Document:

Exhibit
10.13

 

Pledge
AGREEMENT

 

This
Pledge Agreement dated as of March 30, 2016 (this “Agreement”), is between Exelon Generation Company, LLC,
a Pennsylvania limited liability company (“Secured Party”), and each of the undersigned Pledgors reflected
on the signature pages hereof (each a “Pledgor” and collectively the “Pledgors”, and with
Secured Party, the “Parties”).

 

INTRODUCTION

 

Secured
Party and Aspirity Energy LLC are parties to that certain ISDA Master Agreement effective as of March 30, 2016, including all
schedules, annexes, confirmations (including the Base Confirmation), and transactions thereunder (as amended or otherwise modified
from time to time, the “ISDA Master Agreement”). In connection therewith, and in consideration of the transactions
entered into thereunder, each Pledgor has agreed to grant certain security interests to Secured Party under this Agreement in
order to secure the obligations owed by Company to Secured Party under the ISDA Master Agreement.

 

Therefore,
in consideration of the foregoing and for other good and valuable consideration received, each Pledgor agrees as follows:

 

SECTION
1.

DEFINITIONS

 

1.1
Defined Terms. As used in this Agreement, terms used herein and not otherwise defined herein shall have the meaning set
forth in the ISDA Master Agreement and the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to a Party, any entity that, directly or indirectly, through one or more intermediaries, controls, or is controlled
by, or is under common control with, such Party. For this purpose, “control” means the direct or indirect ownership
of 50% or more of the outstanding capital stock or other equity interests having ordinary voting power.

 

“Agreement”
means this Agreement, as amended or otherwise modified from time to time.

 

“Collateral”
means all of Pledgor’s right, title, and interest in, to, and under the following, whether now owned or hereafter acquired:

 

(i)
all Pledged Interests; and

 

(ii)
all renewals, replacements, additions, and substitutions for the foregoing; all proceeds of the foregoing; and all books, records,
contract rights, and general intangibles arising from or relating to the foregoing (including all insurance and claims for insurance
for the benefit of Pledgor in respect of any of the foregoing).

 

“Company”
means Aspirity Energy LLC.

 

“Event
of Default” has the meaning specified in the ISDA Master Agreement.

 

“ISDA
Master Agreement” has the meaning specified in the preamble hereto.

 

    	 

    	 

    

 

“Lien”
means a security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, charge, or other lien,
or any priority or other security arrangement of any kind or nature whatsoever (including any conditional sale or other title
retention agreement and any capital lease having substantially the same economic effect as any of the foregoing).

 

“Pledged
Interest Issuer” means the Company.

 

“Pledged
Interests” means present and future securities, membership interests, general or limited partnership interests, and
other equity interests (in each case, whether or not certificated and whether or not represented as securities, general intangibles,
or otherwise) issued by Pledged Interest Issuer, other than those currently issued to Secured Party, including those described
in the attached Exhibit A, together with all dividends, distributions, cash, instruments, and other proceeds from time
to time received or otherwise distributed in respect of the foregoing, including, as applicable, unit and partnership interest
rights, options, warrants, rights to subscribe, dividends, liquidating dividends or distributions, unit dividends, new membership
or partnership interests, or other properties or benefits on account of such property.

 

“Pledgor”
and “Pledgors” have the meanings specified in the preamble hereto.

 

“Organic
Documents” means the Operating Agreement of Aspirity Energy LLC, dated as of May 28, 2015, as amended or otherwise modified
from time to time, and the Operating Agreement of Aspirity Holdings LLC dated November 1, 2015, as amended or otherwise modified
from time to time.

 

“Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, governmental authority, or other entity of whatever nature.

 

“Remedy
Event” means the occurrence of any Event of Default or Termination Event with respect to Company under the ISDA Master
Agreement.

 

“Secured
Obligations” means all obligations of Company to Secured Party or any of Secured Party’s Affiliates and all obligations
of each Pledgor to Secured Party or any of Secured Party’s Affiliates, in each case whether direct or indirect, absolute
or contingent, due or to become due or now existing or hereafter incurred, to the extent arising under or owed under the terms
of any and all Transaction Documents (including post-petition interest or other obligations arising under the terms of any Transaction
Document for which Pledgor obtains relief under bankruptcy or other laws providing for relief from creditors) and any renewals,
extensions, increases or rearrangements of foregoing.

 

“Secured
Party” has the meaning specified in the preamble hereto.

 

“Security
Documents” means this Agreement, the Security Agreement, the Control Agreements (as defined in the Security Agreement),
and any UCC financing statements evidencing security interests under the foregoing and any other documents or agreements from
time to time executed in favor of or delivered to Secured Party granting, supporting, evidencing or consenting to a Lien or setoff
rights to secure or support the Secured Obligations or any rights of Secured Party in connection therewith.

 

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“Transaction
Documents” means the ISDA Master Agreement, the Security Documents, and any other agreement entered into between or
among Company and Secured Party or Secured Party’s Affiliates, or between or among any Pledgor and Secured Party or Secured
Party’s Affiliates, that is related thereto.

 

“Termination
Event” has the meaning specified in the ISDA Master Agreement.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York from time to time.

 

1.2
Other Definitional Provisions.

 

(a)
Unless otherwise specified therein, all terms defined in this Agreement shall have such defined meanings when used in any certificate
or other document made or delivered pursuant hereto or thereto.

 

(b)
As used herein and in any certificate or other document made or delivered pursuant hereto or thereto, the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”;
the use of “and/or” in any provision shall not be deemed to imply that any other use of “or” is exclusive;
and the words “hereof”, “herein”, and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision unless otherwise specified.

 

(c)
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

SECTION
2.

GRANTING
AND PERFECTION

 

Each
Pledgor represents, warrants, and agrees with Secured Party as follows:

 

2.1
Grant of Security Interest.

 

(a)
Pledgor hereby grants to Secured Party a security interest in all of Pledgor’s right, title, and interest in, to, and under
the Collateral to secure the payment and performance of the Secured Obligations. To the extent that the Collateral is not subject
to the UCC, Pledgor collaterally assigns all of Pledgor’s right, title, and interest in, to, and under such Collateral to
Secured Party to secure the payment and performance of the Secured Obligations to the full extent that such a collateral assignment
is possible under applicable law.

 

(b)
Notwithstanding the grant in Section 2.1(a), until Pledgor has received notice from Secured Party pursuant to Section 5.9 of this
Agreement:

 

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(i)
Pledgor shall be entitled to receive and retain any cash dividends distributed in respect of the Pledged Interests owned by Pledgor,
provided that any (i) non-cash dividends, instruments, and other property received or otherwise distributed in respect of or in
substitution for any such Pledged Interests, (ii) cash dividends and other distributions in connection with a partial or total
liquidation or dissolution of a Pledged Interest Issuer or in connection with a reduction of paid-in capital or paid-in surplus
of a Pledged Interest Issuer, and (iii) cash distributed in respect of a redemption of principal of, or in exchange for, any such
Pledged Interests, shall in each case be promptly delivered to Secured Party for disposition and shall, if received by Pledgor,
be received in trust for the benefit of Secured Party, be segregated from the other property or funds of Pledgor, and be promptly
delivered to Secured Party as Collateral in the same form as so received, with any necessary endorsement; and

 

(ii)
With regard to the Pledged Interests owned by Pledgor, Pledgor shall be entitled to exercise any voting and other consensual rights
pertaining to the Pledged Interests owned by Pledgor for any purpose not inconsistent with the terms of this Agreement. Secured
Party shall execute and deliver (or cause to be executed and delivered) to Pledgor all proxies and other instruments that Pledgor
may reasonably request to enable Pledgor to exercise the voting and other rights which it is entitled to exercise hereunder and
to receive the dividends, distributions, or interest payments which it is authorized to receive and retain hereunder. Nothing
herein shall restrict the voting rights of Secured Party with respect to any interests Secured Party may hold in Pledged Interest
Issuer or any other Person.

 

2.2
Pledgor Remains Liable. Anything herein to the contrary notwithstanding: (a) Pledgor shall remain liable under any document
or agreement included within the Collateral to the extent set forth therein to perform Pledgor’s obligations thereunder
to the same extent as if this Agreement had not been executed; (b) the exercise by Secured Party of any rights hereunder shall
not release Pledgor from any obligations under any document or agreement included within the Collateral; and (c) Secured Party
shall not have any obligation under any document or agreement included within the Collateral by reason of this Agreement, nor
shall Secured Party be obligated to perform or fulfill any of the obligations of Pledgor thereunder, including any obligation
to make any inquiry as to the nature or sufficiency of any payment Pledgor may be entitled to receive thereunder, to present or
file any claim, or to take any action to collect or enforce any claim for payment thereunder.

 

2.3
Ownership. Pledgor has good and indefeasible title to the assets which comprise the Collateral as represented by Pledgor
free from any Liens, except for Permitted Liens, as the term is defined in the Security Agreement. No effective recorded interest,
financing statement, or similar recording or filing covering any part of the Collateral is on file in any governmental office.
Pledgor shall not, without the prior written consent of Secured Party, grant any Lien, option, restriction, claim, or other encumbrance
on or against the Collateral, or lease, sell, or otherwise transfer any of Pledgor’s rights in the Collateral. The inclusion
of proceeds as part of the Collateral shall not be deemed express permission by this Agreement to any sale or disposition of any
Collateral. There are no restrictions applicable to Secured Party upon the voting rights associated with, or upon the transfer
of, any of the Collateral, except those in favor of Secured Party.

 

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2.4
Perfection.

 

(a)
As of the date of this Agreement, the Pledgor information attached hereto as Exhibit A is true and correct. Pledgor shall
not take or permit any action that would result in the information on Exhibit A to no longer be accurate.

 

(b)
That portion of the Pledged Interests consisting of membership interests, general or limited partnership interests, or other equity
interests issued by the Pledged Interest Issuers described on Exhibit A are not and shall not become certificated, unless
all certificates representing or evidencing such Pledged Interests have been delivered to Secured Party in suitable form for transfer
by delivery, or accompanied by duly executed instruments of transfer or assignment in blank. Pledgor agrees that it will cause
each Pledged Interest Issuer issuing Pledged Interests owned by Pledgor not to issue any membership interests, general or limited
partnership interests, or other equity interests in addition to or in substitution for the Pledged Interests described on Exhibit
A without the prior written consent of Secured Party.

 

(c)
As of the date of this Agreement no Pledged Interest Issuer has created, and Pledgor agrees that except with the prior written
consent of the Secured Party, Pledgor will not permit Pledged Interest Issuer to create, any outstanding options, warrants, rights
to subscribe or obtain membership, partnership, or other equity interests, liquidating dividends or distributions, non-cash dividends,
or other rights to receive properties or benefits with respect to equity ownership in such Pledged Interest Issuer, other than
rights to receive cash distributions in accordance with the Organic Documents with respect to the membership interests, general
or limited partnership interests, or other equity interests issued by the Pledged Interest Issuers described on Exhibit A.
If Pledged Interest Issuer issues to Pledgor any membership interests, general or limited partnership interests, or other equity
interests, options, warrants, rights to subscribe or obtain membership, partnership, or other equity interests, liquidating dividends
or distributions, non-cash dividends, or other rights to receive properties or benefits with respect to equity ownership in such
Pledged Interest Issuer, then Pledgor shall cause the same to be immediately delivered to Secured Party to be held in the manner
contemplated by this Agreement as Collateral hereunder.

 

(d)
Pledgor waives any provision of the organizational documents applicable to the Pledged Interests prohibiting or otherwise restricting
the security interest and other rights granted to Secured Party hereunder. Pledgor hereby authorizes Secured Party to file financing
statements against Pledgor covering the Collateral. The filing of such financing statements in favor of Secured Party with the
Secretary of State of the State of Pledgor’s address set forth in Exhibit A is the only filing or recording necessary
to perfect the security interests purported to be granted hereunder on the Collateral under the UCC, and no other filing, recording,
authorization, authentication, consent, or other action is necessary (i) to allow Pledgor to perform Pledgor’s obligations
hereunder with respect to such Pledged Interests, (ii) for the pledge by Pledgor of such Pledged Interests, or (iii) to permit
Secured Party to exercise Secured Party’s rights and remedies hereunder with respect to such Pledged Interests (except as
may be required in connection with such disposition by laws affecting the offering and sale of securities generally).

 

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2.5
Other Perfection Matters. All tangible physical Collateral of Pledgor and all records relating to the Collateral are located
at Pledgor’s address listed on Exhibit A. Pledgor will not change Pledgor’s address unless, prior to such change,
it notifies Secured Party of such change and takes all actions reasonably requested by Secured Party to ensure the attachment,
perfection, and priority of, and the ability of Secured Party to enforce against Pledgor, Secured Party’s rights in such
Collateral under this Agreement.

 

2.6
Priority. The security interests created by this Agreement are valid, binding, and first priority, and Pledgor shall preserve
and maintain the status of such security interests in the Collateral.

 

2.7
Further Assurances.

 

(a)
Pledgor agrees to promptly execute and deliver all further agreements, and take all further action, that may be reasonably necessary
or that Secured Party may reasonably request, in order to further evidence the Liens granted or purported to be granted hereunder
and perfect and protect the same or to enable Secured Party to exercise and enforce Secured Party’s rights and remedies
hereunder on the Collateral. Without limiting the foregoing, Pledgor shall, at Secured Party’s reasonable request: (i) mark
conspicuously any tangible Collateral with a legend, in form and substance satisfactory to Secured Party, indicating that such
Collateral is subject to the security interest granted or purported to be granted hereunder; and (ii) execute stock powers, pledge
registration requests, financing statements, assignments, notices, and such other documents and agreements as Secured Party may
reasonably request in order to perfect and preserve the security interests granted or purported to be granted hereunder. Pledgor
shall furnish to Secured Party from time to time any statements and schedules further identifying and describing any of the Collateral
owned by Pledgor and such other reports in connection with the Collateral owned by Pledgor as Secured Party may reasonably request.

 

(b)
Pledgor agrees that, if Pledgor fails to perform under this Agreement, Secured Party may, but shall not be obligated to, perform
Pledgor’s obligations under this Agreement and any reasonable expenses incurred by Secured Party in performing Pledgor’s
obligations shall be paid by Pledgor. Any such performance by Secured Party may be made by Secured Party in reasonable reliance
on any statement, invoice, or claim, without inquiry into the validity or accuracy thereof. The amount and nature of any expense
of Secured Party hereunder shall be conclusively established by a certificate of any officer of Secured Party absent manifest
error.

 

(c)
Pledgor hereby designates and constitutes Secured Party as Pledgor’s attorney-in-fact with power at any time to take in
the name of Pledgor any actions that Secured Party is authorized to take under this Agreement (such as the matters described in
paragraph (b) above), to institute proceedings Secured Party deems necessary or desirable to enforce the rights of Secured Party
with respect to this Agreement, and to take actions with respect to receiving, endorsing, and collecting instruments made payable
to Pledgor representing any dividend, interest payment, or other distribution in respect of the Pledged Interests and giving full
discharge for the same; provided that Secured Party shall not take action as attorney-in-fact for Pledgor except during the existence
of an Remedy Event. All acts of said attorney are hereby ratified and approved by Pledgor, and said attorney shall not be liable
for any acts of omission or commission, for any error of judgment, or for any mistake of fact or law, provided that Secured Party
shall not be relieved of liability to the extent it is determined by a final judicial decision that its act, omission to act,
error, or mistake constituted gross negligence or willful misconduct or a violation of UCC Section 9-607(c) and/or UCC Section
9-610(b). The power of attorney granted under this subparagraph is coupled with an interest and is irrevocable.

 

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(d)
The powers conferred on Secured Party under this Agreement are solely to protect Secured Party’s rights under this Agreement
and shall not impose any duty upon it to exercise any such powers. Except as elsewhere provided hereunder, Secured Party shall
have no duty as to any of the Collateral or as to the taking of any necessary steps to preserve rights against other parties or
any other rights pertaining to the Collateral. Without limiting the foregoing, Secured Party shall have no responsibility for
(i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative
to any Pledged Interests, whether or not Secured Party has or is deemed to have knowledge of such matters, or (ii) taking any
necessary steps to preserve rights against any parties with respect to any Pledged Interests.

 

2.8
Security Interest Absolute. Pledgor agrees that the obligations of Pledgor hereunder shall be absolute and unconditional
and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise impaired by, and Pledgor
waives any defenses to this Agreement which Pledgor has which relate to: (a) any invalidity or unenforceability of the Secured
Obligations or any Transaction Document; (b) any claim, counterclaim, setoff, or other right which any Pledgor or Company may
have in connection with the Transaction Documents or otherwise (provided that nothing herein shall prevent the assertion of any
such claim by separate suit or compulsory counterclaim); (c) any increase, release, or other modification of, or any transfer
of, the Secured Obligations or the Transaction Documents; (d) any grant, impairment, or release of any security or guaranty or
other support for the Secured Obligations; (e) any change in the existence, structure, or ownership of, or any insolvency, bankruptcy,
liquidation, dissolution, or resulting release of, any Pledgor or Company, or any Person liable for the payment or performance
of the Secured Obligations; (f) the failure to give notice of any of the foregoing, notice of any breach or default, however denominated,
under the Transaction Documents, or notice of nonpayment, demand for payment, intent to terminate, termination, or bringing of
action to enforce payment or performance of the Secured Obligations or any other notice of any kind relating to the Secured Obligations;
or (g) any other action taken or omitted which affects the Secured Obligations. This Agreement shall continue to be effective
or be reinstated, as the case may be, if any payment on the Secured Obligations must be refunded for any reason including any
bankruptcy proceeding. It is the intention of Pledgor that Pledgor’s obligations hereunder shall not be discharged except
by final payment of the Secured Obligations.

 

2.9
Additional Pledgors. Each Person that is required by Secured Party to become a party to this Agreement and who is not a
signatory hereto shall (a) execute and deliver to Secured Party a joinder agreement substantially in the form of Exhibit B hereto
(“Joinder Agreement”), and (b) deliver to Secured Party evidence that appropriate UCC financing statements
and/or amendments thereto, in form and substance satisfactory to Secured Party have been filed. Upon the execution and delivery
of any such Joinder Agreement by any such Person, such Person will automatically and immediately become a Pledgor for all purposes
under this Agreement having effect as of the date specified in such Joinder Agreement.

 

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SECTION
3.

MAINTENANCE
OF COLLATERAL

 

Each
Pledgor represents, warrants, and agrees with Secured Party as follows:

 

3.1
Value of Collateral.

 

(a)
The Pledged Interests pledged by Pledgor constitute the percentage of the issued and outstanding membership, partnership, or other
equity interest of each Pledged Interest Issuer set forth on Exhibit A hereto. The Pledged Interests pledged by Pledgor
are duly authorized and validly issued and are fully paid and non-assessable.

 

(b)
Pledgor has the legal right to vote, pledge, and grant a security interest in or otherwise transfer the Collateral to which it
has any right, title, and interest and has taken all necessary action to authorize the execution, delivery, and performance of
this Agreement.

 

(c)
The execution, delivery, and performance of this Agreement will not violate any requirement of law, any material contractual obligation
of Pledgor, any Organic Document, or any restriction on the transfer or encumbrance of Collateral pledged by Pledgor, and will
not result in, or require, the creation or imposition of any Lien on any Collateral pledged by Pledgor.

 

(d)
This Agreement has been duly executed and delivered on behalf of Pledgor. This Agreement constitutes a legal, valid, and binding
obligation of Pledgor, enforceable against Pledgor in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

3.2
Limited Liability Companies.

 

(a)
Each Organic Document applicable to the Pledged Interests owned by Pledgor has been duly authorized, executed, and delivered by
all parties thereto, and is in full force and effect, enforceable against all parties thereto in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law). An accurate and complete copy of each such Organic Document has been made available for review by the Secured
Party in connection with the execution of this Agreement, and such Organic Document has not been amended, supplemented, or otherwise
modified, or performance thereunder waived.

 

(b)
Pledgor shall furnish to the Secured Party promptly upon the giving or receipt thereof, copies of all material notices, requests,
and other documents given to any party to each Organic Document applicable to the Pledged Interests owned by Pledgor or received
by Pledgor under each such Organic Document, and from time to time furnish to the Secured Party such information and reports regarding
the Collateral as the Secured Party may reasonably request.

 

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(c)
Pledgor has performed all of its obligations under each Organic Document applicable to the Pledged Interests pledged by Pledgor,
and has no liability with respect to any additional capital contributions or other payment obligations thereunder. Pledgor shall
maintain the Organic Document applicable to the Pledged Interests pledged by Pledgor in full force and effect.

 

(d)
Pledgor shall not without the advance written consent of the Secured Party amend, supplement, or otherwise modify any Organic
Document applicable to the Pledged Interests owned by Pledgor as in effect on the date hereof, waive performance under or terminate
any provisions thereof, or consent to any of those actions. Pledgor shall not take any action in connection with any such Organic
Document which materially impairs the value of the rights of the Secured Party therein, or consent to any such actions. If the
Secured Party reasonably requests, Pledgor shall withhold from taking any action under any such Organic Document, or shall take
such actions under any such Organic Document as the Secured Party may reasonably request.

 

(e)
Pledgor shall not initiate any remedies or take any action to enforce Pledgor’s rights under any Organic Document applicable
to the Pledged Interests owned by Pledgor without giving the Secured Party advance written notice of Pledgor’s intent to
initiate such remedies or take such actions thereunder and the opportunity to consult with Pledgor regarding Pledgor’s proposed
actions.

 

SECTION
4.

REMEDIES

 

Each
Pledgor represents, warrants, and agrees with Secured Party as follows:

 

4.1
Remedies. During the existence of a Remedy Event, after Secured Party has provided written notice to each Pledgor thereof
and any applicable cure period in the ISDA Master Agreement has expired, in addition to other remedies set forth in the Transaction
Documents, at Secured Party’s option Secured Party may from time to time exercise one or more of the following remedies:

 

(a)
Secured Party may exercise all the rights and remedies of a secured party under the UCC.

 

(b)
Secured Party may prosecute actions in equity or at law for the specific performance of any covenant or agreement herein contained
or in aid of the execution of any power herein granted or for the enforcement of any other appropriate legal or equitable remedy.

 

(c)
Secured Party may by written notice to Pledgor suspend Pledgor’s rights to receive cash dividends or distributions and all
such rights shall thereupon become vested in the Secured Party who shall thereupon have the sole right to receive such cash dividends
or distributions. All cash dividends or distributions thereafter received by Pledgor in violation of the foregoing shall be received
in trust for the benefit of Secured Party, shall be segregated from other funds of Pledgor, and shall be promptly paid over to
Secured Party to be held as Collateral in the same form as so received (with any necessary endorsement).

 

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(d)
Secured Party may by written notice to Pledgor suspend all rights of Pledgor to exercise the voting and other consensual rights
which Pledgor would otherwise be entitled to exercise with respect to any Pledged Interests, including those under any Organic
Document, and all such rights shall thereupon become vested in Secured Party who shall thereupon have the sole right to exercise
such voting and other consensual rights. Following such notice from Secured Party, Pledgor authorizes all other parties to follow
the instructions of Secured Party and ignore the instructions of Pledgor with respect to such rights.

 

(e)
Secured Party may, without further notice to Pledgor, transfer or register, in the name of Secured Party or any of its nominees,
any of the Pledged Interests. In addition, Secured Party shall have the right at any time to exchange the certificates or instruments
representing the Pledged Interests for certificates or instruments of smaller or larger denominations.

 

(f)
Secured Party may request Pledgor to (and Pledgor shall to the extent requested promptly) assemble any Collateral and make it
available to Secured Party at a place reasonably designated by Secured Party which is reasonably convenient to both Secured Party
and Pledgor. Without limiting the foregoing, Secured Party may occupy any premises of Pledgor where any Collateral is held for
a reasonable period in order to effectuate Secured Party’s rights and remedies, without obligation to Pledgor with respect
to such taking control or occupation. Nothing in this Section 4.1(f) shall be construed to prohibit Pledgor from retaining copies
of all records and Organic Documents.

 

(g)
Secured Party may foreclose on any Collateral in any manner permitted by the courts of or in the State of New York or the state
in which any Collateral is located or deemed located. If Secured Party should institute a suit for the collection of the Secured
Obligations or foreclosure under this Agreement, Secured Party may at any time before the entry of a final judgment dismiss the
same, and take any other action permitted by this Agreement.

 

(h)
Upon not less than ten (10) days’ notice, Secured Party may sell any Collateral at public or private sale, at the office
of Secured Party or elsewhere, for cash or credit and upon such other terms as Secured Party deems commercially reasonable. Secured
Party may sell any Collateral at one or more sales, and the security interest granted hereunder shall remain in effect as to the
unsold portion of the Collateral. Secured Party shall not be obligated to make any sale of Collateral regardless of notice of
sale having been given. Secured Party may adjourn any sale by announcement at the time and place fixed therefore, and such sale
may, without further notice, be made at the time and place to which it was adjourned. In the event that any sale hereunder is
not completed or is defective in the opinion of Secured Party, Secured Party shall have the right to cause subsequent sales to
be made hereunder. Any statements of fact or other recitals made in any bill of sale, assignment, or other document representing
any sale hereunder, including statements relating to the occurrence of an Remedy Event, the status of the Secured Obligations,
notice of the sale, the time, place, and terms of the sale, and other actions taken by Secured Party in relation to the sale may
be conclusively relied upon by the purchaser at any sale hereunder. Secured Party may delegate to any agent the performance of
any acts in connection with any sale hereunder, including the sending of notices and the conduct of the sale. Secured Party agrees
that such sale shall be in accordance with UCC Section 9-610(b) (Disposition of Collateral After Default).

 

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(i)
Secured Party may, in its discretion, if in its reasonable opinion there is any question that a public sale or distribution of
any Pledged Interests will violate any state or federal securities law, to the extent permitted by law, (A) offer and sell membership
interests privately to purchasers who will agree to take them for investment purposes and not with a view to distribution, or
(B) if lawful, sell such membership interests in an intrastate offering under Section 3(a)(11) of the Securities Act of 1933,
as amended, and no sale so made in good faith by Secured Party shall be deemed to be not “commercially reasonable”
because so made. Secured Party shall cause to be placed on certificates for any or all of the Pledged Interests or on any other
equity interests pledged hereunder a legend to the effect that such equity interest has not been registered under federal securities
law and may not be disposed of in violation of the provision of said federal securities law. Pledgor shall cooperate fully with
Secured Party in all respects in selling or realizing upon all or any part of the Pledged Interests. In addition, Pledgor shall
fully comply with applicable securities laws and take such actions as Secured Party may reasonably request to permit Secured Party
to sell or otherwise dispose of any Pledged Interests in compliance with such laws. Secured Party shall be under no obligation
to delay a sale of any Pledged Interests for a period of time necessary to permit the issuer of any securities contained therein
to register such securities under the federal securities laws or under applicable state securities laws.

 

(j)
Secured Party may exercise other rights and remedies under the ISDA Master Agreement permitted upon the occurrence of any breach,
default, or event of default of Pledgor thereunder, however described, including rights and remedies to terminate commitments
and agreements and accelerate obligations.

 

4.2
Rights and Waivers Regarding Remedies. Nothing herein contained shall be construed to constitute Pledgor as the agent of
Secured Party for any purpose whatsoever, and Secured Party shall not be responsible or liable for any shortage, discrepancy,
damage, loss, or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof
(except to the extent it is determined by a final judicial decision that Secured Party’s act or omission constituted gross
negligence of willful conduct). Secured Party shall not, under any circumstances or in any event whatsoever, have any liability
for any error or omission or delay of any kind occurring in the settlement, collection, or payment of any amount due with respect
to the Collateral or any instrument received in payment thereof or for any damage resulting therefrom (except to the extent it
is determined by a final judicial decision that Secured Party’s error, omission, or delay constituted gross negligence or
willful misconduct). Except as expressly assumed in writing, Secured Party does not assume any of Pledgor’s obligations
to Secured Party, and Secured Party shall not be responsible in any way for the performance by Pledgor of any of the terms and
conditions thereof.

 

    	-11- 

    	 

    

 

Except
as expressly provided in this Agreement or the Transaction Documents, Pledgor hereby waives (i) notice of breach, default, or
event of default, notice of intent to take remedial action including acceleration, setoff, or termination, notice of remedial
action including acceleration, setoff, or termination, and all other notices of any kind and (ii) all rights of redemption, valuation,
appraisal, stay of execution, and all rights to a marshaling of the assets of Pledgor or Company, including the Collateral, or
to a sale in inverse order of alienation in the event of foreclosure of the security interest hereby created.

 

4.3
Application of Proceeds. Notwithstanding any other application specified herein, during the existence of an Remedy Event,
any Collateral received by Secured Party from the sale of, collection of, or other realization upon any Collateral or any other
amounts received or collected by Secured Party from or on account of the Collateral hereunder may be, at the discretion of Secured
Party from time to time, (a) held by Secured Party as collateral for the Secured Obligations or (b) applied to the Secured Obligations.
Amounts applied to the Secured Obligations shall be applied in the order determined by Secured Party in its sole discretion. Any
surplus collateral or proceeds held by Secured Party after payment in full of the Secured Obligations and termination of all commitments
of Secured Party under the Transaction Documents shall be paid over by Secured Party to Pledgor or to any other Persons that may
be lawfully entitled to receive such surplus.

 

SECTION
5.

MISCELLANEOUS

 

Each
Pledgor represents, warrants, and agrees with Secured Party as follows:

 

5.1
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the Parties with respect to its
subject matter and supersedes all oral communication and prior writings with respect thereto.

 

5.2
Amendments. No amendment, modification, or waiver in respect of this Agreement will be effective unless in writing and
executed by the Party to be bound thereby.

 

5.3
Survival of Representations and Warranties. All representations and warranties made in this Agreement and in any document,
certificate, or statement delivered in connection therewith shall survive the execution and delivery of any agreements, documents,
certificates, or statements.

 

5.4
Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies, and privileges provided in this
Agreement are cumulative and not exclusive of any rights, powers, remedies, and privileges provided by law.

 

5.5
Counterparts. This Agreement (and each amendment, modification, and waiver in respect of it) may be executed and delivered
in counterparts (including by electronic transmission), each of which will be deemed an original.

 

5.6
No Waiver of Rights. A failure or delay in exercising any right, power, or privilege in respect of this Agreement will
not be presumed to operate as a waiver, and a single or partial exercise of any right, power, or privilege will not be presumed
to preclude any subsequent or further exercise, of that right, power, or privilege or the exercise of any other right, power,
or privilege.

 

    	-12- 

    	 

    

 

5.7
Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction
of or to be taken into consideration in interpreting this Agreement.

 

5.8
Payment of Expenses and Indemnity. Pledgor agrees upon demand of Secured Party (a) to pay and reimburse Secured Party for
any reasonable costs and expenses incurred by Secured Party in connection with the enforcement or preservation of any rights of
Secured Party under this Agreement against Pledgor, and (b) to pay and reimburse Secured Party for, and indemnify and hold Secured
Party harmless from and against, any recording and filing fees and any obligations with respect to stamp, excise, and other taxes,
if any, that may be payable in connection with the execution, delivery, and performance of, or any amendment, supplement, waiver,
or other modification of, this Agreement. The agreements in this Section 5.8 shall survive termination of this Agreement.

 

5.9
Notices. Any notice or other communication in respect of this Agreement may be given in any manner set forth below to the
address provided in Exhibit A or number provided in the ISDA Master Agreement and will be deemed effective as indicated:

 

(a)
if in writing and delivered in person or by courier, on the date it is delivered;

 

(b)
if by e-mail or facsimile, on the date that electronic transmission is received by a responsible employee of the recipient in
legible form; or

 

(c)
if sent by certified or registered mail or the equivalent (return receipt requested), on the date that mail is delivered.

 

unless
the date of that delivery or that receipt as applicable, is not a Local Business Day or that communication is delivered or received,
as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day. Either Party may by notice to the other change the address
at which notices or other communications are to be given to all.

 

5.10
Governing Law and Jurisdiction. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK (WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE SELECTING ANOTHER LAW).

 

5.11
Representation by Counsel. The parties are sophisticated and have been represented (or have had the opportunity to be represented)
by their separate attorneys throughout the transactions contemplated by this Agreement in connection with the negotiation and
drafting of this Agreement and any agreements and instruments executed in connection herewith. As a consequence, the parties do
not intend that any presumption of law relating to the interpretation of contracts against the drafter of any particular clause
should be applied to this Agreement or any document or instrument executed in connection herewith.

 

    	-13- 

    	 

    

 

5.12
Transfer. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their successors and
permitted assigns. Except in connection with a transfer corresponding by Secured Party in connection with a transfer of the ISDA
Master Agreement under Section 6(b)(ii) thereof, neither this Agreement nor any interest or obligation in or under this Agreement
may be transferred (whether by way of security or otherwise) by either Party without the prior written consent of the other Party,
except that Secured Party (but not Pledgor) may make such a transfer of this Agreement (i) pursuant to a consolidation or amalgamation
with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to
any other right or remedy under this Agreement); (ii) to an Affiliate of Secured Party; (iii) to any Person providing financing
or other financial arrangement to Secured Party or its Affiliates; and (iv) of all or any part of its interest corresponding to
a transfer of any amount payable to Secured Party from Pledgor under Section 6(e) of the ISDA Master Agreement. Any purported
transfer that is not in compliance with this Section will be void.

 

5.13
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

5.14
Acknowledgments. Pledgor hereby acknowledges that (a) it has been advised by counsel in the negotiation, execution, and
delivery of the Transaction Documents, (b) Secured Party has no fiduciary relationship with or duty to Pledgor arising out of
the Transaction Documents and (c) no joint venture is created by the Transaction Documents or otherwise exists by virtue of the
transactions contemplated thereby between Secured Party and Pledgor.

 

5.15
Termination; Releases of Liens.

 

(a)
At such time as all Secured Obligations have been irrevocably paid in full and Secured Party and its Affiliates have no commitments
under the Transaction Documents, this Agreement shall immediately terminate (except with respect to provisions that expressly
survive termination) and the Collateral shall be released from the Liens under this Agreement. Secured Party shall at the request
of Pledgor and at the expense of Secured Party promptly deliver financing statement terminations and other releases to reflect
the termination and release of Liens.

 

(b)
If any of the Collateral shall be sold, transferred, distributed, or otherwise disposed of by Pledgor in a transaction not prohibited
by any of the Transaction Documents, the security interest created hereby in any Collateral that is so sold, transferred, distributed,
or otherwise disposed of shall automatically terminate and be released upon the closing or making, as applicable, of such sale,
transfer, distribution, or other disposition, and such Collateral shall be sold, transferred, distributed or otherwise disposed
of, as applicable, free and clear of the Lien and security interest created hereby; provided, however, that such security interest
will continue to attach to all proceeds of such sales or other dispositions

 

(signatures
follow)

 

    	-14- 

    	 

    

 

EXECUTED
as of the date first above written.

 

PLEDGOR:

 

	ASPIRITY
    HOLDINGS, LLC	 
	 	 	 
	By:	/S/
    Wiley H. Sharp III	 
	Name:	Wiley
    H. Sharp III	 
	Title:	CFO	 

 

SECURED
PARTY:

 

EXELON
GENERATION COMPANY, LLC

 

	By:	/S/
    James McHugh	 
	Name:	James
    McHugh	 
	Title:	SVP,
    Portfolio Management & Strategy	 

 

Signature
Page to Pledge Agreement

 

    	 

    	 

    

 

Exhibit
A

to
Pledge Agreement

 

PLEDGOR
INFORMATION:

 

	Names
    and Addresses	 	Sharing
    Ratios
	Aspirity
    Holdings LLC	 	100%
	701
    Xenia Avenue South, Suite 475	 	 
	Minneapolis
    MN 55416	 	 

 

Exhibit
A to Pledge Agreement

 

    	 

    	 

    

 

Exhibit
B

Form
of Joinder Agreement

 

JOINDER
AGREEMENT

 

THIS
JOINDER IN PLEDGE AGREEMENT AND ASSIGNMENT (this “Joinder Agreement”) is executed as of __ by [NAME] (the “Joining
Party”), and delivered to Exelon Generation Company, LLC, a Pennsylvania limited liability company, as Secured Party
under the Pledge Agreement (as defined below). Except as otherwise defined herein, terms used herein and defined in the Pledge
Agreement shall be used herein as therein defined.

 

W
I T N E S S E T H:

 

WHEREAS,
Secured Party and Aspirity Energy LLC are parties to that certain ISDA Master Agreement effective as of March 30, 2016, including
all schedules, annexes, confirmations (including the Base Confirmation), and transactions thereunder (as amended or otherwise
modified from time to time, the “ISDA Master Agreement”).

 

WHEREAS,
Company has agreed to grant certain security interests to Secured Party under a Security Agreement dated as of March 30, 2016
(the “Security Agreement”) in order to secure the obligations owed by Company to Secured Party under the ISDA
Master Agreement;

 

WHEREAS,
certain Pledgors have agreed to grant certain security interests to Secured Party under a Pledge Agreement dated as of March 30,
2016 (the “Pledge Agreement” and, together with the Security Agreement and the ISDA Master Agreement, the “Transaction
Documents”) in order to secure the obligations owed by Company to Secured Party under the ISDA Master Agreement;

 

WHEREAS,
the Joining Party is required by Secured Party pursuant to the Transaction Documents to become a Pledgor under the Pledge Agreement;
and

 

WHEREAS,
the Joining Party will obtain benefits from credit extended to the Company by Secured Party in connection with the Transaction
Documents and, accordingly, desires to execute this Joinder Agreement in order to induce the Secured Party to extend credit to
Company under the Transaction Documents.

 

NOW,
THEREFORE, in consideration of the foregoing and other benefits accruing to the Joining Party, the receipt and sufficiency of
which are hereby acknowledged, the Joining Party hereby makes the following representations and warranties to the Beneficiaries
and hereby covenants and agrees with the Secured Party as follows:

 

SECTION
1. By this Joinder Agreement, the Joining Party becomes a Pledgor for all purposes under the Pledge Agreement.

 

    	 

    	 

    

 

SECTION
2. The Joining Party agrees that, upon its execution hereof, it will become a Pledgor under, and as defined in, the Pledge Agreement,
and will be bound by all terms, conditions and duties applicable to a Pledgor under the Pledge Agreement. Without limitation of
the foregoing and in furtherance thereof, as security for the due and punctual payment when due of the Secured Obligations (as
defined in the Pledge Agreement), the Joining Party hereby pledges and assigns to the Secured Party and grants to the Secured
Party a security interest in all its right, title and interest in, to and under the Collateral (as defined in the Pledge Agreement),
now owned or hereafter acquired by it, in each case to the extent provided in the Pledge Agreement.

 

SECTION
3. The Joining Party hereby makes and undertakes, as the case may be, each covenant, representation and warranty made by each
Pledgor under the Pledge Agreement in each case as of the date specified in Section 7 hereof (except to the extent any such representation
or warranty relates solely to an earlier date in which case such representation and warranty shall be true and correct in all
material respects as of such earlier date), and agrees to be bound by all covenants, agreements and obligations of a Pledgor pursuant
to the Pledge Agreement and all other Transaction Documents to which it is or becomes a party.

 

SECTION
4. In addition, Exhibit A to the Pledge Agreement is hereby amended by supplementing such exhibit with the information for the
Joining Party contained on Schedule 1 attached hereto.

 

SECTION
5. THIS JOINDER AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE SELECTING ANOTHER LAW). This Joinder Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this
Joinder Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions
of this Joinder Agreement which shall remain binding on all parties hereto.

 

SECTION
6. From and after the execution and delivery hereof by the parties hereto, this Joinder Agreement shall constitute a “Security
Document” for all purposes under the Security Agreement.

 

SECTION
7. The effective date of this Joinder Agreement is __.

 

*
* *

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Joining Party has caused this Joinder Agreement to be duly executed as of the date first above written.

 

*NAME
OF ADDITIONAL PLEDGOR*

 

	 	By:
    	 
	 	Name:	 
	 	Title:	 

 

Accepted
and Acknowledged by:

 

EXELON
GENERATION COMPANY, LLC,
 as
Secured Party

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

SCHEDULE
1 TO JOINDER AGREEMENT

 

SUPPLEMENTS
TO EXHIBIT A OF THE PLEDGE AGREEMENTExhibit 4.1

Ball Corporation

Amended and Restated 2013 Stock and Cash Incentive Plan

	
1.

	
Establishment and Purposes of the Plan.

	 	 	 
	 	
(a)

	
The Ball Corporation Amended and Restated 2013 Stock and Cash Incentive Plan is hereby established as of April 26, 2017 (the "Effective Date"). This Plan amends and restates, in its entirety, the 2013 Stock and Cash Incentive Plan which was originally established effective on April 24, 2013.

	 	 	 
	 	
(b)

	
The purpose of this Plan is to promote the interests of Ball Corporation (the "Corporation") and its shareholders by encouraging ownership in the Corporation and rewarding key employees, nonemployee directors, consultants and independent contractors of the Corporation who make substantial contributions to the successful operation of the Corporation. It is anticipated that this Plan will further encourage key employees, nonemployee directors, consultants and independent contractors to act in the shareholders' interests, and to attain performance goals that promote the continued success and progress of the Corporation. It is also anticipated that the opportunity to provide these awards will assist the Corporation to attract, retain and motivate key employees and nonemployee directors.

	 	 
	
2.

	
Definitions.

	 	 
	 	
As used herein, the following definitions shall apply:

	 	 	 
	 	
(a)

	
"Administrator" means the Board, any Committees or such delegates as shall be administering the Plan in accordance with Section 4 of the Plan and Applicable Laws.

	 	 	 
	 	
(b)

	
"Affiliate" means any entity that is directly or indirectly controlled by the Corporation or any entity in which the Corporation has a significant ownership interest as determined by the Administrator.

	 	 	 
	 	
(c)

	
"Applicable Laws" means the requirements, in existence from time to time, relating to the administration of stock option, equity instruments, cash, and deferred compensation plans under U.S. federal and state laws, regulations, or administrative rules, any stock exchange or quotation system on which the Corporation has listed or submitted for quotation the Common Stock to the extent provided under the terms of the Corporation's agreement with such exchange or quotation system and, with respect to Awards subject to the laws of any foreign jurisdiction where Awards are, or shall be, granted under the Plan, the laws, regulations or administrative rules of such jurisdiction.

	 	 	 
	 	
(d)

	
"Award" means a Cash Award, Stock Award, Option or Stock Appreciation Right granted in accordance with the terms of the Plan.

	 	 	 
	 	
(e)

	
"Awardee" means an individual who is an Employee, nonemployee director, consultant or independent contractor of the Corporation or any Affiliate who has been granted an Award under the Plan.

	 	 	 
	 	
(f)

	
"Award Agreement" means a Cash Award Agreement or Notice, Stock Award Agreement or Notice, Option Agreement or Notice and/or Stock Appreciation Right Agreement or Notice, which may be in written or electronic format, in such form and with such terms as may be specified by the Administrator, evidencing the terms and conditions of an individual Award. Each Award Agreement is subject to the terms and conditions of the Plan.

	 	 	 
	 	
(g)

	
"Bank" means the dollar amount account that maintains the balance of unpaid positive and negative Cash Awards earned in accordance with the terms and conditions of the Plan. Bank balances are a bookkeeping entry only to evidence the Corporation's obligation to pay or deduct these amounts in accordance with the Plan. No interest is charged or credited on amounts in the Bank. Participants are not vested in the Bank and such amounts are not earned until the respective distribution date, as determined by the Administrator.

1

	 	 	 
	 	
(h)

	
"Board" means the Board of Directors of the Corporation.

	 	 	 
	 	
(i)

	
"Cash Award" means an incentive opportunity awarded under Section 13 of the Plan pursuant to which a Participant may become entitled to receive an amount based on the satisfaction of such performance criteria as are specified in the agreement or other documents evidencing the Award (the "Cash Award Agreement").

	 	 	 
	 	
(j)

	
"Change in Control" means any of the following, unless the Board or Committee provides otherwise:

	 	 	 	 
	 	 	
(i)

	
Any "Person," which shall mean a "person" as such term is used in Sections 13(D) and 14(D) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (other than the Corporation, any trustee or other fiduciary holding securities under an employee benefit plan of the Corporation, or any company owned, directly or indirectly, by the shareholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation), is or becomes the "beneficial owner" (as defined in Rule 13d‐3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing 30% or more of the combined voting power of the Corporation's then outstanding securities;

	 	 	 	 
	 	 	
(ii)

	
At any time during any period of two consecutive years, individuals, who at the beginning of such period constitute the Board, and any new Director (other than a Director designated by a person who has entered into an agreement with the Corporation to effect a transaction described in clause (i), (iii) or (iv) of this Section 2(j)(ii)) whose election by the Board or nomination for election by the Corporation's shareholders was approved by a vote of at least two-thirds of the Directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof;

	 	 	 	 
	 	 	
(iii)

	
The consummation of a merger or consolidation of the Corporation with any other company, other than (A) a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Corporation (or similar transaction) in which no person acquires 50% or more of the combined voting power of the Corporation's then outstanding securities; or

	 	 	 	 
	 	 	
(iv)

	
The shareholders of the Corporation approve a plan of complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation's assets.

	 	 	 
	 	 	
Notwithstanding the foregoing, in the event that a Change in Control affects any Award that is deferred on or after January 1, 2005, then, to the extent necessary to comply with the applicable provisions of Section 409A of the Code, "Change in Control" shall conform to the definition of change in control under Section 409A of the Code, and the Treasury Department or Internal Revenue Service regulations or guidance issued thereunder.

	 	 	 
	 	
(k)

	
"Code" means the United States Internal Revenue Code of 1986, as amended from time to time.

	 	 	 
	 	
(l)

	
"Committee" means a committee of Directors appointed by the Board in accordance with Section 4 of the Plan or the Human Resources Committee of the Board consisting solely of two or more members of the Board, each of whom shall be (i) a "nonemployee director" within the meaning of Rule 16b-3 under the Exchange Act, (ii) an "outside director" within the meaning of Section 162(m) of the Code, as amended and (iii) "independent" within the meaning of the rules of the New York Stock Exchange or, if the Common Stock is not listed on the New York Stock Exchange, within the meaning of the rules of the principal national stock exchange on which the Common Stock is then traded.

2

	 	 	 
	 	
(m)

	
"Common Stock" or "Stock" means the common stock of the Corporation.

	 	 	 
	 	
(n)

	
"Conversion Award" has the meaning set forth in Section 4(b)(xii) of the Plan.

	 	 	 
	 	
(o)

	
"Corporation" means Ball Corporation, an Indiana corporation, or its successor.

	 	 	 
	 	
(p)

	
"Disability" with respect to deferred compensation subject to Section 409A of the Code, has the meaning set forth in Section 409A of the Code and Section 223(d) of the Social Security Act.

	 	 	 
	 	
(q)

	
"Director" means a member of the Board.

	 	 	 
	 	
(r)

	
"Employee" means a regular, active employee of the Corporation or any Affiliate, including an Officer and/or employee Director. Within the limitations of Applicable Laws, the Administrator shall have the discretion to determine the effect upon an Award and upon an individual's status as an Employee in the case of (i) any individual who is classified by the Corporation or its Affiliate as leased from or otherwise employed by a third party or as intermittent or temporary, even if any such classification is changed retroactively as a result of an audit, litigation or otherwise, (ii) any leave of absence approved by the Corporation or an Affiliate, (iii) any transfer between locations of employment with the Corporation or an Affiliate or between the Corporation and any Affiliate or between any Affiliates, (iv) any change in the Awardee's status from an employee to a consultant or Director, and (v) at the request of the Corporation or an Affiliate an employee becomes employed by any partnership, joint venture or corporation not meeting the requirements of an Affiliate in which the Corporation or an Affiliate is a party.

	 	 	 
	 	
(s)

	
"Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

	 	 	 
	 	
(t)

	
"Fair Market Value" means, unless the Board or Committee determines otherwise, as of any date, the closing sales price of the Stock as published in The Wall Street Journal report of the New York Stock Exchange-Composite Transaction, corrected for any reporting errors, or if the Stock is not traded on that day, on the first preceding day on which there was a sale of such Stock.

	 	 	 
	 	
(u)

	
"General Counsel" means the general counsel of the Corporation.

	 	 	 
	 	
(v)

	
"Grant Date" means the date upon which an Award is granted to an Awardee pursuant to this Plan.

	 	 	 
	 	
(w)

	
"Incentive Stock Option" means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

	 	 	 
	 	
(x)

	
"Non-Qualified Stock Option" means an Option not intended to qualify as an Incentive Stock Option.

	 	 	 
	 	
(y)

	
"Officer" means a person who is an officer of the Corporation within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

	 	 	 
	 	
(z)

	
"Option" means a right granted under Section 8 of the Plan to purchase a number of Shares at such exercise price, at such times, and on such other terms and conditions as are specified in the Award Agreement or other documents evidencing the Award (the "Option Agreement"). Both Options intended to qualify as Incentive Stock Options and Non-Qualified Stock Options may be granted under the Plan.

	 	 	 
	 	
(aa)

	
"Participant" means the Awardee or any person (including any estate) to whom an Award has been assigned or transferred as permitted hereunder.

	 	 	 
	 	
(bb)

	
"Plan" means this Amended and Restated 2013 Stock and Cash Incentive Plan and any other plan or program authorized pursuant to the Plan.

	 	 	 
	 	
(cc)

	
"Qualifying Performance Criteria" shall have the meaning set forth in Section 14(c) of the Plan.

	 	 	 
	 	
(dd)

	
"Restricted Stock" means Shares of Common Stock, which may not be traded or sold until the date that the restrictions on transferability have lapsed.

3

	 	 	 
	 	
(ee)

	
"Share" means a share of the Common Stock, as adjusted in accordance with Section 16 of the Plan.

	 	 	 
	 	
(ff)

	
"Stock Appreciation Rights" or "SARs" means a right granted under Section 10 of the Plan, including but not limited to, freestanding Stock Appreciation Rights and tandem Stock Appreciation Rights granted at such times, terms and conditions as are specified in the agreement (the "Stock Appreciation Right Agreement") or other documents evidencing the Award.

	 	 	 
	 	
(gg)

	
"Stock Award" means an award or issuance of Shares, Restricted Stock or Stock Units, made under Section 12 of the Plan, the grant, issuance, retention, vesting and/or transferability of which is subject during specified periods of time to such conditions (including continued employment or performance conditions) and terms as are expressed in the Award Agreement (the "Stock Award Agreement") or other documents evidencing the Award or matching Stock Unit contribution by the Corporation.

	 	 	 
	 	
(hh)

	
"Stock Unit" means a bookkeeping entry representing an amount equivalent to the Fair Market Value of one Share, payable in cash or Shares.

	 	 	 
	 	
(ii)

	
"Subsidiary" means any Corporation (other than the Corporation) in an unbroken chain of companies beginning with the Corporation, provided each company in the unbroken chain (other than the Corporation) owns, at the time of determination, stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other companies in such chain.

	 	 	 
	 	
(jj)

	
"Termination of Employment" shall mean ceasing to be an Employee. However, for Incentive Stock Option purposes, Termination of Employment shall occur when the Awardee ceases to be an employee (as determined in accordance with Sections 3401(c) and 422 of the Code and the regulations promulgated thereunder, as amended) of the Corporation or one of its Subsidiaries. The Administrator shall determine whether any corporate transaction, such as a sale or spin-off of a division or business unit, or a joint venture, shall be deemed to result in a Termination of Employment.

	 	 	 
	 	
(kk)

	
"Total Authorized Shares" shall have the meaning set forth in Section 3(a) of the Plan.

	 	 
	
3.

	
Stock Subject to the Plan.

	 	 	 
	 	
(a)

	
Total Authorized Shares. Subject to the provisions of Section 16 of the Plan, the maximum number of Shares reserved for the grant of Awards under the Plan ("Total Authorized Shares") is 22,500,000 Shares, which reflects an increase of 10,000,000 Shares from 12,500,000, the original number of Shares which were authorized under the 2013 Stock and Cash Incentive Plan as of April 24, 2013. For purposes of determining the number of Shares available for grant under the Plan, each Share subject to or issued in respect of an Option or a Stock Appreciation Right shall be counted against the Total Authorized Shares as one share. All shares underlying a Stock Appreciation Right award shall be counted against the Total Authorized Shares, and shares not issued upon the net settlement or net exercise of a Stock Appreciation Right award shall not be added to and shall not increase the number of shares available for grant. Each Share subject to or issued in respect of an Award other than an Option or Stock Appreciation Right shall be counted against the Total Authorized Shares as 2.98 Shares. Subject to the following sentence, if any Shares subject to an Award are forfeited, canceled, exchanged or surrendered or if an Award terminates or expires without distribution of Shares to the Awardee, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, shall be available again for Awards under the Plan; provided however, that for each Share subject to an Award other than an Option or Stock Appreciation Right, 2.98 Shares shall be available again for Awards under the Plan. The following Shares shall not be available for future grants: (i) Shares tendered in payment of the exercise price of an Option, (ii) Shares withheld by the Company or otherwise received by the Company to satisfy tax withholding obligations for any Award and (iii) Shares not issued upon the net settlement or net exercise of a SAR. In addition, the Total Authorized Shares shall not be increased by any Common Stock repurchased by the Corporation with Option proceeds. The Shares subject to the Plan may be either Shares reacquired by the Corporation, including Shares purchased in the open market, or authorized but unissued Shares.

4

	 	 	 
	 	
(b)

	
Code Section 162(m) and 422 Limits. Subject to the provisions of Section 16 of the Plan, the aggregate number of Shares subject to Awards granted under this Plan during any calendar year to any one Awardee shall not exceed 500,000, except that in connection with his or her initial service, an Awardee may be granted Awards covering up to an additional 500,000 Shares. Subject to the foregoing (including the provisions of Section 16 of this Plan), the aggregate number of Shares subject to Options or SARs granted under this Plan during any calendar year to any one Awardee shall not exceed 500,000 except that in connection with his or her initial service, an Awardee may be granted Options or SARs covering up to an additional 500,000 Shares. Subject to the provisions of Section 16 of the Plan, the aggregate number of Shares that may be subject to all Incentive Stock Options granted under the Plan shall not exceed 1,500,000 Shares.

	 	 	 
	 	
(c)

	
Director Award Limits. Subject to the provisions of Section 16 of the Plan, the aggregate number of Shares subject to Awards granted under this Plan during any calendar year to any one Director shall not exceed $550,000, based upon grant date fair value as determined in accordance with generally accepted U.S. accounting principles.

	 	 	 
	 	
(d)

	
Adjustment Limits. Notwithstanding anything to the contrary in the Plan, the limitations set forth in Section 3(b) of the Plan shall be subject to adjustment under Section 16(a) of the Plan only to the extent that such adjustment shall not affect the status of any Award intended to qualify as "performance-based compensation" under Section 162(m) of the Code, or the ability to grant or the qualification of Incentive Stock Options under the Plan or the ability of an Award to be exempt from, or comply with, the requirements of Section 409A of the Code.

	 	 
	
4.

	
Administration of the Plan.

	 	 	 
	 	
(a)

	
The Plan shall be administered by the Administrator. The Committee may, in its sole discretion and for any reason at any time, subject to the requirements of Section 162(m) of the Code and regulations thereunder qualify Awards granted hereunder as "performance-based compensation" within the meaning of Section 162(m) of the Code. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3 promulgated under the Exchange Act ("Rule 16b-3"), Awards to Directors shall be made by the Board or a committee comprised solely of "nonemployee directors," and Awards to Officers shall be made by the Board or Committee. Notwithstanding any other provision in the Plan to the contrary, the Board or Committee may delegate to an authorized Officer or Officers of the Corporation the power to approve Awards to persons eligible to receive Awards under the Plan who are not (i) subject to Section 16 of the Exchange Act or (ii) at the time of such approval, expected to be "covered employees" under Section 162(m) of the Code. Except to the extent prohibited by Applicable Laws, the Board or Committee may delegate to one or more individuals the day-to-day administration of the Plan and any of the functions assigned to it in this Plan. Such delegation may be revoked at any time.

	 	 	 
	 	
(b)

	
Subject to the provisions of the Plan, the Board or Committee or delegates acting as the Administrator, subject to the specific duties delegated to such delegates, the Administrator shall have the authority, in its discretion to:

	 	 	 	 
	 	 	
(i)

	
Select the Participants to whom Awards are to be granted hereunder;

	 	 	 	 
	 	 	
(ii)

	
Determine the number of Options, SARs, Stock Awards, Cash Awards or a combination thereof to be covered by each Award granted hereunder, including any Awards to be made to Directors in payment of services;

	 	 	 	 
	 	 	
(iii)

	
Determine the type of Award to be granted to each selected Awardee;

	 	 	 	 
	 	 	
(iv)

	
Approve forms of Award Agreements for use under the Plan;

	 	 	 	 
	 	 	
(v)

	
Determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise and/or purchase price, the time or times when an Award may be exercised (which may or may not be based on performance criteria), the vesting schedule, any vesting and/or exercisability acceleration or waiver of forfeiture restrictions for circumstances of death, disability, retirement, Change in

5

	 	 	 	
Control or similar extraordinary circumstances, the acceptable forms of consideration, the term, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator shall determine and may be established at the time an Award is granted or thereafter;

	 	 	 	 
	 	 	
(vi)

	
Correct administrative and other non-substantive errors;

	 	 	 	 
	 	 	
(vii)

	
Construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

	 	 	 	 
	 	 	
(viii)

	
Adopt rules and procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically authorized (A) to adopt the rules and procedures regarding the conversion of local currency, withholding procedures and handling of stock delivery which vary with local requirements and (B) to adopt Plan addenda as the Administrator deems desirable, to accommodate laws, regulations and practice;

	 	 	 	 
	 	 	
(ix)

	
Prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to Plan addenda;

	 	 	 	 
	 	 	
(x)

	
Modify or amend each Award, including, but not limited to, the acceleration of vesting and/or exercisability; provided, however, such acceleration shall be limited to circumstances of death, disability, retirement or Change in Control or similar extraordinary circumstances, and provided further that any such amendment is subject to Section 17 of the Plan and may not impair any outstanding Award unless agreed to in writing by the Participant;

	 	 	 	 
	 	 	
(xi)

	
Allow Participants to satisfy withholding tax amounts by electing to have the Corporation withhold from the Shares to be issued upon exercise of a Non- Qualified Stock Option or Stock Appreciation Right, or vesting of a Stock Award that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined in such manner and on such date that the Administrator shall determine or, in the absence of provision otherwise, on the date that the amount of tax to be withheld is to be determined. All elections by a Participant to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may provide and must comply with all legal requirements, as interpreted by the Administrator and the General Counsel;

	 	 	 	 
	 	 	
(xii)

	
Authorize conversion or substitution under the Plan of any or all stock options, stock appreciation rights or other stock awards held by employees or service providers of an entity acquired by the Corporation (the "Conversion Awards") in connection with a merger or acquisition. Any conversion or substitution shall be effective as of the close of the merger or acquisition. The Conversion Awards may be Non-Qualified Stock Options or Incentive Stock Options, as determined by the Administrator, with respect to options granted by the acquired entity or other entity other than the Corporation; provided, however, that with respect to the conversion of stock appreciation rights in the acquired entity or other entity other than the Corporation, the Conversion Awards shall be Non-Qualified Stock Options. Unless otherwise determined by the Administrator at the time of conversion or substitution, all Conversion Awards shall have the same terms and conditions as Awards generally granted by the Corporation under the Plan;

	 	 	 	 
	 	 	
(xiii)

	
Impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers;

6

	 	 	 	 
	 	 	
(xiv)

	
Provide, either at the time an Award is granted or by subsequent action, that an Award shall contain as a term thereof, a right, either in tandem with the other rights under the Award or as an alternative thereto, of the Participant to receive, without payment to the Corporation, a number of Options, SARs, Stock Awards, Cash Awards or a combination thereof, the amount of which is determined by reference to the value of the Award; provided however, that such Award will not be considered in effect if it should be interpreted to operate in violation of Applicable Laws; and

	 	 	 	 
	 	 	
(xv)

	
Make all other determinations and amendments deemed necessary or advisable for administering the Plan and any Award granted hereunder to conform with Applicable Laws.

	 	 	 
	 	
(c)

	
All decisions, determinations and interpretations by the Administrator regarding or pursuant to the Plan, any rules and regulations under the Plan and the terms and conditions of any Award granted hereunder, shall be made in its sole discretion and shall be final and binding on all Participants. The Administrator shall consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any officer or other employee of the Corporation and such attorneys, consultants and accountants as it may select.

	 	 
	
5.

	
Eligibility.

	 	 
	 	
Awards may be granted to Officers and nonemployee Directors of the Corporation and persons expected to become Officers or nonemployee Directors of the Corporation (subject to commencement of employment or services), as the Board or Committee may determine in its sole discretion. Except as it relates to Officers of the Corporation, Awards may be granted to Employees, persons expected to become Employees of the Corporation or any of its Affiliates (subject to commencement of employment or service), consultants and independent contractors, as the Administrator may determine in its sole discretion. The Administrator's selection of a person to participate in the Plan at any time shall not require the Administrator to select such persons to participate in the Plan at any other time.

	 	 
	
6.

	
Term of the Plan.

	 	 
	 	
The Plan shall become effective upon its approval by the shareholders of the Corporation. It shall continue in effect for a term of 10 years from the later of the date the Plan or any amendment to add shares to the Plan is approved by shareholders of the Corporation unless terminated earlier under Section 17 of the Plan.

	 	 
	
7.

	
Term and Vesting of Award.

	 	 
	 	
The term and vesting schedule of each Award shall be determined by the Administrator and stated in the Award Agreement. In the case of an Option or Stock Appreciation Right, the term shall be 10 years from the Grant Date or such shorter term as may be provided in the Award Agreement. Nonperformance based Awards will vest not less than three years from the grant date and performance based Awards will vest in full than one year from the grant date, other than (i) upon a Change in Control as specified in Section 16(c) of the Plan, (ii) upon the death, disability or retirement of the Participant or (iii) up to 5% of authorized shares under the Plan which may have no minimum vesting period.

	 	 
	
8.

	
Options.

	 	 
	 	
The Administrator may grant an Option or provide for the grant of an Option, either from time to time in the discretion of the Administrator or automatically upon the occurrence of specified events, including, without limitation, the achievement of performance goals, or the satisfaction of an event or condition within the control of the Awardee or others.

	 	 	 
	 	
(a)

	
Option Agreement. Each Option Agreement shall contain provisions regarding (i) the number of Shares that may be issued upon exercise of the Option, (ii) the type of Option, (iii) the exercise price of the Shares and the means of payment for the Shares, (iv) the term of the Option, (v) such terms and conditions on the vesting and/or exercisability of the Option as may be determined from time to time by the Administrator, (vi) restrictions on the transfer of the Option and forfeiture provisions and (vii) such further terms and conditions, in each case not inconsistent with the Plan, as may be determined from time to time by the Administrator.

7

	 	 	 
	 	
(b)

	
Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined by the Administrator, subject to the following:

	 	 	 	 
	 	 	
(i)

	
In the case of an Incentive Stock Option, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the Grant Date.

	 	 	 	 
	 	 	
(ii)

	
In the case of a Non-Qualified Stock Option, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the Grant Date.

	 	 	 	 
	 	 	
(iii)

	
Notwithstanding the foregoing, at the Administrator's discretion, Conversion Awards may be granted in substitution and/or conversion of options of an acquired entity, with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of such substitution and/or conversion.

	 	 	 
	 	
(c)

	
No Option Repricings. Notwithstanding anything in this Plan to the contrary and subject to Section 16(a) of the Plan, without the approval of shareholders the Administrator shall not amend or replace previously granted Options in a transaction that constitutes a "repricing," as such term is used in Section 303A.08 of the Listed Company Manual of the New York Stock Exchange. Except pursuant to Section 16, the terms of outstanding Awards may not, without shareholder approval, be amended to reduce the exercise price of outstanding Options or cancel outstanding Options in exchange for cash, other Awards or Options with an exercise price that is less than the exercise price of the original Options.

	 	 	 
	 	
(d)

	
Vesting Period and Exercise Dates. Options granted under this Plan shall vest and/or be exercisable at such time and in such installments during the period prior to the expiration of the Option's term as determined by the Administrator. The Administrator shall have the right to make the timing of the ability to exercise, and the vesting schedule of, any Option

	 	 	
granted under this Plan subject to continued employment, the passage of time and/or such performance requirements as deemed appropriate by the Administrator. An Option may provide that it will be automatically exercised on the last day of its term if the Award has positive value and would otherwise expire unexercised. At any time after the grant of an Option, the Administrator may reduce or eliminate any restrictions surrounding, and the vesting schedule of, any Participant's right to exercise all or part of the Option.

	 	 	 
	 	
(e)

	
Form of Consideration. The Administrator shall determine the acceptable form of consideration for exercising an Option, including the currency and the method of payment, either through the terms of the Option Agreement or at the time of exercise of an Option. To the extent permitted by Applicable Laws, acceptable forms of consideration may include:

	 	 	 	 
	 	 	
(i)

	
Cash;

	 	 	 	 
	 	 	
(ii)

	
Check or wire transfer (denominated in U.S. dollars or such other currencies as the Administrator may determine in respect of any foreign jurisdiction where Options are, or shall be, granted under the Plan);

	 	 	 	 
	 	 	
(iii)

	
Subject to any conditions or limitations established by the Administrator, other Shares (either actual delivery or by attestation procedures established by the Corporation) which (A) in the case of Shares acquired upon the exercise of an Option, have been owned by the Participant for more than six months on the date of surrender and (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised. Any fraction of a share of Common Stock which would be required to pay the purchase price shall be disregarded and the remaining amount shall be paid in cash, check or wire transfer by the Awardee;

	 	 	 	 
	 	 	
(iv)

	
Consideration received by the Corporation under a broker-assisted sale and remittance program acceptable to the Administrator to whom the Awardee has submitted an irrevocable notice of exercise;

	 	 	 	 
	 	 	
(v)

	
Such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or

8

	 	 	 	 
	 	 	
(vi)

	
Any combination of the foregoing methods of payment.

	 	 	 
	 	
(f)

	
Approvals. No Option shall be exercisable unless and until the Corporation (i) obtains the approval of all regulatory bodies whose approval the General Counsel may deem necessary or desirable, and (ii) complies with all legal requirements deemed applicable by the General Counsel.

	 	 
	
9.

	
Incentive Stock Option Limitations/Terms.

	 	 	 
	 	
(a)

	
Eligibility. Only employees (as determined in accordance with Section 3401(c) of the Code and the regulations promulgated thereunder) of the Corporation or any of its Subsidiaries may be granted Incentive Stock Options.

	 	 	 
	 	
(b)

	
$100,000 Limitation. Notwithstanding the designation "Incentive Stock Option" in an Option Agreement, if and to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Awardee during any calendar year (under all plans of the Corporation and any of its Subsidiaries) exceeds U.S. $100,000, such Options shall be treated as Non-Qualified Stock Options. For purposes of this Section 9(b), Incentive Stock Options shall be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the Grant Date.

	 	 	 
	 	
(c)

	
Effect of Termination of Employment on Incentive Stock Options. All of the terms relating to the exercise, cancellation or other disposition of an Incentive Stock Option upon termination of employment or service with the Corporation of the holder of such Incentive Stock Option, whether by reason of disability, retirement, death or any other reason, shall be determined by the Administrator at the time of grant or thereafter by amendment, in the Administrator's sole discretion and subject to Applicable Laws.

	 	 	 
	 	
(d)

	
Transferability. The Award Agreement must provide that an Incentive Stock Option cannot be transferable by the Awardee other than by will or the laws of descent and distribution, and, during the lifetime of such Awardee, must not be exercisable by any other person. If the terms of an Incentive Stock Option are amended to permit transferability, the Option shall be treated for tax purposes as a Non-Qualified Stock Option.

	 	 	 
	 	
(e)

	
Exercise Price. The per Share exercise price of an Incentive Stock Option shall be determined by the Administrator in accordance with Section 8(b)(i) of the Plan.

	 	 	 
	 	
(f)

	
Other Terms. Option Agreements evidencing Incentive Stock Options shall contain such other terms and conditions as may be necessary to qualify, to the extent determined desirable by the Administrator, with the applicable provisions of Section 422 of the Code.

	 	 
	
10.

	
Stock Appreciation Rights.

	 	 
	 	
Stock Appreciation Rights shall be evidenced by written SAR Agreements in such form not inconsistent with the Plan as the Administrator shall approve from time to time. Such SAR Agreements shall contain the number of SARs awarded and the terms and conditions applicable to the SARs, including in substance the following terms and conditions:

	 	 	 
	 	
(a)

	
Award. SARs may be granted in tandem with a previously or contemporaneously granted Option, or independently of an Option (freestanding). SARs shall entitle the Awardee, subject to such terms and conditions as may be determined by the Administrator, to receive upon exercise thereof all or a portion of the excess of (i) the Fair Market Value at the time of exercise, as determined by the Administrator, of a specified number of Shares with respect to which the SAR is exercised,

	 	 	
over (ii) a specified price which shall not be less than 100% of the Fair Market Value of a share of Common Stock at the time the SAR is granted, or, if the SAR is granted in tandem with a previously granted Option, not less than 100% of the Fair Market Value of a share of Common Stock at the time such option was granted.

	 	 	 
	 	
(b)

	
Tandem SARs. If a SAR is granted in tandem with an Option, (i) the SAR shall be exercisable only at such times, and by such persons, as the related Option is exercisable, and (ii) the Awardee's exercise of a tandem SAR shall be deemed a surrender of and simultaneous cancellation of the related Option and vice versa.

9

	 	 	 
	 	
(c)

	
Term. Each SAR Agreement shall state the period or periods of time within which the SAR may be exercised, in whole or in part, as determined by the Administrator and subject to such terms and conditions as are prescribed for such purpose by the Administrator, provided that no SAR (i) granted in tandem with a previously granted Option, shall be exercisable before the related Option is exercisable, or (ii) shall be exercisable later than10 years after the date of grant, or termination of the related Option if sooner.

	 	 	 
	 	
(d)

	
Vesting Period and Exercise Dates. SARs granted under this Plan shall vest and/or be exercisable at such time and in such installments during the period prior to the expiration of the SAR's term as determined by the Administrator. The Administrator shall have the right to make the timing of the ability to exercise, and vesting schedule of, any SAR granted under the Plan subject to continued employment, the passage of time and/or such performance requirements as deemed appropriate by the Administrator. A SAR may provide that it will be automatically exercised on the last day of its term if the Award has positive value and would otherwise expire unexercised under Section 10(c)(ii) of the Plan. At any time after the grant of a SAR, the Administrator may reduce or eliminate any restrictions surrounding, and the vesting schedule of, any Participant's right to exercise all or part of the SAR.

	 	 	 
	 	
(e)

	
Payment. Upon exercise of a SAR, payment equal to the difference (if a positive number) between the Fair Market Value of the Shares on the date of exercise and the Fair Market Value of the Shares on the Grant Date, shall be made in cash, in Shares at 100% of the Fair Market Value of a Share on the date of exercise, or in a combination thereof, as the Administrator may determine at the time of grant or at any time thereafter.

	 	 	 
	 	
(f)

	
No SAR Repricings. Notwithstanding anything in this Plan to the contrary and subject to Section 16(a) of the Plan, without the approval of shareholders, the Administrator shall not amend or replace previously granted SARs in a transaction that constitutes a "repricing," as such term is used in Section 303A.08 of the Listed Company Manual of the New York Stock Exchange. Except pursuant to Section 16, the terms of outstanding Awards may not, without shareholder approval, be amended to reduce the exercise price of outstanding SARs or cancel outstanding SARs in exchange for cash, other Awards or SARS with an exercise price that is less than the exercise price of the original SARs.

	 	 
	
11.

	
Exercise of Option or Stock Appreciation Right.

	 	 	 
	 	
(a)

	
Procedure for Exercise; Rights as a Shareholder.

	 	 	 	 
	 	 	
(i)

	
Any Option or SAR granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the respective Award Agreement.

	 	 	 	 
	 	 	
(ii)

	
Any Option or SAR shall be deemed exercised (A) when the Corporation (1) receives written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option or SAR; (2) receives full payment for the Shares with respect to which the Option is exercised; or (3) with respect to Non-Qualified Stock Options and SARs, receives payment of all applicable withholding taxes, or withholding is otherwise paid; or (B) when the Non-Qualified Stock Option or SAR is automatically exercised by the Administrator in its sole discretion.

	 	 	 	 
	 	 	
(iii)

	
Shares issued upon exercise of an Option or in payment of a SAR shall be issued in the name of the Participant or, if requested by the Participant, in the name of the

	 	 	 	
Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation), no right to vote or receive dividends, or dividend equivalents, in any form, or any other rights as a shareholder shall exist with respect to the Shares subject to an Option or SAR, notwithstanding the exercise of the Option or SAR.

10

	 	 	 	 
	 	 	
(iv)

	
Subject to Sections 20 and 21 of the Plan, the Corporation shall issue (or cause to be issued) such Shares as soon as administratively practicable after the Option or SAR is exercised. An Option may not be exercised for a fraction of a Share and a SAR shall not be paid with a fraction of a Share.

	 	 	 
	 	
(b)

	
Effect of Termination of Employment on Non-Qualified Stock Options and SARs. All of the terms relating to the exercise, cancellation or other disposition of a Non-Qualified Stock Option or SAR upon termination of employment or service with the Corporation of the holder of such Non-Qualified Stock Option or SAR, whether by reason of disability, retirement, death or any other reason, shall be determined by the Administrator at the time of grant or thereafter by amendment, in the Administrator's sole discretion.

	 	 
	
12.

	
Stock Awards.

	 	 	 
	 	
(a)

	
Stock Award Agreement. Each Stock Award Agreement shall contain provisions regarding (i) the number of Shares subject to such Stock Award or a formula for determining such number, (ii) the purchase price of the Shares, if any, and the means of payment for the Shares, (iii) the performance criteria, if any, and level of achievement versus these criteria that shall determine the number of Shares granted, issued, retainable and/or vested,

	 	 	
(iv) such terms and conditions on the grant, issuance, vesting and/or forfeiture of the Shares as may be determined from time to time by the Administrator, (v) restrictions on the transferability of the Stock Award, and (vi) such further terms and conditions in each case not inconsistent with this Plan as may be determined from time to time by the Administrator.

	 	 	 
	 	
(b)

	
Restrictions and Performance Criteria. The grant, issuance, retention and/or vesting of each Stock Award may be subject to such performance criteria and level of achievement versus these criteria as the Administrator shall determine, which criteria may be based on financial performance, personal performance evaluations and/or completion of service by the Awardee. Notwithstanding anything to the contrary herein, the performance criteria for any Stock Award that is intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code shall be a measure established by the Committee based on one or more Qualifying Performance Criteria, as described in Section 14(c) of the Plan, that satisfy the criteria of Section 162(m) of the Code, which shall be determined by the Committee and specified in writing not later than 90 days after the commencement of the period of service (or, if shorter, 25% of such period of service) to which the performance goals relate, provided that the outcome is substantially uncertain at that time. The performance-based Stock Award earned as a result of satisfying the completion of a Qualifying Performance Criteria as described in Section 14(c) of the Plan may be reduced, but may not be increased, by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. The Committee may adjust Qualifying Performance Criteria to reflect extraordinary events as described in Sections 14(c) (A), (B), (C), (D), (E) and (F) of the Plan.

	 	 	 
	 	
(c)

	
Effect of Termination of Employment on Stock Awards. All of the terms relating to the expiration, lapse, removal of restrictions or cancellation of a Stock Award upon termination of employment or service with the Corporation of the holder of such Stock Award, whether by reason of disability, retirement, death or any other reason, shall be determined by the Administrator at the time of grant or thereafter by amendment, in the Administrator's sole discretion.

	 	 	 
	 	
(d)

	
Rights as a Shareholder. A Participant shall have the rights equivalent to those of a shareholder and shall be a shareholder only after Shares are issued (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation) to the Participant. Unless otherwise provided by the Administrator and subject to Applicable Laws, a Participant holding or beneficially entitled to nonperformance-based Stock Awards shall be entitled to receive accrued dividend equivalents if and when the vesting criteria of the Stock Award are met and a Participant holding or beneficially entitled to performance-based Stock Awards shall be entitled to receive accrued dividend equivalents if and when the performance criteria of the Stock Award are met; however, in no event will payment of an accrued dividend equivalent, in any form, be made prior to the vesting of the applicable Stock Award. The timing and form of payment of the accrued dividend equivalents must either comply with, or be exempt from, the requirements of Section 409A of the Code.

11

	 	 
	
13.

	
Cash Awards.

	 	 
	 	
Each Cash Award shall confer upon the Participant the opportunity to earn a future payment tied to the level of achievement with respect to one or more performance criteria established for a performance period of not less than one year.

	 	 	 
	 	
(a)

	
Cash Award. Each Cash Award shall contain provisions regarding (i) the minimum, target and maximum amount payable to the Participant as a Cash Award, (ii) the performance criteria and level of goal achievement versus these criteria which shall determine the amount of such payment, (iii) the period as to which performance shall be measured for establishing the amount of any payment, (iv) the timing of any payment earned by virtue of performance, (v) restrictions on the alienation or transfer of the Cash Award prior to actual

	 	 	
payment, (vi) forfeiture provisions, (vii) crediting, calculation and distribution of Bank balances, if applicable, (viii) determination of performance leverage factors, (ix) qualification and characterization of distributions for other plans, and (x) such further terms and conditions, in each case not inconsistent with the Plan, as may be determined from time to time by the Administrator. The maximum amount payable as a Cash Award that is settled for cash may be a multiple of the target amount payable, but the maximum amount payable pursuant to all Cash Awards granted under this Plan for any fiscal year to any Awardee that are intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code shall not exceed U.S. $10,000,000.

	 	 	 
	 	
(b)

	
Performance Criteria. The Administrator shall establish the performance criteria and level of achievement versus these criteria which shall determine the target and the minimum and maximum amount payable under a Cash Award, which criteria may be based on financial performance, individual performance measures and evaluations, and/or completion of service by the Awardee. The Committee may specify the percentage of the target Cash Award that is intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code. Notwithstanding anything to the contrary herein, the performance criteria for any portion of a Cash Award that is intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code shall be a measure established by the Committee based on one or more Qualifying Performance Criteria that satisfy the requirements of Section 162(m) of the Code selected by the Committee and specified in writing not later than 90 days after the commencement of the period of service (or, if shorter, 25% of such period of service) to which the performance goals relate, provided that the outcome is substantially uncertain at that time. The Cash Award earned as a result of satisfying the completion of a Qualifying Performance Criteria as described in Section 14(c) of the Plan may be reduced, but may not be increased, by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. The Committee may adjust Qualifying Performance Criteria to reflect extraordinary events as described in Sections 14(c) (A), (B), (C), (D), (E) and (F) of the Plan.

	 	 	 
	 	
(c)

	
Timing and Form of Payment of Cash Awards. The Administrator shall determine the timing of payment of any Cash Award. The Administrator may provide for or, subject to such terms and conditions as the Administrator may specify, may permit an Awardee to elect for the payment of any Cash Award to be deferred to a specified date or event. The Administrator may specify the form of payment of Cash Awards, which may be cash or other property, or may provide for an Awardee to have the option for his or her Cash Award, or such portion thereof as the Administrator may specify, to be paid in whole or in part in cash or other property. Notwithstanding the foregoing, the timing and form of payments hereunder must either comply with, or be exempt from, the requirements of Section 409A of the Code and each Award granted under the Plan intended to comply with Section 409A of the Code shall be interpreted in a manner consistent therewith.

	 	 	 
	 	
(d)

	
Termination of Employment. The Administrator shall have the discretion to determine the effect on any Cash Award of a Termination of Employment due to (i) voluntary termination, (ii) disability, (iii) retirement, (iv) death, (v) participation in a voluntary severance program, (vi) participation in a workforce restructuring or (vii) otherwise.

12

	 	 
	
14.

	
Other Provisions Applicable to Awards.

	 	 	 
	 	
(a)

	
The Board or Committee may develop and implement specific plans and programs which utilize Options, SARs, Stock Awards and/or Cash Awards which are available for such use under this Plan, including without limitation deferred compensation, or annual or long-term incentive plans.

	 	 	 
	 	
(b)

	
Nontransferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by beneficiary designation, will or by the laws of descent or distribution.

	 	 	 
	 	
(c)

	
Qualifying Performance Criteria. For purposes of this Plan, the term "Qualifying Performance Criteria" shall mean any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Corporation as a whole or to a business unit, Affiliate or business segment, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a preestablished target, to previous years' results or to a designated comparison group, in each case as specified by the Administrator or, with respect to Awards intended to satisfy Section 162(m) of the Code, exclusively by the Committee, in the Award: (i) cash flow; (ii) earnings (including gross margin, earnings before interest and taxes, earnings before taxes, and net earnings); (iii) earnings per share; (iv) growth in earnings or earnings per share; (v) stock price; (vi) return on equity or average shareholders' equity; (vii) total shareholder return or growth in total shareholder return either directly or in relation to a comparative group; (viii) return on capital; (ix) return on assets or net assets; (x) invested capital, required rate of return on capital or return on invested capital; (xi) revenue; (xii) income or net income; (xiii) operating income, net operating income or net operating income after tax; (xiv) operating profit or net operating profit; (xv) operating margin; (xvi) return on operating revenue; (xvii) market share; (xviii) contract awards or backlog; (xix) overhead or other expense reduction; (xx) growth in shareholder value relative to the growth of the S&P 500 or S&P 500 Index, S&P Global Industry Classification Standards ("GICS") or GICS Index, or another index, peer group or peer group index; (xxi) credit rating; (xxii) strategic plan development and implementation; (xxiii) improvement in workforce diversity; (xxiv) economic value added (including typical adjustments consistently applied from generally accepted accounting principles required to determine economic value added performance measures); (xxv) customer satisfaction; (xxvi) merger and acquisitions: (xxvii) sustainability goals; (xxviii) measurements of risk; (xxix) safety improvements; (xxx) reductions in scrap, and (xxxi) other similar criteria consistent with the foregoing. The Committee may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude any of the following events that occur during a performance period: (A) asset impairments or write-downs; (B) litigation, judgments or claim settlements; (C) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; (D) accruals for reorganization and restructuring programs; (E) any extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or in management's discussion and analysis of financial condition and results of operations appearing in the Corporation's Annual Report to shareholders for the applicable year; and (F) any other adjustment consistent with the operation of the Plan. Notwithstanding the foregoing, Awards intended to comply with Section 162(m) of the Code shall be based exclusively on those criteria and other terms and conditions that so comply.

	 	 	 
	 	
(d)

	
Certification. Prior to the payment of any compensation under an Award intended to qualify as "performance-based compensation" under Section 162(m) of the Code, the Committee shall certify the extent to which any Qualifying Performance Criteria and any other material terms under such Award have been satisfied (other than in cases where such criteria relate solely to the increase in the value of the Common Stock).

	 	 	 
	 	
(e)

	
Discretionary Adjustments Pursuant to Section 162(m) of the Code. Notwithstanding satisfaction of any completion of any Qualifying Performance Criteria, to the extent specified at the time of grant of an Award to "covered employees" within the meaning of Section 162(m) of the Code, the number of Shares, Options or other benefits granted, issued, retainable and/or vested under an Award on account of satisfaction of such Qualifying Performance Criteria may be reduced, but not increased, by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine.

14

	 	 	 
	 	
(f)

	
Use of Shares for Cash Awards. To the extent permitted by Applicable Laws, the Administrator may determine that Shares authorized under this Plan may be used in payment of Cash Awards, including additional shares in excess of the Cash Award as an inducement to hold Shares. If Shares are used as payment of a Cash Award, the Participant shall have the rights equivalent to those of a shareholder and shall be a shareholder only after Shares are issued (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation) to the Participant. Unless otherwise provided by the Administrator, and subject to Applicable Laws, a Participant holding or beneficially entitled to a Cash Award which is settled in Shares may be entitled to receive accrued dividend equivalents; however, in no event will payment of an accrued dividend equivalent, in any form, be made prior to the vesting of the applicable Cash Award.

	 	 
	
15.

	
Recoupment of Awards Resulting from Fraud or Intentional Misconduct.

	 	 
	 	
If the Board or an appropriate Committee of the Board determines that any fraud or intentional misconduct by one or more Officers or other executives of the Corporation, or an Affiliate, at a level of Vice President or above caused the Corporation, directly or indirectly, to restate its financial statements and the Officer or such executive has received more compensation than would have been paid absent the fraud or intentional misconduct, the Board or Committee, in its discretion, shall take such action as it deems necessary or appropriate to remedy the fraud or intentional misconduct and prevent its recurrence. Such action may include, to the extent permitted by applicable law, in appropriate cases, requiring partial or full reimbursement of any incentive compensation paid to the Officer or such executive or causing the partial or full cancellation of any outstanding Awards previously granted to such Officer or such executive in the amount by which the value of such compensation exceeds or exceeded any lower value that would have resulted based on the restated financial results.

	 	 
	
16.

	
Adjustments upon Changes in Capitalization, Dissolution, Merger or Asset Sale.

	 	 	 
	 	
(a)

	
Changes in Capitalization. Subject to any required action by the shareholders of the Corporation; (i) the number and kind of Shares covered by each outstanding Award; (ii) the price per Share subject to each such outstanding Award; and (iii) the Share limitations set forth in Section 3 of the Plan, shall be proportionately adjusted for any increase or decrease in the number or kind of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock or similar corporate transaction, or any other increase or decrease in the number of issued Shares of Common Stock effected without receipt of consideration by the Corporation, including without limitation, as a result of a merger, recapitalization or other change in corporate structure; provided, however, that conversion of any convertible securities of the Corporation shall not be deemed to have been "effected without receipt of consideration." Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Corporation of Shares of stock of any class, or securities convertible into Shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares of Common Stock subject to an Award.

	 	 	 
	 	
(b)

	
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Corporation, the Administrator shall notify each Participant as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for an Option or SAR to be fully vested and exercisable until 10 days prior to such transaction. In addition, the Administrator may provide that any restrictions on any Award shall lapse prior to the transaction, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated, and subject to any requirements of Section 409A of the Code, to the extent applicable. To the extent it has not been previously exercised, an Award shall terminate immediately prior to the consummation of such proposed transaction.

	 	 	 
	 	
(c)

	
Change in Control.

	 	 	 	 
	 	 	
(i)

	
Except as otherwise provided in an Award Agreement, notwithstanding any other provision of this Plan to the contrary, if, while any Awards remain outstanding under this Plan, a Change in Control shall occur, the surviving entity or acquiring entity, or the surviving or acquiring entity's parent company (collectively, the "Surviving Corporation") shall assume all Awards outstanding under this Plan or

14

	 	 	 	
shall substitute similar awards for Awards outstanding under this Plan. Notwithstanding the foregoing, to the extent the Surviving Corporation refuses to assume outstanding Awards or to substitute an equivalent award or right therefor (as determined by the Administrator in its sole discretion), all such outstanding Awards shall become fully vested and exercisable and all restrictions on such Awards shall immediately lapse (with all performance goals or other vesting criteria deemed achieved at 100% of target levels) and, with respect to Options and Stock Appreciation Rights, the Participant in the discretion of the Administrator (A) shall have the right to exercise such Awards for a period of time determined by the Administrator or (B) shall be entitled to receive an amount in cash equal to the excess (if any) of (I) the product of (x) the number of Shares subject to such Awards and (y) the per Share consideration paid as of the date of the occurrence of the Change in Control for the Shares pursuant to the Change in Control, less (II) the aggregate exercise price of such Awards, and all Awards not assumed or continued, or for which an equivalent award or right is not substituted therefor, shall terminate upon the Change in Control.

	 	 	 	 
	 	 	
(ii)

	
Except as otherwise provided in an Award Agreement, with respect to any Award that is assumed or for which a substitution is made in accordance with Section 16(c)(i) above, if the Awardee's employment with the Surviving Corporation is terminated within 12 months following the Change in Control by the Surviving Corporation without "Cause" (as defined below) or by the Awardee upon the occurrence of "Constructive Termination" (as defined below), the Award shall become fully vested and exercisable and all restrictions on such Awards shall immediately lapse (with all performance goals or other vesting criteria deemed achieved at 100% of target levels).

	 	 	 	 
	 	 	
(iii)

	
For purposes of this Section 16(c):

	 	 	 	 
	 	 	 	
"Cause" shall have the meaning assigned to such term in the Awardee's change in control-related severance agreement or in the Award Agreement with the Awardee or, if no such agreement exists or the agreement does not define Cause, then Cause shall mean, termination of an Awardee's employment or service (a) upon the willful and continued failure by the Awardee to substantially perform his or her duties (other than any such failure resulting from the Awardee's incapacity due to physical or mental illness or any such actual or anticipated failure after either the Awardee issued a notice of termination or on account of Constructive Termination, after a written demand for substantial performance is delivered to the Awardee by the board of directors of the Surviving Corporation, which demand specifically identifies the manner in which the board of directors of the Surviving Corporation believes that the Awardee has not substantially performed his or her duties, or (b) the willful engaging by the Awardee in conduct which is demonstrably and materially injurious to the Surviving Corporation, monetarily or otherwise. For purposes of this definition, no act, or failure to act, on the Awardee's part shall be deemed "willful" unless done, or omitted to be done, by the Awardee not in good faith and without reasonable belief that the Awardee's action or omission was in the best interest of the Surviving Corporation.

	 	 	 	 
	 	 	 	
"Constructive Termination" shall have the meaning assigned to such term in the Awardee's change in control-related severance agreement or in the Award Agreement with the Awardee or, if no such agreement exists or the agreement does not define "Constructive Termination, then "Constructive Termination" shall mean, without the Awardee's expressed written consent, the occurrence after a Change in Control of any of the following circumstances unless, in the case of paragraphs (A), (D) or (E), such circumstances are fully corrected prior to the date of the Awardee's termination:

	 	 	 	 
	 	 	 	
(A)

	
The assignment to the Awardee of any duties inconsistent (unless in the nature of a promotion) with the position in the Corporation that the Awardee held immediately prior to the Change in Control, or a significant adverse reduction or alteration in the nature or status of the Awardee's position, duties or responsibilities or the conditions of the Awardee's employment from those in effect immediately prior to such Change in Control;

15

	 	 	 	 	 
	 	 	 	
(B)

	
A reduction by the Surviving Corporation in the Awardee's annual base salary as in effect immediately prior to the Change in Control or as the same may be increased from time to time, except for across-the-board salary reductions similarly affecting all management personnel of the Corporation and all management personnel of any person in control of the Corporation;

	 	 	 	 	 
	 	 	 	
(C)

	
The Surviving Corporation's requirement that the Awardee's principal place of business be at an office located more than 20 miles from the location where the Awardee's principal place of business is located immediately prior to the Change in Control, except for required travel on business to an extent substantially consistent with the Awardee's present business travel obligations;

	 	 	 	 	 
	 	 	 	
(D)

	
The failure by the Surviving Corporation to continue in effect any compensation or benefit plan in which the Awardee participated immediately prior to the Change in Control that is material to the Awardee's total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Surviving Corporation to continue the Awardee's participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of the Awardee's participation relative to other participants, as existed at the time of the Change in Control; or

	 	 	 	 	 
	 	 	 	
(E)

	
The failure by the Surviving Corporation to continue to provide the Awardee with benefits substantially similar to those enjoyed by the Awardee under any of the Corporation's life insurance, medical, health and accident, or disability plans in which the Awardee was participating at the time of the Change in Control, the taking of any action by the Surviving Corporation which would directly or indirectly materially reduce any of such benefits or deprive the Awardee of any material fringe benefit enjoyed by the Awardee at the time of the Change in Control, or the failure by the Surviving Corporation to provide the Awardee with the number of paid vacation days to which the Awardee is entitled on the basis of years of service with the Corporation and the Surviving Corporation in accordance with the Corporation's normal vacation policy in effect at the time of the Change in Control.

	 	 
	
17.

	
Amendment and Termination of the Plan.

	 	 	 
	 	
(a)

	
Amendment and Termination. The Board or Committee may amend, alter or discontinue the Plan, but any such amendment shall be subject to approval of the shareholders of the Corporation in the manner and to the extent required by Applicable Laws. In addition, without limiting the foregoing, unless approved by the shareholders of the Corporation, no such amendment shall be made that would:

	 	 	 	 
	 	 	
(i)

	
Materially increase the maximum number of Shares for which Awards may be granted under the Plan, other than an increase pursuant to Section 16 of the Plan;

	 	 	 	 
	 	 	
(ii)

	
Reduce the minimum exercise price for Options or SARs granted under the Plan;

	 	 	 	 
	 	 	
(iii)

	
Reduce the exercise price of outstanding Options or SARs;

	 	 	 	 
	 	 	
(iv)

	
Change the class of persons eligible to receive Awards under the Plan; or

16

	 	 	 	 
	 	 	
(v)

	
Except pursuant to Section 16, the terms of outstanding awards may not, without shareholder approval, be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARS in exchange for cash, other Awards or Options or SARS with an exercise price that is less than the exercise price of the original Options or SARs.

	 	 	 
	 	
(b)

	
Effect of Amendment or Termination. No amendment, suspension or termination of the Plan shall adversely affect the rights of any outstanding Award, unless mutually agreed otherwise in writing and signed by the Participant and the Administrator. Termination of the Plan shall not affect the Administrator's ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

	 	 	 
	 	
(c)

	
Effect of the Plan on Other Arrangements. Neither the adoption of the Plan by the Board or Committee nor the submission of the Plan to the shareholders of the Corporation for approval shall be construed as creating any limitations on the power of the Board or any Committee to adopt such other incentive arrangements as it or they may deem desirable, including without limitation, the granting of stock or stock options otherwise than under the Plan, and such arrangements may be either generally applicable or applicable only in specific cases. Participation in the Plan shall not affect an Awardee's eligibility to participate in any other benefit or incentive plan of the Corporation.

	 	 
	
18.

	
Designation of Beneficiary.

	 	 	 
	 	
(a)

	
An Awardee may file a written designation of a beneficiary who is to receive the Awardee's rights pursuant to the Awardee's Award or the Awardee may include his or her Awards in an omnibus beneficiary designation for all benefits under the Plan. To the extent that the Awardee has completed a designation of beneficiary while employed with the Corporation, such beneficiary designation shall remain in effect with respect to any Award hereunder until changed by the Awardee to the extent enforceable under Applicable Laws. Such designation of beneficiary may be changed by the Awardee at any time by written notice.

	 	 	 
	 	
(b)

	
In the event of the death of an Awardee and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Awardee's death, to the extent permitted by Applicable Laws, the Corporation shall allow the executor or administrator of the estate of the Awardee to exercise the Award, or if no such executor or administrator has been appointed (to the knowledge of the Corporation), the Corporation, in its discretion, may allow the spouse or one or more dependents or relatives of the Awardee to exercise the Award to the extent permissible under Applicable Laws.

	 	 
	
19.

	
No Right to Awards or to Employment.

	 	 
	 	
No person shall have any claim or right to be granted an Award and the grant of any Award shall not be construed as giving an Awardee the right to continue in the employ of the Corporation or its Affiliates. Further, the Corporation and its Affiliates expressly reserve the right, at any time, to dismiss any Employee or Awardee at any time without liability or any claim under the Plan, except as provided herein or in any Award Agreement entered into hereunder.

	 	 
	
20.

	
Legal Compliance.

	 	 
	 	
Shares shall not be issued or transferred pursuant to the exercise of an Option, SAR, Stock Award, or any other Award unless the exercise or other settlement of such Option, SAR, Stock Award or any other Award and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to such approval as the General Counsel may deem necessary or desirable.

	 	 
	
21.

	
Inability to Obtain Authority.

	 	 
	 	
To the extent the Corporation is unable to or the Administrator deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Corporation's General Counsel to be necessary to the lawful issuance and sale of any Shares hereunder, the Corporation shall be relieved of any liability with respect to the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

17

	 	 
	
22.

	
Reservation of Shares.

	 	 
	 	
The Corporation, during the term of this Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan.

	 	 
	
23.

	
Notice.

	 	 
	 	
Any written notice to the Corporation required by any provisions of this Plan shall be addressed to the Secretary of the Corporation and shall be effective when received.

	 	 
	
24.

	
Governing Law; Interpretation of Plan and Awards.

	 	 	 
	 	
(a)

	
The Plan and all determinations made and actions taken pursuant hereto shall be governed by the substantive laws, but not the choice of law rules, of the state of Indiana, except to the extent such laws may be superseded by federal law.

	 	 	 
	 	
(b)

	
In the event that any provision of the Plan or any Award granted under the Plan is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of the terms of the Plan and/or Award shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.

	 	 	 
	 	
(c)

	
The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of the Plan, nor shall they affect its meaning, construction or effect.

	 	 	 
	 	
(d)

	
The use of the singular shall include within its meaning the plural and vice versa.

	 	 	 
	 	
(e)

	
The terms of the Plan and any Award shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

	 	 	 
	 	
(f)

	
All questions arising under the Plan or under any Award shall be decided by the Administrator in its total and absolute discretion.

	 	 	 
	
25.

	
Deferrals.

	 
	 	 
	 	
To the extent permitted by Applicable Laws, the Administrator, in its sole discretion, may determine that the delivery of Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Awardees.

	 	 
	 	
Deferrals by Awardees that are not exempt from Section 409A of the Code will be made in accordance with Section 409A of the Code. The terms of these deferrals, and any related programs, procedures, Award Agreements and other related documents shall be determined by the Administrator, in its sole discretion. Any such terms, including terms with respect to eligibility to make or change deferral elections, and timing, form, and if applicable, acceleration of, distributions shall comply with the applicable requirement of Section 409A of the Code or shall otherwise be exempt from Section 409A of the Code.

	 	 
	
26.

	
Limitation on Liability.

	 	 
	 	
The Corporation and any Affiliate which is in existence or hereafter comes into existence shall not be liable to a Participant, an Employee, an Awardee or any other persons as to:

	 	 	 
	 	
(a)

	
The Nonissuance of Shares. The nonissuance or sale of Shares as to which the Corporation has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Corporation's General Counsel to be necessary to the lawful issuance and sale of any shares hereunder; and

18

	 	 	 
	 	
(b)

	
Tax Consequences. Any tax consequence expected, but not realized, by any Participant, Employee, Awardee or other person due to the receipt, exercise or settlement of any Option or other Award granted hereunder.

	 	 
	
27.

	
Unfunded Plan.

	 	 
	 	
The Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Awardees who are granted Awards under the Plan, any such accounts shall be used merely as a bookkeeping convenience. Neither the Corporation nor any Affiliate shall be required to segregate any assets which may at any time be represented by Awards, nor shall the Plan be construed as providing for such segregation, nor shall the Corporation or the Administrator be deemed to be a trustee of stock or cash to be awarded under the Plan. Any liability of the Corporation to any Participant with respect to an Award shall be based solely upon any contractual obligations which may be created by the Plan; no such obligation of the Corporation shall be deemed to be secured by any pledge or other encumbrance on any property of the Corporation. Neither the Corporation nor the Administrator shall be required to give any security or bond for the performance of any obligation which may be created by the Plan.

19

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