Document:

Form of Fifth Supplemental Indenture

 Exhibit 4.2 
 MARKEL CORPORATION 
 Issuer 
 TO 
 THE BANK OF NEW YORK MELLON 
 (as successor to The Chase Manhattan Bank) 
 Trustee 
  
  
 Fifth Supplemental Indenture 
 Dated as of September 22, 2009 
  
  
 $350,000,000 
 7.125% Senior Notes 
 Due 2019 

 TABLE OF CONTENTS* 
  

							
	 ARTICLE I        7.125% SENIOR NOTES DUE 2019
	  	
				
		 	SECTION 101.	  	ESTABLISHMENT	  	1
		 	SECTION 102.	  	DEFINITIONS	  	2
		 	SECTION 103.	  	PAYMENT OF PRINCIPAL AND INTEREST	  	4
		 	SECTION 104.	  	DENOMINATIONS	  	5
		 	SECTION 105.	  	GLOBAL SECURITIES	  	5
		 	SECTION 106.	  	REDEMPTION	  	6
		 	SECTION 107.	  	SINKING FUND	  	6
		 	SECTION 108.	  	ADDITIONAL INTEREST	  	6
		 	SECTION 109.	  	PAYING AGENT	  	6
		 	SECTION 110.	  	LIMITATION ON LIENS	  	6
		 	SECTION 111.	  	EVENTS OF DEFAULT	  	7
		 	SECTION 112.	  	DEFEASANCE	  	9
		
	 ARTICLE II       MISCELLANEOUS PROVISIONS
	  	
				
		 	SECTION 201.	  	RECITALS BY COMPANY	  	9
		 	SECTION 202.	  	INCORPORATION OF ORIGINAL INDENTURE	  	9
		 	SECTION 203.	  	EXECUTED IN COUNTERPARTS	  	10
		 	SECTION 204.	  	ASSIGNMENT	  	10
		 	SECTION 205.	  	THE TRUSTEE	  	10

  

	*	This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions. 

  

 i 

 THIS FIFTH SUPPLEMENTAL INDENTURE is made as of September 22, 2009, by and between MARKEL
CORPORATION, a Virginia corporation, having its principal office at 4521 Highwoods Parkway, Glen Allen, Virginia 23060 (the “Company”), and THE BANK OF NEW YORK MELLON (as successor to THE CHASE MANHATTAN BANK), a New York banking
corporation, as Trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of June 5, 2001 (the “Original Indenture”), as heretofore
supplemented and amended, with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and the Original
Indenture, as heretofore supplemented and amended and as further supplemented by this Fifth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Original Indenture and the terms of such series may be described by a
supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the Company proposes to create under the Indenture a series of
Securities; 
 WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Original Indenture as at
the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Fifth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 7.125% SENIOR NOTES DUE 2019 
 SECTION
101. Establishment. There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s 7.125% Senior Notes due 2019 (the “7.125% Senior Notes”). 
 There are to be authenticated and delivered $350,000,000 principal amount of 7.125% Senior Notes, and such principal amount of the 7.125% Senior Notes
may be increased from time to time pursuant to Section 301 of the Indenture. All 7.125% Senior Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional
7.125% Senior Notes. Any such additional 7.125% Senior Notes will have the same interest rate, maturity and other terms as those initially issued. Further 7.125% Senior Notes may also be authenticated and delivered as provided by Sections 304, 305,
306 or 905 of the Original Indenture. 

 The 7.125% Senior Notes shall be issued in definitive fully registered form without coupons, in
substantially the form set out in Exhibit A hereto. The entire initially issued principal amount of the 7.125% Senior Notes shall initially be evidenced by one or more certificates issued to Cede & Co., as nominee for The Depository Trust
Company. 
 The form of the Trustee’s Certificate of Authentication for the 7.125% Senior Notes shall be in substantially the form set
forth in Exhibit B hereto. 
 Each 7.125% Senior Note shall be dated the date of authentication thereof and shall bear interest from the
Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 SECTION 102.
Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth
in the Original Indenture. 
 “Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks
in New York, New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is closed for business. 
 “Comparable Treasury Issue” means the United States Treasury security selected by a Reference Treasury Dealer as having an actual or
interpolated maturity comparable to the remaining term of the 7.125% Senior Notes called for redemption, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of 7.125% Senior Notes called for redemption. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, the average, as determined by the Company, of the Reference Treasury Dealer Quotations for that Redemption Date. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered in the Borough of Manhattan, The City of New York,
which office at the date of original execution of this Indenture is located at 101 Barclay Street 8 W, New York, New York 10286. 
 “Interest Payment Dates” means March 30 and September 30 of each year, commencing on March 30, 2010. 
 “Lien” means any mortgage, lien, pledge, security interest or other encumbrance of any kind. 
  

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 “Material Subsidiary” means a Subsidiary of the Company whose total assets (as determined in
accordance with GAAP) represent at least 20% of the total assets of the Company on a consolidated basis. 
 “Original Issue Date”
means September 22, 2009. 
 “Outstanding”, when used with respect to the 7.125% Senior Notes, means, as of the date of
determination, all 7.125% Senior Notes, theretofore authenticated and delivered under the Indenture, except: 
 (i) 7.125% Senior Notes
theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) 7.125% Senior Notes for whose payment at Maturity
the necessary amount of money or money’s worth has been theretofore deposited (other than pursuant to Section 402 of the Original Indenture) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such 7.125% Senior Notes. 
 (iii) 7.125%
Senior Notes with respect to which the Company has effected defeasance, or covenant defeasance has been effected, pursuant to Section 402 of the Original Indenture; and 
 (iv) 7.125% Senior Notes that have been paid pursuant to Section 306 of the Original Indenture or in exchange for or in lieu of which other 7.125%
Senior Notes have been authenticated and delivered pursuant to the Indenture, other than any such 7.125% Senior Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such 7.125% Senior Notes are held
by a bona fide purchaser in whose hands such 7.125% Senior Notes are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding 7.125% Senior Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of 7.125% Senior Notes for quorum purposes, 7.125% Senior Notes owned by the Company or any other obligor upon the 7.125% Senior
Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only 7.125% Senior Notes which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. 7.125% Senior Notes so owned which shall have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such 7.125% Senior Notes and (B) that the pledgee is not the Company or any other obligor
upon the 7.125% Senior Notes or an Affiliate of the Company or such other obligor. 
 “Reference Treasury Dealer” means Wells Fargo
Securities, LLC and Barclays Capital Inc. and one other U.S. Government securities dealer selected by the Company, and each of their respective successors. 
  

 3 

 “Reference Treasury Dealer Quotations” means, on any redemption date, the average, as
determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by each Reference Treasury Dealer at 3:30 p.m., New York City
time, on the third business day preceding that Redemption Date. 
 “Regular Record Date” means, with respect to each Interest
Payment Date, the close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to 7.125% Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of
business on the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date. 
 “Remaining Scheduled
Payments” means the remaining scheduled payments of principal of and interest on the 7.125% Senior Notes called for redemption that would be due after the related Redemption Date but for that redemption. If that Redemption Date is not an
interest payment date with respect to the 7.125% Senior Notes called for redemption, the amount of the next succeeding scheduled interest payment on such 7.125% Senior Notes will be reduced by the amount of interest accrued to such Redemption Date.

 “Stated Maturity” means September 30, 2019. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that
Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 
 SECTION 103. Payment of Principal and Interest. The principal of the 7.125% Senior Notes shall be due at the Stated Maturity. The unpaid
principal amount of the 7.125% Senior Notes shall bear interest at the rate of 7.125% per annum until paid or duly provided for, such interest to accrue from the Original Issue Date or from the most recent Interest Payment Date to which
interest has been paid or duly provided for. Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the 7.125% Senior Notes are registered on the Regular Record Date for such Interest Payment Date;
provided that interest payable at the Stated Maturity of principal as provided herein will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable
to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the 7.125% Senior Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed
by the Trustee (in accordance with Section 307 of the Original Indenture), notice whereof shall be given to Holders of the 7.125% Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the 7.125% Senior Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original
Indenture. 
  

 4 

 Payments of interest on the 7.125% Senior Notes will include interest accrued to but excluding the
respective Interest Payment Dates. Interest payments for the 7.125% Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the 7.125% Senior Notes is
not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as
if made on the date the payment was originally payable. 
 Payment of the principal and interest on the 7.125% Senior Notes shall be made at
the office of the Paying Agent in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at the Stated Maturity of any 7.125% Senior
Notes being made upon surrender of such 7.125% Senior Notes to the Paying Agent. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company,
(i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be
designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. In the event that any date on which principal and interest is payable on the 7.125% Senior Notes is not a Business
Day, then payment of the principal and interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if
made on the date the payment was originally payable. 
 SECTION 104. Denominations. The 7.125% Senior Notes may be issued in
denominations of $1,000, or any integral multiple thereof. 
 SECTION 105. Global Securities. The 7.125% Senior Notes will be
issued initially in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, 7.125% Senior Notes
represented by such Global Securities will not be exchangeable for, and will not otherwise be issuable as, 7.125% Senior Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of
the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee. 
 Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a 7.125% Senior Note shall be exchangeable,
except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee or except as described below. The rights of Holders of such Global Security
shall be exercised only through the Depositary. 
 A Global Security shall be exchangeable for 7.125% Senior Notes registered in the names of
persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and 

  

 5 

 
no successor Depositary shall have been appointed by the Company within 90 days of receipt by the Company of such notification, or if at any time the
Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company within
90 days after it becomes aware of such cessation, or (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall
be exchangeable for 7.125% Senior Notes registered in such names as the Depositary shall direct. 
 SECTION 106. Redemption. The
7.125% Senior Notes are redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, upon notice mailed to the registered address of each Holder at least 30 days but not more than 60 days prior to the Redemption
Date. The Redemption Price will be equal to the greater of (1) 100% of the principal amount of the 7.125% Senior Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on such 7.125% Senior Notes
discounted to the Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points. Accrued interest will be paid to, but excluding,
the Redemption Date. 
 On and after a Redemption Date, interest will cease to accrue on the 7.125% Senior Notes called for redemption
(unless the Company defaults in the payment of the Redemption Price and accrued interest). On or before a Redemption Date, the Company shall deposit with the Paying Agent or the Trustee money sufficient to pay the Redemption Price of and accrued
interest on the 7.125% Senior Notes to be redeemed on that date. If less than all of the 7.125% Senior Notes are to be redeemed, the 7.125% Senior Notes to be redeemed shall be selected by the Trustee pro rata or by lot or by a method the Trustee
deems to be fair and appropriate. 
 This Section 106 has been included in this Fifth Supplemental Indenture expressly and solely for
the benefit of the 7.125% Senior Notes. 
 SECTION 107. Sinking Fund. The 7.125% Senior Notes shall not have a sinking fund.

 SECTION 108. Additional Interest. Any principal of and installment of interest on the 7.125% Senior Notes that is overdue
shall bear interest at the rate of 7.125% (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on
demand. 
 SECTION 109. Paying Agent. The Trustee shall initially serve as Paying Agent with respect to the 7.125% Senior Notes,
with the Place of Payment initially being the Corporate Trust Office of the Trustee. 
 SECTION 110. Limitation on Liens. The
Company and its Material Subsidiaries may not issue, assume, incur or guarantee any indebtedness for borrowed money secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, upon any shares of the Voting Stock of a Material
Subsidiary which shares are owned by the Company or its Material 

  

 6 

 
Subsidiaries without effectively providing that the 7.125% Senior Notes (and if the Company so elects, any other indebtedness of the Company ranking on a
parity with the 7.125% Senior Notes) shall be secured equally and ratably with, or prior to, any such secured indebtedness so long as such indebtedness remains outstanding. This Section 110 shall not apply to: 
 (i) liens for taxes or assessments or governmental charges or levies not then due and delinquent or the validity of which is being contested in good
faith or which are less than $1,000,000 in amount and liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings or which involves claims of less than $1,000,000,
or 
 (ii) any mortgage, pledge, lien or other encumbrance upon any shares of Voting Stock of any corporation existing at the time such
corporation becomes a Material Subsidiary and any extensions, renewals or replacements thereof. 
 This Section 110 has been included in
this Fifth Supplemental Indenture expressly and solely for the benefit of the 7.125% Senior Notes and shall be subject to covenant defeasance pursuant to Section 402(3) of the Original Indenture. 
 SECTION 111. Events of Default. Article V of the Original Indenture is amended solely with respect to the 7.125% Senior Notes as follows:

 (a) Section 501 is amended and restated in its entirety as follows: 
 “Section 501. Events of Default. 
 ‘Event of Default’, wherever used herein with respect to the 7.125% Senior Notes, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any interest on the 7.125% Senior Notes when such interest becomes due and payable, and continuance of such
default for a period of 30 days; or 
 (2) default in the payment of the principal of the 7.125% Senior Notes when due upon
Maturity; or 
 (3) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture or the
Security representing the 7.125% Senior Notes (other than (i) a covenant or warranty for which the consequences of breach or nonperformance are addressed elsewhere in this Section 501 or (ii) a covenant or warranty which has expressly
been included in this Indenture or a Security of a series, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a series other than the 7.125% Senior Notes), and continuance of such default or breach for a
period of 60 days after there has been given, by registered or certified mail, to the Company by the 

  

 7 

 
Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding 7.125% Senior Notes a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a ‘Notice of Default’ hereunder; or 
 (4) (a) the failure of the Company to make any payment by the end of any applicable grace period after maturity of indebtedness, which term as used in this Section 501 means obligations (other than nonrecourse
obligations) of the Company for borrowed money or evidenced by bonds, debentures, notes or similar instruments in an aggregate principal amount in excess of $50,000,000 (“Indebtedness”) and continuance of such failure, or (b) the
acceleration of Indebtedness because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled, in each case, for a period of 10 days after
written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount of the Outstanding 7.125% Senior Notes; however, if any such failure or acceleration referred to in
(a) or (b) above ceases or is cured, waived, rescinded or annulled, then the Event of Default by reason thereof shall be deemed not to have occurred; or 
 (5) the Company pursuant to or under or within the meaning of any Bankruptcy Law: 
 (a) commences a voluntary case or proceeding; 
 (b) consents to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of any case against
it; 
 (c) consents to the appointment of a Custodian of it or for any substantial part of its property; 
 (d) makes a general assignment for the benefit of its creditors; 
 (e) files a petition in bankruptcy or answer or consent seeking reorganization or relief; or 
 (f) consents to the filing of such petition or the appointment of or taking possession by a Custodian; or 
 (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (a) is for relief against the Company in an involuntary case or proceeding, or adjudicates the Company insolvent or bankrupt; 

(b) appoints a Custodian of the Company or for any substantial part of its property; or 
  

 8 

 (c) orders the winding up or liquidation of the Company; 
 and the order or decree remains unstayed and in effect for 90 days. 
 ‘Bankruptcy Law’ means Title 11, United States Code, or any similar Federal or state law for the relief of debtors.
“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.” 
 (b)
Section 502 is amended as follows: 
 (1) The first paragraph shall be amended by deleting “33%” and replacing
it with “25%” and by adding the following sentence at the end of the paragraph: “If an Event of Default specified in clauses (5) or (6) of Section 501 occurs and is continuing, then the principal of, and accrued
interest on, all of the Outstanding 7.125% Senior Notes shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.” 
 (2) The second paragraph shall be amended by deleting the period at the end and replacing it with “; and” and by adding the
following clause immediately after clause (2): “(3) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.” 
 SECTION 112. Defeasance. In addition to the conditions set forth in Section 402 of the Original Indenture, in order for the Company to effect defeasance or covenant defeasance of the 7.125% Senior
Notes, the Company must have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the then Outstanding 7.125% Senior Notes will not recognize income, gain or loss for federal income tax purposes as a result of the
defeasance or covenant defeasance and will be subject to federal income tax in the same amounts, in the same manner and at the same time as would have been the case if the defeasance or covenant defeasance had not occurred. In the case of a
defeasance (but not of a covenant defeasance), the opinion must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable federal income tax laws. 
 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
 SECTION 201. Recitals by Company. The recitals in this Fifth Supplemental Indenture are made by the Company only and not by the Trustee (who
makes no representation for or in respect of the validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the recitals contained herein), and all of the provisions contained in the Original Indenture in respect of the
rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 7.125% Senior Notes and of this Fifth Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 SECTION 202. Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed,
and the Original Indenture and this Fifth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
  

 9 

 SECTION 203. Executed in Counterparts. This Fifth Supplemental Indenture may be executed in
several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 SECTION 204. Assignment. The Company shall have the right at all times to assign any of its rights or obligations under the Indenture with respect to the 7.125% Senior Notes to a direct or indirect
wholly-owned subsidiary of the Company; provided that, in the event of any such assignment, the Company shall remain primarily liable for the performance of all such obligations. The Indenture may also be assigned by the Company in connection with a
transaction described in Article Eight of the Original Indenture. 
 SECTION 205. The Trustee. Any corporation or association into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association to
which all or substantially all of the corporate trust business of the Trustee may be sold or otherwise transferred, shall be the successor trustee hereunder without any further act. 
  

 10 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly
authorized officer, all as of the day and year first above written. 
  

			
	MARKEL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 11 

 EXHIBIT A 
 FORM OF 
 7.125% SENIOR NOTE DUE 2019 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY
PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.]** 
 [THIS 7.125% SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS 7.125% SENIOR NOTE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS 7.125% SENIOR NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.]** 
  

			
	REGISTERED	  	REGISTERED

  
  
 MARKEL CORPORATION 

 
  
 $             
 7.125%
SENIOR NOTES DUE 2019 
  

					
	No. A-    	  	CUSIP No.	  	570535 AH7

 Markel Corporation, a corporation duly organized and existing under the laws of Virginia (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede & Co.], or registered assigns (the “Holder”), the principal
sum of              Dollars ($            ) on September 30, 2019 and to pay interest thereon from September 22,
2009 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in 
  

	**
	Insert in Global Securities. 

 
arrears on March 30 and September 30 of each year, commencing on March 30, 2010, at the rate of 7.125% per annum, until the principal
hereof is paid or made available for payment, provided that any principal, and any such installment of interest, that is overdue shall bear interest at the rate of 7.125% per annum (to the extent that the payment of such interest shall be
legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this 7.125% Senior Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to 7.125% Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the
15th calendar day (whether or not a Business Day) preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid
to the Person in whose name this 7.125% Senior Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall
be given to Holders of 7.125% Senior Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the 7.125% Senior Notes
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Payments of
interest on the 7.125% Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the 7.125% Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on the 7.125% Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any
interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was originally payable. 
 Payment of the principal of and interest on this 7.125% Senior Note will be made at the office of the Paying Agent, in the Borough of Manhattan, City and State of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at the Stated Maturity of any 7.125% Senior Note being made upon surrender of such 7.125% Senior Note to such
office or agency; provided, however, that at the option of the Company payment of interest, subject to such surrender where applicable, may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by
the Person entitled thereto. 
 Reference is hereby made to the further provisions of this 7.125% Senior Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this 7.125% Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

							
	Dated:	 		 	Markel Corporation
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Authorized Officer

 REVERSE OF 7.125% Senior Note 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of June 5, 2001, as heretofore supplemented and amended and as further supplemented by a Fifth Supplemental Indenture dated as of September 22, 2009 (collectively, as amended or supplemented from
time to time, herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof (the “7.125% Senior Notes”) which is
unlimited in aggregate principal amount. 
 If an Event of Default with respect to 7.125% Senior Notes shall occur and be continuing, the
principal of the 7.125% Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this 7.125% Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this 7.125% Senior Note and of any 7.125% Senior Note issued upon the registration of transfer hereof or in
exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this 7.125% Senior Note. 
 As provided
in and subject to the provisions of the Indenture, the Holder of this 7.125% Senior Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the 7.125% Senior Notes, the Holders of not less than a majority in principal amount of the 7.125% Senior Notes at
the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of 7.125% Senior Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity.
The foregoing shall not apply to any suit instituted by the Holder of this 7.125% Senior Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the respective due dates expressed or provided
for herein. 

 No reference herein to the Indenture and no provision of this 7.125% Senior Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this 7.125% Senior Note at the times, place and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this 7.125% Senior Note is registrable
in the Security Register, upon surrender of this 7.125% Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on this 7.125% Senior Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new 7.125%
Senior Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The 7.125% Senior Notes are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set
forth, 7.125% Senior Notes are exchangeable for a like aggregate principal amount of 7.125% Senior Notes having the same Stated Maturity and of like tenor of any authorized denominations as requested by the Holder upon surrender of the 7.125% Senior
Note or 7.125% Senior Notes to be exchanged at the office or agency of the Company. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this 7.125% Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this 7.125% Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The 7.125% Senior Notes are redeemable, as a whole or in part, at the Company’s option, at any time or from time to time,
in the manner and with the effect provided in the Indenture. 
 All terms used in this 7.125% Senior Note that are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM —	  	as tenants in common
		
	TEN ENT —	  	as tenants by the entireties
		
	JT TEN —	  	as joint tenants with rights of survivorship and not as tenants in common
			
	UNIF GIFT MIN ACT —	  	  
	 	Custodian for
		  	(Cust)	 	
			
		  	  
	 	
		  	(Minor)
		
		  	Under Uniform Gifts to Minors Act of
			
		  	  
	 	
		  	(State)

  

			
	Additional abbreviations may also be used though not on the above list.
	
	  

 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
                             (please insert Social Security or other identifying number of assignee).

  

	
	  

	
	  

	
	  

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 the within 7.125% Senior Note and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	  

	
	  

	
	  

 agent to transfer said 7.125% Senior Note on the books of the Company, with full power of substitution in the
premises. 
 Dated:                  ,
         
  
  
 NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever. 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON,

	 as Trustee

		
	By:	 	  

		 	Authorized OfficerOracle Corporation Amended and Restated 1993 Directors' Stock Plan

 Exhibit 10.03 
 ORACLE CORPORATION 
 AMENDED AND RESTATED 1993 DIRECTORS’ STOCK PLAN 
 (as amended and adjusted for stock splits through July 13, 2009) 
 1. Establishment and Purpose. 
  

	 	(a)	Establishment. There is hereby adopted the Amended and Restated 1993 Directors’ Stock Plan (the “Plan”) of Oracle Corporation, a Delaware corporation
(the “Company”), which amends and restates the 1993 Directors’ Stock Option Plan which was originally adopted May 24, 1993, and was amended and restated on October 13, 2003, October 9, 2006 and July 14, 2008.
The Plan is intended to provide a means whereby eligible members of the Board of Directors of the Company may be given an opportunity to acquire shares of Common Stock of the Company. 

  

	 	(b)	Purpose. The purpose of the Plan is to enable the Company to attract and retain the best available individuals for service as members of the Board of Directors of the
Company, to provide additional incentive to such individuals while serving as directors, and to encourage their continued service on the Board of Directors. 

 2. Definitions. 
 As used herein, the following definitions shall apply: 
  

	 	(a)	“Award” shall mean any Option or other stock-based award granted hereunder. 

  

	 	(b)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(c)	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	 	(d)	“Committee” shall mean the Committee or Committees referred to in Section 4 of the Plan. If at any time no Committee shall be in office or appointed by the
Board to administer the Plan, then the functions of the Committee specified in the Plan shall be exercised by the Board. 

  

	 	(e)	“Common Stock” shall mean the Common Stock, $.01 par value per share, of the Company. 

  

	 	(f)	“Company” shall mean Oracle Corporation, a Delaware corporation. 

  

	 	(g)	“Continuous Status as a Director” shall mean the absence of any interruption or termination of service as a Director. 

  

	 	(h)	“Director” shall mean a member of the Board. 

  

	 	(i)	“Employee” shall mean any person, including any officer or Director, who is an employee of the Company, or any Subsidiary of the Company, for purposes of tax
withholding under the Code. The payment of a director’s fee by the Company shall not be sufficient in and of itself to constitute “employment” by the Company. 

  

	 	(j)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  

	 	(k)	“Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows, unless otherwise determined by the Committee:

  

	 	(i)	the last reported sale price of the Common Stock of the Company on NASDAQ or, if no such reported sale takes place on any such day, the average of the closing bid and asked prices,
or 

  

 1 

	 	(ii)	if such Common Stock shall then be listed on another national securities exchange, the last reported sale price or, if no such reported sale takes place on any such day, the average
of the closing bid and asked prices on the principal national securities exchange on which the Common Stock is listed or admitted to trading, or 

	 	(iii)	if such Common Stock shall not be quoted on NASDAQ nor listed or admitted to trading on another national securities exchange, then the average of the closing bid and asked prices,
as reported by The Wall Street Journal for the over-the-counter market, or 

	 	(iv)	if none of the foregoing is applicable, then the Fair Market Value of a share of Common Stock shall be determined in good faith by the Committee in its discretion.

  

	 	(l)	“Option” shall mean an option to purchase shares of Common Stock granted pursuant to the Plan. All Options granted hereunder are not intended to qualify as
incentive stock options under Section 422 of the Code. 

  

	 	(m)	“Optioned Stock” shall mean the Common Stock subject to an Option. 

  

	 	(n)	“Optionee” shall mean an Outside Director who receives an Option. 

  

	 	(o)	“Outside Director” shall mean a Director who is not an Employee. 

  

	 	(p)	“Participant” shall mean an Outside Director who receives an Award hereunder. 

  

	 	(q)	“Securities Act” shall mean the Securities Act of 1933, as amended. 

  

	 	(r)	“Share” shall mean a share of the Common Stock, as adjusted in accordance with Section 12 of the Plan. 

  

	 	(s)	“Subsidiary” shall mean a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.

 3. Shares Subject to the Plan. Subject to the provisions of Section 12 of the Plan, the maximum number of Shares which may be
issued under the Plan after July 14, 2003 (including pursuant to the exercise of Options outstanding as of such date) is 8,000,000 shares of Common Stock, of which not more than an aggregate of 1,800,000 Shares shall be available for Awards
granted pursuant to Section 5(d) of the Plan. If an Award granted hereunder expires, terminates, becomes unexercisable or is forfeited for any reason, the underlying Shares shall become available for future grant under the Plan. 
 4. Administration of the Plan. 
  

	 	(a)	Administrator. The Plan shall be administered by the Board or by the Committee appointed by the Board, which shall consist of two or more members of the Board.

  

	 	(b)	Powers of the Committee. Subject to the provisions and restrictions of the Plan, the Committee shall have the authority, in its discretion, to: (i) determine the Fair
Market Value of the Common Stock; (ii) determine the exercise price per Share; (iii) interpret the Plan; (iv) subject to Section 13, amend the Plan or any Award; (v) authorize any person to execute on behalf of the Company
any agreements or other documents in connection with the grant of an Award under the Plan; (vi) approve forms of agreement for use under the Plan; and (vii) make all other determinations deemed necessary or advisable for the administration
of the Plan. 

  

 2 

	 	(c)	Effects of Committee’s Decision. All decisions, determinations and interpretations of the Committee shall be final and binding on all holders of any Awards granted under
the Plan. 

 5. Option grants. 
  

	 	(a)	Automatic Grants. All grants of Options hereunder shall be automatic and nondiscretionary and shall be made in accordance with the provisions of this Section 5, as may
be amended by the Board or the Committee from time to time. 

  

	 	(b)	Initial Grants. As of the date on which any individual becomes an Outside Director, such individual shall be granted automatically an Option to purchase 60,000 shares.

  

	 	(c)	Subsequent Grants. On May 31 of each year: 

  

	 	(i)	each Outside Director shall be granted automatically an option to purchase 45,000 shares, provided that on such date the Outside Director has served on the Board for at least six
months. 

	 	(ii)	the Chairperson of the Finance and Audit Committee shall be granted automatically an Option to purchase 45,000 shares, provided that on such grant date the Outside Director has
served on the Finance and Audit Committee for at least one year. If such Outside Director has served on the Finance and Audit Committee for less than one year from such grant date, such Outside Director shall be granted automatically an Option to
purchase a pro rata amount of 45,000 shares based on the number of complete calendar months that such Outside Director served on the Finance and Audit Committee during the one year prior to such grant date. This grant shall be in addition to the
options granted under any other provision of Section 5(c) hereof. 

	 	(iii)	the Chairperson of the Compensation Committee shall be granted automatically an Option to purchase 45,000 shares, provided that on such date the Outside Director has served on the
Compensation Committee for at least one year. If such Outside Director has served on the Compensation Committee for less than one year from such grant date, such Outside Director shall be granted automatically an Option to purchase a pro rata amount
of 45,000 shares based on the number of complete calendar months that such Outside Director served on the Compensation Committee during the one year prior to such grant date. This grant shall be in addition to the options granted under any other
provision of Section 5(c) hereof. 

	 	(iv)	the Chairperson of the Nomination and Governance Committee shall be granted automatically an Option to purchase 15,000 shares, provided that on such date the Outside Director has
served on the Nomination and Governance Committee for at least one year. If such Outside Director has served on the Nomination and Governance Committee for less than one year from such grant date, such Outside Director shall be granted automatically
an Option to purchase a pro rata amount of 15,000 shares based on the number of complete calendar months that such Outside Director served on the Nomination and Governance Committee during the one year prior to such grant date. This grant shall be
in addition to the options granted under any other provision of Section 5(c) hereof. 

	 	(v)	the Vice Chairperson of the Finance and Audit Committee shall be granted automatically an Option to purchase 30,000 shares, provided that on such date the Outside Director has
served on the Finance and Audit Committee for at least six months. If such Outside Director has served on the Finance and Audit Committee for less than six months from such grant date, such Outside Director shall be granted automatically an Option
to purchase a pro rata amount of 30,000 shares based on the number of complete calendar months that such Outside Director served on the Finance and Audit Committee during the six months prior to such grant date. This grant shall be in addition to
the options granted under any other provision of Section 5(c) hereof. 

  

 3 

	 	(vi)	the Chairperson of the Committee on Independence Issues shall be granted automatically an Option to purchase 15,000 shares, provided that on such date the Outside Director has
served on the Committee on Independence Issues for at least six months. If such Outside Director has served on the Committee on Independence Issues for less than six months from such grant date, such Outside Director shall be granted automatically
an Option to purchase a pro rata amount of 15,000 shares based on the number of complete calendar months that such Outside Director served on the Committee on Independence Issues during the six months prior to such grant date. This grant shall be in
addition to the options granted under any other provision of Section 5(c) hereof. 

  

	 	(d)	Other Stock Awards. The Board shall have the discretion to grant awards of restricted stock, restricted stock units, deferred shares or other stock-based awards in lieu of
the automatic Option grants (in whole or in part) pursuant to paragraphs (b) and (c) above. The number of Shares subject to any such stock award granted pursuant to the foregoing sentence shall have an equivalent value, as determined on
any reasonable basis by the Board, to the number of Options that would have been granted. Any such stock award shall be subject to similar terms as would apply to options granted under paragraphs (b) and (c) with respect to vesting or
forfeiture schedules, treatment on termination of status as director, and transfer restrictions. Subject to the foregoing limitations and the provisions of the Plan, the terms and conditions of any such stock awards shall be set forth in the
applicable award agreement as determined by the Board. 

  

	 	(e)	Limitations. 

  

	 	(i)	Notwithstanding the provisions of Sections 5(b) and 5(c) hereof, in the event that a sufficient number of Shares is not available under the Plan for the grant of Awards, the
remaining Shares shall be prorated based upon the number of Shares each Director was entitled to receive under this Plan. Any further grants shall then be deferred until such time, if any, as additional Shares become available for grant under the
Plan. Subject to the terms of Section 13 hereof, the Board shall have the authority at any time to make additional Shares available for grant under the Plan, subject to obtaining stockholder approval of such increase to the extent required
under Section 13(a) hereof. 

	 	(ii)	Notwithstanding the provisions of Section 5(b) and 5(c) hereof, any grant made before the Company has obtained stockholder approval of the Plan, and any grant made after
amendment of the Plan where such amendment of the Plan requires stockholder approval under Section 13(a) hereof, shall be conditioned upon obtaining such stockholder approval. 

 6. Terms and Conditions of Options. 
  

	 	(a)	Stock Option Agreement. Each Option granted pursuant to this Plan shall be evidenced by a stock option agreement (“Option Agreement”) containing such terms and
conditions that are consistent with this Plan and as otherwise determined by the Committee. 

  

	 	(b)	Exercise Price. The exercise price per share shall be 100% of the Fair Market Value per Share on the date of grant of the Option, subject to adjustment to the extent provided
in Section 12 hereof. 

  

	 	(c)	Vesting. Unless otherwise determined by the Committee, the Shares shall vest and become exercisable at the rate of twenty-five percent (25%) of the Optioned Stock on
each anniversary of the date of grant. 

  

	 	(d)	Term. The term of each Option shall be ten (10) years from the date of grant, unless (i) a shorter period is required to comply with any applicable law, in which
case such shorter period will apply or (ii) the Committee determines that a term of less than ten years shall apply. 

  

 4 

 7. Eligibility. Awards hereunder may be granted only to Outside Directors. The Plan shall not confer upon any
Outside Director any right with respect to continuation of service as a Director or nomination to serve as a Director, nor shall it interfere in any way with any rights which the Director or the Company may have to terminate his or her directorship
at any time. 
 8. Payment Upon Exercise. Payment of the exercise price of any Award shall be made (i) by cash or check; (ii) to the extent
not prohibited by the Board or by applicable law, and provided that a public market for the Company’s stock exists, through a “same day sale” commitment from the Participant and a broker-dealer that is a member of the National
Association of Securities Dealers (an “NASD Dealer”) whereby Participant irrevocably elects to exercise the Award and to sell a portion of the Shares so purchased to pay for the exercise price and whereby the NASD Dealer irrevocably
commits upon receipt of such Shares to forward the exercise price directly to the Company; or (iii) as otherwise determined by the Board and as permitted by applicable law or regulation. 
 9. Withholding Taxes. Whenever, under the Plan, Shares are to be issued pursuant to any Award granted hereunder, the Company shall have the right to require the
recipient to remit to the Company an amount of cash sufficient to satisfy any applicable federal, state or local income and employment tax withholding requirements prior to the delivery of any certificate or certificates for such Shares. 

10. Exercise of Options. 
  

	 	(a)	Procedure for Exercise. An Option shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the
Option Agreement by the person entitled to exercise the Option and full payment for the Shares has been received by the Company in accordance with Section 8 hereof. An Option may not be exercised for a fraction of a Share.

  

	 	(b)	Rights as a Stockholder. Notwithstanding the exercise of the Option, until the issuance (as evidenced by the appropriate entry on the books of a duly authorized transfer
agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock. A stock certificate for the number of Shares so
acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right if the record date is prior to the date the stock certificate is issued. 

 

	 	(c)	Termination of Status as Director. Except as set forth in Section 10(d) or (e), if an Outside Director ceases to serve as a Director, he or she may, but only within
three (3) months (or such other period of time not exceeding six (6) months as is determined by the Board) after the date he or she ceases to be a Director of the Company, exercise his or her Option to the extent that he or she was
entitled to exercise it at the date of such termination. Notwithstanding the foregoing, in no event may the Option be exercised after its term set forth in Section 6 has expired. To the extent that such Outside Director was not entitled to
exercise an Option at the date of termination, or if such Outside Director does not exercise such Option (which he or she was entitled to exercise) within the time specified, the Option shall terminate. 

  

	 	(d)	Disability of Director. Notwithstanding the provisions of Section 10(c) above, in the event an Outside Director is unable to continue his or her service as a Director
with the Company as a result of his or her total and permanent disability (as defined in Section 22(e)(3) of the Code), he or she may, within six months from the date of such termination, exercise his or her Option to the extent he or she was
entitled to exercise it at the date of such termination. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the term set forth in Section 6. To the extent that Optionee was not entitled to exercise
the Option at the date of termination, or if Optionee does not exercise such Option (which he or she was entitled to exercise) within the time specified herein, the Option shall terminate. 

  

 5 

	 	(e)	Death of Optionee. In the event of the death of an Outside Director: 

  

	 	(i)	If the Outside Director dies during the term of the Option, is a Director at the time of his or her death and has been in Continuous Status as a Director since the date of grant of
the Option, the Option may be exercised at any time within six (6) months following the date of death by the Outside Director’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the
extent the Outside Director was entitled to exercise the Option at the date of termination. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the term set forth in Section 6.

	 	(ii)	If the Outside Director dies within three (3) months after the termination of Continuous Status as a Director, the Option may be exercised at any time within six
(6) months following the date of death by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent the Outside Director was entitled to exercise the Option at the
date of termination. Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of the term set forth in Section 6. 

 11. Nontransferability of Awards. Awards granted under this Plan, and any interest therein, shall not be transferable or assignable by the Participant, and may not be made subject to execution, attachment or
similar process, otherwise than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant; provided, however; that Awards held by a Participant may be transferred to
such family members, trusts and charitable institutions as the Committee, in its sole discretion, shall approve, unless otherwise restricted from such transfer under the terms of the Award. The designation of a beneficiary by a Participant does not
constitute a transfer. 
 12. Adjustment Upon Changes in Capitalization. 
  

	 	(a)	Adjustment of Shares. In the event that the number of outstanding shares of Common Stock of the Company is changed by a stock dividend, stock split, reverse stock split,
combination, reclassification or similar change in the capital structure of the Company without consideration, the number of Shares available under this Plan, the number of Shares deliverable in connection with any Award and, if applicable, the
exercise price per Share thereof shall be proportionately adjusted, subject to any required action by the Board or stockholders of the Company and compliance with applicable securities laws; provided however, that no certificate or scrip
representing fractional shares shall be issued and any resulting fractions of a share shall be ignored. 

  

	 	(b)	Change of Control. In the event of a dissolution or liquidation of the Company, a merger in which the Company is not the surviving corporation (other than a merger with a
wholly owned subsidiary or where there is no substantial change in the stockholders of the Company and the obligations of the Company under this Plan are assumed by the successor corporation), the sale of substantially all of the assets of the
Company, or any other transaction described under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition of all or substantially all of the outstanding
shares of the Company), all outstanding Awards, notwithstanding any contrary terms of the Plan, shall accelerate and become vested and exercisable in full prior to and shall expire on the consummation of such dissolution, liquidation, merger or sale
of assets. 

  

	 	(c)	Acceleration Upon Unfriendly Takeover. Notwithstanding anything in Section 12(b) hereof to the contrary, if fifty percent (50%) or more of the outstanding voting
securities of the Company become beneficially owned (as defined in Rule 13d-3 promulgated by the Securities and Exchange Commission) by a person (as defined in Section 2(2) of the Securities Act and in Section 13(d)(3) of the Exchange Act)
in a transaction or series of transactions expressly disapproved by the Board, then all outstanding Awards under this Plan shall become immediately vested and exercisable with no further act or action required by the Committee.

  

 6 

 13. Amendment and Termination of the Plan. 
  

	 	(a)	Amendment. The Board or the Committee may amend the Plan from time to time in such respects as the Board or the Committee, as the case may be, may deem advisable; provided
that, to the extent necessary to comply with any applicable law or regulation, the Company shall obtain approval of the Company’s stockholders to amend the Plan to the extent and in the manner required by such law or regulation.

  

	 	(b)	Termination or Suspension. Unless sooner terminated pursuant to this Section 13, the Plan shall terminate on the date that all shares of Common Stock reserved for
issuance under the Plan have been issued. The Committee, without further approval of the stockholders, may at any time terminate or suspend the Plan. Except as otherwise provided herein, any such termination or suspension of the Plan shall not
affect Awards already granted hereunder and such Awards shall remain in full force and effect as if the Plan had not been terminated or suspended. 

  

	 	(c)	Outstanding Awards. Except as otherwise provided herein, rights and obligations under any outstanding Award shall not be altered or impaired by amendment, suspension or
termination of the Plan, except with the consent of the person to whom the Award was granted. The Committee shall have the authority to modify, extend or renew outstanding Awards and to authorize the grant of new Awards in substitution therefor;
provided that the Committee shall not, without the approval of the Company’s stockholders, directly or indirectly reduce the exercise price of any outstanding Award. 

 14. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to any Award hereunder unless the issuance and delivery of such Shares shall comply
with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, state securities laws, and the requirements of any stock exchange upon which the Shares may
then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the issuance of
Shares pursuant to any Award, the Company may require the Participant to represent and warrant that the Shares are being acquired only for investment and without any present intention to sell or distribute such Shares, if, in the opinion of counsel
for the Company, such a representation is required by any of the relevant provisions of the law. 
 Inability of the Company to obtain authority from any
regulatory body having jurisdictional authority deemed by the Company’s counsel to be necessary for the lawful issuance and sale of any Shares hereunder shall relieve the Company of any liability for failure to issue or sell such Shares.

 15. Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall
be sufficient to satisfy the requirements of the Plan. 
 16. Rule 16b-3. The grant of Awards hereunder to persons subject to Section 16 of the
Exchange Act shall comply with the applicable provisions of Rule 16b-3. The Company intends this Plan to be a “formula plan” under Rule 16b-3 with respect to Awards granted hereunder. 
  

 7

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