Document:

Amended and Restated Zions Bancorporation 1996 Non-Employee Directors Stock

 EXHIBIT 10.38 
 AMENDED AND RESTATED ZIONS BANCORPORATION 
 1996 NON-EMPLOYEE DIRECTORS 
 STOCK OPTION PLAN 
 SECTION 1 

 PURPOSE OF THE PLAN 
 The Zions Bancorporation Stock Option Plan for Non-Employee Directors (the “Plan”) is intended to provide a method whereby the
non-employee voting directors (the “Non-Employee Directors”) of Zions Bancorporation (the “Company”), who are responsible for reviewing and monitoring the performance of the Company and the performance of the
Company’s officers, may be encouraged to acquire a stock ownership in the Company, thereby promoting the interests of the Company and all its stockholders. Accordingly, the Company, during the term of the Plan, will grant Options (as defined in
Section 3.2) to the Non-Employee Directors to purchase shares of the Company’s common stock, subject to the conditions hereinafter provided. 
 SECTION 2 
 ADMINISTRATION OF THE PLAN

 2.1.    The Plan shall be administered by the Pension and Benefits Committee (the
“Committee”) which consists of officers of the Company. The Committee shall keep records of action taken at its meetings. 
 2.2.    The Committee shall interpret the Plan and prescribe such rules, regulations and procedures in connection with the operation of the Plan as it shall deem to be necessary and advisable for the
administration of the Plan consistent with the purposes and terms of the Plan. All questions of interpretation and application of the Plan, or as to Options granted under the Plan, shall be subject to the determination of the Committee, which shall
be final and binding. 
 2.3.    Notwithstanding the above, the selection of the Non-Employee Directors to whom
Options are to be granted, the timing of such grants, the number of shares subject to any Option, the exercise price of any Option, the periods during which any Option may be exercised and the term of any Option shall be as hereinafter provided, and
the Committee shall have no discretion as to such matters. 
  

 2.4.    Notwithstanding anything contained herein to the contrary, no member
of the Committee shall be eligible to receive Options granted under the Plan. 
 SECTION 3 
 ELIGIBILITY OF GRANTEES 
 3.1.    Options shall be granted only to voting Non-Employee Directors of the Company who are not currently serving as full-time or part-time employees of the Company or any of its
affiliates. 
 3.2.    Nothing in the Plan, in any option granted under the Plan (“Option”), or
in any Option Agreement (as defined in Section 6.5) shall confer any right to any person to continue as a Non-Employee Director of the Company or interfere in any way with the right of the stockholders of the Company or the Company’s Board
of Directors (the “Board”) to elect and remove any Non-Employee Director at any time, with or without cause. 
 SECTION 4

 STOCK AVAILABLE UNDER THE PLAN 
 4.1.    The stock to be issued upon exercise of Options granted under the Plan shall be the Company’s common stock,
without par value (“Common Stock”), that shall be made available either from authorized but unissued Common Stock or from Common Stock reacquired by the Company, including shares purchased in the open market. The aggregate number of
shares of Common Stock available and reserved for the grant of Options pursuant to the Plan shall not exceed One Hundred Thousand (100,000) shares. The limitations established by the preceding sentence shall be subject to adjustment as provided
in Section 11 of the Plan. 
 4.2.    If any Option granted under the Plan is cancelled by mutual consent or
terminates or expires for any reason without having been exercised in full, the shares of Common Stock allocable to the unexercised portion of such Option may again be available for grant under the Plan. 
 SECTION 5 
 TYPE
OF OPTION 
 Only “nonstatutory stock options” shall be granted under the terms of the Plan. For
purposes of the Plan, the term “nonstatutory stock options” shall mean an option which does not qualify under Section 422 or 423 of the Internal Revenue Code of 1986, as amended. 
  

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 SECTION 6 
 GRANT OF OPTION 
 6.1.    Each Non-Employee Director shall receive a grant of Options pursuant to this Plan on the first business day after the date such Plan is approved by the Company’s stockholders. Thereafter, each
Non-Employee Director shall automatically be granted Options each year on the first business day following the day of the Annual Meeting of Stockholders of the Company as provided in Section 6.2. 
 6.2.    Each Non-Employee Director shall receive, on an annual basis, an Option to purchase One Thousand (1,000) shares
of the Company’s Common Stock, subject to adjustment only as provided in Section 11 of the Plan. If the number of shares then remaining available for the grant of Options under the Plan is not sufficient for each Non-Employee Director to
be granted an Option for One Thousand (1,000) shares (or the number of adjusted shares pursuant to Section 11), then each Non-Employee Director shall be granted an Option for a number of whole shares equal to the number of shares then
remaining available divided by the number of Non-Employee Directors, disregarding any fractions of a share. 
 6.3.    Except as otherwise provided in this Plan, each annual grant of an Option shall vest and become exercisable in four equal installments of Two Hundred Fifty (250) shares beginning six (6) months
from the grant date and on each anniversary of the first vesting date. 
 6.4.    Subject to Section 9, each
Option shall be exercisable for ten (10) years from the date of grant and shall expire thereafter. An Option, to the extent exercisable at any time, may be exercised in whole or in part. 
 6.5.    All Options shall be confirmed by an agreement, or an amendment thereto (“Option Agreement”), setting
forth the terms and conditions which shall apply to such Options and which shall be executed on behalf of the Company by the Chief Executive Officer and by the grantee. 
 SECTION 7 
 OPTION PRICE 
 7.1.    The Option price per share shall be One Hundred percent (100%) of the Fair Market Value (as defined in
Section 7.2) of one share of Common Stock on the date the Option is granted (the “Option Price”). 
 7.2.    As used in this Plan, the term “Fair Market Value” shall be deemed to be the closing price of the Company’s Common Stock as reported on the National Association of Securities Dealers
Automated Quotations System (or the principal United States securities exchange registered under the Securities Exchange Act of 1934 on which the Common Stock is listed at the time) (“NASDAQ”) on the date the Option is granted. If
there is no NASDAQ closing price quotation for such date, then the Fair Market Value shall be determined by 

  

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reference to the NASDAQ closing price quotation for the next preceding day on which a closing price quotation is reported by NASDAQ. 
 7.3.    The Option Price shall be subject to adjustment only as provided in Section 11 of the Plan. 
 SECTION 8 
 EXERCISE
OF OPTIONS 
 8.1.    A Non-Employee Director electing to exercise an Option
shall give written notice to the Company of such election and of the number of shares of Common Stock he or she has elected to purchase, in such form as the Committee shall have prescribed or approved, and shall at the time of exercise tender the
full Option Price of the shares of Common Stock he or she has elected to purchase. 
 8.2.    The Option Price
shall be paid in full upon exercise and shall be payable in cash in United States dollars (including check, bank draft or money order); provided, however, that in lieu of cash, the person exercising the Option may pay the Option Price in whole or in
part by delivering to the Company shares of the Common Stock owned by him or her and having a fair market value on the date of exercise equal to the cash Option Price applicable to his or her Option or by any other method as the Committee may
provide from time to time, except that (i) any portion of the Option Price representing a fraction of a share shall in any event be paid in cash and (ii) no shares of the Common Stock which have been held for less than six (6) months
may be delivered in payment of the Option Price of an Option. Delivery of shares may also be accomplished through the effective transfer to the Company of shares held by a broker or other agent. 
 8.3.    Notwithstanding the provisions of Section 8.2 above, the exercise of the Option shall not be deemed to occur and
no shares of Common Stock will be issued by the Company upon exercise of the Option until the Company has received payment of the Option Price in full. 
 8.4.    Promptly after receiving payment of the Option Price of the shares of Common Stock as to which an Option is exercised, the Company shall deliver to the Non-Employee Director or to
such other person as may then have the right to exercise the Option or as directed by the Non-Employee Director or such other person a certificate or certificates for the Common Stock for which the Options have been exercised. 
 8.5.    A grantee shall have no rights as a stockholder with respect to any shares covered by his or her Option(s) until such
Common Stock has been paid for in full and issued to such person. No adjustments shall be made for dividends (ordinary or extraordinary), whether in cash, securities or other property, or distributions or other rights, for which the record date is
prior to the date such stock certificate is issued, except as provided in Section 11 hereof. 
  

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 8.6.    Payment of the Option Price with shares of Common Stock shall not
increase the number of shares of Common Stock which may be issued under the Plan as provided in Section 4 above. 
 8.7.    Notwithstanding any provision of the Plan or any provision or limitation in any Option to the contrary, if there occurs a “Change of Control” of the Company (as defined below), then all
outstanding Options held by grantees who, at the time of the Change in Control are Non-Employee Directors, may be exercised with respect to all shares of Common Stock subject thereto at any time following the occurrence of such Change of Control of
the Company until the expiration date specified in the applicable Option Agreement. As used herein, a “Change of Control” shall mean: 
 (a) any Person (as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the Beneficial Owner (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities (“Outstanding Company Voting Securities”);
provided, however, that the event described in this subsection (a), shall not be deemed a Change in Control by virtue of any of the following acquisitions: (i) by the Company or any corporation controlled by the Company,
(ii) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (iii) by any underwriter temporarily holding securities pursuant to an offering of such securities,
(iv) pursuant to a Non-Qualifying Transaction (as defined in subsection (c) below), (v) pursuant to any acquisition by a Non-Employee Director or any group of persons including a Non-Employee Director (or any entity controlled by a
Non-Employee Director or any group of persons including you), (vi) a transaction (other than one described in subsection (c) below) in which Outstanding Company Voting Securities are acquired from the Company, if a majority of the
Continuing Directors (as defined in subsection (b) below) approve a resolution providing expressly that the acquisition pursuant to this clause (vi) does not constitute a Change in Control under this subsection (a) for any or all
purposes of the Plan or (vii) any acquisition by a Person of 20% of the Outstanding Company Voting Securities as a result of an acquisition of common stock of the Company by the Company which, by reducing the number of shares of common stock of
the Company outstanding, increases the proportionate number of shares beneficially owned by such Person to 20% or more of the Outstanding Company Voting Securities; provided, however, that if a Person shall become the beneficial owner
of 20% or more of the Outstanding Company Voting Securities by reason of a share acquisition by the Company as described above and shall, after such share acquisition by the Company, become the beneficial owner of any additional shares of common
stock of the Company, then such acquisition shall constitute a Change in Control; 
 (b) individuals who, on
April 26, 2002, constitute the Board (“Continuing Directors”), cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to such date whose election or

  

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nomination for election was approved by a vote of at least a majority of the Continuing Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be a Continuing Director; provided, however, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board
shall be deemed to be a Continuing Director; 
 (c) the consummation of a merger, consolidation, statutory share
exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a
“Business Combination”), unless immediately following such Business Combination: (i) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving
Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting securities eligible to elect directors of the Surviving Corporation (the
“Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were
converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the
Business Combination, (ii) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 20% or
more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (iii) at least a majority of the members of the
board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination are Continuing Directors (any Business Combination which satisfies all of the
criteria specified in (i), (ii) and (iii) above shall be deemed to be a “Non-Qualifying Transaction”); provided, however, that if Continuing Directors constitute a majority of the Board immediately following
the occurrence of a Business Combination, then a majority of Continuing Directors in office prior to the Consummation of the Business Combination may approve a resolution providing expressly that such Business Combination does not constitute a
Change in Control under this subsection (c) for any and all purposes of the Plan; 
 (d) the stockholders of the
Company approve a plan of complete liquidation or dissolution of the Company; or 
 (e) the consummation of an
agreement (or agreements) providing for the sale or disposition by the Company of all or substantially all of the Company’s assets other than a sale or disposition which would result in the voting securities of the 

  

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Company outstanding immediately prior thereto continuing to represent 50% or more of the combined voting power of the Company or such surviving entity
outstanding immediately after such sale or disposition. 
 SECTION 9 
 RESTRICTIONS ON TRANSFERABILITY OF OPTIONS 
 9.1.    No Option shall be assignable or transferable by the grantee, and no right or interest of any grantee shall be subject
to any lien, obligation or liability of the Non-Employee Director except by Will, or if the Grantee dies intestate, by the laws of descent and distribution of the state of domicile of the grantee at the time of death. All Options shall be
exercisable during the lifetime of the grantee only by the grantee or the grantee’s guardian, conservator or legal representative. Notwithstanding the immediately preceding sentence, subject to the requirements of applicable law or any stock
exchange, a Non-Employee Director may transfer any Options granted to him pursuant to the Plan to one or more of his or her immediate family members or to trusts established in whole or in part for the benefit of the Non-Employee Director and/or one
or more of such immediate family members. During the lifetime of the Non-Employee Director, Options shall be exercisable only by the Non-Employee Director or by the immediate family member or trust to whom such Options have been transferred in
accordance with this Section 9.1. 
 9.2.    If a grantee ceases to be a Non-Employee Director of the Company
for any reason prior to a Change in Control, any outstanding Options held by the grantee shall be exercisable according to the following provisions: 
 9.2.1. If a grantee ceases to be a Non-Employee Director of the Company for any reason other than disability, death or retirement, any outstanding Options held by such grantee shall terminate as of the date on
which the grantee ceases to be a Non-Employee Director of the Company; 
 9.2.2. If, during his or her term of office
as a Non-Employee Director, a grantee dies or becomes unable to serve as a director of the Company due to physical and/or mental disability, any outstanding Options held by the grantee, which are exercisable by the grantee immediately prior to his
or her death or disability, shall be exercisable at any time prior to the expiration date of such Options or within one (1) year after the date of the grantee’s disability or death, whichever period is longer, by the grantee’s
guardian, conservator, legal representative, executor or administrator, unless the grantee’s Will specifically disposes of such Option, in which case such exercise shall be made only by the recipient of such specific disposition. If a
grantee’s legal representative or the recipient of a specific disposition under the grantee’s Will shall be entitled to exercise any Option pursuant to the preceding sentence, such representative or recipient shall be bound by all the
terms and conditions of the Plan and the applicable Option Agreement which would have applied to the grantee. 
  

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 9.2.3. Upon the retirement of a Non-Employee Director on or after April 26,
2002, any outstanding Options held by the grantee and which are exercisable by the grantee immediately prior to his or her retirement, shall be exercisable at any time prior to the expiration date of such Options or within three (3) years after
the date of the grantee’s retirement, whichever period is shorter. 
 SECTION 10 
 AMENDMENT OR TERMINATION OF THE PLAN 
 The Board may at any time terminate, annul, amend, modify or suspend the Plan, subject to the following conditions: 
 10.1.    No termination of the Plan shall terminate any outstanding Options granted under the Plan. 
 10.2.    No amendment of the Plan shall be made without stockholder approval if stockholder approval of the amendment is at
the time required for Options under the Plan to qualify for the exemption from Section 16(b) of the Exchange Act provided by Rule 16b-3, or any successor Rule, or by the rules of any stock exchange on which the Common Stock may then be listed.

 10.3.    The Board cannot amend, modify, suspend, or terminate the Plan in such a way that materially adversely
affects any Options previously granted under the Plan without the consent of the grantee. 
 10.4.    Without the
approval of the stockholders of the Company, no amendment or modification shall be made by the Board that: 
 10.4.1.
Increases the maximum number of shares as to which Options may be granted under the Plan; 
 10.4.2. Alters the
method by which the Option Price is determined; 
 10.4.3. Extends any Option for a period longer than 10 years after
the date of grant; 
 10.4.4. Materially modifies the requirements as to eligibility for participation in the Plan;

 10.4.5. Provides for the administration of the Plan by a Committee that is not composed entirely of officers of the
Company who are not eligible to participate in the Plan; 
 10.4.6. Causes the Options granted under the Plan not to
qualify for the exemption provided by Rule 16b-3, or any successor Rule; or 
  

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 10.4.7. Alters this Section 10 so as to defeat its purpose. 
 10.5.    Notwithstanding anything contained in this Section 10 or any other provision of the Plan or any Option
Agreement, the Board shall have the power to amend the Plan in any manner deemed necessary or advisable for the Options granted under the Plan to qualify for the exemption provided by Rule 16b-3 (or any successor rule relating to exemption from
Section 16(b) of the Exchange Act), and any such amendment shall, to the extent deemed necessary or advisable by the Board, be applicable to any outstanding Options theretofore granted under the Plan notwithstanding any contrary provisions
contained in any Option Agreement. In the event of any such amendment to the Plan, the holder of any Option outstanding under the Plan shall, upon request of the Committee and as a condition to the exercisability of such Option, execute a conforming
amendment in the form prescribed by the Committee to their Option Agreement within such reasonable time as the Committee shall specify in such request. Pursuant to this provision, the Board may take any action with respect to this Plan or any Option
granted hereunder that may be taken by the Committee if it determines, in its sole discretion, that such action should be taken by the Board, rather than by the Committee, in order for the Options or the exercise thereof to qualify for the exemption
provided by Rule 16b-3 (or any successor rule relating to exemption from Section 16(b) of the Exchange Act). 
 SECTION 11

 CHANGES IN CAPITALIZATION 
 11.1.    In the event that the shares of stock of the Company, as presently constituted, shall be changed into or exchanged
for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, split-up, combination of shares or otherwise) or if the
number of such shares of stock shall be increased through the payment of a stock dividend, then, subject to the provisions of Section 11.3 below, the Committee may make such substitution for or addition to each share of stock of the Company
which was theretofore appropriated, or which thereafter may become subject to an Option under the Plan, the number and kind of shares of stock or other securities into which each outstanding share of the stock of the Company shall be so changed or
for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be. Outstanding Options shall also be amended as to price and other terms, as may be necessary to reflect the foregoing events. 

11.2.    Fractional shares resulting from any adjustment in Options pursuant to this Section 11 shall be rounded up to
the nearest whole number. 
 11.3.    To the extent that the foregoing adjustments relate to stock or securities
of the Company, such adjustments shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Notice of any adjustment shall be given by the Company to each holder of an Option which shall have been so
adjusted. 
  

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 11.4.    The grant of an Option pursuant to the Plan shall not affect in any
way the right or power of the Company to make adjustments, reclassifications, reorganization or changes of its capital or business structure, to merge, to consolidate, to dissolve, to liquidate or to sell or transfer all or any part of its business
or assets. 
 11.5.    Except as expressly provided herein, no issuance by the Company of shares of any class, or
securities convertible into or exchangeable for shares of any class shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Common Stock subject to any grant of Options. 
 SECTION 12 
 MISCELLANEOUS 
 12.1.    Each Option under the Plan shall be subject to the
requirement that if at any time the Committee shall determine that the listing, registration or qualification of any shares issuable or deliverable thereunder upon any stock exchange or under any applicable law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition thereof, or in connection therewith, no such Option may be exercised or shares issued or delivered unless such listing, registration, qualification, consent or approval shall
have been effected or obtained free of any conditions not acceptable to the Committee. 
 12.2.    The
Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Options (whether or not such persons are similarly situated). 
 12.3.    All rights and obligations under the Plan shall be construed and interpreted in accordance with the laws of Utah
without giving effect to principles of conflict of laws. 
 12.4.    If any of the provisions of this Plan or any
Option Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the
remaining provisions shall not be affected thereby; provided that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be
enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. 
 12.5.    Except as expressly provided therein, neither the Plan nor any Option Agreement shall confer on any person other than the Company and the grantee of any Option any rights or
remedies thereunder. 
 12.6.    The terms of this Plan shall be binding upon and inure to the benefit of the
Company and its successors and assigns. 
  

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 SECTION 13 
 EFFECTIVE DATE AND DURATION OF PLAN 
 The Plan shall become effective upon approval by the affirmative vote of the holders of a majority of the Common Stock present in person or by proxy and entitled to vote at a duly called and convened meeting of the
Company’s stockholders. If such approval is obtained at the Annual Meeting of Stockholders in 1996, the Plan shall be effective on the date of such meeting, the first Options shall be granted on the first business day thereafter and the last
Options granted under this Plan shall be granted on the first business day after the Annual Meeting of Stockholders in 2005. 
 APPROVED
AND ADOPTED BY THE SHAREHOLDERS ON 26 April 1996. 
  

 -11-Amegy Bancorporation 1996 Stock Option Plan, as amended and restated

 EXHIBIT 10.45 
 SOUTHWEST BANCORPORATION OF TEXAS, INC. 
 1996 STOCK OPTION PLAN 
 Amended and Restated as of June 4, 2002 
 I. Purpose of the Plan 
 The SOUTHWEST BANCORPORATION OF TEXAS, INC. 1996 STOCK OPTION PLAN (the “Plan”) is
intended to provide a means whereby certain employees of SOUTHWEST BANCORPORATION OF TEXAS, INC., a Texas corporation (the “Company”), and its subsidiaries may develop a sense of proprietorship and personal involvement in the development
and financial success of the Company, and to encourage them to remain with and devote their best efforts to the business of the Company, thereby advancing the interests of the Company and its shareholders. Accordingly, the Company may grant to
certain employees (“Optionees”) the option (“Option”) to purchase shares of the common stock, $1.00 par value, of the Company (“Stock”), as hereinafter set forth. Options granted under the Plan may be either incentive
stock options, within the meaning of section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”), (“Incentive Stock Options”) or options which do not constitute Incentive Stock Options. 
 II. Administration 
 The Plan shall be
administered by a committee (the “Committee”) of, and appointed by, the Board of Directors of the Company (the “Board”), and the Committee shall be (a) comprised solely of two or more outside directors (within the meaning of
section 162(m) of the Code and applicable interpretive authority thereunder), and (b) constituted so as to permit the Plan to comply with Rule 16b-3, as currently in effect or as hereinafter modified or amended (“Rule 16b-3”),
promulgated under the Securities Exchange Act of 1934, as amended (the “1934 Act”). The Committee shall have sole authority to select the Optionees from among those individuals eligible hereunder and to establish the number of shares which
may be issued under each Option; provided, however, that, notwithstanding any provision in the Plan to the contrary, the maximum number of shares that may be subject to Options granted under the Plan to an individual Optionee during any calendar
year may not exceed 500,000 (subject to adjustment in the same manner as provided in Paragraph VIII hereof with respect to shares of Stock subject to Options then outstanding). The limitation set forth in the preceding sentence shall be applied in a
manner which will permit compensation generated under the Plan to constitute “performance-based” compensation for purposes of section 162(m) of the Code, including, without limitation, counting against such maximum number of shares, to the
extent required under section 162(m) of the Code and applicable interpretive authority thereunder, any shares subject to Options that are canceled or repriced. In selecting the Optionees from among individuals eligible hereunder and in establishing
the number of shares that may be issued under each Option, the Committee may take into account the nature of the services rendered by such individuals, their present and potential contributions to the Company’s success and such other factors as
the Committee in its 

 
discretion shall deem relevant. The Committee is authorized to interpret the Plan and may from time to time adopt such rules and regulations, consistent with
the provisions of the Plan, as it may deem advisable to carry out the Plan. All decisions made by the Committee in selecting the Optionees, in establishing the number of shares which may be issued under each Option and in construing the provisions
of the Plan shall be final. If a Committee is not appointed by the Board, the Board shall act as the Committee for purposes of the Plan. 
 III. Option Agreements 
 (a)    Each Option shall be evidenced by a written agreement between the
Company and the Optionee (“Option Agreement”) which shall contain such terms and conditions as may be approved by the Committee. The terms and conditions of the respective Option Agreements need not be identical. Specifically, an Option
Agreement may provide for the surrender of the right to purchase shares under the Option in return for a payment in cash or shares of Stock or a combination of cash and shares of Stock equal in value to the excess of the fair market value of the
shares with respect to which the right to purchase is surrendered over the option price therefor (“Stock Appreciation Rights”), on such terms and conditions as the Committee in its sole discretion may prescribe; provided, that, except as
provided in Subparagraph VIII(c) hereof, the Committee shall retain final authority (i) to determine whether an Optionee shall be permitted, or (ii) to approve an election by an Optionee, to receive cash in full or partial settlement of
Stock Appreciation Rights. Moreover, an Option Agreement may provide for the payment of the option price, in whole or in part, by the delivery of a number of shares of Stock (plus cash if necessary) having a fair market value equal to such option
price. 
 (b)    For all purposes under the Plan, the fair market value of a share of Stock on a particular date shall be
equal to the mean of the high and low sales prices of the Stock (i) reported by the National Market System of NASDAQ on that date or (ii) if the Stock is listed on a national stock exchange, reported on the stock exchange composite tape on
that date; or, in either case, if no prices are reported on that date, on the last preceding date on which such prices of the Stock are so reported. If the Stock is traded over the counter at the time a determination of its fair market value is
required to be made hereunder, its fair market value shall be deemed to be equal to the average between the reported high and low or closing bid and asked prices of Stock on the most recent date on which Stock was publicly traded. In the event Stock
is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of its fair market value shall be made by the Committee in such manner as it deems appropriate. 
 (c)    Each Option and all rights granted thereunder shall not be transferable other than by will or the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and shall be exercisable during the Optionee’s
lifetime only by the Optionee or the Optionee’s guardian or legal representative. 
 IV. Eligibility of Optionee 
 Options may be granted only to individuals who are employees (including officers and directors who are also employees) of the Company or any parent or
subsidiary corporation (as 

  

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defined in section 424 of the Code) of the Company at the time the Option is granted; provided, however, that Options which do not constitute Incentive Stock
Options may be granted to individuals who are directors (but not also employees) of the Company or any such parent or subsidiary corporation. Options may be granted to the same individual on more than one occasion. No Incentive Stock Option shall be
granted to an individual if, at the time the Option is granted, such individual owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its parent or subsidiary corporation, within the
meaning of section 422(b)(6) of the Code, unless (i) at the time such Option is granted the option price is at least 110% of the fair market value of the Stock subject to the Option and (ii) such Option by its terms is not exercisable
after the expiration of five years from the date of grant. To the extent that the aggregate fair market value (determined at the time the respective Incentive Stock Option is granted) of stock with respect to which Incentive Stock Options are
exercisable for the first time by an individual during any calendar year under all incentive stock option plans of the Company and its parent and subsidiary corporations exceeds $100,000, such excess Incentive Stock Options shall be treated as
Options which do not constitute Incentive Stock Options. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of an Optionee’s Incentive Stock
Options will not constitute Incentive Stock Options because of such limitation and shall notify the Optionee of such determination as soon as practicable after such determination. 
 V. Shares Subject to the Plan 
 The aggregate number of shares which may be
issued under Options granted under the Plan shall not exceed 4,500,000 shares of Stock. Such shares may consist of authorized but unissued shares of Stock or previously issued shares of Stock reacquired by the Company. Any of such shares which
remain unissued and which are not subject to outstanding Options at the termination of the Plan shall cease to be subject to the Plan, but, until termination of the Plan, the Company shall at all times make available a sufficient number of shares to
meet the requirements of the Plan. Should any Option hereunder expire or terminate prior to its exercise in full, the shares theretofore subject to such Option may again be subject to an Option granted under the Plan to the extent permitted under
Rule 16b-3. The aggregate number of shares which may be issued under the Plan shall be subject to adjustment in the same manner as provided in Paragraph VIII hereof with respect to shares of Stock subject to Options then outstanding. Exercise of an
Option in any manner, including an exercise involving a Stock Appreciation Right, shall result in a decrease in the number of shares of Stock which may thereafter be available, both for purposes of the Plan and for sale to any one individual, by the
number of shares as to which the Option is exercised. Separate stock certificates shall be issued by the Company for those shares acquired pursuant to the exercise of an Incentive Stock Option and for those shares acquired pursuant to the exercise
of any Option which does not constitute an Incentive Stock Option. 
 VI. Option Price 
 The purchase price of Stock issued under each Option shall be determined by the Committee, but in the case of an Incentive Stock Option, such purchase
price shall not be less than the fair market value of Stock subject to the Option on the date the Option is granted. 
  

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 VII. Term of Plan 
 The Plan shall be effective upon the date of its adoption by the Board, provided the Plan is approved by the shareholders of the Company within twelve months thereafter. Notwithstanding any provision in this Plan or
in any Option Agreement, no Option shall be exercisable prior to such shareholder approval. Except with respect to Options then outstanding, if not sooner terminated under the provisions of Paragraph IX, the Plan shall terminate upon and no further
Options shall be granted after the expiration of ten years from the date of its adoption by the Board. 
 VIII. Recapitalization or
Reorganization 
 (a)    The existence of the Plan and the Options granted hereunder shall not affect in any way the
right or power of the Board or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company,
any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. 
 (b)    The shares with respect to which Options may be granted are shares of Stock as presently constituted, but if, and whenever,
prior to the expiration of an Option theretofore granted, the Company shall effect a subdivision or consolidation of shares of Stock or the payment of a stock dividend on Stock without receipt of consideration by the Company, the number of shares of
Stock with respect to which such Option may thereafter be exercised (i) in the event of an increase in the number of outstanding shares shall be proportionately increased, and the purchase price per share shall be proportionately reduced, and
(ii) in the event of a reduction in the number of outstanding shares shall be proportionately reduced, and the purchase price per share shall be proportionately increased. 
 (c)    If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure (a
“recapitalization”), the number and class of shares of Stock covered by an option theretofore granted shall be adjusted so that such Option shall thereafter cover the number and class of shares of stock and securities to which the Optionee
would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the Optionee had been the holder of record of the number of shares of Stock then covered by such Option. If (i) the Company
shall not be the surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary of an entity), (ii) the Company sells, leases or exchanges all or substantially all of its assets to any other person or
entity, (iii) the Company is to be dissolved and liquidated, (iv) any person or entity, including a “group” as contemplated by Section 13(d)(3) of the 1934 Act, acquires or gains ownership or control (including, without
limitation, power to vote) of more than 50% of the outstanding shares of the Company’s voting stock (based upon voting power), or (v) as a result of or in connection with a contested election of directors, the persons who were directors of
the Company before such election shall cease to constitute a majority of the Board (each such event is referred to herein as a “Corporate Change”), then, except as expressly provided otherwise in the Committee’s sole discretion in an
Option grant agreement, all outstanding Options shall fully vest and become fully exercisable, 

  

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effective as of the first business day immediately preceding the effective date of such Corporate Change (or as of an earlier date determined by the
Committee pursuant to the following clause); provided, however, that, subject to such acceleration of vesting of the outstanding Options, no later than (a) ten days after the approval by the shareholders of the Company of such merger,
consolidation, reorganization, sale, lease or exchange of assets or dissolution or such election of directors or (b) thirty days after a change of control of the type described in Clause (iv), the Committee, acting in its sole discretion
without the consent or approval of any Optionee, may, in its discretion, also act to effect one or more of the following alternatives, which may vary among individual Optionees and which may vary among Options held by any individual Optionee:
(1) provide that the Options may be exercised in full only for a limited period of time on or before a specified date (before or after such Corporate Change) fixed by the Committee, after which specified date all unexercised Options and all
rights of Optionees thereunder shall terminate, (2) require the mandatory surrender to the Company by selected Optionees of some or all of the outstanding Options held by such Optionees as of a date, before or after such Corporate Change,
specified by the Committee, in which event the Committee shall thereupon cancel such Options and the Company shall pay to each Optionee an amount of cash per share equal to the excess, if any, of the amount calculated in Subparagraph (d) below
(the “Change of Control Value”) of the shares subject to such Option over the exercise price(s) under such Options for such shares, (3) make such adjustments (other than vesting) to Options then outstanding as the Committee deems
appropriate to reflect such Corporate Change or (4) provide that the number and class of shares of Stock covered by an Option theretofore granted shall be adjusted so that such Option shall thereafter cover the number and class of shares of
stock or other securities or property (including, without limitation, cash) to which the Optionee would have been entitled pursuant to the terms of the agreement of merger, consolidation or sale of assets and dissolution if, immediately prior to
such merger, consolidation or sale of assets and dissolution, the Optionee had been the holder of record of the number of shares of Stock then covered by such Option. 
 (d)    For the purposes of clause (2) in Subparagraph (c) above, the “Change of Control Value” shall equal the amount determined in clause (i), (ii) or (iii), whichever is
applicable, as follows: (i) the per share price offered to shareholders of the Company in any such merger, consolidation, reorganization, sale of assets or dissolution transaction, (ii) the price per share offered to shareholders of the
Company in any tender offer or exchange offer whereby a Corporate Change takes place, or (iii) if such Corporate Change occurs other than pursuant to a tender or exchange offer, the fair market value per share of the shares into which such
Options being surrendered are exercisable, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Options. In the event that the consideration offered to shareholders of the
Company in any transaction described in this Subparagraph (d) or Subparagraph (c) above consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other
than cash. 
 (e)    Any adjustment provided for in Subparagraphs (b) or (c) above shall be subject to any
required shareholder action. 
 (f)    Except as hereinbefore expressly provided, the issuance by the Company of shares
of stock of any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe 

  

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therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for
fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Options theretofore granted or the purchase price per share. 
 IX. Amendment or Termination of the Plan 
 The Board in its discretion may terminate the Plan at any time with respect to any shares for which Options have not theretofore been granted. The Board shall have the right to alter or amend the Plan or any part thereof from time to time;
provided, that no change in any Option theretofore granted may be made which would impair the rights of the Optionee without the consent of such Optionee; and provided, further, that (i) the Board may not make any alteration or amendment which
would decrease any authority granted to the Committee hereunder in contravention of Rule 16b-3 and (ii) the Board may not make any alteration or amendment which would materially increase the benefits accruing to participants under the Plan,
increase the aggregate number of shares which may be issued pursuant to the provisions of the Plan, change the class of individuals eligible to receive Options under the Plan or extend the term of the Plan, without the approval of the shareholders
of the Company. 
 X. Securities Laws 
 (a)    The Company shall not be obligated to issue any Stock pursuant to any Option granted under the Plan at any time when the offering of the shares covered by such Option have not been
registered under the Securities Act of 1933 and such other state and federal laws, rules or regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel for the Company, there is no exemption from the
registration requirements of such laws, rules or regulations available for the offering and sale of such shares. 
 It is intended that the
Plan and any grant of an Option made to a person subject to Section 16 of the 1934 Act meet all of the requirements of Rule 16b-3. If any provision of the Plan or any such Option would disqualify the Plan or such Option under, or would
otherwise not comply with, Rule 16b-3, such provision or Option shall be construed or deemed amended to conform to Rule 16b-3. 
  

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