitee shall be presumed to be
entitled to the advancement hereunder and the Company shall have the burden of proof in the making of any determination
contrary to such presumption. The Indemnitee’s entitlement to such Expenses shall include those incurred in
connection with any Proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to this
Agreement. Such statement or statements shall reasonably evidence the Expenses incurred by him in connection therewith and
shall include or be accompanied by an undertaking by or on behalf of the Indemnitee to repay such amount if it is
ultimately determined that the Indemnitee is not entitled to be indemnified against such Expenses by the Company as provided
by this Agreement or otherwise. Indemnitee's undertaking to repay any such amounts is not required to be secured.

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(b) In the case of a suit brought by the Company to recover an advancement of expenses pursuant to the terms of an
undertaking, the Company shall have the burden of proof in showing that the Indemnitee is not entitled to such advancement
of expenses. The Company shall be entitled to recover such Expenses upon a final adjudication that the Indemnitee (i)
has not acted in Good Faith and in a manner such Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company, or (ii) with respect to any criminal action or Proceeding, had reasonable cause to believe his conduct
was unlawful.

     
SECTION 9. Remedies of the Indemnitee in Cases of Determination
not to Indemnify or to Advance Expenses.

     
(a) In the event that a determination is made under Section 6 of this Agreement that the Indemnitee is not
entitled to indemnification hereunder, or if a request for indemnification is not paid in full within 90 days after receipt
by the Company of a written request for indemnification, or if Expenses have not been paid in full within 20 days
after receipt by the Company of a statement requesting an advance of Expenses, the Indemnitee shall be entitled to a
final adjudication in any court of competent jurisdiction in the State of Delaware of his entitlement to such indemnification or
advance. Alternatively, the Indemnitee at his option may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the rules of the American Arbitration Association, such award to be made
within 60 days following the filing of the demand for arbitration.

     
(b) Notice of any application for indemnification pursuant to this Section 9 shall be given to the Company promptly upon
the filing of such application. The Company shall not oppose the Indemnitee's right to seek any such adjudication or
award in arbitration. Such judicial proceeding or arbitration shall be made de novo and neither an actual determination
by the Board of Directors under Section 6 of this Agreement that the Indemnitee has not met the applicable standard
of conduct for indemnification set forth in Section 2 or 3 of this Agreement, as the case may be, nor the absence
of any determination thereunder, shall be a defense to such application or create a presumption that the Indemnitee has not met
any applicable standard of conduct.

     
(c) If a determination is made or deemed to have been made pursuant to the terms of Section 6 that the
Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting
that such determination has not been made or that the procedure by which such determination was made is not valid, binding
and enforceable. The Company further agrees to stipulate in any such court or before any such arbitrator that the
Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary.

     
(d) If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification hereunder, the Company shall pay
all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration
(including, but not limited to, any appellate Proceedings).

     
SECTION 10. Notification and Defense of Claim. Promptly after receipt by the Indemnitee of notice of any Proceeding,
the Indemnitee shall, if a claim in respect thereof is to be made against the Company under this Agreement,
notify the Company in writing of the commencement thereof; but the omission so to notify the Company will not relieve
the Company from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect
to any such Proceeding as to which the Indemnitee notifies the Company:

     
(a) The Company shall be entitled to participate therein at its own expense; and

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(b) Except as otherwise provided in this Section 10(b), to the extent that it may wish, the Company, jointly
with any other indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory
to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the
Company shall not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in
connection with the defense thereof other than costs of investigation or as otherwise provided below. The Indemnitee shall
have the right to employ his own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice
from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment
of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such action or
(iii) the Company shall not in fact have employed counsel to assume the defense of the action, in each of which cases the
fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. The Company shall not be entitled
to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have
made the conclusion provided for in (ii) above.

     
(c) The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of
any Proceeding effected without its written consent. The Company shall not settle any Proceeding in any manner that would impose
any penalty or limitation on or disclosure obligation with respect to the Indemnitee without the Indemnitee’s
written consent. Neither the Company nor the Indemnitee will unreasonably withhold its consent to any proposed settlement.

     
SECTION 11. Other Rights to Indemnification. The indemnification and advancement of Expenses provided by or
granted pursuant to this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may now or
in the future be entitled under the Certificate of Incorporation or any By-laws, agreement, contract, vote of stockholders
or Disinterested Directors, or pursuant to the direction (howsoever embodied) of any court of competent jurisdiction or
otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.

     
SECTION 12. Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or intervenes in any
Proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in
arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if such Indemnitee
prevails in whole or in part in such action, shall be entitled to recover from the Company and shall be indemnified by
the Company against any actual Expenses incurred by him.

     
SECTION 13.  Insurance.  To the extent the Company maintains liability insurance applicable to directors, officers,
employees, control persons, fiduciaries or other agents and affiliates, Indemnitee shall be covered by such policies in
such a manner as to provide to the Indemnitee the same rights and benefits as are accorded to the most favorably insured
of the Company’s directors, if such Indemnitee is a director; or of the Company’s
officers, if such Indemnitee is not a director of the Company but is an officer; or of the Company’s
designated executives, if such Indemnitee is a designated executive.

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SECTION 1. Duration of Agreement. This Agreement shall terminate upon the later of: (a) ten years after the
Indemnitee has ceased to occupy any of the positions or have any relationships described in Section 1; and (b) the
final termination of all pending or threatened Proceedings to which the Indemnitee may be subject by reason of the fact that
such Indemnitee is or was a director or officer or designated executive of the Company or is or was a director or officer or
designated executive of the Company serving at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of anything
done or not done by him in any such capacity. The indemnification provided under this Agreement shall continue as to
the Indemnitee even though such Indemnitee may have ceased to be a director or officer or designated executive of the Company.
This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the
Indemnitee and his heirs, executors and administrators.

     
SECTION 14. Merger, Consolidation, or Sale of Assets. In the event that the Company shall be a constituent corporation
in a consolidation or merger, whether the Company is the resulting or surviving corporation or is absorbed, the Indemnitee shall
stand in the same position under this Agreement with respect to the resulting or surviving corporation as such Indemnitee would have
with respect to the Company if its separate existence had continued. For purposes of this Agreement, references to “the Company”
shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have
had power and authority to indemnify its directors, officers, or designated executives.

     
SECTION 15. Severability. If any provision or provisions of this Agreement shall be held invalid, illegal or
unenforceable for any reason whatsoever (a) the validity, legality and enforceability of the remaining provisions of this
Agreement (including, without limitation, all portions of any Sections of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in
any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, all portions of any Section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifest by the provision held invalid, illegal or unenforceable.

     
SECTION 16. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same
Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced as
evidence of the existence of this Agreement.

     
SECTION 17. Headings; References; Pronouns. The headings of the Sections of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to
Section numbers are to Sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to
the masculine, feminine, neuter, singular or plural as appropriate.

     
SECTION 18. Definitions. For purposes of this Agreement:

     
(a) “Change in Control” shall be deemed to have occurred if (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a
trustee or other fiduciary holding securities under an employee benefit plan of the Company is or becomes the “Beneficial Owner”
(as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing twenty percent
(20%) or more of the total voting power represented by the Company’s
then outstanding voting securities; (ii) during any period of two consecutive years, individuals who at the beginning
of such period constitute the Board and any new director whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved,
cease for any reason to constitute a majority thereof; (iii) the stockholders of the Company approve a merger or consolidation
of the Company with any other entity, other than a merger or consolidation that would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least eighty percent (80%) of the total voting power represented by the
voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation.

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(b)  “Disinterested Director” means a director of the Company who is not or was not a party to the Proceeding in
respect of which indemnification is being sought by the Indemnitee.

     
(c) “Expenses” means any expense, liability or loss, including without limitation attorneys’
fees, judgments, fines, ERISA excise taxes and penalties, amounts paid or to be paid in settlement, any interest,
assessments, or other charges imposed thereon, and any federal, state, local, or foreign taxes imposed as a result
of the actual or deemed receipt of any payments under this Agreement, paid or incurred in connection with investigating, defending,
being a witness in, or participating in (including, without limitation and with respect to each of the
foregoing, on appeal), or preparing for any of the foregoing, any Proceeding.

     
(d) “Fines” includes any excise taxes or penalties assessed on Indemnitee with respect to any employee benefit plan.

     
(e) “Good Faith” means the good faith of the Indemnitee for purposes of any determination required under
Section 6 of this Agreement as to the Indemnitee’s Good Faith. The Indemnitee shall be deemed to have acted in good
faith and in a manner such Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company, or, with respect to any criminal action or Proceeding, to have had no reasonable cause to believe his conduct was
unlawful, if his action is based on the records or books of account of the Company or another enterprise, or
on information supplied to him by the officers of the Company or another enterprise in the course of their duties,
or on the advice of legal counsel for the Company or another enterprise or on information or records given or reports made
to the Company or another enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Company or another enterprise. If the Indemnitee acted in good faith and in a manner
such Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, such
Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement. The term “another enterprise” as used in this definition means any
other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which
the Indemnitee is or was serving at the request of the Corporation as a director, officer, employee or agent. This definition
shall not be deemed to be exclusive or to limit in any way the circumstances in which the Indemnitee may be deemed to have
met the applicable standard of conduct set forth in Sections 2 and 3 of this Agreement.

     
(f) “Independent Counsel” means a law firm or a member of a law firm that neither is presently nor in the past five years
has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party, or
(ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action
to determine the Indemnitee' s right to indemnification under this Agreement.

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(g) “Proceeding” includes any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (including an action by or in the right of the Company), and including, but
not limited to, actions, suits or proceedings brought under and/or predicated upon the Securities Act of 1933, as amended,
and/or the Securities Exchange Act of 1934, as amended, and/or their respective state counterparts and/or any rule
or regulation promulgated thereunder, in which Indemnitee may be or may have been involved as a party or otherwise, by reason
of the fact that such Indemnitee is or was an officer of the Company, or is or was an officer of the Company serving at
the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, or by reason of anything done or not done by him in any such
capacity, whether or not such service or action or inaction occurred or is alleged to have occurred prior to or after
the date of this Agreement and whether or not such Indemnitee is serving in such capacity at the time any liability
or expense is incurred for which indemnification or reimbursement can be provided under this Agreement.

     
SECTION 19. Modification and Waiver Subject to Section 12 hereof, this Agreement contains the entire agreement of the
parties relating to the subject matter hereof and shall supersede all other agreements and understandings, if any,
between the parties with respect to the matters contemplated herein. This Agreement may be modified only by an instrument
in writing signed by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     
SECTION 20. Notices All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed
to have been duly given and received (i) if delivered by hand, on the date so delivered, or (ii) if sent by overnight
courier, on the next business day after being so sent, or (iii) if sent by facsimile, on the day so sent:

	 	 	 	 	 	 	 
	 

	 	(a)
	 	If to the Indemnitee, to:	 	 
	 
	 	 	 	 	 	 
	 

	 	(b)
	 	If to the Company, to:
	 	The Corporate Executive Board
	 

	 	 	 	 	 	1919 North Lynn
	 

	 	 	 	 	 	Arlington, VA 22209
	 

	 	 	 	 	 	Attn: Pamela Auerbach
	 

	 	 	 	 	 	Corporate Counsel and Corporate Secretary
	 
	 	 	 	 	 	 
	 	 	with a copy to:	 	Gibson Dunn
	 

	 	 	 	 	 	Ron Mueller
	 

	 	 	 	 	 	1050 Connecticut Ave. NW, Suite 900
	 

	 	 	 	 	 	Washington, D.C. 20036
	 

	 	 	 	 	 	Attn: Securities Lawyer
	 

	 	 	 	 	 	Facsimile: (202) 530-9569

or to such other address as may be furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

     
SECTION 21. Governing Law. The parties hereto agree that this Agreement shall be governed by, construed and enforced
in accordance with, the Laws of the State of Delaware.

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

	 	 	 	 	 	 	 
	 	 	THE CORPORATE EXECUTIVE BOARD

COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Corporate Secretary	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name:	 	 

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