Document:

2004 Employee Stock Purchase Plan

 Exhibit 4.4 
  

STERLING BANCSHARES, INC. 
  
 2004 EMPLOYEE STOCK PURCHASE PLAN 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 PAGE

			
	  1.	  	
DEFINITIONS.	  	1
			
	  2.	  	
PURPOSE OF THE PLAN.	  	2
			
	  3.	  	
SHARES RESERVED FOR THE PLAN.	  	2
			
	  4.	  	
ADMINISTRATION OF THE PLAN.	  	2
			
	  5.	  	
ELIGIBILITY TO PARTICIPATE IN THE PLAN.	  	3
			
	  6.	  	
OFFERING PERIODS.	  	3
			
	  7.	  	
ELECTION TO PARTICIPATE IN THE PLAN.	  	3
			
	  8.	  	
PAYROLL DEDUCTIONS.	  	3
			
	  9.	  	
GRANT OF OPTIONS.	  	3
			
	10.	  	
EXERCISE OF OPTIONS.	  	4
			
	11.	  	
WITHDRAWAL; TERMINATION OF EMPLOYMENT.	  	4
			
	12.	  	
NO TRANSFERABILITY OF OPTIONS.	  	5
			
	13.	  	
RESTRICTIONS ON SHARES.	  	5
			
	14.	  	
ADJUSTMENTS UPON CHANGES IN CAPITALIZATION.	  	5
			
	15.	  	
AMENDMENT OF THE PLAN.	  	5
			
	16.	  	
TERMINATION OF THE PLAN.	  	5
			
	17.	  	
NOTICES.	  	6
			
	18.	  	
CONDITIONS UPON ISSUANCE OF SHARES.	  	6

 STERLING BANCSHARES, INC. 
 2004 EMPLOYEE STOCK PURCHASE PLAN 
  
 Sterling Bancshares, Inc. hereby establishes the 2004 Sterling Bancshares, Inc. Employee Stock Purchase Plan (the “Plan”) effective as of July 1, 2004. The terms of the Plan are as set forth below:

  
 
1. Definitions. 
  
 As used in
the Plan the following terms shall have the meanings set forth below: 
  
 (a) “Account” means a ledger account established by the Company for a Participant and credited with the Participant’s contributions under the Plan. 
  
 (b) “Board” means the Board of Directors of the Company. 
  
 (c) “Code” means the Internal Revenue Code of 1986, as amended.

  
 (d) “Committee” means the Human Resources Programs
Committee of the Board. 
  
 (e) “Company” means Sterling
Bancshares, Inc., a Texas corporation, or any successor. 
  
 (f)
“Company Stock” means the common stock, $1.00 par value, of the Company. 
  
 (g) “Eligible Compensation” means, with respect to a Participant, the regular base compensation and/or base commission paid to the Participant by the Participating Companies while an Eligible Employee during
the Offering Period, including any elective salary deferral contributions made therefrom by the Participant pursuant to Code Sections 125, 129, 132(f)(4) or 401(k). All other items of compensation shall be disregarded under the Plan. 
  
 (h) “Eligible Employee” means an employee of the Participating
Companies who is customarily employed for at least 20 hours per week. An Eligible Employee’s status shall continue during an authorized leave of absence, provided such leave is not expected to (or does not) result in a termination in his
employment and provided further, that such leave is for a period of not more than 90 days or upon the expiration of such leave reemployment is guaranteed by contract or statute. 
  
 (i) “Enrollment Date” means the first day of an Offering Period. 
  
 (j) “Exercise Date” means the last day of each Offering Period.

  
 (k) “Exercise Price” means, with respect to an
Offering Period, 90% of the lower of the Fair Market Value of a share of the Company Stock on the applicable Enrollment Date or Exercise Date for such Offering Period. 
  
 (l) “Fair Market Value” means, with respect to shares of Company Stock, the closing price of a share on The Nasdaq
Stock Market on the applicable date (or, if not traded on such date, on the immediately preceding trading date) as reported by Bloomberg Financial Markets, or any other reporting service approved by the Committee. If the shares are not listed on The
Nasdaq Stock Market, Fair Market Value shall mean the closing sales price on the principal national securities exchange on which the shares are listed, as determined above. If no such quotations are available, or in the event the shares are not
publicly traded at the time a determination of Fair Market Value is required to be made hereunder, the determination of Fair Market Value shall be made in good faith by the Committee. Fair Market Value shall be subject to adjustment as provided in
Section 14. 
  

 1 

 (m) “Offering Period” means each three consecutive month period beginning on a January 1, April
1, July 1, and October 1, with the initial Offering Period beginning on July 1, 2004. 
  
 (n) “Participant” means an Eligible Employee who has elected to participate in the Plan by filing an enrollment agreement with the Company as provided in Section 7. 
  
 (o) “Participating Companies” means the Company and each present
and future Subsidiary which the Committee, in its sole discretion, designates as a Participating Company. 
  
 (p) “Subsidiary” means any corporation, domestic or foreign, of which the Company owns, directly or indirectly, not less than 50% of the total
combined voting power of all classes of stock or other equity interests and that otherwise qualifies as a “subsidiary corporation” within the meaning of Section 424(f) of the Code or any successor thereto, and shall include any limited
liability company or partnership which is 100% owned directly or indirectly by the Company and either is disregarded as an entity for federal tax purposes or has elected to be taxed as a corporation. 
  
 
2. Purpose of the Plan. 
  
 The
purpose of the Plan is to provide an incentive for present and future Eligible Employees of the Participating Companies to acquire a proprietary interest (or increase an existing proprietary interest) in the Company through the purchase of Company
Stock. It is the intention of the Company that the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code. Accordingly, the provisions of the Plan shall be administered and construed in a manner consistent with the
requirements of that section of the Code. 
  
 
3. Shares Reserved for the Plan. 
  
 There shall be reserved for issuance and purchase by Participants under the Plan an aggregate of 1,500,000 shares of Company Stock, subject to adjustment as provided in Section 14 below. Shares of Company Stock subject to the Plan may be
newly issued shares, treasury shares, shares purchased in the open market or any combination of the foregoing, as determined by the Committee in its discretion. If and to the extent that any option to purchase shares of Company Stock shall not be
exercised for any reason or if such right to purchase shares shall terminate as provided herein, the shares that have not been so purchased hereunder shall again become available for the purposes of the Plan unless the Plan shall have been
terminated. 
  
 
4. Administration of the Plan. 
  
 (a) The Plan shall be administered by the Committee. The Committee shall have the authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the administration of the Plan, to correct any defect or
rectify any omission in the Plan or to reconcile any inconsistency in the Plan or any option, and to make all other determinations necessary or advisable for the administration of the Plan, all of which actions and determinations shall be final,
conclusive and binding on all persons. The act or determination of a majority of the members of the Committee shall be deemed to be the act or determination of the Committee. 
  
 (b) The Committee may request advice or assistance or employ such other persons as it in its discretion deems necessary or
appropriate for the proper administration of the Plan, including delegating ministerial duties to the Company’s Employee Benefits Committee. 
  
 (c) All Eligible Employees granted options under the Plan shall have the same rights and privileges; however, the Plan will not fail to satisfy this
requirement merely because the amount of Company Stock which may be purchased by any Eligible Employee is determined on the basis of a uniform relationship to the Eligible Compensation of Eligible Employees. 
  
 (d) All expenses of administering the Plan shall be paid by the Participating
Companies. 
  

 2 

 (e) A separate Account will be maintained for each Participant in the Plan. Statements of Accounts will
be given to Participants promptly following each Exercise Date, which statements will set forth the amounts of payroll deductions, the per share Exercise Price, the number of shares purchased and the remaining cash balance in the Participant’s
Account, if any. 
  
 
5. Eligibility to Participate in the Plan. 
  
 Each Eligible Employee who is employed by a Participating Company on the Enrollment Date for an Offering Period shall be eligible to participate in the Plan for that Offering Period subject to the further provisions
of the Plan. However, nothing in the Plan shall confer on any Participant the right to continue in the employment of a Participating Company or limit the right of a Participating Company to terminate the employment of a Participant at any time with
or without cause. 
  
 
6. Offering Periods. 
  
 The
Plan shall consist of consecutive Offering Periods beginning on July 1, 2004 and continuing until the Plan is terminated. 
  
 
7. Election to Participate in the Plan. 
  
 (a) Each Eligible Employee who satisfies the eligibility requirements as of the Enrollment Date for the applicable Offering Period may elect to participate in the Plan for such Offering Period by completing an
enrollment agreement in the form (written or electronic) provided by the Company (or its designee) and filing such enrollment agreement with the Company (or its designee) prior to the applicable Enrollment Date. 
  
 (b) Payroll deductions for a Participant shall commence on the first payroll
date following the Participant’s Enrollment Date and shall continue until (i) changed or terminated by the Participant as provided below, (ii) the termination of the Plan, or (iii) the Participant ceases to be an Eligible Employee, whichever
occurs first. 
  
 (c) A Participant’s election shall remain
in effect for each successive Offering Period unless the Participant changes or terminates such election prior to the beginning of the Offering Period in accordance with the procedures established by the Committee. 
  
 
8. Payroll Deductions. 
  
 (a)
All Participant contributions to the Plan shall be made by payroll deductions only. At the time a Participant files the enrollment agreement with respect to an Offering Period, the Participant shall authorize payroll deductions to be made on each
payroll date during the Offering Period in an amount equal to a designated percentage (in whole percentages only) of his Eligible Compensation, but not to exceed 10%. Such authorization shall be in writing and on such forms as provided by the
Committee. 
  
 (b) All payroll deductions made for a Participant
may be deposited in the Company’s general corporate account and shall be credited to the Participant’s Account under the Plan. No interest shall accrue or be credited with respect to the payroll deductions of a Participant under the Plan.
A Participant may not make any additional payments into such Account. Pending application of the Accounts, the Company may, but shall not be obligated to, segregate the payroll deductions. 
  
 (c) Except as provided in Section 11, a Participant may not change his
current contribution election during an Offering Period. 
  
 
9. Grant of Options. 
  
 (a)
Subject to the limitations set forth in Sections 3 and 9(b) hereof, each Participant for an Offering Period shall be granted an option on the Enrollment Date to purchase on the Exercise Date for such Offering Period a number of whole shares of the
Company Stock determined by dividing such Participant’s payroll deductions accumulated during the Offering Period by the Exercise Price for such Offering Period. 
  

 3 

 (b) Notwithstanding any provision of the Plan to the contrary, no Participant shall be granted an option
under the Plan (i) if, immediately after the grant, such Participant (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock and/or hold outstanding options to purchase stock
possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or of any Subsidiary of the Company, or (ii) which permits such Participant’s rights to purchase stock under all employee stock purchase
plans of the Company and its Subsidiaries to accrue at a rate which exceeds $25,000 of the Fair Market Value of such stock (determined at the time such option is granted) for each calendar year in which such option is outstanding at any time.
Further, subject to Section 14, the maximum number of shares that can be purchased during an Offering Period by any Participant shall not exceed 6,250 shares. 
  

10. Exercise of Options. 
  
 (a) Unless a Participant withdraws or is deemed to have withdrawn from the Plan during an Offering Period as provided in Section 11, the Participant’s option for the purchase of shares for an Offering Period will be exercised
automatically on the Exercise Date for such Offering Period, and the maximum number of whole shares subject to the option will be purchased for the Participant at the applicable Exercise Price with the accumulated payroll deductions then credited to
the Participant’s Account. Notwithstanding the foregoing however, if the Fair Market Value of the stock is less than $1.00 per share on the applicable Exercise Date, then every Participant shall be deemed to have withdrawn from the Offering
Period immediately prior to such Exercise Date and the Plan shall terminate. 
  
 (b) The certificates for purchased shares shall be issued by the Company as soon as reasonably practical following the Exercise Date. Any amounts remaining credited to an Account after being applied as provided above
shall be returned to the Participant. 
  
 
11. Withdrawal; Termination of Employment. 
  
 (a) A Participant may withdraw all, but not less than all, of the payroll deductions credited to the Participant’s Account under the Plan at any time prior to an Exercise Date by giving proper notice (written or
electronic) to the Company (or its designee). All of the Participant’s payroll deductions credited to the Participant’s Account will be paid to him promptly after receipt of the Participant’s notice of withdrawal, the
Participant’s participation in the Plan will be terminated, and no further payroll deductions for the purchase of shares will be made. Payroll deductions will not resume on behalf of a Participant who has withdrawn from the Plan unless proper
notice (written or electronic) is delivered to the Company within the enrollment period preceding the commencement of a new Offering Period directing the Company to resume payroll deductions and the former Participant is at that time an Eligible
Employee. 
  
 (b) In the event a Participant ceases to be an
Eligible Employee prior to the Exercise Date of an Offering Period for any reason other than as provided in paragraph (c) below, the payroll deductions credited to the Participant’s Account will be automatically returned to the Participant and
the Participant’s options to purchase shares under the Plan will be automatically terminated for such Offering Period. 
  
 (c) In the event a Participant ceases to be an Eligible Employee during an Offering Period either on or after reaching age 65, due to his disability under
a Company long-term disability plan, or his death, no further contributions may be made to the Participant’s Account, and the balance of his Account at such time shall be applied to exercise his options at the end of that Offering Period as
provided in Section 10, unless prior to such Exercise Date the Participant (or beneficiary, as the case may be) elects by proper notice (written or electronic) to the Company (or its designee) to receive a return in cash of all amounts then credited
to the Participant’s Account in cancellation of the option to purchase shares under the Plan. 
  
 (d) A Participant’s withdrawal during an Offering Period will not affect the Participant’s eligibility to participate in a succeeding Offering
Period. 
  

 4 

 
12. No Transferability of Options. 
  
 Options to purchase Company Stock granted under the Plan are not transferable by a Participant (other than by will or the laws of descent and distribution) and are exercisable only by the Participant. 
  
 
13. Restrictions on Shares. 
  
 Shares acquired upon the exercise of an option under the Plan may not be transferred, encumbered or otherwise disposed of by a Participant (except by will or the laws of descent and distribution) prior to the first anniversary of the
Exercise Date on which such shares were purchased. The Company may place such legends on the share certificates or take such other actions, including without limitation, retaining the share certificates, as it may determine to be necessary or
helpful to enforce such one-year restriction. 
  
 
14. Adjustments Upon Changes in Capitalization. 
  
 (a) If the outstanding shares of Company Stock are increased or decreased, or are changed into or are exchanged for a different number or kind of shares, as a result of one or more reorganizations, restructurings,
recapitalizations, reclassifications, stock splits, reverse stock splits, stock dividends or the like, upon authorization of the Committee, appropriate adjustments may be made in the number and/or kind of shares, and the per share option price
thereof, which may be issued in the aggregate and to any Participant upon exercise of options granted under the Plan. 
  
 (b) In all cases, the Committee shall have full discretion to exercise any of the powers and authority provided under this Section 14, and the
Committee’s actions hereunder shall be final and binding on all Participants. No fractional shares of stock shall be issued under the Plan pursuant to any adjustment authorized under the provisions of this Section 14. 
  
 
15. Amendment of the Plan. 
  
 The Board may at any time, or from time to time, amend the Plan in any respect; provided, however, that the Plan may not be amended in any way that will cause rights issued under the Plan to fail to meet the requirements for employee stock
purchase plans as defined in Section 423 of the Code or any successor thereto, including, without limitation, stockholder approval if required. 
  
 
16. Termination of the Plan. 
  
 The Plan and all rights of Eligible Employees hereunder shall terminate: 
  
 (a) on the Exercise Date that Participants become entitled to purchase a number of shares greater than the number of reserved shares remaining available for purchase under the Plan; 
  
 (b) at any time, at the discretion of the Board; 
  
 (c) the Exercise Price is less than $1.00 per share; or 
  
 (d) on a Change of Control of the Company, as defined in the Company’s
2003 Stock Incentive and Compensation Plan or its successor. 
  
 In the event that
the Plan terminates under circumstances described in Section 16(a) above, reserved shares remaining as of the termination date shall be sold to Participants on a pro rata basis based on their Account balances and any amounts remaining in their
Accounts shall be returned to the Participants. Upon all other terminations every Participant shall be deemed to have withdrawn pursuant to Section 11 immediately prior to such termination. 
  

 5 

 
17. Notices. 
  
 All notices or
other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof. 
  
 
18. Conditions Upon Issuance of Shares. 
  
 (a) The Plan, the grant and exercise of options to purchase shares of Company Stock under the Plan, and the Company’s obligation to sell and deliver shares upon the exercise of options to purchase shares shall be
subject to all applicable federal, state and foreign laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel for the Company, be required. In the event the Company is required to
obtain from any commission or agency authority to issue any stock certificate, the inability of the Company to obtain from any such commission or agency authority that counsel for the Company deems necessary for the lawful issuance of any such
certificate will relieve the Company from liability to any Participant, except to return to him the amount of the balance in his account. 
  
 (b) The Company may make such provisions as it deems appropriate for withholding of amounts that the Company determines it is required to withhold
pursuant to applicable tax laws in connection with the purchase or sale by a Participant of any Company Stock acquired pursuant to the Plan. The Company may require a Participant to satisfy any relevant tax requirements before authorizing any
issuance of Company Stock to such Participant. 
  
 (c) A
Participant will have no interest in any shares of Company Stock to be purchased under the Plan or any rights as a stockholder with respect to such shares until the shares have been fully paid for and purchased as provided in the Plan. 

 

 6EXHIBIT 10.1

 EXHIBIT 10.1 
  
 SLM CORPORATION INCENTIVE PLAN 
  
 SECTION 1. PURPOSE OF PLAN 
  
 The purpose of the SLM Corporation Incentive Plan (“Plan”) is to enable SLM Corporation (the
“Corporation”) to attract, retain and motivate its employees and to further align the interests of the Corporation’s employees with those of the stockholders of the Corporation by providing for or increasing their proprietary interest
in the Corporation. 
  
 SECTION 2. ADMINISTRATION
OF THE PLAN 
  
 2.1 Composition of Committee. The Plan
shall be administered by the Board of Directors and/or by a committee of the Board of Directors of SLM Corporation, as appointed from time to time by the Board of Directors (the “Committee”). The Board of Directors shall fill vacancies on
and from time to time may remove or add members to the Committee. The Committee shall act pursuant to a majority vote or unanimous written consent. Notwithstanding the foregoing, with respect to any Award that is not intended to satisfy the
conditions of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Committee may appoint one or more separate
committees (any such committee, a “Subcommittee”) composed of one or more directors of the Corporation, (who may but need not be members of the Committee) and may delegate to any such Subcommittee(s) the authority to grant Awards, as
defined in Section 5.1 hereof, under the Plan to Employees, as defined in Section 4, to determine all terms of such Awards, and/or to administer the Plan or any aspect of it. Any action by any such Subcommittee within the scope of such delegation
shall be deemed for all purposes to have been taken by the Committee. The Committee may designate the Secretary of the Corporation or other Corporation employees to assist the Committee in the administration of the Plan, and may grant authority to
such persons to execute agreements evidencing Awards made under this Plan or other documents entered into under this Plan on behalf of the Committee or the Corporation. 
  
 2.2 Powers of the Committee. Subject to the express provisions of this Plan, the Committee shall be authorized and
empowered to do all things necessary or desirable in connection with the administration of this Plan with respect to the Awards over which such Committee has authority, including, without limitation, the following: 
  
 (a) to prescribe, amend and rescind rules and regulations relating to this
Plan and to define terms not otherwise defined herein; provided that, unless the Committee shall specify otherwise, for purposes of this Plan (i) the term “fair market value” shall mean, as of any date, the closing price for a Share, as
defined in Section 3.1 hereof, reported for that date on the composite tape for securities listed on the New York Stock Exchange or, if no Shares traded on the New York Stock Exchange on the date in question, then for the next preceding date for
which Shares traded on the New York Stock Exchange; and (ii) the term “Corporation” shall mean SLM Corporation and its subsidiaries and affiliates, unless the context otherwise requires; 
  
 (b) to determine the Employees to whom Awards shall be granted hereunder and
the timing of any such Awards; 
  
 (c) to determine the number of
Shares subject to Awards and the exercise or purchase price of such Shares; 
  
 (d) to establish and verify the extent of satisfaction of any performance goals applicable to Awards; 
  
 (e) to prescribe and amend the terms of the agreements evidencing Awards made under this Plan (which need not be identical); 
  
 (f) to determine whether, and the extent to which, adjustments are required
pursuant to Section 12 hereof; 
  

 13 

 (g) to interpret and construe this Plan, any rules and regulations under the 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 Corporation; and 
  
 (h) to make all other determinations deemed necessary or advisable for the administration of the Plan. 
  
 2.3 Determinations of the Committee. All decisions, determinations and
interpretations by the Committee or the Board regarding the Plan shall be final and binding on all Employees and Participants, as defined in Section 4 hereof. The Committee or the Board, as applicable, 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 of the Corporation or Employee and such attorneys, consultants
and accountants as it may select. 
  
 SECTION 3.
STOCK SUBJECT TO PLAN 
  
 3.1 Aggregate Limits. Subject to
adjustment as provided in Section 12, at any time, the aggregate number of shares of the Corporation’s common stock, $.20 par value (“Shares”), issued and issuable pursuant to all Awards granted under this Plan shall not exceed
15,000,000; provided that no more than 2,000,000 of such Shares may be issued as Share Awards, as that term is defined in Section 5.1. The Shares subject to the Plan may be either Shares reacquired by the Corporation, including Shares purchased in
the open market, or authorized but unissued Shares. 
  
 3.2
Code Section 162(m) Limits. The aggregate number of Shares subject to Options granted under this Plan during any calendar year to any one Employee shall not exceed 1,000,000. The aggregate number of Shares issued or issuable during any
calendar year to any one Employee as Performance Stock Awards and Restricted Stock Awards shall not exceed 100,000 Shares. The maximum amount payable pursuant to that portion of an Incentive Bonus Award granted under this Plan for any calendar year
to any Employee that is intended to satisfy the requirements for “performance based compensation” under Code Section 162(m) shall not exceed five million dollars ($5,000,000). 
  
 Notwithstanding anything to the contrary in the Plan, the foregoing limitations shall be subject to adjustment under Section
12 only to the extent that such adjustment will not affect the status of any Award intended to qualify as “performance based compensation” under Code Section 162(m). 
  
 3.3 Issuance of Shares. For purposes of Section 3.1, the aggregate number of Shares issued under this Plan at any
time shall equal the number of Shares actually issued upon exercise or settlement of an Award less any Shares returned to the Corporation upon cancellation, expiration or forfeiture of an Award and less any Shares delivered to the Corporation by or
on behalf of a Participant (either actually or by attestation) in payment or satisfaction of the purchase price, exercise price or tax obligation of an Award. 
  

SECTION 4. PERSONS ELIGIBLE UNDER PLAN 
  
 Only employees of the Corporation shall be eligible to be considered for the grant of Awards under the Plan. For purposes of the administration of Awards,
the term “Employee” shall also include a former Employee or any person (including any estate) who is a beneficiary of a former Employee. A “Participant” is any Employee to whom an Award has been made and any person (including any
estate) to whom an Award has been assigned or transferred pursuant to Section 11.1. 
  
 SECTION 5. PLAN AWARDS 
  
 5.1 Award Types. The following arrangements or benefits are authorized under the Plan if their terms and conditions are not inconsistent with the
provisions of the Plan: Stock Options, Incentive Bonuses, Performance Stock and Restricted Stock. Such arrangements and benefits are sometimes referred to herein as “Awards.” Incentive Bonuses, Performance Stock and Restricted Stock are
also referred to as “Share Awards”. Each type of Award is defined as follows: 
  
 Stock Options: A Stock Option is a right granted under Section 6 to purchase a number of Shares at such exercise price, at such times, and on such other terms and conditions as are specified in or determined pursuant to the agreement
evidencing the Award (the “Option Agreement”). Options intended to qualify as Incentive Stock Options (“ISOs”) pursuant to Code Section 422 and Options which are not intended to qualify as ISOs (“Non-qualified Options”)
may be granted under Section 6 as the Committee in its sole discretion shall determine. 
  

 14 

 Incentive Bonus: An Incentive Bonus is a bonus opportunity awarded under Section 7 pursuant to which an Employee
may become entitled to receive an amount based on satisfaction of such performance criteria as are specified in the document evidencing the Award (the “Incentive Bonus Agreement”). 
  
 Performance Stock: Performance Stock is an award of Shares made under Section 8, the
grant, issuance, retention and/or vesting of which is subject to such performance and other conditions as are expressed in the document evidencing the Award (the “Performance Stock Agreement”). 
  
 Restricted Stock: Restricted Stock is an award of Shares made under Section 9, the
grant, issuance, retention and/or vesting of which is subject to certain restrictions, as are appropriate in the document evidencing the Award (the “Restricted Stock Agreement”). 
  
 5.2 Grants of Awards. An Award may consist of one such arrangement or
benefit or two or more of them in tandem or in the alternative. 
  
 SECTION 6. STOCK OPTION GRANTS 
  
 The Committee may grant an Option or provide for the grant of an Option, either from time-to-time in the discretion of the Committee or automatically upon the occurrence of specified events, including, without limitation, the achievement of
performance goals, the satisfaction of an event or condition within the control of the recipient of the Award, within the control of others or not within the person’s control. 
  
 6.1 Option Agreement. Each Option Agreement shall contain provisions regarding (a) the number of Shares which may be
issued upon exercise of the Option, (b) the purchase price of the Shares and the means of payment for the Shares, (c) the term of the Option, (d) such terms and conditions of exercisability as may be determined from time to time by the Committee,
(e) restrictions on the transfer of the Option and forfeiture provisions, and (f) such further terms and conditions, in each case not inconsistent with the Plan as may be determined from time to time by the Committee. Option Agreements evidencing
ISOs shall contain such terms and conditions as may be necessary to comply with the applicable provisions of Section 422 of the Code. 
  
 6.2 Option Price. The purchase price per Share of the Shares subject to each Option granted under the Plan shall equal or exceed 100 percent of the
fair market value of such Stock on the date the Option is granted, except that in the case of Options granted to employees upon a merger or acquisition, the purchase price may be higher or lower than the fair market value of the Stock on the date
the Option is granted if such purchase price is required to assume or substitute options held by employees of the acquired Corporation at the time of the acquisition. 
  
 6.3 Option Term. The “Term” of each Option granted under the Plan, including any ISOs, shall not exceed ten
(10) years from the date of its grant. 
  
 6.4 Option
Vesting. Options granted under the Plan shall be exercisable at such time and in such installments during the period prior to the expiration of the Option’s Term as determined by the Committee in its sole discretion, provided that no Option
shall vest earlier than one year from the date of grant, other than for reasons set forth in Section 11.6 and Section 13. The Committee shall have the right to make the timing of the ability to exercise any Option granted under the Plan subject to
such performance requirements as deemed appropriate by the Committee. At any time after the grant of an Option the Committee may, in its sole discretion, reduce or eliminate any restrictions surrounding any Participant’s right to exercise all
or part of the Option. 
  
 6.5 Option Exercise. 

 
 (a) Partial Exercise. An exercisable Option may be exercised in
whole or in part. However, an Option shall not be exercisable with respect to fractional Shares and the Committee may require, by the terms of the Option Agreement, a partial exercise to include a minimum number of Shares. 
  
 (b) Manner of Exercise. All or a portion of an exercisable Option
shall be deemed exercised upon delivery to the representative of the Corporation designated for such purpose by the Committee all of the following: (i) notice of exercise in such form as the Committee authorizes specifying the number of Shares to be
purchased by the Participant, (ii) payment or provision for payment of the exercise price for such number of Shares, (iii) such representations and documents as the Committee, in its sole discretion, deems necessary or advisable to effect compliance
with all applicable provisions of the Securities Act of 1933, as amended, and any other federal, state or foreign securities laws or regulations, (iv) in the event that the Option shall be exercised pursuant to Section 11.1 by any person or persons
other than the Employee, appropriate proof of the right of such person or persons to exercise the Option, and (v) such representations and documents as the Committee, in its sole discretion, deems necessary or 

  

 15 

 
advisable to provide for the tax withholding pursuant to Section 14. Unless provided otherwise by the Committee, no Participant shall have any right as a
stockholder with respect to any Shares purchased pursuant to any Option until the registration of Shares in the name of such person, and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other
property) or distributions or other rights for which the record date is prior to the date such Shares are so registered. 
  
 (c) Payment of Exercise Price. To the extent authorized by the Committee, the exercise price of an Option may be paid in the form of one of more of
the following, either through the terms of the Option Agreement or at the time of exercise of an Option: (i) cash or certified or cashiers’ check, (ii) Shares that have been held by the Participant for such period of time as the Committee may
specify, (iii) other property deemed acceptable by the Committee, (iv) a reduction in the number of Shares or other property otherwise issuable pursuant to such Option, (v) any combination of (i) through (iv). 
  
 SECTION 7. INCENTIVE BONUS 
  
 Each Incentive Bonus Award will confer upon the Employee the opportunity to
earn a 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. 
  

7.1 Incentive Bonus Award. Each Incentive Bonus Award shall contain provisions regarding (a) the target and maximum amount payable to the
Employee as an Incentive Bonus, (b) the performance criteria and level of achievement versus these criteria which shall determine the amount of such payment, (c) the period as to which performance shall be measured for determining the amount of any
payment, (d) the timing of any payment earned by virtue of performance, (e) restrictions on the alienation or transfer of the Incentive Bonus prior to actual payment, (f) forfeiture provisions, and (g) such further terms and conditions, in each case
not inconsistent with the Plan as may be determined from time to time by the Committee. 
  
 7.2 Performance Criteria. The Committee shall establish the performance criteria and level of achievement versus these criteria, which shall determine the maximum amount payable under an Incentive Bonus Award,
which criteria may be based on financial performance and/or personal performance evaluations. The Committee 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 Committee 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 11.2 hereof) selected by the Committee and specified at the time the Incentive Bonus Award is granted. The
Committee 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 by the Committee to satisfy the requirements for
“performance-based compensation” under Code Section 162(m). 
  
 7.3 Timing and Form of Payment. The Committee shall determine the timing of payment of any Incentive Bonus. The Committee may provide for or, subject to such terms and conditions as the Committee may specify, may permit a Participant
to elect for the payment of any Incentive Bonus to be deferred to a specified date or event. The Committee may provide for a Participant to have the option for his or her Incentive Bonus, or such portion thereof as the Committee may specify, to be
paid in whole or in part in Shares or Stock Units. 
  
 7.4
Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive Bonus Award on account of either financial performance or personal performance evaluations may be reduced by the Committee on
the basis of such further considerations as the Committee in its sole discretion shall determine. 
  
 SECTION 8. PERFORMANCE STOCK 
  
 Performance Stock consists of an award of Shares, the grant, issuance, retention and/or vesting of which shall be subject to such performance conditions
and to such further terms and conditions as the Committee deems appropriate. 
  
 8.1 Performance Stock Award. Each Performance Stock Award shall contain provisions regarding (a) the number of Shares subject to such Award or a formula for determining such, (b) the performance criteria and
level of achievement versus these criteria which shall determine the number of Shares granted, issued, retainable and/or vested, (c) the period as to which performance shall be measured for determining achievement of performance, provided that such
period shall be no shorter than one year, (d) forfeiture provisions, and (e) such 

  

 16 

 
further terms and conditions, in each case not inconsistent with the Plan as may be determined from time to time by the Committee. 
  
 8.2 Performance Criteria. The grant, issuance, retention and/or
vesting of each Performance Share shall be subject to such performance criteria and level of achievement versus these criteria as the Committee shall determine, which criteria may be based on financial performance and/or personal performance
evaluations. Notwithstanding anything to the contrary herein, the performance criteria for any Performance Stock that is intended by the Committee 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 selected by the Committee and specified at the time the Performance Stock Award is granted. 
  
 8.3 Timing and Form of Payment. The Committee shall determine the timing of payment of any Performance Stock Award.
The Committee may provide for or, subject to such terms and conditions as the Committee may specify, may permit a Participant to elect for the payment of any Performance Stock to be deferred to a specified date or event. The Committee may provide
for a Participant to have the option for his or her Performance Stock, or such portion thereof as the Committee may specify, to be granted in whole or in part in Shares or Stock Units. 
  
 8.4 Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the number of Shares granted,
issued, retainable and/or vested under a Performance Stock Award on account of either financial performance or personal performance evaluations may be reduced by the Committee on the basis of such further considerations as the Committee in its sole
discretion shall determine. 
  
 SECTION 9.
RESTRICTED STOCK 
  
 9.1 Restricted Stock Award. Each
Restricted Stock Award shall contain provisions regarding (a) the number of Shares subject to such Award or a formula for determining such, (b) the length of the restrictive period over which the Restricted Stock Award shall vest or may ratably
vest, provided that such period shall be no shorter than three years, (c) forfeiture provisions, and (d) such further terms and conditions, in each case not inconsistent with the Plan as may be determined from time to time by the Committee.

  
 9.2. Timing and Form of Payment. The Committee shall
determine the timing of payment of any Restricted Stock Award. The Committee may provide for or, subject to such terms and conditions as the Committee may specify, may permit a Participant to elect for the payment of any Restricted Stock to be
deferred to a specified date or event. The Committee may provide for a Participant to have the option for his or her Restricted Stock, or such portion thereof as the Committee may specify, to be granted in whole or in part in Shares or Stock Units.

  
 9.3 Discretionary Adjustments. The number of Shares
granted, issued, retainable and/or vested under a Restricted Stock Award may be reduced by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. 
  
 SECTION 10. STOCK UNITS 
  
 10.1 Stock Units. A “Stock Unit” is a bookkeeping entry
representing an amount equivalent to the fair market value of one share of Common Stock. Stock Units represent an unfunded and unsecured obligation of the Corporation, except as otherwise provided for by the Committee. 
  
 10.2 Grant of Stock Units. Stock Units may be issued upon exercise of
Options, or in payment and satisfaction of any Share Award. 
  
 10.3 Settlement of Stock Units. Unless provided otherwise by the Committee, settlement of Stock Units shall be made by issuance of Shares and shall occur within 60 days after an Employee’s termination of employment for any
reason. The Committee may provide for Stock Units to be settled in cash (at the election of the Corporation or the Participant, as specified by the Committee) and to be made at such other times as it determines appropriate or as it permits a
Participant to choose. The amount of Shares, or other settlement medium, to be so distributed may be increased by an interest factor or by dividend equivalents, which may be valued as if reinvested in Shares. Until a Stock Unit is settled, the
number of shares of Shares represented by a Stock Unit shall be subject to adjustment pursuant to Section 12. 
  
 SECTION 11. OTHER PROVISIONS APPLICABLE TO AWARDS 
  
 11.1 Transferability. Unless the agreement evidencing an Award (or an amendment thereto authorized by the Committee)
expressly states that the Award is transferable as provided hereunder, no Award granted under the Plan, nor any interest in such Award, may be sold, assigned, conveyed, gifted, pledged, hypothecated or 

  

 17 

 
otherwise transferred in any manner prior to the vesting or lapse of any and all restrictions applicable thereto, other than by will or the laws of descent
and distribution. The Committee may in its sole discretion grant an Award or amend an outstanding Award to provide that the Award is transferable or assignable to a member or members of the Employee’s “immediate family,” as such term
is defined under Exchange Act Rule 16a-1(e), or to a trust for the benefit solely of a member or members of the Employee’s immediate family, or to a partnership or other entity whose only owners are members of the Employee’s family,
provided that (i) no consideration is given in connection with the transfer of such Award, and (2) following any such transfer or assignment the Award will remain subject to substantially the same terms applicable to the Award while held by the
Employee, as modified as the Committee in its sole discretion shall determine appropriate, and the Participant shall execute an agreement agreeing to be bound by such terms. 
  
 11.2 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 Corporation 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
Committee in the Award: (a) cash flow, (b) “core cash” earnings per share (including earnings before interest, taxes, depreciation and amortization), (c) return on equity, (d) total stockholder return, (e) return on capital, (f) return on
assets or net assets, (g) revenue, (h) “core cash” income or net income, (i) “core cash” operating income or net operating income, (j) operating profit or net operating profit, (k) operating margin, (l) return on operating
revenue, (m) market share, (n) loan volume and (o) overhead or other expense reduction. The Committee 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 or claim judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other laws or provisions affecting reported results, (iv) accruals for
reorganization and restructuring programs, and (v) any extraordinary 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 Corporation’s annual report to stockholders for the applicable year. 
  
 11.3 Dividends. Unless otherwise provided by the Committee, no adjustment shall be made in Shares issuable under Awards on account of cash dividends that may be paid or other rights that may be issued to the
holders of Shares prior to their issuance under any Award. The Committee shall specify whether dividends or dividend equivalent amounts shall be paid to any Participant with respect to the Shares subject to any Award that have not vested or been
issued or that are subject to any restrictions or conditions on the record date for dividends. 
  
 11.4 Agreements Evidencing Awards. The Committee shall, subject to applicable law, determine the date an Award is deemed to be granted, which for purposes of this Plan shall not be affected by the fact that an
Award is contingent on subsequent stockholder approval of the Plan. The Committee or, except to the extent prohibited under applicable law, its delegate(s) may establish the terms of agreements evidencing Awards under this Plan and may, but need
not, require as a condition to any such agreement’s effectiveness that such agreement be executed by the Participant and that such Participant agree to such further terms and conditions as specified in such agreement. The grant of an Award
under this Plan shall not confer any rights upon the Participant holding such Award other than such terms, and subject to such conditions, as are specified in this Plan as being applicable to such type of Award (or to all Awards) or as are expressly
set forth in the Agreement evidencing such Award. 
  
 11.5
Tandem Stock or Cash Rights. Either at the time an Award is granted or by subsequent action, the Committee may, but need not, provide that an Award shall contain as a term thereof, a right, either in tandem with the other rights under the
Award or as an alternative thereto, of the Participant to receive, without payment to the Corporation, a number of Shares, cash or a combination thereof, the amount of which is determined by reference to the value of the Award. 
  
 11.6 Termination of Employment. At the time of the grant of an Award,
the Committee may provide that upon an Award holder’s termination of employment on account of death, Disability or Involuntary Termination, as those terms are defined herein, all unvested Awards held by the Award holder shall vest.
“Disability” means total and permanent disability within the meaning of the Corporation’s long-term disability policy applicable at the time to the Award holder, as may be amended from time to time. “Involuntary Termination”
means termination of employment due to job abolishment. 
  
 11.7
Misconduct. At the time of the grant of an Award, the Committee may provide that if the Award holder engages in Misconduct, as defined herein, the Award, whether vested or unvested, is forfeited. Whether an 

  

 18 

 
Award holder has engaged in Misconduct will be determined by the Corporation’s senior human resources officer or his or her designee. Misconduct is
defined as an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Corporation, breach of fiduciary duty or deliberate disregard of Corporation rules; an unauthorized disclosure of any Corporation trade secret or
confidential information; any conduct constituting unfair competition; inducing any customer of the Corporation to breach a contract with the Corporation or any principal for whom the Corporation acts as agent to terminate such agency relationship;
or engaging in any other act or conduct proscribed by the senior human resources officer as Misconduct. 
  
 SECTION 12. CHANGES IN CAPITAL STRUCTURE 
  
 If the outstanding securities of the class then subject to this Plan are increased, decreased or exchanged for or converted into cash, property or a
different number or kind of shares or securities, or if cash, property or shares or securities are distributed in respect of such outstanding securities, in either case as a result of a reorganization, merger, consolidation, recapitalization,
restructuring, reclassification, dividend (other than a regular, quarterly cash dividend) or other distribution, stock split, reverse stock split, spin-off or the like, or if substantially all of the property and assets of the Corporation are sold,
then, unless the terms of such transaction shall provide otherwise, the Committee shall make appropriate and proportionate adjustments in (i) the number and type of shares or other securities or cash or other property that may be acquired pursuant
to Awards theretofore granted under this Plan and the exercise or settlement price of such Awards, provided, however, that such adjustment shall be made in such a manner that will not affect the status of any Award intended to qualify as an ISO
under Code Section 422 or as “performance based compensation” under Code Section 162(m), and (ii) the maximum number and type of shares or other securities that may be issued pursuant to such Awards thereafter granted under this Plan.

  
 SECTION 13. CHANGE OF CONTROL 
  
 13.1 Effect of Change of Control. The Committee may through the terms
of the Award or otherwise provide that any or all of the following shall occur, either immediately upon the Change of Control or a Change of Control Transaction, or upon termination of the Employee’s employment within twenty-four (24) months
following a Change of Control or a Change of Control Transaction: (a) in the case of an Option, the Participant’s ability to exercise any portion of the Option not previously exercisable, (b) in the case of an Incentive Bonus, the right to
receive a payment equal to the target amount payable or, if greater, a payment based on performance through a date determined by the Committee prior to the Change of Control, and (c) in the case of Shares issued in payment of any Incentive Bonus,
and/or in the case of Performance Stock or Stock Units, the lapse and expiration on any conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award. The Committee also may, through
the terms of the Award or otherwise, provide for an absolute or conditional exercise, payment or lapse of conditions or restrictions on an Award which shall only be effective if, upon the announcement of a Change of Control Transaction, no provision
is made in such Change of Control Transaction for the exercise, payment or lapse of conditions or restrictions on the Award, or other procedure whereby the Participant may realize the full benefit of the Award. 
  
 13.2 Definitions. Unless the Committee or the Board shall provide
otherwise, “Change of Control” shall mean an occurrence of any of the following events: (a) an acquisition (other than directly from the Corporation) of any voting securities of the Corporation (the “Voting Securities”) by any
“person or group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) other than an employee benefit plan of the Corporation, immediately after which such Person has “Beneficial Ownership” (within the meaning
of Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of the combined voting power of the Corporation’s then outstanding Voting Securities; (b) approval by the stockholders of (i) a merger, consolidation or reorganization
involving the Corporation, unless the Corporation resulting from such merger, consolidation or reorganization (the “Surviving Corporation”) shall adopt or assume this Plan and a Participant’s Awards under the Plan and either (A) the
stockholders of the Corporation immediately before such merger, consolidation or reorganization own, directly or indirectly immediately following such merger, consolidation or reorganization, at least seventy-five percent (75%) of the combined
voting power of the Surviving Corporation in substantially the same proportion as their ownership immediately before such merger, consolidation or reorganization, or (B) at least a majority of the members of the Board of Directors of the Surviving
Corporation were directors of the Corporation immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization, or (ii) a complete liquidation or dissolution of the Corporation; or (c) such other events
as the Committee or the Board from time to time may specify. “Change of Control Transaction” shall include any tender offer, offer, exchange offer, solicitation, merger, consolidation, reorganization or other transaction which is intended
to or reasonably expected to result in a change of control. 
  

 19 

 SECTION 14. TAXES 
  
 14.1 Withholding Requirements. The Committee may make such provisions or impose such conditions as it may deem
appropriate for the withholding or payment by the Employee or Participant, as appropriate, of any taxes which it determines are required in connection with any Awards granted under this Plan, and a Participant’s rights in any Award are subject
to satisfaction of such conditions. 
  
 14.2 Payment of
Withholding Taxes. Notwithstanding the terms of Section 14.1 hereof, the Committee may provide in the agreement evidencing an Award or otherwise that all or any portion of the taxes required to be withheld by the Corporation or, if permitted by
the Committee, desired to be paid by the Participant, in connection with the exercise of a Non-qualified Option or the exercise, vesting, settlement or transfer of any other Award shall be paid or, at the election of the Participant, may be paid by
the Corporation withholding Shares otherwise issuable or subject to such Award, or by the Participant delivering previously owned Shares, in each case having a fair market value equal to the amount required or elected to be withheld or paid. Any
such elections are subject to such conditions or procedures as may be established by the Committee and may be subject to disapproval by the Committee. 
  
 SECTION 15. AMENDMENTS OR TERMINATION 
  
 The Board may amend, alter or discontinue the Plan or any agreement evidencing an Award made under the Plan, but no such amendment shall, without the
approval of the shareholders of the Corporation: 
  
 (a)
materially increase the number of shares that may be issued under the Plan; 
  
 (b) permit granting of stock options at less than fair market value; 
  
 (c) reduce or adjust downward the exercise price of outstanding options, whether through amendment, cancellation or replacement grants, or any other
means; 
  
 (d) impair the rights of any award holder without his
or her consent; 
  
 (e) change the class of individuals eligible
for the Plan 
  
 (f) extend the term of the Plan; and 

 
 (g) otherwise amend the Plan in any manner if not permitted to do so by
law or the NYSE listing requirements without shareholder approval. 
  
 SECTION 16. COMPLIANCE WITH OTHER LAWS AND REGULATIONS 
  
 The Plan, the grant and exercise of Awards thereunder, and the obligation of the Corporation to sell, issue or deliver Shares under such Awards, shall be subject to all applicable federal, state and foreign laws,
rules and regulations and to such approvals by any governmental or regulatory agency as may be required. The Corporation 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 federal, state or foreign law or any ruling or regulation of any government body which the Committee shall, in its sole discretion, determine to be necessary or advisable. This Plan is intended to constitute
an unfunded arrangement for a select group of management or other key employees. 
  
 No Option shall be exercisable unless a registration statement with respect to the Option is effective or the Corporation has determined that such registration is unnecessary. Unless the Awards and Shares covered by
this Plan have been registered under the Securities Act of 1933, as amended, or the Corporation has determined that such registration is unnecessary, each person receiving an Award and/or Shares pursuant to any Award may be required by the
Corporation to give a representation in writing that such person is acquiring such Shares for his or her own account for investment and not with a view to, or for sale in connection with, the distribution of any part thereof. 
  
 SECTION 17. OPTION GRANTS BY SUBSIDIARIES 
  
 In the case of a grant of an option to any eligible Employee employed by a
subsidiary, such grant may, if the Committee so directs, be implemented by the Corporation issuing any subject shares to the subsidiary, for such lawful consideration as the Committee may determine, upon the condition or understanding that the
subsidiary will transfer the shares to the option holder in accordance with the terms of the option specified by the Committee pursuant to the provisions of the Plan. Notwithstanding any other provision hereof, such option may be issued by and in
the name of the subsidiary and shall be deemed granted on such date as the Committee shall determine. 
  

 20 

 SECTION 18. NO RIGHT TO COMPANY EMPLOYMENT 
  
 Nothing in this Plan or as a result of any Award granted pursuant to this
Plan shall confer on any individual any right to continue in the employ of the Corporation or interfere in any way with the right of the Corporation to terminate an individual’s employment at any time. The Award agreements may contain such
provisions as the Committee may approve with reference to the effect of approved leaves of absence. 
  
 SECTION 19. EFFECTIVENESS AND EXPIRATION OF PLAN 
  
 The Plan shall be effective on May 13, 2004. All Awards granted under this Plan are subject to, and may not be exercised
before, the approval of this Plan by the stockholders prior to the first anniversary date of the effective date of the Plan, by the affirmative vote of the holders of a majority of the outstanding shares of the Corporation present, or represented by
proxy, and entitled to vote, at a meeting of the Corporation’s stockholders or by written consent in accordance with the laws of the State of Delaware; provided that if such approval by the stockholders of the Corporation is not forthcoming,
all Awards previously granted under this Plan shall be void. No Awards shall be granted pursuant to the Plan after May 31, 2009. 
  
 SECTION 20. NON-EXCLUSIVITY OF THE PLAN 
  
 Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Corporation for approval shall be construed as
creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as it or they may deem desirable, including without limitation, the granting of restricted stock or stock options otherwise than under the
Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 
  
 SECTION 21. GOVERNING LAW 
  
 This Plan and any agreements hereunder shall be interpreted and construed in accordance with the laws of the State of Delaware and applicable federal law.
The Committee may provide that any dispute as to any Award shall be presented and determined in such forum as the Committee may specify, including through binding arbitration. Any reference in this Plan or in the agreement evidencing any Award 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. 
  

 21

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