Document:

Exhibit 4.2

 

TROPICANA ENTERTAINMENT INC.

 

THIS WARRANT WAS ORIGINALLY ISSUED ON [·],
2009 PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENT OF SECTION 5
OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) PURSUANT TO SECTION 1145
OF TITLE 11 OF THE UNITED STATES CODE, 11 U.S.C. §§ 101-1532 (THE “BANKRUPTCY
CODE”), AND NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE ACT OR ANY STATE SECURITIES
LAW.  TO THE EXTENT THE REGISTERED HOLDER
OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT IS AN “UNDERWRITER”
(AS DEFINED IN SECTION 1145(B)(1) OF THE BANKRUPTCY CODE), SUCH
SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
THEREUNDER.  THIS WARRANT IS SUBJECT TO
CERTAIN TRANSFER AND OTHER RESTRICTIONS SET FORTH HEREIN, AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO CERTAIN TRANSFER AND
OTHER RESTRICTIONS PURSUANT TO CERTAIN “GAMING LAWS” (AS DEFINED
HEREIN). THE ISSUER HEREOF (AS DEFINED BELOW, THE “COMPANY”) RESERVES
THE RIGHT TO REFUSE THE TRANSFER OF THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT EXCEPT IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THIS WARRANT, A COPY OF WHICH SHALL BE FURNISHED WITHOUT CHARGE
BY THE COMPANY TO THE REGISTERED HOLDER HEREOF UPON WRITTEN REQUEST.

 

THE COMPANY IS CURRENTLY LICENSED OR REGISTERED OR HAS APPLIED FOR A
LICENSE OR REGISTRATION WITH CERTAIN “GAMING AUTHORITIES” (AS DEFINED
HEREIN) AND IS SUBJECT TO CERTAIN GAMING LAWS. 
THE PURPORTED SALE, ASSIGNMENT, TRANSFER, RESTRICTION OF TRANSFER,
PLEDGE, NEGATIVE PLEDGE, GRANTING OF ANY OPTION TO PURCHASE OR OTHER SIMILAR
TRANSACTION INVOLVING SUCH WARRANT SHALL BE INEFFECTIVE UNLESS IN ACCORDANCE
WITH THE APPLICABLE GAMING LAWS WHICH MAY INCLUDE PRIOR APPROVAL OF ONE OR
MORE GAMING AUTHORITIES.  IF AT ANY TIME
A REGISTERED HOLDER HEREOF BECOMES AN “UNSUITABLE PERSON” (AS DEFINED
HEREIN), THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
SHALL BE SUBJECT TO REPURCHASE PURSUANT TO THE TERMS SET FORTH HEREIN.  BEGINNING ON THE DATE WHEN A GAMING AUTHORITY
SERVES NOTICE OF UNSUITABILITY UPON THE COMPANY, OR THE DATE WHEN THE REGISTERED
HOLDER OTHERWISE BECOMES AN UNSUITABLE PERSON, IT SHALL BE 

 

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UNLAWFUL FOR THE UNSUITABLE PERSON: (A) TO RECEIVE ANY DIVIDEND OR
INTEREST OR ANY PAYMENT OR DISTRIBUTION OF ANY KIND, INCLUDING OF ANY SHARE OF
THE DISTRIBUTION OF PROFITS OR CASH OR ANY OTHER PROPERTY, OR PAYMENTS UPON
DISSOLUTION, FROM THE COMPANY, OTHER THAN A RETURN OF CAPITAL AS REQUIRED
ABOVE; (B) TO EXERCISE DIRECTLY OR THROUGH ANY PROXY, TRUSTEE OR NOMINEE
ANY VOTING RIGHT CONFERRED BY THE REGISTERED HOLDER’S INTEREST IN THE COMPANY; (C) TO
PARTICIPATE IN THE MANAGEMENT OF THE COMPANY; (D) TO RECEIVE ANY
REMUNERATION (OTHER THAN THE REPURCHASE PRICE) IN ANY FORM FROM THE
COMPANY OR FROM ANY COMPANY HOLDING A GAMING LICENSE FOR SERVICES RENDERED OR
OTHERWISE; OR (E) TO CONTINUE IN AN OWNERSHIP OR ECONOMIC INTEREST IN THE
COMPANY OR ANY “AFFILIATED COMPANY” (AS DEFINED HEREIN).

 

IN ADDITION, THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT ARE SUBJECT TO RESTRICTIONS AND RIGHTS OF REPURCHASE CONTAINED IN THE
COMPANY’S ARTICLES OF INCORPORATION, AS THE SAME MAY BE AMENDED FROM TIME
TO TIME.

 

TROPICANA ENTERTAINMENT INC.

 

STOCK
PURCHASE WARRANT

 

	
  Date of Issuance:

  	
   

  	
  Certificate
  No. W-      

  

 

FOR VALUE RECEIVED, Tropicana Entertainment Inc., a
Delaware corporation (the “Company”), hereby grants to
                                    
or its registered assigns (the “Registered Holder”) the right to
purchase from the Company
                
shares of common stock, par value $0.01 per share (the “Common Stock”),
as shall from time to time be reduced or increased in accordance with the terms
of this Tropicana Entertainment Corporation Stock Purchase Warrant (the “Warrant”),
less the number of shares of Common Stock already issued in connection with
partial exercises of this Warrant, at a per share purchase price equal to
$             (the “Exercise
Price”).  This Warrant is issued
pursuant to the terms of the First Amended Joint
Plan of Reorganization of Tropicana Entertainment, LLC and Certain of Its
Debtor Affiliates Under Chapter 11 of the Bankruptcy Code (the “Plan”).  Certain capitalized terms used herein are
defined in Section 3 hereof. 
The amount and kind of securities obtainable pursuant to the rights
granted hereunder and the purchase price for such securities are subject to
adjustment pursuant to the provisions contained in this Warrant.

 

2

 

[For tax purposes, the value of this Warrant as of the
date hereof is
$                            .]

 

This Warrant is subject to the following provisions:

 

Section 1.               Exercise
of Warrant.

 

1A.          Exercise
Period.  Subject to Section 1B
and Section 1E hereof, the Registered Holder may exercise, in whole or in
part (but not as to a fractional share of Common Stock), the purchase rights
represented by this Warrant at any time and from time to time after the Date of
Issuance through 5:00 p.m. prevailing Eastern time on
                  
(the “Exercise Period”).

 

1B.          Exercise
Procedure.

 

(i)            This
Warrant shall be deemed to have been exercised when the Company has received
all of the following items (the “Exercise of the Warrant”):

 

(a)           a completed Exercise Agreement, as
described in Section 1C below, (an “Exercise Agreement”)
executed by the Person exercising all or part of the purchase rights
represented by this Warrant (the “Purchaser”);

 

(b)           this Warrant;

 

(c)           if this Warrant is not registered in
the name of the Purchaser, an Assignment or Assignments in the form set forth
in Exhibit II hereto evidencing the assignment of this Warrant to
the Purchaser, in which case the Registered Holder shall have complied with the
provisions set forth in Section 5 hereof, and the amount of any tax
or taxes which may be payable in respect of any transfer, in lawful money of
the United States of America either by certified or official bank check made
payable to the order of the Company (or if agreed to in the sole and absolute
discretion of the Company, by wire transfer in immediately available funds to
an account arranged with the Company prior to exercise), or evidence to the
satisfaction of the Company that such tax has been paid;

 

(d)           either (1) the Aggregate
Exercise Price, in lawful currency of the United States of America either by
certified or official bank check made payable to the order of the Company (or
if agreed to in the sole and absolute discretion of the Company, by wire
transfer in immediately available funds to an account arranged with the Company
prior to exercise); or (2) if and only if the Common Stock is then Listed
Common Stock (defined below), a written notice to the Company that the
Purchaser is exercising this Warrant on a “cashless exercise” basis by
authorizing the Company to withhold from issuance a number of shares of Common
Stock otherwise issuable upon such exercise of this Warrant which, when
multiplied by the Listed Fair Value (defined below) of the Common Stock on the
date of exercise, is equal to the Aggregate Exercise Price (and such withheld
shares shall no longer be issuable under this Warrant), and

 

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(e)           the materials required under Section 1E
hereof.

 

(ii)           Certificates
for shares of Common Stock purchased upon exercise of this Warrant shall be
delivered by the Company to the Purchaser within three business days after the
date of the Exercise of the Warrant. 
Unless this Warrant has expired or all of the purchase rights
represented hereby have been exercised, the Company shall prepare a new Warrant,
substantially identical hereto, representing the rights formerly represented by
this Warrant which have not expired or been exercised and shall, within such
three business-day period, deliver such new Warrant to the Person designated
for delivery in the Exercise Agreement.

 

(iii)          Subject
to clause (vi) of this Section 1B, the Common Stock issuable
upon the exercise of this Warrant shall be deemed to have been issued to the
Purchaser at the time of the Exercise of the Warrant (the “Exercise Time”),
and the Purchaser shall be deemed for all purposes to have become the record
holder of such Common Stock at the Exercise Time.

 

(iv)          The
issuance of certificates for shares of Common Stock upon exercise of this
Warrant shall be made without charge to the Registered Holder or the Purchaser
for any issuance tax in respect thereof or other cost incurred by the Company
in connection with such exercise and the related issuance of shares of Common
Stock.  Each share of Common Stock
issuable upon exercise of this Warrant shall, upon payment of the Exercise
Price therefor, be validly issued, fully paid and nonassessable and free from
all preemptive rights, taxes, liens and charges with respect to the issuance
thereof.

 

(v)           The
Company shall not close its books against the transfer of this Warrant or of any
share of Common Stock issued or issuable upon the exercise of this Warrant in
any manner which interferes with the timely exercise of this Warrant.

 

(vi)          Notwithstanding
any other provision hereof, if an exercise of any portion of this Warrant is to
be made in connection with a registered public offering or the sale of the
Company, the exercise of any portion of this Warrant may, at the election of
the Registered Holder hereof, be conditioned upon the consummation of the
public offering or sale of the Company in which case such exercise shall not be
deemed to be effective until the consummation of such transaction.

 

(vii)         The
Company shall at all times reserve and keep available out of its authorized but
unissued shares of Common Stock solely for the purpose of issuance upon the
exercise of the Warrant, such number of shares of Common Stock issuable upon
the exercise of the Warrant.  All shares
of Common Stock which are so issuable shall, when issued, be duly and validly
issued, fully paid and nonassessable and free from all preemptive rights,
taxes, liens and charges.  The Company
shall not take any action which would (a) cause the number of authorized
but unissued shares of Common Stock to be less than the number of such shares
required to be reserved hereunder for issuance upon exercise of the Warrants,
or (b) prevent the Company from lawfully issuing such shares of Common
Stock. Nothing in this subsection shall be read to prevent any transaction
described in Section 2E.

 

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1C.          Exercise
Agreement.  Upon any exercise of this
Warrant, the Exercise Agreement shall be substantially in the form set forth in
Exhibit I hereto, except that if the shares of Common Stock are not to be
issued in the name of the Person in whose name this Warrant is registered, the
Exercise Agreement shall also state the name of the Person to whom the
certificates for the shares of Common Stock are to be issued, and if the number
of shares of Common Stock to be issued does not include all the shares of
Common Stock purchasable hereunder, it shall also state the name of the Person
to whom a new Warrant for the unexercised portion of the rights hereunder is to
be delivered.  Such Exercise Agreement
shall be dated the actual date of execution thereof.

 

1D.          Fractional
Shares.  If a fractional share of
Common Stock would, but for the provisions of Section 1A hereof, be
issuable upon exercise of the rights represented by this Warrant, the Company
shall, within three business days after the date of the Exercise Time, deliver
to the Purchaser a check payable to the Purchaser in lieu of such fractional
share in an amount equal to the difference between the Fair Value of such
fractional share as of the date of the Exercise Time and the Exercise Price of
such fractional share.

 

1E.           Exercise
Subject to Gaming Approval. 
Notwithstanding any other provision of this Warrant, the Registered
Holder of this Warrant may only exercise this Warrant upon receipt of any and
all required gaming approvals, including without limitation, findings of
suitability or licensing requirements from the applicable Gaming Authorities,
or waivers or exemptions from such required gaming approvals (collectively, the
“Gaming Approvals”).  The costs of
obtaining Gaming Approval and meeting any other requirements that the Gaming
Authorities may impose in connection with such exercise shall be borne solely
by the Registered Holder.  The Company
may require, as a condition to the exercise of this Warrant, that the
Registered Holder either (a) certify to the Company that, upon exercise of
this Warrant, the Registered Holder will be the beneficial owner of less than
five percent (5%) of the outstanding Common Stock, or (b) submit proof of
having obtained the requisite Gaming Approvals or an opinion of counsel,
reasonably satisfactory to the Company, that no Gaming Approvals are
required.  For purposes of this Section 1E,
beneficial ownership shall be determined in accordance with Rule 13d-3
under the Exchange Act.

 

Section 2.               Adjustment
of Exercise Price and Number of Shares of Common Stock Issuable.  The Exercise Price and the number of shares
of Common Stock issuable upon the exercise of this Warrant are subject to
adjustment from time to time upon the occurrence of the events enumerated in this
Section 2, without duplication.

 

2A.          Adjustment
for Change in Capital Stock.  If on
or after the date of this Date of Issuance and during the Exercise Period, the
Company:

 

(i)            pays a dividend in shares of Common Stock or makes a
distribution on its Common Stock in shares of Common Stock;

 

(ii)           subdivides its outstanding shares of Common Stock into
a greater number of shares (other than upon a reclassification to which clause (vi) of
this Section 2A or Section 2E hereof applies);

 

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(iii)          combines its outstanding shares of Common Stock into a
smaller number of shares (other than upon a reclassification to which clause (vi) of
this Section 2A or Section 2E hereof applies);

 

(iv)          makes a distribution on its Common Stock in shares of
its capital stock other than Common Stock;

 

(v)           makes a distribution on its Common Stock in debt
securities, assets or other property of the Company; or

 

(vi)          issues by reclassification of its Common Stock any
shares of its capital stock (including any such reclassification in connection
with a consolidation or merger of the Company in which the Company is the
surviving entity but excluding any reclassification in which property other
than shares of capital stock is issued (in which event Section 2E
hereof shall apply)),

 

then the number of shares of Common Stock or other
shares of capital stock of the Company receivable upon exercise of this Warrant
immediately prior thereto shall be adjusted so that the Registered Holder shall
be entitled upon exercise to receive the kind and number of shares of Common
Stock or other shares of capital stock of the Company, debt securities, assets
or other property that the Registered Holder would have been entitled to
receive upon the happening of any of the events described above, had such
Warrant been exercised immediately prior to the happening of such event or any
record date with respect thereto. An adjustment made pursuant to this Section 2A
shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event.

 

2B.          Adjustment
of Exercise Price.  Whenever the
number of shares of Common Stock or other shares of capital stock of the
Company receivable upon the exercise of any Warrant is otherwise required to be
adjusted as provided in Section 2A or Section 2E
hereof, the Exercise Price payable per share of Common Stock upon exercise of
such Warrant shall be adjusted by multiplying such Exercise Price immediately
prior to such adjustment by a fraction, of which the numerator shall be the
number of shares of Common Stock receivable upon the exercise of such Warrant
immediately prior to such adjustment, and of which the denominator shall be the
number of shares of Common Stock, or, where clause (iv), (v) or (vi) of
Section 2A hereof applies and shares of capital stock (other than
solely Common Stock), debt securities, assets or other property become so
receivable, the number of shares of Common Stock equivalent to such shares of
capital stock, debt securities, assets or other property based on the relative
Fair Value thereof so receivable immediately thereafter.

 

If after an adjustment the Registered Holder, upon
exercise of the Warrant, may receive shares of two or more classes or series of
capital stock of the Company, the Company, in good faith, shall determine as
the adjusted Exercise Price for each share of capital stock (other than Common
Stock) so receivable an amount equal to the Exercise Price per share of Common
Stock as adjusted pursuant to the preceding paragraph, multiplied by a fraction
the denominator of which is the Fair Value of a share of Common Stock and the
numerator of which is the Fair Value of such share of other capital stock.  After such allocation, the exercise privilege
and the 

 

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Exercise Price of each
class or series of capital stock shall thereafter again be subject to
adjustment on terms comparable to those applicable to shares of Common Stock in
this Section 2.

 

2C.          When
No Adjustment Required.  No
adjustment need be made to the Exercise Price or the number of shares of Common
Stock issuable upon exercise of this Warrant except as expressly provided in Section 2A
and Section 2B hereof. 
Without limiting the generality of the foregoing, no adjustment need be
made for any of the following:

 

(i)            the issuance of securities by the Company on the
Effective Date or pursuant to the Plan;

 

(ii)           the issuance of options, equity or equity-based grants
or other securities in connection with the OpCo Management and Director Equity
Incentive Program; or

 

(iii)          a change in the par value or the elimination of the
par value of the Common Stock.

 

To the extent the Warrants
become exercisable into cash pursuant to the provisions of Section 2E
hereof, no adjustment need be made thereafter as to the cash.  Interest will not accrue on the cash.

 

2D.          The
Company Determination Final.  Any
determination that the Company must make pursuant to this Section 2
is (absent manifest error) conclusive if such determination is made in good
faith.

 

2E.           Changes in Common Stock.  In case at any time or from time to time
while the Warrants remain outstanding and unexpired in whole or in part, the
Company shall be a party to or shall otherwise engage in any transaction or
series of related transactions constituting:

 

(i)            a merger of the Company into, a consolidation of the
Company with, or a sale of all or substantially all of the Company’s assets to,
any other Person (a “Non-Surviving Transaction”); or

 

(ii)           (a) any
reclassification of the Common Stock into securities or other property (other
than solely into shares of capital stock of the Company, in which event Section 2A(vi) hereof
shall apply), (b) any merger of another Person into the Company in which
the previously outstanding shares of Common Stock shall be cancelled,
reclassified or converted or changed into or exchanged for securities of the
Company or other property (including cash) or (c) any combination of the
foregoing (other than solely into or for shares of capital stock of the
Company, in which event Section 2A(vi) hereof shall apply)
(each, a “Surviving Transaction” and, together with any Non-Surviving
Transaction, sometimes referred to hereafter as a “Transaction”), then,
as a condition to the consummation of such Transaction, the Company shall (or,
in the case of any Non-Surviving Transaction, the Company shall cause such
other Person to) execute and deliver to the Registered Holder a written
instrument (a “Replacement Warrant”) with terms substantially similar to
this Warrant; provided that the Replacement Warrant shall be exercisable:

 

7

 

(x) into only the securities or other property
(the “Substituted Property”) that would have been receivable upon such
Transaction by a registered holder of the number of shares of Common Stock into
which such Warrant was exercisable immediately prior to such Transaction, in
lieu of the Common Stock issuable upon such exercise prior to such
consummation, assuming (except in the case of a reclassification) such
registered holder of Common Stock:

 

(I)  is not a Person (1) with which the
Company consolidated, (2) into which the Company merged or which merged
into the Company or (3) to which such sale or transfer was made, as the
case may be (a “Constituent Person”), or an affiliate of a Constituent
Person; and

 

(II)  (1) failed to exercise his rights of
election, if any, as to the kind or amount of securities, cash and other
property receivable upon such Transaction (provided that if the kind or amount
of securities, cash and other property receivable upon such Transaction is not
the same for each share of Common Stock held immediately prior to such
Transaction by other than a Constituent Person or an affiliate thereof and in
respect of which such rights of election shall not have been exercised (the “Non-Electing
Share”), then, for the purposes of this Section 2E, the kind
and amount of securities, cash and other property receivable upon such
Transaction by each Non-Electing Share shall be deemed to be the kind and
amount so receivable per share by a plurality of the Non-Electing Shares); and (2) if
there are no Non-Electing Shares, then the kind and amount of securities, cash
and other property receivable upon such Transaction by a plurality of holders
of Common Stock upon such Transaction; and

 

(y)  at an Exercise
Price for such Substituted Property equal to the Aggregate Exercise Price
payable by such Registered Holder for all such shares of Common Stock into
which such Warrant was exercisable immediately prior to such Transaction.

 

The Replacement Warrant
shall provide for adjustments which, for events subsequent to the effective
date of such Replacement Warrant, shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 2.  The above provisions of this Section 2E
shall similarly apply to successive Transactions.

 

2F.           Notice
of Certain Transactions.  If:

 

(i)            the Company proposes to take any action that would
require an adjustment to the Exercise Price or the number of shares of Common
Stock or other shares of capital stock receivable upon exercise of Warrants
pursuant to Section 2A or Section 2B hereof; or

 

(ii)           there is a proposed liquidation or dissolution of the
Company,

 

then the Company shall use its reasonable efforts to
mail to the Registered Holder a notice stating the proposed record date for a
dividend or distribution or the proposed effective date of a subdivision,
combination, reclassification, consolidation, merger, liquidation or
dissolution.  The 

 

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Company shall mail the notice at least fifteen (15)
days before such date.  Failure to mail
the notice or any defect in it shall not affect the validity of the
transaction.

 

Section 3.               Definitions.  The following terms have meanings set forth
below:

 

“Affiliate” shall have the meaning ascribed to
such term in Rule 12b-2 promulgated by the Securities and Exchange
Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”).

 

“Affiliated Companies” shall mean
those companies directly or indirectly affiliated or under common Ownership or
Control with the Company, including, without limitation, subsidiaries, holding
companies and intermediary companies (as those and similar terms are defined in
the Gaming Laws of the applicable Gaming Jurisdictions) that are registered or
licensed under applicable Gaming Laws.

 

“Aggregate Exercise Price” means an amount
equal to the product of the Exercise Price multiplied by the number of shares
of Common Stock being purchased upon such exercise.

 

“Board of Directors” means the board of
directors of the Company.

 

“Company Debt Securities” means any debt
securities of the Company having such terms and conditions as shall be approved
by the Company and, which, shall comprise all or a portion of the repurchase
price.

 

“Fair Value” shall mean the value of this
Warrant or the securities, assets or other property, issued pursuant to the
exercise of this Warrant as determined in good faith by the Board of Directors;
provided, however, if at any time such securities are traded on a securities
exchange or through the Nasdaq National Market (“Listed Common Stock”),
then the “Fair Value” shall be deemed to be the closing price of the securities
on such exchange or quotation system, or, if there has been no sales on any
such exchange or quotation system on any day, the average of the highest bid
and lowest asked prices on such exchange or quotation system as of 4:00 p.m.,
New York time (the “Listed Fair Value”).

 

“Gaming” or “Gaming Activities” shall
mean the conduct of gaming and gambling activities, race books and sports pools, or the use of gaming devices, equipment
and supplies in the operation of a casino, simulcasting facility, card club or
other enterprise, including, without limitation, slot machines, gaming tables,
cards, dice, gaming chips, player tracking systems, cashless wagering systems
and related and associated equipment and supplies.

 

“Gaming Authorities” shall mean all
Governmental Authorities with authority over Gaming within any Gaming
Jurisdiction, and shall include all Liquor Authorities.

 

“Gaming Jurisdictions” shall mean all
jurisdictions, domestic and foreign, and their political subdivisions, in which
Gaming Activities are lawfully conducted.

 

“Gaming Laws” shall mean all laws, statutes and
ordinances pursuant to which any Gaming Authority possesses regulatory and
licensing authority over Gaming within any 

 

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Gaming Jurisdiction, all
orders, decrees, rules and regulations over Gaming promulgated by such
Gaming Authority thereunder, all written and unwritten policies of the Gaming
Authorities, and all interpretations by the Gaming Authorities of laws, statutes,
ordinances, rules and regulations.

 

“Gaming Licenses” shall mean all licenses,
permits, approvals, authorizations, registrations, findings of suitability,
franchises and entitlements issued by a Gaming Authority necessary for or
relating to the conduct of Gaming Activities.

 

“Governmental Authority” shall mean any
government or any agency, public or regulatory authority, licensing body,
instrumentality, department, commission, court, arbitrator, ministry, tribunal
or board of any government or political subdivision thereof, in each case,
whether foreign or domestic and whether national, federal, tribal, state,
regional, local or municipal.

 

“Liquor Authorities” shall mean all
Governmental Authorities with regulatory and licensing authority over the sale or
service of alcoholic beverages within any Gaming Jurisdiction.

 

“Liquor Laws” shall mean all laws, statutes,
ordinances and regulations pursuant to which any Governmental Authority
possesses regulatory and licensing authority over the sale or service of
alcoholic beverages within any Gaming Jurisdiction, all rules and
regulations promulgated by such Governmental Authority thereunder, all written
and unwritten policies of the Liquor Authorities, and all interpretations by
the Liquor Authorities of laws, statutes, ordinances, rules and
regulations.

 

“Liquor License” shall mean all licenses,
permits, approvals, authorizations, registrations, findings of suitability,
franchises and entitlements issued by a Liquor Authority necessary for or
relating to the sale or service of alcoholic beverages within any Gaming
Jurisdiction.

 

“Ownership or Control” (and derivatives
thereof) shall mean (i) ownership of record, (ii) “beneficial
ownership” as defined in Rule 13d–3 or Rule 16a–1(a)(2) promulgated
by the SEC under the Exchange Act, (iii) the power to direct and manage,
by agreement, contract, agency or other manner, the voting or management rights
or disposition of securities of the Company, and/or (iv) definitions of
ownership or control under applicable Gaming Laws.

 

“Person” shall mean an individual, partnership,
corporation, limited liability company, trust or other entity.

 

“Redemption Date” shall mean the date set forth
in the Redemption Notice by which the securities Owned or Controlled by an
Unsuitable Person are to be redeemed by the Company.

 

“Redemption Notice” shall mean that notice of
redemption sent by the Company to an Unsuitable Person (or an Affiliate
thereof) if (x) a Gaming Authority requires the Company, or (y) the
Board of Directors, in its discretion and based on reasonably verifiable
information or information received from a Gaming Authority, deems it necessary
or advisable, to redeem such 

 

10

 

Unsuitable Person’s
securities. Each Redemption Notice shall set forth: (i) the Redemption
Date; (ii) the number of shares of securities to be redeemed; (iii) the
Redemption Price and the manner of payment therefor; (iv) the place where
certificates for such shares shall be surrendered for payment; and (v) any
other requirements of surrender of the certificates, including how they are to
be endorsed, if at all.

 

“Redemption Price” shall mean the per share
price for the repurchase of this Warrant, or securities issuable upon exercise
of this Warrant, pursuant to Section 7 hereof, which shall be that
price (if any) required by the Gaming Authority making the finding of
unsuitability to be paid, or if such Gaming Authority does not require a
certain price per share to be paid, the Redemption Price shall be equal to the
lesser of the Fair Value of the Repurchase Securities on the Date of Issuance
or the Fair Value of the Repurchase Securities on the Redemption Date.

 

“Unsuitable Person” shall mean a Person who
Owns or Controls any securities of the Company or any securities of or interest
in any Affiliated Company (i) that is determined by a Gaming Authority, or
that has been notified by the staff of a Gaming Authority that it will
recommend that the Gaming Authority determine the Person to be, unsuitable,
unqualified or disqualified to Own or Control such securities or unsuitable to
be connected with a Person engaged in Gaming Activities in that Gaming
Jurisdiction, or (ii) who, in the discretion of the Board of Directors,
based on reasonably verifiable information or information received from a
Gaming Authority, is deemed likely to preclude or materially delay, impede,
impair or jeopardize the Company’s or any Affiliated Company’s application for
or ability to obtain, right to the use of or ability to reinstate or retain any
Gaming License, or to result in the imposition of materially burdensome terms
of or conditions on any Gaming License

 

Other capitalized terms used in this Warrant but not
defined herein shall have the meanings set forth in the Plan.

 

11

 

Section 4.               No Voting
Rights; Limitations of Liability.  This Warrant shall not entitle the Registered
Holder hereof to any voting rights or other rights as a stockholder of the
Company.  No provision hereof, in the
absence of affirmative action by the Registered Holder to purchase Common
Stock, and no enumeration herein of the rights or privileges of the Registered
Holder shall give rise to any liability of such Registered Holder for the
Exercise Price of Common Stock acquirable by exercise hereof or as a stockholder
of the Company.

 

Section 5.               Assignment/Transfer of
Warrants.  Subject to
the transfer conditions referred to in the legend endorsed hereon, this Warrant
and all rights hereunder are transferable, in whole or in part, without charge
to the Registered Holder, upon surrender of this Warrant with a properly
executed Assignment (in the form of Exhibit II hereto) at the
principal office of the Company.  The
Company shall not be required to pay any tax or taxes which may be payable in
respect of any transfer involved in the issue of any Warrant or any Common
Stock in a name other than that of the Registered Holder of this Warrant, and
the Company shall not be required to issue or deliver such Warrant or the
Common Stock upon exercise of this Warrant unless or until the person or
persons requesting the issuance thereof shall have paid to the Company the
amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.

 

Section 6.               Repurchase of Warrants.  If at any time (x) a Gaming Authority
finds that a Registered Holder hereof is an Unsuitable Person, or (y) the
Board of Directors, in its discretion and based on reasonably verifiable
information or information received from a Gaming Authority deems it necessary or
advisable, this Warrant and the securities issuable upon exercise of this
Warrant (together, the “Repurchase Securities”) shall be subject to
repurchase by the Company at any time at the sole discretion of the
Company.  The terms and conditions of
such repurchase shall be as follows:

 

1.     the Company shall serve a
Redemption Notice on the Registered Holder and shall purchase this Warrant or
the securities issuable upon exercise of this Warrant on the Redemption Date
and for the Redemption Price set forth in the Redemption Notice;

 

2.     from and after the
Redemption Date, such securities shall no longer be deemed to be outstanding
and all rights of the Unsuitable Person or any Affiliate of the Unsuitable
Person therein, other than the right to receive the Redemption Price, shall
cease;

 

3.     the Unsuitable Person shall
surrender the certificates for any securities to be redeemed in accordance with
the requirements of the Redemption Notice;

 

4.     the Redemption Price may be
paid in cash, or Company Debt Securities, or both, as required by the
applicable Gaming Authority and, if not so required, as the Company elects in
its sole discretion;

 

12

 

5.     if less than all of the
Repurchase Securities held or otherwise owned by a Registered Holder are to be
repurchased, the Repurchase Securities to be repurchased shall be selected in
such manner as shall be determined by the Company’s in its sole discretion,
which may include selection of the most recently acquired Repurchase
Securities, selection of Repurchase Securities by lot, or selection of
Repurchase Securities in such other manner as shall be determined by the
Company;

 

6.     beginning on the date when a
Gaming Authority serves notice of unsuitability on the Company, or the date
when the Registered Holder hereof otherwise become an Unsuitable Holder, it
shall be unlawful for the Unsuitable Holder (a) to receive any dividend or
interest or any payment or distribution of any kind, including of any share of
the distribution of profits or cash or any other property, or payments upon
dissolution, from the Company, other than a return of capital as required
above, (b) to exercise directly or through any proxy, trustee or nominee
any voting right conferred by the Registered Holder’s interest in the company, (c) to
participate in the management of the Company or (d) to receive any
remuneration (other than the Repurchase Price) in any form the Company or from
any company holding a gaming license for services rendered or otherwise; and

 

7.     other such terms and
conditions as the Company shall determine in its sole discretion.

 

Section 7.               Warrant
Exchangeable for Different Denominations.  This Warrant is exchangeable, upon the
surrender hereof by the Registered Holder at the principal office of the
Company, for two or more new Warrants of like tenor representing in the
aggregate the purchase rights hereunder, and each of such new Warrant shall
represent such portion of such rights as is designated by the Registered Holder
at the time of such surrender, subject to the Denomination Restrictions
described below.  The date the Company
initially issues this Warrant shall be deemed to be the “Date of Issuance”
hereof regardless of the number of times new certificates representing the
unexpired and unexercised rights formerly represented by this Warrants shall be
issued.  All Warrants representing
portions of the rights hereunder are referred to herein as the “Warrant.”
In no event shall new Warrants be issued representing less than the right to purchase
100 shares of Common Stock (which number shall be decreased proportionally for
any stock combinations described in Section 2B), nor may any new
Warrants be issued representing the right to purchase fractional shares of
Common Stock, unless the old Warrant being exchanged represented the right to
purchase such fractional shares, in which case one new Warrant may represent
the right to purchase the same fractional shares as the old Warrant (together,
these are the “Denomination Restrictions”).

 

Section 8.               Replacement.  Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation
of any certificate evidencing this Warrant, and in the case of any such loss,
theft or destruction, upon receipt of indemnity reasonably satisfactory to the

 

13

 

Company
(provided that if the Registered Holder is a financial institution or other
institutional investor its own agreement shall be satisfactory), or, in the
case of any such mutilation upon surrender of such certificate, the Company
shall (at its expense) execute and deliver in lieu of such certificate a new
certificate of like kind representing the same rights represented by such lost,
stolen, destroyed or mutilated certificate and dated the date of such lost,
stolen, destroyed or mutilated certificate.

 

Section 9.               Notices.  Except as otherwise expressly provided
herein, all notices referred to in this Warrant shall be in writing and shall
be delivered personally, sent by reputable overnight courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and shall be deemed to have been given when so delivered, sent
or deposited in the U.S. Mail (i) to the Company, at its principal
executive offices, and (ii) to the Registered Holder of this Warrant, at
such Registered Holder’s address as it appears in the records of the Company
(unless otherwise indicated by any such Registered Holder).

 

Section 10.             Amendment and Waiver.  This Warrant is one of a series of warrants
originally exercisable for an aggregate of [·] shares of
Common Stock issued by the Company on [·], 2009 (the “Reorganization
Warrants”).  The provisions of this
Warrant may be amended and the Company may take any action herein prohibited,
or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of either (a) the Registered
Holder of this Warrant or (b) the Registered Holders of Reorganization
Warrants representing at least 75% of the shares of Common Stock obtainable
upon exercise of the Reorganization Warrants; provided that no such action may
change the Exercise Price of this Warrant or the number of shares or class of
stock obtainable upon exercise of this Warrant without the written consent of
the Registered Holder of this Warrant.

 

Section 11.             Descriptive Headings;
Governing Law.  The
descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this
Warrant.  The corporation laws of the
State of Delaware shall govern all issues concerning the relative rights of the
Company and its stockholders.  All other
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by the internal law of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York.

 

*      *      *     
*

 

14

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed and attested
by its duly authorized officers and to be dated the Date of Issuance hereof.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
   

  

 

15

 

EXHIBIT I

 

EXERCISE AGREEMENT

 

	
  To:

  	
   

  	
  Dated:

  

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant
(Certificate No. W-        ),
hereby agrees to subscribe for the purchase of
             shares
of the Common Stock covered by such Warrant and makes payment herewith in full
therefor at the price per share provided by such Warrant.

 

	
   

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address

  	
   

  

 

 

EXHIBIT II

 

ASSIGNMENT

 

FOR
VALUE RECEIVED,
                                                          
hereby sells, assigns and transfers all of the rights of the undersigned under
the attached Warrant (Certificate No. W-          )
with respect to the number of shares of the Common Stock covered thereby set
forth below, unto:

 

	
  Names of Assignee

  	
   

  	
  Address

  	
   

  	
  No. of Shares

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  Dated:

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WitnessExhibit 10.31

 

AGILENT TECHNOLOGIES, INC.

2009 STOCK PLAN

STOCK OPTION AWARD AGREEMENT FOR U.S. EMPLOYEES

 

THIS
AGREEMENT, dated  as of the date of grant (the “Grant Date”) indicated in your account
maintained by the company providing administrative services in connection with
the Plan (as defined below) (the “External Administrator”), between Agilent
Technologies, Inc., a Delaware corporation (the “Company”), and you as an
individual who has been granted a stock option pursuant to the Agilent
Technologies, Inc. 2009 Stock Plan (the “Awardee”) is entered into as
follows:

 

WITNESSETH:

 

WHEREAS,
the Company has established the Agilent Technologies, Inc. 2009 Stock
Plan, (the “Plan”), and a description of the terms and conditions of the Plan
is set forth in the U.S. Plan prospectus (the “Prospectus”).  A copy of the Prospectus is available at
http://stockoptions.corporate.agilent.com and also on your External
Administrator website.  A copy of the
Plan document can be viewed at http://stockoptions.corporate.agilent.com  and will also be made available upon request; and

 

WHEREAS,
the Compensation Committee of the Board of Directors of the Company (the “Committee”)
or its authorized delegate(s) determined that the Awardee shall be granted
an option under the Plan as hereinafter set forth;

 

NOW
THEREFORE, the parties hereby agree that the Company grants the Awardee an
option (“Option”) to purchase the number of shares of the Company’s $0.01 par
value voting Common Stock indicated in the Awardee’s External Administrator account
subject to the terms and conditions set forth herein and in the Plan.

 

1.                    Governing Document.  This
Option is granted under and pursuant to the Plan and is subject to each and all
of the provisions thereof.  In the event
of a conflict between the terms and conditions of the Plan and the terms and
conditions of this Award Agreement, the terms and conditions of the Plan shall
prevail.  Capitalized terms used and not
otherwise defined herein are used with the same meanings as in the Plan.

 

2.                    Option Price.  The
Option price shall be  equal to the Fair Market Value (as defined in
the Plan document) of the underlying shares on the Grant Date, unless otherwise
required by law.  The Option price for
this grant is indicated in the Awardee’s External Administrator account.

 

3.                    Non-Transferability
of Option.  This Option
is not transferable by the
Awardee except by will or the laws of descent and distribution. During the
Awardee’s lifetime, only the Awardee can exercise this Option.  This Option may not be transferred, assigned,
pledged or hypothecated by the Awardee during his or her lifetime, whether by
operation of law or otherwise, and is not subject to execution, attachment or
similar process.

 

4.                    Vesting.  So long
as the Awardee retains status as an Awardee Eligible to Vest as such term is
defined in the Plan, this Option will vest in whole or in part, in accordance
with the following vesting schedule: 25% per
year for 4 years.

 

1

 

An Awardee loses status as an Awardee
Eligible to Vest when certain events occur, including but not limited to,
termination of employment with the Company or transfer of employment from the
Company.  If an individual ceases to be
an Awardee Eligible to Vest, other than as a result of circumstances described
in Sections 4(a), (b) and (c) below, the Awardee’s unvested Option
shall terminate immediately.  If, for any
reason, the Awardee does not exercise his or her vested Option within the
appropriate exercise period set forth in Section 7 below, the Option shall
automatically terminate, and the underlying shares covered by such Option shall
revert to the Plan.

 

(a)  Disability or Retirement of Awardee.  If the Awardee ceases to be an Awardee
Eligible to Vest as a result of the Awardee’s total and permanent disability or
retirement due to age, in accordance with the Company’s or its Subsidiary’s
retirement policy, all unvested Options shall immediately vest.

 

(b)  Death of Awardee.  If the Awardee dies while an Employee, all
unvested Options shall immediately vest.

 

(c)  Voluntary Severance Incentive Program.  If the Awardee ceases to be an Awardee
Eligible to Vest as a result of participation in the Company’s or its
Subsidiary’s voluntary severance incentive program approved by the Board or
Executive Committee, any unvested Option and/or SAR shall immediately vest.

 

5.                    Term of the Option.  This
Option will expire ten (10) years from the Grant Date, unless sooner
terminated, forfeited, or canceled in accordance with the provisions of the Plan.  This means that the Option must be exercised,
if at all, on or before the expiration date. 
This expiration date is indicated in the Awardee’s External
Administrator account.  The Awardee is
responsible for keeping track of this date and will not receive any prior
notification of the expiration date from the Company.

 

6.                    Exercise of the Option. 
Options may be exercised in any manner permitted by the External
Administrator, and will be subject to such administrator’s fees and
procedures.  The Company reserves the
right to limit availability of certain methods of exercise as it deems
necessary, including those limitations set forth in the Appendix to this Award Agreement.

 

7.                    Termination of Employment.  Any
unvested portion of the Option shall be terminated immediately when the Awardee
ceases to be an Awardee Eligible to Vest, unless the Awardee ceases to be an
Awardee Eligible to Vest due to the Awardee’s death, total and permanent
disability, retirement or participation in the Company’s Workforce Management
Program.  Except as the Committee may
otherwise determine, termination of the Awardee’s employment or service for any
reason shall occur on the date such Awardee ceases to perform services for the
Company or any Affiliate without regard to whether such Awardee continues
thereafter to receive any compensatory payments therefrom or is paid salary
thereby in lieu of notice of termination or, with respect to a member of the
Board who is not also an employee of the Company or any Subsidiary, the date
such Awardee is no longer a member of the Board.

 

All rights of the Awardee in this Option,
to the extent that it has vested but has not been exercised, shall terminate on
the earlier of the expiration date or three (3) months after the Awardee
loses status as an Awardee Eligible to Vest, except where the Awardee loses
such status because of death, retirement or permanent and total disability. In
the event of the Awardee’s death, his or her legal representative or designated
beneficiary shall have the right to exercise the Awardee’s right under this
Option.  The representative or designee
must exercise the Option before the earlier of the expiration date or one (1) year
after the death of the Awardee, and shall be bound by the 

 

2

 

provisions of the Plan.  In case of retirement or permanent and total
disability, the Awardee retains rights in this Option until the earlier of the
expiration date or three (3) years from the date thereof.

 

Notwithstanding any provision in the Plan
to the contrary, if an Awardee terminates employment due to death, total and
permanent disability, due to retirement in accordance with the Company’s local
retirement policy or due to participation in the Company’s Workforce Management
Program, the Option shall vest in full.

 

In the event of a Change of Control of
the Company (as defined in Section 18(c) of the Plan or any
successor), the Option shall vest in full immediately prior to the closing of
the transaction.  The foregoing shall not
apply where the Option is assumed, converted or replaced in full by the
successor corporation or a parent or subsidiary of the successor; provided,
however, that in the event of a Change of Control in which one or more of the
successor or a parent or subsidiary of the successor has issued publicly traded
equity securities, the assumption, conversion, replacement or continuation
shall be made by an entity with publicly traded securities and shall provide
that the holders of such assumed, converted, replaced or continued stock
options shall be able to acquire such publicly traded securities.

 

8.                    Restrictions on
Sale of Shares of Common Stock.  The Company shall not be obligated to issue any
shares of Common Stock pursuant to this Option unless the shares of Common Stock
are at that time effectively registered or exempt from registration under the
U.S. Securities Act of 1933, as amended, and, as applicable, local laws.

 

9.                    Responsibility for Taxes.  Regardless
of any action the Company or the Awardee’s employer (the “Employer”) takes with
respect to any or all income tax, social insurance, payroll tax or other
tax-related withholding (the “Tax-Related Items”), the Awardee acknowledges
that the ultimate liability for all Tax-Related Items legally due by the Awardee
is and remains the Awardee’s responsibility and that the Company and/or the
Employer (1) make no representations or undertakings regarding the
treatment of any Tax-Related Items in connection with any aspect of the Option,
including the grant, vesting or exercise of the Option, the subsequent sale of shares
of Common Stock acquired pursuant to such exercise and the receipt of any
dividends; and (2) do not commit to structure the terms of the grant or
any aspect of the Option to reduce or eliminate the Awardee’s liability for
Tax-Related Items.

 

Prior to the relevant taxable event, the
Awardee shall pay or make adequate arrangements satisfactory to the Company
and/or the Employer to satisfy all Tax-Related Items withholding obligations of
the Company and/or the Employer.  In this
regard, the Awardee authorizes the Company and/or the Employer, at their sole discretion
to satisfy the obligations with regard to all applicable Tax-Related Items
legally payable by one or a combination of the following: (1) withholding
from the Awardee’s wages or other cash compensation paid to the Awardee by the
Company and/or the Employer; (2) withholding from proceeds of the sale of
shares of Common Stock acquired upon exercise of the Option; (3) arranging
for the sale of shares of Common Stock acquired upon exercise of the Option (on
the Awardee’s behalf and at the Awardee’s discretion pursuant to this
authorization); or (4) withholding in shares of Common Stock, provided that the
Company only withholds the amount of shares of Common Stock necessary to
satisfy the minimum withholding amount. 
If the obligation for the Awardee’s Tax-Related Items is satisfied by
withholding a number of shares of Common Stock as described herein, the Awardee
is deemed to have been issued the full number of shares of Common Stock subject
to the Option, notwithstanding that a number of the shares of Common Stock are
held back solely for the purpose of paying the Tax-Related Items due as a
result of any aspect of this Option.

 

3

 

Finally, the Awardee will pay to the
Company or the Employer any amount of Tax-Related Items that the Company or the
Employer may be required to withhold as a result of the Awardee’s participation
in the Plan or the Awardee’s purchase of shares of Common Stock that cannot be
satisfied by the means previously described. 
The Company may refuse to honor the exercise and refuse to deliver the shares
of Common Stock if the Awardee fails to comply with his or her obligations in
connection with the Tax-Related Items as described in this section.

 

10.              Adjustment. 
The number of shares of Common Stock subject to this Option and the
Option price of such shares may be adjusted by the Company from time to time
pursuant to the Plan.

 

11.              Nature of the Option.  By
accepting the grant of this Option, the Awardee acknowledges and agrees that:

 

(i)                           the Plan is established voluntarily by
the Company, it is discretionary in nature and it may be modified, amended, suspended
or terminated by the Company at any time, unless otherwise provided in the Plan
and this Award Agreement;

 

(ii)                        the grant of an option is a one-time
benefit which does not create any contractual or other right to receive future
grants of options, or benefits in lieu of options, even if options have been
granted repeatedly in the past;

 

(iii)                     all determinations with respect to any
future option grants, including, but not limited to, the times when options
shall be granted, the maximum number of shares subject to each option and the
option price, will be at the sole discretion of the Company;

 

(iv)                    participation in the Plan shall not
create a right to further employment with the Employer and shall not interfere
with the ability of the Employer to terminate the Awardee’s employment
relationship at any time;

 

(v)                       participating in the Plan is voluntary;

 

(vi)                    the Option is an extraordinary item that
does not constitute compensation of any kind for services of any kind rendered
to the Company or the Employer, and which is outside the scope of the Awardee’s
employment contract, if any;

 

(vii)                 the Option and the shares of Common Stock
acquired under the Plan are not part of normal or expected compensation or
salary for any purposes, including, but not limited to, calculating any
severance, resignation, termination, redundancy, end of service payments,
bonuses, long-service awards, pension or welfare or retirement benefits or
similar payments, and in no event should be considered as compensation for, or
relating in any way to, past services to the Company or the Employer;

 

(viii)              in the event the Awardee is not an
employee of the Company, the Option will not be interpreted to form an
employment contract or relationship with the Company, the Employer or any
Subsidiary or Affiliate;

 

(ix)                      the future value of the underlying shares
of Common Stock is unknown and cannot be predicted with certainty;

 

(x)                         if the underlying shares of Common Stock
do not increase in value, the Option will have no value;

 

4

 

(xi)                      if the Awardee exercises the Option and
acquires shares of Common Stock, the value of those shares of Common Stock acquired
may increase or decrease in value, even below the Option price;

 

(xii)                   in consideration of the grant of the Option,
no claim or entitlement to compensation or damages shall arise from termination
of the Option or diminution in value of the Option or shares of Common Stock
acquired under the Option resulting from termination of the Awardee’s
employment by the Company or the Employer and the Awardee irrevocably releases
the Company and the Employer from any such claim that may arise;

 

(xiii)                the vesting of any Option ceases upon
termination of employment with the Company or transfer of employment from the
Company, or other cessation of eligibility to vest for any reason, except as
may otherwise be explicitly provided in the Plan document or this Award
Agreement;

 

(xiv)               the Company is not providing any tax,
legal or financial advice, nor is the Company making any recommendations
regarding the Awardee’s participation in the Plan, the exercise of the Option
or the purchase or sale of shares of Common Stock under the Plan;

 

(xv)                  the Awardee is advised to consult with
personal tax, legal and financial advisors regarding participation in the Plan
before taking any action related to the Plan; and

 

(xvi)               the Awardee acknowledges that this Award Agreement
is between the Awardee and the Company, and that the Employer is not a party to
this Award Agreement.

 

12.            Data
Privacy.  The  Awardee explicitly
and unambiguously consents to the collection, use and transfer, in electronic
or other form, of the Awardee’s personal data as described in this document by
and among, as applicable, the Company the Employer and the External
Administrator for the exclusive purpose of implementing, administering and
managing the Awardee’s participation in the Plan.

 

The Awardee hereby understands that the Company and the
Employer hold certain personal information about the Awardee, including, but
not limited to, the Awardee’s name, home address and telephone number, date of
birth, social security number or other identification number, salary,
nationality, job title, any shares of stock or directorships held in the
Company, details of all Options or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the
Awardee’s favor, for the purpose of implementing, administering and managing
the Plan (“Data”).  The Awardee hereby
understands that Data may be transferred to any third parties (including the
External Administrator) assisting in the implementation, administration and
management of the Plan, that these recipients may be located in the Awardee’s
country or elsewhere, such as outside the European Economic Area, and that the
recipient’s country may have different data privacy laws and protections than
the Awardee’s country.  All such
transfers of Data will be in accordance with the Company’s Privacy Policies and
Guidelines.  The Awardee hereby
understands that the Awardee may request a list with the names and addresses of
any potential recipients of the Data by contacting the Awardee’s local human
resources representative.  The Awardee
authorizes the recipients to receive, possess, use, retain and transfer the
Data, in electronic or other form, for the purposes of implementing,
administering and managing the Awardee’s participation in the Plan, including
any requisite transfer of such Data as may be required to a broker or other
third party with whom the Awardee may elect to deposit any Common Stock
acquired upon exercise of the Option. 
The Awardee hereby understands that refusing or withdrawing the Awardee’s
consent may affect the Awardee’s ability to participate in the Plan.  For more information on the consequences of
the Awardee’s refusal to consent or withdrawal of consent, the Awardee 

 

5

 

understands that he or she may contact his or her human
resources representative responsible for the Awardee’s country at the local or
regional level.

 

13.              No Rights Until
Issuance.  The Awardee
shall have no rights hereunder as a shareholder with respect to any shares
subject to this Option until the date that shares of Common Stock are issued to
the Awardee upon exercise of the Option.

 

14.              Recoupment.  This Option is subject to the terms of the
Agilent Technologies Executive Compensation Recoupment Policy in the form
approved by the Committee as the date of grant (the “Policy”), if and to the
extent that the Policy by its terms applies to the Option and the Awardee; and
the terms of the Policy as of the date of grant are incorporated by reference
herein and made a part hereof.

 

15.              Administrative Procedures.  The Awardee agrees to
follow the administrative procedures that may be established by the Company
and/or the External Administrator for participation in the Plan which may
include a requirement that the shares issued upon vesting be held by the
External Administrator until the Awardee disposes of such shares.  The Awardee further agrees that the Company
may determine the actual method of withholding for Tax-Related Items as
described in Section 9 above.

 

16.              Entire Agreement; Amendment.  The
Plan is incorporated herein by reference. 
The Plan and this Award Agreement constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and the Awardee
with respect to the subject matter hereof, and may not be modified adversely to
the Awardee’s interest except by means of a writing signed by the Company and
the Awardee.  Otherwise, this Option may
be amended as provided in the Plan.

 

17.              Governing Law and Venue.  This
Award Agreement is governed by and construed according to the internal substantive
laws, but not the choice of law rules, of the State of Delaware as provided in
the Plan.  Any proceeding arising out of
or relating to this Award Agreement or the Plan may be brought only in the
state or federal courts located in the Northern District of California where
this grant is made and/or to be performed, and the parties to this Award
Agreement consent to the exclusive jurisdiction of such courts.

 

18.              Binding Agreement; Interpretation.  By
accepting the grant of this Option evidenced hereby, the Awardee and the
Company agree that this Option is granted under and governed by the terms and
conditions of the Plan and this Award Agreement.  The Awardee has reviewed the Prospectus and
this Award Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to accepting the Option and fully understands all
provisions of the Prospectus and Award Agreement.  The Awardee agrees to accept as binding,
conclusive and final all decisions or interpretations of the Administrator upon
any questions relating to the Plan and Award Agreement.

 

19.              Language.  The
Awardee acknowledges that he or she may be executing part or all of the Award
Agreement in English and agrees to be bound accordingly.  If the Awardee has received this or any other
document related to the Plan translated into a language other than English and
if the translated version is different than the English version, the English
version will control.

 

20.              Electronic Delivery.  The
Company may, in its sole discretion, decide to deliver any documents related to
the Option granted under (and participation in) the Plan or future awards that
may be granted under the Plan by electronic means or to request the Awardee’s
consent to participate in the Plan by electronic means.  The Awardee
hereby consents to receive such documents by 

 

6

 

electronic
delivery and, if requested, to agree to participate in the Plan through an
on-line or electronic system established and maintained by the Company or
another third party designated by the Company.

 

21.              Severability. 
The provisions of this Award Agreement are severable and if any one or
more provisions are determined to be illegal or otherwise unenforceable, in
whole or in part, the remaining provisions shall nevertheless be binding and
enforceable.

 

22.              Acceptance and Rejection.  This Award Agreement is one of the documents
governing this Option, which the Awardee must accept or reject online through
the External Administrator’s website.

 

	
   

  	
  AGILENT TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ William P. Sullivan

  
	
   

  	
  William P. Sullivan

  
	
   

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ D. Craig Nordlund

  
	
   

  	
  D. Craig Nordlund

  
	
   

  	
  Senior Vice President,
  General Counsel and Secretary

  

 

 

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS

 

7

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