Document:

Exhibit 10.4

Exhibit 10.4

FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT 

This FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is entered into as of December 6, 2012, by and among VIRCO MFG. CORPORATION, a Delaware corporation (“VMC”), VIRCO INC., a Delaware corporation (“Virco”, and together with VMC, “Borrowers” and, each individually, a “Borrower”), the financial institutions from time to time party to the Credit Agreement (as defined below) as lenders (collectively, “Lenders”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrative agent for Lenders (PNC, in such capacity, “Agent”), with respect to the following:
A.Borrowers, Lenders and Agent have previously entered into that certain Revolving Credit and Security Agreement, dated as of December 22, 2011 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”). 
B.Borrowers have informed Agent that the following Events of Default have occurred and continue to exist under the Credit Agreement (collectively, the “October Covenant Defaults”):  (i) Borrowers failed to maintain a minimum Tangible Net Worth for the fiscal quarter ended October 31, 2012 as required under Section 6.5(a) of the Credit Agreement and (ii) Borrowers failed to maintain minimum EBITDA for the nine consecutive fiscal months ended October 2012 as required under Section 6.5(c) of the Credit Agreement.
C.Borrowers have requested that Agent and Lenders waive the October Covenant Defaults and amend the Credit Agreement in certain respects and Agent and Lenders have agreed to waive the October Covenant Defaults and amend the Credit Agreement pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Credit Agreement, the Loan Documents and this Amendment, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.Definitions Incorporated.  Initially capitalized terms used but not otherwise defined in this Amendment have the respective meanings set forth in the Credit Agreement, as amended hereby.
2.Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:
(a)The following new definitions are hereby added to Section 1.2 of the Credit Agreement in proper alphabetical order to read as follows:
“'Fourth Amendment' shall mean the Fourth Amendment to Revolving Credit and Security Agreement dated as of December 6, 2012, among Borrowers, the Lenders party thereto and Agent.”
“'Fourth Amendment Date' shall mean December 6, 2012.”

(b)Clause (c) of Section 6.5 of the Credit Agreement is hereby amended and restated to read as follows:
“(c)    Minimum EBITDA.  Cause to be maintained, for the applicable consecutive fiscal month period ending as of the applicable fiscal month end set forth below, EBITDA as of such fiscal month end of not less than the amount set forth opposite the respective fiscal month period below:
	
		
	Fiscal Month Period and Fiscal Month End
	EBITDA

	Fiscal month ending December 2011
	$(2,268,000)

	Two consecutive fiscal months ending January 2012
	$(6,006,000)

	Fiscal month ending February 2012
	$(1,896,000)

	Two consecutive fiscal months ending March 2012
	$(2,970,000)

	Three consecutive fiscal months ending April 2012
	$(3,294,000)

	Four consecutive fiscal months ending May 2012
	$(2,588,000)

	 Five consecutive fiscal months ending June 2012
	$300,000

	Six consecutive fiscal months ending July 2012
	$5,800,000

	Seven consecutive fiscal months ending August 2012
	$9,900,000

	Eight consecutive fiscal months ending September 2012
	$9,800,000

	Nine consecutive fiscal months ending October 2012
	$10,300,000

	Ten consecutive fiscal months ending November 2012
	N/A

	Eleven consecutive fiscal months ending December 2012
	$6,364,000

	Twelve consecutive fiscal months ending January 2013
	$5,232,000

For greater clarification, Section 6.5(c) (Minimum EBITDA) will not be tested for the ten consecutive fiscal months ending November 2012.”
3.Landlord Subordination.  
(a)On or before January 31, 2013 (or such later date as Agent may agree in its discretion), Borrowers shall use commercially reasonable efforts to cause to be delivered to Agent a Landlord's Subordination Agreement, in form and substance acceptable to Agent, for the leased premises located at 2027 Harpers Way, Torrance, California whereby the landlord agrees to subordinate its Lien in the Collateral of Borrowers located at such location to the Lien of Agent and Lenders and provide Agent adequate access to such location.
(b)Upon Agent's receipt of an executed copy of a Landlord Subordination Agreement described in clause (a) above at any time during the term of the Credit Agreement, Agent will remove the existing Landlord Reserve established by Agent under the definition of “Landlord Reserve” as set forth in the Credit Agreement for the leased premises located at 2027 Harpers Way, Torrance, California.
4.Limited Waiver.  Agent and Lenders hereby waive the October Covenant Defaults. This waiver shall be narrowly construed and shall neither extend to any other violations under, or default of, the Credit Agreement, including, but not limited to, a violation of the financial covenants set forth in Section 6.5(a) or (c) of the Credit Agreement for any future period of time, nor shall this waiver prejudice any rights or remedies which Agent or any Lender may have or be entitled to with respect to such future violation or default.

5.Amendment Fee.  On the date hereof, Borrowers shall pay to Agent, in addition to all other fees and charges set forth in the Credit Agreement, a non-refundable amendment fee of $15,000, which fee may be charged to the Borrowers' Account as a Revolving Advance (the “Amendment Fee”).
6.Conditions Precedent.  The obligations of Agent and Lenders hereunder, and this Amendment, will be effective on the date (the “Fourth Amendment Effective Date”) of satisfaction of each of the following conditions precedent, each in a manner in form and substance acceptable to Agent:  
(a)Representations and Warranties.  The representations and warranties contained herein and in the Credit Agreement, as amended hereby, shall be true and correct in all material respects as of the date hereof as if made on the date hereof, except for such representations and warranties limited by their terms to a specific date, in which case each such representation and warranty shall be true and correct in all material respects as of such specific date;
(b)No Default.  After giving effect to this Amendment, no Default or Events of Default shall have occurred and be continuing;
(c)Amendment.  Borrowers shall have delivered to Agent an executed original of this Amendment;
(d)Company Proceedings of Borrowers.  Agent shall have received a copy of the resolutions in form and substance reasonably satisfactory to Agent, of the Board of Directors of each Borrower authorizing the execution, delivery and performance of this Amendment certified by the Secretary or an Assistant Secretary of each Borrower as of the Fourth Amendment Date; and, such certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded as of the date of such certificate;
(e)Fees.  Borrowers shall have paid the Amendment Fee, or in Agent's discretion, Agent shall have charged the Amendment Fee to the Borrowers' Account as a Revolving Advance; and
(f)Other.  All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated hereby shall be satisfactory in form and substance to Agent and its counsel.
7.Representations and Warranties.  To induce Lenders and Agent to enter into this Amendment, each Borrower represents and warrants to Lenders and Agent as of the date hereof as follows:
(a)Such Borrower has full power, authority and legal right to enter into this Amendment and to perform all its respective Obligations hereunder.  This Amendment has been duly executed and delivered by such Borrower and the Credit Agreement, as amended by this Amendment constitutes the legal, valid and binding obligation of such Borrower enforceable in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors' rights generally.  The execution, delivery and performance of this Amendment (i) are within such Borrower's powers, have been duly authorized by all necessary company action, are not in contravention of law or the terms of such Borrower's by-laws, certificate of incorporation, or other applicable documents relating to such Borrower's formation or to the conduct of such Borrower's business or of any material agreement or undertaking to which such Borrower is a party or by which such Borrower is bound, (ii) will not conflict with or violate any law or regulation, or any judgment, order, writ, injunction or decree of any court or Governmental Body, (iii) will not require the Consent of any Governmental Body or any other Person, except those Consents which will have been duly obtained, made or compiled prior to date hereof and which are in full force and effect, and (iv) will not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation of any Lien except Permitted Encumbrances upon any asset of such Borrower under the provisions of any material agreement, charter document, instrument, by-law or other instrument to which such Borrower is a party or by which it or its property is a party or by which it may be bound.
(b)After giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct in all material respects except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case each such representation and warranty is true and correct in all material respects as of such specific date, and no Default or Event of Default has occurred and is continuing.
8.Reaffirmation.  Except as specifically modified by this Amendment, the Credit Agreement and the other Loan Documents remain in full force and effect in accordance with their respective terms and are hereby ratified, reaffirmed and confirmed by Borrowers.  

9.Events of Default.  Any failure to comply with the terms of this Amendment will constitute an Event of Default under the Credit Agreement.
10.Integration.  This Amendment, together with the Credit Agreement and the Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.
11.Severability.  If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.
12.Submission of Amendment.  The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute a commitment by Agent or Lenders to amend or otherwise modify any of the provisions of the Credit Agreement and this Amendment shall have no binding force or effect until the Fourth Amendment Effective Date.
13.Counterparts; Facsimile Signatures.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.
14.Governing Law.  This Amendment is a Loan Document and is governed by the Applicable Law pertaining in the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction.  This governing law election has been made by the parties in reliance on, among other things,  Section 5-1401 of the General Obligations Law of the State of New York, as amended (as and to the extent applicable), and other Applicable Law.
15.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of Borrowers, Lenders, Agent, and all future holders of the Obligations and their respective successors and assigns, except that no Borrower may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of Agent.
16.Attorneys' Fees; Costs.  Borrowers agree to promptly pay, upon written demand, all reasonable and documented attorneys' fees and costs incurred in connection with the negotiation, documentation and execution of this Amendment.  If any legal action or proceeding shall be commenced at any time by any party to this Amendment in connection with its interpretation or enforcement, the prevailing party or parties in such action or proceeding shall be entitled to reimbursement of its reasonable attorneys' fees and costs in connection therewith, in addition to all other relief to which the prevailing party or parties may be entitled.
17.Jury Trial Waiver.  To the extent not prohibited by applicable law, each party to this Amendment hereby expressly waives any right to trial by jury of any claim, demand, action, or cause of action (a) arising under this Amendment or any other instrument, document, or agreement executed or delivered in connection herewith, or (b) in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Amendment or any other instrument, document, or agreement executed or delivered in connection herewith, or the transactions related hereto or thereto in each case whether now existing or hereafter arising, and whether sounding in contract or tort or otherwise and each party hereto hereby consents that any such claim, demand, action, or cause of action shall be decided by court trial without a jury, and that any party to this Amendment may file an original counterpart or a copy of this Section with any court as written evidence of the consents of the parties hereto to the waiver of their right to trial by jury.  Without limiting the applicability of any other provision of the Credit Agreement, the terms of Article XII of the Credit Agreement shall apply to this Amendment.
18.Total Agreement.  This Amendment, the Credit Agreement, and the other Loan Documents contain the entire understanding among Borrowers, Lenders and Agent and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations, warranties, or guarantees not herein contained and hereinafter made have no force and effect unless in writing, signed by Borrowers' and Agent's respective officers.  Neither this Amendment nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled, or terminated orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged.  Each Borrower acknowledges that it has been advised by counsel in connection with the execution of this Amendment and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Amendment.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first written above.
VIRCO MFG. CORPORATION,
a Delaware corporation, as a Borrower

By:    /s/ Robert E. Dose    
Name:  Robert E. Dose
Title:    Vice President of Finance

VIRCO INC.,
a Delaware corporation, as a Borrower

By:    /s/ Robert E. Dose     
Name:  Robert E. Dose
Title:    Vice President of Finance

PNC BANK, NATIONAL ASSOCIATION,
as Lender and as Agent

By:    /s/ Frederick Kiehne        
Name:    Frederick Kiehne
Title:     Senior Vice PresidentPLL-10/31/2012-Q1 EX. 10.1

Exhibit 10.1

PALL CORPORATION 2012 STOCK COMPENSATION PLAN

THREE-YEAR PERFORMANCE-BASED 
RESTRICTED STOCK UNIT AWARD AGREEMENT 

Awarded to:                                (“you” or “your”)

Award Date:                                

Performance Units (that may be earned):

Target Number of Units:                 

Maximum Number of Units that may be earned is 150% of Target Number

Performance Period:        August 1, 2012 through July 31, 2015

We are pleased to advise you that Pall Corporation (the “Company”) has, pursuant to the Pall Corporation 2012 Stock Compensation Plan (the “Plan”), awarded you, as of the Award Date set forth above, the number of Performance Units shown above. This award is subject to the terms and conditions of the Plan and this Performance-Based Restricted Stock Unit Award Agreement (the “Award Agreement”). As this award of Performance Units is conveyed and managed online, your online acceptance of this award constitutes your agreement to and acceptance of all terms and conditions of the Plan and this Award Agreement. No payment of cash is required for the Units.

A copy of the Plan and the Plan’s prospectus are being provided to you with this Award Agreement.  Words and terms used in this Award Agreement with initial capital letters and not defined herein are used herein as defined in the Plan. The Plan is hereby incorporated by reference in this Award Agreement and made a part of it.  This Award Agreement is subject to all of the terms and provisions of the Plan as in effect from time to time but subject to the limitation on amendments set forth in Section 15(c) of the Plan.

The following provisions of this Award Agreement set forth important terms and conditions of the award.  Please read the entire Award Agreement thoroughly.

1.    Your Account.  The Performance Units awarded to you have been credited to a separate bookkeeping account that the Company has established for you under the Plan (your “Account”). Each Performance Unit so credited, and each Dividend Equivalent Unit, if any, credited to your Account pursuant to Section 2 below (such Performance Units and Dividend Equivalent Units collectively are referred to herein as your “Units” or “PRSUs”), will entitle you to receive, to the extent that the Performance Units become earned and vested as provided in Section 3 below, one share of Pall Corporation Common Stock for each whole Unit in your Account together with cash for any fractional Unit.  You will receive the shares (and cash in lieu of any fractional share) at the time, and subject to the conditions, specified in Section 4 below. 

2.    Dividend Equivalent Units.  Unless and until payment is made with respect to your Units pursuant to Section 4 below, additional Units (“Dividend Equivalent Units”) will be 

        

credited to your Account on each date on which the Company pays a dividend on its Common Stock (“Dividend Payment Date”). The number of Dividend Equivalent Units that will be so credited will be determined by first multiplying (A) the total number of Units (including any previously credited Dividend Equivalent Units) standing to your credit in your Account immediately prior to the Dividend Payment Date, by (B) the per-share amount of the dividend paid on that date, and then, dividing the resulting amount by the closing price per share of the Company’s Common Stock on that date.

3.    Vesting of Units.  

(a)    No PRSUs will be earned unless and until the Committee determines the extent to which the performance criteria set forth in Exhibit A have been met with respect to the Performance Period designated above. As soon as practicable following the availability of audited results of the Company for the fiscal year ending July 31, 2015, the Committee will determine whether and the extent to which the performance criteria in Exhibit A has been satisfied and the number of PRSUs earned as set forth in Exhibit A (“Earned PRSUs”). The date on which the Committee makes its determination is referred to in this Agreement as the “Determination Date”.  Earned PRSUs, if any, will become vested and nonforfeitable on the last day of the Performance Period (the “Vesting Date”), provided, except as set forth in Section 3(c) below, that you have not incurred an “Employment Termination Date” (as defined below) prior to the Vesting Date.  Except as set forth in Section 3(c) below, if your Employment Termination Date occurs for any reason before the Vesting Date, all of the Units shall be forfeited and immediately cancelled.

(b)    For purposes of Section 3(a), the term “Employment Termination Date” shall mean the earlier of (i) the date, as determined by the Company, that you are no longer actively employed by the Company or any of its Affiliated Companies, and in the case of an involuntary termination, such date shall not be extended by any notice period mandated by law or any contractual notice period); or (ii) the date, as determined by the Company, that your employer is no longer an Affiliated Company.  You will not be considered to have terminated employment during an approved leave of absence.  However, you will be considered to have terminated employment if you fail to return to the employ of the Company or any of its Affiliated Companies at the end of the approved leave of absence, and your Employment Termination Date shall be deemed to have occurred on the last day of your approved leave of absence.  

(c)    Notwithstanding Section 3(a) above, if you incur an “Involuntary Termination of Employment” (as defined in the Plan) following a “Change in Control” (as defined in the Plan), you shall be deemed to have earned (and vested in) a number of Units equal to the greater of (i) the Target Number of Units specified above or (ii) the number of Units that would have been earned by applying the performance criteria specified in Exhibit A to the Company’s actual performance from the beginning of the Performance Period to the date of the Change in Control.

4.    Payment for Vested Units.  Payment with respect to your Earned Units that become vested under Section 3 above (your “Vested Units”) will be made in accordance with the following provisions:

(a)    Time of Payment.  Except to the extent that you elect otherwise under (b) below, payment with respect to your Vested Units will be made to you, (or in the event of your death to the person or persons you have designated as your beneficiary for purposes 

        
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of the Plan or to your estate if you have not furnished a beneficiary designation form to the Company) within sixty (60) days after the Determination Date; provided, however, that if you become entitled to Vested Units pursuant to Section 3(c) above, then payment with respect to your Vested Units will be made to you within sixty (60) days after your Involuntary Termination of Employment.

(b)    Deferral of Payment.  You may elect to defer payment with respect to part or all of your Vested Units, if any, in accordance with the following provisions, but subject to the provisions of Section 4(c) below:

(i)    Your deferral election must be made in writing, on a form furnished to you for such purpose by the Company or in such other manner as the Company may authorize.  The form or election must be received by the Company at least one year prior to the expiration of the Performance Period.

(ii)    In your deferral election form, you must specify the number of Vested Units as to which you want to defer payment, and the date on which payment with respect to such Vested Units is to be made (the “Payment Date”).

(iii)    You may select, as the Payment Date for such Units, the first business day of any of the following:  (A) any calendar month after the fifth anniversary of the Determination Date; (B) the calendar year following the date on which your employment with the Company and all of its Affiliated Companies terminates for any reason; or (C) the earlier of (x) any calendar month you select that is a month permitted to be selected under clause (A) of this sentence, or (y) the calendar year referred to in clause (B).

(iv)    Any election you make hereunder will be irrevocable.

(v)    Except as provided in subparagraph (vi) or (vii) below, payment with respect to the Vested Units specified in your deferral election form will be made on the Payment Date selected by you in such form with respect to such Units.  

(vi)    If the Payment Date you select pursuant to clause (B) or (C) of subparagraph (iii) above occurs by reason of your “Termination of Employment” (as defined in the Plan) for any reason other than death or Disability, then (A) payment with respect to your Vested Units will not be made to you until the first business day of the first calendar month after the fifth anniversary of the Determination Date even if your Termination of Employment occurs before such Determination Date; and (B) if at the time of your Termination of Employment you are an officer and a “key employee” as defined in Section 416(i) of the Code, payment with respect to your Units will not be made to you any earlier than the first business day after the expiration of six months from your Termination of Employment.

(vii)    Payment with respect to any part or all of your Vested Units may be made to you on any date earlier than the Payment Date specified by you in your deferral election form if (A) you request such early payment and (B) the Company, in its sole discretion, determines that such early payment is necessary to help you meet an “unforeseeable emergency” within the meaning of Section 409A (a)(2)(B)(ii) of the Code.

        
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(c)    Limitations on Deferral.  Your right to make a deferral election under (b) above shall be subject to the following limitations:

(i)    The Company may deny your right to make such election if it determines, in its sole discretion, that your deferral might not be treated as part of a plan of deferred compensation “for a select group of management or highly compensated employees” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

(ii)    No amount may be deferred with respect to your Vested Units pursuant to your deferral election hereunder to the extent that any tax is required to be withheld with respect to such amount pursuant to applicable federal, state or local law.

(d)    Form of  Payment.  Payment to be made with respect to your Vested Units pursuant to (a) or (b) above shall be made (i) by the issuance and delivery of a number of shares of the Company’s Common Stock equal to the total number of whole Vested Units standing to your credit in your Account at the time of payment, and (ii) by payment in cash for any fractional Unit then standing to your credit in your Account.  The amount of the cash payment will be determined by multiplying the fractional Unit by the Fair Market Value of a share of Common Stock on the Trading Day preceding the date of payment.  The Company shall issue the shares of Company’s Common Stock either (i) in certificate form or (ii) in book entry form, registered in your name.

5.    Additional Terms and Conditions.  The Performance Units awarded to you and all Dividend Equivalent Units credited to you hereunder are subject to the following additional terms and conditions:

(a)    No Shareholder Rights Prior to Delivery.  Until payment is made with respect to such Units in accordance with Section 4 above, you will have none of the rights of a shareholder with respect to the shares of Common Stock represented by those Units, but you will have the right to be credited with Dividend Equivalent Units thereon as provided in Section 2 above.

(b)    No Right to Assign Units.  Your right to receive payment with respect to such Units shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance or attachment or garnishment by a creditor at any time prior to your actual receipt of payment.

(c)    Regulatory Compliance.  Notwithstanding anything contained herein to the contrary, the Company’s obligation hereunder to issue or deliver certificates evidencing shares of Common Stock shall be subject to the terms of all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

(d)    No Interest in Company Assets.  The Plan constitutes only a promise on the Company’s part to make payment to you in the future with respect to such Units in accordance with the terms of the Plan and the provisions of this Award Agreement, and you will have 

        
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no more than the status of a general unsecured creditor of the Company with respect to your right to receive such payment.

(e)    Plan Terms. The Units are subject to all of the other terms and provisions of the Plan as in effect from time to time.

(f)    Withholding Taxes. You agree to pay the Company, or make provision satisfactory to the Company for payment of, the minimum statutory amount required to satisfy all federal, state and local income tax withholding requirements and your share of applicable employment withholding taxes in connection with the issuance or deliverance of shares of Common Stock following vesting of the Units, in any manner permitted by the Plan. 

(g)    Understanding of Plan Terms. By accepting this award, you acknowledge that you have been provided a prospectus describing the Plan, the shares of Common Stock issuable upon vesting of the Units and the federal income tax consequences associated therewith.  You also agree that you have read and understand the Plan and this Award Agreement.

(h)    Section 409A Compliance. This Award Agreement shall be interpreted and operated in a manner consistent with Section 409A of the Code, so as to avoid adverse tax consequences in connection with this award of Units. In no event will payment be made under this Agreement any earlier than the earliest date on which payment may be made with respect to your Vested Units under Section 409A(a)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) without incurring a tax under Section 409A of the Code.  The Company reserves the right, exercisable in its sole discretion and without your consent, to amend the Plan and the terms of this Award Agreement in order to accomplish such result.

(i)    No Right to Continued Employment.  By accepting this award, you acknowledge and agree that neither this award of Units nor any of the terms herein (including the vesting schedule) constitute an express or implied promise of continued employment or service for the exercise period or for any other period, and shall not interfere with your right or the right of the Company or its subsidiaries to terminate the employment or service relationship at any time, with or without cause, subject to the terms of any written employment agreement that you may have entered into with the Company or any of its subsidiaries.

(j)    Decisions of Committee. By accepting this award, you hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to this Award Agreement and the Plan.

(k)    Electronic Delivery of Documents. By accepting this award, you further agree that the Company may deliver by email or other electronic means all documents relating to the Plan or this Award Agreement (including, without limitation, Plan prospectuses) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the Company.

        
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(l)    Recoupment. Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with (i) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder; (ii) similar rules under the laws of any other jurisdiction; (iii) any policies adopted by the Company to implement such requirements, and (iv) the terms of the Plan; all to the extent determined by the Company in its discretion to be applicable to you .

(m)    Entire Agreement.  The Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and you with respect to the subject matter hereof.  In the event of any conflict between this Award Agreement and the Plan, the Plan shall be controlling.

(n)    Governing Law. This Award Agreement shall be construed under the laws of the State of New York, without regard to conflict of laws principles.

        
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