Document:

Exhibit

Exhibit 10.2

AIRCRAFT TIME SHARING AGREEMENT

This AIRCRAFT TIME SHARING AGREEMENT, dated as of _______________________ (the “Agreement”), is entered into by and between CenturyTel Service Group, LLC, a limited liability company organized in the State of Louisiana (“Lessor”) and __________________ (“Lessee”).

WITNESSETH: 

WHEREAS, Lessor is the operator and owner of the aircraft bearing the Manufacturer’s Serial Number and the United States Federal Aviation Administration (“FAA”) Registration Number listed on Exhibit “A” (the “Aircraft”);

WHEREAS, from time to time, Lessee may desire to use the Aircraft for personal usage; 

WHEREAS, Lessor may lease the Aircraft with flight crew to Lessee for the above operations on a non-exclusive time sharing basis in accordance with §91.501 of the Federal Aviation Regulations (“FARs”); and

WHEREAS, the parties desire to enter into this Agreement to set forth the parties’ agreement with respect to such time sharing arrangement.

NOW THEREFORE, in consideration of the mutual covenants herein set forth, the parties agree as follows:

1.  Provision of Aircraft and Flight Crew.  Subject to the Aircraft’s availability, Lessor agrees to allow Lessee’s usage of the Aircraft on a time sharing basis in accordance with the provisions of §§ 91.501(b)(6), 91.501(c)(1) and 91.501(d) of the FARs.  Lessor shall provide, at its sole expense, fully qualified flight crew for all flight operations under this Agreement.  

2.  Term.  This Agreement shall commence on the date hereof and terminate upon cessation of Lessor’s operation of the Aircraft, unless earlier terminated pursuant to Paragraph 16 below or by mutual agreement of the parties.  

3.  Reimbursement of Expenses.  

3.1    For each flight, including any “deadhead” flights made for Lessee, conducted under this Agreement, Lessee shall pay Lessor the sum of the expenses of operating such flight to the extent prescribed by FAR §91.501(d), i.e. the sum of the expenses set forth in subparagraphs (a) - (j) below or a percentage of such amount, but not greater than 100%, which shall be determined from time to time by the Lessor in its sole discretion:

(a)    Fuel, oil, lubricants, and other additives;
		
	(b)
	Travel expenses of the crew, including food, lodging, and ground transportation;

		
	(c)
	Hangar and tie-down costs away from the Aircraft’s base of operation;

		
	(d)
	Insurance obtained for the specific flight;

		
	(e)
	Landing fees, airport taxes, and similar assessments;

		
	(f)
	Customs, foreign permit, and similar fees directly related to the flight;

		
	(g)
	In flight food and beverages;

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Exhibit 10.2

		
	(h)
	Passenger ground transportation;

		
	(i)
	Flight planning and weather contract services; and

		
	(j)
	An additional charge equal to one hundred percent (100%) of the expenses listed in subparagraph (a) above.

3.2    The “SIFL Amount” shall be the total amount determined for Lessee and those passengers on such trip taxable to Lessee under IRS regulations Section 1.61-21(g) and Section 1.132-5(m).
    
3.3    If the SIFL Amount exceeds the payment due from Lessee under Section 3.1, then Lessor shall include on Lessee’s IRS Form W-2 or Form 1099 as appropriate, as additional taxable compensation, the amount by which the SIFL Amount exceeds the amount paid by Lessee.  All such compensation shall be subject to employment taxes and other taxes as required in accordance with Lessor’s regular payroll practices.  Lessee shall, at Lessor’s request, reimburse Lessor for all taxes applicable to Lessee’s compensation.

4.  Invoicing and Payment.  All payments to be made to Lessor by Lessee hereunder shall be paid in the manner set forth in this Paragraph 4.  Lessor will pay, or cause to be paid, all expenses related to the operation of the Aircraft hereunder in the ordinary course.  As to each flight operated hereunder, Lessor shall provide to Lessee an invoice for the charges specified in Paragraph 3 of this Agreement within fifteen (15) days after the end of each calendar quarter for flights performed within such quarter. Any amounts due for taxes shall be included on the invoices submitted to Lessee. Lessee shall pay Lessor the full amount of such invoice no later than thirty (30) days after Lessee’s receipt of the invoice.  

5.  Flight Requests.  Lessee will provide Lessor with flight requests and proposed flight schedules as far in advance as possible.  Flight requests shall be in a written form mutually convenient to and agreed upon by the parties. In addition to proposed schedules and departure times, Lessee shall provide at least the following information for each proposed flight reasonably in advance of the desired departure time as required by Lessor or its flight crew:

(a)    departure point;
(b)    destination;
(c)    date and time of flight;
(d)    number and identity of anticipated passengers;
		
	(e)
	nature and extent of luggage and/or cargo to be carried;

		
	(f)
	date and time of return flight, if any; and

		
	(g)
	any other information concerning the proposed flight that may be pertinent to or required by Lessor or its flight crew.

6.  Aircraft Scheduling.  Lessor shall have final authority over all scheduling of the Aircraft, provided however that Lessor will use reasonable efforts to accommodate Lessee’s requests.  Any flights scheduled under this Agreement are subject to cancellation by either party without incurring liability to the other party.  In the event of cancellation, the canceling party shall provide the maximum notice reasonably practicable.

7.  Aircraft Maintenance.  Lessor shall be solely responsible for securing scheduled and unscheduled maintenance, preventive maintenance, and required or recommended inspections of the Aircraft in accordance with FAR Part 91, and shall take such requirements into account in scheduling the Aircraft.  Performance of maintenance, preventive maintenance or inspection shall not be delayed or postponed for the purpose of scheduling the Aircraft unless such maintenance or inspection can safely be conducted at 

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Exhibit 10.2

a later time in compliance with applicable laws, regulations and requirements, and such delay or postponement is consistent with the sound discretion of the pilot-in-command.  In the event that any non-standard maintenance is required during the term and will interfere with Lessee's requested or scheduled usage, Lessor, or Lessor’s pilot-in-command, shall notify Lessee of the maintenance required, the effect on the ability to comply with Lessee’s requested or scheduled usage and the manner in which the parties will proceed with the performance of such maintenance and conduct of such flight(s). In no event shall Lessor be liable to Lessee or any other person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft under this Agreement, whether or not maintenance-related.

8.  Operational Authority and Control.  Lessor shall be responsible for the physical and technical operation of the Aircraft and the safe performance of all flights under this Agreement, and shall retain full authority and control including exclusive operational control and exclusive possession, command and control of the Aircraft for all flights under this Agreement.  In accordance with applicable FARs, the qualified flight crew provided by Lessor will exercise all required and/or appropriate duties and responsibilities in regard to the safety of each flight conducted hereunder.  The pilot-in-command shall have absolute discretion in all matters concerning the preparation of the Aircraft for flight and the flight itself, the load carried and its distribution, the decision whether or not a flight shall be undertaken, the route to be flown, the place where landings shall be made, and all other matters relating to operation of the Aircraft.  Lessee specifically agrees that the flight crew shall have final and complete authority to delay or cancel any flight for any reason or condition which in the sole judgment of the pilot-in-command could compromise the safety of the flight, and to take any other action which in the sole judgment of the pilot-in-command is necessitated by considerations of safety.  No such action of the pilot-in-command shall create or support any liability to Lessee or any other person for loss, injury, damage or delay.  Lessor’s operation of the Aircraft hereunder shall be strictly within the guidelines and policies established by Lessor and FAR Part 91.  

9.  Insurance.     

(a)  Lessor, at its expense, will maintain or cause to be maintained in full force and effect throughout the term of this Agreement (i) aircraft liability insurance for bodily injury to or death of persons (including passengers) and property damage liability, in respect of the Aircraft in such amount as is customarily maintained by prudent operators of similar aircraft, naming Lessee as an additional insured, and (ii) hull insurance for the full replacement cost of the Aircraft.  

(b)  Lessor shall use reasonable commercial efforts to procure such additional insurance coverage for specific flights under this Agreement as Lessee may request in writing naming Lessee as an additional insured; provided, that the cost of such additional insurance shall be borne by Lessee pursuant to Paragraph 3(d) hereof.

10.  Use of Aircraft.  Lessee warrants that:

(a)  Lessee will use the Aircraft under this Agreement for and only for his or her own account, including the carriage of his or her guests, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo for compensation or hire;

(b)  Lessee will not permit any lien, security interest or other charge or encumbrance to attach against the Aircraft as a result of his or her actions or inactions, and shall not convey, mortgage, assign, lease or in any way alienate the Aircraft or Lessor’s rights hereunder; and  

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Exhibit 10.2

(c)  During the term of this Agreement, Lessee will abide by and conform to all such laws, governmental and airport orders, rules, and regulations as shall from time to time be in effect relating in any way to the operation or use of the Aircraft under a time sharing arrangement and all applicable policies of Lessor.

11.  Limitation of Liability.  To the fullest extent permitted by applicable law, neither party shall have any liability under this Agreement for incidental, indirect or consequential damages of any nature.  

12.  Taxes.  Lessee shall be responsible for paying, and Lessor shall be responsible for collecting from Lessee and paying over to the appropriate authorities, all applicable federal excise taxes imposed under Internal Revenue Code §4261 and all sales, use and other excise taxes imposed by any authority in connection with the use of the Aircraft by Lessee hereunder.

13.  Notices and Communications.  All notices and other communications under this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by personal delivery or by a reputable overnight courier service, addressed as follows:

If to Lessor:      CenturyTel Service Group, LLC
100 CenturyLink Dr.
Monroe, LA 71203
Attn: Legal Department 

If to Lessee:     
        

or to such other person or address as either party may from time to time designate in writing to the other party.

14.  Further Acts.  Lessor and Lessee shall from time to time perform such other and further acts and execute such other and further instruments as may be required by law or may be reasonably necessary (i) to carry out the intent and purpose of this Agreement, and (ii) to establish, maintain and protect the respective rights and remedies of the other party.

15.  Successors and Assigns.  Neither this Agreement nor any party’s interest herein shall be assignable to any other party.  This Agreement shall inure to the benefit of and be binding upon the parties hereto, their heirs, representatives and successors.

16.  Termination.  Either party may terminate this Agreement for any reason upon written notice to the other, such termination to become effective immediately. 

17.  Governing Law.  This Agreement shall be construed under and the legal relations between the parties shall be governed by the laws of the State of Delaware.

18.  Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions shall not be affected or impaired.

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Exhibit 10.2

19.  Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and there are no representations, warranties, rights, obligations, liabilities, conditions, covenants, or agreements relating to such subject matter that are not expressly set forth herein.  

20.  Amendment or Modification.  This Agreement may be amended or modified only in writing duly executed by the parties hereto.

21.  Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement, binding on the parties notwithstanding that the parties are not signatories to the same counterpart.   Any signed .pdf copies of this Agreement attached to email shall have the same binding effect as an original signed Agreement.

22.  Truth in Leasing Compliance.  Lessor, on behalf of Lessee, shall (i) deliver a copy of this Agreement to the Aircraft Registration Branch, Technical Section, of the FAA in Oklahoma City within 24 hours of its execution; (ii) notify the appropriate Flight Standards District Office at least 48 hours prior to the first flight under this Agreement of the registration number of the Aircraft, and the location of the airport of departure and departure time for such flight; and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this Agreement.

23. TRUTH IN LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FEDERAL AVIATION REGULATIONS:

(a) LESSOR CERTIFIES THAT THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED WITHIN THE 12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT (OR SUCH SHORTER PERIOD AS LESSOR SHALL HAVE POSSESSED THE AIRCRAFT) IN ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS, AND THAT ALL APPLICABLE REQUIREMENTS FOR THE AIRCRAFT’S MAINTENANCE AND INSPECTION THEREUNDER HAVE BEEN MET AND ARE VALID FOR THE OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.

(B) LESSOR AGREES, CERTIFIES AND ACKNOWLEDGES, AS EVIDENCED BY ITS SIGNATURE BELOW, THAT WHENEVER THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, LESSOR SHALL BE KNOWN AS, CONSIDERED, AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT, AND THAT LESSOR UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

(C) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE.  
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed effective as of the day and year first above written.  The persons signing below warrant their authority to sign.

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Exhibit 10.2

	
			
	LESSOR:
	 
	LESSEE:

	CenturyTel Service Group, LLC
	 
	 

	By: ___________________________
	 
	_____________________________

	Name: _______________
	 
	 

	Title: ________________
	 
	 

A legible copy of this Agreement shall be kept in the Aircraft for all operations conducted hereunder.

[Aircraft Time Sharing Agreement Signature Page]

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Exhibit 10.2

EXHIBIT “A”

Aircraft            Manufacturer’s Serial Number     FAA Registration Number
                            

Lessor may amend this Exhibit A through notice to Lessee to eliminate Aircraft or add new Aircraft in its sole and absolute discretion.

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 Exhibit 10.1 

DONEGAL GROUP INC. 
 2019 EQUITY
INCENTIVE PLAN FOR EMPLOYEES 
 1.    Purpose. The purpose of this 2019 Equity Incentive Plan for Employees
(this “Plan”) is to encourage the employees of Donegal Group Inc. (the “Company”), its subsidiaries and its affiliates to acquire a proprietary interest in the growth and performance of the Company, and to continue to align the
interests of those employees with the interests of the Company’s stockholders to generate an increased incentive for such persons to contribute to the growth, development and financial success of the Company, Donegal Mutual Insurance Company
and their respective subsidiaries and affiliates (the “Group”). To accomplish these purposes, this Plan provides a means whereby employees may receive stock options, stock awards and other stock-based awards that are based on, or measured
by or payable in shares of the Company’s Class A common stock. 
 2.    Administration. 

(a)    Administrators. The Board of Directors of the Company (the “Board”) shall administer this Plan.
The Board shall appoint a committee, the initial members of which shall be the members of the compensation committee of the Board (the “Committee”), to assist in the administration of this Plan. The Committee, with the advice of the
Company’s chief executive officer, shall recommend to the Board the employees to whom the Company should grant awards and the type, size and terms of each grant. The Board has the authority to make all other determinations necessary or
advisable for the administration of this Plan. All decisions, determinations and interpretations of the Board shall be final and binding on all grantees and all other holders of awards granted under this Plan. 

(b)    The Committee. The Committee shall be comprised of two or more members of the Board, each of whom shall be a
“non-employee director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). In addition, each
member of the Committee shall be an “outside director” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). Subject to the foregoing, from time to time, the Board may increase
or decrease the size of the Committee, appoint additional members, remove members with or without cause, appoint new members, fill vacancies or remove all members of the Committee and thereafter directly administer this Plan. The Committee shall
have those duties and responsibilities assigned to it under this Plan, and the Board may assign to the Committee the authority to make certain other determinations and interpretations under this Plan. All decisions, determinations and
interpretations of the Committee in such cases shall be final and binding on all grantees and all other holders of awards granted under this Plan. 

3.    Shares Subject to this Plan. 

(a)    Shares Authorized. The total aggregate number of shares of Class A common stock that the Company may
issue under this Plan is 4,500,000 shares, subject to adjustment as described below, each of which may be granted as incentive stock options. The shares may be authorized but unissued shares or reacquired shares for purposes of this Plan. 

(b)    Share Counting. For administrative purposes, when the Board approves an award payable in shares of
Class A common stock, the Board shall reserve, and count against the share limit, shares equal to the maximum number of shares that the Company may issue under the award. If and to the extent options granted under this Plan terminate, expire or
are canceled, forfeited, exchanged or surrendered without having been exercised, and if and to the extent that any restricted stock awards are forfeited or terminated, or otherwise are not issued in full, the Company shall make the shares reserved
for such awards available again for purposes of this Plan. 

  
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 (c)    Individual Limits. All awards under this Plan shall be
expressed in shares of Class A common stock. The maximum number of shares of Class A common stock with respect to all awards that the Company may issue to any individual under this Plan during any calendar year shall be 200,000 shares,
subject to adjustment as described below. 
 (d)    Adjustments. If any change in the number or kind of shares of
Class A common stock outstanding occurs by reason of: 
  

	 	•	 	 a stock dividend, spinoff, recapitalization, stock split or combination or exchange of shares;

  

	 	•	 	 a merger, reorganization or consolidation; 

 

	 	•	 	 a reclassification or change in par value; or 

 

	 	•	 	 any other extraordinary or unusual event affecting the outstanding Class A common stock as a class without
the Company’s receipt of consideration for such extraordinary or unusual event or if the value of outstanding shares of Class A common stock is substantially reduced as a result of a spinoff or the Company’s payment of any
extraordinary dividend or distribution in cash, 

 the maximum number of shares of Class A common stock available for issuance under
this Plan, the maximum number of shares of Class A common stock for which any individual may receive grants in any year, the kind and number of shares covered by outstanding awards, the kind and number of shares to be issued or issuable under
this Plan and the price per share or applicable market value of such grants shall be automatically and equitably adjusted to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares of Class A common
stock to preclude, to the extent practicable, the enlargement or the dilution of rights and benefits under this Plan and such outstanding grants. The Company shall eliminate any fractional shares resulting from such adjustment. Any adjustments to
outstanding awards shall be consistent with Section 409A of the Code, to the extent applicable. 

4.    Eligibility for Participation. All employees of member companies of the Group, including employees who are
officers or members of the Board of any of the foregoing companies, shall be eligible to participate in this Plan. The Committee shall recommend to the Board from time to time the names of the employees to receive awards and the number of shares of
Class A common stock subject to each award. 
 5.    Awards. Awards under this Plan may consist of stock
options as described in Section 7, stock awards as described in Section 8 and other stock-based awards as described in Section 9. The Committee shall specify the terms and conditions of the award granted to the grantee in an
agreement. The award shall be conditioned upon the grantee’s execution of an agreement accepting the award and acknowledging that all decisions and determinations of the Committee and the Board shall be final and binding on the grantee, the
grantee’s beneficiaries and any other person having or claiming an interest under the award. Awards under this Plan need not be uniform as among the grantees. The Board may grant awards that are contingent on, and subject to, stockholder
approval of this Plan or of an amendment to this Plan. 
 6.    Definition of Fair Market Value. For purposes of
this Plan, “fair market value” shall mean the last sales price of a share of Class A common stock on the NASDAQ Global Select Market (“NASDAQ”) on the day immediately preceding the date on which the Board determines the fair
market value. In the event that there are no transactions in shares of Class A common stock on NASDAQ on such day, the Board will determine the fair market value as of the immediately preceding day on which there were transactions in shares of
Class A common stock on that exchange. If shares of common stock are not listed on NASDAQ, the Board shall determine the fair market value pursuant to Section 422 of the Code. 

7.    Stock Options. The Committee may recommend to the Board the grant of stock options to an employee upon such
terms and conditions as the Committee deems appropriate under this Section 7. 
 (a)    Number of Shares Subject
to a Stock Option. The Committee shall recommend the number of shares of Class A common stock that will be subject to each grant of a stock option. 

  
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 (b)    Type of Stock Option and Price. The Committee may
recommend to the Board the grant of stock options to purchase Class A common stock that the Company intends to qualify as incentive stock options within the meaning of Section 422 of the Code, or incentive stock options, or stock options
that the Company does not intend to so qualify, or non-qualified stock options. All options shall be exercisable for a term of five years from the date of grant at a price equal to the closing market value of
a share of Class A common stock on the day before the date of the grant. 
 (c)    Exercisability of Stock
Options. Each stock option agreement shall specify the period or periods of time within which a grantee may exercise a stock option, in whole or in part, as the Board determines. No grantee may exercise a stock option after five years from the
grant date of the stock option. The Board may accelerate the exercisability of any or all outstanding stock options at any time for any reason. 

(d)    Termination of Employment. Except as provided in the stock option agreement, a grantee may exercise a stock
option only while a member company of the Group employs the grantee. The Board shall specify in the option agreement under what circumstances and during what time periods a grantee may exercise a stock option after employment terminates. If the term
of an incentive stock option continues for more than three months after employment terminates due to retirement or more than one year after termination of employment due to death or disability, the stock option shall lose its status as an incentive
stock option and the Company shall treat such stock option as a non-qualified stock option. 

(e)    Exercise of Stock Options. A grantee may exercise a stock option that has become exercisable, in whole or in
part, by delivering a notice of exercise to the Company. The grantee shall pay the exercise price for the stock option: 
  

	 	•	 	 in cash; 

  

	 	•	 	 by delivery of shares of Class A common stock at fair market value, shares of Class B common stock at
fair market value or a combination of those shares, as the Committee or the Board may determine from time to time and subject to such terms and conditions as the Committee or the Board may prescribe; 

 

	 	•	 	 by payment through a brokerage firm of national standing whereby the grantee will simultaneously exercise the
stock option and sell the shares acquired upon exercise through the brokerage firm and the brokerage firm shall remit to the Company from the proceeds of the sale of the shares the exercise price as to which the option has been exercised in
accordance with the procedures permitted by Regulation T of the Federal Reserve Board; or 

  

	 	•	 	 by any other method the Committee or the Board authorizes. 

The Company must receive payment for the shares acquired upon exercise of the stock option, and any required withholding taxes and related amounts, by the
time the Committee specifies depending on the type of payment being made, but in all cases prior to the issuance and delivery of the shares to the grantee. 

(f)    Incentive Stock Options. The Company may issue each of the shares authorized under this Plan pursuant to
incentive stock option awards within the meaning of Section 422 of the Code. The Committee shall recommend other terms and conditions of an incentive stock option as the Committee deems necessary or desirable in order to qualify such stock
option as an incentive stock option under Section 422 of the Code, including the following provisions, which the Committee may omit or modify if no longer required under Section 422 of the Code: 

 

	 	•	 	 As determined as of the grant date, the aggregate fair market value of shares subject to incentive stock options
that first become exercisable by a grantee during any calendar year under all plans of the Company shall not exceed $100,000; 

  

	 	•	 	 The exercise price of any incentive stock option granted to an individual who owns stock having more than 10% of
the total combined voting power of all outstanding shares of all classes of stock of the Company must be at least 110% of the fair market value of the shares subject to the incentive stock option on the grant date, and the individual may not
exercise the incentive stock option after the expiration of five years from the date of grant; and 

  
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	 	•	 	 The grantee may not exercise the incentive stock option more than three months after termination of employment or
one year in the case of death or disability within the meaning of the applicable Code provisions. 

8.    Stock Awards. The Committee may recommend to the Board the issuance of shares of Class A common stock to
an employee upon such terms and conditions as the Committee deems appropriate under this Section 8. The Committee may recommend to the Board the issuance of shares of Class A common stock for cash consideration or for no cash
consideration, and subject to restrictions or no restrictions. The Committee may recommend conditions under which restrictions on stock awards shall lapse over a period of time or according to other criteria as the Committee deems appropriate,
including restrictions based upon the achievement of specific performance goals. 
 (a)    Number of Shares Subject
to a Stock Award. The Committee shall recommend the number of shares of Class A common stock to be issued pursuant to a stock award and any restrictions applicable to the stock award. 

(b)    Requirement of Service. The Board shall specify in the stock award agreement under what circumstances a
grantee may retain stock awards after termination of the grantee’s employment and under what circumstances the grantee must forfeit the stock awards. 

(c)    Restrictions on Transfer. During the period that the stock award is subject to restrictions, a grantee may
not sell, assign, transfer, pledge or otherwise dispose of the shares subject to the stock award except upon death as described in Section 13. Each certificate representing a share of Class A common stock issued under a stock award shall
contain a legend giving appropriate notice of the transfer restrictions on the stock award. The grantee shall have the right to have the legend removed when all transfer restrictions on the shares subject to the stock award have lapsed. The Company
may maintain possession of any certificates representing shares subject to the stock award until all transfer restrictions on the shares subject to a stock award have lapsed. 

(d)    Right To Vote and To Receive Dividends. The grantee shall have the right to vote the shares subject to the
stock award and to receive any dividends or other distributions paid on the shares during the restriction period. 

9.    Other Stock-Based Awards. The Committee may recommend to the Board the grant of other awards that are based
on, measured by or payable in Class A common stock to an employee on such terms and conditions as the Committee deems appropriate under this Section 9. The Committee may recommend to the Board the grant of other stock-based awards subject
to achievement of performance goals or other conditions and may be payable in shares of Class A common stock or cash, or a combination of cash and shares of Class A common stock, as the Committee recommends in the stock-based award
agreement. 
 10.    Grant Date. The grant date of an award under this Plan shall be the date of the Board of
Directors approval or such later date as the Board may determine at the time it authorizes the award. The Board may not make retroactive grants of awards under this Plan. The Company shall provide notice of the award to the grantee within a
commercially reasonable time after the grant date. 
 11.    Withholding. All grants under this Plan shall be
subject to applicable federal taxes, including FICA, and state and local tax withholding requirements. The Company may require that the grantee or other person receiving or exercising a grant pay to the Company the amount of any federal taxes, state
or local taxes that applicable law requires the Company to withhold with respect to the grant, or the Company may deduct from other salary paid to the grantee the amount of any withholding taxes due with respect to the grants. The Board or

  
 4 

 
the Committee may permit a grantee to elect to satisfy the Company’s tax withholding obligations with respect to grants paid in shares of Class A common stock by having shares of
Class A common stock withheld, at the time such grants become taxable, up to an amount that does not exceed the minimum applicable withholding tax rate for federal, including FICA, state and local tax liabilities. The Board or the Committee
will value any shares so withheld as of the date the grants become taxable. 
 12.    Transferability of Grants.
Only the grantee of an award may exercise rights under the award during the grantee’s lifetime, and a grantee may not transfer those rights except by will or by the laws of descent and distribution. When a grantee dies, the personal
representative or other person entitled to succeed to the rights of the grantee may exercise those rights. Any successor to a grantee must furnish proof satisfactory to the Company of the grantee’s right to succeed to the award under the
grantee’s will or under the applicable laws of descent and distribution. 
 13.    Requirements for Issuance of
Shares. The Company shall not issue shares of Class A common stock in connection with any award under this Plan until and unless the issuance of the shares complies with all applicable legal requirements to the satisfaction of the Board.
The inability of the Company to obtain authority from any regulatory body having jurisdiction, which the Company’s counsel has deemed such authority to be necessary to the lawful issuance and sale of any shares under this Plan, shall relieve
the Company of any liability for the failure to issue or sell any shares as to which the Company has not obtained such requisite authority. The Board shall have the right to condition any award made to any employee under this Plan on the
employee’s undertaking in writing to comply with the restrictions on the grantee’s subsequent disposition of shares subject to the award as the Board shall deem necessary or advisable. Certificates representing shares of Class A
common stock issued under this Plan shall be subject to such stop-transfer orders and other restrictions as applicable laws, regulations and interpretations may require, including any requirement that the certificate bear a restrictive legend. No
grantee shall have any right as a stockholder with respect to shares of Class A common stock covered by an award until shares have been issued to the grantee. 

14.    Amendment and Termination of this Plan. 

(a)    Amendments. The Board may amend or terminate this Plan at any time, except that the Board shall not amend
this Plan without approval of the stockholders of the Company if the Code or applicable laws require such approval or to comply with applicable stock exchange requirements. The Board may not, without the consent of the grantee, negatively affect the
rights of a grantee under any award previously granted under this Plan. 
 (b)    No Repricing Without Stockholder
Approval. The Board may not reprice stock options nor may the Board amend this Plan to permit repricing of options unless the stockholders of the Company provide prior approval of the repricing. 

(c)    Termination. This Plan shall terminate on April 18, 2024, unless the Board terminates this Plan earlier
or extends the term of this Plan with the approval of the stockholders of the Company. The termination of this Plan shall not impair the power and authority of the Board or the Committee with respect to an outstanding award. 

15.    Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in this Plan shall be
construed to: 
  

	 	•	 	 limit the right of the Board to grant awards under this Plan in connection with the acquisition, by purchase,
lease, merger, 100% reinsurance, consolidation or otherwise, of the business or assets of any corporation, firm or association, including awards to employees of those entities who become employees of the Company, or for other proper corporate
purposes; or 

  

	 	•	 	 limit the right of the Company to grant stock options or make other stock-based awards outside of this Plan.

  
 5 

 Without limiting the foregoing, the Board may grant an award to an employee of another corporation or other
entity who becomes an employee by reason of a merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company in substitution for a grant made by that corporation or other entity. The terms and conditions
of the awards may vary from the terms and conditions this Plan requires and from those of the substituted stock awards, as the Board determines. 

16.    Right to Terminate Employment. Nothing contained in this Plan or in any award agreement entered into
pursuant to this Plan shall confer upon any grantee the right to continue in the employment of any member company of the Group or affect any right that any member company of the Group may have to terminate the employment of the grantee. 

17.    Reservation of Shares. The Company, during the term of this Plan, shall at all times reserve and keep
available the number of shares of Class A common stock needed to satisfy options and awards granted under this Plan. 

18.    Effect on Other Plans. Participation in this Plan shall not affect an employee’s eligibility to
participate in any other benefit or incentive plan of any member company of the Group. The Company shall not use any awards granted pursuant to this Plan in determining the benefits provided under any other plan unless specifically provided. 

19.    Forfeiture for Dishonesty. Notwithstanding anything to the contrary in this Plan, if the Board finds, by a
majority vote, after full consideration of the facts presented on behalf of both the Company and any grantee, that the grantee has engaged in fraud, embezzlement, theft, commission of a felony or dishonest conduct in the course of the
employee’s employment that damaged any member company of the Group or that the grantee has disclosed confidential information of any member company of the Group, the grantee shall forfeit all unexercised or unvested awards and all exercised or
vested awards under which the Company has not yet delivered the certificates for shares that shall automatically terminate without any further action by the Board and all of such awards shall be of no further force or effect. The decision of the
Board in interpreting and applying the provisions of this Section 19 shall be final. No decision of the Board, however, shall affect the finality of the discharge or termination of the grantee. 

20.    No Prohibition on Corporate Action. No provision of this Plan shall be construed to prevent the Company or
any officer or director of the Company from taking any action the Company or such officer or director of the Company deems to be appropriate or in the Company’s best interest, whether or not such action could have an adverse effect on this Plan
or any awards granted under this Plan, and no grantee or grantee’s estate, personal representative or beneficiary shall have any claim against the Company or any officer or director of the Company as a result of the taking of any such action.

 21.    Indemnification. With respect to the administration of this Plan, the Company shall indemnify each
present and future member of the Committee and the Board against, and each member of the Committee and the Board shall be entitled, without further action on such member’s part, to indemnity from the Company for all expenses, including the
amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself, such member reasonably incurs in connection with or arising out of, any action,
suit or proceeding in which the member may be involved by reason of being or having been a member of the Committee or the Board, whether or not the member continues to be such member at the time of incurring such expenses; provided, however, that
this indemnity shall not include any expenses such member incurs (i) in respect of matters as to which the member shall be finally adjudged in any such action, suit or proceeding to have been guilty of gross negligence or willful misconduct in
the performance of the member’s duty as such member of the Committee or the Board or (ii) in respect of any matter in which any settlement is effected for an amount in excess of the amount approved by the Company on the advice of its legal
counsel; and provided further that no right of indemnification under the provisions set forth in this Section 21 shall be available to or enforceable by any such member of the Committee or the Board unless,

  
 6 

 
within 60 days after institution of any such action, suit or proceeding, the member shall have offered the Company in writing the opportunity to represent the member of the Committee or the Board
and defend the same at its own expense. The foregoing right of indemnification shall inure to the benefit of the heirs, executors or administrators of each such member of the Committee or the Board and shall be in addition to all other rights to
which such member of the Committee or the Board may be entitled as a matter of law, contract or otherwise. 

22.    Miscellaneous Provisions. 

(a)    Compliance with Plan Provisions. No grantee or other person shall have any right with respect to this Plan,
the Class A common stock reserved for issuance under this Plan or in any award granted pursuant to this Plan until the Company and the grantee have executed a written agreement and all the terms, conditions and provisions of this Plan and the
award applicable to the grantee have been met. 
 (b)    Approval of Counsel. In the discretion of the Board, no
shares of Class A common stock, other securities or property of the Company or other forms of payment shall be issued under this Plan with respect to any award unless counsel for the Company is satisfied that such issuance will be in compliance
with applicable federal, state, local and foreign legal, securities exchange and other applicable requirements. 

(c)    Compliance with Rule 16b-3. To the extent that Rule 16b-3 under the Exchange Act applies to this Plan or to awards granted under this Plan, it is the intention of the Company that this Plan comply in all respects with the requirements of Rule 16b-3, that any ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to such intention and that, if this Plan shall not so comply, whether on the date of adoption or by
reason of any later amendment to or interpretation of Rule 16b-3, the provisions of this Plan shall be deemed to be automatically amended so as to bring them into full compliance with Rule 16b-3. 
 (d)    Section 409A Compliance. This Plan is intended
to comply with the requirements of Section 409A of the Code and the regulations issued thereunder. To the extent of any inconsistencies of this Plan with the requirements of Section 409A, the Committee and the Board shall interpret this
Plan in order to meet the requirements of Section 409A. Notwithstanding anything contained in this Plan to the contrary, it is the intent of the Company to have this Plan interpreted and construed to comply with any and all provisions of
Section 409A including any subsequent amendments, rulings or interpretations from appropriate governmental agencies. 

(e)    Effects of Acceptance of the Award. By accepting any award or other benefit under this Plan, each grantee
and each person claiming under or through the grantee shall be conclusively deemed to have indicated his acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the Board or the Committee. 

  
 7

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