Document:

First Amendment to Membership Interest Purchase Agreement

 Exhibit 10.3 
 FIRST AMENDMENT TO 
 MEMBERSHIP INTEREST PURCHASE AGREEMENT 
 THIS FIRST AMENDMENT TO MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Amendment Agreement”), dated as of September 27, 2007
amends that Membership Interest Purchase Agreement entered into on November 26, 2005, by and between JONES LANG LASALLE INCORPORATED, (“JLL”), SPAULDING AND SLYE PARTNERS LLC, (“Seller”), and JONES
LANG LASALLE CAPITAL INVESTMENTS LIMITED, (“Purchaser”)(the “Agreement”). JLL, Seller and Purchaser are sometimes referred to individually as a “Party” and collectively as the “Parties.”

 R E C I T A L S: 
 A. WHEREAS, Seller and Purchaser closed on the transaction contemplated by the Agreement as of January 1, 2006 (the “Closing”); and

 B. WHEREAS, both Parties desire to amend the Agreement pursuant to the terms and conditions of this Amendment Agreement. 
 C. NOW THEREFORE, In consideration of the foregoing and the mutual covenants and agreements contained in this Amendment Agreement, and intending to be
legally bound hereby, the Parties hereby agree as follows. 
 1. Total Consideration. 
 i. Section 2.2(b) of the Agreement shall be replaced in its entirety with the following: 
 (b) Deferred Payments. Subject to the provisions of Section 9.7 below, on January 2, 2008 (or if that date shall not be a
Business Day such payment shall be made on the immediately succeeding Business Day), Purchaser or JLL shall pay to Seller Twenty Million Dollars ($20,000,000), on December 31, 2008 (or if that date shall not be a Business Day such payment shall
be made on the immediately preceding Business Day), Purchaser or JLL shall pay to Seller Fifteen Million Dollars ($15,000,000), on January 2, 2009 (or if that date shall not be a Business Day such payment shall be made on the immediately
succeeding Business Day), Purchaser or JLL shall pay to Seller Ten Million Dollars ($10,000,000), on January 4, 2010 (or if that date shall not be a Business Day such payment shall be made on the immediately succeeding Business Day), Purchaser
or JLL shall pay to Seller Eleven Million Four Hundred Thousand Dollars ($11,400,000) and on January 4, 2011 (or if that date shall not be a Business Day such payment shall be made on the immediately succeeding Business Day), Purchaser or JLL
shall pay to Seller Ten Million Seven Hundred ($10,700,000), in each case by wire transfer of immediately available funds to the Account or to another account if so requested in writing by the Seller. 
  

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 ii. Section 2.2 (c) of the Agreement shall be replaced in its entirety with the following:

 (c) Earn Out Payment. 
 (i) Earn Out Definitions. The following definitions shall be applicable for purposes of determining the amount, if any, of the Earn-Out payment which may be payable to Seller hereunder: 
 “Business Operations” means that portion of the business operations of Jones Lang LaSalle Americas, Inc.
(“Americas”) (exclusive of business operations of the Company and any of its Subsidiaries) which are managed directly or indirectly by Seller’s Management and which consists of Americas’ Markets and investment sales, capital
markets within the greater Washington D.C., Hartford, and Boston markets. 
 “Earn-out Eligible Revenue”
means the excess, if any, of Revenue over Steady State Revenue. 
 “Earn-out Multiplier” means .50.

 “Earn-out” shall mean the lesser of $5,000,000 or Earn-out Eligible Revenue divided by the Earn-out
Multiplier 
 “Markets” means agency leasing, transaction execution representing tenants (exclusive of any
revenue allocated or earned by Americas’ public institution business in connection with or arising from said activities), property management, project and development services except services provided in conjunction with reimbursed corporate
accounts. 
 “Revenue” shall mean the sum of (a) revenue recognized in accordance with GAAP during the
period beginning on January 1, 2006 and ending at the close of business on December 31, 2008 (the “Earn-Out Period”) generated from the operations of the Business by the Company and its Subsidiaries (reference the Confidential
Information Memorandum) plus (b) revenue recognized in accordance with GAAP generated during the Earn-Out Period from the Business Operations plus (c) revenue (consisting of individual client agreements resulting in revenue of greater than
$75,000) sourced by the Company for services delivered by the Americas outside of the Territory. 
 “Seller’s
Management” shall mean David McGarry and Peter Bailey. 
 “Steady State Revenue” shall mean
$398,838,400. 
  

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 (ii) Example. For the avoidance of doubt, by way of example, and as an
illustration of the Parties’ intent (and using hypothetical numbers) of the earn-out calculation, the following is an example of the manner in which the earn-out calculation shall be made upon the completion of the Earn-Out Period. 

Amounts calculated at the end of Earn-out Period are: 
 Revenue = $410,000,000 (assumption for this example) 
 Earn-out Eligible Revenue = $11,161,600 ($410,000,000 minus $398,838,400) 
 Then: 
 Earn-out = $5,000,000 ($11,161,600 multiplied by .50 equals $5,580,800, but Earn-out is capped at $5,000,000) 
 (iii) Annual Calculation. On or before March 1, 2008, Purchaser shall deliver to Seller a written calculation of Purchaser’s determination of Revenue for calendar years 2006 and 2007. Seller shall have a period of
ten (10) Business Days after receipt of Purchaser’s calculation within which to object in writing to Purchaser with respect to the calculation so made, specifying in detail the basis of any objection. The resolution of any dispute
regarding the earn-out payment shall be conducted in the same manner as is specified for the resolution of disputes in Section 3.2 hereof. If Seller shall fail to deliver a written objection notice to Purchaser within such ten
(10) Business Day period then Purchaser’s calculations respecting the earn out shall be deemed final and binding upon the parties without further recourse. 
 (iv) Final Calculation. On or before February 15, 2009, Purchaser shall deliver to Seller a written calculation of
Purchaser’s determination of (A) Revenue for calendar year 2008, and (B) whether any earn-out payment is due and payable to Seller hereunder and, if such payment is due and payable, the amount thereof. In calculating whether any
earn-out payment is due to Seller, Purchaser’s calculation shall reflect the amount of Revenue for 2006 and 2007 determined pursuant to clause (iii) above. Seller shall have a period of ten (10) Business Days after receipt of
Purchaser’s calculation within which to object in writing to Purchaser with respect to the calculation for Revenue for calendar year 2008, specifying in detail the basis of any objection. The resolution of any dispute regarding the earn-out
payment shall be conducted in the same manner as is specified for the resolution of disputes in Section 3.2 hereof. If Seller shall fail to deliver a written objection notice to Purchaser within such ten (10) Business Day period then
Purchaser’s calculations respecting the earn out shall be deemed final and binding upon the parties without further recourse. 
  

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 (v) Payment. Subject to the provisions of Section 9.7 below,
any amount payable to Seller with respect to the earn-out payment shall be made by Purchaser or JLL by wire transfer of immediately available funds to the Account within five (5) Business Days after the expiration of the ten (10) Business
Day period referred to in Section 2.2(c)(iv) above (where there has been no timely objection made by Seller), or within five (5) Business Days after the date upon which any dispute with respect thereto has been finally and fully resolved.
In no event shall Purchaser or JLL be obligated to make any earn-out payment in excess of Five Million Dollars ($5,000,000). 
 (vi) Access to Records. Without limiting the generality of any other provision of this Agreement at Seller’s sole cost and expense, Purchaser shall give Seller and its agents and representatives (including accountants)
access to Purchaser’s records during normal business hours and after receipt by Purchaser of a written request by Seller for access not less than two (2) Business Days prior to the date upon which such access is requested and Purchaser
shall make records stored in electronic form reasonably available to Seller and its agents and representatives during such period of access, in each instance solely for any purpose relevant to the calculations or processes referred to in this
Section 2.2(c). 
 (vii) Management; Control; Accounting; Capitalization. It is understood that, subject to
the terms of any employment agreement between Americas or any of its Affiliates and members of Seller’s Management, Seller’s Management shall have management responsibility, for the duration of the earn-out period, for the activities that
relate to the generation of revenue upon which the earn-out payment calculation is based, including (A) the operations of the Company and its Subsidiaries which consist of the Business and (B) the Business Operations. For purposes of
calculating Revenue and allocating revenues among revenue-generators, the Parties shall use the accounting and allocation methods and principles used by the Company prior to the Closing Date. All revenue of Americas from existing corporate accounts
of the Company and its Subsidiaries shall be allocated to and constitute Revenue; provided, such Revenue is derived from the Business Operations. Seller’s Management will manage the Business and the Business Operations in conformity and
compliance with the practices, policies, procedures, manuals and required approvals of Americas, and Americas shall provide adequate operating capital to the Company after the Closing Date consistent with Americas’ strategy and comparable
policies of providing operating capital to its other business operations. 
  

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 2. Representations and Warranties 
 Authority; Execution and Delivery; Enforceability. Each of the Purchaser and Seller has full corporate power and authority to execute and deliver this Amendment Agreement. The execution and delivery by Seller
and Purchaser of this Amendment Agreement has been duly authorized by all necessary corporate action on the part of Seller and Purchaser. Each of Seller and Purchaser has duly executed and delivered this Amendment Agreement. This Amendment Agreement
constitutes the legal, valid and binding obligation of Seller and Purchaser, enforceable against Seller or Purchaser in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws now or hereafter in effect relating to creditors’ rights and by general principles of equity. 
 3. Conditions
Precedent 
  

	 	i.	Managing Member Certificate and Consent—A certificate signed by the Manager of Seller certifying as to the incumbency and signature of the representative of Seller executing
this Agreement and any other documents signed by Seller pursuant to this Agreement and a consent of the Manager of Seller, consenting to the changes to the Agreement contained in this Amendment Agreement. 

  

	 	ii.	Amended Employment Agreements – Each Person identified on Exhibit E, attached hereto shall have executed and delivered to Purchaser an amendment to the Employment Agreement
(“Employment Agreement Amendment”) that was provided in connection with the Closing, substantially in the form of Exhibit F, attached hereto. 

 4. All Other Terms and Conditions of the Agreement shall remain in full force and effect as drafted. 
 SIGNATURES ON NEXT PAGE 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered by
their duly authorized representatives as of the date first written above. 
  

			
	JONES LANG LASALLE INCORPORATED
		
	By:	 	 /s/ Lauralee E. Martin

	Name:	 	Lauralee E. Martin
	Title:	 	EVP, COO and CFO
	
	JONES LANG LASALLE CAPITAL INVESTMENTS LIMITED
		
	By:	 	 /s/ James S. Jasionowski

	Name:	 	James S. Jasionowski
	Title:	 	Director
	
	SPAULDING AND SLYE PARTNERS LLC
		
	By:	 	 Spaulding and Slye Holdings, LLC,
 Sole
Manager

		
	By:	 	 /s/ Peter A. Bailey

	Name:	 	Peter A. Bailey, authorized member

  

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 Exhibit E 
 Persons Required to Execute Employment Agreement Amendment 
 Kathy Allgier 
 Terry Amling 
 Peter Bailey 
 Bill Bailey 
 Bill Barrack 
 Steve Collins 
 Kem Courtenay 
 Mark David 
 Dave Dempsey 
 Rob Dickey 
 Joe Delogu 
 Peter DeLuca 
 Tom Doughty 
 Marshall Durston 
 Matt Dwyer 
 Jeff Flynn 
 Tim Fraser 
 Martin Kamm 
 Harry Klaff 
 Bill Magner 
 Dave McGarry 
 John Myers 
 Paul Potash 
 Mike Renner 
 Don Richardson 
 Jack Restivo 
 Paul Robertson 
 Dermot Roe 
 Paul Sampson 
 Bob Shue 
 Kyle Warwick 
  

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 Exhibit F 
 Form of Employment Agreement Amendment 
 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 

 THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“First Amendment”), made as of the      day of
May, 2007, by and between Jones Lang LaSalle Americas, Inc., a Maryland company (“Company”), and             , an individual and resident of
                ,                 (“Executive”). 
 WHEREAS, as of November 26, 2006, Jones Lang LaSalle Capital Investments, Limited and Spaulding and Slye Partners LLC, of which Executive is a
member, entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”); and 
 WHEREAS, as of
                 , 2007, Section 2.2 (c), Total Consideration, Earn Out Payment of the Purchase agreement was amended (the “Purchase
Amendment”); and 
 WHEREAS, Executive signed an Employment Agreement with the Company effective January 1, 2006 (“Employment Agreement”)
concurrently with the closing on the sale pursuant to the Purchase Agreement. 
 NOW, THEREFORE, in consideration of the Purchase Amendment
and the premises and the mutual covenants set forth below, the parties agree as follows: 
 1. Extended Agreement Term. Company and
Executive agree to substitute the first sentence of Paragraph 1 of the Employment Agreement for the following: 
 The Company agrees to employ the Executive, and the Executive agrees to be in the full-time employ of the Company, for the period beginning on the Effective Date (as hereinafter defined) and ending on 54th month anniversary of the Effective Date (4 1/2 years) or, if earlier, the date of the Executive’s termination of employment pursuant to Paragraphs 5 or 6 below (the “Employment Period”). 
 2. Restrictive Covenants. The Company and Executive agree to substitute the phrase “third anniversary” in each instance in Paragraphs
7.1, 7.2(a) and 7.2(b), with the phrase “four and one-half year anniversary”. 
 3. Except as specifically provided in this First
Amendment to Employment Agreement, the Employment Agreement and each of its provisions, terms and conditions, shall remain in full force and effect. 
 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written. 
  

			
	 JONES LANG LASALLE AMERICAS, INC.:

		
	 By:
	 	  

	 Name (printed):
	 	  

	 Its:
	 	  

	
	 EXECUTIVE:

		
	 By:
	 	  

	 Name (printed):
	 	  

  

 8Amended and Restated Stock Award and Incentive Plan

 Exhibit 10.4 
  
  
 JONES LANG LASALLE INCORPORATED 
 AMENDED AND RESTATED STOCK AWARD AND
INCENTIVE PLAN 
  
  
  
  
  
 Amended and Restated as of
May 30, 2007 

 JONES LANG LASALLE INCORPORATED 
 AMENDED AND RESTATED STOCK AWARD AND INCENTIVE PLAN 
 TABLE OF CONTENTS 

  

					
	 	  	 	  	Page
	 1.
	  	Purpose; Types of Awards; Construction	  	1
			
	 2.
	  	Definitions	  	1
			
	 3.
	  	Administration	  	4
			
	 4.
	  	Eligibility	  	5
			
	 5.
	  	Stock Subject to the Plan	  	5
			
	 6.
	  	Specific Terms of Awards	  	5
			
	 7
	  	Determining Performance Based Awards	  	7
			
	 8.
	  	Change in Control Provisions	  	8
			
	 9.
	  	Loan Provisions	  	9
			
	 10.
	  	Special Non-Employee Director Awards	  	9
			
	 11.
	  	General Provisions	  	11

  

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 JONES LANG LASALLE INCORPORATED 
 AMENDED AND RESTATED STOCK AWARD AND INCENTIVE PLAN 
 Jones Lang LaSalle
Incorporated (the “Company”) has previously established a 1997 Stock Award and Incentive Plan, as amended (the “Stock Award and Incentive Plan”), and a Stock Compensation Program, as amended (the “Stock Compensation
Program”). The Stock Award and Incentive Plan and the Stock Compensation Program are referred to herein collectively as the “Former Plans.” Each of the Former Plans has been authorized by the Company’s Board of Directors and
approved by the Company’s shareholders. 
 In order to facilitate the efficient administration of the Former Plans and the awards
granted thereunder, the Company’s Board of Directors has authorized the amendment and restatement of each of the Former Plans in order to combine the Former Plans into a single plan. The Former Plans, as so combined and as subsequently amended
and restated as of the effective date of May 30, 2007 (the “Effective Date”), are referred to herein as the “Plan.” 
 The Plan shall continue to supersede and replace the Former Plans in their entirety, except that the adoption of the Plan shall not be deemed to amend or modify the terms or conditions of any award granted or election made pursuant to the
Former Plans prior to the Effective Date. All awards granted and elections made pursuant to the Former Plans prior to the Effective Date shall remain in full force and effect in accordance with their terms and shall be administered in accordance
with the terms and conditions of the Plan. 
 1. Purpose; Types of Awards; Construction. 
 The purpose of the Plan is to afford an incentive to directors (including non-employee directors), selected employees and independent contractors of the
Company, or any Subsidiary or Affiliate which now exists or hereafter is organized or acquired, to acquire a proprietary interest in the Company, to continue as directors, employees or independent contractors, as the case may be, to increase their
efforts on behalf of the Company and to promote the success of the Company’s business in the interest of its shareholders. Pursuant to Section 6 of the Plan, there may be granted Stock Options (including “incentive stock options”
and “nonqualified stock options”), stock appreciation rights and limited stock appreciation rights (either in connection with options granted under the Plan or independently of options), restricted stock, restricted stock units, dividend
equivalents, performance shares and other stock-or-cash-based awards. Section 9 of the Plan contains provisions governing certain special grants of Options to non-employee directors of the Company. The Plan also provides the authority to make
loans to purchase shares of common stock of the Company, provided that such loans do not violate any applicable law, rule or regulation. The Plan is designed to comply with the requirements of Regulation G (12 C.F.R. § 207) regarding the
purchase of shares on margin, the requirements for “performance-based compensation” under Section 162(m) of the Code and the conditions for exemption from short-swing profit recovery rules under Rule 16b-3 of the Exchange Act, and
shall be interpreted in a manner consistent with the requirements thereof. 
 The terms and conditions of the Plan (exclusive of those set
forth in the Stock Compensation Program) shall govern (i) all grants and awards made prior to the effective date of the Plan under the Stock Award and Incentive Plan and (ii) all Awards made pursuant to the Plan from and after the
effective date of the Plan. The terms and conditions of all grants and awards made prior to the effective date of the Plan under the Stock Compensation Program shall govern such grants and awards, except that from and after such date the Committee
under the Plan shall be responsible for the administration and interpretation of all such grants and awards as provided in the Plan. New grants and awards shall not be made pursuant to the Stock Compensation Program after the effective date of the
Plan. 
 2. Definitions. 
 For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a) “Affiliate” means any entity if,
at the time of granting of an Award or a Loan, (i) the Company, directly or indirectly, owns at least 20% of the combined voting power of all classes of such entity or at least 20% of the ownership interests in such entity or (ii) such
entity, directly or indirectly, owns at least 20% of the combined voting power of all classes of stock of the Company. 
 (b)
“Award” means any Option, SAR (including a Limited SAR), Restricted Stock, Restricted Stock Unit, Dividend Equivalent, Performance Share or Other Stock-Based Award or Other Cash-Based Award granted under the Plan. 

 (c) “Award Agreement” means any written agreement, contract, or other instrument or document
evidencing an Award. 
 (d) “Beneficiary” means the person, persons, trust or trusts which have been designated by a Grantee in his
or her most recent written beneficiary designation filed with the Company to receive the benefits specified under the Plan upon his or her death, or, if there is no designated Beneficiary or surviving designated Beneficiary, then the person,
persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits. 
 (e) “Board” means
the Board of Directors of the Company. 
 (f) “Change in Control” means a change in control of the Company which will be deemed to
have occurred if: 
 (i) any “person,” as such term is used in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (A) the Company or any of its subsidiaries, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of
its affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, (D) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as
their ownership of Stock, or (E) any person or group as used in Rule 13d-1(b) under the Exchange Act, is or becomes the Beneficial Owner, as such term is defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the
Company (not including the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing
50% or more of the combined voting power of the Company’s then outstanding securities; 
 (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than (A) a director designated by a person who has entered into
an agreement with the Company to effect a transaction described in clause (i), (iii), or (iv) of this Section 2(f) or (B) other than a director whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least
two-thirds ( 2/3) of the directors then still
in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof; 
 (iii) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other
corporation, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof) in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 75% of the
combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no person (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities
acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 25% or more of the combined voting power of the Company’s then outstanding
securities; or 
 (iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or
there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect) other than a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least 75% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company
immediately prior to such sale. 
 (g) “Change in Control Price” means the higher of (i) the highest price per share paid in
any transaction constituting a Change in Control or (ii) the highest Fair Market Value per share at any time during the 60-day period preceding or following a Change in Control. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  

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 (i) “Committee” means the committee established by the Board to administer the Plan,
which committee shall be comprised solely of two or more outside directors, as described in the regulations under Section 162(m) of the Code. 
 (j) “Company” means Jones Lang LaSalle Incorporated, a corporation organized under the laws of the State of Maryland, or any successor corporation. 
 (k) “Covered Employee” means any employee of the Company, as such term is defined for purposes of Section 162(m)(3) of the Code, who shall
be eligible for designation as a Covered Employee for Awards determined under this Plan. 
 (l) “Dividend Equivalent” means a
right, granted to a Grantee under Section 6(g), to receive cash, Stock, or other property equal in value to dividends paid with respect to a specified number of shares of Stock. Dividend Equivalents may be awarded on a free-standing basis or in
connection with another Award, and may be paid currently or on a deferred basis. 
 (m) “Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time, and as now or hereafter construed, interpreted and applied by regulations, rulings and cases. 
 (n) “Fair Market Value” means, with respect to Stock or other property, the fair market value of such Stock or other property determined by such methods or procedures as shall be established from time to time by the Committee.
Unless otherwise determined by the Committee in good faith, the per share Fair Market Value of Stock as of a particular date shall mean (i) the closing sales price per share of Stock on the national securities exchange on which the Stock is
principally traded, for the last preceding date on which there was a sale of such Stock on such exchange, or (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the
shares of Stock in such over-the-counter market for the last preceding date on which there was a sale of such Stock in such market, or (iii) if the shares of Stock are not then listed on a national securities exchange or traded in an
over-the-counter market, such value as the Committee, in its sole discretion, shall determine. 
 (o) “Grantee” means a person who,
as an employee or independent contractor of the Company, a Subsidiary or an Affiliate, has been granted an Award or Loan under the Plan. 
 (p) “ISO” means any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code. 
 (q) “Limited SAR” means a right granted pursuant to Section 6(c) which shall, in general, be automatically exercised for cash upon a Change in Control. 
 (r) “Loan” means the proceeds from the Company borrowed by a Plan participant under Section 8 of the Plan. 
 (s) “NQSO” means any Option that is designated as a nonqualified stock option. 
 (t) “Option” means a right, granted to a Grantee under Section 6(b) and Section 9, to purchase shares of Stock. An Option may be
either an ISO or an NQSO, provided that, ISO’s may be granted only to employees of the Company or a Subsidiary. 
 (u)
“Other Cash-Based Award” means cash award under Section 6(h), including cash awarded as a bonus or upon the attainment of specified performance criteria or otherwise as permitted under the Plan. 
 (v) “Other Stock-Based Award” means a right or other interest granted to Grantee under Section 6(h) that may be denominated or payable in,
valued in whole or in part by reference to, or otherwise based on, or related to, Stock, including, but not limited to (1) unrestricted Stock awarded as a bonus or upon the attainment of specified performance criteria or otherwise as permitted
under the Plan, and (2) a right granted to a Grantee to acquire Stock from the Company for cash and/or a promissory note containing terms and conditions prescribed by the Committee. 
 (w) “Performance Measures” shall mean for a calendar year, or other such period as may be defined, one or more of the business criteria set
forth in Section 7 herein. 
 (x) “Performance Share” means an Award of shares of Stock to a Grantee under Section 6(h)
that is subject to restrictions based upon the attainment of specified performance criteria. 
  

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 (y) “Plan” means this Amended and Restated Stock Award and Incentive Plan, as amended from time
to time. 
 (z) “Restricted Stock” means an Award of shares of Stock to a Grantee under Section 6(d) that may be subject to
certain restrictions and to a risk of forfeiture. 
 (aa) “Restricted Stock Unit” means a right granted to a Grantee under
Section 6(e) to receive Stock or cash at the end of a specified deferral period, which right may be conditioned on the satisfaction of specified performance or other criteria. 
 (bb) “Retirement” shall have the meaning given to that term in Section 10(k) of this Plan. 
 (cc) “Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated by the Securities and Exchange Commission under Section 16
of the Exchange Act, including any successor to such Rule. 
 (dd) “Stock” means of the common stock, par value $0.01 per share, of
the Company. 
 (ee) “SAR” or “Stock Appreciation Right” means the right, granted to a Grantee under Section 6(c),
to be paid an amount measured by the appreciation in the Fair Market Value of Stock from the date of grant to the date of exercise of the right, with payment to be made in cash, Stock, or property as specified in the Award or determined by the
Committee. 
 (ff) “Subsidiary” means any corporation in an unbroken chain of corporations beginning with the Company if, at the
time of granting of an Award, each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in the
chain. 
 (gg) “Variable Compensation Plan” shall mean any variable compensation plan or other annual award plan adopted by the
Company. A Covered Employee may participate in more than one Variable Compensation Plan. 
 3. Administration. 
 The Plan shall be administered by the Committee. The Committee shall have the authority in its discretion, subject to and not inconsistent with the
express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the
authority to grant Awards and make Loans; to determine the persons to whom and the time or times at which Awards shall be granted and Loans shall be made; to determine the type and number of Awards to be granted and the amount of any Loan, the
number of shares of Stock to which an Award may relate and the terms, conditions, restrictions and performance criteria relating to any Award or Loan; and to determine whether, to what extent, and under what circumstances an Award may be settled,
cancelled, forfeited, exchanged, or surrendered; to make adjustments in the terms and conditions of, and the criteria and performance objectives (if any) included in, Awards and Loans in recognition of unusual or non-recurring events affecting the
Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, or in response to changes in applicable laws, regulations, or accounting principles; to designate Affiliates; to construe and interpret
the Plan and any Award or Loan; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Award Agreements and any promissory note or agreement related to any Loan (which need not be
identical for each Grantee); and to make all other determinations deemed necessary or advisable for the administration of the Plan. 
 The
Committee may appoint a chairperson and a secretary and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall keep minutes of its meetings. All determinations of the Committee shall be made by a
majority of its members either present in person or participating by conference telephone at a meeting or by written consent. The Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem
advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan. All decisions,
determinations and interpretations of the Committee shall be final and binding on all persons, including the Company, and any Subsidiary, Affiliate or Grantee (or any person claiming any rights under the Plan from or through any Grantee) and any
shareholder. 
 No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to
the Plan or any Award granted or Loan made hereunder. 
  

 4 

 4. Eligibility. 
 Subject to the conditions set forth below, Awards may be granted to directors (including non-employee directors), selected employees and independent contractors of the Company and its present or future Subsidiaries
and Affiliates, and Loans may be made to any eligible person, except as may be prohibited by applicable law, rule, or regulation, in each case in the discretion of the Committee. In determining the persons to whom Awards and Loans shall be granted
and the type of any Award or the amount of any Loan (including the number of shares to be covered by such Award), the Committee shall take into account such factors as the Committee shall deem relevant in connection with accomplishing the purposes
of the Plan. 
 5. Stock Subject to the Plan. 
 The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be 12,110,000 shares of Stock, subject to adjustment as provided herein. No more than 75,000 of the total shares available
for grant may be awarded to a single individual in a single year. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions
or otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Grantee, the shares of Stock with respect to such Award shall,
to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan; provided that, in the case of forfeiture, cancellation, exchange or surrender of shares of
Restricted Stock or Restricted Stock Units with respect to which dividends or Dividend Equivalents have been paid or accrued, the number of shares with respect to such Awards shall not be available for Awards hereunder unless, in the case of shares
with respect to which dividends or Dividend Equivalents were accrued but unpaid, such dividends and Dividend Equivalents are also forfeited, exchanged or surrendered. Upon the exercise of any Award granted in tandem with any other Awards or Awards,
such related Awards or Awards shall be cancelled to the extent of the number of shares of Stock as to which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan.

 In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other
property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is
appropriate in order to prevent dilution or enlargement of the rights of Grantees under the Plan, then the Committee shall make such equitable changes or adjustments as it deems necessary or appropriate to any or all of (i) the number and kind
of shares of Stock which may thereafter be issued in connection with Awards, (ii) the number and kind of shares of Stock issued or issuable in respect of outstanding Awards, and (iii) the exercise price, grant price, or purchase price
relating to any Award; provided that, with respect to ISOs, such adjustment shall be made in accordance with Section 424(h) of the Code. 
 6. Specific Terms of Awards. 
 (a) General. The term of each Award shall be for such period as
may be determined by the Committee. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a Subsidiary or Affiliate upon the grant, maturation, or exercise of an Award may be made in such forms as
the Committee shall determine at the date of grant or thereafter, including, without limitation, cash, Stock, or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. The Committee may make rules
relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments. In addition to the foregoing, the Committee may impose on any Award or the exercise thereof, at the
date of grant or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine. 
 (b) Options. The Committee is authorized to grant Options to Grantees on the following terms and conditions: 
 (i) Type of Award. The Award Agreement evidencing the grant of an Option under the Plan shall designate the Option as an ISO or an NQSO. 
 (ii) Exercise Price. The exercise price per share of Stock purchasable under an Option shall be determined by the Committee;
provided that, in the case of an ISO, such exercise price shall be not less than the Fair Market Value of a share on the date of grant of such Option, and in no event shall the exercise price for the purchase of shares be less than par value.
The exercise price for Stock subject to an Option may be paid in cash or by an exchange of Stock previously owned by the Grantee, or a combination of both, in an amount having a combined value equal to such exercise price. A Grantee may also elect
to pay all or a portion of the aggregate exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company or sold by a broker-dealer under circumstances meeting
the requirements of 12 C.F.R. § 220 or any successor thereof. 
  

 5 

 (iii) Term and Exercisability of Options. The date on which the Committee adopts a
resolution expressly granting an Option shall be considered the day on which such Option is granted. Options shall be exercisable over the exercise period (which shall not exceed ten years from the date of grant), at such times and upon such
conditions as the Committee may determine, as reflected in the Award Agreement; provided that, the Committee shall have the authority to accelerated the exercisability of any outstanding Option at such time and under such circumstances as it,
in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise to the Committee or its designated agent.

 (iv) Termination of Employment, Etc. An Option may not be exercised unless the Grantee is then in the employ of, or
then maintains an independent contractor relationship with, the Company or a Subsidiary or an Affiliate (or a company or a parent or subsidiary company of such company issuing or assuming the Option in a transaction to which Section 424(a) of
the Code applies), and unless the Grantee has remained continuously so employed, or continuously maintained such relationship, since the date of grant of the Option; provided that, the Award Agreement may contain provisions extending the
exercisability of Options, in the event of specified terminations, to a date not later than the expiration date of such Option. 
 (v) Other Provisions. Options may be subject to such other conditions including, but not limited to, restrictions on transferability of the shares acquired upon exercise of such Options, as the Committee may prescribe in its
discretion or as may be required by applicable law. 
 (c) SARs and Limited SARs. The Committee is authorized to grant both
stand-alone and in-tandem SARs and Limited SARs to Grantees on the following terms and conditions: 
 (i) In General.
Unless the Committee determines otherwise, an SAR or a Limited SAR (1) granted in tandem with an NQSO may be granted at the time of grant of the related NQSO or at any time thereafter or (2) granted in tandem with an ISO may only be
granted at the time of grant of the related ISO. An SAR or Limited SAR granted in tandem with an Option shall be exercisable only to the extent the underlying Option is exercisable. 
 (ii) SARs. An SAR shall confer on the Grantee a right to receive an amount with respect to each share subject thereto, upon
exercise thereof, equal to the excess of (1) the Fair Market Value of one share of Stock on the date of exercise over (2) the grant price of the SAR (which in the case of an SAR granted in tandem with an Option shall be equal to the
exercise price of the underlying Option, and which in the case of any other SAR shall be such price as the Committee may determine). 
 (iii) Limited SARs. A Limited SAR shall confer on the Grantee a right to receive with respect to each share subject thereto, automatically upon the occurrence of a Change in Control, an amount equal in value to the excess of
(1) the Change in Control Price (in the case of a LSAR granted in tandem with an ISO, the Fair Market Value), of one share of Stock on the date of such Change in Control over (2) the grant price of the Limited SAR (which in the case of a
Limited SAR granted in tandem with an Option shall be equal to the exercise price of the underlying Option, and which in the case of any other Limited SAR shall be such price as the Committee determines); provided that, in the case of a
Limited SAR granted to a Grantee who is subject to the reporting requirements of Section 16(a) of the Exchange Act (a “Section 16 Individual”), such Section 16 Individual shall only be entitled to receive such amount if such
Limited SAR has been outstanding for at least six (6) months as of the date of the Change in Control. 
 (d) Restricted Stock.
The Committee is authorized to grant Restricted Stock to Grantees on the following terms and conditions: 
 (i) Issuance
and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions, if any, as the Committee may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination
at such times, under such circumstances, in such installments, or otherwise, as the Committee may determine. Such restrictions may include factors relating to the increase in the value of the Stock or to individual or Company performance such as the
attainment of certain specified individual, divisional or Company-wide performance goals, sales volume increases or decreases in earnings per share. Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a
Grantee granted Restricted Stock shall have all of the rights of a shareholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (ii) Forfeiture. Upon termination of employment with or service to the Company, or upon termination of the independent contractor
relationship, as the case may be, during the applicable restriction period, Restricted Stock and any accrued but unpaid 

  

 6 

 
dividends or Dividend Equivalents that are at that time subject to restrictions shall be forfeited; provided that, the Committee may provide, by rule
or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified
causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock. 
 (iii)
Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Grantee, such certificates shall
bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (iv) Dividends. Dividends paid on Restricted Stock shall be either paid at the dividend payment date, or deferred for payment to
such date as determined by the Committee, in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends. Stock distributed in connection with a stock split or stock dividend, and other property
distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 
 (e) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Grantees, subject to the following terms and
conditions: 
 (i) Award and Restrictions. Delivery of Stock or cash, as determined by the Committee, will occur upon expiration of the
deferral period specified for Restricted Stock Units by the Committee. In addition, Restricted Stock Units shall be subject to such restrictions as the Committee may impose, at the date of grant or thereafter, which restrictions may lapse at the
expiration of the deferral period or at earlier or later specified times, separately or in combination, in installments or otherwise, as the Committee may determine. Such restrictions may include factors relating to the increase in the value of the
Stock or to individual or Company performance such as the attainment of certain specified individual, divisional or Company-wide performance goals, sales volume increases or increases in earnings per share. 
 (ii) Forfeiture. Upon termination of employment or termination of the independent contractor relationship during the applicable deferral period or
portion thereof to which forfeiture conditions apply, or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such Restricted Stock Units relate, all Restricted Stock Units that are then subject to
deferral or restriction shall be forfeited; provided that, the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted
Stock Units will be waived in whole or in part in the event of termination resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 
 (f) Stock Awards in Lieu of Cash Awards. The Committee is authorized to grant Stock as a bonus, or to grant other Awards, in lieu of Company
commitments to pay cash under other plans or compensatory arrangements. Stock or Awards granted hereunder shall have such other terms as shall be determined by the Committee. 
 (g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to Grantees. The Committee may provide, at the date of grant
or thereafter, that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Stock, or other investment vehicles as the Committee may specify, provided that Dividend Equivalents (other
than freestanding Dividend Equivalents) shall be subject to all conditions and restrictions on the underlying Awards to which they relate. 
 (h) Performance Shares and Other Stock- or Cash-Based Awards. The Committee is authorized to grant to Grantees Performance Shares and/or Other Stock-Based Awards or Other Cash-Based Awards as an element of or supplement to any other
Award under the Plan, as deemed by the Committee to be consistent with the purposes of the Plan. Such Awards may be granted with value and payment contingent upon performance of the Company or any other factors designated by the Committee, or valued
by reference to the performance of specified Subsidiaries or Affiliates. 
 7. Determining Annual Performance Based Awards 

Awards to Covered Employees are intended to constitute performance-based compensation within the meaning of Section 162(m) of the Code and to
comply with the exemption from the deduction prohibitions of Section 162(m) of the Code. 
 (a) For each calendar year, each Covered
Employee may be entitled to receive a payment (“Annual Performance Award”) pursuant to a Variable Compensation Plan in an amount determined by the Committee as provided in this Plan. To the extent permitted by a Variable Compensation Plan,
the payment of an Annual Performance Award may be made in cash, common stock or restricted stock of the Company, or any other form as provided for in this Plan, or a combination thereof. 
  

 7 

 (b) The maximum Annual Performance Award paid to a Participant for a calendar year under any individual
Variable Compensation Plan may not exceed the greater of: (i) $5,000,000 or (ii) five times the Covered Employee’s most recently disclosed Annual Performance Award. 
 (c) For any calendar year or performance period, the Committee may designate one or more of the business criteria (“Performance Measures”) set
forth in this Section 7 for use in determining the amount of an Annual Performance Award for an individual in relation to such year or period; provided that such designation would not subject any Annual Performance Award to the deduction
limitations of Section 162(m). Performance Measures designated for any Participant in a calendar year or other performance period may be different from year to year and those designated for other Covered Employees as the Committee may
determine. To the extent applicable to any Performance Measure, the Committee may specify a Performance Measure in relation to total Company performance or in relation to the performance of identifiable business unit(s) of the Company. 

(d) For each Performance Measure designated by the Committee, the Committee shall designate a specific, objectively measurable target, schedule or
threshold (“Performance Goal”) against which actual performance is to be measured for purposes of determining the amount of any Annual Performance Award; provided that any such designation would not subject any Performance Award to the
deduction limitations of Section 162(m). A Performance Goal may be expressed in any form as the Committee may determine including, but not limited to: (1) percentage growth; (2) absolute growth; (3) cumulative growth;
(4) performance in relation to an index; (5) performance in relation to peer company performance; (6) a designated absolute amount; (7) percent of sales; and (8) per share of common stock outstanding. 
 (e) Performance Measures may be expressed in terms of one or more of the following criteria on which Performance Goals may be based: (1) earnings
(either in the aggregate or on a per-share basis, reflecting dilution of shares as the Committee deems appropriate and, if the Committee so determines, net of or including dividends) before or after interest and taxes (“EBIT”) or before or
after interest, taxes, depreciation and amortization (“EBITDA”); (2) gross or net revenue, or changes in annual revenues; (3) cash flow(s) (including either operating or net cash flows); (4) financial return ratios;
(5) total shareholder return, shareholder return based on growth measures or the attainment by the shares of a specified value for a specified period of time, share price or share price appreciation; (6) earnings growth or growth in
earnings per share; (7) return measures, including return or net return on assets, net assets, equity, capital or gross sales; (8) adjusted pre-tax margin; (9) pre-tax profits; (10) operating margins; (11) operating profits;
(12) operating expenses; (13) net income or net operating income; (14) growth in operating earnings or growth in earnings per share; (15) market share or market penetration with respect to specific designated products or product
groups and/or specific geographic areas; (16) aggregate product price and other product measures; (17) expense or cost levels, in each case, where applicable, determined either on a Company-wide basis or in respect of any one or more
specified divisions; (18) reduction of losses, loss ratios or expense ratios; (19) operating cost management; (20) debt reduction; (21) productivity improvements; (22) satisfaction of specified business expansion goals or
goals relating to acquisitions or divestitures; (23) customer satisfaction based on specified objective goals or a Company-sponsored customer survey; (24) employee satisfaction based on specified objective goals or a Company-sponsored
customer survey; (25) employee diversity goals; (26) employee turnover; (27) specified objective social goals, or (28) other strategic events that could alter the normal course of business, the description of which would disclose
material competitive information. Any criteria may be measured in absolute terms or as compared to another corporation or corporations. To the extent applicable, any such performance objective shall be determined (i) in accordance with the
Company’s audited financial statements and generally accepted accounting principles and reported upon by the Company’s independent accountants or (ii) so that a third party having knowledge of the relevant facts could determine
whether such performance objective is met. 
 (f) The Committee shall determine the terms and conditions of such Awards at the date of grant
or, to the extent permitted by Section 162(m) of the Code, thereafter; provided that Performance Goals for determining Covered Employees’ Annual Performance Awards shall be established by the Committee not later than the latest date
permissible under Section 162(m) of the Code. 
 (g) The Committee shall certify in writing prior to payment of any Annual Performance
Award, or other Award hereunder, that the relevant Performance Goals and any other material terms were in fact satisfied. 
 8. Change in
Control Provisions. 
 The following provisions shall apply in the event of a Change in Control unless otherwise determined by the
Committee or the Board in writing at or after the grant of an Award, but prior to the occurrence of such Change in Control: 
 (a) any Award carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested; 
  

 8 

 (b) the restrictions, deferral limitations, payment conditions, and forfeiture conditions
applicable to any other Award granted under the Plan shall lapse and such Awards shall be deemed fully vested, and any performance conditions imposed with respect to Awards shall be deemed to be fully achieved; and 
 (c) the value of all outstanding Awards shall, to the extent determined by the Committee at or after grant, be cased out on the basis of
the Change in Control Price as of the date the Change in Control occurs or such other date as the Committee may determine prior the Change in Control. 
 9. Loan Provisions. 
 Subject to the provisions of the Plan and all applicable federal and state laws,
rules and regulations (including the requirements of Regulation G (12 C.F.R. § 207)) and the rules and regulations of any stock exchange on which Stock is listed, the Committee shall have the authority to make Loans to Grantees (on such terms
and conditions as the Committee shall determine), to enable such Grantees to purchase shares in connection with the realization of Awards under the Plan. Loans shall be evidenced by a promissory note or other agreement, signed by the borrower, which
shall contain provisions for repayment and such other terms and conditions as the Committee shall determine. 
 10. Special Non-Employee
Director Awards. 
 (a) Restricted Stock and Restricted Stock Units 
 (i) Annual Grants. In addition to any other Award granted hereunder, as of the 2004 Annual Meeting of Shareholders, non-employee
directors of the Company will be granted the Restricted Stock Units described in clauses (I) and (II) of this Section 9(a)(i) (the “Automatic Restricted Stock Units”). The grants will be valued using the closing price of a share
of Stock on the first business day following each annual meeting of shareholders and will vest 20% each year over five (5) years: 
 (I) Each non-employee director (a “New Director”) who, is elected to the Board for the first time, will at the time such non-employee director is elected and duly qualified, be granted automatically, without
action by the Committee, Restricted Stock Units with a value of, effective as of January 1, 2006, $75,000.00. 
 (II) On
the first business day following each annual meeting of shareholders, each non-employee director (other than a New Director) who is continuing service as a member of the Board, will be granted automatically, without action by the Committee,
Restricted Stock Units with a value of, effective as of January 1, 2006, $75,000.00. 
 (ii) In lieu of Annual
Retainer. For the calendar year beginning January 1, 2003, non-employee directors may elect to receive, in lieu of any or all of their annual retainer for a calendar year, Restricted Stock in increments of 5% (i.e., 5%, 10%, 15%,
etc.) as follows: 
 (I) Non-employee directors can elect to receive their Restricted Stock either: 
 i. during the calendar year in which the annual retainer is to be earned, in quarterly installments equal to the percent of the annual
retainer elected to be received in Restricted Stock, divided by four, divided by the price per share of Stock on the last day of each quarter, prorated for any partial calendar year or quarter (for administrative purposes, shares may not actually be
distributed until after the end of the year in which the annual retainer was earned), or 
 ii. on a deferred basis:

 a. until they retire from the Board, 
 b. ten (10) years from the date they retire from the Board, 
  

 9 

 c. for a period of not less than 1 year and not more than 10 years, in increments of 1
year, or 
 d. until they retire from their primary employment. 
 (II) Any election to defer Stock shall be made prior to the year in which the annual retainer subject to deferral shall be paid and shall
be irrevocable. Any newly elected non-employee director shall have five (5) days from the date of their election to the Board to elect to defer any percentage hereunder. An election shall continue in effect until revoked. Any Stock for which
receipt is deferred shall be matched by the Company by a number of shares equal to not more than 25% of the value of the quarterly amount so deferred, based on the price per share of Stock on the last day of each quarter. 
 (b) Options. 
 (i)
Automatic Options. Until the calendar year beginning January 1, 2004, at which point this provision shall no longer be applicable, in addition to any other Award granted hereunder, non-employee directors of the Company will be granted the
Options described in clauses (i) and (ii) of this Section 9(b)(i) (the “Automatic Options”): 
 (I)
Each non-employee director (a “New Director”) who, after the effective date of the Plan, is elected to the Board for the first time, will at the time such non-employee director is elected and duly qualified, be granted automatically,
without action by the Committee, an Option to purchase 5,000 shares of Stock. 
 (II) On the first business day following each
annual meeting of the shareholders’, each non-employee director (other than a New Director) who is continuing service as a member of the Board, will be granted automatically, without action by the Committee, an Option to purchase 5,000 shares
of Stock. 
 (ii) Elected Options. Until the calendar year beginning January 1, 2003, at which point this
provision shall no longer be applicable, each non-employee director could, at any time prior to the commencement of any calendar year during which he or she was to serve as a member of the Board, irrevocably elect to receive, in lieu of the annual
directors’ retainer payable to such non-employee director with respect to such calendar year (prorated for any partial calendar year, an Option (an “Elected Option”) to purchase shares of Stock. The number of shares of Stock covered
by an Elected Option received in lieu of an annual retainer for 2002 shall be the number (rounded to the nearest whole number of shares) equal to (i) the annual, or prorated, retainer divided by (ii) the value per share of the Elected
Option, which value shall be equal to thirty three percent (33%) of the exercise price. An Elected Option shall be granted on January 1 of the year following the year in which the annual retainer to which it relates is earned. 

(c) Terms and Conditions of Options. Automatic Options and Elected Options shall be subject to the following specific terms and conditions (and
shall otherwise be subject to all other provisions of the Plan not in conflict with this Section 9): 
 (i) Each
Automatic Option and each Elected Option shall be a NQSO. 
 (ii) The exercise price of Automatic Options shall be equal to
the Fair Market Value of the shares of Stock subject to such Automatic Options on the date of grant. The exercise price of Elected Options shall be equal to (i) the average closing price of the Stock on the national securities exchange on which
the Stock is principally traded on the last trading day in March, June, September and December of the year in which the annual retainer is earned, or (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the
closing bid and asked prices for the shares of Stock in such over-the-counter market on the last trading day on which a trade occurs in March, June, September and December of the year in which the annual retainer is earned, or (iii) if the
shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall determine. 
 (iii) Automatic Options shall be exercisable as to twenty percent (20%) of the Stock subject thereto on the first anniversary of the
date of grant, and shall become exercisable as to an additional twenty percent (20%) of such shares on each of the second, third, fourth and fifth anniversaries of such date of grant. Automatic Options shall be exercisable for a period of ten
(10) years from the date of grant of such Option; provided that, the exercise period shall be subject to earlier termination in accordance with the provisions of Section 6(b)(iv) hereof. Elected Options shall be exercisable for a
period ending ten (10) years from the December 31st of the year in which the retainer was earned. 
  

 10 

 11. General Provisions. 
 (a) Approval. The Plan shall take effect upon its adoption by the Board, subject to approval by the shareholders of the Company in the manner and
to the degree required by applicable laws and regulations, including the applicable rules and regulations of any stock exchange on which the Stock is listed. 
 (b) Nontransferability. Awards shall not be transferable by a Grantee except by will or the laws of descent and distribution or, if then permitted under Rule 16b-3, pursuant to a qualified domestic relations
order as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and shall be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal
representative. 
 (c) No Right to Continued Employment, Etc. Nothing in the Plan or in any Award or Loan granted or any Award
Agreement, promissory note or other agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ of or to continue as an independent contractor of the Company, any subsidiary or any Affiliate or to be
entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement, promissory note or other agreement or to interfere with or limit in any way the right of the Company or any Subsidiary or Affiliate to terminate such
Grantee’s employment or independent contractor relationship. 
 (d) Taxes. The Company or any Subsidiary or Affiliate is
authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Grantee, amounts of withholding and other taxes due in connection with any transaction
involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Grantees to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority
shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Grantee’s tax obligations. 
 (e) Amendment and Termination of the Plan. The Board may at any time and from time-to-time alter, amend, suspend, or terminate the Plan in whole or in part. Notwithstanding the foregoing, no amendment shall
affect adversely any of the rights of any Grantee, without such Grantee’s consent, under any Award or Loan theretofore granted under the Plan. 
 The Company shall obtain shareholder approval of any Plan amendment to the extent necessary or desirable to comply with applicable law, rule, or regulation. Additionally, notwithstanding anything in the Plan to the contrary, the Board may
not, without approval of the Company’s shareholders: 
 (i) materially increase the number of shares of Stock issuable
under the Plan, except for permissible adjustment as provided for herein; or 
 (ii) reprice Options issued under the Plan by
lowering the exercise price of a previously granted award, by canceling outstanding Options and issuing replacements, or by otherwise replacing existing Options with substitute Options with a lower price. 
 (f) No Rights to Awards or Loans; No Shareholder Rights. No Grantee shall have any claim to be granted any Award or Loan under the Plan, and there
is no obligation for uniformity of treatment of Grantees. Except as provided specifically herein, a Grantee or a transferee of an Award shall have no rights as a shareholder with respect to any shares covered by the Award until the date of the
issuance of a stock certificate to him for such shares. 
 (g) Unfunded Status of Awards. The Plan is intended to constitute an
“unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award shall give any such Grantee any rights that are greater than
those of a general creditor of the Company. 
 (h) No Fractional Shares. No fractional shares of Stock shall be issued or delivered
pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or
otherwise eliminated. 
 (i) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Common Stock with respect to any Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 
  

 11 

 (ii) Each Award is subject to the requirement that, if at any time the Committee
determines, in its absolute discretion, that the listing, registration or qualification of Common Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Common Stock, no such Award shall be granted or payment made or Common Stock issued, in whole or in part,
unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Committee. 
 (iii) In the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such
registration, such Common Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee may require a Grantee receiving Common Stock pursuant to the Plan, as a condition
precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired by such Grantee is acquired for investment only and not with a view to distribution. 
 (j) Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Maryland
without giving effect to the conflict of laws principles thereof. 
 (k) Standard Definition of Retirement. Effective for all
determinations made on or after February 23, 2006, and notwithstanding anything to the contrary in any Award Agreement (whether issued before or after that date), the standard definition of “Retirement” for each Grantee shall mean the
termination of employment when any one of the following conditions has been met: (i) being at least fifty-five (55) years old with at least ten (10) years of service to the Company and its Affiliates, (ii) being at least
fifty-five years old and having any combination of age plus years of service to the Company and its Affiliates equal to at least sixty-five (65) or (iii) having reached age 55, attainment of the statutory retirement age as defined within
the country of the Grantee’s residence or citizenship, as applicable. In addition, the Company may in its discretion impose on a Grantee additional conditions regarding non-competition and non-solicitation of clients and employees in order for
the Grantee to realize the benefits relating to a qualified Retirement for purposes of this Plan. 
  

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