Document:

exv10w1

EXHIBIT 10.1

REINSURANCE GROUP OF AMERICA, INCORPORATED

FLEXIBLE STOCK PLAN

As Amended and Restated Effective July 1, 1998, and as further amended by

Amendment on March 16, 2000, Second Amendment on May 28, 2003,

Third Amendment on May 26, 2004, Fourth Amendment on May 23, 2007,

Fifth Amendment on May 21, 2008, and Sixth Amendment on May 8, 2011

 

 

REINSURANCE GROUP OF AMERICA, INCORPORATED

FLEXIBLE STOCK PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I — NAME AND PURPOSE	 	 	 	 
	1.1
	 	Name	 	 	1	 
	1.2
	 	Purpose	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II — DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION	 	 	 	 
	2.1
	 	General Definitions	 	 	1	 
	 
	 	(a) Affiliate	 	 	1	 
	 
	 	(b) Agreement	 	 	1	 
	 
	 	(c) Benefit	 	 	1	 
	 
	 	(d )Board	 	 	1	 
	 
	 	(e) Cash Award	 	 	1	 
	 
	 	(f) Change of Control	 	 	1	 
	 
	 	(g) Code	 	 	1	 
	 
	 	(h) Company	 	 	1	 
	 
	 	(i) Committee	 	 	1	 
	 
	 	(j) Common Stock	 	 	2	 
	 
	 	(k) Effective Date	 	 	2	 
	 
	 	(l) Employee	 	 	2	 
	 
	 	(m) Employer	 	 	2	 
	 
	 	(n) Exchange Act	 	 	2	 
	 
	 	(o) Fair Market Value	 	 	2	 
	 
	 	(p) Fiscal Year	 	 	2	 
	 
	 	(q) ISO	 	 	2	 
	 
	 	(r) NQSO	 	 	2	 
	 
	 	(s) Option	 	 	2	 
	 
	 	(t) Other Stock Based Award	 	 	2	 
	 
	 	(u) Parent	 	 	2	 
	 
	 	(v) Participant	 	 	2	 
	 
	 	(w) Performance Share	 	 	2	 
	 
	 	(x) Plan	 	 	2	 
	 
	 	(y) Restricted Stock	 	 	3	 
	 
	 	(z) Rule 16b-3	 	 	3	 
	 
	 	(aa) SEC	 	 	3	 
	 
	 	(bb) Share	 	 	3	 
	 
	 	(cc) SAR	 	 	3	 
	 
	 	(dd) Subsidiary	 	 	3	 
	2.2
	 	Other Definitions	 	 	3	 
	2.3
	 	Conflicts in Plan	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE III — COMMON STOCK	 	 	 	 
	3.1
	 	Number of Shares	 	 	3	 
	3.2
	 	Reusage	 	 	3	 
	3.3
	 	Adjustments	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE IV — ELIGIBILITY	 	 	 	 
	4.1
	 	Determined By Committee	 	 	4	 

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	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE V — ADMINISTRATION	 	 	 	 
	5.1
	 	Committee	 	 	4	 
	5.2
	 	Authority	 	 	4	 
	5.3
	 	Delegation	 	 	5	 
	5.4
	 	Adjudication of Claims	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE VI — AMENDMENT	 	 	 	 
	6.1
	 	Power of Board	 	 	5	 
	6.2
	 	Limitation	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE VII — TERM AND TERMINATION	 	 	 	 
	7.1
	 	Term	 	 	6	 
	7.2
	 	Termination	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE VIII — MODIFICATION OR TERMINATION OF BENEFITS	 	 	 	 
	8.1
	 	General	 	 	6	 
	8.2
	 	Committee’s Right	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE IX — CHANGE OF CONTROL	 	 	 	 
	9.1
	 	Right of Committee	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE X — AGREEMENTS AND CERTAIN BENEFITS	 	 	 	 
	10.1
	 	Grant Evidenced by Agreement	 	 	7	 
	10.2
	 	Provisions of Agreement	 	 	7	 
	10.3
	 	Certain Benefits	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE XI — REPLACEMENT AND TANDEM AWARDS	 	 	 	 
	11.1
	 	Tandem Awards	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE XII — PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING	 	 	 	 
	12.1
	 	Payment	 	 	7	 
	12.2
	 	Dividend Equivalents	 	 	8	 
	12.3
	 	Deferral	 	 	8	 
	12.4
	 	Withholding	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE XIII — OPTIONS	 	 	 	 
	13.1
	 	Types of Options	 	 	8	 
	13.2
	 	Shares for ISOs	 	 	8	 
	13.3
	 	Grant of ISOs and Option Price	 	 	8	 
	13.4
	 	Other Requirements for ISOs	 	 	8	 
	13.5
	 	NQSOs	 	 	8	 
	13.6
	 	Determination by Committee	 	 	8	 
	13.7
	 	Limitation Shares Covered by Options	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE XIV — SARS	 	 	 	 
	14.1
	 	Grant and Payment	 	 	9	 
	14.2
	 	Grant of Tandem Award	 	 	9	 
	14.3
	 	ISO Tandem Award	 	 	9	 
	14.4
	 	Payment of Award	 	 	9	 
	14.5
	 	Limitation on SARs.	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE XV — RESTRICTED STOCK	 	 	 	 

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	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	15.1
	 	Description	 	 	9	 
	15.2
	 	Cost of Restricted Stock	 	 	9	 
	15.3
	 	Non-Transferability	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE XVI — PERFORMANCE SHARES	 	 	 	 
	16.1
	 	Description	 	 	10	 
	16.2
	 	Grant	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE XVII — CASH AWARDS	 	 	 	 
	17.1
	 	Grant	 	 	10	 
	17.2
	 	Limitation on Amount	 	 	10	 
	17.3
	 	Restrictions	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE XVIII — OTHER STOCK BASED AWARDS AND OTHER BENEFITS	 	 	 	 
	18.1
	 	Other Stock Based Awards	 	 	10	 
	18.2
	 	Other Benefits	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE XIX — MISCELLANEOUS PROVISIONS
	 	 	 	 
	19.1
	 	Underscored References	 	 	10	 
	19.2
	 	Number and Gender	 	 	11	 
	19.3
	 	Governing Law	 	 	11	 
	19.4
	 	Purchase for Investment	 	 	11	 
	19.5
	 	No Employment Contract	 	 	11	 
	19.6
	 	No Effect on Other Benefits	 	 	11	 
	 
	 	 	 	 	 	 
	APPENDIX A	 	 	12	 

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Reinsurance Group of America, Incorporated

FLEXIBLE STOCK PLAN

ARTICLE I

NAME AND PURPOSE

     1.1 Name. The name of this Plan is the “Reinsurance Group of America, Incorporated
Flexible Stock Plan.”

     1.2 Purpose. The Company has established this Plan to attract, retain, motivate and
reward Employees and other individuals, to encourage ownership of the Company’s Common Stock by
Employees and other individuals, and to promote and further the best interests of the Company by
granting cash and other awards.

ARTICLE II

DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION

     2.1 General Definitions. The following words and phrases, when used in the Plan,
unless otherwise specifically defined or unless the context clearly otherwise requires, shall have
the following respective meanings:

     (a) Affiliate. A Parent or Subsidiary of the Company.

     (b) Agreement. The document which evidences the grant of any Benefit under the Plan
and which sets forth the Benefit and the terms, conditions and provisions of, and restrictions
relating to, such Benefit.

     (c) Benefit. Any benefit granted to a Participant under the Plan.

     (d) Board. The Board of Directors of the Company.

     (e) Cash Award. A Benefit payable in the form of cash.

     (f) Change of Control. The acquisition, without the approval of the Board, by any
person or entity, other than the Company or a Related Entity, of more than 20% of the outstanding
Shares through a tender offer, exchange offer or otherwise; the liquidation or dissolution of the
Company following a sale or other disposition of all or substantially all of its assets; a merger
or consolidation involving the Company which results in the Company not being the surviving parent
corporation; or any time during any two-year period in which individuals who constituted the Board
at the start of such period (or whose election was approved by at least two-thirds of the then
members of the Board who were members at the start of the two-year period) do not constitute at
least 50% of the Board for any reason. A Related Entity is the Parent, a Subsidiary or any
employee benefit plan (including a trust forming a part of such a plan) maintained by the Parent,
the Company or a Subsidiary.

     (g) Code. The Internal Revenue Code of 1986, as amended. Any reference to the Code
includes the regulations promulgated pursuant to the Code.

     (h) Company. Reinsurance Group of America, Incorporated.

     (i) Committee. The Committee described in Section 5.1.

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     (j) Common Stock. Any class of the Company’s common stock.

     (k) Effective Date. The date that the Plan is approved by the shareholders of the
Company which must occur within one year before or after approval by the Board. Any grants of
Benefits prior to the approval by the shareholders of the Company shall be void if such approval is
not obtained.

     (l) Employee. Any person employed by the Employer.

     (m) Employer. The Company and all Affiliates.

     (n) Exchange Act. The Securities Exchange Act of 1934, as amended.

     (o) Fair Market Value. The closing price of Shares on the New York Stock Exchange on
a given date, or, in the absence of sales on a given date, the closing price on the New York Stock
Exchange on the last day on which a sale occurred prior to such date.

     (p) Fiscal Year. The taxable year of the Company which is the calendar year.

     (q) ISO. An Incentive Stock Option as defined in Section 422 of the Code.

     (r) NQSO. A Non-Qualified Stock Option, which is an Option that does not qualify as
an ISO.

     (s) Option. An option to purchase Shares granted under the Plan.

     (t) Other Stock Based Award. An award under ARTICLE XVIII that is valued in whole or
in part by reference to, or is otherwise based on, Common Stock.

     (u) Parent. Any corporation (other than the Company or a Subsidiary) in an unbroken
chain of corporations ending with the Company, if, at the time of the grant of an Option or other
Benefit, each of the corporations (other than the Company or a Subsidiary) owns stock possessing
50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain. The Company’s present Parent is General American Life Insurance
Company.

     (v) Participant. An individual who is granted a Benefit under the Plan. Benefits may
be granted only to Employees, employees and owners of entities which are not Affiliates but which
have a direct or indirect ownership interest in an Employer or in which an Employer has a direct or
indirect ownership interest, individuals who, and employees and owners of entities which, are
customers and suppliers of an Employer, individuals who, and employees and owners of entities
which, render services to an Employer, and individuals who, and employees and owners of entities
which, have ownership or business affiliations with any individual or entity previously described.

     (w) Performance Share. A Share awarded to a Participant under ARTICLE XVI of the
Plan.

     (x) Plan. The Reinsurance Group of America, Incorporated Flexible Stock Plan and all
amendments and supplements to it.

2

 

     (y) Restricted Stock. Shares issued under ARTICLE XV of the Plan.

     (z) Rule 16b-3. Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended,
or any successor rule in effect from time to time.

     (aa) SEC. The Securities and Exchange Commission.

     (bb) Share. A share of Common Stock.

     (cc) SAR. A Stock Appreciation Right, which is the right to receive an amount equal
to the appreciation, if any, in the Fair Market Value of a Share from the date of the grant of the
right to the date of its payment.

     (dd) Subsidiary. Any corporation, other than the Company, in an unbroken chain of
corporations beginning with the Company if, at the time of grant of an Option or other Benefit,
each of the corporations, other than the last corporation in the unbroken chain, owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

     2.2 Other Definitions. In addition to the above definitions, certain words and
phrases used in the Plan and any Agreement may be defined in other portions of the Plan or in such
Agreement.

     2.3 Conflicts in Plan. In the case of any conflict in the terms of the Plan relating
to a Benefit, the provisions in the ARTICLE of the Plan which specifically grants such Benefit
shall control those in a different ARTICLE.

ARTICLE III

COMMON STOCK

     3.1 Number of Shares. The number of Shares which may be issued or sold or for which
Options, SARs or Performance Shares may be granted under the Plan shall be 9,260,077 Shares. Such
Shares may be authorized but unissued Shares, Shares held in the treasury, or both.1

     3.2 Reusage. If an Option or SAR expires or is terminated, surrendered, or cancelled
without having been fully exercised, if Restricted Shares or Performance Shares are forfeited, or
if any other grant results in any Shares not being issued, the Shares covered by such Option or
SAR, grant of Restricted Shares, Performance Shares or other grant, as the case may be, shall again
be available for use under the Plan.

     3.3 Adjustments. If there is any change in the Common Stock of the Company by reason
of any stock dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation,
reorganization, combination or exchange of shares, the number of SARs and number and class of
shares available for Options and grants of Restricted Stock, Performance Shares and Other Stock
Based Awards and the number of Shares subject to outstanding Options, SARs, grants of Restricted
Stock and Performance Shares which are not vested, and Other Stock Based Awards, and the price
thereof, as applicable, shall be appropriately adjusted by the Committee.

 

			
	1	 	As amended by Amendment on March 16, 2000,
Second Amendment on May 28, 2003, Third Amendment on May 26, 2004 and Fourth
Amendment on May 23, 2007.

3

 

ARTICLE IV

ELIGIBILITY

     4.1 Determined By Committee. The Participants and the Benefits they receive under the
Plan shall be determined solely by the Committee. In making its determinations, the Committee
shall consider past, present and expected future contributions of Participants and potential
Participants to the Employer, including, without limitation, the performance of, or the refraining
from the performance of, services.

ARTICLE V

ADMINISTRATION

     5.1 Committee. The Plan shall be administered by the Committee. The Committee shall
consist of three or more members of the Board each of whom is a “Non-Employee Director” as defined
in Rule 16b-3 and who is an “outside director” as defined in Code Section 162(m)(4)(C)(i). The
members of the Committee shall be appointed by and shall serve at the pleasure of the Board, which
may from time to time appoint members in substitution for members previously appointed and fill
vacancies, however caused, in the Committee. The Committee may select one of its members as its
Chairman and shall hold its meetings at such times and places as it may determine. A majority of
its members shall constitute a quorum. All determinations of the Committee shall be made by a
majority of its members. Any decision or determination reduced to writing and signed by a majority
of the members shall be fully as effective as if it had been made by a majority vote at a meeting
duly called and held.

     5.2 Authority. Subject to the terms of the Plan, the Committee shall have
discretionary authority to:

     (a) determine the individuals to whom Benefits are granted, the type and amounts of Benefits
to be granted and the time of all such grants;

     (b) determine the terms, conditions and provisions of, and restrictions relating to, each
Benefit granted;

     (c) interpret and construe the Plan and all Agreements;

     (d) prescribe, amend and rescind rules and regulations relating to the Plan;

     (e) determine the content and form of all Agreements;

     (f) determine all questions relating to Benefits under the Plan;

     (g) maintain accounts, records and ledgers relating to Benefits;

     (h) maintain records concerning its decisions and proceedings;

     (i) employ agents, attorneys, accountants or other persons for such purposes as the Committee
considers necessary or desirable;

4

 

     (j) take, at anytime, any action permitted by Section 9.1 irrespective of whether any Change
of Control has occurred or is imminent; and

     (k) do and perform all acts which it may deem necessary or appropriate for the administration
of the Plan and carry out the purposes of the Plan.

     5.3 Delegation. Except as required by Rule 16b-3 with respect to grants of Options,
Stock Appreciation Awards, Performance Shares, Other Stock Based Awards, or other Benefits to
individuals who are subject to Section 16 of the Exchange Act or as otherwise required for
compliance with Rule 16b-3, Code Section 162(m), or other applicable law, the Committee may
delegate all or any part of its authority under the Plan to any Employee, Employees or committee.

     5.4 Adjudication of Claims. The Committee shall have full and complete discretionary
authority to make all determinations as to the right to Benefits under the Plan. In the event that
a Participant believes he has not received the Benefits to which he is entitled under the Plan, a
claim shall be made in writing to the Committee. The claim shall be reviewed by the Committee. If
the claim is approved or denied, in full or in part, the Committee shall provide a written notice
of approval or denial within 90 days with, in the case of a denial, the specific reasons for the
denial and specific reference to the provisions of the Plan and/or Agreement upon which the denial
is based. A claim shall be deemed denied if the Committee does not take any action within the
aforesaid 90 day period. If a claim is denied or deemed denied and a review is desired, the
Participant shall notify the Committee in writing within 60 days of the receipt of notice of denial
or the date on which the claim is deemed to be denied, as the case may be. In requesting a review,
the Participant may review the Plan or any document relating to it and submit any written issues
and comments he may deem appropriate. The Committee shall then review the claim and provide a
written decision within 60 days. This decision, if adverse to the Participant, shall state the
specific reasons for the decision and shall include reference to specific provisions of the Plan
and/or Agreement on which the decision is based. The Committee’s decision on review shall be final
and binding.

ARTICLE VI

AMENDMENT

     6.1 Power of Board. Except as hereinafter provided, the Board shall have the sole
right and power to amend the Plan at any time and from time to time.

     6.2 Limitation. The Board may not amend the Plan, without approval of the
shareholders of the Company:

     (a) in a manner which would cause Options which are intended to qualify as ISOs to fail to
qualify;

     (b) in a manner which would cause the Plan to fail to meet the requirements of Rule 16b-3 or
Code Section 162(m); or

     (c) in a manner which would violate applicable law.

5

 

ARTICLE VII

TERM AND TERMINATION

     7.1 Term. The Plan shall commence as of the Effective Date and, subject to the terms
of the Plan, including those requiring approval by the shareholders of the Company and those
limiting the period over which ISOs or any other Benefits may be granted, shall continue in full
force and effect until terminated.

     7.2 Termination. The Plan may be terminated at any time by the Board.

ARTICLE VIII

MODIFICATION OR TERMINATION OF BENEFITS

     8.1 General. Subject to the provisions of Section 8.2, the amendment or termination
of the Plan shall not adversely affect a Participant’s right to any Benefit granted prior to such
amendment or termination.

     8.2 Committee’s Right. Any Benefit granted may be converted, modified, forfeited or
cancelled, in whole or in part, by the Committee if and to the extent permitted in the Plan or
applicable Agreement or with the consent of the Participant to whom such Benefit was granted.

ARTICLE IX

CHANGE OF CONTROL

     9.1 Right of Committee. In order to maintain a Participant’s rights in the event of a
Change in Control, the Committee, in its sole discretion, may, in any Agreement evidencing a
Benefit, or at any time prior to, or simultaneously with or after a Change in Control, provide such
protection as it may deem necessary. Without, in any way, limiting the generality of the foregoing
sentence or requiring any specific protection, the Committee may:

     (a) provide for the acceleration of any time periods relating to the exercise or realization
of such Benefit so that such Benefit may be exercised or realized in full on or before a date fixed
by the Committee;

     (b) provide for the purchase of such Benefit, upon the Participant’s request, for an amount of
cash equal to the amount which could have been attained upon the exercise or realization of such
Benefit had such Benefit been currently exercisable or payable;

     (c) make such adjustment to the Benefits then outstanding as the Committee deems appropriate
to reflect such transaction or change; and/or

     (d) cause the Benefits then outstanding to be assumed, or new Benefits substituted therefor,
by the surviving corporation in such change.

6

 

ARTICLE X

AGREEMENTS AND CERTAIN BENEFITS

     10.1 Grant Evidenced by Agreement. The grant of any Benefit under the Plan may be
evidenced by an Agreement which shall describe the specific Benefit granted and the terms and
conditions of the Benefit. The granting of any Benefit shall be subject to, and conditioned upon,
the recipient’s execution of any Agreement required by the Committee. Except as otherwise provided
in an Agreement, all capitalized terms used in the Agreement shall have the same meaning as in the
Plan, and the Agreement shall be subject to all of the terms of the Plan.

     10.2 Provisions of Agreement. Each Agreement shall contain such provisions that the
Committee shall determine to be necessary, desirable and appropriate for the Benefit granted which
may include, but not be limited to, the following with respect to any Benefit: description of the
type of Benefit; the Benefit’s duration; its transferability; if an Option, the exercise price, the
exercise period and the person or persons who may exercise the Option; the effect upon such Benefit
of the Participant’s death or termination of employment; the Benefit’s conditions; when, if, and
how any Benefit may be forfeited, converted into another Benefit, modified, exchanged for another
Benefit, or replaced; and the restrictions on any Shares purchased or granted under the Plan.

     10.3 Certain Benefits. Except as otherwise expressly provided in an Agreement, any
Benefit granted to an individual who is subject to Section 16 of the Exchange Act shall be not
transferable other than by will or the laws of descent and distribution and shall be exercisable
during his lifetime only by him, his guardian or his legal representative.

ARTICLE XI

TANDEM AWARDS

     11.1 Tandem Awards. Awards may be granted by the Committee in tandem. However, no
Benefit may be granted in tandem with an ISO except SARs.2

ARTICLE XII

PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING

     12.1 Payment. Upon the exercise of an Option or in the case of any other Benefit that
requires a payment to the Company, the amount due the Company is to be paid:

     (a) in cash;

     (b) by the tender to the Company of Shares owned by the optionee and registered in his name
having a Fair Market Value equal to the amount due to the Company;

 

			
	2	 	Former Section 11.1 deleted and former
Section 11.2 renumbered as 11.1 by Sixth Amendment on May 8, 2011.

7

 

     (c) in other property, rights and credits, including the Participant’s promissory note if
permitted under applicable law; or

     (d) by any combination of the payment methods specified in (a), (b) and (c) above.

Notwithstanding, the foregoing, any method of payment other than (a) may be used only with the
consent of the Committee or if and to the extent so provided in an Agreement. The proceeds of the
sale of Common Stock purchased pursuant to an Option and any payment to the Company for other
Benefits shall be added to the general funds of the Company or to the Shares held in treasury, as
the case may be, and used for the corporate purposes of the Company as the Board shall determine.

     12.2 Dividend Equivalents. Grants of Benefits in Shares or Share equivalents may
include dividend equivalent payments or dividend credit rights.

     12.3 Deferral. The right to receive any Benefit under the Plan may, at the request of
the Participant, be deferred for such period and upon such terms as the Committee shall determine,
which may include crediting of interest on deferrals of cash and crediting of dividends on
deferrals denominated in Shares.

     12.4 Withholding. The Company, at the time any distribution is made under the Plan,
whether in cash or in Shares, may withhold from such distribution any amount necessary to satisfy
federal, state and local income tax withholding requirements with respect to such distribution.
Such withholding may be in cash or in Shares.

ARTICLE XIII

OPTIONS

     13.1 Types of Options. It is intended that both ISOs and NQSOs may be granted by the
Committee under the Plan.

     13.2 Shares for ISOs. The number of Shares for which ISOs may be granted on or after
the Effective Date shall not exceed 150,000 Shares.

     13.3 Grant of ISOs and Option Price. Each ISO must be granted to an Employee and
granted within ten years from the Effective Date. The purchase price for Shares under any ISO
shall be no less than the Fair Market Value of the Shares at the time the Option is granted.

     13.4 Other Requirements for ISOs. The terms of each Option which is intended to
qualify as an ISO shall meet all requirements of Section 422 of the Code.

     13.5 NQSOs. The terms of each NQSO shall provide that such Option will not be treated
as an ISO. The purchase price for Shares under any NQSO shall be equal to or greater than the Fair
Market Value of the Shares at the time the Option is granted.

     13.6 Determination by Committee. Except as otherwise provided in Section 13.2 through
Section 13.5, the terms of all Options shall be determined by the Committee.

8

 

     13.7 Limitation on Shares Covered by Options. The maximum number of Shares with
respect to which such Options may be granted to any Participant in any 1 year period shall not
exceed 200,000 shares. For purposes of the preceding sentence, the Shares covered by an Option
that is cancelled shall count against the maximum number of Shares, and, if the exercise price
under an Option is reduced, the transaction shall be treated as a cancellation of the Option and a
grant of a new Option.

ARTICLE XIV

SARS

     14.1 Grant and Payment. The Committee may grant SARs. Upon electing to receive
payment of a SAR, a Participant shall receive payment in cash, in Common Stock, or in any
combination of cash and Common Stock, as the Committee shall determine.

     14.2 Grant of Tandem Award. The Committee may grant SARs in tandem with an Option, in
which case: the exercise of the Option shall cause a correlative reduction in SARs standing to a
Participant’s credit which were granted in tandem with the Option; and the payment of SARs shall
cause a correlative reduction of the Shares under such Option.

     14.3 ISO Tandem Award. When SARs are granted in tandem with an ISO, the SARs shall
have such terms and conditions as shall be required for the ISO to qualify as an ISO.

     14.4 Payment of Award. SARs shall be paid, to the extent payment is elected by the
Participant (and is otherwise due and payable), as soon as practicable after the date on which such
election is made.

     14.5 Limitation on SARs. The maximum number of SARs which may be granted to any
Participant in any 1 year period shall not exceed 15,000 SARs. For purposes of the preceding
sentence, any SARs that are cancelled shall count against the maximum number of SARs, and, if the
Fair Market Value of a Share on which the appreciation under a SAR will be calculated is reduced,
the transaction shall be treated as a cancellation of the SAR and a grant of a new SAR.

ARTICLE XV

RESTRICTED STOCK

     15.1 Description. The Committee may grant Benefits in Shares available under ARTICLE
III of the Plan as Restricted Stock. Shares of Restricted Stock shall be issued and delivered at
the time of the grant but shall be subject to forfeiture until provided otherwise in the applicable
Agreement or the Plan. Each certificate representing Shares of Restricted Stock shall bear a
legend referring to the Plan and the risk of forfeiture of the Shares and stating that such Shares
are nontransferable until all restrictions have been satisfied and the legend has been removed.
The grantee shall be entitled to full voting and dividend rights with respect to all shares of
Restricted Stock from the date of grant.

     15.2 Cost of Restricted Stock. Grants of Shares of Restricted Stock shall be made at
a per Share cost to the Participant equal to par value.

9

 

     15.3 Non-Transferability. Shares of Restricted Stock shall not be transferable until
after the removal of the legend with respect to such Shares.

ARTICLE XVI

PERFORMANCE SHARES

     16.1 Description. Performance Shares are the right of an individual to whom a grant
of such Shares is made to receive Shares or cash equal to the Fair Market Value of such Shares at a
future date in accordance with the terms of such grant. Generally, such right shall be based upon
the attainment of targeted profit and/or performance objectives.

     16.2 Grant. The Committee may grant an award of Performance Shares. The number of
Performance Shares and the terms and conditions of the grant shall be set forth in the applicable
Agreement.

ARTICLE XVII

CASH AWARDS

     17.1 Grant. The Committee may grant Cash Awards at such times and (subject to Section
17.2) in such amounts as it deems appropriate.

     17.2 Limitation on Amount. The Amount of any Cash Award in any Fiscal Year to any Participant
who is subject to Section 16 of the Exchange Act shall not exceed the greater of $100,000 or 50% of
his cash compensation (excluding any Cash Award under this ARTICLE XVII) for such Fiscal Year.

     17.3 Restrictions. Cash Awards may be subject or not subject to conditions (such as
an investment requirement), restricted or nonrestricted, vested or subject to forfeiture and may be
payable currently or in the future or both.

ARTICLE XVIII

OTHER STOCK BASED AWARDS AND OTHER BENEFITS

     18.1 Other Stock Based Awards. The Committee shall have the right to grant Other
Stock Based Awards which may include, without limitation, the grant of Shares based on certain
conditions, the payment of cash based on the performance of the Common Stock, and the grant of
securities convertible into Shares.

     18.2 Other Benefits. The Committee shall have the right to provide types of Benefits
under the Plan in addition to those specifically listed, if the Committee believes that such
Benefits would further the purposes for which the Plan was established.

ARTICLE XIX

MISCELLANEOUS PROVISIONS

     19.1 Underscored References. The underscored references contained in the Plan are
included only for convenience, and they shall not be construed as a part of the Plan or in any
respect affecting or modifying its provisions.

10

 

     19.2 Number and Gender. The masculine and neuter, wherever used in the Plan, shall
refer to either the masculine, neuter or feminine; and, unless the context otherwise requires, the
singular shall include the plural and the plural the singular.

     19.3 Governing Law. This Plan shall be construed and administered in accordance with
the laws of the State of Missouri.

     19.4 Purchase for Investment. The Committee may require each person purchasing Shares
pursuant to an Option or other award under the Plan to represent to and agree with the Company in
writing that such person is acquiring the Shares for investment and without a view to distribution
or resale. The certificates for such Shares may include any legend which the Committee deems
appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under
the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may
deem advisable under all applicable laws, rules and regulations, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate references to such
restrictions.

     19.5 No Employment Contract. The adoption of the Plan shall not confer upon any
Employee any right to continued employment nor shall it interfere in any way with the right of the
Employer to terminate the employment of any of its Employees at any time.

     19.6 No Effect on Other Benefits. The receipt of Benefits under the Plan shall have
no effect on any benefits to which a Participant may be entitled from the Employer, under another
plan or otherwise, or preclude a Participant from receiving any such benefits.

11

 

Appendix A3

All Performance Shares granted pursuant to Article XVI of this Plan, and any other compensation
granted pursuant to this Plan that is intended to constitute performance based compensation within
the meaning of Section 162(m)(4)(C) of the Code, shall be subject to attainment of one or more of
the performance objectives as described in this Appendix A. This Appendix A sets forth all
applicable performance objectives upon which a grant of Performance Shares under Sections 16.1 and
16.2 of the Plan or any other Benefit may be conditioned.

The performance objectives for a particular Benefit shall be established in writing in the
applicable Agreement. The performance objectives may be expressed in terms of overall Company
performance or the performance of a Subsidiary, division, business unit, or an individual. The
performance objectives may be stated in terms of absolute levels or relative to another company or
companies or to an index or indices.

The performance objectives shall be based upon any one or more of the performance criteria set
forth below and shall not be based on any other formal or informal performance criteria:

	 	•	 	operating earnings or income; operating earnings per share; net income; total or net
revenues; gross or net premiums; shareholder return and/or value; retained earnings; book
value or book value per share; gross or net margin; profit returns and margins; operating
or net cash flow; financial return ratios; return on equity; return on average adjusted
equity; return on assets; return on invested capital; earnings per share growth; change in
embedded value; embedded value of new business;
	 
	 	•	 	budget achievement; expenses; expense control; market capitalization; stock price;
market share; working capital; cash available to Company from a subsidiary or subsidiaries;
dividends; ratings; business trends; economic value added; and
	 
	 	•	 	product development; client development; leadership; project progress; project
completion; quality; customer satisfaction; diversity and corporate governance.”

 

			
	3	 	Appendix A adopted by Fifth Amendment on May
21, 2008.

12exv10w1

Exhibit 10.1

                Restricted Stock Units

SUPPLEMENTAL

2011 RESTRICTED STOCK UNIT AGREEMENT

          This
Supplemental 2011 Restricted Stock Unit Agreement (this “Agreement”) is between Oceaneering
international, inc. (the “Company”) and ______________ (the “Participant”), an employee of the Company or one
of its Subsidiaries, regarding an award (“Award”) of ______________ units (“Restricted Stock Units”) representing
shares of Common Stock (as defined in the 2010 Incentive plan of oceaneering international,
inc. (the “Plan”), awarded to the Participant
effective May 6, 2011 (the “Award Date”), such number
of Restricted Stock Units subject to adjustment as provided in Section 15 of the Plan, and further
subject to the following terms and conditions:

     1. Relationship to Plan. This Award is subject to all of the terms, conditions and
provisions of the Plan and administrative interpretations thereunder, if any, which have been
adopted by the Committee thereunder and are in effect on the date hereof. Except as defined or
otherwise specifically provided herein, capitalized terms shall have the same meanings ascribed to
them under the Plan.

     2. Vesting.

     (a) All Restricted Stock Units subject to this Award shall vest in full on February 25,
2014, provided the Participant is in Service on such anniversary.

     (b) Restricted Stock Units subject to this Award shall vest, irrespective of the
provisions set forth in Subparagraph (a) above, provided that the Participant has been in
continuous Service from the Award Date until the December 15th following the later of (i)
the Award Date, and (ii) his attainment of Retirement Age, in the following amounts provided
the Participant is in Service on the applicable December 15th:

     (i) if such December 15th occurs within one year following the Award
Date, on such December 15th, one-third of the Award shall be thereupon
vested and an additional one-third of the Award shall vest on each of the
two subsequent anniversaries of such December 15th;

     (ii) if such December 15th occurs between one and two years following
the Award Date, on such December 15th, two-thirds of the Award shall
thereupon be vested and an additional one-third of the Award shall vest on
the subsequent anniversary of such December 15th; and

     (iii) if such December 15th occurs between two and three years
following the Award Date, on such December 15th, the entire Award shall
thereupon be vested.

Page 1 of 9

 

     (c) All Restricted Stock Units (and any substitute security and cash component
distributed in connection with a Change of Control) subject to this Award shall vest in
full, irrespective of the provisions set forth in Subparagraphs (a) or (b) above, provided
that the Participant has been in continuous Service since the Award Date, upon the earliest
to occur of:

     (i) the date that the Participant terminates employment with the
Company and its Subsidiaries after the Company or any successor to the
Company terminates the Participant’s Service for any reason on or after a
Change of Control;

     (ii) the date that the Participant’s aggregate value of total annual
compensation (including salary, bonuses, long and short-term incentives,
deferred compensation and award of stock options, as well as all other
benefits in force on the date immediately prior to a Change of Control) as
an employee of the Company or one of its subsidiaries is reduced to a value
that is ninety-five percent (95%) or less of the value thereof on the date
immediately prior to the Change of Control, or the Participant’s scope of
work responsibility as an employee of the Company or one of its subsidiaries
is materially reduced from that existing on the date immediately prior to
the Change of Control, or the Participant as an employee of the Company or
one of its subsidiaries is requested to relocate more than 25 miles from his
place of Service with the Company on the date immediately prior to the
Change of Control, in each case, on or after a Change of Control;

     (iii) a Change of Control if the Participant is then a Non-employee
Director; or

     (iv) the Participant’s termination of Service by reason of Disability
or death.

     (d) For purposes of this Agreement:

     (i) “Change of Control” means:

     (A) any Person is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act and the rules and regulations promulgated
thereunder), directly or indirectly, of securities of the Company
representing 20% or more of the combined voting power of the Company’s
outstanding Voting Securities, other than through the purchase of Voting
Securities directly from the Company through a private placement; or

     (B) individuals who constitute the Board on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority
thereof, provided that any person becoming a Director subsequent to the date
hereof whose election, or nomination for election by the Company’s

Page 2 of 9

 

shareholders, was approved by a vote of at least two-thirds of the
Directors comprising the Incumbent Board shall from and after such election
be deemed to be a member of the Incumbent Board; or

     (C) the Company is merged or consolidated with another corporation or
entity, and as a result of such merger or consolidation less than 60% of the
outstanding Voting Securities of the surviving or resulting corporation or
entity shall then be owned by the former shareholders of the Company; or

     (D) the consummation of a (i) tender offer or (ii) exchange offer by a
Person other than the Company for the ownership of 20% or more of the Voting
Securities of the Company then outstanding; or

     (E) all or substantially all of the assets of the Company are sold or
transferred to a Person as to which:

     (1) the Incumbent Board does not have authority (whether by law
or contract) to directly control the use or further disposition of
such assets; and

     (2) the financial results of the Company and such Person are not
consolidated for financial reporting purposes.

     (F) Anything else in this definition to the contrary notwithstanding:

     (1) no Change of Control shall be deemed to have occurred by
virtue of any transaction which results in the Participant, or a
group of Persons which includes the Participant, acquiring more than
20% of either the combined voting power of the Company’s outstanding
Voting Securities or the Voting Securities of any other corporation
or entity which acquires all or substantially all of the assets of
the Company, whether by way of merger, consolidation, sale of such
assets or otherwise; and

     (2) no Change of Control shall be deemed to have occurred unless
such event constitutes an event specified in Code Section
409A(2)(A)(v) and the Treasury regulations promulgated thereunder.

     (ii) “Disability” means the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months.
The Participant’s inability and its anticipated duration shall be determined
solely by a medical physician of the Participant’s choice to be approved by
the Company, which approval shall not be unreasonably withheld.

Page 3 of 9

 

     (iii) “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time.

     (iv) “Service” means (a) employment with the Company or any of its
Subsidiaries and (b) service as a nonemployee member of the board of
directors of the Company (“Nonemployee Director”).

     (v) “Person” means, any individual, corporation, partnership, “group”
(as such term is used in Rule 13d-5 under the Exchange Act), association or
other “person,” as such term is used in Sections 13(d) and 14(d) of the
Exchange Act, and the related rules and regulations promulgated thereunder.

     (vi) “Retirement Age” means the earlier to occur of:

     (A) age 65 or more, or

     (B) age 60 or more with at least 15 years of continuous Service,

provided that the Participant has remained in Service until the earlier to
occur of (A) or (B).

     (vii) “Voting Securities” means, with respect to any corporation or
other business enterprise, those securities, which under ordinary
circumstances are entitled to vote for the election of directors or others
charged with comparable duties under applicable law.

     3. Forfeiture of Award. If the Participant’s Service terminates under any circumstances
(except those provided in Paragraph 2 of this Agreement or in any other written agreement between
the Participant and the Company which provides for vesting of the Restricted Stock Units granted
hereby), all unvested Restricted Stock Units as of the termination date shall be forfeited.

     4. Registration of Units. The Participant’s right to receive the Restricted Stock Units shall
be evidenced by book entry registration (or by such other manner as the Committee may determine).

     5. No Dividend Equivalent Payments. The Company will not pay dividend equivalents on any
outstanding Restricted Stock Units.

     6. Shareholder Rights. The Participant shall have no rights of a shareholder with respect to
shares of Common Stock subject to this Award unless and until such time as the Award has been
settled by the transfer of shares of Common Stock to the Participant.

Page 4 of 9

 

     7. Settlement and Delivery of Shares.

     (a) February 25, 2014; Termination After Disability or Death; Certain Terminations of
Employee by Company After Change of Control; Change of Control for Nonemployee Director.
Settlement of vested Restricted Stock Units that vest in accordance with Subparagraph 2(a)
or 2(c) shall be made as soon as administratively practicable after vesting, but in no case
later than the March 15th following the year in which vesting occurs. Settlement will be
made by payment in shares of Common Stock.

     (b) Termination After Attainment of Retirement Age. Settlement of vested Restricted
Stock Units that vest in accordance with Subparagraph 2(b) to a Participant who terminates
Service after attainment of his Retirement Age (whether or not there has been a Change of
Control) shall be made as soon as administratively practicable after termination, but in no
case later than the March 15th following the year in which termination occurs, provided that
in the case of a specified employee who vested in accordance with Subparagraph 2(b) such
settlement shall be paid six months after termination. Settlement will be made by payment
in shares of Common Stock.

     (c) Attainment of Retirement Age Without Termination. Settlement of vested Restricted
Stock Units that vest in accordance with Subparagraph 2(b) to a Participant who continues
Service through the third anniversary of the Award Date shall be made as soon as
administratively practicable after the Restricted Stock Units would have otherwise vested by
reason of Subparagraphs 2(a) or 2(c), but in no event after the later of (i) the 15th day of
the third calendar month following the applicable date in Subparagraph 2(a) or 2(c), or (ii)
the end of the calendar year in which the applicable date in Subparagraph 2(a) or 2(c)
occurred, provided that in the case of a specified employee who vested in accordance with
Subparagraph 2(b) such settlement shall be paid six months after termination. Settlement
will be made by payment in shares of Common Stock.

          The Company shall not be obligated to deliver any shares of Common Stock if counsel to the
Company determines that such sale or delivery would violate any applicable law or any rule or
regulation of any governmental authority or any rule or regulation of, or agreement of the Company
with, any securities exchange or association upon which the Common Stock is listed or quoted. The
Company shall in no event be obligated to take any affirmative action in order to cause the
delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement.

     8. Notices. Unless the Company notifies the Participant in writing of a different procedure,
any notice or other communication to the Company with respect to this Agreement or the Plan shall
be in writing addressed to the Corporate Secretary of the Company and shall be: (a) by registered
or certified United States mail, postage prepaid, to 11911 FM 529, Houston, Texas 77041-3011; or
(b) by hand delivery or otherwise to 11911 FM 529, Houston, Texas 77041-3011. Any such notice
shall be deemed effectively delivered or given upon receipt.

Page 5 of 9

 

          Notwithstanding the foregoing, in the event that the address of the Company’s principal
executive offices is changed prior to the date of any settlement of this Award, notices shall
instead be made pursuant to the foregoing provisions at the then current address of the Company’s
principal executive offices.

          Any notice or other communication to the Participant with respect to this Agreement or the
Plan shall be given in writing and shall be deemed effectively delivered or given upon receipt or,
in the case of notices mailed by the Company to the Participant, five days after deposit in the
United States mail, postage prepaid, addressed to the Participant at the address specified at the
end of this Agreement or at such other address as the Participant hereafter designates by written
notice to the Company.

     9. Assignment of Award. Except as otherwise permitted by the Committee and as provided in the
immediately following paragraph, the Participant’s rights under the Plan and this Agreement are
personal, and no assignment or transfer of the Participant’s rights under and interest in this
Award may be made by the Participant other than by a domestic relations order. This Award is
payable during his lifetime only to the Participant, or in the case of the Participant being
mentally incapacitated, this Award shall be payable to his guardian or legal representative.

          The Participant may designate a beneficiary or beneficiaries (the “Beneficiary”) to whom the
Award under this Agreement, if any, will pass upon the Participant’s death and may change such
designation from time to time by filing with the Company a written designation of Beneficiary on
the form attached hereto as Exhibit A, or such other form as may be prescribed by the Committee;
provided that no such designation shall be effective unless so filed prior to the death of the
Participant and no such designation shall be effective as of a date prior to receipt by the
Company. The Participant may change his Beneficiary without the consent of any prior Beneficiary
by filing a new designation with the Company. The last such designation that the Company receives
in accordance with the foregoing provisions will be controlling. Following the Participant’s
death, the Award, if any, will pass to the designated Beneficiary and such person will be deemed
the Participant for purposes of any applicable provisions of this Agreement. If no such
designation is made or if the designated Beneficiary does not survive the Participant’s death, the
Award shall pass by will or, if none, then by the laws of descent and distribution.

     10. Withholding. The Company’s obligations under this Agreement shall be subject to the
satisfaction of all applicable withholding requirements including those related to federal, state
and local income and Service taxes (the “Required Withholding”). The Company may withhold an
appropriate amount of cash (with respect to the payment of dividend equivalents) or number of
shares from the Common Stock that would otherwise have been delivered to the Participant (with
respect to the settlement of the Award) necessary to satisfy the Participant’s Required
Withholding, and deliver the remaining amount of cash or shares of Common Stock to the Participant,
unless the Participant has made arrangements with the Company for the Participant to deliver to the
Company cash, check, other available funds or shares of previously owned Common Stock for the full
amount of the Required Withholding by 5:00 p.m. Central Standard Time on the date an amount is
included in the income of the Participant. The amount of the Required Withholding and the number
of shares to satisfy the Participant’s Required

Page 6 of 9

 

Withholding shall be based on the Fair Market Value of the shares on the date prior to the
applicable date of income inclusion.

     11. Stock Certificates. Any certificates representing the Common Stock issued pursuant to the
settlement of an Award will bear all legends required by law and necessary or advisable to
effectuate the provisions of the Plan and this Award. The Company may place a “stop transfer”
order against shares of the Common Stock issued pursuant to this Award until all restrictions and
conditions set forth in the Plan or this Agreement and in the legends referred to in this Paragraph
11 have been complied with.

     12. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be
enforceable by the Participant, the Company and their respective permitted successors and assigns
(including personal representatives, heirs and legatees), except that the Participant may not
assign any rights or obligations under this Agreement except to the extent and in the manner
expressly permitted in Paragraph 9 of this Agreement.

     13. No Service Guaranteed. No provision of this Agreement shall confer any right upon the
Participant to continued Service with the Company or any Subsidiary.

     14. Code Section 409A Compliance. If any provision of this Agreement would result in the
imposition of an additional tax under Code Section 409A and related regulations and Treasury
pronouncements (“Section 409A”), that provision will be reformed to avoid imposition of the
additional tax, including that any Award subject to Section 409A held by a specified employee that
is settled by reason of termination of employment (other than death) shall be delayed in payment
until the expiration of six months, and no action taken to comply with Section 409A shall be deemed
to adversely affect the Participant’s rights to an Award. This Award is intended to comply with or
be exempt from Section 409A, and ambiguous provisions hereof, if any, shall be construed and
interpreted consistent with such intent.

     15. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance
with the laws of the State of Texas, excluding any choice of law provision thereof that would
result in the application of the laws of any other jurisdiction.

     16. Amendment. Except as set forth herein, this Agreement cannot be modified, altered or
amended except by an agreement, in writing, signed by both the Company and the Participant.

Page 7 of 9

 

	 	 	 	 	 
	 	OCEANEERING INTERNATIONAL, INC.

 	 
	Award Date: May 6, 2011	By:  	 	 
	 	 	George R. Haubenreich, Jr. 	 
	 	 	Senior Vice President, General Counsel

and Secretary 	 
	 

          The
Participant hereby accepts the foregoing Supplemental 2011 Restricted Stock Unit Agreement, subject to
the terms and provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 	PARTICIPANT:

 	 
	Date: __________________	 	 
	 	
Participant’s Address: 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 

Page 8 of 9

 

	 	 	 	 	 

Exhibit A
to Supplemental 2011

Restricted Stock Unit Agreement

Designation of Beneficiary

          I, _____________________________ (“Participant”), hereby declare that upon my death,
___________________________________ (the “Beneficiary”) of
______________________________________________________________ (address), who is my
________________________ (relationship), will be entitled to the Award which may become payable
under the Plan and all other rights accorded the Participant under
the Participant’s Supplemental 2011
Restricted Stock Unit Agreement (capitalized terms used but not defined herein have the respective
meanings assigned to them in such agreement).

          It is understood that this designation of Beneficiary is made pursuant to the Agreement and is
subject to the conditions stated therein, including the Beneficiary’s survival of Participant. If
any such condition is not satisfied, such rights shall devolve according to the Participant’s last
will and testament, or if none, then the laws of descent and distribution.

          It is further understood that all prior designations of beneficiary under the Agreement are
hereby revoked upon the filing of this designation with the Company. This designation of
Beneficiary may only be revoked in writing, signed by the Participant, and filed with the Corporate
Secretary of the Company prior to the Participant’s death.

______________________________________________

Participant

______________________________________________

Date

Page 9 of 9

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