Document:

EX-10.15

 Exhibit 10.15 

ESCROW AGREEMENT (PUBLIC OFFERING) 

AGREEMENT made this 13th day of March 2015 by and among Hailiang Education Group, Inc. (the “Issuer”) and the Underwriter whose name and
address appears on the Information Sheet (as defined herein) attached to this Agreement and Continental Stock Transfer & Trust Company, 17 Battery Place, 8th Floor, New York, New York 10004. (The “Escrow Agent”). 

W I T N E S S E T H: 
 WHEREAS, the
Issuer has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement (the “Registration Statement”) covering a proposed public offering of its securities as described on the Information
Sheet; 
 WHEREAS, the Underwriter proposes to offer the Securities, as agent for the Issuer, for sale to the public on a “best efforts,
all or none” basis with respect to the Minimum Securities Amount and Minimum Dollar Amount and at the price per share or other unit all as set forth, on the Information Sheet; 

WHEREAS the Issuer and the Underwriter propose to establish an Escrow Account (the “Escrow Account”), to which subscription monies which are
received by the Escrow Agent from the Underwriter in connection with such public offering are to be credited, and the Escrow Agent is willing to establish the Escrow Account and the terms are subject to the conditions hereinafter set forth; and

 WHEREAS, the Escrow Agent has an agreement with JP Morgan Chase to establish a special Bank Account (the “Bank Account”) into which
the subscription monies, which are received by the Escrow Agent from the Underwriter and credited to the Escrow Account, are to be deposited; 

NOW, THEREFORE in consideration of the premises and mutual covenants herein contained, the parties hereto hereby agree as follows: 

 

	1	Information Sheet. Each capitalized term not otherwise defined in this Agreement shall have the meaning set forth for such term on the information sheet which is attached to this Agreement and is
incorporated by reference herein and made a pact hereof (the “Information Sheet”). 

  

	2	Establishment of the Bank Account. 

  

	2.1	The Escrow Agent shall establish a non-interest bank account at the branch of JP Morgan Chase selected by the Escrow Agent, and bearing the designation set forth on the
Information Sheet (heretofore defined as the “Bank Account”). The purpose of the Bank Account is for (a) the deposit of all subscription monies (checks, or wire transfers) which are received by the Underwriter from prospective
purchasers of the Securities and are delivered by the Underwriter to the Escrow Agent, (b) the holding of amounts of subscription monies which are collected through the banking system, and (c) the disbursement of collected funds, all as
described herein. 

	2.2	On or before the date of the initial deposit in the Bank Account pursuant to this Agreement, “The Underwriter shall notify the Escrow Agent in writing of the Effective Date of the Registration Statement (the
“Effective Date”), and the Escrow Agent shall not be required to accept any amounts for credit to the Escrow Account or for deposit in the Bank Account prior to its receipt of such notification. 

 

	2.3	The Offering Period, which shall be deemed to commence on the Effective Date, shall consist of the number of calendar days or business days set forth on the Information Sheet. The Offering Period shall be extended by an
Extension Period only if the Escrow Agent shall have received written notice thereof at least five (5) business days prior to the expiration of the Offering Period. The Extension Period, which shall be deemed to commence on the next calendar
day following the expiration of the Offering Period, shall consist of the number of calendar days or business days set forth on the Information Sheet. The last day of the Offering Period, or the last day of the Extension Period (if the Escrow Agent
has received written notice thereof as hereinabove provided), is referred to herein as the “Termination Date”. Except as provided in Section 4.3 hereof, after the Termination Date the Underwriter shall not deposit, and the Escrow
Agent shall not accept, any additional amounts representing payments by prospective purchasers. 

  

	3	Deposits to the Bank Account. 

  

	3.1	The Underwriter shall promptly deliver to the Escrow Agent all monies which it receives from prospective purchasers of the Securities, which monies shall be in the form of checks or wire transfers, provided however that
“Cashiers” checks and “Money Orders” must be in amounts greater than $10,000; Cashiers checks or Money Orders in amounts less than $10,000 shall be rejected by the Escrow Agent. Upon the Escrow Agent’s receipt of such
monies, they shall be credited to the Escrow Account. All checks delivered to the Escrow Agent shall be made payable to “CST&T Hailiang Education Group Inc. Escrow Account.” Any check payable other than to the Escrow Agent as required
hereby shall be returned to the prospective purchaser, or if the Escrow Agent has insufficient information to do so, then to the Placement Agent (together with any Subscription Information, as defined below or other documents delivered therewith) by
noon of the next business day following receipt of such check by the Escrow Agent, and such check shall be deemed not to have been delivered to the Escrow Agent pursuant to the terms of this Agreement. 

 

	3.2	Promptly after receiving subscription monies as described in Section 3.1, the Escrow Agent shall deposit the same into the Bank Account. Amounts of monies so deposited are hereinafter referred to as “Escrow
Amounts”. The Escrow Agent shall cause the Bank to process all Escrow Amounts for collection through the banking system. Simultaneously with each deposit to the Escrow Account, the Placement Agent (or the Issuer, if such deposit is made by
the Issuer) shall inform the Escrow Agent in writing of the name, address, and the tax identification number of the purchaser, the amount of Securities subscribed for by such purchase, and the aggregate dollar amount of such subscription
(collectively, the “Subscription Information”). 

  
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	3.3	The Escrow Agent shall not be required to accept for credit to the Escrow Account or for deposit into the Bank Account checks which are not accompanied by the appropriate Subscription Information, which at minimum shall
include the name address, tax identification number and the number of shares/units. Wire transfers representing payments by prospective purchasers shall not be deemed deposited in the Escrow Account until the Escrow Agent has received in writing the
Subscription Information required with respect to such payments. 

  

	3.4	The Escrow Agent shall not be required to accept in the Escrow Account any amounts representing payments by prospective purchasers, whether by check or wire, except during the Escrow Agent’s regular business hours.

  

	3.5	Only those Escrow Amounts, which have been deposited in the Bank Account and which have cleared the banking system and have been collected by the Escrow Agent, are herein referred to as the “Fund”.

  

	3.6	If the proposed offering is terminated before the Termination Date, the Escrow Agent shall refund any portion of the Fund prior to disbursement of the Fund in accordance with Article 4 hereof upon instructions in
writing signed by both the Issuer and the Underwriter. 

  

	4	Disbursement from the Bank Account. 

  

	4.1	Subject to Section 4.3 below, if by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount or the Minimum
Securities Amount, as indicated by the Subscription information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is
then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the
Escrow Agent shall promptly notify the Issuer and the Underwriter of its distribution of the Fund. 

  

	4.2	Subject to Section 4.3 below, if at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent determines that the amount in the Fund is at least equal to the Minimum Dollar Amount
and represents the sale of not less than the Minimum Securities Amount, the Escrow Agent shall promptly notify the Issuer and the Underwriter of such fact in writing. The Escrow Agent shall promptly disburse the Fund, by drawing checks on the Bank
Account in accordance with instructions in writing signed by both the Issuer and the Underwriter as to the disbursement of the Fund, promptly after it receives such instructions. 

  
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	4.3	(This provision applies only if a Collection Period has been provided for by the appropriate indication on the Information Sheet.] If the Escrow Agent or the Underwriter has on hand at the close of business on the
Termination Date any uncollected amounts which when added to the Fund would raise the amount in the Fund to the Minimum Dollar Amount, and result in the Fund represent the sale of the Minimum Securities Amount, the Collection Period (consisting of
the number of business days set forth on the Information Sheet) shall be utilized to allow such uncollected amounts to clear the banking system. During the Collection Period, the Underwriter (and the Issuer) shall not deposit and the Escrow Agent
shall not accept, any additional amounts; provided, however, that such amounts as were received by the Underwriter (or the Issuer) by the close of business on the Termination Date may be deposited with the Escrow Agent by noon of the next business
day following the Termination Date. If, at the close of business on the last day of the Collection Period, an amount sufficient to raise the amount in the Fund to the Minimum Dollar Amount and which would result in the Fund representing the sale of
the Minimum Securities Amount shall not have cleared the banking system, the Escrow Agent shall promptly notify the Issuer and the Underwriter in writing of such fact and shall promptly return all amounts then in the Fund, and any amounts which
thereafter clear the banking system to the prospective purchasers as provided in Section 4.2 hereof. 

  

	4.4	Upon disbursement of the Fund pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of all further obligations and released from all liability under this Agreement. It is expressly agreed and
understood that in no event shall the aggregate amount of payments made by the Escrow Agent exceed the amount of the Fund. 

  

	5	Rights, Duties and Responsibilities of Escrow Agent. It is understood and agreed that the duties of the Escrow Agent are purely ministerial in nature, and that: 

 

	5.1	The Escrow Agent shall notify the Underwriter, on a daily basis, of the Escrow Amounts which have been deposited in the Bank Account and of the amounts, constituting the Fund, which have cleared the banking system and
have been collected by the Escrow Agent. 

  

	5.2	The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of the underwriting agreement or any other agreement between the Underwriter and the Issuer nor shall the Escrow
Agent be responsible for the performance by the Underwriter or the Issuer of their respective obligations under this Agreement. 

  

	5.3	The Escrow Agent shall not be required to accept from the Underwriter (or the Issuer) any Subscription Information pertaining to prospective purchasers unless such Subscription Information is accompanied by checks, or
wire transfers meeting the requirements of Section 3.1, nor shall the Escrow Agent be required to keep records of any information with respect to payments deposited by the Underwriter (or the Issuer) except as to the amount of such payments;
however, the Escrow Agent shall notify the Underwriter within a reasonable time of any discrepancy between the amount set forth in any Subscription Information and the amount delivered to the Escrow Agent therewith. Such amount need not be accepted
for deposit in the Escrow Account until such discrepancy has been resolved. 

  
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	5.4	The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent, within a reasonable time, shall return to the Underwriter any check received
which is dishonored, together with the Subscription Information, if any, which accompanied such check. 

  

	5.5	The Escrow Agent shall be entitled to rely upon the accuracy, act in reliance upon the contents, and assume the genuineness of any notice, instruction, certificate, signature, instrument or other document which
is given to the Escrow Agent pursuant to this Agreement without the necessity of the Escrow Agent verifying the truth or accuracy thereof. The Escrow Agent shall not be obligated to make any inquiry as to the authority, capacity, existence or
identity or any person purporting to give any such notice or instructions or to execute any such certificate, instrument or other document. 

  

	5.6	If the Escrow Agent is uncertain as to its duties or rights hereunder or shall receive instructions with respect to the Bank Account, the Escrow Amounts or the Fund which, in its sole determination, are in conflict
either with other, instructions received by it or with any provision of this Agreement, it shall be entitled to hold the Escrow Amounts, the Fund, or a portion thereof, in the Bank Account pending the resolution of such uncertainty to the Escrow
Agent’s sole satisfaction, by final judgment of a court or courts of competent jurisdiction or otherwise; or the Escrow Agent, at its sole option, may deposit the Fund (and any other Escrow Amounts that thereafter become part of the Fund) with
the Clerk of a court of competent jurisdiction in a proceeding to which all parties in interest are joined. Upon the deposit by the Escrow Agent of the Fund with the Clerk of any court, the Escrow Agent shall be relieved of all further obligations
and released from all liability hereunder. 

  

	5.7	The Escrow Agent shall not be liable for any action taken or omitted hereunder, or for the misconduct of any employee, agent or attorney appointed by it, except in the case of willful misconduct or gross negligence. The
Escrow Agent shall be entitled to consult with counsel of its own choosing and shall not be Liable for any action taken, suffered or omitted by it in accordance with the advice of such counsel. 

 

	5.8	The Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in the Escrow Amounts, the Fund or any part thereof or to file any statement under the Uniform
Commercial Code with respect to the Fund or any part thereof. 

  

	6	Amendment; Resignation. This Agreement may be altered or amended only with the written consent of the Issuer, the Underwriter and the Escrow Agent. 

  
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	6.1	The Escrow Agent may resign for any reason upon thirty (30) business days’ written notice to the Issuer and the Underwriter. Should the Escrow Agent resign as herein provided, it shall not be required
to accept any deposit, make any disbursement or otherwise dispose of the Escrow Amounts or the Fund, but its only duty shall be to hold the Escrow Amounts until they clear the banking system and the Fund for a period of not more than five
(5) business days following the effective date of such resignation, at which time (a) if a successor escrow agent shall have been appointed and written notice thereof (including the name and address of such successor escrow agent) shall
have been given to the resigning Escrow Agent by the Issuer, the Underwriter and such successor escrow agent, then the resigning Escrow Agent shall pay over to the successor escrow agent the Fund, less any portion thereof previously paid out in
accordance with this Agreement; or (b) if the resigning Escrow Agent shall not have received written notice signed by the Issuer, the Underwriter and a successor escrow agent, then the resigning Escrow Agent shall promptly refund the amount in
the Fund to each prospective purchaser without interest thereon or deduction therefrom, and the resigning Escrow Agent shall promptly notify the Issuer and the Underwriter in writing of its liquidation and distribution of the Fund; whereupon, in
either case, the Escrow Agent shall be relieved of all further obligations and released from all liability under this Agreement. Without limiting the provisions of Section 8 hereof, the resigning Escrow Agent shall be entitled to be reimbursed
by the Issuer and the Underwriter for any actual expenses incurred in connection with its resignation, transfer of the Fund to a successor escrow agent or distribution of the Fund pursuant to this Section 6. 

 

	7	Representations and Warranties. The issuer and the Underwriter hereby jointly and severally represent and warrant to the Escrow Agent that: 

 

	7.1	No party other than the parties hereto and the prospective purchasers have, or shall have, any lien, claim or security interest in the Escrow Amounts or the Fund or any part thereof. 

 

	7.2	No financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security interest in or describing (whether specifically or Generally) the Escrow Amounts or the Fund or any part
thereof. 

  

	7.3	The Subscription information submitted with each deposit shall, at the time of submission and at the time of disbursement of the Fund, be deemed a representation and warranty that such deposit represents a bona fide
payment by the purchaser described therein for the amount of securities in such described as Subscription Information. 

  

	7.4	All of the information contained in the Information Sheet is, as of the date hereof, and will be, at the time of any disbursement of the Fund, true and correct. 

 

	7.5	Reasonable controls have been established and required due diligence performed to comply with “Know Your Customer” regulations, USA Patriot Act, Office of the Foreign Asset Control (OFAC) regulations and the
Bank Secrecy Act. 

  

	8	Fees and Expenses. The Escrow Agent shall be entitled to the Escrow Agent Fees set forth on the Information Sheet, payable as and when stated therein. In addition, the Issuer and the Underwriter jointly
and severally agree to reimburse the Escrow Agent for any reasonable expenses incurred in connection with this Agreement, including, but not limited to, reasonable counsel fees. Upon receipt of the Minimum Dollar Amount, the Escrow Agent shall have
a lien upon the Fund to the extent of its fees for services as Escrow Agent. 

  
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	9	Indemnification and Contribution. 

  

	9.1	The Issuer and the Underwriter (collectively referred to as the “Indemnitors”) jointly and severally agree to indemnify the Escrow Agent and its officers, directors, employees, agents and shareholders
(collectively referred to as the “ Indemnitees”) against, and hold them harmless of and from, any and all loss, liability, cost, damage and expense, including without limitation, reasonable counsel fees, which the Indemnitees may suffer or
incur by reason of any action, claim or proceeding brought against the Indemnitees arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates, unless such action, claim or proceeding is the result of
the willful misconduct or gross negligence of the Indemnitees. 

  

	9.2	If the indemnification provided for in Section 9.1 is applicable, but for any reason is held to be unavailable, the Indemnitors shall contribute such amounts as are just and equitable to pay, or to reimburse the
Indemnitees for, the aggregate of any and all losses, liabilities, costs, damages and expenses, including counsel fees, actually incurred by the Indemnitees as a result of or in connection with, and any amount paid in settlement of, any action,
claim or proceeding arising out of or relating in any way to any actions or omissions of the Indemnitors. 

  

	9.3	The provisions of this Article 9 shall survive any termination of this Agreement, whether by disbursement of the Fund, resignation of the Escrow Agent or otherwise. 

 

	10	Governing Law and Assignment. This Agreement shall be construed in accordance with and governed by the laws of the State of New York and shall be binding upon the parties hereto and their respective
successors and assigns; provided, however, that any assignment or transfer by any party of its rights under this Agreement or with respect to the Escrow Amounts or the Fund shall be void as against the Escrow Agent unless (a) written notice
thereof shall be given to the Escrow Agent; and (b) the Escrow Agent shall have consented in writing to such assignment or transfer. 

  

	11	Notices. All notices required to be given in connection with this Agreement shall be sent by registered or certified mail, return receipt requested, or by hand delivery with receipt acknowledged, or by the
Express Mail service offered by the United States Post Office, and addressed, if to the Issuer or the Underwriter, at their respective addresses set forth on the Information Sheet, and if to the Escrow Agent, at its address set forth above, to the
attention of the Trust Department. 

  

	12	Severability. If any provision of this Agreement or the application thereof to any person or circumstance shall be determined to be invalid or unenforceable, the remaining provisions of this
Agreement or the application of such provision to persons or circumstances other than those to which it is held invalid or unenforceable shall not be affected thereby and shall be valid and enforceable to the fullest extent permitted by law.

  

	13	Execution in Several Counterparts. This Agreement may be executed in several counterparts or by separate instruments, and all of such counterparts and instruments shall constitute one agreement, binding on
all of the parties hereto. 

  
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	14	Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings (written
or oral) of the parties in connection therewith. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written. 

 

			
	THE ISSUER		 CONTINENTAL STOCK TRANSFER &
 TRUST
COMPANY

		
	HAILIANG EDUCATION GROUP INC.		

  

											
	By:				 /s/ Ming Wang
				By:		 /s/ Frank A. DiPaolo

	Name:				Ming Wang				Name:		Frank A. DiPaolo
	Title:				Chief Executive Officer				Title:		Vice President

  

			
	 THE UNDERWRITER
  

NETWORK 1 FINANCIAL SECURITIES, INC.
		

  

			
	By:		/s/ Damon Testaverde
	Name:		Damon Testaverde
	Titie:		Managing Director

 EXHIBIT A 

ESCROW AGREEMENT INFORMATION SHEET 
  

	1.	The Issuer 

 Name: Hailiang Education Group Inc. 

Address: 386, Jiefangbei Road, Diankou Town, Zhuji, Zhejiang Province, PRC 311814 

 

	2.	The Placement Agent 

 Name: Network 1 Financial Securities, Inc. 

Address: The Gallaria, 2 Bridge Avenue, Suite 241, Red Bank, New Jersey, United States 

 

	3.	The Securities 

 Description of the Securities to be offered: Up to 2,500,000 American
depositary shares representing 40,000,000 ordinary shares of the Issuer 
  

	4.	Minimum Amounts and Conditions Required for Disbursement of the Escrow Account 

Aggregate dollar amount which must be collected before the Escrow Account may be disbursed to the Issuer: US$10,200,000. 

 

	5.	Plan of Distribution of the Securities 

 Initial Offering Period: Through
May 15, 2015 
 Extension Period, if any: At Discretion of Company 

 

	6.	Title of Escrow Account 

 “CST&T AAF Hailiang Education Group Inc.”

  

	7.	Escrow Agent Fees and Charges 

 $2,750: $1250.00 payable at signing of the Escrow
Agreement, plus $1,500.00 prior to the Closing. (Note: $250.00 online “view only” access to the bank account is included). A fee of $500 will be payable for document review services related to each amendment to the Escrow Agreement. In
addition, the Escrow Agent shall be paid a fee of $500.00 for each additional closing. Should the Escrow Agent continue for more than one year, the Escrow Agent shall receive a fee of $600.00 per month, or any portion thereof, payable in advance or
the first business day of the month. 
 Distribution charges: 

$10.00 per check 
 $50.00 per wire

 $100.00 per check returned (NSF) check 

$100.00 lost check replacement feeexh101FormofSARsAwardAgreementApril2015

FEDERAL AGRICULTURAL MORTGAGE CORPORATION  
2008 OMNIBUS INCENTIVE PLAN  
FORM OF SARs AWARD AGREEMENT
THIS AGREEMENT (the “Agreement”), effective as of [DATE] (the “Grant Date”), between the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the United States and an institution of the Farm Credit System (the “Company”), and [NAME] (the “Participant”).  
WHEREAS, the Participant is an employee of the Company and pursuant to the terms of the Company’s 2008 Omnibus Incentive Plan (the “Plan”), the Company desires to provide the Participant with an incentive to remain in the employment of the Company and to align the Participant’s interest with the interest of the Company’s stockholders;
NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan.  
2.    Grant of SARs.  Subject to the terms and conditions contained herein and in the Plan, the Company hereby grants to the Participant [ # ] SARs with a Grant Price of $[CLOSING PRICE OF A SHARE ON GRANT DATE] per share.  Each SAR represents the right to receive upon exercise an amount equal to the excess, if any, of (i) the Fair Market Value of a Share on the Exercise Date (as defined in Section 2(c)) over (ii) the Grant Price.   
3.    Terms and Conditions of SARs.  The SARs evidenced hereby are subject to the following terms and conditions:
(a)    Vesting.  Subject to the Participant’s continued employment and the terms and conditions set forth in the Plan and this Agreement, [_____] of the SARs shall vest on [_____].
(b)    Term.  The SARs shall expire and shall no longer be exercisable on and after the [____] anniversary of the Grant Date (the “Expiration Date”), subject to earlier termination in accordance with this Agreement.  
(c)    Exercise.  Subject to the limitations set forth in this Agreement and the Plan, the Participant may exercise vested SARs, in whole or in part, by submitting a written exercise notice in a form approved by the Committee from time to time.  The exercise date (the “Exercise Date”) shall be the date on which Company receives a written notice of exercise, duly completed and submitted by the Participant relating to the SARs, if such notice is received by 5:00 p.m. (Eastern Time) and the following business day if notice is received after such time.  
(d)    Settlement of SARs.  Payment in respect of the SARs that have been exercised shall be made to the Participant as soon as administratively practicable following the Exercise Date.  The amount of payment will be equal to the excess of the Fair Market Value of the Shares on the Exercise Date over the Grant Price multiplied by the number of SARs being exercised (the “SAR Payment Amount”).  The SAR Payment Amount shall be paid in Shares.  The number of Shares to be delivered will be equal to SAR Payment Amount divided by the Fair Market Value of the Shares on the Exercise Date rounded up to the nearest whole Share.  
(e)    Issuance of Certificate.  A certificate evidencing the appropriate number of Shares shall be issued in the name of the Participant as soon as practicable following such exercise.  
4.    Termination of Employment.  
(a)    General.  If the Participant ceases to be employed by the Company for any reason other than death, Disability, Retirement, or for Cause:  (i) unvested SARs shall be cancelled immediately; and (ii) vested SARs shall remain exercisable until the earlier of (A) the Expiration Date and (B) one (1) year following the Participant’s date of termination.
(b)    Death; Disability.  If the Participant ceases to be employed by the Company due to the Participant’s death or Disability:  (i) unvested SARs shall automatically vest and become exercisable; and (ii) vested SARs shall remain exercisable until the earlier of (A) the Expiration Date and (B) one (1) year following the Participant’s date of termination.  
(c)    Retirement.  If the Participant ceases to be employed by the Company due to the Participant’s Retirement (as defined below):  (i) unvested SARs shall continue to vest as scheduled; and (ii) vested SARs shall remain exercisable until the earlier of (A) the Expiration Date and (B) five (5) years following the Participant’s Retirement date.  For purposes of this Agreement, “Retirement” means the termination of the Participant’s employment without Cause (as defined in the Plan, in the Company’s Executive Officer Severance Plan, or in the Participant’s employment agreement, as applicable) after attaining (A) age fifty-five (55); and (B) a combined age and years of employment at the Company of at least sixty-five (65).
(d)    Death Following Termination from the Company.  If, during the ninety (90) day period following the Participant’s termination from the Company other than by Retirement, the Participant dies, any vested SARs shall remain exercisable until the earlier of (A) the Expiration Date and (B) one (1) year following the Participant’s date of death.   
(e)    Termination for Cause.  If the Participant ceases to be employed by the Company for Cause (as defined in the Plan. in the Company’s Executive Officer Severance Plan, or in the Participant’s employment agreement, as applicable), any outstanding SARs (whether or not vested) shall be cancelled immediately and the Participant will have no rights with respect to the cancelled SARs.  
5.    Incorporation of Plan Terms.  This Agreement sets forth the general terms and conditions of the SARs granted on the Grant Date.  This Agreement and the SARs shall be subject to the Plan, the terms of which are hereby incorporated herein by reference.  A copy of the Plan may be obtained by contacting the General Counsel at the Company’s offices.  In the event of any conflict or inconsistency between the Plan and this Agreement, the Plan shall govern unless the Plan specifically contemplates different terms being provided for in the Agreement.  By accepting the SARs, the Participant acknowledges receipt of the Plan (in written or electronic form) and represents that he or she is familiar with its terms and provisions and hereby accept the SARs subject to all of the terms and provisions of the Plan and all interpretations, amendments, rules, and regulations which may, from time to time, be promulgated and adopted pursuant to the Plan.  If the Participant receives or has received any other award under the Plan or any other equity compensation plan for any year, it shall be governed by the terms of the applicable award agreement, which may be different from those set forth herein. 
6.    Restrictions on Transfer of SARs.  The SARs may not be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of to any third party without prior written consent of the Company except by will or the laws of descent and distribution or pursuant to a domestic relations order and during the Participant’s lifetime, the SARs shall be exercisable only by the Participant or his or her legal guardian or representative.  Notwithstanding the foregoing, the Committee may, in its sole discretion and subject to the terms and conditions it establishes from time to time, authorize the Participant to transfer the SARs to one or more Immediate Family Members (or to trusts, partnerships, or limited liability companies established exclusively for Immediate Family Members) provided that there is no consideration for such transfer.  Any attempt to assign, transfer, pledge, hypothecate, or otherwise dispose of the SARs contrary to the provisions of the Plan or this Agreement shall be null and void and without effect.  “Immediate Family Member” shall mean the Participant’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings (including half-brother and sisters), in-laws, and persons related by reason of legal adoption.
7.    Waiver.  The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.
8.    Entire Agreement.  This Agreement and the Plan constitute the entire agreement and understanding between the parties with regard to the subject matter hereof.  They supersede all other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the SARs granted pursuant to this Agreement.  By accepting the SARs, the Participant shall be deemed to accept all of the terms and conditions of the Plan and this Agreement.  
9.    Amendments.  The Committee shall have the power to alter, amend, modify, or terminate the Plan or this Agreement at any time; provided, however, that no such termination, amendment, or modification may adversely affect, in any material respect, the Participant’s rights under this Agreement without the Participant’s consent.  Notwithstanding the foregoing, the Company shall have broad authority to amend this Agreement without the consent of the Participant to the extent it deems necessary or desirable (i) to comply with or take into account changes in or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other applicable laws, rules and regulations, (ii) to take into account unusual or nonrecurring events or market conditions, or (iii) to take into account significant acquisitions or dispositions of assets or other property by the Company. Any amendment, modification, or termination shall, upon adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person.  The Committee shall give written notice to the Participant in accordance with Section 12(i) of any such amendment, modification, or termination as promptly as practicable after the adoption thereof.  The foregoing shall not restrict the ability of the Participant and the Company by mutual consent to alter or amend the terms of the SARs in any manner that is consistent with the Plan and approved by the Committee.
10.    Adjustments.  Notwithstanding anything to the contrary contained herein, the Committee will make or provide for such adjustments to the SARs as are equitably required to prevent dilution or enlargement of the rights of the Participant that would otherwise result from (a) any stock dividend, extraordinary dividend, stock split, combination of shares, recapitalization, or other change in the capital structure of the Company, or (b) any change of control, merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation, or other distribution of assets, or issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing.  Moreover, in the event of any such transaction or event, the Committee, in its discretion, may provide in substitution for the Award such alternative consideration (including, without limitation, cash or other equity awards), if any, as it may determine to be equitable in the circumstances and may require in connection therewith the surrender of the SARs. 
11.    Listing.  Notwithstanding anything to the contrary contained herein, the SARs may not be exercised, and the Shares acquired upon exercise of a SAR may not be purchased, sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of or encumbered in any way, unless such transaction is in compliance with (a) the requirements of any securities exchange, securities association, market system, or quotation system on which securities of the Company of the same class as the Shares are then traded or quoted, (b) any restrictions on transfer imposed by the Company’s charter legislation or bylaws, and (c) any policy or procedure the Company has adopted with respect to the trading of its securities, in each case as in effect on the date of the intended transaction.  
12.    Miscellaneous.
(a)    No Right to Future Grants.  The SARs are discretionary awards.  Neither the Plan nor the grant of the SARs or any other awards confers on the Participant any right or entitlement to receive another award under the Plan or any other plan at any time in the future or with respect to any future period.
(b)    No Right to Continued Employment.  The SARs are awarded by virtue of the Participant’s employment with, and services performed for, the Company and its Subsidiaries.  Neither the Plan nor this Agreement constitute an employment agreement and nothing herein shall modify the terms of the Participant’s employment, including, without limitation, the Participant’s  status as an “at will” employee, if applicable.  None of the Plan, this Agreement, the grant of SARs, nor any action taken or omitted to be taken under these documents shall be deemed to create or confer on the Participant any right to be retained in the employ of the Company, or to interfere with or to limit in any way the right of the Company to terminate the Participant’s employment at any time.  
(c)    Stockholder Rights.  Prior to settlement, the Participant shall have no rights of a stockholder with respect to the Shares underlying the SARs.  
(d)    No Advice.  Nothing in the Plan or this Agreement should be construed as providing the Participant with financial, tax, legal, or other advice with respect to the SARs.  The Company recommends that the Participant consult with his or her financial, tax, legal, and other advisors to provide advice in connection with the SARs. 
(e)    Assignment.  The Participant may not assign any of his or her rights hereunder except as permitted by the Plan or by will or the laws of descent and distribution.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the heirs and permitted successors and assigns of such party.  All agreements herein by or on behalf of the Company, or by or on behalf of the Participant, shall bind and inure to the benefit of the heirs and permitted successors and assigns of such parties hereto.  The Company shall have the right to assign any of its rights and to delegate any of its duties under this Agreement to any of its Subsidiaries or affiliates.
(f)    Tax Withholding.  The Company shall have the right to require the Participant to remit to the Company, prior to the delivery of any cash or certificates evidencing Shares, an amount sufficient to satisfy any federal, state, or local tax withholding requirements.  Prior to the Company’s determination of such withholding liability, the Participant may, if permitted by the Committee, make an irrevocable election to satisfy, in whole or in part, such obligation to remit taxes by directing the Company to withhold cash or Shares that would otherwise be received by such individual upon exercise of the SARs.  The Company and its affiliates shall also have the right to deduct from all cash payments made to the Participant (whether or not such payment is in connection with the SARs) any federal, state or local taxes required to be withheld with respect to such payments.
(g)    Headings.  The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement.  
(h)    Section 409A of the Code.  As the Grant Price is equal to the Fair Market Value of a Share on the Grant Date, the SARs are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”).  Notwithstanding the foregoing or any provision of the Plan or this Agreement, if any provision of this Award Agreement or the Plan contravenes Section 409A or could cause the Participant to incur any tax, interest, or penalties under Section 409A, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of taxes, interest and penalties under Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A.  This Section 12(h) does not create an obligation on the part of the Company to modify the Plan or this Award Agreement and does not guarantee that the SARs will not be subject to taxes, interest, and penalties under Section 409A.
(i)    Notices.  Any notice required by the terms of the Plan or this Agreement shall be given in writing and shall be deemed effective upon personal delivery, sending, or posting of electronic communications or upon deposit in the mail, by registered or certified mail.  Notice to the Company shall be delivered to the General Counsel at the Company’s offices; to the Participant at either (i) the address that most recently provided to the Company or (ii) by Company email, Company intranet postings or other electronic means that are generally used for Company employee communications. 
13.    Governing Law.  This Agreement shall be governed by and construed in accordance with federal law.  To the extent federal law incorporates state law, that state law shall be the laws of the District of Columbia excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan or this Agreement to the substantive law of another jurisdiction.  By accepting the SARs the Participant hereby submits to the exclusive jurisdiction and venue of the federal courts in the District of Columbia, to resolve any and all issues that may arise out of or relate to the Plan or this Agreement.  
14.    Recoupment.  Amounts payable to the Participant under this Agreement shall be subject to any recoupment or “clawback” policy as may implemented and interpreted by the Company from time to time, including, but not limited to, any recoupment or “clawback” policy that may be implemented by the Company to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other applicable law and regulation.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer as of the Grant Date.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION
By: ______________________
Name: 
Title:

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