Document:

Exhibit

Exhibit 10.116

April 19, 2016

Re:    Exchange 

Ladies and Gentlemen:
This agreement will confirm the terms and conditions under which: (i) Clean Energy Fuels Corp. (the “Company”); and (ii) the Holders listed on Schedule A hereto (each, a “Holder” and together, the “Holders”) will agree to an exchange of a quantity of the 5.25% Convertible Senior Notes due 2018 (CUSIP 184499  AB7) (the “Notes”) of the Company as specified on Schedule A  hereto (which are currently held by the Holders), in exchange for the issuance and delivery by the Company to the Holders of an aggregate amount of shares of the Company’s common stock (CUSIP 184499  101), par value $0.0001 (the “Common Stock”) calculated in accordance with Schedule B hereto (such exchange of securities, the “Exchange”).  Capitalized terms used but not otherwise defined shall have the meanings specified on Schedule B hereto. The Company and the Holders agree as follows:
1.The Exchange.  The settlement of the Exchange shall occur: (a) with respect to the Initial Shares, on the Trading Day after the date of this agreement; and (b) with respect to the Remaining Shares and the Interest Payment (as defined below), upon the closing of the Exchange (the “Closing”), which shall occur on the eleventh Trading Day after the date of this agreement (such eleventh Trading Day, the “Closing Date”). At the Closing, each Holder shall cause delivery of the applicable quantity of Notes to the Company or U.S. Bank National Association, as trustee under the Indenture, dated as of September 16, 2013, governing the Notes.  With respect to the Notes held by the Holders specified on Schedule A hereto: (i) on the Trading Day after the date of this agreement, the Company shall deliver to each Holder the number of Initial Shares indicated on Schedule B hereto; and (ii) on the Closing Date, the Company shall deliver to each Holder the number of Remaining Shares indicated on Schedule B hereto, plus a number of shares of Common Stock to be issued in satisfaction of accrued but unpaid interest on the exchanged Notes specified on Schedule A hereto, calculated pursuant to Schedule B hereto (the “Interest Payment”).  Upon the Company’s issuance of Common Stock in accordance with this agreement and the cancellation of the exchanged Notes specified on Schedule A hereto, the Holders shall release all claims arising out of or related to such Notes, including, but not limited to, any rights to further payment of principal or interest with respect to such Notes. For the avoidance of doubt, interest shall continue to accrue on the Holder’s Notes for each day that settlement is delayed where such delay is caused by the Company, its affiliate or an agent of the Company or its affiliate.  The Company shall not issue fractional shares of Common Stock in the Exchange, and if any fractional share of Common Stock would be issuable upon a Partial Settlement Date or the Closing Date, the Company shall pay to the Holder an amount in cash in immediately available funds equal to the value of the fractional interest of a share deliverable on such date calculated in accordance with Schedule B hereto. 
2.    Representations, Warranties and Covenants.
(a)    In connection with the Exchange, each Holder hereby (severally and not jointly) represents, warrants, acknowledges and agrees as follows as of the date of this agreement, the Trading Day after the date of this agreement and the Closing Date:
		
	(i)
	Such Holder: (A) is the sole legal and beneficial owner of the Notes; and (B) owned the Notes prior to the commencement of any discussions with the Company or any of its advisors or agents regarding the Exchange.

		
	(ii)
	The Notes being transferred hereunder are free and clear of any liens, charges or encumbrances and upon completion of the Exchange, such Holder will convey to the Company good title to the Notes free and clear of all liens, charges and encumbrances.

		
	(iii)
	Neither such Holder nor anyone acting on such Holder’s behalf has received or paid or will receive or pay any commission or remuneration directly or indirectly in connection with or in order to solicit or facilitate the Exchange, and neither such Holder nor anyone acting on such Holder’s behalf has paid or will pay any consideration in connection with the Exchange other than the Notes being exchanged.

		
	(iv)
	Such Holder acknowledges that the transaction contemplated hereby is intended to be exempt from registration by virtue of Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”).  The Holder knows of no reason why such exemption is not available.

		
	(v)
	Such Holder has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in, and to make an informed investment decision with respect to, the Exchange, and such Holder acknowledges that: (A) the Company makes no representation regarding the value of the Notes or the Common Stock; and (B) such Holder has independently and without reliance upon the Company made its own analysis and decision to enter into the Exchange and exchange Notes on the terms set forth herein.

		
	(vi)
	Such Holder has had such opportunity as it has deemed adequate to obtain from representatives of the Company such information as is necessary to permit such Holder to evaluate the merits and risks of the transaction contemplated.

		
	(vii)
	Such Holder represents that: (A) it has all of the power and authority necessary to enter into this transaction and to consummate the transaction contemplated hereunder; (B) it has taken all action as may be necessary to authorize the execution and delivery of this agreement and the consummation of the transaction contemplated by this agreement and the performance of its obligations hereunder; (C) this agreement is an obligation enforceable against such Holder in accordance with its terms, except that such enforcement may be subject to (x) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally; and (y) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity; and (D) neither the execution and delivery hereof or the performance of its obligations hereunder will violate or contravene any applicable requirements of law or any of its governing documents.

		
	(viii)
	Such Holder is not an affiliate of the Company and has not been an affiliate of the Company for at least the three preceding months.  Immediately after the consummation of the transactions contemplated herein, the Holder will not beneficially own more than 19.99% of the Company’s issued and outstanding Common Stock, based on 100,432,328 shares of Common Stock outstanding as of April 4, 2016. 

(b)In connection with the Exchange, the Company represents, warrants, acknowledges and agrees as follows as of the date of this agreement, the Trading Day after the date of this agreement and the Closing Date:
		
	a.
	Assuming the accuracy of each Holder’s representations herein, any shares of Common Stock issued in the Exchange will not be “restricted securities” within the meaning of the Securities Act, will be validly issued, fully-paid and non-assessable and will be freely transferable by each such Holder.  The shares of Common Stock issued hereunder will not bear a restrictive legend under the Securities Act, will be free of any restrictive legend or other restrictions on resale by such Holder, will be issued in book-entry form, will be represented by permanent global certificates deposited with, or on behalf of, The Depositary Trust Company represented by an unrestricted CUSIP, and will not be issued in violation of any applicable state and federal laws concerning the issuance thereof. At each Partial Settlement Date and the Closing, the Holders’ shares of Common Stock delivered at such time will be listed on the NASDAQ Global Select Market.

		
	b.
	The transaction contemplated hereby is exempt from registration by virtue of Section 3(a)(9) of the Securities Act.  The Company knows of no reason why such exemption is not available. 

		
	c.
	Each of the reports required to be filed by the Company under Section 13(a) of the Securities Exchange Act of 1934, as amended, has been filed, and such reports do not contain any untrue statement of a material fact and do not omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.

		
	d.
	Prior to the opening of trading on the business day following the date of this agreement, the Company shall issue a publicly available press release or file with the Securities and Exchange Commission a current report on Form 8-K disclosing the material terms of the Exchange (to the extent not previously publicly disclosed). For the avoidance of doubt, such disclosure will not include the names of or other information on the Holders or their affiliates.

		
	e.
	The Company represents that: (A) it has all of the power and authority necessary to enter into this transaction and to consummate the transaction contemplated hereunder; (B) it has taken all action as may be necessary to authorize the execution and delivery of this agreement and the consummation of the transaction contemplated by this agreement and the performance of its obligations hereunder; (C) this agreement is an obligation enforceable in accordance with its terms, except that such enforcement may be subject to: (x) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally; and (y) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity; and (D) neither the execution and delivery hereof or the performance of its obligations hereunder will violate or contravene any applicable requirements of law or any of its governing documents or material agreements.

3.    Miscellaneous.  The parties acknowledge that money damages are not an adequate remedy for violations of this agreement and that any party shall be entitled to specific performance or injunctive or such other relief as such court may deem just and proper in order to enforce this agreement or prevent any violation hereof and, to the extent permitted by applicable law, each party waives any objection to the imposition of such relief, this being in addition to any other remedy to which such party is entitled at law or in equity.  This agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law rules contained therein.  In any action or proceeding arising out of or relating to this agreement, each party hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State or Federal court located in the City of New York, the borough of Manhattan, and waives to the fullest extent permitted by law any right to a trial by jury.  No provision of this agreement may be amended or modified except upon the written consent of the Company and the Holder.  This agreement constitutes the full and entire understanding and agreement between the parties with regard to the subject matter hereof, and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein.  
Very truly yours,

CLEAN ENERGY FUELS CORP.

By:                                                              

Signature:                                                          

Title:                                                              

AGREED AND ACCEPTED:

By:                                                                     

Signature:                                                          

Title:                                                                  

By:                                                                     

Signature:                                                          

Title:                                                              

Schedule A

Schedule B

Calculations
Number of Initial Shares
 “Initial Shares” means, for each Holder, the number of shares of Common Stock equal to the quotient of (a) P divided by (b) $15.60.
Number of Remaining Shares
“Remaining Shares” means, for each Holder, the number of shares of Common Stock equal to (a) the sum of the Daily Share Amounts for such Holder for each of the ten Trading Days following the date of this agreement minus (b) the number of Initial Shares issued to such Holder.
Number of Shares to be Issued in Satisfaction of Accrued but Unpaid Interest on Notes Exchanged under this Agreement
The number of shares of Common Stock issued as the Interest Payment with respect to each $1,000 principal amount of exchanged Notes shall be equal to: (x) the amount of accrued and unpaid interest thereon to, but not including, the Closing Date divided by: (y) the simple average of the sum of the VWAPs for each of the ten Trading Days preceding the Closing Date.
Definitions
“Daily Share Amount” means, with respect to a Holder and a Trading Day, the quotient of (a) [(P * 0.75) / 10] divided by (b) the VWAP for such Trading Day.
“P” means the aggregate principal amount of Notes listed on Schedule A hereto for such Holder.
 “VWAP” means, with respect to any Trading Day, the greater of (x) the daily volume weighted average price, as reported on the Bloomberg Page, CLNE <EQUITY> VAP <GO>  time period 09:30 – 16:00, for such Trading Day and (y) $3.00.
 “Trading Day” shall have the meaning ascribed thereto in the Indenture governing the Notes in effect as of the date of this agreement.

1Exhibit

Exhibit 10.117

Stock Option Number:                    
 
CLEAN ENERGY FUELS CORP.  
2016 PERFORMANCE INCENTIVE PLAN 
NOTICE OF STOCK OPTION GRANT
 
You (the “Grantee”) have been granted an option (the “Option”) to purchase Common Stock, subject to the terms and conditions of the Plan and this Option Agreement, as follows:
 
	
			
	Name of Optionee:
	 
	 

	 
	 
	 

	Total Number of Shares Granted 
Subject to the Option:
	 
	 

	 
	 
	 

	Type of Option:
	 
	x Nonstatutory Stock Option 

	 
	 
	o Incentive Stock Option

	 
	 
	 

	Exercise Price per Share:
	 
	$

	 
	 
	 

	Grant Date:
	 
	 

	 
	 
	 

	Expiration Date:

Vesting Commencement Date:
	 
	 

	
			
	Vesting Completion Date:
	 
	 

	 
	 
	 

Exhibit 10.117

	
			
	Vesting Schedule:
	 
	[This Option will become vested and exercisable as to 34% of the total number of shares of Common Stock subject to the Option on [________________] (the “Vesting Date”), subject to continued employment or service through such vesting date.  The remaining 66% of the total number of shares of Common Stock subject to the Option will become vested and exercisable in two equal annual installments on the first two anniversaries of the Vesting Date, subject to continued employment or service through each such vesting date.
 
Notwithstanding the foregoing, in the event of a Change in Control prior to the Vesting Completion Date where any portion of the Option is substituted, assumed, exchanged or otherwise continued in the transaction, the unvested portion of the Option will become fully vested and exercisable immediately upon the first to occur of (i) the Grantee’s termination of employment or services by the Corporation, the successor entity or any Subsidiary without Cause within twelve (12) months after the Change in Control and (ii) the Grantee terminating his or her service to the Corporation, the successor entity or any Subsidiary for Good Reason within twelve (12) months after the Change in Control. 

“Change in Control” means (1) Any “person” (as defined or referred to in Section 3(a)(9) and/or 13(d)(1), et seq. of the Securities Exchange Act of 1934, as amended, and the associated rules of the Securities and Exchange Commission promulgated thereunder), other than an existing shareholder of the Corporation as of January 1, 2006, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Corporation representing forty percent (40%) or more of the combined voting power of the Corporation’s then outstanding securities, or (2) a merger or consolidation of the Corporation in which its voting securities immediately prior to the merger or consolidation do not represent, or are not converted into securities that represent, a majority of the combined voting power of all voting securities of the surviving entity immediately after the merger or consolidation, or (3) a sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Corporation or a liquidation or dissolution of the Corporation, or (4) individuals who, as of the Grant Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided that, other than in connection with an actual or threatened proxy contest, any individual who becomes a director subsequent to the Grant Date, whose election, or nomination for election by the stockholders of the Corporation, was approved by the vote of at least a majority of the directors then in office shall be deemed a member of the Incumbent Board. 
 

Exhibit 10.117

	
			
	 
	 
	

“Cause” means, with respect to the Grantee’s Termination of Service by the Corporation, the successor entity or any Subsidiary, that such termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written agreement between the Grantee and the Corporation, the successor entity or any Subsidiary, or in the absence of such then-effective written agreement and definition, is based on, in the determination of the Administrator, the Grantee’s: (i) performance of any act or failure to perform any act in bad faith and to the detriment of the Corporation, the successor entity or any Subsidiary; (ii) dishonesty, intentional misconduct or material breach of any agreement with the Corporation, the successor entity or any Subsidiary; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person; provided, however, that with regard to any agreement that defines “Cause” on the occurrence of or in connection with a Change in Control, such definition of “Cause” shall not apply until a Change in Control actually occurs. 

“Good Reason” means, with respect to the Grantee’s Termination of Service by the Grantee, that such termination is for “Good Reason” as such term (or words of like import) is used in a then-effective written agreement between the Grantee and the Corporation, the successor entity or any Subsidiary, or in the absence of such then-effective written agreement and definition, is based on a material diminution of either the Grantee’s duties or base annual salary. 

“Termination of Service” means the Grantee ceases to be employed by or ceases to provide services to the Corporation, the successor entity or any Subsidiary.]    

______________________________________________________________________________
By your signature and the Corporation’s signature below, you and the Corporation agree that the Option is granted under and governed by the terms and conditions of the Corporation's 2016 Performance Incentive Plan (the “Plan”) and the Terms and Conditions of Nonqualified Stock Option (the “Terms”), which are attached and incorporated herein by this reference.  This Notice of Stock Option Grant, together with the Terms, will be referred to as your Option Agreement.  The Option has been granted to you in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to you.  Capitalized terms are defined in the Plan if not defined herein or in the Terms.  You acknowledge receipt of a copy of the Terms, the Plan and the Prospectus for the Plan.  
______________________________________________________________________________

Exhibit 10.117

	
			
	_______________________________________
	 
	_____________________

	CLEAN ENERGY FUELS CORP.
	 
	Date

	________________________________________
	 
	______________________

	[Grantee Name]
	 
	Date

CLEAN ENERGY FUELS CORP. 
2016 PERFORMANCE INCENTIVE PLAN
TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTION 
		
	1.

	General.

These Terms and Conditions of Nonqualified Stock Option (these “Terms”) apply to a particular stock option (the “Option”) if incorporated by reference in the Notice of Stock Option Grant (the “Grant Notice”) corresponding to that particular grant.  The recipient of the Option identified in the Grant Notice is referred to as the “Grantee.”  The per share exercise price of the Option as set forth in the Grant Notice is referred to as the “Exercise Price.”  The effective date of grant of the Option as set forth in the Grant Notice is referred to as the “Award Date.”  The exercise price and the number of shares covered by the Option are subject to adjustment under Section 7.1 of the Plan.
The Option was granted under and subject to the Clean Energy Fuels Corp. 2016 Performance Incentive Plan (the “Plan”).  Capitalized terms are defined in the Plan or the Terms if not defined herein.  The Option has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Grantee.  The Grant Notice and these Terms are collectively referred to as the “Option Agreement” applicable to the Option.  
		
	2.

	Vesting; Limits on Exercise; Incentive Stock Option Status.

The Option shall vest and become exercisable in percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice.  The Option may be exercised only to the extent the Option is vested and exercisable.
		
	•
	Cumulative Exercisability.  To the extent that the Option is vested and exercisable, the Grantee has the right to exercise the Option (to the extent not previously exercised), and such right shall continue, until the expiration or earlier termination of the Option.

		
	•
	No Fractional Shares.  Fractional share interests shall be disregarded, but may be cumulated.

		
	•
	Minimum Exercise.  No fewer than 100 shares of Common Stock (subject to adjustment under Section 7.1 of the Plan) may be purchased at any one time, unless the number purchased is the total number at the time exercisable under the Option.

		
	•
	Nonqualified Stock Option.  The Option is a nonqualified stock option and is not, and shall not be, an incentive stock option within the meaning of Section 422 of the Code.

		
	3.

	Continuance of Employment/Service Required; No Employment/Service Commitment.

The vesting schedule applicable to the Option requires continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement.  Except as provided in the Grant Notice, employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 5 below or under the Plan.
Nothing contained in this Option Agreement or the Plan constitutes a continued employment or service commitment by the Corporation or any of its Subsidiaries, affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee any right to remain employed by or in service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment or service, or affects the right of the Corporation or any Subsidiary to increase or decrease the Grantee’s other compensation.  Nothing in this Option Agreement, however, is intended to adversely affect any independent contractual right of the Grantee without his/her consent thereto.
		
	4.

	Method of Exercise of Option.

The Option shall be exercisable by the delivery to the Secretary of the Corporation (or such other person as the Administrator may require pursuant to such administrative exercise procedures as the Administrator may implement from time to time) of:
		
	•
	a written or approved electronic notice stating the number of shares of Common Stock to be purchased pursuant to the Option or by the completion of such other administrative exercise procedures as the Administrator may require from time to time;

		
	•
	payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the Corporation;

		
	•
	any written statements or agreements required pursuant to Section 8.1 of the Plan; and

		
	•
	satisfaction of the tax withholding provisions of Section 8.5 of the Plan.

The Administrator also may, but is not required to, authorize a non-cash payment alternative by one or more of the following methods (subject in each case to compliance with all applicable laws, rules, regulations and listing requirements and further subject to such rules as the Administrator may adopt as to any such payment method):
		
	•
	notice and third party payment in such manner as may be authorized by the Administrator;

		
	•
	in shares of Common Stock already owned by the Grantee, valued at their fair market value (as determined under the Plan) on the exercise date;

		
	•
	a reduction in the number of shares of Common Stock otherwise deliverable to the Grantee (valued at their fair market value on the exercise date, as determined under the Plan) pursuant to the exercise of the Option; or

		
	•
	a “cashless exercise” with a third party who provides simultaneous financing for the purposes of (or who otherwise facilitates) the exercise of the Option.

		
	5.

	Early Termination of Option.

5.1
    Expiration Date.  Subject to earlier termination as provided below in this Section 5, the Option will terminate on the “Expiration Date” set forth in the Grant Notice (the “Expiration Date”).
5.2
    Possible Termination of Option upon Certain Corporate Events.  The Option is subject to termination in connection with certain corporate events as provided in Section 7.2 of the Plan.
5.3
    Termination of Option upon a Termination of Grantee’s Employment or Services.  Subject to earlier termination on the Expiration Date of the Option or pursuant to Section 5.2 above, if the Grantee ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary, the following rules shall apply (the last day that the Grantee is employed by or provides services to the Corporation or a Subsidiary is referred to as the Grantee’s “Severance Date”):  
		
	•
	other than as expressly provided below in this Section 5.3, (a) the Grantee will have until the date that is 3 months after his or her Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent exercisable for the 3-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the 3-month period;

		
	•
	if the termination of the Grantee’s employment or services is the result of the Grantee’s death or Total Disability (as defined below), (a) the Grantee (or his beneficiary or personal representative, as the case may be) will have until the date that is 12 months after the Grantee’s Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent exercisable for the 12-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period;

		
	•
	if the Grantee’s employment or services are terminated by the Corporation or a Subsidiary for Cause (as defined in the Grant Notice), the Option (whether vested or not) shall terminate on the Severance Date.

For purposes of the Option, “Total Disability” means a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator).
In all events the Option is subject to earlier termination on the Expiration Date of the Option or as contemplated by Section 5.2.  The Administrator shall be the sole judge of whether the Grantee continues to render employment or services for purposes of this Option Agreement.
		
	6.

	Non-Transferability.

The Option and any other rights of the Grantee under this Option Agreement or the Plan are nontransferable and exercisable only by the Grantee, except as set forth in Section 5.7 of the Plan.
		
	7.

	Notices.

Any notice to be given under the terms of this Option Agreement shall be in writing or in an electronic notice approved by the Administrator. 
		
	8.

	Plan.

The Option and all rights of the Grantee under this Option Agreement are subject to the terms and conditions of the Plan, incorporated herein by this reference.  The Grantee agrees to be bound by the terms of the Plan and this Option Agreement.  The Grantee acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Option Agreement.  Unless otherwise expressly provided in other sections of this Option Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not and shall not be deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.
		
	9.

	Entire Agreement.

This Option Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof.  The Plan and this Option Agreement may be amended pursuant to Section 8.6 of the Plan.
		
	10.

	Governing Law.

This Option Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to conflict of law principles thereunder.
		
	11.

	Effect of this Agreement.

Subject to the Corporation’s right to terminate the Option pursuant to Section 7.2 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure to the benefit of any successor or successors to the Corporation.
		
	12.

	Counterparts.

This Option Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  Photographic or other electronic copies of such signed counterparts may be used in lieu of the originals for any purpose.
		
	13.

	Section Headings.

The section headings of this Option Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.
		
	14.

	Clawback Policy.

The Option is subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require forfeiture of the Option and repayment or forfeiture of any shares of Common Stock or other cash or property received with respect to the Option (including any value received from a disposition of the shares acquired upon exercise of the Option).
		
	15.

	No Advice Regarding Grant.  

The Grantee is hereby advised to consult with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate with respect to the Option (including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Option and any shares that may be acquired upon exercise of the Option).  Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Option Agreement) or recommendation with respect to the Option.  Except for the withholding rights contemplated by Section 4 above and Section 8.5 of the Plan, the Grantee is solely responsible for any and all tax liability that may arise with respect to the Option and any shares that may be acquired upon exercise of the Option.

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