Document:

Form of ActivCard Corp. Common Stock Warrant

 EXHIBIT 4.3 
  

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO,
OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. 

  

			
	 Warrant No.                 
 Date of Issuance:                 
	  	 Number of Shares:                 

(subject to adjustment)

  
 (Void After
                ) 
  
 ACTIVCARD CORP. 
  
 Common Stock Purchase Warrant 
  
 ActivCard Corp. (the “Company”), for value received, hereby certifies that
                                        
        , or its registered assigns (the “Registered Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at any time after the date hereof and on or
before the Expiration Date (as defined in Section 5 below), up to              shares (as adjusted from time to time pursuant to the provisions of this Warrant) of Common Stock of
the Company, at a purchase price of $             per share (as adjusted from time to time pursuant to the provisions of this Warrant). The shares purchasable upon exercise of this
Warrant and the purchase price per share are sometimes hereinafter referred to as the “Warrant Stock” and the “Purchase Price,” respectively. 
  

	 	1.	Exercise. 

  
 (a) Manner of Exercise. This Warrant may be exercised by the Registered Holder, in whole or in part, by surrendering this Warrant, with the
purchase/exercise form appended hereto as Exhibit A duly executed by such Registered Holder, at the principal office of the Company, or at such other office or agency as the Company may designate, accompanied by payment in full of the
Purchase Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise. The Purchase Price may be paid by cash, check, wire transfer or by the surrender of promissory notes or other instruments representing
indebtedness of the Company to the Registered Holder. 
  
 (b)
Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in
Section 1(a) above. 
  

 1 

 (c) Net Issue Exercise. 
  
 (i) In lieu of exercising this Warrant in the manner provided above in Section 1(a), the Registered Holder may elect to
receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such election on the purchase/exercise form appended hereto as
Exhibit A duly executed by such Registered Holder or such Registered Holder’s duly authorized attorney, in which event the Company shall issue to holder a number of shares of Common Stock computed using the following formula: 

 
 X = Y (A – B) 
 A 
  

					
	 Where
	  	X =	  	The number of shares of Common Stock to be issued to the Registered Holder.
			
	 	  	Y =	  	The number of shares of Common Stock purchasable under this Warrant (at the date of such calculation).
			
	 	  	A =	  	The fair market value of one share of Common Stock (at the date of such calculation).
			
	 	  	B =	  	The Purchase Price (as adjusted to the date of such calculation).

  
 (ii) For purposes of
this Section 1(c), the fair market value of one share of Common Stock on the date of calculation shall mean: 
  
 (A) if the Company’s Common Stock is traded on a securities exchange or The Nasdaq Stock Market or actively traded over-the-counter: 
  
 (1) if the Company’s Common Stock is traded on a securities exchange or
The Nasdaq Stock Market, the fair market value shall be deemed to be the average of the closing prices for the five trading days prior to the date of calculation; or 
  
 (2) if the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the
average of the closing bid or sales price (whichever is applicable) five trading days prior to the date of calculation; or 
  
 (B) if (A) is not applicable, then the fair market value shall be determined in good faith by the Board of Directors of the Company. 
  
 (d) Delivery to Holder. As soon as practicable after the
exercise of this Warrant in whole or in part the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct:

  
 (i) a certificate or certificates for the number of shares of
Warrant Stock to which such Registered Holder shall be entitled, and 
  
 (ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any
adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Registered Holder upon such exercise as provided in Section 1(a) above. 
  

 2 

	 	2.	Adjustments. 

  
 (a) Stock Splits and Dividends. If outstanding shares of the Company’s Common Stock shall be subdivided into a greater number of shares
or a dividend in Common Stock shall be paid in respect of Common Stock, the Purchase Price in effect immediately prior to such subdivision or at the record date of such dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced. If outstanding shares of Common Stock shall be combined into a smaller number of shares, the Purchase Price in effect immediately prior to such combination shall,
simultaneously with the effectiveness of such combination, be proportionately increased. When any adjustment is required to be made in the Purchase Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be
changed to the number determined by dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by the Purchase Price in effect immediately prior to such
adjustment, by (ii) the Purchase Price in effect immediately after such adjustment. 
  
 (b) Reclassification, Etc. In case of any reclassification or change of the outstanding securities of the Company or of any reorganization of the Company (or any other corporation the stock or securities
of which are at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization on or after the date hereof, then and in each such case the holder of this Warrant, upon the exercise hereof at any time after the
consummation of such reclassification, change, reorganization, merger or conveyance, shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, the stock or
other securities or property to which such holder would have been entitled upon such consummation if such holder had exercised this Warrant immediately prior thereto, all subject to further adjustment as provided in Section 2(a); and in each such
case, the terms of this Section 2 shall be applicable to the shares of stock or other securities properly receivable upon the exercise of this Warrant after such consummation. 
  

	 	3.	Transfers. 

  
 (a) Unregistered Security. Each holder of this Warrant acknowledges that this Warrant and the Warrant Stock have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Stock issued upon its exercise in the absence of
(i) an effective registration statement under the Act as to this Warrant or such Warrant Stock and registration or qualification of this Warrant or such Warrant Stock under any applicable U.S. federal or state securities law then in effect or (ii)
an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each certificate or other instrument for Warrant Stock issued upon the exercise of this Warrant shall bear a legend substantially to the
foregoing effect. 
  
 (b) Transferability. Subject
to the provisions of Section 3(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of the Warrant with a properly executed assignment (in the form of Exhibit B hereto) at the principal office
of the Company. 
  
 4.     No Impairment. The Company will not, by amendment of its charter or through reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant. 
  
 5.     Termination. This Warrant (and the right to purchase securities upon exercise hereof) shall terminate upon the earliest to occur of the following (the “Expiration
Date”): (a) 5:00 p.m., Pacific Time,                     , (b) the sale, conveyance or disposal of all or substantially all of the
Company’s assets or the Company’s merger with or into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company) or any other transaction or series of related transactions in which more than fifty
percent (50%) of the voting power of the Company is disposed of; provided, however, that the preceding clause (b) shall not apply to a merger effected for the purpose of changing the domicile of the Company. 
  

 3 

	 	6.	Notices of Certain Transactions. In case: 

  
 (a) the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, to
subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, or 
  
 (b) of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company,
any consolidation or merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity), or any transfer of all or substantially all of the assets of the Company, or 

 
 (c) of the voluntary or involuntary dissolution, liquidation or winding-up
of the Company, 
  
 then, and in each such case, the Company will mail or cause to
be mailed to the Registered Holder of this Warrant a notice specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders
of record of Common Stock (or such other stock or securities at the time deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up) are to be determined. Such notice shall be
mailed at least ten (10) days prior to the record date or effective date for the event specified in such notice. Notwithstanding the foregoing, the Company’s obligations under this Section 6 shall be deemed satisfied if the Company makes a
public announcement of such event either in a filing with the Securities and Exchange Commission or in a press release and such announcement is made at least 10 days prior to the record date or effective date of such event. 
  
 7.      Reservation of Stock. The
Company will at all times reserve and keep available, solely for the issuance and delivery upon the exercise of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time shall be issuable upon the
exercise of this Warrant. 
  
 8.     
Exchange of Warrants. Upon the surrender by the Registered Holder of any Warrant or Warrants, properly endorsed, to the Company at the principal office of the Company, the Company will, subject to the provisions of Section 3 hereof, issue
and deliver to or upon the order of such Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the name of such Registered Holder or as such Registered Holder (upon payment by such Registered Holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant or Warrants so surrendered. 
  
 9.      Replacement of Warrants. Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in
an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 
  

 4 

 10.    Notices. Any notice required or permitted by this Warrant shall be in
writing and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery service or forty-eight (48) hours after being deposited in the regular mail as certified or registered mail (airmail if sent
internationally) with postage prepaid, to the addresses set forth below or subsequently modified by written notice to the Registered Holder: 
  
 If to the Company: 
  
 ActivCard Corp. 
 6623 Dumbarton Circle

 Fremont, CA 94555 
 Attn: Chief
Financial Officer 
  
 If to the Registered Holder: 
  

			
	 	 	 
		
	 	 	 
		
	 	 	 

  
 11.    No Rights as Shareholder. Until the exercise of this Warrant, the Registered Holder of this Warrant shall not have or exercise any rights by virtue hereof as a shareholder of the Company. 
  
 12.    No Fractional Shares. No fractional
shares of Common Stock will be issued in connection with any exercise hereunder. In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the fair market value
of one share of Common Stock on the date of exercise, as determined in good faith by the Company’s Board of Directors. 
  
 13.    Amendment or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the
party against which enforcement of the amendment or waiver is sought. 
  
 14.    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
  
 15.    Governing Law. This Warrant shall be
governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. 
  

	
	ACTIVCARD CORP.
	
	By:                                      
                                        
                  
	
	Name:                                     
                                        
             
	
	Title:                                     
                                        
               

  

 5 

 EXHIBIT A 
  
 PURCHASE/EXERCISE FORM 
  

			
	To:  ActivCard Corp. 	  	Dated:
                            

  
 The undersigned,
pursuant to the provisions set forth in the attached Warrant No. [            ], hereby irrevocably elects to (a) purchase
             shares of the Common Stock covered by such Warrant and herewith makes payment of $             ,
representing the full purchase price for such shares at the price per share provided for in such Warrant, or (b) exercise such Warrant for              shares1 purchasable under the Warrant pursuant to the Net Issue Exercise provisions of Section 1(c) of such Warrant and authorizes the
Company to make the calculations required under Section 1(c) of the Warrant. 
  

	
	
	Signature:                                     
                                        
      
	
	Name
(print):                                      
                                      
 
	
	Title (if
applic.):                                      
                                 
	
	Company (if
applic.):                                      
                        

  

	1	If the Registered Holder elects to satisfy the Purchase Price pursuant to the Net Issue Exercise provisions of Section 1(c) of the Warrant, indicate the gross number of shares from
which the Purchase Price is to be deducted. 

  

 6 

 EXHIBIT B 
  
 ASSIGNMENT FORM 
  
 FOR VALUE RECEIVED,
                                        
                                        
                         hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant
with respect to the number of shares of Common Stock covered thereby set forth below, to: 
  

					
	 Name of Assignee

	 	 Address/Fax Number

	 	 No. of Shares

  
  
  
  

							
	Dated:                                     
   	 	 	 	Signature:	 	 
				
	 	 	 	 	 	 	 
				
	 	 	 	 	Witness:Form of Restricted Stock Unit Grant Agreement

 EXHIBIT 10.15 
  
 ACTIVCARD CORP. 
  
 2004 Equity Incentive Plan 
 Restricted Stock Unit Grant Agreement 
  
 This
Restricted Stock Unit Grant Agreement (the “Agreement”) is dated as of                      (the “Grant Date”) and is
entered into between ActivCard Corp., a Delaware corporation (the “Company”), and                      (the “Employee”).

  
 Pursuant to the terms of the 2004 Equity Incentive Plan (the
“Plan”) the Company hereby awards to Employee restricted stock units (“Restricted Stock Units”) on the terms and conditions as set forth in this Agreement and the Plan. Capitalized terms used but not defined in this Agreement
shall have the meaning specified in the Plan. 
  
 In consideration
of the mutual promises set forth below, the parties hereto agree as follows: 
  
 1. Award of Restricted Stock Units. Subject to the terms and conditions of this Agreement and the Plan (the terms of which are incorporated herein by reference) and effective as of the Grant Date, the Company
hereby grants to the Employee                     
(                    ) Restricted Stock Units. 
  
 2. Vesting. Employee shall be vested in the Restricted Stock Units as follows, provided Employee remains in the continuous service of the Company
through each of the following “Vesting Dates”: one-third of the Restricted Stock Units will vest on the first anniversary of the Grant Date and the remaining Restricted Stock Units will vest in equal monthly installments over the following
twenty-four months. 
  
 3. Effect of Termination of Service or
Leave of Absence. If the Employee’s service is terminated by the Employee or by the Company or a Subsidiary for any reason before a Vesting Date, unvested Restricted Stock Units shall be forfeited as of the date of termination. If Employee
returns to service immediately after the end of an approved leave of absence, Employee shall be deemed to have remained continuously employed by the Company through the period of the leave of absence. 
  
 4. Distribution. Stock certificates (the “Certificate”)
evidencing the conversion of Restricted Stock Units into shares of Common Stock shall be issued and registered in the Employee’s name as of the later of the Vesting Date or the date elected in Exhibit A (such date being the end of the
“Restricted Period”). Subject to Section 7 of this Agreement, Certificates will be delivered to the Employee as soon as practicable after the end of the Restricted Period. In the case of death, Certificates shall be delivered to the
Employee’s beneficiary or estate as soon as practicable following the date of death. 
  
 5. Deferral Election. The Employee may elect to defer delivery of the Certificates that would otherwise be due by virtue of the lapse or waiver of the vesting requirements as set forth in Section 2. The
election must be made on the form attached as Exhibit A. 
  
 6.
Dividends. Participants holding Restricted Stock Units shall not be entitled to receive cash payments equal to any cash dividends and other distributions paid with respect to a corresponding number of shares of Common Stock. 
  
 7. Tax Withholding Obligations. To meet the obligations of the Company
and Employee with respect to any withholding taxes, FICA contributions, or the like under any federal, state, or local statute, ordinance, rule, or regulation in or connection with the award, deferral, or settlement of the Restricted Stock Units,
the Committee shall require that the Company withhold a number of shares of Common Stock otherwise deliverable having a Fair Market Value sufficient to satisfy the statutory minimum (or such higher amount as is allowable without adverse accounting
consequences) of the Participant’s estimated total federal, state, and local tax obligations associated with vesting or settlement of the Restricted Stock Units. The Company may also in lieu of or in 

 
addition to the foregoing, at its sole discretion, either require the Employee to deposit with the Company an amount of cash sufficient to meet the
withholding requirements and/or, withhold the required amounts from the Employee’s pay during the pay periods next following the date on which any such applicable tax liability otherwise arises. The Company shall not deliver any of the
Certificates until and unless the Employee has made the deposit required herein or proper provision for required withholding has been made. Employee hereby consents to any action reasonably taken by the Company to meet the withholding obligations.

  
 8. Restriction on Transferability. Until distribution,
the Restricted Stock Units may not be sold, transferred, pledged, assigned, or otherwise alienated at any time. Any attempt to do so contrary to the provisions hereof shall be null and void. Notwithstanding the above, distribution can be made
pursuant to will, the laws of descent and distribution, intra-family transfer instruments or to an inter vivos trust. 
  
 9. Rights as Shareholder. The Employee shall not have voting or any other rights as a shareholder of the Company with respect to the Restricted
Stock Units. Upon settlement of the Restricted Stock Units into shares of Company Stock, the Employee will obtain full voting and other rights as a shareholder of the Company. 
  
 10. Administration. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and
binding upon the Employee, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement.

  
 11. Effect on Other Employee Benefit Plans. The value
of the Restricted Stock Units granted pursuant to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan sponsored by the
Company or any Subsidiary except as such plan or applicable law otherwise expressly requires. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Subsidiary’s employee benefit plans.

  
 12. No Employment Rights. The award of the Restricted
Stock Units pursuant to this Agreement shall not give the Employee any right to remain employed by the Company or a Subsidiary. Also, the award is completely within the discretion of the Company. It is not made as a part of any ongoing element of
compensation or something which Employee should expect to receive annually or on any other periodic basis. It does not constitute part of Employee’s salary or wages and, unless specifically agreed to otherwise with the Company, is not relevant
for purposes of determining any post-employment payment or severance. 
  
 13. Amendment. This Agreement may be amended only by a writing executed by the Company and the Employee which specifically states that it is amending this Agreement. Notwithstanding the foregoing, this Agreement may be amended solely
by the Committee by a writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to the Employee, and provided that no such amendment adversely affects the rights of the Employee (but
limiting the foregoing, the Committee reserves the right to change, by written notice to the Employee, the provisions of the Restricted Stock Units or this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant
as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to Restricted Stock Units which are then subject to restrictions as
provided herein). 
  
 14. Notices. Any notice to be given
under the terms of this Agreement to the Company shall be addressed to the Company in care of its stock administrator. Any notice to be given to Employee shall be addressed to Employee at the address listed in the Company’s records. By a notice
given pursuant to this Section, either party may designate a different address for notices. Any notice shall have been deemed given when actually delivered. 
  

 2 

 15. Severability. If all or any part of this Agreement or the Plan is declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so
declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 
  
 16. Construction. The Restricted Stock Units are being issued pursuant
to Section 7 of the Plan and are subject to the terms of the Plan. A copy of the Plan has been given to the Employee, and additional copies of the Plan are available upon request during normal business hours at the principal executive offices of the
Company. To the extent that any provision of this Agreement violates or is inconsistent with an express provision of the Plan, the Plan provision shall govern and any inconsistent provision in this Agreement shall be of no force or effect.

  
 17. Miscellaneous. 
  
 (a) The Board may terminate, amend, or modify the Plan; provided, however,
that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant’s rights under this Agreement, without the Participant’s written approval. 
  
 (b) This Agreement shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
  
 (c) All obligations of the Company under the Plan and this Agreement, with respect to the Restricted Stock Units, shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 
  
 (d) By signing this Agreement, the Employee acknowledges that his or her
personal employment information regarding participation in the Plan and information necessary to determine and pay, if applicable, benefits under the Plan must be shared with other entities, including companies related to the Company and persons
responsible for certain acts in the administration of the Plan. By signing this Agreement Employee consents to such transmission of personal data as the Company believes is appropriate to administer the Plan. 
  
 (e) To the extent not preempted by federal law, this Agreement shall be
governed by, and construed in accordance with, the laws of the State of California. 
  
 * * * 
  
 IN WITNESS WHEREOF, the
parties have executed and delivered this Agreement effective as of the day and year first above written. 
  

									
	 “Employee”
	 	 	 	 “Company”
 ActivCard Corp.

				
	
	 	 	 	By	  	  

	 	 	 	 	 	 	 Name:
	  	

	 	 	 	 	 	 	 Title:
	  	

  

 3 

 Exhibit A 
  

ACTIVCARD CORP. 
  
 DEFERRAL AGREEMENT 
 RESTRICTED STOCK
UNIT 
  
 The following election constitutes an election by the
undersigned to defer payment of vested benefits pursuant to the Restricted Stock Unit Grant Agreement (“Agreement”) under the ActivCard Corp. 2004 Equity Incentive Plan (“Plan”). Please select (1) (2) or (3). 
  
 Election: I,
                            , hereby elect to receive the distribution (in Company Shares) of my
vested Restricted Stock Units as follows: 
  
              (1) On my Vesting Date; 
  
              (2) In one lump sum on January 15, 20     (but
not before my Vesting Date); and 
  
              (3) In              (not to exceed
            ) annual installments starting on January 15, 20     (but not before my Vesting Date). 
  
 In the event of death, Disability (as determined under the Plan) or a
Change in Control as defined in the Plan, distribution shall be made immediately in one lump sum. 
  
 Change of Election: I hereby acknowledge, that I may not change the date of the distribution as elected above unless I do so at least twelve (12) months
prior to the date the first distribution is due under the election above and at least twelve (12) months prior to the date my new election is scheduled to take effect. I also acknowledge that if I change my distribution date elected above, in most
instances as required by applicable law, the first date I may receive any distribution with respect to Shares covered by this election is not earlier then five years after the date payment would otherwise have been made pursuant to the election
above. Such change must be timely filed in writing with the Company’s stock option administrator. The Company shall have sole discretion to revise the terms of this election or any change, or the procedures with respect to making this election
or any change, to the extent the Company deems it helpful or appropriate to comply with applicable law, including such Treasury guidance expected to be given in December 2004, and later. 
  
  

 [Employee Signature] 
  
  

 [Date] 
  

 4

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