Document:

The Exective Nonqualified Excess Plan Trust Agreement

 EXHIBIT 10.29 
 

 
  
 THE
EXECUTIVE 
 NONQUALIFIED “EXCESS” PLANTM 
  
 IntraLase Corp 
 Trust Agreement 
  
 © 2003
Executive Benefit Services, Inc. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 Section 1.    Trust Fund:
	  	2
	   1.1
	  	Definitions and Construction	  	2
	   1.2
	  	Trust Fund	  	2
	   1.3
	  	Non-diversion of Funds	  	2
		
	 Section 2.    Investment and Administration:
	  	3
	   2.1
	  	Collection of Contributions	  	3
	   2.2
	  	General	  	3
	   2.3
	  	Appointment of Investment Manager	  	3
	   2.4
	  	Investment Decisions.	  	4
	   2.5
	  	Investment in Short-Term Obligation	  	4
	   2.6
	  	Trustee’s Administrative Authority	  	5
	   2.7
	  	Substitution of Assets	  	7
		
	 Section 3.    Trustee and Committee:
	  	7
	   3.1
	  	Committee	  	7
	   3.2
	  	Trustee’s Reliance	  	8
	   3.3
	  	Legal Counsel	  	8
	   3.4
	  	Liability Under the Plan	  	8
		
	 Section 4.    Distributions from the Trust Fund:
	  	9
	   4.1
	  	General	  	9
	   4.2
	  	Direction by the Committee.	  	9
	   4.3
	  	Method of Payment	  	9
	   4.4
	  	Special Distributions	  	9
	   4.5
	  	Payments to Employer	  	10
		
	 Section 5.    Trustee’s and Committee’s Responsibilities:
	  	10
	   5.1
	  	General Standard of Care	  	10
	   5.2
	  	No Liability for Acts of Others	  	10
		
	 Section 6.    Trustee’s Accounts:
	  	10
	   6.1
	  	Accounts	  	10
	   6.2
	  	Valuation of Trust Fund	  	11
	   6.3
	  	Reports to the Committee	  	11
	   6.4
	  	Right of Judicial Settlement	  	11
	   6.5
	  	Enforcement of Agreement	  	12
		
	 Section 7.    Taxes; Compensation of Trustee:
	  	12
	   7.1
	  	Taxes	  	12
	   7.2
	  	Compensation of Trustee; Expenses	  	12
		
	 Section 8.    Resignation and Removal of Trustee:
	  	12
	   8.1
	  	Resignation or Removal of Trustee	  	12
	   8.2
	  	Appointment of Successor	  	13
	   8.3
	  	Succession.	  	13

  
  

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	   8.4
	  	Successor Bound by Agreement	  	13
		
	 Section 9.    Trustee Responsibility Regarding Payments to Trust Beneficiaries When Employer Is
Insolvent:
	  	14
	   9.1
	  	Direction	  	14
	   9.2
	  	Insolvency	  	14
	   9.3
	  	Resumption of Payments	  	14
		
	 Section 10.    Amendment and Irrevocability:
	  	15
		
	 Section 11.    Miscellaneous:
	  	15
	   11.1
	  	Binding Effect; Assignability	  	15
	   11.2
	  	Governing Law	  	15
	   11.3
	  	Notices	  	16
	   11.4
	  	Severability	  	16
	   11.5
	  	Waiver	  	16
	   11.6
	  	Non-Alienation	  	17
	   11.7
	  	Headings	  	17
	   11.8
	  	Construction of Language	  	17
	   11.9
	  	Counterparts	  	17

  

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 THE EXECUTIVE NONQUALIFIED EXCESS PLANTM 
 TRUST AGREEMENT 
  
 THIS
TRUST AGREEMENT, made as of the 1st day of April, 2004, by and between IntraLase Corp (“Employer”)
and BANKERS TRUST COMPANY (“Trustee”). 
  
 W
I T N E S S E T H : 
  
 WHEREAS, the Employer has adopted The Executive Nonqualified Excess PlanTM (the “Plan”) to provide benefits for certain participants of the Employer and its designated affiliates; and 
  
 WHEREAS, the Employer wishes to establish a Trust Fund (as hereinafter defined) to aid it in accumulating the amounts
necessary to satisfy its contractual liability to pay benefits under the terms of the Plan; and 
  
 WHEREAS, the Employer presently intends to make contributions to this Trust Fund from time to time to be applied in payment of the Employer’s
obligations under the Plan; and 
  
 WHEREAS, the Employer is
obligated to pay all benefits from its general assets to the extent not paid by this Trust Fund, and the establishment of this Trust Fund shall not reduce or otherwise affect the Employer’s continuing liability to pay benefits from such assets,
except that the Employer’s liability shall be offset by actual benefit payments made from this Trust Fund; 
  
 WHEREAS, the trust established by this Agreement is intended to be a “grantor trust” with the result that the corpus and income of the trust be
treated as assets and income of the Employer pursuant to Sections 671 through 679 of the Internal Revenue Code of 1986, as amended (the “Code”); and 
  

WHEREAS, the Employer intends that the Trust Fund shall at all times be subject to the claims of its creditors as herein provided and that the Plan not
be deemed funded within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), solely by virtue of the existence of this Trust; 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Employer
and the Trustee hereby agree as follows: 
  
 Section 1.
Trust Fund: 
  
 1.1 Definitions and Construction.
Unless the context of this Agreement clearly indicates otherwise, the terms defined in the Plan shall, when used herein, have the same meaning as in the Plan. The headings in this Agreement are used for the convenience of reference only and are to
be ignored in any constructions of the provisions hereof. 
  
 1.2
Trust Fund. The Employer hereby establishes with the Trustee a trust, pursuant to the Plan, in which may be deposited such sums of money as shall from time to time be paid or delivered to or deposited with the Trustee by or with the approval
of the Employer in accordance with terms of the Plan. Neither the Trustee nor any Plan participant or beneficiary shall have the right to compel such deposits. All such deposits, all investments and reinvestments thereof and all earnings,
appreciation and additions allocable thereto, less losses, depreciation and expenses allocable thereto and any payments made therefrom as authorized under the Plan or this Agreement shall constitute the “Trust Fund.” The Trust Fund shall
be held, managed and administered by the Trustee, IN TRUST, and dealt with in accordance with the provisions of this Agreement and in accordance with any funding policy or guidelines established under the Plan that are communicated in writing to the
Trustee. 
  
 1.3 Non-diversion of Funds. Notwithstanding
anything to the contrary contained in this Agreement or any amendment thereto, no part of the Trust Fund other than such expenses, fees, indemnities and taxes properly charged to the Trust Fund under the Plan or this Agreement shall be used for or
diverted to purposes other than for the exclusive benefit of Plan participants and their beneficiaries; provided, however, that the Trust Fund shall at all times be subject to the claims of the general creditors of the Employer. Any rights created
under the Plan and this Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against the Employer. 
  

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 Section 2. Investment and Administration: 
  
 2.1 Collection of Contributions. The Trustee shall have no authority
over and shall have no responsibility for the administration of the Plan. The Trustee shall be under no duty to enforce the payment of any contribution to the Trust Fund and shall not be responsible for the adequacy of the Trust Fund to satisfy any
obligations for benefits expenses and liabilities under the Plan. In addition to making contributions, the Employer, through the Committee, shall furnish the Trustee with such information and data relative to the Plan as is necessary for the proper
administration of the Trust Fund. 
  
 2.2 General. The
Trust Fund shall be held by the Trustee and shall be invested and reinvested as hereinafter provided in this Section 2, without distinction between principal and income and without regard to the restrictions of the laws of any jurisdiction relating
to the investment of trust funds. 
  
 2.3 Appointment of
Investment Manager. 
  
 (a) The Committee
may, in its discretion, appoint an investment manager (“Investment Manager”) to direct the investment and reinvestment of all or any portion of the Trust Fund. Any such Investment Manager shall either (i) be registered as an investment
adviser under the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”); (ii) be a bank, as defined in the Investment Advisers Act; or (iii) be an insurance company qualified to perform investment services under the laws
of more than one state. 
  
 (b) The Committee
shall give written notice to the Trustee of the appointment of an Investment Manager pursuant to Section 2.3(a). Such notice shall include: (i) a specification of the portion of the Trust Fund to which the appointment applies; (ii) a certification
by the Committee that the Investment Manager satisfies the requirements of Section 2.3(a)(i), (ii) or (iii); (iii) a copy of the instruments appointing the Investment Manager and evidencing the Investment Manager’s acceptance of the
appointment; (iv) directions as to the manner in which the Investment Manager is authorized to give instructions to the Trustee, including the persons authorized to give instructions and the number of signatures required for any written instruction;
(v) an acknowledgment by the Investment Manager that it is a fiduciary of the Plan; and (vi) if applicable, a certificate evidencing the Investment Manager’s current registration under the Investment Advisers Act. For purposes of this
Agreement, the appointment of an Investment Manager pursuant to this Section 2.3 shall become effective as of the effective date specified in such notice, or, if later, as of the date on which the Trustee receives proper notice of such appointment.

  

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 (c) The Committee shall give written notice to the Trustee of the resignation or removal
of an Investment Manager previously appointed pursuant to this Section 2.3. From and after the date on which the Trustee receives such notice, or, if later, the effective date of the resignation or removal specified in such notice, the Committee
shall be responsible, in accordance with Section 2.4, for the investment and reinvestment of the portion of the Trust Fund theretofore managed by such Investment Manager, until such time as a successor Investment Manager has been duly appointed
pursuant to this Section 2.3. 
  
 2.4 Investment Decisions.

  
 (a) The Trustee shall invest and reinvest the
Trust Fund in accordance with the directions of the Committee, or, to the extent provided in Section 2.3, in accordance with the directions of an Investment Manager. The Trustee shall be under no duty or obligation to review any investment to be
acquired, held or disposed of pursuant to such directions nor to make any recommendation with respect to the disposition or continued retention of any such investment. The Trustee shall have no liability or responsibility for its action or inaction
pursuant to the direction of, or its failure to act in the absence of directions from, the Committee or an Investment Manager, except to the extent provided in Section 5.2. The Employer hereby agrees to indemnify the Trustee and hold it harmless
from and defend it against any claim or liability which may be asserted against the Trustee by reason of any action or inaction by it pursuant to a direction by the Committee or by an Investment Manager or failing to act in the absence of any such
direction. 
  
 (b) The Committee or an Investment
Manager appointed pursuant to Section 2.3 may, at any time and from time to time, issue orders for the purchase or sale of securities directly to a broker; and in order to facilitate such transaction, the Trustee upon request shall execute and
deliver appropriate trading authorizations. Written notification of the issuance of each such order shall be given promptly to the Trustee by the Committee or the Investment Manager, and the execution of each such order shall be confirmed by written
advice to the Trustee by the broker. Such notification shall be authority for the Trustee to pay for securities purchased against receipt thereof and to deliver securities sold against payment therefor, as the case may be. 
  
 (c) To the extent that neither the Committee nor an
Investment Manager furnishes directions as to the investment of the Trust Fund, the Trustee shall invest and reinvest the Trust Fund in any savings account, time or other interest-bearing deposit in or other interest-bearing obligation of any one or
more savings banks, savings and loan associations, banks or other financial institutions. 
  
 2.5 Investment in Short-Term Obligation. Notwithstanding any provisions of this Section 2 to the contrary, the Trustee, in its sole discretion or in consultation with the Committee, may retain uninvested cash
or cash balances, in whatever portion of the Trust Fund that it may deem advisable, without being required to pay interest thereon. Pending investment, 
  

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 the Trustee, in its sole discretion, may temporarily invest any funds held or received by it for investment in an
investment fund established to invest funds held thereunder in commercial paper or in obligations of, or guaranteed by, the United States government or any of its agencies. 
  
 2.6 Trustee’s Administrative Authority. 
  
 (a) In addition to and not by way of limitation of any other powers conferred upon the Trustee by law or by
other provisions of this Agreement, but subject to the provisions of Section 1.3 and this Section 2, the Trustee is authorized and empowered: 
  
 (i) to invest and reinvest part or all of the Trust Fund in accordance with funding policies which may be established by the Committee
from time to time in such assets as the Trustee deems appropriate (including common and preferred stocks of the Employer), bonds, debentures, mutual fund shares, notes, commercial paper, treasury bills, options, partnership interests, venture
capital investments, any common, commingled, collective trust funds or pooled investment funds (including such funds for which the Trustee serves as investment manager), contracts and policies issued by an insurance company, any interest bearing
deposits held by any bank of similar financial institution, and any other real or personal property; 
  
 (ii) in accordance with directions from the Committee, to apply for, pay premiums on and maintain in force on the lives of Plan
participants, individual ordinary or individual or group term or universal life insurance policies, variable universal life insurance policies, survivorship life insurance policies or annuity policies (“policies”) and to have with respect
to such policies all of the rights, powers, options, privileges and benefits usually comprised in the term “incidents of ownership” and normally vested in an owner of such policies; 
  
 (iii) to sell, exchange, convey, transfer or dispose of and
also to grant options with respect to any property, whether real or personal, at any time held by it, and any sale may be made by private contract or by public auction, and for cash or upon credit, or partly for cash and partly upon credit, and no
person dealing with the Trustee shall be bound to see the application of the purchase money or to inquire into the validity, expediency or propriety of any such sale or other disposition; 
  
 (iv) to retain, manage, operate, repair and rehabilitate and
to mortgage or lease for any period any real estate held by it and, in its discretion, cause to be formed any corporation or trust to hold tile to any such real property; 
  
 (v) to vote in person or by proxy on any stocks, bonds, or other securities held by it, including any shares
of mutual funds held by it, to exercise any options appurtenant to any stocks, bonds or other securities for the conversion thereof into other stocks, bonds or securities, or to exercise any rights to subscribe for additional stocks, bonds or other
securities and to make any and all necessary payment therefor and to enter into any voting trust; 
  

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 (vi) with respect to any investment, to join in, dissent from, or oppose any action or
inaction of any corporation, or of the directors, officers or stockholders of any corporation, including, without limitation, any reorganization, recapitalization, consolidation, liquidation, sale or merger; 
  
 (vii) to settle, adjust, compromise, or submit to
arbitration any claims, debts or damages due or owing to or from the Trust Fund; and 
  
 (viii) to deposit any property with any protective, reorganization or similar committee, to delegate power thereto and to pay and agree to
pay part of its expenses and compensation and any assessments levied with respect to any property so deposited. 
  
 In exercising such powers with respect to any portion of the Trust Fund that is invested pursuant to directions of the Committee or of an Investment
Manager, the Trustee shall act in accordance with directions provided by the Committee or Investment Manager. The Trustee shall be under no duty or obligation to review any action to be taken, nor to recommend any action, pursuant to this Section
2.6(a) with respect to any portion of the Trust Fund that is under the direction of the Committee or an Investment Manager. The Trustee shall have no liability or responsibility for its action or inaction pursuant to the direction of, or its failure
to act in the absence of directions from, the Committee or an Investment Manager, except to the extent provided in Section 5.2. The Employer hereby agrees to indemnify the Trustee and hold it harmless from and defend it against any claim or
liability which may be asserted against the Trustee by reason of any action or inaction by it pursuant to a direction given by the Committee or by an Investment Manager or failing to act in the absence of any such direction. 
  
 (b) In addition to and not by way of limitation of any other
powers conferred upon the Trustee by law or other provisions of this Agreement, but subject to Section 1.3 and this Section 2, the Trustee is authorized and empowered, in its discretion: 
  
 (i) to commence or defend suits or legal proceedings, and to represent the Trust Fund in all suits or legal
proceedings in any court or before any other body or tribunal; 
  
 (ii) to register securities in its name or in the name of any nominee or nominees with or without indication of the capacity in which the securities shall be held, or to hold securities in bearer form; 
  
 (iii) to borrow or raise monies for the purposes of the
Trust from any lender, except the Trustee, in its individual capacity, and for any sum so borrowed to issue its promissory note as Trustee and to secure the repayment thereof by pledging all or any part of the Trust Fund, and no person lending money
to the Trustee shall be bound to see the application of the money loaned or to inquire into the validity, expediency of propriety of any such borrowing; 
  

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 (iv) to make distributions in cash upon the direction of the Committee; 
  
 (v) to withhold the appropriate amount of taxes from a
participant’s distribution as directed by the Committee; 
  
 (vi) to employ such agents, brokers, counsel and accountants as the Trustee shall deem advisable and to be reimbursed by the Employer for their reasonable expenses and compensation; 
  
 (vii) to make, execute, acknowledge, and deliver any and all
deeds, leases, assignments and instruments; and 
  
 (viii) generally to do all acts which the Trustee may deem necessary or desirable for the administration and protection of the Trust Fund. 
  
 Notwithstanding any powers granted to the Trustee pursuant to this Agreement or by applicable law, the Trustee shall not have any power that could give
the Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Treasury Regulations promulgated pursuant to the Code. 
  
 2.7 Substitution of Assets. The Employer shall have the right at any time, in its sole discretion, to substitute
assets of equal fair market value for any asset held by the Trust. This right is exercisable by the Employer in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity. 
  
 Section 3. Trustee and Committee: 
  
 3.1 Committee. The Employer shall certify to the Trustee the names
and specimen signatures of the members of the Committee appointed by the Employer to administer the Plan and give directions to the Trustee. Such certification shall include directions as to the number of signatures required for any communication or
direction to the Trustee. The Employer shall promptly give notice to the Trustee of changes in the membership of the Committee. The Committee may also certify to the Trustee the name of any person, together with a specimen signature of any such
person who is not a member of the Committee, authorized to act for the Committee in relation to the Trustee. The Committee shall promptly give notice to the Trustee 
  

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 of any change in any person authorized to act on behalf of the Committee. For all purposes under this Agreement, until
any such notice is received by the Trustee, the Trustee shall be fully protected in assuming that the membership of the committee and the authority of any person certified to act in its behalf remain unchanged. 
  
 3.2 Trustee’s Reliance. The Trustee may rely and act upon any
certificate, notice or direction of the Committee, or of a person authorized to act on its behalf, or of the Employer or of an Investment Manager which the Trustee believes to be genuine and to have been signed by the person or persons duly
authorized to sign such certificate, notice, or direction. 
  
 3.3
Legal Counsel. The Trustee may consult with legal counsel (who may be counsel to the Employer) and may charge the expense to the Employer concerning any questions which may arise under this Agreement, and the opinions of such counsel shall be
full and complete protection with respect to any action taken, or omitted, by the Trustee hereunder in good faith in accordance with the opinion of such counsel. 
  
 3.4 Liability Under the Plan. The duties and obligations of the Trustee shall be limited to those expressly set forth
in this Agreement, notwithstanding any reference herein to the Plan. Notwithstanding any other provision of this Trust Agreement, the Trustee and its officers, directors and agents hereunder shall be indemnified and held harmless by the Employer and
the Fund to the fullest extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to, attorneys’ fees and disbursements reasonably incurred by or imposed upon it in connection with any claim
made against it or in which it may be involved by reason of it being, or having been, a Trustee hereunder, to the extent such amounts are not satisfied by fiduciary liability insurance that may or may not be maintained by the Employer. 

 

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 Section 4. Distributions from the Trust Fund: 
  
 4.1 General. The Trustee shall make payments from the Trust Fund in
such amounts, at such times, and to such persons as the Committee may, from time to time, direct. 
  
 4.2 Direction by the Committee. 
  
 (a) A direction by the Committee to make a distribution from the Trust Fund shall: 
  
 (i) be made in writing; 
  
 (ii) specify the amount of the payment to be distributed,
the date such payment is to be made, the person to whom payment is to be made, and the address to which the payment is to be sent; and 
  
 (iii) be deemed to certify to the Trustee that such direction and any payment pursuant thereto are authorized under the terms of the Plan.

  
 (b) The Trustee shall be entitled to rely
conclusively on the Committee’s certification of its authority to direct a payment without independent investigation. The Trustee shall have no liability to any person with respect to payments made in accordance with the provisions of this
Section 4. 
  
 4.3 Method of Payment. Payments of money by
the Trustee may be made by its check payable to the order of the payee designated by the Committee and mailed to the payee in care of the Employer. The Trustee shall provide for the reporting and withholding of any federal, state or local taxes that
may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by the
Employer. 
  
 4.4 Special Distributions. Notwithstanding
any other provision of this Trust Agreement to the contrary, if at any time (i) the Trust is finally determined by the Internal Revenue Service (the “IRS”) not to be a “grantor trust,” with the result that the income of the Trust
Fund is not treated as income of the Employer pursuant to Sections 671 through 679 of the Code, (ii) a federal tax is finally determined by the IRS to be payable by the Trust beneficiaries, or (iii) the Trustee receives an opinion of counsel
satisfactory to it to the effect that it is likely that the IRS will determine that a tax will be payable by the Trust beneficiaries as described in 
  

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 (ii) and it is likely that such determination will be upheld, then the Trust shall immediately terminate and the assets
paid as soon as practicable by the Trustee to the Trust beneficiary as directed by the Committee. 
  
 4.5 Payments to Employer. Except as expressly provided herein, the Employer shall have no right or power to direct the Trustee to return to the
Employer any of the Trust Fund before all payments of benefits have been made pursuant to the Plan. However, if the Trustee determines that the value of the assets of the Trust Fund are in excess of 100% of the amount required to pay
the benefits provided under the terms of the Plan, then such excess assets, including both principal and income, shall be returned to the Employer. 
  
 Section 5. Trustee’s and Committee’s Responsibilities: 
  
 5.1 General Standard of Care. The Trustee, the members of the Committee and any Investment Manager shall at all times
discharge their duties with respect to the Trust Fund solely in the interest of the Plan participants and their beneficiaries and with the care, skill, prudence, and diligence that, under the circumstances prevailing, a prudent man acting in a like
capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. 
  
 5.2 No Liability for Acts of Others. No “fiduciary” (as such term is defined in Section 3(21) of ERISA) under this Agreement shall be
liable for an act or omission of another person in carrying out any fiduciary responsibility where such fiduciary responsibility is allocated to such other person by this Agreement or pursuant to a procedure established in this Agreement.

  
 Section 6. Trustee’s Accounts: 

 
 6.1 Accounts. The Trustee shall keep accurate and detailed
accounts of all investments, reinvestments, receipts and disbursements, and other transactions hereunder, and all such accounts and the books and records relating thereto shall be open to inspection at all reasonable times by the Employer or the
Committee or persons designated by them. 
  
  

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 6.2 Valuation of Trust Fund. The Trustee shall value or cause to be valued the Trust Fund as of
the last business day of each calendar quarter (“Valuation Date”), and shall report to the Committee the value of the Trust Fund as of such date, within a reasonable time after the first day of the month next succeeding each Valuation
Date. 
  
 6.3 Reports to the Committee. 
  
 (a) Within sixty (60) days following the last day of each
fiscal year of the Trust, and within sixty (60) days following the effective date of the resignation or removal of the Trustee as provided in Section 8.1, the Trustee shall render to the Committee a written account setting forth all investments,
receipts, disbursements and other transactions affecting the Trust Fund or any investment fund, which account shall be signed by the Trustee and mailed to the Committee. 
  
 (b) The Committee shall notify the Trustee in writing of any objection or exception to an account so
rendered not later than ninety (90) days following the date on which the Account was mailed to the Committee, whereupon the Committee and the Trustee shall cooperate in resolving such objection or exception. 
  
 (c) If the Committee has not communicated in writing to the
Trustee within ninety (90) days following the mailing of the account to the Committee any exception or objection to the account, the account shall become an account stated at the end of such ninety (90) day period. If the Committee does communicate
such an exception or objection, as to which it later becomes satisfied, the Committee shall thereupon indicate in writing its approval of the account, or of the account as amended, and the account shall thereupon become an account stated.

  
 (d) Whenever an account shall have become an
account stated as aforesaid, such account shall be deemed to be finally settled and shall be conclusive upon the Trustee, the Employer and all persons having or claiming to have any interest in the Trust Fund or under the Plan, and the Trustee shall
be fully and completely discharged and released to the same extent as if the account had been settled and allowed by a judgment or decree of a court of competent jurisdiction in an action or proceeding in which the Trustee, the Employer, and all
persons having or claiming to have any interest in the Trust Fund or under the Plan were parties. 
  
 6.4 Right of Judicial Settlement. Notwithstanding the provisions of Section 6.3, the Trustee, the Committee, and the Employer, or any of them,
shall have the right to apply at any time to a court of competent jurisdiction for the judicial settlement of the Trustee’s account. In any such case, it shall be necessary to join as parties thereto only the Trustee, the 
  

 11 

 Committee and the Employer; and any judgment or decree which may be entered therein shall be conclusive upon all persons
having or claiming to have any interest in the Trust Fund or under the Plan. 
  
 6.5 Enforcement of Agreement. To protect the Trust Fund from expenses which might otherwise be incurred, the Employer and the Committee shall have authority, either jointly or severally, to enforce this
Agreement on behalf of all persons claiming any interest in the Trust Fund or under the Plan, and no other person may institute or maintain any action or proceeding against the Trustee or the Trust Fund in the absence of written authority from the
Committee or a judgment of a court of competent jurisdiction that in refusing authority the Committee acted fraudulently or in bad faith. 
  
 Section 7. Taxes; Compensation of Trustee: 
  
 7.1 Taxes. Any taxes that may be imposed upon the Trust Fund or the income therefrom shall be deducted from and charged against the Trust Fund.

  
 7.2 Compensation of Trustee; Expenses. The Trustee
shall receive for its services hereunder such compensation as may be agreed upon in writing from time to time by the Employer and the Trustee and shall be reimbursed for its reasonable expenses, including counsel fees, incurred in the performance of
its duties hereunder. The Trustee shall deduct from and charge against the Trust Fund such compensation and all such expenses unless previously paid by the Employer. 
  
 Section 8. Resignation and Removal of Trustee: 
  
 8.1 Resignation or Removal of Trustee. The Trustee may resign as trustee hereunder at any time by giving sixty (60)
days prior written notice to the Employer. Notwithstanding the preceding, the Trustee may resign immediately upon the occurrence of an unusual event which in the sole discretion of the Trustee affects the viability of the Employer and in such event
the Employer shall promptly appoint a qualified successor trustee. The Employer 
  

 12 

 may remove the Trustee as trustee hereunder at any time by giving the Trustee prior written notice of such removal, which
shall include notice of the appointment of a successor trustee. Such removal shall take effect not earlier than sixty (60) days following receipt of such notice by the Trustee unless otherwise agreed upon by the Trustee and the Employer. 

 
 8.2 Appointment of Successor. In the event of the resignation or
removal of the Trustee, a successor trustee shall be appointed by the Employer. Except as is otherwise provided in Section 8.1, such appointment shall take effect upon delivery to the Trustee of an instrument so appointing the successor and an
instrument of acceptance executed by such successor, both of which instruments shall be duly acknowledged before a notary public. If within sixty (60) days after notice of resignation shall have been given by the Trustee a successor shall not have
been appointed as aforesaid, the Trustee may apply to any court of competent jurisdiction for the appointment of such successor. 
  
 8.3 Succession. 
  
 (a) Upon the appointment of a successor hereunder, the Trustee shall transfer and deliver the Trust Fund to such successor; provided,
however, that the Trustee may reserve such sum of money as it shall in its sole and absolute discretion deem advisable for payment of its fees and all expenses including counsel fees in connection with the settlement of its account, and any balance
of such reserve remaining after the payment of such charges shall be paid over to the successor trustee. If such reserve shall be insufficient to pay such charges, the Trustee shall be entitled to recover the amount of any deficiency from the
Employer, from the successor trustee, or from both. 
  
 (b) Upon the completion of the succession and the rendering of its final accounts, the Trustee shall have no further responsibilities whatsoever under this Agreement. 
  
 8.4 Successor Bound by Agreement. All the provisions of this Agreement shall apply to any successor trustee with the
same force and effect as if such successor had been originally named herein as the trustee hereunder. 
  

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 Section 9. Trustee Responsibility Regarding Payments to Trust Beneficiaries When Employer Is
Insolvent: 
  
 9.1 Direction. The Board of Directors
and the chief executive officer of the Employer shall have the duty to inform the Trustee in writing if the Employer becomes Insolvent, as hereinafter defined. If the Trustee receives any written certification signed under penalties of perjury by
any person other than the Board of Directors or the chief executive officer of the Employer that the Employer has become Insolvent, the Employer shall be deemed to be Insolvent for purposes of this Section 9. When the Trustee has been so informed by
the Board of Directors or the chief executive officer of the Employer, or has received such certification from another person, the Trustee shall immediately discontinue payments of benefits to Trust Beneficiaries and of net income to the Employer,
and shall hold the assets of the Trust for the benefit of the Employer’s general creditors. Nothing in this Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors
of the Employer with respect to benefits due under the Plan. During the continuance of the Trust, the fees and expenses of the Trustee shall be paid from the Trust Fund if not paid by the Employer or any successor trustee (including a regulatory
agency). 
  
 9.2 Insolvency. The Employer shall be
considered Insolvent for purposes of this Section 9 if: (i) the Employer is unable to pay its debts as they become due; or (ii) the Employer is determined to be insolvent by any agency having regulatory authority over the Employer. 
  
 9.3 Resumption of Payments. The Trustee shall resume the payment of
benefits to Plan participants or their beneficiaries only after the Trustee has determined that the Employer is not Insolvent (or is no longer Insolvent). If the Trustee discontinues the payment of benefits from the Trust pursuant to Section 9.1
hereof, and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan, less the aggregate amount
of any payments made to Plan participants or their beneficiaries by the Employer in lieu of the payments provided for hereunder during any such period of discontinuance. 
  

 14 

 Section 10. Amendment and Irrevocability: 
  
 10.1 The Employer may, at any time and from time to time, by
instrument in writing executed pursuant to authorization of its Board of Directors, amend in whole or in part any or all of the provisions of this Agreement; provided, however, that: (i) no amendment which affects the rights, duties, fees or
responsibilities of the Trustee may be made without the Trustee’s consent; and (ii) no amendment shall conflict with the terms of the Plan or alter the fact that the Trust is irrevocable pursuant to Section 10.1 hereof. 
  
 10.2 The Trust created hereunder is irrevocable and shall
terminate only upon the complete distribution of the assets of the Trust to the participants or their beneficiaries. In the event that Trust assets remain after the payment of all benefits to the participants or their beneficiaries under the terms
of the Plan, the Trust shall be terminated and any remaining assets shall be returned to the Employer. 
  
 10.3 Any such amendment shall become effective upon receipt by the Trustee of the instrument of amendment and endorsement thereon by the
Trustee of its consent thereto, if such consent is required; provided, however, no such amendment shall be permitted if, in the opinion of counsel to the Employer, any such amendment would cause the Trust to cease to constitute a grantor trust as
described in Section 4.4 of this Agreement. Following any such termination as provided in Section 10.1, the powers of the Trustee hereunder shall continue as long as any of the Trust Fund remains in its hands. 
  
 Section 11. Miscellaneous: 
  
 11.1 Binding Effect; Assignability. This Agreement shall be binding
upon, and the powers granted to the Employer and the Trustee, respectively, shall be exercisable by the respective successors and assigns of the Employer and the Trustee. Any entity which shall, by merger, consolidation, purchase, or otherwise,
succeed to substantially all the trust business of the Trustee shall, upon such succession and without any appointment or other action by the Employer, be and become successor trustee hereunder. 
  
 11.2 Governing Law. This Agreement and the trust created and the Trust
Fund held hereunder shall be interpreted in accordance with the laws of the state designated by the Employer in Section 17.9 of the Adoption Agreement, except to the extent that such laws are 
  

 15 

 preempted by the federal laws of the United States of America. All contributions to the Trust Fund shall be deemed to
take place in the state designated by the Employer in Section 17.9 of the Adoption Agreement. 
  
 11.3 Notices. Any communication to the Trustee, including any notice, direction, designation, certification, order, instruction, or objection shall be in writing and signed by the person authorized under the
Plan to give the communication. The Trustee shall be fully protected in acting in accordance with these written communications. Any notice required or permitted to be given to a party hereunder shall be deemed given if in writing and hand delivered
or mailed, postage prepaid, certified mail, return receipt requested, to such party at the following address or at such other address as such party may by notice specify: 
  
 If to the Employer: 
  
 IntraLase Corp 
 3 Morgan

 Irvine, CA 92618 
 Attention: Linda Young 
  
 If to the Trustee:

  
 Bankers Trust Company 
 665 Locust 
 Des Moines, IA 50309

 Attention: Anji Hayek 
  
 11.4 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity of enforceability of the
remaining provisions. 
  
 11.5 Waiver. Failure of any party
to insist at any time or times upon strict compliance with any provision of this Agreement shall not be a waiver of such provision at such time or any later time unless in a writing designated as a waiver and signed by or on behalf of the party
against whom enforcement of the waiver is sought. 
  

 16 

 11.6 Non-Alienation. No interest, right or claim in or to any part of the Trust Fund or any
payment therefrom shall be assignable, transferable or subject to sale, mortgage, pledge, hypothecation, commutation, anticipation, garnishment, attachment, execution, or levy of any kind, and the Trustee and the Committee shall not recognize any
attempt to assign, transfer, sell, mortgage, pledge, hypothecate, commute, or anticipate the same, except to the extent required by law. 
  
 11.7 Headings. The headings of sections are included solely for convenience of reference. If there is any conflict between such headings and the
text of the Agreement, the text shall control. 
  
 11.8
Construction of Language. Whenever appropriate in this Agreement, words used in the singular may be read in the plural; words used in the plural may be read in the singular; and words importing the masculine gender shall be deemed equally to
refer to the female gender or the neuter. Any reference to a section number shall refer to a section of this Agreement, unless otherwise indicated. 
  
 11.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument. 
  

 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	INTRALASE CORP
		
	 By:
	 	  

	 	 	     Authorized Officer

	
	 BANKERS TRUST COMPANY

		
	 By:
	 	  

	 	 	     Trust Officer

  

 18Form of Nonqualified Stock Option Agreement

 Exhibit 10.1 
  
 Grant No.              
  
 THE GAP, INC. 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
  
 The Gap, Inc. (the “Company”) hereby grants to Paul S. Pressler (the “Employee”), a stock option under The Gap, Inc. 1996 Stock Option
and Award Plan (the “Plan”), to purchase shares of common stock of the Company, $0.05 par value (“Shares”). This option is subject to all of the terms and conditions contained in this Agreement, including the terms and conditions
contained in the attached Appendix A. The date of this Agreement is                         . Subject to the provisions of
Appendix A and of the Plan, the principal features of this option are as follows: 
  

	
	 Number of Shares

	 Purchasable with this Option:

	
	 Price per Share:

	
	 Date Option was Granted:

	
	 Date Option is

	 Scheduled to become Exercisable:

	
	 Latest Date Option Expires:

  
 As provided in the
Plan and in this Agreement, this option may terminate before the date written above, including before the option becomes exercisable or is exercised. For example, if Employee’s employment as Chief Executive Officer ends before the date this
option becomes exercisable, this option will terminate at the same time as such termination. See paragraphs 5 and 6 of Appendix A for further information concerning how changes in employment affect termination of this option. PLEASE BE SURE TO READ
ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS OPTION. 
  
 IN WITNESS WHEREOF, the Company and the Employee have executed this Agreement, in duplicate, to be effective as of the date first above written. 
  

			
	 	 	 THE GAP, INC.

		
	 Dated:
                        
	 	 /s/ Donald G. Fisher

	 	 	 Donald G. Fisher

	 	 	 Chairman

  
 My signature below
indicates that I understand that this option is subject to all of the terms and conditions of this Agreement (including the attached Appendix A) and of the Plan. 
  

					
	 	 	EMPLOYEE
	 Dated:
                        
	 	 	 	  

			
	 	 	Address:	 	

	 	 	 	 	  

	 	 	 	 	  

		
	 	 	 Social Security No.:

 APPENDIX A 
 TERMS AND CONDITIONS OF NON-QUALIFIED STOCK OPTION 
  
 1. Grant of Option. The Company hereby grants to Employee under the Plan, as a separate incentive in connection with his or her employment and not in lieu of any salary or other compensation for his or her
services, a non-qualified stock option to purchase, on the terms and conditions set forth in this Agreement and the Plan, all or any part of the number of Shares set forth on page 1 of this Agreement. The option granted hereby is not intended to be
an Incentive Stock Option within the meaning of Section 422 of the Code. 
  
 2. Exercise Price. The purchase price per Share (the “Option Price”) shall be equal to the price set forth on page 1 of this Agreement. The Option Price shall be payable in the legal tender of the
United States. 
  
 3. Number of Shares. The number and
class of Shares specified in paragraph 1 above, and/or the Option Price, are subject to appropriate adjustment in the event of changes in the capital stock of the Company by reason of stock dividends, split-ups or combinations of shares,
reclassifications, mergers, consolidations, reorganizations or liquidations. Subject to any required action of the stockholders of the Company, if the Company shall be the surviving corporation in any merger or consolidation, the option granted
hereunder (to the extent that it is still outstanding) shall pertain to and apply to the securities to which a holder of the same number of Shares that are then subject to the option would have been entitled. To the extent that the foregoing
adjustments relate to stock or securities of the Company, such adjustments shall be made by the Compensation and Management Development Committee of the Company’s Board of Directors (the “Committee”), whose determination in that
respect shall be final, binding and conclusive. 
  
 4.
Commencement of Exercisability. Except as otherwise provided in this Agreement, the right to exercise the option awarded by this Agreement shall accrue as set forth on page 1 of this Agreement, assuming that Employee is still employed as the
Chief Executive Officer of the Company or an Affiliate through such date(s). If Employee is not employed as the Chief Executive Officer on such date(s), the option shall terminate, as set out in paragraph 6. 
  
 5. Postponement of Exercisability. Notwithstanding paragraph 4 or any
other provision of this Agreement, prior to the date this option is scheduled to become exercisable, the Committee, in its sole discretion, may determine that the right to exercise the option awarded by this Agreement shall accrue on a date later
than such date. The Committee shall exercise its power to postpone the commencement of exercisability only if the Committee, in its sole discretion, determines that Employee has taken a personal leave of absence (as defined from time to time by the
Committee) since the date of this Agreement. The duration of the period of postponement shall equal the duration of the personal leave of absence. If Employee does not return from the personal leave of absence, the option shall terminate as set out
in paragraph 6. 
  
 6. Termination of Option. In the event
that Employee’s employment as Chief Executive Officer of the Company or an Affiliate terminates for any reason other than Retirement (as defined in the Plan) or death, this option shall immediately thereupon terminate, except that Employee
shall have three (3) months from such termination to exercise any unexercised portion of the option which is then exercisable. In the event of Employee’s Retirement, Employee may, within one (1) year after the date of such Retirement, or within
ten (10) years from the date of this Agreement, whichever shall first occur, exercise any unexercised portion of the option (whether or not exercisable). In the event that Employee shall die while in the employ of the Company or an Affiliate, any
unexercised portion of the option (whether or not exercisable) may be exercised by Employee’s beneficiary or transferee, as hereinafter provided, for a period of one (1) year after the date of Employee’s death or within ten (10) years from
the date of this Agreement, whichever shall first occur. Notwithstanding the preceding two sentences, in the event that within one year of the date of this Agreement, Employee dies or terminates employment as Chief Executive Officer of the Company
due to Retirement, this option shall immediately thereupon terminate. 
  
 7. Persons Eligible to Exercise. The option shall be exercisable during Employee’s lifetime only by Employee. The option shall be non-transferable by Employee other than by a beneficiary designation made in a form and manner
acceptable to the Committee, or by will or the applicable laws of descent and distribution. 
  
 8. Death of Employee. To the extent exercisable after Employee’s death, the option shall be exercised only by Employee’s designated beneficiary or beneficiaries, or if no beneficiary survives
Employee, by the person or persons entitled to the option under Employee’s will, or if Employee shall fail to make testamentary disposition of the option, his or her legal representative. Any transferee exercising the option must furnish the
Company (a) written notice of his or her status as transferee, (b) evidence satisfactory to the Company to establish the validity of the transfer of the option and compliance with any laws or regulations pertaining to said transfer, and (c) written
acceptance of the terms and conditions of the option as prescribed in this Agreement. 
  
 9. Exercise of Option. The option may be exercised by the person then entitled to do so as to any Shares which may then be purchased (a) by giving written notice of exercise to the Company, specifying the
number of full Shares to be purchased and accompanied by full payment of the purchase price thereof (and the amount of any income tax the Company determines is required to be withheld by reason of such exercise), and (b) by giving satisfactory
assurances in writing if requested by the Company, signed by the person exercising the option, that the Shares to be purchased upon such exercise are being purchased for investment and not with a view to the distribution thereof. 

 10. No Rights of Stockholder. Neither Employee nor any person claiming under or through said
Employee shall be or have any of the rights or privileges of a stockholder of the Company in respect of any of the Shares issuable upon the exercise of the option, unless and until certificates representing such Shares shall have been issued,
recorded on the records of the Company or its transfer agents or registrars, and delivered to Employee. 
  
 11. No Right to Continued Employment. Employee understands and agrees that this Agreement does not impact in any way the right of the Company, or
the Affiliate employing Employee, as the case may be, to terminate or change the terms of the employment of Employee at any time for any reason whatsoever, with or without good cause. Employee understands and agrees that his or her employment is
“at-will” and that either the Company or Employee may terminate Employee’s employment at any time and for any reason. Employee also understands and agrees that his or her “at-will” status can only be changed by an express
written contract signed by an authorized officer of the Company and Employee. 
  
 12. Addresses for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in care of its Legal Department, at The Gap, Inc., Two Folsom, San
Francisco, California 94105, or at such other address as the Company may hereafter designate in writing. Any notice to be given to Employee shall be addressed to Employee at the address set forth beneath Employee’s signature hereto, or at such
other address as Employee may hereafter designate in writing. Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified and deposited, postage and
registry fee prepaid, in a United States post office. 
  
 13.
Non-Transferability of Option. Except as otherwise herein provided, the option herein granted and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law
or otherwise) and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of said option, or of any right or privilege conferred hereby, contrary to
the provisions hereof, or upon any attempted sale under any execution, attachment or similar process upon the rights and privileges conferred hereby, said option and the rights and privileges conferred hereby shall immediately become null and void.

  
 14. Maximum Term of Option. Notwithstanding any other
provision of this Agreement, this option is not exercisable after the expiration of ten (10) years from the date of this Agreement. 
  
 15. Binding Agreement. Subject to the limitation on the transferability of the option contained herein, this Agreement shall be binding upon and
inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
  
 16. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of
this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Terms used and not defined in this Agreement shall have the meaning set forth in the Plan. 
  
 17. Committee Authority. The Committee shall have the power to interpret the Plan and this Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee in good faith
shall be final and binding upon Employee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this
Agreement. 
  
 18. Captions. Captions provided herein are
for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
  
 19. Modifications to this Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. Employee expressly
warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express written contract
executed by a duly authorized officer of the Company. 
  
 20.
Agreement Severable. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the
remaining provisions of this Agreement.

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