Document:

Exhibit 10a to Donaldson Company Form 10-Q for the quarter ended April 30, 2008

Exhibit 10a

MANAGEMENT SEVERANCE AGREEMENT

THIS AGREEMENT, dated as of [__________], 2008, is made by and between Donaldson Company, Inc., a Delaware corporation (the “Company”), and [__________] (the “Executive”).

 

WHEREAS, the Company considers it essential to the best interests of its stockholders to foster the continued employment of key management personnel; and

 

WHEREAS, the Board recognizes that, as is the case with many publicly held corporations, the possibility of a Change in Control exists and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders; and

 

WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control;

 

WHEREAS, the Executive and the Company have entered into a management severance agreement effective as of [       ] [, as amended [                  ]] (the “Prior Agreement’);

 

WHEREAS, the Company and the Executive intend that the Prior Agreement shall terminate as of July 31, 2008 and that all applicable notice requirements with respect to the termination of the Prior Agreement have been met or waived; and

 

WHEREAS, the Executive acknowledges that the Company’s notice of its intent to not renew the Prior Agreement complies with Section 2 of the Prior Agreement.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as follows:

 

1.         Defined Terms. The definitions of capitalized terms used in this Agreement are provided in the last Section hereof.

 

2.         Term of Agreement. The Prior Agreement shall terminate as of July 31, 2008 and the Term of this Agreement shall commence on August 1, 2008 and shall continue in effect through July 31, 2010; provided, however, that commencing on August 1, 2009 and each August 1 thereafter, the Term shall automatically be extended for one additional year unless, not later than April 30 of the preceding year, the Company or the Executive shall have given notice not to extend the Term; and further provided, however, that if a Change in Control shall have occurred during the Term,
the Term shall expire no earlier than twenty-four (24) months beyond the month in which such Change in Control occurred.

 

3.         Company’s Covenants Summarized. In order to induce the Executive to remain in the employ of the Company and in consideration of the Executive’s covenants set forth in Section 4 hereof, the Company agrees, under the conditions described herein, to pay the Executive the 

 

Severance Payments and the other payments and benefits described herein. Except as provided in Section 10.1 hereof, no Severance Payments shall be payable under this Agreement unless there shall have been a termination of the Executive’s employment with the Company following a Change in Control and during the Term. This Agreement shall not be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the Executive and the Company, the Executive shall not have any right to be retained in the employ of the Company.

 

4.         The Executive’s Covenants. The Executive agrees that, subject to the terms and conditions of this Agreement, in the event of a Potential Change in Control during the Term, the Executive will remain in the employ of the Company until the earliest of (i) a date which is six (6) months from the date of such Potential Change in Control, (ii) the date of a Change in Control, (iii) the date of termination by the Executive of the Executive’s employment for Good Reason or by reason of death, Disability or Retirement, or (iv) the termination by the Company of the Executive’s employment for any reason.

 

5.         Compensation Other Than Severance Payments.

 

5.1       Following a Change in Control and during the Term, during any period that the Executive fails to perform the Executive’s full-time duties with the Company as a result of incapacity due to physical or mental illness, the Company shall pay the Executive’s full salary to the Executive at the rate in effect at the commencement of any such period, together with all compensation and benefits payable to the Executive under the terms of any compensation or benefit plan, program or arrangement maintained by the Company during such period (other than the Company’s short- or long-term disability plan, as applicable), until the Executive’s employment is terminated by the Company for Disability.

 

5.2       If the Executive’s employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay the Executive’s full salary to the Executive through the Date of Termination at the rate in effect immediately prior to the Date of Termination or, if higher, the rate in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, together with all compensation and benefits payable to the Executive through the Date of Termination under the terms of the Company’s compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason.

 

5.3       If the Executive’s employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the Executive’s normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company’s retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

 

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6.         Severance Payments.

 

6.1       If the Executive’s employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 (“Severance Payments”) and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof. Notwithstanding anything in this Agreement to the contrary, the Executive shall not be entitled to the payments and benefits provided in this Section 6 unless the Executive has incurred a “separation from service” under Section 409A of the Code.

 

(A)       In lieu of any further salary payments to the Executive for periods subsequent to the Date of Termination and in lieu of any severance benefit otherwise payable to the Executive, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to [CEO ONLY three (3) times the sum of] [SVPs ONLY two (2) times the sum of] [VPs ONLY the sum of] (i) the Executive’s base salary as in effect immediately prior to the Date of Termination or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (ii) the Executive’s target incentive opportunity pursuant to the Company’s Officer Annual Cash Incentive Plan or any successor thereto in respect of the fiscal year in which occurs the Date of Termination or, if higher, the fiscal year in which occurs the first
event or circumstance constituting Good Reason.

 

(B)       For the thirty-six (36) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents life, disability, accident and health insurance benefits substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior to such date or occurrence; provided, however, that, unless the Executive consents to a different method [CEO ONLY (after taking into account the effect of such
method on the calculation of “parachute payments” pursuant to Section 6.2 hereof)], such health insurance benefits shall be provided through a third-party insurer. Benefits otherwise receivable by the Executive pursuant to this Section 6.1 (B) shall be reduced to the extent benefits of the same type are received by or made available to the Executive during the thirty-six (36) month period following the Executive’s termination of employment (and any such benefits received by or made available to the Executive shall be reported to the Company by the Executive); provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an event or circumstance constituting Good Reason.

 

(C)       In addition to the retirement benefits to which the Executive is entitled under each Pension Plan or any successor plan thereto, the Company shall pay the Executive a lump sum amount, in cash, equal to the excess of (i) the actuarial equivalent of the aggregate retirement pension (taking into account any early retirement subsidies associated therewith and determined as a straight life annuity commencing at the date (but in no event earlier than the third anniversary of the Date of Termination) as of which the actuarial equivalent of such annuity is greatest) which the Executive would have accrued under the terms of all Pension Plans (without regard to any amendment to any Pension Plan made subsequent to a Change in Control and on or

 

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prior to the Date of Termination, which amendment adversely affects in any manner the computation of retirement benefits thereunder), determined as if the Executive were fully vested thereunder and had accumulated (after the Date of Termination) thirty-six (36) additional months of service credit thereunder and had been credited under each Pension Plan during such period with compensation equal to the Executive’s compensation (as defined in such Pension Plan) during the twelve (12) months immediately preceding Date of Termination or, if higher, during the twelve months immediately prior to the first occurrence of an event or circumstance constituting Good Reason, over (ii) the actuarial equivalent of the aggregate retirement pension (taking into account any early retirement subsidies associated therewith and determined as a straight life annuity commencing at the date (but in no event earlier than the
Date of Termination) as of which the actuarial equivalent of such annuity is greatest) which the Executive had accrued pursuant to the provisions of the Pension Plans as of the Date of Termination. For purposes of this Section 6.1(C), “actuarial equivalent” shall be determined using the same assumptions utilized under the Company’s Salaried Employees’ Pension Plan immediately prior to the Date of Termination or, if more favorable to the Executive, immediately prior to the first occurrence of an event or circumstance constituting Good Reason.

 

(D)       The Company shall provide the Executive with outplacement services suitable to the Executive’s position for a period of three (3) years or, if earlier, until the first acceptance by the Executive of an offer of employment.

 

[SECTION 6.2 FOR CEO ONLY]

 

6.2       (A)         Whether or not the Executive becomes entitled to the Severance Payments, if any of the payments or benefits received or to be received by the Executive in connection with a Change in Control or the Executive’s termination of employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any Person whose actions result in a Change in Control or any Person affiliated with the Company or such Person) (such payments or benefits, excluding the Gross-Up Payment, being hereinafter referred to as the “Total Payments”) will be subject to the Excise Tax, the Company shall pay to the Executive an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive, after deduction of any Excise
Tax on the Total Payments and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the Total Payments.

 

(B)       For purposes of determining whether any of the Total Payments will be subject to the Excise Tax and the amount of such Excise Tax, (i) all of the Total Payments shall be treated as “parachute payments” (within the meaning of Section 280G(b)(2) of the Code) unless, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Executive and selected by the accounting firm which was, immediately prior to the Change in Control, the Company’s independent auditor (the “Auditor”), such payments or benefits (in whole or in part) do not constitute parachute payments, including by reason of Section 280G(b)(4)(A) of the Code, (ii) all “excess parachute payments” within the meaning of Section 280G(b)(1) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of Tax Counsel,
such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of the Base Amount allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax, and 

 

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(iii) the value of any noncash benefits or any deferred payment or benefit shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the Date of Termination (or if there is no Date of Termination, then the date on which the Gross-Up Payment is calculated for purposes of this Section 6.2), net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

 

(C)       In the event that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, the Executive shall repay to the Company, within five (5) business days following the time that the amount of such reduction in the Excise Tax is finally determined, the portion of the Gross-Up Payment attributable to such reduction (plus that portion of the Gross-Up Payment attributable to the Excise Tax and federal, state and local income and employment taxes imposed on the Gross-Up Payment being repaid by the Executive) to the extent that such repayment results in a reduction in the Excise Tax and a dollar-for-dollar reduction in the Executive’s taxable income and wages for purposes of federal, state and local income and employment taxes, plus interest on the amount of such repayment at 120% of
the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional Gross-Up Payment in respect of such excess (plus any interest, penalties or additions payable by the Executive with respect to such excess) within five (5) business days following the time that the amount of such excess is finally determined. The Executive and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the existence or amount of liability for Excise Tax with respect to the Total Payments.

 

[ALTERNATE SECTION 6.2 – FOR SVPs and VPs]

 

6.2         (A)         Whether or not the Executive becomes entitled to the Severance Payments, if any of the payments or benefits received or to be received by the Executive in connection with a Change in Control or the Executive’s termination of employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any Person whose actions result in a Change in Control or any Person affiliated with the Company or such Person) (such payments or benefits being hereinafter referred to as the “Total Payments”) will be subject to the Excise Tax, then the payments hereunder (or, if no payments are being made hereunder, payments and benefits pursuant to any other plans and arrangements) shall be reduced to the extent necessary so that no
portion of the Total Payments is subject to the Excise Tax but only if (A) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (B) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive

 

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would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

 

 (B)         Subject to the provisions of this Section 6.2, all determinations required to be made under this Section 6.2, including whether and the extent to which the Total Payments will be subject to the Excise Tax and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized accounting firm selected by the Executive that is not then serving as accountant or auditor for the individual, entity or group effecting the Change in Control of the Company (the “Auditor”), which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Company. All fees and expenses of the Auditor shall be borne solely by the Company. 

 

 (C)         For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax under this Section 6.2, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have effectively waived in writing shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which in the opinion of the Auditor (or tax counsel selected by the Auditor) does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code), and in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the
“base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation, and (iii) the value of any noncash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. For purposes of this Section 6.2, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the applicable Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence in the calendar year in which the applicable Payment is to be made, net of the maximum reduction in federal income taxes that could be obtained from deduction of such state and local taxes.

 

 (D)         The Executive and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the existence or amount of liability for Excise Tax with respect to the Total Payments.

 

6.3       Subject to Section 6.5, the payments provided in subsections (A) and (C) of Section 6.1 hereof [CEO ONLY and in Section 6.2 hereof] shall be made not later than the fifth (5th) day following the Date of Termination; provided, however, that if the amounts of such payments cannot be finally determined on or before such day, the Company shall pay to the Executive on such day an estimate, as determined in good faith by the Executive [CEO ONLY or, in the case of payments under Section 6.2 hereof, in accordance with Section 6.2 hereof], of the minimum amount of such payments to which the Executive is clearly entitled and shall pay the remainder of such payments (together with interest on the unpaid remainder (or on all such payments to the extent the
Company fails to make such payments when due) at 120% of the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but in no event later than the thirtieth (30th) day after the Date of Termination. In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by the Company to the Executive, payable on the fifth (5th) business day after demand by the Company (together with interest at 120% of the rate

 

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provided in Section 1274(b)(2)(B) of the Code). At the time that payments are made under this Agreement, the Company shall provide the Executive with a written statement setting forth the manner in which such payments were calculated and the basis for such calculations including, without limitation, any opinions or other advice the Company has received from Tax Counsel, the Auditor or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement).

 

6.4       The Company also shall pay to the Executive all legal fees and expenses incurred by the Executive in disputing in good faith any issue hereunder relating to the termination of the Executive’s employment, in seeking in good faith to obtain or enforce any benefit or right provided by this Agreement or in connection with any tax audit or proceeding to the extent attributable to the application of Section 4999 of the Code to any payment or benefit provided hereunder. Such payments shall be made within five (5) business days after delivery of the Executive’s written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require; provided, however, that in no event shall any such payments be made later than the last day of the Executive’s taxable year following the taxable year in
which the fee or expense was incurred.

 

6.5       Section 409A. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits due to the Executive hereunder would cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or benefits shall be restructured in a manner which does not cause such an accelerated or additional tax. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following the Executive’s separation from service shall instead be paid on the first
(1st) business day after the date that is six (6) months following the Executive’s date of termination (or death, if earlier), with interest from the date such amounts would otherwise have been paid at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code, for the month in which payment would have been made but for the delay in payment required to avoid the imposition of an additional rate of tax on the Executive under Section 409A of the Code.

 

7.         Termination Procedures.

 

7.1       Notice of Termination. After a Change in Control and during the Term, any purported termination of the Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with Section 11 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances

 

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claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. Further, a Notice of Termination for Cause is required to include a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of the Board which was called and held for the purpose of considering such termination (after reasonable notice to the Executive and an opportunity for the Executive, together with the Executive’s counsel, to be heard before the Board) finding that, in the good faith opinion of the Board, the Executive was guilty of conduct set forth in clause (i) or (ii) of the definition of Cause herein, and specifying the particulars thereof in detail. A Notice of Termination for Good Reason must specify the particular events or conditions which constitute Good Reason and the specific cure
requested by the Executive; provided that such Notice of Termination must be provided to the Company within ninety (90) days of the initial existence of the event or condition which constitutes Good Reason.

 

7.2       Date of Termination. “Date of Termination,” with respect to any purported termination of the Executive’s employment after a Change in Control and during the Term, shall mean (i) if the Executive’s employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that the Executive shall not have returned to the full-time performance of the Executive’s duties during such thirty (30) day period), (ii) if the Executive’s employment is terminated by the Company, thirty (30) days after Notice of Termination is given (except in the case of a termination for Cause), (iii) in the case of a termination by the Executive other than for Good Reason, the date specified in the Notice of Termination, provided that such date shall not be less than
fifteen (15) days nor more than sixty (60) days, respectively, from the date such Notice of Termination is given, and (iii) in the case of a termination by the Executive for Good Reason, thirty (30) days after Notice of Termination is given, provided the particular events or conditions constituting Good Reason have not been cured by the Company during such thirty (30) day period (if susceptible to cure by the Company).

 

8.         Restrictive Covenants.

 

8.1       Acknowledgements. The Executive represents and agrees that:  (i) the obligations set forth in this Section 8 are supported by the payments which may be made under this Agreement; (ii) the Company’s business is highly competitive; (iii) the Executive’s employment by the Company requires that the Executive have access to and knowledge of confidential information of the Company; (iv) the Executive has access to customers and has and will continue to develop good will with such customers at the expense of the Company; (v) the direct and indirect disclosure of any confidential information to existing or potential competitors of the Company would place the Company at a competitive disadvantage and would
do damage to it; (vi) the Company conducts business throughout the world; (vii) the Executive’s duties involve operations throughout the world; (viii) the restrictions contained in this Section 8 are necessary and appropriate for the protection of the Company’s confidential information and goodwill; and (viii) the restrictions contained in this Section 8 are reasonable with respect to time, geographic scope and protected activity.

 

8.2       Non-Disclosure of Confidential Information. The Executive agrees, during Executive’s employment and at all times thereafter, to hold in strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person without written authorization of the Board, any Confidential Information (as defined below) which the Executive may develop

 

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or obtain. “Confidential Information” means any information about the Company, its affiliates, their clients, customers, vendors or employees which is not known by or generally available to the public, including, but not limited to, proprietary information, technical data, trade secrets or know-how, research, product plans, products, services, suppliers, customer lists and customers (including, but not limited to, customers of the Company with, whom, or which the Executive became acquainted during employment with the Company), prices and costs, markets, developments, inventions, technology, designs, drawings, engineering, hardware configuration information, marketing, licenses, finances, budgets or other business information disclosed to the Executive by the Company either directly or indirectly in writing,
orally or by drawings or observation of parts or equipment; provided, however, that Confidential Information does not include any information which has become publicly and widely known and made generally available through no wrongful act of the Executive or of others who were under confidentiality obligations as to the item or items involved.

 

8.3       Non-Competition. The Executive agrees that, during Executive’s employment with the Company, and for one (1) year following the termination of the Executive’s employment for any reason, including resignation, whether such termination occurs prior to or following a Change in Control, the Executive shall not, directly or indirectly, accept employment with or otherwise provide services to (whether as an employee or a consultant, with or without pay), own, manage, operate, join, control, participate in, or be connected with (as a stockholder, partner, or otherwise), any business, individual, partnership, firm, corporation, or other entity (collectively, “Entities”) that is engaged or intends to engage in an Applicable Business (as defined below) anywhere in the world. “Applicable
Business” means any business, a significant component of which is engaged, directly or indirectly, in the manufacture or sale of products or components, or the performance of services, that are in competition with the products and components manufactured or sold or the services performed by the Company or any of its subsidiaries. Notwithstanding anything to the contrary contained herein, the “beneficial ownership” by the Executive, either individually or as a member of a “group,” as such terms are used in the General Rules and Regulations under the Exchange Act, of not more than five percent (5%) of the voting stock of any publicly held corporation shall not alone constitute a violation of this Section 8.

 

8.4       Non-Solicitation of Customers and Suppliers. The Executive agrees that, during Executive’s employment with the Company and for a period of one (1) year following the Executive’s termination of employment for any reason, including resignation, the Executive shall not, directly or indirectly, influence or attempt to influence current customers or suppliers of the Company or any of its affiliates or any customers or suppliers of the Company or any of its affiliates at the time of Executive’s termination of employment with the Company, to (i) divert their business to any other business, individual, partner, firm, corporation, or other entity; or (ii)
terminate, cancel or reduce their business with the Company or its affiliates.

 

8.5       Non-Solicitation of Employees. The Executive agrees that, during Executive’s employment with the Company and for a period of one (1) year following the Executive’s termination of employment for any reason, including resignation, the Executive shall not, directly or indirectly, (i) solicit, recruit, hire or attempt to solicit, recruit or hire any current employee or any individual employed by the Company or its affiliates at the time of the Executive’s termination for the purpose of being employed by the Executive or by any Entity

 

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other than the Company; or (ii) induce or encourage the voluntary resignation of any employee of the Company or its affiliates for any purpose.

 

8.6       Injunctive Relief. It is expressly agreed that the Company shall or would suffer irreparable injury if the Executive were to violate of any of the provisions of this Section 8 and that the Company would by reason of such competition be entitled to injunctive relief in a court of appropriate jurisdiction, without the need to post any bond, and the Executive further consents and stipulates to the entry of such injunctive relief in such a court prohibiting the Executive from violating the Executive’s obligations under this Section 8.

 

8.7       Blue Penciling and Reformation. In the event that any provision of this Agreement is adjudicated to be invalid or unenforceable under applicable law, the validity or enforceability of the remaining provisions shall be unaffected. If, at the time of enforcement of any provision of this Agreement, a court shall hold that the duration, scope or other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope or other restrictions and that such court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and other restrictions permitted by law.

 

9.         No Mitigation. The Company agrees that, if the Executive’s employment with the Company terminates during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 6 hereof. Further, the amount of any payment or benefit provided for in this Agreement (other than Section 6.1(B) hereof) shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise. Notwithstanding the foregoing, if the Company is obligated by law or contract to pay the Executive other severance pay, a termination indemnity, notice pay, or the
like, of if the Company is obligated by law to provide advance notice of separation, then any cash payment otherwise payable to the Executive hereunder shall be reduced by the amount of any such severance pay, termination indemnity, notice pay or the like, as applicable.

 

10.        Successors; Binding Agreement.

 

10.1      In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for Good Reason after a Change in
Control, except that, for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination.

 

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10.2      This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributes, devisees and legatees. If the Executive shall die while any amount would still be payable to the Executive hereunder (other than amounts which, by their terms, terminate upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators of the Executive’s estate.

 

11.       Notices. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to the Executive, to the address inserted below the Executive’s signature on the final page hereof and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt:

 

	
             
 	
            To the Company:
 
	
             
 	
             
 
	
             
 	
            Donaldson Company, Inc. 
 
	
             
 	
            P.O. Box 1299
 
	
             
 	
            Minneapolis
 
	
             
 	
            Minnesota 55440-1299
 
	
             
 	
             
 
	
             
 	
            Attention: General Counsel
 

 

12.       Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof which have been made by either party, including, as of July 31, 2008, the Prior
Agreement; provided, however, that this Agreement shall supersede any agreement setting forth the terms and conditions of the Executive’s employment with the Company only in the event that the Executive’s employment with the Company is terminated on or following a Change in Control, by the Company other than for Cause or by the Executive other than for Good Reason. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware. All references to sections of the Exchange Act or the Code shall be deemed also to refer to any successor provisions to such sections. Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local law and any additional withholding to which the Executive has agreed. The obligations of the Company and the Executive under this
Agreement which by their nature may require either partial or total performance after the expiration of the Term (including, without limitation, those under Sections 6, 7 and 8 hereof) shall survive such expiration.

 

Page 11 of 18

 

13.       Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

14.       Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

 

15.        Settlement of Disputes; Arbitration.

 

15.1      All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Board and shall be in writing. Any denial by the Board of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. The Board shall afford a reasonable opportunity to the Executive for a review of the decision denying a claim and shall further allow the Executive to appeal to the Board a decision of the Board within sixty (60) days after notification by the Board that the Executive’s claim has been denied.

 

15.2      Except as otherwise provided in Section 8.6, any further dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Minneapolis, Minnesota in accordance with the rules of the American Arbitration Association then in effect; provided, however, that the evidentiary standards set forth in this Agreement shall apply. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding any provision of this Agreement to the contrary, the Executive shall be entitled to seek specific performance of the Executive’s right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

 

16.        Definitions. For purposes of this Agreement, the following terms shall have the meanings indicated below:

 

(A)       “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

 

(B)       “Auditor” shall have the meaning set forth in Section 6.2 hereof.

 

(C)        [CEO ONLY “Base Amount” shall have the meaning set forth in
Section 280G(b)(3) of the Code.]

 

(D)       “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under
the Exchange Act.

 

(E)       “Board” shall mean the Board of Directors of the Company.

 

(F)        “Cause” for termination by the Company of the Executive’s employment shall mean (i) the willful and continued failure by the Executive to substantially perform the Executive’s duties with the Company (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness or any such actual or anticipated failure after the

 

Page 12 of 18

 

issuance of a Notice of Termination for Good Reason by the Executive pursuant to Section 7.1 hereof) after a written demand for substantial performance is delivered to the Executive by the Board, which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties, or (ii) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise. For purposes of clauses (i) and (ii) of this definition, (x) no act, or failure to act, on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the best interest of the Company and (y) in the event of a dispute concerning the application
of this provision, no claim by the Company that Cause exists shall be given effect unless the Company establishes to the Board by clear and convincing evidence that Cause exists.

 

(G)        A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

 

(I)        any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (III) below; or

 

(II)       the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or

 

(III)      there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 60% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation
effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the 

 

Page 13 of 18

 

Company representing 25% or more of the combined voting power of the Company’s then outstanding securities; or

 

(IV)      the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 60% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

 

(H)        “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time.

 

(I)         “Company” shall mean Donaldson Company, Inc. and, except in determining under Section 16(G) hereof whether or not any Change in Control of the Company has occurred, shall include any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

(J)         “Date of Termination” shall have the meaning set forth in Section 7.2 hereof.

 

(K)        “Disability” shall mean disability as
defined in Section 409A of the Code.

 

(L)         “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended from time to time.

 

(M)        “Excise Tax” shall mean any excise tax imposed under Section 4999 of the Code.

 

(N)        “Executive” shall mean the individual named in the first paragraph of this Agreement.

 

(O)        “Good Reason” for termination by the Executive of the Executive’s employment shall mean the occurrence (without the Executive’s express written consent) after any Change in Control of any one of the following acts by the Company, or failures by the Company to act, unless such act or failure to act is corrected prior to the Date of Termination specified in the Notice of Termination given in respect thereof:

 

(I)        the assignment to the Executive of any duties materially inconsistent with the Executive’s status as a senior executive officer of the Company or a substantial adverse alteration in the nature or status of the

 

Page 14 of 18

 

Executive’s responsibilities from those in effect immediately prior to the Change in Control, including without limitation (if the Executive is an executive officer of the Company immediately prior to the Change in Control) ceasing to be an executive officer of a public company;

 

(II)       a material reduction by the Company in the Executive’s annual base salary as in effect on the date hereof or as the same may be increased from time to time;

 

(III)      the relocation of the Executive’s principal place of employment to a location more than twenty-five (25) miles from the Executive’s principal place of employment immediately prior to the Change in Control or the Company’s requiring the Executive to be based anywhere other than such principal place of employment (or permitted relocation thereof) if such relocation is materially adverse to the Executive, except for required travel on the Company’s business to an extent substantially consistent with the Executive’s present business travel obligations;

 

(IV)      the failure by the Company to pay to the Executive any portion of the Executive’s current compensation except pursuant to an across-the-board compensation deferral similarly affecting all senior executives of the Company and all senior executives of any Person in control of the Company, or to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation program of the Company, within seven (7) days of the date such compensation is due;

 

(V)       the failure by the Company to continue in effect any compensation plan in which the Executive participates immediately prior to the Change in Control which is material to the Executive’s total compensation, including but not limited to the Company’s equity compensation plans, annual incentive bonus plan, long-term compensation plan, 401(k) excess plan, excess pension plan, supplemental executive pension plan, and deferred stock option gain plan or any substitute plans adopted prior to the Change in Control, 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 Company to continue the Executive’s participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of
the amount or timing of payment of benefits provided and the level of the Executive’s participation relative to other participants, as existed immediately prior to the Change in Control;

 

(VI)      the failure by the Company to continue to provide the Executive with benefits substantially similar to those enjoyed by the Executive under any of the Company’s pension, savings, life insurance, medical, health and accident, or disability plans in which the Executive was participating immediately prior to the Change in Control (except for across the board changes similarly affecting all senior executives of the Company and all senior executives of any Person in 

 

Page 15 of 18

 

control of the Company), the taking of any other action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide the Executive with the number of paid vacation days to which the Executive is entitled on the basis of years of service with the Company in accordance with the Company’s normal vacation policy in effect at the time of the Change in Control; or

 

(VII)     any purported termination of the Executive’s employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 7.1 hereof; for purposes of this Agreement, no such purported termination shall be effective.

 

The Executive’s right to terminate the Executive’s employment for Good Reason shall not be affected by the Executive’s incapacity due to physical or mental illness. The Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder.

 

(P)        [CEO ONLY “Gross-Up Payment” shall have the meaning
 set forth in Section 6.2 hereof.]

 

(Q)       “Notice of Termination” shall have the meaning set forth
 in Section 7.1 hereof.

 

(R)       “Pension Plan” shall mean any tax-qualified, supplemental or excess benefit pension plan maintained by the Company and any other plan or agreement entered into between the Executive and the Company which is designed to provide the Executive with supplemental retirement benefits.

 

(S)        “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(T)       “Potential Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

 

(I)        the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control;

 

(II)       the Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control;

 

(III)      any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 15% or more of either the then

 

Page 16 of 18

 

outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates); or

 

(IV)      the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

 

(U)       “Retirement” shall be deemed the reason for the termination by the Executive of the Executive’s employment if such employment is terminated in accordance with the Company’s retirement policy, including early retirement, generally applicable to its salaried employees.

 

(V)       “Severance Payments” shall have the meaning set forth in Section 6.1 hereof.

 

(W)       [CEO ONLY “Tax Counsel” shall have the meaning set forth in Section 6.2 hereof.]

 

(X)       “Term” shall mean the period of time described in Section 2 hereof (including any extension, continuation or termination described therein).

 

(Y)       “Total Payments” shall mean those payments so described in Section 6.2 hereof.

 

Page 17 of 18

DONALDSON COMPANY, INC.

 

 

	
            By:
 	
              
 	
             
 	
             
 	
              
 
	
            Name:
 Title:
 	
            William M. Cook
 Chairman, President
 and Chief Executive Officer
 	
             
 	
             
 	
            [EXECUTIVE NAME]
 Address
 

 

 

 

Page 18 of 18EXHIBIT 4.1

        CARDERO RESOURCE CORP.

        (the “Company”)

        INCENTIVE STOCK OPTION PLAN

        
            	
                        1.

                    	
                        Objectives

                    

        

        The Plan is intended as an incentive to enable the Company to:

        
            	
                         

                    	
                        (a)

                    	
                        attract and retain qualified directors, officers, employees and consultants of the Company and its Affiliates,

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        promote a proprietary interest in the Company and its Affiliates among its employees, officers, directors and consultants, and

                    

        

        
            	
                         

                    	
                        (c)

                    	
                        stimulate the active interest of such persons in the development and financial success of the Company and its Affiliates.

                    

        

        
            	
                        2.

                    	
                        Definitions

                    

        

        As used in the Plan, the terms set forth below shall have the following respective meanings:

        “Affiliate” has the meaning ascribed thereto in the Securities Act, as amended from time to time;

        “Associate” has the meaning ascribed thereto in the Securities Act, as amended from time to time;

        “Board” means the board of directors of the Company;

        “Committee” means a committee of the Board that the Board may, in accordance with subsection 3.1, designate to administer the Plan;

        “Consultant” shall have the meaning set forth in National Instrument 45-106, as may be amended or superseded from time to time;

        “Company” means Cardero Resource Corp., a company governed by the Business Corporations Act (British Columbia);

        “Director” means a member of the Board;

        “Employees” means an employee of the Company or any of its Affiliates and includes:

        
            	
                         

                    	
                        (a)

                    	
                        an individual who is (or would be if he were employed in Canada) considered an employee of the Company or any of its Affiliates under the Income Tax Act (Canada);

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        an individual who works full-time for the Company or any of its Affiliates providing services normally provided by an employee and who is subject to the

                    

        

        
             

            
                

            

            
                

                - 2 -

            

            same direction and control by the Company or such Affiliate over the details and methods of work as an employee of the Company or such Affiliate; and

            
                	
                             

                        	
                            (c)

                        	
                            an individual who works for the Company or any of its Affiliates on a continuing and regular basis for a minimum amount of time per week or month providing services normally provided by an employee and who is subject to the same control and direction by the Company or such Affiliate over the details of work as an employee of the Company or such
                            Affiliate;

                        

            

            “Insider” in relation to the Company means:

            
                	
                             

                        	
                            (d)

                        	
                            an insider as defined under the Securities Act, other than a person who falls within that definition solely by virtue of being a director or Senior Officer of a subsidiary of the Company, and

                        

            

            
                	
                             

                        	
                            (e)

                        	
                            an Associate of any person who is an Insider by virtue of (a);

                        

            

            “Management Company Employee” means an Employee who is an Employee of a person providing management services to the Company or an Affiliate of the Company;

            “Non-Employee Director” means a director of the Company or of an Affiliate of the Company who is not an Employee or a Senior Officer;

            “Option” means an option to purchase Shares granted under or subject to the terms of the Plan;

            “Option Agreement” means a written agreement between the Company and an Optionee that sets forth the terms, conditions and limitations applicable to an Option;

            “Option Period” means the period for which an Option is granted;

            “Optioned Shares” means the Shares for which an Option is or may become exercisable;

            “Optionee” means a person to whom an Option has been granted under the terms of the Plan or who holds an Option that is otherwise subject to the terms of the Plan;

            “Plan” means this Incentive Stock Option Plan of the Company;

            “Securities Act” means the Securities Act (British Columbia), R.S.B.C. 1996 c.418, as amended from time to time;

            “Senior Officer” has the meaning ascribed thereto in the Securities Act;

            “Shares” means common shares without par value in the capital stock of the Company as the same is presently constituted; and

            “TSX” means the Toronto Stock Exchange or any successor thereto.

             

            
                
                    

                

                
                    

                    - 3 -

                    

                

                 

                
                    	
                                3.

                            	
                                Administration of the Plan

                            

                

                
                    	
                                3.1

                            	
                                The Plan will be administered by a Committee of two or more Directors who may be designated from time to time to serve as the Committee for the Plan, all of the sitting members of which shall be current Directors. Notwithstanding the existence of any such Committee, the Board itself will retain independent and concurrent power to undertake any
                                action hereunder delegated to the Committee, whether with respect to the Plan as a whole or with respect to individual Options granted or to be granted under the Plan.

                            

                

                
                    	
                                3.2

                            	
                                Subject to the limitations of the Plan, the Committee shall have full power to grant Options, to determine the terms, limitations, restrictions and conditions respecting such Options and to settle, execute and deliver Option Agreements and bind the Company accordingly, to interpret the Plan and to adopt such rules, regulations and guidelines for
                                carrying out the Plan as it may deem necessary or proper and to reserve, allot, fix the price of and issue Shares pursuant to the grant and exercise of Options, all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of the Plan.

                            

                

                
                    	
                                3.3

                            	
                                Notwithstanding any provision of this Plan, the Committee may, in its discretion grant Options as it sees fit, or otherwise, accelerate the vesting or exercisability of any Option, eliminate or make less restrictive any restrictions contained in an Option, waive any restriction or other provision of the Plan or an Option or otherwise amend or
                                modify an Option in any manner that is either:

                            

                

                
                    	
                                 

                            	
                                (a)

                            	
                                not adverse to the Optionee holding such Option; or

                            

                

                
                    	
                                 

                            	
                                (b)

                            	
                                consented to by such Optionee;

                            

                

                and, subject to any required approvals of any stock exchange or regulatory body having jurisdiction over the securities of the Company, provide for the extension of the Option Period of an outstanding Option.

                
                    	
                                3.4

                            	
                                The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Option in the manner and to the extent the Committee deems necessary or desirable to carry it into effect. Any decision of the Committee in the interpretation and administration of the Plan shall lie within its absolute discretion and
                                shall be final, conclusive and binding on all parties concerned. No member of the Committee shall be liable for anything done or omitted to be done by such member, by any other member of the Committee or by any officer of the Company, in connection with the performance of any duties under the Plan, except those which arise from such member’s own wilful misconduct or as expressly provided by statute.

                            

                

                
                    	
                                3.5

                            	
                                The Company shall pay all administrative costs of the Plan.

                            

                

                 

                
                    
                        

                    

                    
                        

                        - 4 -

                        

                    

                     

                    
                        	
                                    4.

                                	
                                    Eligibility for Options

                                

                    

                    
                        	
                                    4.1

                                	
                                    Options may be granted to Employees, Senior Officers, Directors, Non-Employee Directors, Management Company Employees, and Consultants of the Company and its Affiliates who are, in the opinion of the Committee, in a position to contribute to the success of the Company or any of its Affiliates or who, by virtue of their service to the Company
                                    or any predecessors thereof or to any of its Affiliates, are in the opinion of the Committee, worthy of special recognition. Except as may be otherwise set out in this Plan, the granting of Options is entirely discretionary. Nothing in this Plan shall be deemed to give any person any right to participate in this Plan or to be granted an Option and the designation of any Optionee in any year or at any time shall not require the designation of such person to
                                    receive an Option in any other year or at any other time. The Committee shall consider such factors as it deems pertinent in selecting participants and in determining the amounts and terms of their respective Options.

                                

                    

                    
                        	
                                    4.2

                                	
                                    If an Optionee who is granted an Option is an Employee, Management Company Employee or Consultant of the Company or any of its Affiliates, the Option Agreement pertaining to such Option shall contain a representation by both the Company and the Optionee that the Optionee is a bona fide Employee, Management Company Employee or Consultant of
                                    the Company or its Affiliates.

                                

                    

                    
                        	
                                    4.3

                                	
                                    Subject to the acceptance of this Plan for filing by the TSX, any options over securities of the Company previously granted by the Company which remain outstanding as at November 28, 2002, will be deemed to have been issued under and will be governed by the terms of the Plan provided that, in the event of inconsistency between the terms of
                                    the agreements governing such options previously granted and the terms of the Plan, the terms of such agreements shall govern. Any Shares issuable upon exercise of such options granted previously will be included for the purpose of calculating the amounts set out in subsection 5.1 hereof.

                                

                    

                    
                        	
                                    4.4

                                	
                                    Subject to any applicable regulatory approvals, Options may also be granted under the Plan in exchange for outstanding options granted by the Company or any predecessor Company thereof or any Affiliate thereof, whether such outstanding options were granted under the Plan, under any other stock option plan of the Company or any predecessor
                                    Company or any Affiliate thereof, or under any stock option agreement with the Company or any predecessor Company or Affiliate thereof.

                                

                    

                    
                        	
                                    4.5

                                	
                                    Subject to any applicable regulatory approvals, Options may also be granted under the Plan in substitution for outstanding options of one or more other companies in connection with a plan of arrangement or exchange, amalgamation, merger, consolidation, acquisition of property or shares, or other reorganization between or involving such other
                                    companies the Company or any of its Affiliates.

                                

                    

                    
                        	
                                    5.

                                	
                                    Number of Shares Reserved under the Plan

                                

                    

                    
                        	
                                    5.1

                                	
                                    The number of Shares that may be reserved for issuance under the Plan, is limited as follows:

                                

                    

                     

                    
                        
                            

                        

                        
                            

                            - 5 -

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        the maximum aggregate number of Shares issuable pursuant to the exercise of Options granted under the Plan shall be a maximum of 10% of the issued and outstanding Shares at the date of grant (including Shares issuable upon the exercise of outstanding stock options as at November 28, 2002, referred to in subsection 4.3 hereof), provided
                                        that:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        if any Option subject to the Plan is forfeited, expires, is terminated or is cancelled for any reason whatsoever (other than by reason of the exercise thereof), then the maximum number of Shares for which Options may be granted hereunder shall be increased by the number of Shares which were the subject of such forfeited, expired,
                                        terminated or cancelled Option;

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        such maximum number of Shares shall be appropriately adjusted in the event of any subdivision or consolidation of the Shares; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        if and for so long as the Shares are listed on the TSX, the maximum aggregate number of Shares that may be reserved under the Plan or other share compensation arrangements of the Company for issuance to:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        Insiders may not exceed 10% of the issued and outstanding number of Shares; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        Insiders within a one-year period may not exceed 10% of the issued and outstanding Shares.

                                    

                        

                        
                            	
                                        6.

                                    	
                                        Number of Optioned Shares per Option

                                    

                        

                        
                            	
                                        6.1

                                    	
                                        Subject always to the limitations in subsection 5.1, the number of Optioned Shares under an Option shall be determined by the Committee, in its discretion, at the time such Option is granted, taking into consideration the Optionee’s present and potential contribution to the success of the Company and taking into account all other
                                        Options then held by such Optionee.

                                    

                        

                        
                            	
                                        7.

                                    	
                                        Price

                                    

                        

                        
                            	
                                        7.1

                                    	
                                        The exercise price per Optioned Share under an Option shall be determined by the Committee, in its discretion, at the time such Option is granted, but such price shall be fixed in compliance with the applicable provisions of the TSX Company Manual in force at the time of grant and, in any event, shall not be less than the closing price of
                                        the Shares on the TSX on the trading day immediately preceding the day on which the Option is granted (provided that if there are no trades on such day then the last closing price within the preceding ten trading days will be used, and if there are no trades within such ten-day period, then the simple average of the bid and ask prices on the trading day immediately preceding the day of grant will be used). The exercise price at which, and the number of
                                        optioned securities for which, an outstanding Option may be exercised following a subdivision or consolidation of the Shares shall be subject to adjustment in accordance with section 11.

                                    

                        

                         

                        
                            
                                

                            

                            
                                

                                - 6 -

                                

                            

                             

                            
                                	
                                            7.2

                                        	
                                            The exercise price per Optioned Share under an Option may be reduced at the discretion of the Committee if:

                                        

                            

                            
                                	
                                             

                                        	
                                            (a)

                                        	
                                            at least six months has elapsed since the later of the date such Option was granted and the date the exercise price for such Option was last amended; and

                                        

                            

                            
                                	
                                             

                                        	
                                            (b)

                                        	
                                            disinterested shareholder approval is obtained for any reduction in the exercise price under an Option held by an Insider of the Company;

                                        

                            

                            provided that if the exercise price is reduced, the TSX four month hold period will apply from the date of the amendment and further provided that no such conditions will apply in the case of an adjustment made under subsection 5.1(a)(ii).

                            
                                	
                                            8.

                                        	
                                            Option Period and Exercise of Options

                                        

                            

                            
                                	
                                            8.1

                                        	
                                            The Option Period for an Option shall be determined by the Committee at the time the Option is granted and may be up to ten (10) years from the date the Option is granted. At the time an Option is granted, the Committee may determine that, with respect to that Option, upon the occurrence of one of the events described in subsection
                                            10.1 there shall come into force a time limit for exercise of such Option which is different than the Option Period, and in the event of such a determination, the Option Agreement for such Option shall contain provisions which specify the events and time limits related to that determination. Subject to the applicable maximum Option Period provided for in this subsection 8.1 and subject to applicable regulatory requirements and approvals, the
                                            Committee may extend the Option Period of an outstanding Option beyond its original expiration date, (whether or not such Option is held by an Insider).

                                        

                            

                            
                                	
                                            8.2

                                        	
                                            The Committee may determine when any Option will become exercisable and may determine that the Option shall be exercisable in instalments.

                                        

                            

                            
                                	
                                            8.3

                                        	
                                            If there is a takeover bid or tender offer made for all or any of the issued and outstanding Shares, then the Board may, in its sole and absolute discretion and if permitted by applicable legislation, unilaterally determine that outstanding Options, whether fully vested and exercisable or subject to vesting provisions or other
                                            limitations on exercise, shall be conditionally exercisable in full to enable the Optioned Shares subject to such Options to be conditionally issued and tendered to such bid or offer, subject to the condition that if the bid or offer is not duly completed the exercise of such Options and the issue of such Shares will be rescinded and nullified and the Options, including any vesting provisions or other limitations on exercise which were in effect will
                                            be re-instated.

                                        

                            

                            
                                	
                                            8.4

                                        	
                                            The vested portions of Options will be exercisable, in whole or in part, at any time after vesting. If an Option is exercised for fewer than all of the Optioned Shares for which the Option has then vested, the Option shall remain in force and exercisable for the remaining Optioned Shares for which the Option has then vested, according
                                            to the terms of such Option.

                                        

                            

                             

                            
                                
                                    

                                

                                
                                    

                                    - 7 -

                                    

                                

                                 

                                
                                    	
                                                8.5

                                            	
                                                The exercise of any Option will be contingent upon receipt by the Company of payment in full for the exercise price of the Shares being purchased in cash by way of certified cheque or bank draft. Neither an Optionee nor the legal representatives, legatees or distributees of such Optionee will be, or will be deemed to be, a holder
                                                of any Shares subject to an Option under the Plan unless and until certificates for such Shares are issuable to the Optionee or such other persons pursuant to the Option or the Plan.

                                            

                                

                                
                                    	
                                                9.

                                            	
                                                Stock Option Agreement

                                            

                                

                                
                                    	
                                                9.1

                                            	
                                                Upon the grant of an Option to an Optionee, the Company and the Optionee shall enter into an Option Agreement setting out the number of Optioned Shares subject to the Option, the Option Period and, if applicable, the vesting schedule for the Option, and incorporating the terms and conditions of the Plan and any other requirements
                                                of regulatory authorities and stock exchanges having jurisdiction over the securities of the Company, together with such other terms and conditions as the Committee may determine in accordance with the Plan.

                                            

                                

                                
                                    	
                                                10.

                                            	
                                                Effect of Termination of Employment or Death

                                            

                                

                                
                                    	
                                                10.1

                                            	
                                                An outstanding Option shall remain in full force and effect and exercisable according to its terms for the Option Period notwithstanding that the holder of such Option ceases to be a Director, Employee, Senior Officer or Consultant of the Company for any reason, including death, subject always to any express term in any Option
                                                Agreement made pursuant to subsection 8.1 which provides that upon the occurrence of one of such events there shall come into force a time limit for exercise of such Option which is different than the Option Period. So long as the Shares are listed on the TSX (unless otherwise permitted by the TSX) the maximum period within which the heirs or administrators of a deceased Optionee may exercise any portion of an outstanding Option is one (1) year
                                                from the date of death or the balance of the Option Period, which ever is earlier.

                                            

                                

                                
                                    	
                                                10.2

                                            	
                                                In the event of the death of an Optionee, an Option which remains exercisable may be exercised in accordance with its terms by the person or persons to whom such Optionee’s rights under the Option shall have passed under the Optionee’s will or pursuant to law.

                                            

                                

                                
                                    	
                                                11.

                                            	
                                                Adjustment in Shares Subject to the Plan

                                            

                                

                                
                                    	
                                                11.1

                                            	
                                                Following the date an Option is granted, the exercise price for and the number of Optioned Shares which are subject to an Option will be adjusted, with respect to the then unexercised portion thereof, by the Committee from time to time (on the basis of such advice as the Committee considers appropriate, including, if considered
                                                appropriate by the Committee, a certificate of the auditor of the Company) in the events and in accordance with the provisions and rules set out in this section 11, with the intent that the rights of Optionees under their Options are, to the extent possible, preserved notwithstanding the occurrence of such events. The Committee will conclusively determine any dispute that arises at any time with respect to any adjustment pursuant to such
                                                provisions and rules, and any such determination will be binding on the Company, the Optionee and all other affected parties.

                                            

                                

                                 

                                
                                    
                                        

                                    

                                    
                                        

                                        - 8 -

                                        

                                    

                                     

                                    
                                        	
                                                    11.2

                                                	
                                                    The number of Optioned Shares to be issued on the exercise of an Option shall be adjusted from time to time to account for each dividend of Shares (other than a dividend in lieu of cash dividends paid in the ordinary course), so that upon exercise of the Option for an Optioned Share the Optionee shall receive, in addition to
                                                    such Optioned Share, an additional number of Shares (“Additional Shares”), at no further cost, to adjust for each such dividend of Shares. The adjustment shall take into account every dividend of Shares that occurs between the date of the grant of the Option and the date of exercise of the Option for such Optioned Share. If there has been more than one such dividend, the adjustment shall also take into account that the dividends
                                                    that are later in time would have been distributed not only on the Optioned Share had it been outstanding, but also on all Additional Shares which would have been outstanding as a result of previous dividends.

                                                

                                    

                                    
                                        	
                                                    11.3

                                                	
                                                    If the outstanding Shares are changed into or exchanged for a different number of shares or into or for other securities of the Company or securities of another Company or entity, whether through an arrangement, amalgamation or other similar procedure or otherwise, or a share recapitalization, subdivision or consolidation,
                                                    then on each exercise of the Option which occurs following such events, for each Optioned Share for which the Option is exercised, the Optionee shall instead receive the number and kind of shares or other securities of the Company or other Company into which such Option Share would have been changed or for which such Option Share would have been exchanged if it had been outstanding on the date of such event.

                                                

                                    

                                    
                                        	
                                                    11.4

                                                	
                                                    If the outstanding Shares are changed into or exchanged for a different number of shares or into or for other securities of the Company or securities of another Company or entity, in a manner other than as specified in subsections 11.2 or 11.3, then the Committee, in its sole discretion, may make such adjustment to the
                                                    securities to be issued pursuant to any exercise of the Option and the exercise price to be paid for each such security following such event as the Committee in its sole and absolute discretion determines to be equitable to give effect to the principle described in subsection 11.1, and such adjustments shall be effective and binding upon the Company and the Optionee for all purposes.

                                                

                                    

                                    
                                        	
                                                    11.5

                                                	
                                                    If the Company distributes, by way of a dividend or otherwise, to all or substantially all holders of Shares, property, evidences of indebtedness or shares or other securities of the Company (other than Shares) or rights, options or warrants to acquire Shares or securities convertible into or exchangeable for Shares or other
                                                    securities or property of the Company, other than as a dividend in the ordinary course, then, if the Committee, in its sole discretion, determines that such action equitably requires an adjustment in the exercise price under any outstanding Option or in the number(s) of Optioned Shares subject to any such Option, or both, such adjustment may be made by the Committee and shall be effective and binding on the Company and the Optionee for all
                                                    purposes.

                                                

                                    

                                    
                                        	
                                                    11.6

                                                	
                                                    No adjustment or substitution provided for in this section 11 shall require the Company to issue a fractional share in respect of any Option. Fractional shares shall be eliminated.

                                                

                                    

                                    
                                        	
                                                    11.7

                                                	
                                                    The grant or existence of an Option shall not in any way limit or restrict the right or power of the Company to effect adjustments, reclassifications, reorganizations,

                                                

                                    

                                     

                                    
                                        
                                            

                                        

                                        
                                            

                                            - 9 -

                                        

                                        arrangements or changes of its capital or business structure, or to amalgamate, merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets.

                                        
                                            	
                                                        12.

                                                    	
                                                        Non-Assignability

                                                    

                                        

                                        
                                            	
                                                        12.1

                                                    	
                                                        Neither the Options nor the benefits and rights of any Optionee under any Option or under the Plan shall be assignable or otherwise transferable, except as specifically provided in subsection 10.2 in the event of the death of the Optionee. During the lifetime of the Optionee, all such Options, benefits and rights may
                                                        only be exercised by the Optionee.

                                                    

                                        

                                        
                                            	
                                                        13.

                                                    	
                                                        Employment

                                                    

                                        

                                        
                                            	
                                                        13.1

                                                    	
                                                        Nothing contained in the Plan shall confer upon any Optionee, or any person employing a Management Company Optionee, any right with respect to employment or continuance of employment with, or the provision of services to, the Company or any of its Affiliates, or interfere in any way with the right of the Company or any of
                                                        its Affiliates to terminate the Optionee’s employment or the services of any such person at any time. Participation in the Plan by an Optionee is voluntary.

                                                    

                                        

                                        
                                            	
                                                        14.

                                                    	
                                                        Regulatory Acceptances

                                                    

                                        

                                        
                                            	
                                                        14.1

                                                    	
                                                        The Plan is subject to the acceptance of the Plan for filing by the TSX, and the Committee is authorized to amend the Plan from time to time in order to comply with any changes required from time to time by such applicable regulatory authorities, whether as conditions to the acceptance for filing of the Plan or otherwise,
                                                        provided that no such amendment will in any way derogate from the rights held by Optionees holding Options (vested or unvested) at the time thereof without the consent of such Optionees.

                                                    

                                        

                                        
                                            	
                                                        14.2

                                                    	
                                                        The obligation of the Company to issue and deliver Optioned Shares pursuant to the exercise of any Options granted under the Plan is subject to the acceptance of the Plan for filing by the TSX. If any Shares cannot be issued to any Optionee for any reason, including, without limitation, the failure to obtain such
                                                        acceptance for filing, then the obligation of the Company to issue such Optioned Shares shall terminate and any amounts paid to the Company for such Optioned Shares shall be returned to the Optionee forthwith without interest or deduction.

                                                    

                                        

                                        
                                            	
                                                        15.

                                                    	
                                                        Securities Regulation and Tax Withholding

                                                    

                                        

                                        
                                            	
                                                        15.1

                                                    	
                                                        Where necessary to enable the Company to use an exemption from requirements to register Optioned Shares or file a prospectus or use a registered dealer to distribute Optioned Shares under securities laws applicable to the securities of the Company in any jurisdiction, an Optionee, upon the acquisition of any Optioned
                                                        Shares by the exercise of Options and as a condition to such exercise, shall provide to the Committee such evidence as the Committee requires to demonstrate that the Optionee or recipient will acquire such Optioned Shares with investment intent (i.e. for investment purposes) and

                                                    

                                        

                                         

                                        
                                            
                                                

                                            

                                            
                                                

                                                - 10 -

                                            

                                            not with a view to their distribution, including an undertaking to that effect in a form acceptable to the Committee. The Committee may cause a legend or legends to be placed upon any certificates for the Optioned Shares to make appropriate reference to applicable resale restrictions, and the Optionee or recipient shall be bound by such
                                            restrictions. The Committee also may take such other action or require such other action or agreement by such Optionee or proposed recipient as may from time to time be necessary to comply with applicable securities laws. This provision shall in no way obligate the Company to undertake the registration or qualification of any Options or the Option Shares under any securities laws applicable to the securities of the Company.

                                            
                                                	
                                                            15.2

                                                        	
                                                            For all purposes of the Plan, the Committee and the Company may take all such measures as they deem appropriate or necessary to comply with applicable laws, including income tax laws and securities laws and regulations, as well as the rules of regulatory authorities having jurisdiction over the Company or in respect of
                                                            the securities of the Company. Without limitation to the foregoing, the Committee and the Company may withhold and remit to tax authorities such sums which might otherwise be due or accruing due by the Company to an Optionee, if such withholding and remittance are required under applicable income tax laws in connection with the grant or exercise of the Optionee’s Options.

                                                        

                                            

                                            
                                                	
                                                            15.3

                                                        	
                                                            Issuance, transfer or delivery of certificates for Optioned Shares acquired pursuant to the Plan may be delayed, at the discretion of the Committee, until the Committee is satisfied that the requirements of applicable laws and regulations, and applicable rules of regulatory authorities, have been met.

                                                        

                                            

                                            
                                                	
                                                            16.

                                                        	
                                                            Amendment and Termination of Plan

                                                        

                                            

                                            
                                                	
                                                            16.1

                                                        	
                                                            The Board reserves the right to amend or terminate the Plan at any time if and when it is deemed advisable in the absolute discretion of the Board; provided, however, that no such amendment or termination shall adversely affect any outstanding Options granted under the Plan without the consent of the Optionee. Any
                                                            amendment to the Plan shall also be subject to acceptance of such amendment or amended Plan for filing by the TSX and, where required by the TSX, the approval of the shareholders of the Company.

                                                        

                                            

                                            
                                                	
                                                            17.

                                                        	
                                                            No Representation or Warranty

                                                        

                                            

                                            
                                                	
                                                            17.1

                                                        	
                                                            The Company makes no representation or warranty as to the future market value of any Shares or Optioned Shares.

                                                        

                                            

                                            
                                                	
                                                            18.

                                                        	
                                                            General Provisions

                                                        

                                            

                                            
                                                	
                                                            18.1

                                                        	
                                                            Nothing contained in the Plan shall prevent the Company or any of its Affiliates from adopting or continuing in effect other compensation arrangements (subject to shareholder approval if such approval is required by TSX) and such arrangements may be either generally applicable or applicable only in specific
                                                            cases.

                                                        

                                            

                                             

                                            
                                                
                                                    

                                                

                                                
                                                    

                                                    - 11 -

                                                    

                                                

                                                 

                                                
                                                    	
                                                                18.2

                                                            	
                                                                The validity, construction and effect of the Plan, the grants of Options, the issue of Option Shares, any rules and regulations relating to the Plan any Option Agreement, and all determinations made and actions taken pursuant to the Plan, shall be governed by and determined in accordance with the laws of the
                                                                Province of British Columbia and the laws of Canada applicable therein.

                                                            

                                                

                                                
                                                    	
                                                                18.3

                                                            	
                                                                If any provision of the Plan or any Option Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Option, or would disqualify the Plan or any Option under any law deemed applicable by the Committee, such provision shall be construed or deemed amended
                                                                to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Option, such provision shall be stricken as to such jurisdiction, person, or Option and the remainder of the Plan and any such Option Agreement shall remain in full force and effect.

                                                            

                                                

                                                
                                                    	
                                                                18.4

                                                            	
                                                                Neither the Plan nor any Option shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates and an Optionee or any other person.

                                                            

                                                

                                                
                                                    	
                                                                18.5

                                                            	
                                                                Headings are given to the sections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

                                                            

                                                

                                                
                                                    	
                                                                19.

                                                            	
                                                                Term of the Plan

                                                            

                                                

                                                
                                                    	
                                                                19.1

                                                            	
                                                                The Plan shall be effective as of November 28, 2002, subject to its approval by the shareholders of the Company and acceptance for filing by the TSX pursuant to section 14.

                                                            

                                                

                                                
                                                    	
                                                                19.2

                                                            	
                                                                The Plan shall be effective until November 28, 2012 unless the Plan is earlier terminated by the Board pursuant to section 16, and no Option shall be granted under the Plan after that date. Unless otherwise expressly provided in the Plan or in an applicable Option Agreement, the Option Period for any Option
                                                                granted hereunder will, and any authority of the Board to amend, alter, adjust, suspend, discontinue or terminate any such Option or to waive any conditions or rights under any such Option shall, continue after termination of the Plan on November 28, 2012 or any earlier termination date of the Plan, notwithstanding such termination.

                                                            

                                                

                                                Adopted by the Board: November 28, 2002

                                                Approved by the Shareholders: April 17, 2003

                                                Amended by the Board on September 17, 2003

                                                Accepted for filing by the TSX Venture Exchange: October 22, 2003

                                                Approved by the Shareholders: April 14, 2004

                                                Accepted for filing by the TSX Venture Exchange: August 16, 2004

                                                Approved by the Shareholders: April 16, 2005

                                                Accepted for filing by the TSX Venture Exchange: May 6, 2005

                                                 

                                                
                                                    
                                                        

                                                    

                                                    
                                                        

                                                        - 12 -

                                                    

                                                    Approved by the Shareholders: April 19, 2006

                                                    Accepted for filing by the TSX Venture Exchange: May 18, 2006

                                                    Accepted for filing by the TSX: July 5, 2006

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