Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND RELEASE

 

This SEPARATION AGREEMENT AND RELEASE (this “Agreement”)
is entered into between CTC Media, Inc., a Delaware corporation (the “Company”),
and Alexander Rodnyansky.  The parties
agree as follows:

 

1.                                       Last Date of Employment.  Mr. Rodnyansky’s last day of employment
with the Company shall be August 1, 2009 (the “Separation Date”).   The termination of his employment with the
Company is at the election of Mr. Rodnyansky pursuant to Section 7(c) of
the Amended and Restated Employment Agreement entered into between the Company
and Mr. Rodnyansky as of October 8, 2008 (the “Employment Agreement”).  The Company hereby waives the required notice
period under such Section 7(c).

 

2.                                       Employment Agreement.  Up to and including the Separation Date, the
Employment Agreement shall remain in full force and effect.

 

3.                                       Separation Benefits.  The Company shall pay Mr. Rodnyansky any
vacation pay in respect of vacations days accrued by untaken through the
Separation Date, less all applicable taxes and withholdings, in one lump sum
payment promptly following the Separation Date; in addition, Mr. Rodnyansky
shall continue to have use of his current Company car until October 31,
2009 (together, the “Separation Benefits”). Mr. Rodnyansky acknowledges
and agrees that, other than the foregoing, from the Separation Date, Mr. Rodnyansky
is entitled to no other salary, bonus, consideration and/or benefits under the
Employment Agreement or any other employment agreement between Mr. Rodnyansky
and any of the Company’s direct or indirect subsidiaries (together with the
Company, collectively, the “Group”).  It
is acknowledged that in accordance with Russian law those Russian members of
the Group that employ Mr. Rodnyansky may be required to enter into
agreements with Mr. Rodnyansky regarding the termination of his employment
with such Group members.  To the extent
that Russian law requires any member of the Group to make any severance,
separation or termination payments to Mr. Rodnyansky pursuant to such
agreements or otherwise, the aggregate amount of such payments shall be
deducted from the payment to be made to Mr. Rodnyansky pursuant to this Section 3.

 

4.                                       Board Membership.

 

(a)                                  Notwithstanding clause (i) of Section 3
of the Employment Agreement, Mr. Rodnyansky shall not be obligated to
resign (and shall not be deemed to have resigned)

 

 

from the Company’s board of directors upon the termination of his
employment with the Company on the Separation Date.

 

(b)                                 The second sentence of Section 3 of the
Employment Agreement is hereby deleted and replaced in its entirety with the
following:

 

“Mr. Rodnyansky hereby
irrevocably resigns from the Board on the earliest to occur of (i) ninety
(90) days following receipt by Mr. Rodnyansky of written notice from
either the Company, MTG or Alfa stating that either or both of MTG or Alfa no
longer support his remaining a member of the Board and (ii) Mr. Rodnyansky’s
failure to receive, at any meeting of the shareholders of the Company at which
a proposal for the re-election of Mr. Rodnyansky as a member of the Board
is being voted upon, a simple majority of the votes cast in person or by proxy
at such meeting.”

 

5.                                       Non-Competition and
Non-Solicitation.

 

(i)                                     The introductory clause of paragraph (a) of
Section 9 of the Employment Agreement is hereby deleted and replaced in
its entirety with the following:

 

“During the term of the
Executive’s employment and/or service on the Board of Directors of the Company,
and for a period of two (2) years after the termination of his service on
the Board of Directors of the Company, the Executive will not directly or
indirectly:”

 

Mr. Rodnyansky acknowledges his obligations to
comply with the non-competition and non-solicitation provisions set forth in Section 9
of the Employment Agreement, as so amended, shall remain in full force and
effect following the Separation Date.

 

6.                                       Proprietary Information.  Mr. Rodnyansky
acknowledges his obligation to keep confidential all non-public information
concerning the Group which he acquired during the course of his employment with
the Company, as stated more fully in Section 10 of the Employment
Agreement, which remains in full force and effect.  Mr. Rodnyansky further acknowledges and
agrees that such obligation shall continue in full force and effect both from
the date hereof through the Separation Date and after the Separation Date.

 

7.                                       Return of Company Property.  Mr. Rodnyansky agrees to return on or
before the Separation Date all equipment and property belonging to the Group
including, but not limited to, any
Group credit card (and to be responsible for all non-business related expenses).  Notwithstanding the foregoing, Mr. Rodnyansky
may retain the luxury sedan provided for by Section 5(f) of the
Employment Agreement following the Separation Date, and shall return such car
on or before October 31, 2009.

 

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8.                                       Release.

 

(i)                                     Release by Executive.

 

(a)                                  In consideration of the payment of the
Separation Benefits, Mr. Rodnyansky hereby fully, forever, irrevocably and
unconditionally releases, remises and discharges the Company, and its officers,
directors, stockholders, corporate affiliates, subsidiaries, parent companies,
agents and employees (each in their individual and corporate capacities) (hereinafter,
the “Released Parties”) from any and all claims, charges, complaints, demands,
actions, causes of action, suits, rights, debts, sums of money, costs,
accounts, reckonings, covenants, contracts, agreements, promises, doings,
omissions, damages, executions, obligations, liabilities, and expenses
(including attorneys’ fees and costs), of every kind and nature which Mr. Rodnyansky
ever had, could have had or now has against the Released Parties, whether known
or unknown, suspected or unsuspected, under or in connection with the
Employment Agreement.

 

(b)                                 Notwithstanding any provision of this
Release to the contrary,

 

(i)                                     the Indemnification Agreement between the
Company and Mr. Rodnyansky dated as of July 22, 2005 shall continue
in full force and effect and, subject to the terms and conditions thereof, Mr. Rodnyansky
shall be entitled to all rights and protections afforded to him by such
agreement; and

 

(ii)                                  this Release will in no way affect Mr. Rodnyansky’s
rights existing as of the Separation Date under the Stock Option Agreement
dated as of July 14, 2006 and the Share Appreciation Rights Agreement
dated as of September 16, 2003, each between the Company and Mr. Rodnyansky.

 

(ii)                                  Release by Company.

 

In consideration of the foregoing release by Mr. Rodnyansky,
the Company hereby irrevocably and unconditionally releases, remises and
discharges Mr. Rodnyansky, his heirs and administrators, or any of them,
from any and all claims, charges, complaints, demands, actions, causes of
action, suits, rights, debts, sums of money, costs, account, reckonings,
covenants, contracts, agreements, promises, doings, omissions, damages,
executions, obligations, liabilities and expenses  (including attorney fees and costs) of any kind
and nature which the Company ever had, could have had or now has against Mr. Rodnyansky
whether known or unknown, suspected or unsuspected, under or in connection with
the Employment Agreement. 
Notwithstanding any provision of this Release to the

 

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contrary, the Employment Agreement shall continue in
full force and effect in accordance with the terms thereof, as amended hereby,
and, subject to the terms and conditions thereof, the Company shall be entitled
to all rights and protections afforded to it by such agreement.

 

9.                                       Amendment.  This Agreement shall be binding upon the
parties and may only be abandoned, supplemented, changed or modified in any
manner in writing.

 

10.                                 Applicable Law; Jurisdiction.  This Agreement shall be governed exclusively
by the laws of the State of Delaware, without regard to conflict of laws
provisions.

 

11.                                 Entire Agreement.  This Agreement contains and constitutes the
entire understanding and agreement between the parties hereto with respect to
the termination of the Employment Agreement, and supersedes all previous oral
and written negotiations, agreements, commitments, and writings in connection
therewith.

 

12.                                 Counterparts.  This Agreement may be executed in two (2) signature
counterparts, each of which shall constitute an original, but all of which
taken together shall constitute but one and the same instrument.

 

13.                                 Resignation of Group Positions.  Subject to Section 3 of the Employment
Agreement as amended above, from and following the Separation Date, Mr. Rodnyansky
agrees, at the request of the Company and from time to time, to tender his
written resignation from any director or officer positions he holds in any of
the companies within the Group.  The
Company agrees not to make any claims against Mr. Rodnyansky in connection
with his holding positions as an officer and/or director of any of the Group
companies.

 

****

 

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IN WITNESS WHEREOF, all parties have set their hand
and seal to this Agreement as of the date written above.

 

 

	
  CTC MEDIA,
  INC.

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Anton
  Kudryashov

  	
   

  	
  /s/
  Alexander Rodnyansky

  
	
   

  	
  Anton
  Kudryashov

  	
   

  	
  Alexander
  Rodnyansky

  
	
   

  	
  Chief
  Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  June 23,
  2009

  	
   

  	
  Date:

  	
  June 23,
  2009

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Address:

  	
   

  
						

 

15A Pravda

Moscow 125124

Russia

 

Attn:  Chief Executive OfficerExhibit 4.4

 

HEXCEL CORPORATION

2003 INCENTIVE STOCK PLAN

As Amended and Restated May 7, 2009

 

I.  Purpose

 

The Hexcel Corporation 2003 Incentive Stock Plan  was approved by the stockholders of the
Corporation on May 19, 2005 and was amended and restated on December 31,
2008 to conform to Section 409A of the Internal Revenue Code of 1986 (as
amended the “Code”) (the “Existing Plan”). The Existing Plan was further
amended and restated upon approval by the stockholders on May 7, 2009 (and
as further amended, the “Plan”).

 

The
Plan is intended to attract, retain and provide incentives to Employees,
officers, Directors and consultants of the Corporation, and to thereby increase
overall stockholders’ value.  The Plan
generally provides for the granting of stock, stock options, stock appreciation
rights, restricted shares, other stock-based awards or any combination of the
foregoing to the eligible participants.

 

II.  Definitions

 

(a)           “Award” includes, without limitation, stock options
(including incentive stock options within the meaning of Section 422(b) of
the Internal Revenue Code) with or without stock appreciation rights, dividend
equivalent rights, stock awards, restricted share awards or other awards that
are valued in whole or in part by reference to, or are otherwise based on, the
Common Stock, all on a stand-alone, combination or tandem basis, as described
in or granted under the Plan.

 

(b)           “Award Agreement” means a written agreement setting forth
the terms and conditions of each Award made under the Plan.

 

(c)           “Board” means the Board of Directors of the Corporation.

 

(d)           “Committee” means the Compensation Committee of the Board
(or any duly authorized subcommittee thereof) or such other committee of the
Board as may be designated by the Board from time to time to administer the
Plan.

 

(e)           “Common Stock” means the $.01 par value common stock of
the Corporation.

 

(f)            “Corporation” means Hexcel Corporation, a Delaware
corporation.

 

(g)           “Director” means a member of the Board.

 

(h)           “Employee” means an employee of the Corporation or a
Subsidiary.

 

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

 

 

(j)            “Fair Market Value” means the closing price for the
Common Stock as reported in publications of general circulation from the New York
Stock Exchange Consolidated Transactions Tape on such date, or, if there were
no sales on the valuation date, on the next preceding date on which such
closing price was recorded; provided, however, that the Committee may specify
some other definition of Fair Market Value in good faith with respect to any
particular Award; provided further, however, that any such other definition
specified by the Committee shall, with respect to any Award of Stock Options
(other than Incentive Stock Options) and Stock Appreciation Rights, result in a
Fair Market Value for the Common Stock that would not be less than the fair
market value determined in accordance with Section 1.409A-1(b)(5)(iv) of
the Treasury Regulations (or any successor provision), unless the Committee
specifically provides otherwise.

 

(k)           “Grant Date” shall mean (i) with
respect to any Award other than a Stock Option or Stock Appreciation Right, the
date on which the Authorizing Authority grants the Award or provides that the
grant of the Award shall be effective and (ii) with respect to a Stock
Option or Stock Appreciation Right, the date on which the Authorizing Authority
completes the corporate action necessary to create a legally binding right
constituting the Stock Option or Stock Appreciation Right, or such future date
on which the grant is to be effective as provided by the Authorizing Authority
at the time of the corporate action.  For
purposes of this definition, “Authorizing Authority” means the Board, the
Committee, or any other committee or any person that has been duly authorized
by the Board or the Committee to authorize and approve the Award.

 

(l)            “Effective Date”
means the date on which stockholders approve the Plan

 

(m)          “Participant” means an Employee, officer, Director or
consultant who has been granted an Award under the Plan.

 

(n)           “Performance-Based
Award” shall have the meaning ascribed to such term in the last paragraph of Section VI(i).

 

(o)           “Performance Goals”
shall mean objective measures of performance based on one or more criteria
established by the Committee.  Such
criteria may relate to the performance of the Corporation, a Subsidiary, any
subsection of the Corporation’s business or any combination thereof and may be
expressed as an amount or as an increase or decrease over a specified period or
a relative comparison of performance to the performance of a peer group of
entities or other external measure of the selected performance criteria, and
shall be based on one or more of the following: earnings, cash flow, customer
satisfaction, safety, revenues, financial return ratios, market performance,
productivity, costs, shareholder return and/or value, operating profits
(including earnings before any or all of interest, taxes, depreciation and
amortization), net profits, earnings per share, profit returns or margins,
stock price and working capital (or elements thereof).

 

The Committee shall have the authority to make appropriate adjustments
in Performance Goals to reflect the impact of unusual, non-recurring or
extraordinary income or expense not reflected in such goals at the time they
are set.  For purposes of the Plan,
unusual, non recurring or extraordinary income or expense shall be defined as (1) any
profit or loss attributable to acquisitions or dispositions of stock or assets,
(2) any changes in accounting standards or treatments that may be required
or permitted by the Financial Accounting Standards Board, PCAOB or adopted by
the Corporation or its subsidiaries after the goal is

 

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established, (3) all items of gain, loss or expense for the year
related to restructuring charges for the Corporation or its subsidiaries, (4) all
items of gain, loss or expense for the year determined to be extraordinary or
unusual in nature or infrequent in occurrence or related to the disposal of a
segment of a business, (5) all items of gain, loss or expense for the year
related to discontinued operations that do not qualify as a segment of a
business as defined in APB Opinion No. 30 (or successor literature), (6) the
refinancing or repurchase of bank loans or debt securities, (7) the impact
of capital expenditures, (8) the impact of the issuance or repurchase of
equity securities and other changes in the number of outstanding shares, (9) charges
related to the conversion of some or all of convertible securities to common
stock; and (10) such other items as may be prescribed by Section 162(m) of
the Internal Revenue Code and the treasury regulations thereunder as may be in
effect from time to time, and any amendments, revisions or successor provisions
and any changes thereto.

 

(p)           “Qualified Award”
shall mean an Award to a Covered Employee (as defined in Section 162(m) of
the Internal Revenue Code) which is intended to qualify as performance-based compensation
under Section 162(m) of the Internal Revenue Code.

 

(q)           “Subsidiary” shall
mean (i) with respect to any award other than a Stock Option or Stock
Appreciation Right, any corporation, partnership, limited liability company or
other business entity of which 50% or more of the equity interests is owned or
controlled, directly or indirectly, by the Corporation; (ii) with respect
to an Incentive Stock Option, any “subsidiary corporation” with respect to the
Corporation within the meaning of Section 424(f) of the Code; and (iii) with
respect to a Stock Option other than an Incentive Stock Option or with respect
to a Stock Appreciation Right, any corporation or other entity in a chain of
corporations or other entities in which each corporation or other entity has a
controlling interest of at least 50% in another corporation or other entity in
the chain, beginning with the corporation or other entity in which the
Corporation has a controlling interest of at least 50%.  For this purpose, “controlling interest”
shall have the meaning given in Section 1.409A-1(b)(5)(E)(1) of the
Treasury Regulations (or any successor provision).

 

III.  Eligibility

 

Any Employee, officer, Director or consultant of the Corporation or a
Subsidiary selected by the Committee is eligible to receive an Award pursuant
to Section VI hereof.

 

IV.  Plan
Administration

 

(a)           Except as otherwise determined by the Board, the Plan
shall be administered by the Committee. 
The Board, or the Committee to the extent determined by the Board, shall
periodically make determinations with respect to the participation of
Employees, officers, Directors and consultants in the Plan and, except as
otherwise required by law or the Plan, the grant terms of Awards, including
vesting schedules, price, restriction or option period, dividend rights,
post-retirement and termination rights, payment alternatives such as cash,
stock, contingent awards or other means of payment consistent with the purposes
of the Plan, objectives and the attainment thereof with respect to
Performance-Based Awards, and such other terms and conditions as the Board or
the Committee deems appropriate which shall be contained in an Award Agreement
with respect to a Participant.  Any
Committee (including any subcommittee) taking any such action with respect to
any officer or director (as such terms are used in Rule 16b-3(a) under
the Exchange Act) shall be composed of two or more persons, each of whom is a “Non-Employee
Director” within the meaning of Rule 16b-3(b)(3)(i) of the Exchange

 

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Act.
Any Committee (including any subcommittee) taking any such action with respect
to one or more Qualified Awards shall be composed of two or more persons, each
of whom shall be an “outside director” within the meaning of Section 162(m) of
the Internal Revenue Code.

 

(b)           The Committee shall have authority to
interpret and construe the provisions of the Plan and any Award Agreement and
make determinations pursuant to any Plan provision or Award Agreement which shall
be final and binding on all persons.  No
member of the Committee shall be liable for any action or determination made in
good faith, and the members shall be entitled to indemnification and
reimbursement in the manner provided in the Corporation’s Certificate of
Incorporation, as it may be amended from time to time.

 

(c)           The
Committee shall have the authority at the time of the grant of any Award to
provide for the conditions and circumstances under which such Award shall be
forfeited. Awards that vest on the lapse of time shall vest over a period of at
least three years, and the performance period for Performance-Based Awards
shall be at least one year, but the Committee may make exceptions for death,
disability, new hires, promotions, retirement, change in control, and other
special circumstances. The Committee shall have the authority to accelerate the
vesting of any Award and the time at which any Award becomes exercisable. The
Committee shall have the authority to cancel an Award (with the consent of the
Participant holding such Award) on such terms and conditions as the Committee
shall determine, except any repricing of a Stock Option or cash tender by the
Corporation for a Stock Option shall require the approval of the stockholders.

 

V.  Capital Stock Subject to the Provisions of the Plan

 

(a)           The capital stock subject to the provisions of the Plan
shall be shares of authorized but unissued Common Stock and shares of Common
Stock held as treasury stock.  Subject to
adjustment in accordance with the provisions of Section XI, and subject to
Section V(c) below, the maximum number of shares of Common Stock that
shall be available for grants of Awards under the Plan shall be 9,680,669
which, as of the Effective Date, included (i) 5,546,198 shares of Common
Stock subject to outstanding grants of Awards under the Plan, and (ii) 4,134,471
shares of Common Stock available for future grants of Awards under the Plan.

 

(b)           The grant of a restricted share Award shall be deemed to
be equal to the maximum number of shares which may be issued under the
Award.  Awards payable only in cash will
not reduce the number of shares available for Awards granted under the Plan.

 

(c)           There shall be carried forward and be
available for Awards under the Plan, in addition to shares available for grant
under paragraph (a) of this Section V, shares represented by Awards
which are cancelled, forfeited, surrendered, terminated, paid in cash or expire
unexercised, and the excess amount of Performance-Based  Awards which become fixed at less than their
maximum limitations. The following shares shall not be available for Awards: shares tendered in payment of the exercise price for
an option, shares withheld by the Corporation to satisfy a participant’s tax
withholding obligation, and shares repurchased by the Corporation using the
proceeds from the exercise of Stock Options.

 

4

 

VI.  Awards Under The Plan

 

The
Board or Committee may grant Awards, including but not limited to the following
types of Awards, each of which may be granted under the Plan on a stand-alone,
combination or tandem basis:

 

(a)           Stock Option.  A right to buy a specified number of shares
of Common Stock at a fixed exercise price during a specified time, all as the
Committee may determine; provided, however, that no Stock Option shall have an
exercise price per share less than 100% of the Fair Market Value per share of
the Common Stock on the Grant Date of the Option. The term of a Stock Option
shall not exceed ten years from grant.

 

(b)           Incentive Stock Option.  An Award which may be granted only to
Employees in the form of a stock option which shall comply with the
requirements of Internal Revenue Code Section 422 or any successor section
as it may be amended from time to time. The exercise price of any incentive
stock option shall not be less than 100% of the Fair Market Value of the Common
Stock on the date of grant of the incentive stock option Award.  Subject to adjustment in accordance with the
provisions of Section XI, the aggregate number of shares which may be
subject to incentive stock option Awards under the Plan shall not exceed the
maximum number of shares provided in paragraph (a) of Section V
above.  To the extent that the aggregate
Fair Market Value of Common Stock with respect to which options intended to be
incentive stock options are exercisable for the first time by any individual
during any calendar year exceeds $100,000, such options shall be treated as
options which are not incentive stock options. The term of an Incentive Stock
Option shall not exceed ten years from grant.

 

(c)           Stock Option in lieu of
Compensation Election.  A
right given with respect to a year to a Director, officer or key Employee to
elect to exchange annual retainers, fees or compensation for stock options.

 

(d)           Stock Appreciation Right.  A right which may or may not be contained in
the grant of a stock option or incentive stock option to receive the excess of
the Fair Market Value of a share of Common Stock on the date the option is
surrendered over the option exercise price or other specified amount contained
in the Award Agreement. Such right may be payable in cash, Common Stock, or any
combination thereof.  Unless the
Committee otherwise provides, (i) no Stock Appreciation Right shall entitle
the holder to an amount in excess of the Fair Market Value per share of Common
Stock on the date the right is exercised over the Fair Market Value per share
of Common Stock on the Grant Date of the Stock Appreciation Right and (ii) 
any Stock Appreciation Right granted in tandem with a Stock Option or that
otherwise entitles the holder of the Stock Appreciation Right to the excess of
the Fair Market Value of a share of Common Stock purchasable under a Stock
Option on the date the Stock Option is surrendered over the exercise price of
the Stock Option must be granted on the same Grant Date as the related Stock
Option. The term of a Stock Appreciation Right shall not exceed ten years from
grant.

 

(e)           Restricted Shares.  A transfer of Common Stock to a Participant
subject to forfeiture until such restrictions, terms and conditions as the
Committee may determine are fulfilled.

 

(f)            Dividend or
Equivalent.  A right to
receive dividends or their equivalent in value in Common Stock, cash or in a
combination of both with respect to any Award; provided, however,

 

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that
dividends or their equivalent may only be paid to a Participant on the
shares of Common Stock that have vested pursuant to the Award (but no dividend
equivalent shall be granted with respect to any Stock Option or Stock
Appreciation Right). The Participant shall receive a dividend
payment or equivalent equal to the amount the Participant would have received
had the Participant been a holder of such vested shares of Common Stock on the
dividend record date.

 

(g)           Stock Award.  An unrestricted transfer of ownership of
Common Stock.

 

(h)           Other Stock-Based Awards.  Other Common Stock-based Awards which are
related to or serve a similar function to those Awards set forth in this Section VI.

 

(i)            Performance-Based Award.  A Performance-Based Award is any Award of the
type listed in subsections VI(a) through VI(h) above that is based,
in whole or in part, upon the attainment of one or more objectives. The Committee
shall establish with respect to each Performance-Based Award the applicable
objectives.  The objectives established
by the Committee may be (but need not be) different each time the Committee
grants one or more Performance-Based Awards and different objectives may be
applicable to different Participants. An objective shall not be deemed to have
been attained until the Committee certifies as to its attainment.  To the extent that a Performance-Based Award
is intended to be a Qualified Award, the objectives must be based on one or
more Performance Goals, and the attainment of such Performance Goals shall be
objectively determinable.

 

No
more than 50% of the shares available for grant under the Plan shall be granted
with respect to Awards other than Stock Options or Stock Appreciation
Rights.  For purposes of this limitation
only, with respect to a Performance-Based Award, the number of shares deemed to
be granted shall be that number of shares that will ultimately be issued if the
target level of the applicable performance measure is achieved.

 

VII.  Award
Agreements

 

Each Award under the Plan shall be evidenced by an Award Agreement
setting forth the terms and conditions of the Award and executed by the
Corporation and Participant.

 

VIII.  Other Terms and
Conditions

 

(a)           Assignability.  Unless
provided to the contrary in any Award, no Award shall be assignable or
transferable except by will, by the laws of descent and distribution and during
the lifetime of a Participant, the Award shall be exercisable only by such
Participant.  No Award granted under the
Plan shall be subject to execution, attachment or process.

 

(b)           Termination of Employment
or Other Relationship.  The
Committee shall determine the disposition of the grant of each Award in the
event of the retirement, disability, death or other termination of a
Participant’s employment or other relationship with the Corporation or a
Subsidiary.

 

(c)           Rights as a Stockholder.  A Participant shall have no rights as a
stockholder with respect to shares covered by an Award until the date the
Participant is the holder of record.  .

 

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(d)           No Obligation to Exercise.  The grant of an Award shall impose no
obligation upon the Participant to exercise the Award.

 

(e)           Payments by Participants.  The Committee may determine that Awards for
which a payment is due from a Participant may be payable:  (i) in U.S. dollars by personal check,
bank draft or money order payable to the order of the Corporation, by money
transfers or direct account debits; (ii) through the delivery or deemed
delivery based on attestation to the ownership of shares of Common Stock with a
Fair Market Value equal to the total payment due from the Participant; (iii) pursuant
to a “cashless exercise” program if established by the Corporation; (iv) by
a combination of the methods described in (i) through (iii) above; or
(v) by such other methods as the Committee may deem appropriate.

 

(f)            Withholding.  Except as otherwise provided by the
Committee, (i) the deduction of withholding and any other taxes required
by law will be made from all amounts paid in cash and (ii) in the case of
payments of Awards in shares of Common Stock, the Participant shall be required
to pay the amount of any taxes required to be withheld prior to receipt of such
stock, or alternatively, a number of shares the Fair Market Value of which
equals the amount required to be withheld may be deducted from the payment.

 

(g)           Maximum Awards.  The maximum number of shares of Common Stock
with respect to which options and stock appreciation rights may be granted in
any single calendar year to any single Participant under the Plan is equal to
the maximum number of shares provided for in paragraph (a) of Section V.

 

IX.  Termination,
Modification and Amendments

 

(a)           The Committee may at any time terminate the Plan or from
time to time make such modifications or amendments of the Plan as it may deem
advisable; provided, however, that no amendments to the Plan which require
stockholder approval under applicable law, rule or regulation shall become
effective unless the same shall be approved by the requisite vote of the
Corporation’s stockholders.

 

(b)           No termination, modification or amendment of the Plan may
adversely affect the rights conferred by an Award without the consent of the
recipient thereof.

 

X.  Recapitalization

 

The aggregate number of shares of Common Stock as to
which Awards may be granted to Participants, the number of shares thereof
covered by each outstanding Award, and the per share price thereof set forth in
each outstanding Award, shall all be proportionately adjusted for any increase
or decrease in the number of issued shares of Common Stock resulting from a
subdivision or consolidation of shares or other capital adjustment, or the payment
of a stock dividend or other increase or decrease in such shares, effected
without receipt of consideration by the Corporation, or other change in
corporate or capital structure; provided, however, that any fractional shares
resulting from any such adjustment shall be eliminated.  The Committee shall also make the foregoing
changes and any other changes, including changes in the classes of securities
or other consideration available, to the extent it is deemed necessary or
desirable to preserve the intended benefits of the Plan for the Corporation and
the Participants in the event of any other reorganization, recapitalization,
merger, consolidation, spin-off, extraordinary dividend or other distribution
or similar transaction.

 

7

 

XI.  No
Right to Employment

 

No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to
be retained in the employ of, or in any other relationship with, the
Corporation or a Subsidiary. Further, the Corporation and each Subsidiary
expressly reserve the right at any time to dismiss a Participant free from any
liability, or any claim under the Plan, except as provided herein or in any
Award Agreement issued hereunder or in any other agreement applicable between a
Participant and the Corporation or a Subsidiary.

 

XII.  Governing
Law

 

To the extent that federal laws do not otherwise control, the Plan
shall be construed in accordance with and governed by the laws of the State of
Delaware.

 

XIII.  Savings
Clause

 

The Plan is intended to comply in all aspects with applicable laws and
regulations.  In case any one or more of
the provisions of the Plan shall be held invalid, illegal or unenforceable in
any respect under applicable law and regulation, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby and the invalid, illegal or unenforceable provision shall be
deemed null and void; however, to the extent permissible by law, any provision
which could be deemed null and void shall first be construed, interpreted or
revised retroactively to permit the Plan to be construed in compliance with all
applicable laws so as to foster the intent of the Plan.

 

XIV.  Effective Date and Term

 

. The Plan shall be effective
on the Effective Date. All Awards granted under the Existing Plan shall remain
outstanding pursuant to the terms thereof.

 

The Plan shall terminate on
the tenth anniversary of the Effective Date. 
No Awards shall be granted after the termination of the Plan but all
Awards outstanding under the Plan shall remain outstanding pursuant to the
terms thereof.

 

*   *  
*   *   *   *

 

8

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