Document:

Exhibit

EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of December 17, 2015, by and among Westwood Holdings Group, Inc., a Delaware corporation (the "Company"), and Brian O. Casey ("Executive").
RECITALS
WHEREAS, Executive currently serves as President and Chief Executive Officer of the Company;
WHEREAS, Executive and the Company are currently party to that certain Executive Employment Agreement, originally dated as of May 1, 2010, and subsequently amended on April 2, 2015 (the "Prior Agreement");
WHEREAS, the term of the Prior Agreement will expire on December 31, 2015;
WHEREAS, the parties desire to enter into this Agreement to amend, restate and replace the Original Agreement, effective as of January 1, 2016 (the “Effective Date”);
NOW THEREFORE, the parties agree as follows:
1.    Term. Subject to earlier termination as provided herein, the Company hereby agrees to continue Executive in its employ, and Executive hereby agrees to remain in the employ of the Company for the term of this Agreement.  The initial term of Executive's employment under this Agreement shall be for the period beginning on the Effective Date and ending on the third anniversary of the Effective Date (the "Initial Period"); provided, however, that upon the expiration of the Initial Period and on each subsequent anniversary of the Effective Date thereafter, the term of Executive's employment under this Agreement shall automatically renew and extend for an additional one-year period (each period, a "Renewal Period") unless, on or before the date that is sixty (60) days prior to the expiration of the then-applicable Initial Period or Renewal Period, either party provides the other party with written notice of non-renewal, in which case the term of this Agreement shall expire upon the expiration of the then-existing Initial Period or Renewal Period (unless earlier terminated pursuant to Section 4 below).  Notwithstanding any provision of this Agreement to the contrary, Executive's employment pursuant to this Agreement may be terminated at any time in accordance with Section 4 below.  The period from the Effective Date through the expiration of this Agreement or, if sooner, the termination of Employee's employment pursuant to this Agreement, regardless of the time or reason for such termination, shall be referred to herein as the "Term."
2.    Duties.
(a)    Executive's Positions and Titles. Executive's positions and titles shall be President and Chief Executive Officer.
(b)    Executive's Duties. The duties and responsibilities of Executive are and shall continue to be of an executive nature as shall be required by the Company in the conduct of its business and shall include the performance of such lawful and reasonable duties and responsibilities 

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as the Board of Directors (the "Board") may from time to time assign to Executive consistent with Executive's position(s) and shall include acting as president and chief executive officer for the Company's business. Executive recognizes that during the period of Executive's employment hereunder, Executive owes undivided loyalty to the Company, and Executive will use his good faith efforts to promote and develop the business of the Company. Recognizing and acknowledging that it is essential for the protection and enhancement of the name and business of the Company and the goodwill pertaining thereto, Executive shall perform his duties under this Agreement professionally, in accordance with applicable laws, rules and regulations and such standards, policies and procedures established by Employer and the industry from time to time. Executive will not perform any duties for any other business without the prior written consent of the Compensation Committee, but may engage in charitable, civic or community activities, provided that such duties or activities do not materially interfere with the proper performance of Executive's duties under this Agreement.
(c)    Board Service. Executive will be nominated for reelection as a member of the Board at each annual meeting of stockholders during the period of Executive's employment hereunder. If so elected, Executive agrees that he will serve as a member of the Board.
3.    Compensation and Benefits.
(a)    Base Salary. During the Term, Executive shall initially receive a base salary ("Base Salary"), paid in accordance with the normal payroll practices of the Company, at an annual rate of not less than $650,000. The Base Salary shall be reviewed by the Compensation Committee in accordance with the Company's policies and practices, but no less frequently than once annually, and may be increased but not decreased (unless agreed to in writing by Executive) . The term "Base Salary" shall include any such increases (or decreases agreed to in writing by Executive) to the Base Salary.
(b)    Bonus Awards. In addition to the Base Salary, Executive shall be eligible throughout the Term to receive bonuses and to participate in the Company's annual cash incentive programs made available to similarly-situated employees of the Company from time to time.  The amount and performance targets associated with any such bonus awards shall be established at the discretion of the Compensation Committee of the Board (the "Compensation Committee") and communicated to Executive.  All bonus amounts payable pursuant to this Section 3(b) shall be paid no later than March 1st of the year following the calendar year in which the applicable bonus is earned.  
(c)    Long-Term Incentive Award. In addition to Base Salary and participation in the annual cash incentive programs of the Company, Executive shall be eligible throughout the Term to participate in the Company's long-term incentive programs made available to similarly-situated employees of the Company and to receive long-term incentive compensation awards in such forms and in such amounts as determined by the Compensation Committee from time to time and in accordance with the terms of the Company's Stock Incentive Plan (as such plan may be amended, restated or replaced from time to time) (the "Stock Incentive Plan"). 
(d)    Expenses. During the Term, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him in accordance with the policies and 

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practices of the Company as in effect from time to time.  Any such reimbursement of expenses shall be made by the Company upon or as soon as practicable following receipt of such documentation (but in any event not later than the close of Executive's taxable year following the taxable year in which the expense is incurred by Executive).  In no event shall any reimbursement be made to Executive for such expenses incurred after the date of Executive's termination of employment with the Company.
(e)    Vacation. During the Term, Executive shall be entitled to paid vacation in accordance with the policies and practices of the Company as in effect from time to time with respect to senior executives employed by the Company, but in no event shall such vacation time be less than four (4) weeks per calendar year.
4.    Termination.
(a)    Disability. Either Executive or the Company may terminate Executive's employment, after having established Executive's Disability, by giving notice of his or its intention to terminate Executive's employment. Executive shall be deemed to have a "Disability" for purposes of this Agreement if Executive has any medically-determinable physical or mental impairment that has lasted for a period of not less than six (6) months in any twelve (12) month period and that renders Executive unable to perform the essential functions required under the Agreement. Such determination shall be made by written certification ("Certificate") of Executive's Disability by a physician jointly selected by the Company and Executive; provided that if the Company and Executive cannot reach agreement on appointing the physician, the Certification shall be determined by a panel of physicians consisting of one physician selected by the Company, one physician selected by Executive and a third physician jointly selected by those two physicians.
(b)    Cause.
(i)    The Company may terminate Executive's employment at any time for Cause as defined below.
(ii)    For purposes of this Agreement, "Cause" means, with respect to Executive, the occurrence of any of the following events:
(A)    Executive's conviction for any felony or other serious crimes;
(B)    Executive's material breach of any of the terms of the Agreement or any other written agreement or material Company policy to which Executive and the Company are parties or are bound, if such breach shall be willful and shall continue beyond a period of thirty (30) days immediately after written notice thereof by the Company to Executive;
(C)    Wrongful misappropriation by Executive of any money, assets, or other property of the Company or a client of the Company;

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(D)    Willful actions or failures to act by Executive which subject Executive or the Company to censure by the Securities and Exchange Commission as described in and pursuant to Section 203(e) or 203(f) of the Investment Advisers Act of 1940 or Section 9(b) of the Investment Company Act of 1940 or to censure by a state securities administrator pursuant to applicable state securities laws or regulations;
(E)    Executive's commission of fraud or gross moral turpitude; or
(F)    Executive's continued willful failure to substantially perform Executive's duties under this Agreement after receipt of written notice thereof and an opportunity to so perform.
(iii)    Cause shall be determined by the affirmative vote of at least seventy five percent (75%) of the members of the Board (excluding Executive, if a Board member, and excluding any member of the Board involved in events leading to the Board's consideration of terminating Executive for Cause). Executive shall be given thirty (30) days' written notice of the Board meeting at which Cause shall be decided (which notice shall be deemed to be notice of the existence of Cause if Cause is then found to exist by the Board) and shall be given an opportunity, prior to the vote on Cause, to appear before the Board, with or without counsel at Executive's election, to present arguments on his behalf. The notice to Executive of the Board meeting shall include a description of the specific reasons for such consideration of Cause. During the notice period described herein, the Company shall not be prevented or delayed in its ability to enforce the Restrictive Covenants contained herein.
(iv)    For purposes of this Section 4(b), no act or failure to act, on the part of Executive, shall be considered willful if it is done, or omitted to be done, by him in good faith and with a reasonable belief that his action or omission was in the best interests of the Company.
(c)    Good Reason.
(i)    Executive may terminate Executive's employment at any time for Good Reason, if:
(G)    (1) An event or condition occurs which constitutes any of (B) (1) through (B) (5) below; (2) Executive provides the Company with written notice that he intends to resign for Good Reason and such written notice includes (I) a designation of at least one of (B) (1) through (B) (5) below (the "Designated Section") and (II) specifically describes the events or conditions Executive is relying upon to satisfy the requirements of the Designated Section(s); (3) as of the thirtieth (30th) day following the date notice is given by Executive to the Company, such events or conditions have not been corrected in all material respects; and (4) Executive's resignation is effective within ninety (90) days of the date Executive first has actual knowledge of 

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the occurrence of the first event or condition upon which Executive relies to satisfy any of the Designated Section(s).
(H)    "Good Reason" shall mean the occurrence of any of the following without the express written consent of Executive:
1.    any material breach by the Company of the Agreement (including any reduction in Executive’s Base Salary);
2.    any material adverse change in the status, position or responsibilities of Executive, including a change in Executive's reporting relationship so that he no longer reports to the Board, the removal from or failure to re-elect Executive as a member of the Board or if the Company becomes a wholly-owned subsidiary of another company, Executive serves only as an officer of the subsidiary company;
3.    assignment of duties to Executive that are materially inconsistent with his position and responsibilities described in this Agreement;
4.    the failure of the Company to assign this Agreement to a successor to the Company or failure of any such successor to the Company to explicitly assume and agree to be bound by this Agreement; or
5.    requiring Executive to be principally based at any office or location more than forty (40) miles from the current offices of the Company in Dallas, Texas.
(d)    Termination by Executive Without Good Reason. Executive may terminate his employment at any time without Good Reason, with at least thirty (30) days' prior notice.
(e)    Termination by the Company without Cause. The Company may terminate Executive's employment at any time without Cause, with at least thirty (30) days' prior notice.
(f)    Termination due to Executive's Death.  Executive's employment will automatically terminate on the date of his death.  
(g)    Notice of Termination. Any termination of Executive's employment, except due to Executive's death, shall be communicated by a Notice of Termination to the other party hereto. For purposes of this Agreement, a "Notice of Termination" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon and (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated; and specifies the Date of Termination (defined below); provided such Notice of Termination may be conditional if coupled with a notice 

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of the Board's consideration of "Cause" or Executive's intention to resign for "Good Reason," as the case may be, as provided above.
(h)    Date of Termination. "Date of Termination" means the date Notice of Termination is given or any later date specified therein; provided, (i) any Notice of Termination pursuant to Section 4(a) shall be effective ninety (90) days after the date given, (ii) any Notice of Termination pursuant to Sections 4(b), 4(c), 4(d), or 4(e) shall be effective not less than thirty (30) days after the date given, and (iii) in every other case any Notice of Termination shall be effective not more than fifteen (15) days after the date given. Executive's Date of Termination shall be the date of his death, if applicable.
5.    Obligations of the Company upon Termination. Executive's entitlements upon termination of employment are set forth below. Except to the extent otherwise provided in this Agreement, all benefits, including stock option grants, restricted shares and awards under the Stock Incentive Plan, shall be subject to the terms and conditions of the plan or arrangement under which such benefits accrue, are granted or are awarded. For purposes of this Section 5, the term "Accrued Obligations" shall mean, as of the Date of Termination, (i) Executive's full Base Salary through the Date of Termination, at the rate in effect at the time Notice of Termination is given (disregarding any reduction constituting Good Reason), to the extent not yet paid, (ii) the amount of any bonus, cash or incentive compensation earned (and so certified by the Compensation Committee, if applicable) and not forfeited hereunder by Executive as of the Date of Termination to the extent not yet paid, and (iii) any vacation pay, expense reimbursements and other cash entitlements accrued by Executive as of the Date of Termination but not yet paid. For purposes of determining an Accrued Obligation under this Section 5, no discretionary compensation shall be deemed earned or accrued until it is specifically approved by the Board or the Compensation Committee in accordance with the applicable plan, program or policy. Executive shall not be eligible under any severance plan or agreement of the Company except as set forth herein.
(a)    Death. If Executive's employment terminates by reason of his death, Executive's estate shall be paid or provided the following:
(v)    Executive's Accrued Obligations not yet paid within thirty (30) days following the Date of Termination;
(vi)    a pro rata payment within thirty (30) days following the Date of Termination of the target annual bonus (“Target Bonus”) established for Executive for the year in which the Date of Termination occurs (or, if no such target bonus has been established, the most recent bonus paid to Executive) calculated by dividing the number of complete calendar months which Executive worked in the calendar year prior to Executive’s death by twelve (12) then multiplying that quotient by the Target Bonus amount (number complete months worked prior to death / 12 x Target Bonus);
(vii)    provided that Executive's dependents are eligible for continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election to receive such coverage pursuant to the Consolidated 

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Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), then from the date of Executive's death through the 18-month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive's estate for the monthly premium costs paid for such continuation coverage for his eligible dependents; and
(viii)    accelerated vesting of all unvested stock options, restricted shares and other equity compensation awards pursuant to the Stock Incentive Plan (assuming, in the case of any performance-based award, that the applicable performance goals were achieved at 100% of “target” performance).
(b)    Disability. If Executive's employment is terminated by reason of Executive's Disability, then Executive shall be entitled to receive:  
(ii)    payment of all Accrued Obligations not yet paid within thirty days following the Date of Termination;
(iii)    disability benefits, if any, at least equal to those then provided by the Company to disabled executives and their families;
(iv)    payment of a pro rata Target Bonus within thirty (30) days following the Date of Termination, calculated by dividing the number of complete calendar months which Executive worked in the calendar year prior to Executive’s Date of Termination by twelve (12) then multiplying that quotient by the Target Bonus amount (number complete months worked prior to the Date of Termination / 12 x Target Bonus);
(v)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the first anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for Executive and his eligible dependents; and
(vi)    accelerated vesting of all unvested stock options, restricted shares and other equity compensation awards pursuant to the Stock Incentive Plan (assuming, in the case of any performance-based award, that the applicable performance goals were achieved at 100% of “target” performance).
(c)    By the Company for Cause; or by Executive Without Good Reason; Nonrenewal by Executive. If Executive's employment is terminated for Cause by the Company, if Executive terminates Executive's employment without Good Reason or if Executive's employment terminates due to the election under Section 1 by Executive not to renew this Agreement following the end of the Initial Period or any Renewal Period, then the Company shall pay Executive only the Accrued Obligations. Any vested stock options shall be exercisable in accordance with the provisions of the applicable agreement or award and all unvested stock options and all unvested 

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restricted shares shall be forfeited.  In addition, if the Company makes the election described in Section 5(g), then subject to Section 5(f) and Executive's continued compliance with the covenants set forth in Section 10, Executive shall be entitled to:
(i)    an amount in cash equal to Executive's monthly Base Salary that would be payable through the Elective Noncompete Period at the rate in effect at the time the Notice of Termination is given, payable in substantially equal monthly installments for the Elective Noncompete Period; provided that such installments shall not commence until the first payroll date to occur following the date that is sixty (60) days following the Date of Termination (with any amounts that would have otherwise been paid during such 60-day period accumulated and paid without interest with the first such installment);
(ii)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the first anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for Executive and his eligible dependents; provided that such reimbursement shall be reduced by the employee's portion of the cost of such benefits which Executive would be required to pay for such coverage if he were actually employed during the applicable period.
(d)    By the Company Without Cause; by Executive for Good Reason; Nonrenewal by the Company.  If Executive's employment is terminated by the Company without Cause or by Executive for Good Reason or Executive's employment terminates due to the Company's election pursuant to Section 1 not to renew this agreement following the end of the Initial Period or any Renewal Period, then Executive shall be entitled to, subject to Section 5(f) and Executive's continued compliance with the covenants set forth in Section 10:
(i)    payment of all Accrued Obligations not yet paid within thirty days following the Date of Termination;
(ii)    an amount in cash equal to 1.5 times the sum of (x) Executive's annual Base Salary at the rate in effect at the time the Notice of Termination is given (disregarding any reduction constituting Good Reason) and (y) the annual bonus paid (or payable) to Executive for the most recently-completed year, payable in substantially equal monthly installments for a period of eighteen (18) months following the Date of Termination; provided that such installments shall not commence until the first payroll date to occur following the date that is sixty (60) days following the Date of Termination (with any amounts that would have otherwise been paid during such 60-day period accumulated and paid without interest with the first such installment);
(iii)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any 

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Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the 18-month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for his eligible dependents; provided that such reimbursement shall be reduced by the employee's portion of the cost of such benefits which Executive would be required to pay for such coverage if he were actually employed during the applicable period; and  
(iv)    accelerated vesting of all unvested stock options, restricted shares and other equity compensation awards pursuant to the Stock Incentive Plan; provided, however, that, if any such unvested equity award is subject to performance-based vesting conditions that are intended to qualify for the performance-based compensation exemption from Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), then Executive will become vested in such award only if, when and to the extent such award would have become vested in accordance with its terms if Executive's employment had continued; and provided further that, if the award is subject to periodic vesting based upon performance conditions established for each vesting period, then the annual performance conditions applicable to any such award following the termination of Executive's employment shall be the same as the last periodic performance goal established with respect to such award prior to the termination of Executive's employment or, if more favorable to Executive, the periodic performance conditions established for performance-based vesting of equity awards granted to other senior executives who are then still employed by the Company.
(e)    By the Company Without Cause; or by Executive for Good Reason; Nonrenewal by Company in connection with Change in Control.  If Executive's employment is terminated by the Company without Cause or by Executive for Good Reason or Executive's employment terminates due to the Company's election pursuant to Section 1 not to renew this agreement following the end of the Initial Period or any Renewal Period, in each case, during the two-year period following a Change of Control (as defined below), subject to Section 5(f) Executive's continued compliance with the covenants set forth in Section 10, then Executive shall be entitled to receive in lieu of the payments and benefits described in Section 5(d):
(i)    payment of all Accrued Obligations not yet paid within thirty days following the Date of Termination;
(ii)    an amount in cash equal to two times the sum of (x) Executive's annual Base Salary at the rate in effect at the time the Notice of Termination is given (disregarding any reduction constituting Good Reason) and (y) the most recent annual bonus paid to Executive, payable in substantially equal monthly installments for a period of twenty four (24) months following the Date of Termination; provided that such installments shall not commence until the first payroll date to occur following the date that is 60 days following the Date of Termination (with any 

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amounts that would have otherwise been paid during such 60-day period accumulated and paid without interest with the first such installment);
(iii)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the eighteen (18) month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for his eligible dependents; provided that such reimbursement shall be reduced by the employee's portion of the cost of such benefits which Executive would be required to pay for such coverage if he were actually employed during such period; and
(iv)    accelerated vesting of all unvested stock options, restricted shares and other equity compensation awards pursuant to the Stock Incentive Plan (assuming, in the case of any performance-based award, that the applicable performance goals were achieved at 100% of “target” performance).
For purposes of this Section 5(e), a "Change of Control" shall mean (i) a merger or consolidation of the Company with or into another corporation (other than a merger undertaken solely in order to reincorporate in another state) immediately following which the beneficial holders of the voting stock of the Company immediately prior to such transaction or series of transactions do not continue to hold 50% or more of the voting stock (based upon voting power) of the Company or (A) any entity that owns, directly or indirectly, the stock of the Company, (B) any entity with which the Company has merged, or (C) any entity that owns an entity with which the Company has merged; (ii) a dissolution of the Company, (iii) a transfer of all or substantially all of the assets of the Company in one or more related transactions to one or more other persons or entities, (iv) a transaction or series of transactions that results in any entity, "Person" or "Group" (as defined below), becoming the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities, or (v) during any period of two (2) consecutive years commencing on or after January 1, 2016, individuals who, at the beginning of the period constituted the Company's Board of Directors, cease for any reason to constitute at least a majority, unless the election of each director who was not a director at the beginning of the period has been approved in advance by directors representing at least two-thirds (2/3) of the directors then in office who were directors at the beginning of the period; provided, however, that a "Change in Control" shall not be deemed to have occurred if the ownership of 50% or more of the combined voting power of the surviving corporation, asset transferee or Company (as the case may be), after giving effect to the transaction or series of transactions, is directly or indirectly held by (A) a trustee or other fiduciary under an employee benefit plan maintained by the Company, (B) one or more of the "executive officers" of the Company that held such positions prior to the transaction or series of transactions, or any entity, Person or Group under their control. As used herein, "Person" and "Group" shall have the meanings set forth in Sections 13(d)(3) and/or 14(d)(2) of the Securities Exchange Act of 1934, as amended, and "executive officer" shall have the meaning set forth in Rule 3b-7 promulgated under such Act.

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(f)    Release of Claims.  Notwithstanding anything to the contrary in this Agreement, in order to receive the payments and benefits described in Section 5(c), 5(d) or 5(e) (other than any Accrued Obligations), Executive must execute on or before the Release Expiration Date (as defined below), and not revoke within the time provided by the Company to do so, a release of all claims substantially consistent with the form attached hereto as Exhibit “A” (the "Release").  As used herein, the "Release Expiration Date" is that date that is 21 days following the date upon which the Company delivers the Release to Executive (which shall occur no later than seven days after Executive's termination date) or, in the event that such termination of employment is "in connection with an exit incentive or other employment termination program" (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended), the date that is 45 days following such delivery date.  In the event the Release is not effective on or prior to the date that is 60 days following the Date of Termination, Executive shall forfeit all rights to payments or benefits under Section 5(c), 5(d) or 5(e) (other than the Accrued Obligations) and shall be obligated to repay any such amounts previously-received.  For the avoidance of doubt, the covenants set forth in Section 10 shall apply without respect to whether Executive executes and does not revoke the Release.  
(g)    Compliance with Non-Compete Covenants. The parties intend that all of the restrictive covenants set forth in Section 10 shall apply in the event that Executive's employment is terminated by the Company without Cause, by Executive for Good Reason or due to the Company's election not to renew this Agreement. However, if the Company terminates Executive's employment with Cause or Executive elects not to renew this Agreement or terminates his employment without Good Reason under Section 5(c) hereof, the Company shall have an option, exercisable no later than sixty (60) days following termination, whether Executive shall be required to comply with the restrictive covenants set forth in Section 10(d) hereof (the "Non-Compete Covenants") for a period of up to one year following the Date of Termination. The Company shall notify Executive in writing no later than the expiration of the sixty-day period whether it elects to enforce the Non-Compete Covenants and the period for which it desires to do so (expressed in a number of whole months, the "Elective Noncompete Period"). If the Non-Compete Covenants apply, Executive acknowledges and agrees that Executive's right to receive severance benefits under Sections 5(c) of this Agreement shall be contingent upon Executive's compliance with the Non-Compete Covenants.  If Executive fails to comply with the Non-Compete Covenants, then Executive shall not be entitled to any such severance benefits. If the Company does not elect to enforce the Non-Compete Covenants, Executive shall not be entitled to such severance benefits under Sections 5(c).
6.    Non-exclusivity of Rights. Except as set forth in Section 5, nothing in this Agreement shall prevent or limit Executive's continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company and for which Executive may qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any stock option, restricted shares or other agreement with the Company or any of its affiliated companies. Except as otherwise provided herein, amounts and benefits which are vested benefits or which Executive is otherwise entitled to receive under any plan, program, agreement or arrangement of the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan or program.

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7.    No Set-Off; No Mitigation. Except as provided herein, the Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including any set-off, counterclaim, recoupment, defense or other right which the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Executive obtains other employment.
8.    Arbitration of Disputes. Any controversy or claim arising out of or related to (a) this Agreement, (b) any breach of this Agreement or (c) Executive's employment with the Company or the termination of such employment shall be settled by final and binding arbitration in Dallas, Texas before a single arbitrator administered by the American Arbitration Association ("AAA") under its then-applicable Rules for the Resolution of Employment Disputes (the "Employment Rules"), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. References to the AAA include any successor organization.  The Parties agree that the arbitration hearing shall commence and occur within 120 days following confirmation of the arbitrator’s appointment. The Parties further agree that all AAA filing, administrative and arbitrator fees and expenses (which, for the avoidance of doubt, does not include the parties' attorney fees) shall be paid initially by the Company, but the arbitrator appointed hereunder shall have the discretion to allocate costs and fees amongst the parties.
9.    Entire Agreement. The parties acknowledge and agree that this Agreement is the entire agreement and understanding between the parties and supersedes any prior agreements, written or oral, with respect to the subject matter hereof, including the termination of Executive's employment during the Term and all amounts to which Executive shall be entitled whether during the Term or thereafter and all restrictive covenants to which Executive may be subject.  Without limiting the generality of the foregoing, the parties also acknowledge that this Agreement, upon the Effective Date shall replace and supersede the Original Agreement in all respects. 
10.    Executive's Covenants.
(a)    Executive's Acknowledgement. The Company shall provide Executive access to Confidential Information (as defined below) for use only during the term of his employment hereunder, and Executive acknowledges and agrees that the Company and its affiliates will be entrusting Executive, in Executive's unique and special capacity, with developing the goodwill of the Company and its affiliates, and in consideration thereof and in consideration of the Company providing Executive with access to Confidential Information and as an express incentive for the Company  to enter into this Agreement and continue to employ Executive, Executive has voluntarily agreed to the covenants set forth in this Section 10.  For purposes of this Agreement, "Business" means the provision of investment management, investment advisory, portfolio management, financial analysis, research or similar services relating to the investment of international or domestic equity or debt securities or other activities or services of the type provided by the Company or its affiliates to its clients on a worldwide basis including, without limitation, open-end and closed-end, registered and unregistered, investment companies ("Funds"), and the direct and indirect sale and/

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or distribution of equity interests in the Funds; and "Competing Activity" or "Competing Activities" means engaging in the Business. Executive further acknowledges that:
(i)    the Company is and will be engaged in the Business during the Term and thereafter;
(ii)    Executive will occupy a position of trust and confidence with the Company and will become familiar during the Term with the Company's trade secrets and other proprietary and Confidential Information concerning the Company and the Business;
(iii)    the agreements and covenants contained in this Section 10 are essential to protect the Company, its client relationships and the goodwill of the Business and compliance with such agreements and covenants will not impair Executive's ability to procure subsequent and comparable employment; and
(iv)    Executive's employment with the Company provides special, unique and extraordinary value to the Company and the Company would be irreparably damaged if Executive were to provide services to any person or entity in violation of the provisions of this Agreement.
(b)    Confidential Information. For purposes of this Agreement, "Confidential Information" shall mean trade secrets and other proprietary information concerning the products, processes or services of the Company or any of its affiliates, which information
(i)    has not been made generally available to the public, and is useful or of value to Company's current or anticipated business activities or of those of any affiliate or client of Company; or (ii) has been identified to Executive as confidential, either orally or in writing, including, but not limited to: computer programs; research and other statistical data and analyses; marketing, organizational or other research and development, or business plans; personnel information, including the identity of other Executives of the Company, their responsibilities, competence, abilities, and compensation; financial, accounting and similar records of Company, its affiliates and/or any Fund or account managed by the Company or its affiliates (such Funds or accounts referred to herein as "Company Funds"); current and prospective client lists and information on clients and their Executives; client investment objectives, the nature of their investment portfolios and contractual agreements with the Company or its affiliates; information concerning planned or pending investment products, acquisitions or divestitures; and information concerning the marketing and/or sale or distribution of equity interests in the Funds. Confidential Information shall not include information which: (a) is in or hereafter enters the public domain through no fault of Executive; (b) is obtained by Executive from a third party having the legal right to use and disclose the same; or (c) is in the possession of Executive prior to receipt from the Company (as evidenced by Executive's written records pre-dating the date of employment). All notes, reports, plans, published memoranda or other documents created, developed, generated or held by Executive during 

13

employment, concerning or related to the Company's or its affiliates' business, and whether containing or relating to Confidential Information or not, and all tangible personal property of the Company or its affiliates entrusted to Executive or in Executive's direct or indirect possession or control, are the property of the Company, and will be promptly delivered to the Company and not thereafter used by Executive upon termination of Executive's employment for any reason whatsoever.
(c)    Non-Disclosure. Executive agrees that during employment with the Company (including any employment following the Term) and at all times thereafter, Executive shall not reveal to any competitor or other person or entity (other than current employees of the Company) any Confidential Information that Executive obtains while performing services for the Company, except as may be required in Executive's reasonable judgment to fulfill his duties hereunder.
(d)    Non-Compete and Related Covenants.  During the term of Executive's employment hereunder and, in the event that Executive's employment is (x) terminated by the Company without Cause or upon nonrenewal of this Agreement by the Company, (y) terminated by Executive for Good Reason or (z) terminated by the Company for Cause or Executive without Good Reason or due to the nonrenewal of this Agreement by Executive and the Company elects pursuant to Section 5(g) for these covenants to apply, for an additional period of one year following the Date of Termination (or, if shorter, the Elective Noncompete Period) (such period the "Post-Termination Non-Compete Period"), Executive shall not engage in, or own or control any interest in, or act as an officer, director or employee of, or consultant, advisor or lender to any firm, corporation, institution, business or entity (each an "Entity") directly or indirectly engaged in the Business. Further, during the Post-Termination Non-Compete Period, Executive shall not, directly or indirectly, on his behalf or on another's behalf:
(i)    solicit the Company's or its affiliates' clients to provide, offer to provide, or provide to any such clients, services or products of the kind generally offered or provided by Company or its affiliates; or
(ii)    solicit, induce or encourage any person who is then in the employ of the Company to leave his or her employment, agency or office with Company, or employ or be employed with any such person or persons, for the purpose of providing or offering to provide, services or products of the kind generally offered by Company or its affiliates;
(iii)    Executive understands that Company's name, the name of any Funds and accounts managed by the Company (such proprietary Funds, accounts and any other client account managed by the Company, the "Company Accounts") and the investment performance of any Company Account are extremely valuable and are the result of the expenditure of substantial time, effort and resources by the Company. Therefore, during the Post-Termination Non Compete Period, Executive agrees that he will not, directly or indirectly, on his behalf or another's behalf:

14

(A)    refer to the Company, "Westwood," "Westwood Holdings Group," "Westwood Funds," "Westwood Trust," or any other name used by the Company, any Company Account or the investment performance thereof, or Executive's prior association with the Company or its affiliates or any Company Account in any public filing or in any advertisement or marketing of any service or product which is a Competing Activity; or
(B)    maintain a relationship of the type described herein with any Entity that refers to the Company, any Company Account or the investment performance thereof, or Executive's prior association with Company or any Company Account in any public filing or in any advertisement or marketing of any service or product that is a Competing Activity.
(iv)    Notwithstanding the foregoing, nothing in this paragraph 10(d) shall prohibit Executive or any other person or Entity from referring to information described in said paragraphs, provided such reference is not made in advertising or marketing in newspapers, magazines, trade journals or other public media, or direct advertising or marketing materials, and such information is limited to the extent that (i) such information is contained in any SEC filings previously made by the Company, or (ii) reference to such information is otherwise required by law. The Company and Executive agree that, based on applicable rules, regulations and court decisions in effect as of the date this Agreement is entered into, information relating to the investment performance of any Company Account is not information reference to which "is otherwise required by law" within the meaning of said clause (ii). In addition, this Section 10(d) shall not prohibit Executive from being a passive owner of not more than two percent (2%) of the outstanding shares of any class of securities of an Entity whose securities are publicly traded, so long as Executive does not have any active participation in the business of such Entity.
(e)    Non-Exclusive Remedy for Restrictive Covenants. Executive acknowledges and agrees that the covenants set forth in this Section 10 (collectively, the "Restrictive Covenants") are reasonable and necessary for the protection of the Company's Confidential Information and business interests, that irreparable injury will result to the Company if Executive breaches any of the terms of the Restrictive Covenants, and that in the event of Executive's actual or threatened breach of any such Restrictive Covenants, the Company may have no adequate remedy at law. Executive accordingly agrees that, in the event of any actual or threatened breach by him of any of the Restrictive Covenants, the Company shall be entitled to apply for immediate temporary injunctive and other equitable relief, without the necessity of showing actual monetary damages or the posting of a bond. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages.  The duration of a Restrictive Covenant shall be extended by such time during which such breach or threatened breach continues without cure by Executive.
11.    Indemnification and Insurance.

15

(a)    The Company agrees that Executive shall be defended and indemnified to the fullest extent permissible under the law and as may otherwise be provided in any the Company and Executive and pursuant to the Company's Certificate of Incorporation and Bylaws.
(b)    During the Term and thereafter for the duration of any statute of limitations or other period during which a claim might be successfully brought against Executive, Executive shall be covered to the same extent as directors by any directors' and officers' liability insurance policy maintained by the Company from time to time.
12.    Successors.
(a)    This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive's legal representatives.
(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors. It shall not be assignable by the Company or its successors except in connection with the sale or other disposition of all or substantially all the assets or business of the Company. The Company shall require any successor to all or substantially all of the business or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, by an agreement in form and substance reasonably satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.
13.    Amendment; Waiver. This Agreement may be amended, modified or changed only by a written instrument executed by Executive and the Company. No provision of this Agreement may be waived except by a writing executed and delivered by the party sought to be charged. Any such written waiver will be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver expressly provides to the contrary.
14.    Clawback.  This Agreement is subject to any written clawback policies that the Company currently in effect or, with the approval of the Board or the Compensation Committee, may adopt as required by the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission.
15.    Section 409A Matters.  
(a)    Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with Section 409A of the Code and the applicable Treasury regulations and administrative guidance issued thereunder (collectively, "Section 409A") or an exemption therefrom and shall be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral 

16

shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of Executive's employment shall only be made if such termination of employment constitutes a "separation from service" under Section 409A.   
(b)    Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A if Executive's receipt of such payment or benefit is not delayed until the earlier of (i) the date of Executive's death or (ii) the date that is six months after the Termination Date (such date, the "Section 409A Payment Date"), then such payment or benefit shall not be provided to Executive (or Executive's estate, if applicable) until the Section 409A Payment Date.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall any the Company or any of its affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.
16.    Certain Excise Taxes.  Notwithstanding anything to the contrary in this Agreement, if Executive is a "disqualified individual" (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the right to receive from the Company or any of its Affiliates, would constitute a "parachute payment" (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either (i) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and its affiliates will be one dollar ($1.00) less than three times Executive's "base amount" (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (ii) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes).   The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order.  The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith.  If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a "parachute payment" exists, exceeds one dollar ($1.00) less than three times Executive's base amount, then Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made.  Nothing in this Section 15 shall require the Company to be responsible for, or have any liability or obligation with respect to, Executive's excise tax liabilities under section 4999 of the Code.
17.    Miscellaneous.

17

(a)    The provisions of Section 5 (Obligations of the Company upon Termination), Section 7 (No Set-Off; No Mitigation), Section 8 (Arbitration of Disputes), Section 10 (Executive's Covenants), Section 11 (Indemnification and Insurance), Section 12 (Successors), Section 13 (Amendment; Waiver), Section 14 (Clawback), Section 15 (Section 409A Matters), Section 16 (Certain Excise Taxes) and this Section 16(a) shall survive the termination of Executive's employment with the Company for any reason, or the expiration of the Term of the Agreement pursuant to Section 1, and shall thereafter remain in full force and effect.
(b)    In the event of any inconsistency between this Agreement and any other agreement, plan, program, policy or practice (collectively, "Other Provision") of the Company, the terms of this Agreement shall control unless such Other Provision provides otherwise by a specific reference to this Section 14(b).
(c)    This Agreement shall be governed by and construed in accordance with the laws of the State of Texas (except Section 11 which shall be governed by the laws of the State of Delaware), without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.
(d)    All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been duly given (i) the following business day after deposit from within the United States with a reputable express courier service (charges prepaid), (ii) three (3) days after mailing by certified or registered mail, return receipt requested and postage prepaid, or (iii) upon receipt in all other cases. Such notices, demands and other communications shall be sent to the addresses indicated below:
If to the Company:
Westwood Holdings Group, Inc. 
200 Crescent Court, Suite 1200 
Dallas, TX 75201 
Attention: Chairman of the Board of Directors
If to Executive:
Address per the Company records
or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
(e)    Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

18

(f)    All compensation payable to Executive from the Company shall be subject to all applicable withholding taxes, normal payroll withholding and any other amounts required by law to be withheld.
(g)    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
(h)    The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. The use of the word "including" in this Agreement shall be by way of example rather than by limitation.
(i)    The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. Neither Executive nor the Company shall be entitled to any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.
 [SIGNATURE PAGE FOLLOWS]

19

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Executive Employment Agreement as of the date and year first set forth above.
WESTWOOD HOLDINGS GROUP, INC.

By: /s/ Richard M. Frank            
Richard M. Frank
Chairman

EXECUTIVE:

By:  /s/ Brian O. Casey            
Brian O. Casey
President and Chief Executive Officer

[Signature Page to Executive Employment Agreement]

EXHIBIT A
FORM OF RELEASE AGREEMENT

This Release Agreement (this “Agreement”) constitutes the release of claims referred to in that certain Executive Employment Agreement (the “Employment Agreement”) dated as of [●], 2015 by and between Westwood Holdings Group, Inc. (the “Company”) and Brian O. Casey (“Executive”).  The Company and Executive are each referred to herein individually as a “Party” and collectively as the “Parties.”
a)For good and valuable consideration, including the Company’s provision of the payments and benefits to Executive in accordance with Section 5 of the Employment Agreement, Executive hereby releases, discharges and forever acquits the Company, its affiliates, subsidiaries, partners, members, predecessors, successors, and assigns and each of the foregoing entities’ respective past, present and future subsidiaries, affiliates, stockholders, members, partners, directors, officers, managers, employees, agents, assigns, attorneys, heirs, predecessors, successors and representatives in their personal and representative capacities, as well as all employee benefit plans maintained by the Company or any of its affiliates and all fiduciaries and administrators of any such plans, in their personal and representative capacities (collectively, the “Company Parties”), from liability for, and hereby waives, any and all claims, damages, or causes of action of any kind related to Executive’s employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter on or prior to the date of the execution of this Agreement including without limitation any alleged violation through the date of this Agreement of: (i) the Age Discrimination in Employment Act of 1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil Rights Act of 1991; (iv) Sections 1981 through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi) the Immigration Reform Control Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended; (viii) the National Labor Relations Act, as amended; (ix) the Occupational Safety and Health Act, as amended; (x) the Family and Medical Leave Act of 1993; (xi) any federal, state, or local anti-discrimination or anti-retaliation law; (xii) any federal, state, or local wage and hour law; (xiii) any other federal, state or local law, regulation or ordinance; (xiv) any public policy, contract, tort, or common law claim; (xv) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, a Released Claim; (xvi) any and all rights, benefits or claims Executive may have under any employment contract, incentive compensation plan or equity incentive plan with any Company Party or to any ownership interest in any Company Party except as expressly provided in any equity compensation agreement between Executive and a Company Party and (xvii) any claim for compensation or benefits of any kind not expressly set forth in the Employment Agreement or any equity compensation agreement (collectively, the “Released Claims”). In no event shall the Released Claims include (a) any claim which arises after the date of this Agreement, (b) any claim to vested benefits under an employee benefit plan, or (c) any claims for contractual payments under Section 5 of the Employment Agreement or any claims for indemnification under Section 11 of the Employment Agreement that arise following the time that Executive executes this Agreement. This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Executive 

21

is simply agreeing that, in exchange for the consideration recited in the first sentence of this paragraph, any and all potential claims of this nature that Executive may have against the Company Parties, regardless of whether they actually exist, are expressly settled, compromised and waived. By signing this Agreement, Executive is bound by it. Anyone who succeeds to Executive’s rights and responsibilities, such as heirs or the executor of Executive’s estate, is also bound by this Agreement. This release also applies to any claims brought by any person or agency or class action under which Executive may have a right or benefit. Notwithstanding the release of liability contained herein, nothing in this Agreement prevents Executive from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or other governmental agency or participating in (or cooperating with) any investigation or proceeding conducted by the EEOC or other governmental agency; however, Executive understands and agrees that Executive is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such EEOC or other governmental agency proceeding or subsequent legal actions. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.
b)Executive agrees not to bring or join any lawsuit or arbitration proceeding against any of the Company Parties in any court or forum relating to any of the Released Claims. Executive represents that Executive has not brought or joined any lawsuit or filed any charge or claim against any of the Company Parties in any court or forum or before any government agency and has made no assignment of any rights Executive has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released Claims. 
c)Executive agrees not to directly or indirectly do, say, write, authorize or otherwise create or publish any statement or writing that is disparaging or derogatory about, or which injure the reputation of, the Company, the business reputation of the Company, or any other Company Party.  The Company agrees to instruct its employees in positions at the Senior Vice-President level or higher levels and human resources representatives not to directly or indirectly do, say, write, authorize or otherwise create or publish any statement or writing that is disparaging or derogatory about, or which injure the reputation of, Executive.  Nothing in this paragraph prohibits either Party from responding accurately and fully to any question, inquiry, or request for information required by legal or administrative process.  
d)Executive represents that Executive has not engaged in any breach of fiduciary duty, breach of any duty of loyalty or disclosure, fraudulent activity, grossly negligent tortious activity or illegal activity, in each instance: (i) towards or with respect to the Company or any other Company Party; or (ii) with respect to any action or omission undertaken (or that was failed to be undertaken) in the course of his employment or engagement with any Company Party.  In reliance upon, and conditioned upon, Executive’s representations and covenants contained in this Agreement, the Company on behalf of itself and each of its affiliated entities hereby releases Executive from any and all claims, suits, demands, actions or causes of action of any kind or nature whatsoever that any Company Party has or now claims pertaining to or arising out of Executive’s employment by or separation from the Company.  Notwithstanding the foregoing, the Company and its affiliated 

22

entities are not waiving or releasing Executive from: (A) any manner of action or actions, cause or causes of action, promises, suits, damages, judgments, remedies, executions, claims and demands whatsoever, in law or equity, arising from or relating to any act, action, or inaction by Executive that was unlawful, was not undertaken in good faith, was outside the scope of Executive’s authority as an employee or agent of the Company or any other Company Party or was not reasonably believed to be in the best interests of the Company Parties and is not currently known to the Company Parties, (B) the Company Parties’ future ability to sue or take other action to enforce this Agreement, (C) any claim where such a release would cause the loss of insurance coverage or indemnity protection otherwise potentially available to cover the loss, or (D) a breach of a fiduciary duty. 
e)In connection with his employment with the Company, Executive has been provided with Confidential Information, as that term is defined in the Employment Agreement.  Executive hereby expressly reaffirms the covenants set forth in Section 10 of the Employment Agreement, expressly acknowledges their validity and continuing, binding effect and agrees to abide by them in their entirety pursuant to the terms set forth in Section 10.  For the avoidance of doubt, nothing herein prohibits Executive from disclosing any information, including Confidential Information, when compelled to do so by law; making a good faith report of possible violations of applicable law to any governmental agency or entity; or making disclosures that are protected under the whistleblower provisions of applicable law.    
		
	f)
	By executing and delivering this Agreement, Executive acknowledges that

		
	i.
	He has carefully read this Agreement;

		
	ii.
	He has had at least [twenty-one (21)/forty-five (45)] days to consider this Agreement before the execution and delivery hereof to the Company [and Executive acknowledges and agrees that he has been provided with, and attached to this Agreement as Exhibit A is, a listing of: (A) the job titles and ages of all employees selected for participation in the employment termination program pursuant to which Executive is being offered this agreement; (B) the job titles and ages of all employees in the same organizational unit who were not selected for participation in the program; and (C) information about the unit affected by the program, including any eligibility factors for such program and any time limits applicable to such program].

		
	iii.
	He has been and hereby is advised in writing that he may, at his option, discuss this Agreement with an attorney of his choice and that he has had adequate opportunity to do so;

		
	iv.
	He fully understands the final and binding effect of this Agreement; the only promises made to him to sign this Agreement are those stated in the Employment Agreement and herein; and he is signing this Agreement voluntarily and of his own free will, and that he understands and agrees to each of the terms of this Agreement; and

23

		
	v.
	With the exception of any sums that he may be owed pursuant to Section 5 of the Employment Agreement, Executive has been paid all wages and other compensation to which he is entitled during Executive’s employment with the Company or any other Company Party and Executive has received all leaves (paid and unpaid), been afforded all rights and been paid all sums to which he was entitled during the Term (as defined in the Employment Agreement).

g)Notwithstanding the initial effectiveness of this Agreement, Executive may revoke the delivery (and therefore the effectiveness) of this Agreement within the seven-day period beginning on the date Executive delivers this Agreement to the Company (such seven day period being referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing signed by Executive and must be received by the [●] of the Company before 11:59 p.m., [●] time, on the last day of the Release Revocation Period. If an effective revocation is delivered in the foregoing manner and timeframe, this Agreement shall be of no force or effect and shall be null and void ab initio. No consideration shall be paid if this Agreement is revoked by Executive in the foregoing manner.
h)This Agreement will be construed in accordance with and governed by the laws of the State of Texas, without reference to principles of conflict of laws.  The Parties agree that this Agreement cannot be modified or amended except by a written instrument signed by Executive and a duly authorized representative of the Company.  This Agreement may be executed in multiple parts.
i)This Agreement (including any exhibits hereto) and Section 17(a) of the Employment Agreement (including the sections of the Employment Agreement referenced therein) set forth the entire agreement between Executive and the Company relating to the subject matter herein and supersede any and all prior oral or written agreements or understandings between Executive and the Company concerning the subject matter of this Agreement.  Neither of the Parties has made any settlement, representations or warranty in connection herewith (except those expressly set forth in this Agreement) which have been relied upon by the other Party, or which acted as an inducement for the other Party to enter into this Agreement.
        
 
Executed on this ________ day of ____________________, ______.

                                                

24EX 10.7 2015 Equity Incentive Plan

		
			2015 EQUITY INCENTIVE PLAN
		

		
			OF
		

		
			DULUTH HOLDINGS INC.
		

		
			1.PURPOSE
		

		
			The purpose of the Plan is to provide compensation alternatives for certain Employees, Directors and Consultants using or based on the common stock of the Company.  These alternatives are intended to be used to increase the long-term financial success of the Company, and increase the value of the Company to its shareholders, by attracting and retaining key personnel who are instrumental in the continued success of the Company, and motivating key employees by providing them with the opportunity to participate with the shareholders in the long-term growth and financial success of the Company.
		

		
			2.DEFINITIONS
		

		
			Unless the context otherwise requires, the following terms shall have the meanings set forth below:
		

		
			(a)“Award” shall mean an Option, Shares, Restricted Stock, Restricted Stock Units, Deferred Stock or Performance Share Units granted under the Plan.
		

		
			(b)“Award Agreement” shall mean an Option Agreement, Restricted Stock Agreement, Restricted Stock Unit Agreement, Deferred Stock Agreement or Performance Share Unit Agreement, as applicable.
		

		
			(c)“Board of Directors” shall mean the board of directors of the Company.
		

		
			(d)“Cause”  with respect to any Participant shall have the same meaning as in any employment agreement between the Company and such Participant, if any, and otherwise shall mean termination of a Participant’s employment with the Company or service as a Consultant upon, as applicable, (i) any failure of the Participant to substantially perform his or her duties with the Company (other than by reason of illness) which occurs after the Company has delivered to the Participant a demand for performance which specifically identifies the manner in which the Company believes the Participant has failed to perform his or her duties, and the Participant fails to resume performance of his or her duties on a continuous basis within fourteen (14) days after receiving such demand, (ii) such Participant’s commission of a material violation of any law or regulation applicable to the Company or a Subsidiary or the Participant’s activities in respect of the Company or a Subsidiary, (iii) such Participant’s commission of any material act of dishonesty or disloyalty involving the Company or a Subsidiary, (iv) in the case of an Employee, such Participant’s chronic absence from work other than by reason of a serious health condition, (v) such Participant’s commission of a crime which substantially relates to the circumstances of his or her position with the Company or a Subsidiary or which has material adverse effect on the Company or a Subsidiary, or (vi) the willful engaging by such Participant in conduct which is demonstrably and materially injurious to the Company or a Subsidiary.
		

		 

 

		
			(e)“Change in Control” shall mean the first to occur of the following:  (i) the sale, lease, exchange, encumbrance or other disposition (other than licenses that do not constitute an effective disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole, and the grant of security interests in the ordinary course of business) by the Company of all or substantially all of the Company’s assets; or (ii) the merger or consolidation of the Company with or into any other entity, other than a merger or consolidation that would result in the Class A Common Stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its sole parent entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its sole parent entity outstanding immediately after such merger or consolidation. 
		

		
			(f)“Code” shall mean the Internal Revenue Code of 1986, as amended.
		

		
			(g)“Committee” shall mean the Compensation Committee of the Board of Directors with respect to grants to Employees or Consultants under the Plan and the Board of Directors with respect to grants to Directors under the Plan.  Notwithstanding the foregoing, for grants made to Employees who are officers under Section 16 of the Exchange Act, to the extent such grants are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall be constituted solely of “outside directors” as described in regulations promulgated under Section 162(m) of the Code.
		

		
			(h)“Company” shall mean Duluth Holdings Inc., a Wisconsin corporation.
		

		
			(i)“Consultant” shall mean an individual who is a not an Employee or a member of the Board of Directors and who is providing service, as a consultant or other service provider, to the Company or a Subsidiary.
		

		
			(j)“Deferred Stock” shall mean a right to receive one or more Shares from the Company in accordance with, and subject to, Paragraph 10 of the Plan.
		

		
			(k)“Deferred Stock Agreement” shall mean the agreement between the Company and a Participant confirming the terms under which Deferred Stock has been granted to such Participant.
		

		
			(l)“Director” shall mean an individual who is a member of the Board of Directors.
		

		
			(m)“Disability” shall mean (i) a Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) a Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer.
		

		
			(n)“Employee” shall mean an individual who is an employee of the Company or a Subsidiary.
		

		 

		

			2

		

 

		
			(o)“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
		

		
			(p)“Fair Market Value” shall mean, as of any date, the value of the Shares determined as follows:
		

		
			(1)If the Shares are listed on any established stock exchange or national market system, “Fair Market Value” shall be the closing sales price for such stock as quoted on such exchange or system for such date.  If there are no market quotations for the Shares on such date, the determination shall be made by reference to the last date preceding such date for which there are market quotations.
		

		
			(2)For the avoidance of doubt, on the date that the initial public offering of the Shares occurs, “Fair Market Value” shall be the closing sale price for such stock on the date of consummation of the initial public offering.
		

		
			(3)If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, “Fair Market Value” shall be the mean between the high bid and low asked prices for the Shares such date.  If there are no bid or asked prices for the Shares on such date, the determination shall be made by reference to the last date preceding such date for which there are bid and asked prices.
		

		
			(4)In the absence of an established market for the Shares, “Fair Market Value” shall be the fair market value of a Share as determined in good faith by the Committee in conformity with applicable law and accounting standards, with the Committee’s determination being binding on the Company, the Participants and all other persons for all purposes.
		

		
			(q)“Fiscal Year” means the fiscal year of the Company.
		

		
			(r)“Good Reason” shall mean (i) a material diminution in Participant’s authority or duties, (ii) a material reduction in Participant’s base salary (excluding, however, any reduction made in connection with, and proportionate to, a Company-wide reduction), or (iii) a material change in Participant’s location of employment (excluding any required relocation within a 50-mile radius of such location of employment); provided,  however, that the Participant has given notice of the existence of the good reason condition within 90 days of its occurrence, and the Company has been given at least 30 days to remedy the condition and has failed to do so.
		

		
			(s)“Option” shall mean an option to purchase Shares which is not intended to meet the requirements of Section 422 of the Code.
		

		
			(t)“Option Agreement” shall mean the agreement between the Company and a Participant confirming the terms under which an Option has been granted to such Participant.
		

		
			(u)“Participant” shall mean an Employee, Director or Consultant to whom an Award has been granted under the Plan.
		

		
			(v)“Performance Goals” shall mean the goals identified by the Committee to measure one or more business or other criteria, which may include any of the following criteria and which, 
		
		
 

		

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		where applicable (i) may be set on a pre-tax or after-tax basis, (ii) may include or exclude the impact of changes in currency exchange rates, (iii) may be applied on an absolute or relative basis, (iv) may be valued on a growth or fixed basis, and (v) may be applied on a Company-wide, business segment, or individual basis, all as specified at the time of grant:

		
		
			(1)net income;
		

		
			(2)revenue;
		

		
			(3)earnings per share;
		

		
			(4)return on investment;
		

		
			(5)return on invested capital;
		

		
			(6)return on equity;
		

		
			(7)return on assets or net assets;
		

		
			(8)shareholder returns (either including or excluding dividends) over a specified period of time;
		

		
			(9)financial return ratios;
		

		
			(10)cash flow (including, but not limited to, operating cash flow, free cash flow, cash flow return on equity, and cash flow return on investment);
		

		
			(11)amount of expense;
		

		
			(12)economic profit;
		

		
			(13)gross profit;
		

		
			(14)gross profit margin percentage;
		

		
			(15)operating profit;
		

		
			(16)operating profit margin percentage;
		

		
			(17)amount of indebtedness;
		

		
			(18)debt ratios;
		

		
			(19)earnings before bonus, interest, taxes, depreciation or amortization (or any combination thereof);
		

		
			(20)Share value;
		

		
			(21)return on capital employed;
		

		
			(22)return on average capital employed;
		

		
			(23)strategic business criteria, consisting of one or more objectives based on achieving specified revenue, market penetration, or geographic business expansion goals, or cost targets, or goals relating to acquisitions or divestitures, or any combination of the foregoing;
		

		
			(24)customer satisfaction;
		

		
			(25)productivity ratios;
		

		
			(26)new product invention or innovation;
		

		
			(27)attainment of research and development milestones; or
		

		
			(28)such other subjective or objective performance measures, including individual goals deemed appropriate by the Committee.
		

		
			The above Performance Goals may be determined with or without regard to unusual or infrequent items, including, without limitation: changes in accounting principles or the application thereof; unusual or infrequent gains; gains or losses on the sale of assets; currency fluctuations, acquisitions, divestitures, or necessary financing activities; recapitalizations, including stock splits and dividends; expenses for restructuring activities; and other non-operating items, as specified by the Committee upon the grant of an Award.
		

		 

		

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			(w)“Performance Share Units” shall mean a right to receive Shares from the Company upon the attainment of specified Performance Goals in accordance with, and subject to, Paragraph 11 of the Plan.
		

		
			(x)“Performance Share Unit Agreement” shall mean the agreement between the Company and a Participant confirming the terms under which Performance Share Units have been granted to the Participant.
		

		
			(y)“Plan” shall mean the 2015 Equity Incentive Plan of the Company.
		

		
			(z) “Restricted Period” shall mean the period prior to which all Shares subject to, or issued in respect of, an Award have vested.
		

		
			(aa)“Restricted Stock” shall mean Shares granted to a Participant by the Committee which are subject to restrictions imposed under Paragraph 9 of the Plan.
		

		
			(bb)“Restricted Stock Agreement” shall mean the agreement between the Company and a Participant confirming the terms under which Restricted Stock has been granted to such Participant.
		

		
			(cc)“Restricted Stock Units” shall mean a right to receive Shares from the Company in accordance with, and subject to, Paragraph 9 of the Plan.
		

		
			(dd)“Restricted Stock Unit Agreement” shall mean the agreement between the Company and a Participant confirming the terms under which Restricted Stock Units have been granted to such Participant.
		

		
			(ee)“Share” or “Shares” shall mean the no par value Class B common stock of the Company.
		

		
			(ff)“Subsidiary” shall mean any entity in which the Company owns, directly or indirectly, more than 50% of the voting interests entitled to vote in the election of directors, or any comparable governing body if the entity does not have directors.
		

		
			3.AWARDS AVAILABLE UNDER THE PLAN
		

		
			The Committee may grant Options, Shares, Restricted Stock, Restricted Stock Units, Deferred Stock and Performance Share Units under the Plan.
		

		
			4.SHARES RESERVED UNDER PLAN
		

		
			(a)The aggregate number of Shares which may be issued under the Plan pursuant to the exercise, settlement or grant of Awards is 1,614,631 Shares.  Shares issued under the Plan may be treasury Shares or authorized but unissued Shares, or a combination of the two, subject to adjustment as provided in Paragraph 14 hereof.  For purposes of determining the maximum number of Shares available for issuance under the Plan, (i) any Shares which have been issued as Restricted Stock which are forfeited to the Company shall be treated, following such forfeiture, as Shares which have not been issued, (ii) Shares tendered, either actually or by attestation, to the Company 
		

		 

		

			5

		

 

		as full or partial payment for such exercise of an Option under this Plan shall be treated as issued hereunder, and (iii) any Shares which are used in settlement of tax withholding obligations with respect to an Award shall be treated as issued hereunder.
		

		
			(b)The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the first Fiscal Year following the Fiscal Year in which the initial public offering of the Shares occurs and continuing until the fourth Fiscal Year following the Fiscal Year in which the initial public offering of the Shares occurs, in an amount equal to 1.25% of the sum of the number of outstanding shares of Class A common stock of the Company and the number of outstanding Shares on the last day of the immediately preceding Fiscal Year.
		

		
			(c)No individual Participant shall be eligible to receive grants of Options for more than an aggregate of 807,315 Shares during any Fiscal Year (subject to adjustment as provided in Paragraph 14 hereof).
		

		
			(d)The aggregate number of shares of Restricted Stock that are subject to vesting based on Performance Goals plus the number of Restricted Stock Units that are subject to vesting based on Performance Goals granted to any one Participant during any Fiscal Year shall be limited to 807,315 (subject to adjustment as provided in Paragraph 14 hereof.)
		

		
			(e)The maximum number of Performance Share Units granted to any one Employee during any Fiscal Year shall be limited to 807,315 (subject to adjustment as provided in Paragraph 14 hereof).  For purposes of this limitation, the maximum number of Performance Share Units granted shall be determined based on the maximum number of Shares issuable under an Award of Performance Share Units, rather than the target number of Shares issuable thereunder
		

		
			5.ADMINISTRATION OF THE PLAN
		

		
			The Plan shall be administered by the Committee, which shall have full and exclusive power to interpret the Plan, to determine the Employees, Directors or Consultants to whom Awards are granted under the Plan, the terms and provisions of each such Award, to grant waivers of Award restrictions, and to adopt such rules, regulations and guidelines for carrying out the Plan as it may deem necessary or proper.  All determinations of the Committee under the Plan shall be in its sole discretion and are binding on the Company, the Participants and all other persons.  Except as otherwise determined by the Board of Directors, the Committee shall be so constituted as to permit grants to be exempt from Section 16(b) of the Exchange Act by virtue of Rule 16b-3 thereunder, as such rule is currently in effect or as hereafter modified or amended (“Rule 16b-3”), and to permit the Plan to comply any other statutory rule or regulatory requirements.
		

		
			6.DELEGATION OF AUTHORITY
		

		
			Except to the extent prohibited by applicable law or the applicable rules of a stock exchange, the Committee may delegate to the chief executive officer and to other senior officers of the Company its duties under the Plan pursuant to such conditions or limitations as the Committee may establish.  Any such delegation may be revoked by the Committee at any time.  Consistent with the foregoing, any delegation of authority may not extend to Awards or decisions 
		

		 

		

			6

		

 

		governing persons who are directors or officers of the Company under Section 16 of the Exchange Act.
		

		
			7.ELIGIBILITY
		

		
			Employees, Directors and Consultants shall be eligible to receive Awards under the Plan.  In determining the Employees, Directors and Consultants to whom Awards shall be granted and the number of Shares to be covered by each Award, the Committee may take into account the nature of the services rendered by the respective Employees, Directors and Consultants, their present and potential contributions to the success of the Company, and other such factors as the Committee in its sole discretion shall deem relevant.
		

		
			8.OPTIONS
		

		
			Options granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall determine, including the following:
		

		
			(a)Grants.  Any grant of an Option shall be confirmed by the execution of an Option Agreement.
		

		
			(b)Option Exercise Price.  The per share purchase price of the Shares under each Option granted pursuant to this Plan shall be determined by the Committee but shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant of such Option.
		

		
			(c)Vesting Conditions; Exercise Period.
		

		
			(1)The Committee shall have the authority to establish the terms of any Option including the conditions under which an Option and/or Shares that may be or are acquired upon exercise of an Option shall vest and other terms and conditions under which an Option may be exercised and Shares may be acquired upon such exercise.  The Committee may set vesting conditions based solely upon the continued employment of a Participant who is an Employee or the continued service of a Participant who is a Consultant or a Director during the applicable vesting period and/or may specify vesting conditions based upon the achievement of specific Performance Goals.
		

		
			(2)Except as determined by the Committee or as otherwise provided in this Plan, upon a Participant ceasing to be an Employee, a Director, or a Consultant, as the case may be, such Participant shall forfeit any Option or portion of an Option that was granted to such Participant in such capacity and that has not vested at the time of such cessation.
		

		
			(3)The Committee in its sole discretion may grant an Option that is fully vested or establish a vesting schedule with respect to an Option.  Except as otherwise determined by the Committee, an Option (i) shall be exercisable only to the extent the Option is vested and (ii) shall vest according to the following schedule: (A) the Option shall vest as to one fourth of the Shares covered by the Option on the first anniversary of the date of grant of the Option, and (B) the Option shall vest as to another one fourth of the Shares covered by the Option on each of the three (3) subsequent anniversaries of such date, provided that the 
		

		 

		

			7

		

 

		Participant is still an Employee, a Director, or a Consultant, as the case may be, on each such vesting date.  The Committee may permit the exercise of an Option to the extent unvested.  If so permitted, then upon the exercise of an Option or portion of an Option that has not vested, the Shares received pursuant to such exercise to the extent attributable to the unvested portion of the Option shall be Restricted Stock subject to Paragraph 9 hereof, and having a vesting schedule the same as the vesting schedule of the Option or portion of the Option in respect of which the Shares were received.
		

		
			(4)Notwithstanding the foregoing, except as otherwise determined by the Committee, all outstanding Options held by a Participant shall become fully vested and immediately exercisable in full, upon the first to occur of the Participant’s death or Disability while an Employee, Director or Consultant, as the case may be.
		

		
			(5)Notwithstanding the foregoing, no Option shall be exercisable after the expiration of ten (10) years from its date of grant.  Every Option which has not been exercised within ten (10) years of its date of grant shall lapse upon the expiration of such ten year period unless it shall have lapsed at an earlier date.
		

		
			(d)Exercise.  Except as otherwise permitted by the Committee, an Option shall be exercisable by delivery to the Company of (i) payment in full of the exercise price of the Shares then being acquired as provided in Paragraph 8(e) hereof, and (ii) execution of such other documentation as is determined to be necessary or appropriate by the Committee from time to time the form of which shall be provided to the Participant at the time of execution and delivery of the Option Agreement.
		

		
			(e)Payment of Exercise Price.  The exercise price shall be payable in whole or in part in cash (including through participation in a broker-assisted cashless exercise program), Shares held by the Participant, other property, or such other consideration consistent with the Plan’s purpose and applicable law as may be determined by the Committee from time to time.  Such price shall be paid in full at the time that an Option is exercised.  If the Participant elects to pay all or a part of the exercise price in Shares, such Participant may make such payment by delivering to the Company a number of Shares already owned by the Participant, either directly or by attestation, which are equal in value to the purchase or exercise price.  All Shares so delivered shall be valued for this purpose at their fair market value determined in the sole discretion of the Committee on the day on which such Shares are delivered.  The Committee may, in its discretion, permit a Participant to exercise an Option on a “net exercise” basis.  In such case, the Company will deliver that number of Shares to the Participant which equals the number of Shares for which the Option was exercised, reduced by the number of whole Shares (which the Company shall retain) with a value on the date of exercise (based on the Fair Market Value) equal to the exercise price and the required tax withholding at the time of exercise.  To the extent the combined value of the whole Shares is not sufficient to equal the exercise price and required tax withholding, the Participant must pay such difference in cash to the Company before delivery of the Shares will be made to the Participant.
		

		 

		

			8

		

 

		
			(f)Cessation of Status.  Except as determined otherwise by the Committee:
		

		
			(1)Any Participant who ceases to be an Employee, Director or Consultant due to Disability shall have one (1) year from the date of such cessation to exercise any Option granted hereunder as to all or part of the Shares subject to such Option; provided,  however, that no Option shall be exercisable subsequent to ten (10) years from its date of grant.
		

		
			(2)In the event of the death of a Participant while an Employee, a Director, or a Consultant, as the case may be, any Option, as to all or any part of the Shares subject to such Option, granted to such Participant shall be exercisable:
		

		
			(A)for one (1) year after the Participant’s death, but in no event subsequent to ten (10) years from its date of grant; and
		

		
			(B)only (i) by the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Committee shall approve or prescribe), or, (ii) if the deceased Participant dies without a surviving designated beneficiary, by the personal representative, administrator, or other representative of the estate of the deceased Participant, or by the person or persons to whom the deceased Participant’s rights under the Option shall pass by will or the laws of descent and distribution.
		

		
			A Participant who holds (including following cessation of employment or service) an Option who has designated a beneficiary for purposes of Subparagraph 8(f)(2)(B)(i) hereof may change such designation at any time, by written notice given to the Secretary of the Company, subject to such conditions and requirements as the Committee may prescribe in accordance with applicable law.
		

		
			(3)If a Participant ceases to be an Employee, Director or Consultant for a reason other than those specified above, such Employee or Consultant (with respect to an Option granted to him or her in the capacity of an Employee or Consultant) or Director (with respect to an Option granted to him or her in the capacity of a Director) shall have ninety (90) days from the date of such cessation to exercise any such Option with respect to such of the Shares subject thereto as to which such Participant then has a present right to exercise; provided,  however, that no Option shall be exercisable subsequent to ten (10) years from its date of grant.  Notwithstanding the foregoing, if a person ceases to be an Employee or a Consultant because of a termination of employment or service for Cause, to the extent an Option is not effectively exercised prior to such cessation, it shall lapse immediately upon such cessation.
		

		
			(g)Extension of Periods.  The Committee in its sole discretion may increase the periods permitted for exercise of an Option if a Participant ceases to be an Employee, Director or Consultant as provided in Subparagraphs 8(f)(1), (2) and (3) hereof if allowable under applicable law; provided,  however, in no event shall an Option be exercisable subsequent to ten (10) years after its date of grant.
		

		
			(h)Transferability.  Except as otherwise provided in the remainder of this Paragraph 8(h) or determined by the Committee, an Option shall not be transferable or subjected to execution, 
		

		 

		

			9

		

 

		attachment or similar process, and during the lifetime of the Participant shall be exercisable only by the Participant.  A Participant shall have the right to transfer an Option granted to such Participant upon such Participant’s death, either to the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Committee shall approve or prescribe), or, if the deceased Participant dies without a surviving designated beneficiary, by the terms of such Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in this Plan or otherwise determined by the Committee, and all such transferees shall be subject to all terms and conditions of this Plan to the same extent as would be the Participant.
		

		
			(i)Nature of Options.  No Participant shall have any interest in any fund or in any specific asset or assets of the Company by reason of any Options granted hereunder, or any right to exercise any of the rights or privileges of a shareholder with respect to any Options until Shares are issued in connection with any exercise.
		

		
			9.RESTRICTED STOCK / RESTRICTED STOCK UNITS
		

		
			Restricted Stock or Restricted Stock Units granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall determine, including the following:
		

		
			(a)Grants.  The terms of any grant of Restricted Stock or Restricted Stock Units shall be confirmed by the execution of a Restricted Stock Agreement or Restricted Stock Unit Agreement.
		

		
			(b)Restrictions on Restricted Stock.  Restricted Stock may not be sold, assigned, conveyed, donated, pledged, transferred or otherwise disposed of or encumbered for the Restricted Period, subject to the provisions of this Paragraph 9.  In the event that a Participant shall sell, assign, convey, donate, pledge, transfer or otherwise dispose of or encumber the Restricted Stock, such Restricted Stock shall be forfeited to the Company.
		

		
			(c)Vesting Conditions.  The Committee shall determine the conditions under which Restricted Stock or Restricted Stock Units shall vest.  The Committee may set vesting conditions based solely upon the continued employment of a Participant who is an Employee or the continued service of a Participant who is a Director or Consultant during the applicable vesting period and/or may specify vesting conditions based upon the achievement of specific Performance Goals.  For purposes of qualifying Restricted Stock or Restricted Stock Units as “performance-based compensation” under Section 162(m) of the Code, the Committee may set performance conditions based upon the achievement of Performance Goals.  In such event, the Performance Goals shall be set by the Committee on or before the latest date permissible to enable the Restricted Stock or Restricted Stock Units to qualify as “performance-based compensation” under Section 162(m) of the Code and the Committee shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the Restricted Stock or Restricted Stock Units under Section 162(m) of the Code, including, without limitation, written certification by the Committee that the Performance Goals and other applicable conditions have been satisfied before the Restricted Period shall end or the Restricted Stock Units are paid.
		

		 

		

			10

		

 

		
			(d)Cessation of Status.  Except as determined otherwise by the Committee:
		

		
			(1)If a Participant ceases to be an Employee, a Director or a Consultant for any reason, then except as provided in Subparagraph 9(d)(2) hereof, such Employee or Consultant (with respect to Restricted Stock or Restricted Stock Units granted to him or her in the capacity of an Employee or a Consultant), or such Director (with respect to Restricted Stock or Restricted Stock Units granted to him or her in the capacity of a Director) shall forfeit all Restricted Stock and all unvested Restricted Stock Units held by such Participant.
		

		
			(2)Upon the death or Disability of an Employee, Director or Consultant, while employed or otherwise providing services to the Company, all restrictions applicable to any Restricted Stock then held by such a Participant shall immediately lapse and all unvested Restricted Stock Units held by such a Participant shall immediately vest.
		

		
			(e)Retention of Certificates.  The Company will retain custody of the stock certificates representing Restricted Stock during the Restricted Period, as well as a stock power signed by the Participant to be used in the event the Restricted Stock is forfeited to the Company.
		

		
			(f)Transferability of Restricted Stock Units.  Except as provided below, Restricted Stock Units may not be sold, assigned, conveyed, donated, pledged, transferred or otherwise disposed of or encumbered or subjected to execution, attachment, or similar process; provided,  however, Shares distributed in respect of such Restricted Stock Units may be transferred in accordance with applicable securities laws.  Any transfer, attempted transfer, or purported transfer of Restricted Stock Units by a Participant shall be null and void.  A Participant shall have the right to transfer Restricted Stock Units upon such Participant’s death, either to the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Committee shall prescribe or approve), or, if the deceased Participant dies without a surviving designated beneficiary, by the terms of such Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in the Plan or otherwise determined by the Committee, and all such transferees shall be subject to all terms and conditions of the Plan to the same extent as would the Participant.
		

		
			(g)No Rights as Shareholders for Participants Holding Restricted Stock Units.  No Participant shall have any interest in any fund or in any specific asset or assets of the Company by reason of any Restricted Stock Units granted hereunder, nor any right to exercise any of the rights or privileges of a shareholder with respect to any Restricted Stock Units or any Shares distributable with respect to any Restricted Stock Units until such Shares are so distributed.
		

		
			(h)Distribution of Shares with Respect to Restricted Stock Units.  Each Participant who holds Restricted Stock Units shall be entitled to receive from the Company one Share for each Restricted Stock Unit, as adjusted from time to time in the manner set forth in Paragraph 14, below.  However, the Company, as determined in the sole discretion of the Committee at the time of grant only, shall be entitled to settle its obligation to deliver Shares by instead making a payment of cash substantially equal to the fair market value of the Shares it would otherwise be obligated to deliver, or by the issuance of a combination of Shares and cash, in the proportions determined by the Committee, substantially equal to the fair market value of the Shares the Company would 
		
		
 

		

			11

		

 

		otherwise be obligated to deliver.  The fair market value of a Share for this purpose will mean the Fair Market Value on the business day immediately preceding the date of the cash payment.  Except as otherwise determined by the Committee at the time of the grant, Restricted Stock Units shall vest and Shares shall be distributed to the Participant in respect thereof as of the vesting date; provided,  however, if any grant of Restricted Stock Units to a Participant who is subject to U.S. federal income tax is nonqualified deferred compensation for purposes of Section 409A of the Code, cash or Shares shall only be distributed in a manner such that Section 409A of the Code will not cause the Participant to become subject to penalties and/or interest thereunder; and provided,  further, that no cash or Shares shall be distributed in respect of Restricted Stock Units prior to the date on which such Restricted Stock Units vest, except in cases where FICA tax withholding would be due prior to vesting.

		
		
			(i)Dividends and Distributions with Respect to Restricted Stock Units.   Except as otherwise provided by the Committee, a Participant who holds Restricted Stock Units shall not be entitled to receive dividends, distributions, or dividend equivalents when such payments or distributions are made with respect to the Shares distributable with respect to such Restricted Stock Units.  For record dates occurring after such Shares are distributed, the Participant shall be entitled to receive dividends or distributions if any are declared on the Shares.
		

		
			(j)Section 83(b) Election.   The Committee may provide in a Restricted Stock Agreement that an Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code.  If a Participant makes an election pursuant to Section 83(b) of the Code concerning an Award of Restricted Stock, the Participant shall be required to file promptly a copy of such election with the Company.
		

		
			10.DEFERRED STOCK
		

		
			Deferred Stock granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall determine, including the following:
		

		
			(a)Grants.  The terms of any grant of Deferred Stock shall be confirmed by the execution of a Deferred Stock Agreement.
		

		
			(b)Distributions of Shares.  Each Participant who holds Deferred Stock shall be entitled to receive from the Company one Share for each share of Deferred Stock, as adjusted from time to time in the manner set forth in Paragraph 14 hereof.  However, the Company, as determined in the sole discretion of the Committee at the time of grant only, shall be entitled to settle its obligation to deliver Shares by instead making a payment of cash substantially equal to the fair market value of the Shares it would otherwise be obligated to deliver, or by the issuance of a combination of Shares and cash, in the proportions determined by the Committee, substantially equal to the fair market value of the Shares the Company would otherwise be obligated to deliver.  The fair market value of a Share for this purpose will mean the Fair Market Value on the business day immediately preceding the date of the cash payment.  Deferred Stock shall vest and Shares shall be distributed to the Participant in respect thereof at such time or times as determined in the Deferred Stock Agreement; provided,  however, that, with respect to Deferred Stock that is treated as nonqualified deferred compensation under Section 409A of the Code, Shares shall only be 
		
		
 

		

			12

		

 

		distributed in accordance with the rules of Section 409A and any guidance issued thereunder (including any delay in distribution required if a Participant is a “specified employee” under Section 409A of the Code); and provided, further, that no Shares shall be distributed in respect of Deferred Stock prior to the date on which such Deferred Stock vests.

		
		
			(c)Cessation of Status.  Except as otherwise determined by the Committee:
		

		
			(1)If a Participant ceases to be an Employee, a Director or a Consultant for any reason, then except as provided in Subparagraph 10(c)(2) hereof, such Employee or Consultant (with respect to Deferred Stock granted to him or her in the capacity of an Employee or a Consultant) or such Director (with respect to Deferred Stock granted to him or her in the capacity of a Director) shall forfeit all Deferred Stock held by such Participant on the date of termination that has not vested.
		

		
			(2)Upon the death or Disability of an Employee, Director or Consultant, all Deferred Stock then held by such Participant shall immediately vest.
		

		
			(d)Transferability.  Deferred Stock may not be sold, assigned, conveyed, donated, pledged, transferred or otherwise disposed of or encumbered or subjected to execution, attachment, or similar process; provided,  however, Shares distributed in respect of such Deferred Stock may be transferred in accordance with applicable securities laws.  A Participant shall have the right to transfer Deferred Stock upon such Participant’s death, either to the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Committee shall prescribe or approve), or, if the deceased Participant dies without a surviving designated beneficiary, by the terms of such Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in the Plan or otherwise determined by the Committee, and all such distributees shall be subject to all terms and conditions of the Plan to the same extent as would the Participant.
		

		
			(e)No Rights as a Shareholder.  No Participant shall have any interest in any fund or in any specific asset or assets of the Company by reason of any Deferred Stock granted hereunder, or any right to exercise any of the rights or privileges of a shareholder with respect to any Deferred Stock until Shares are distributed to the Participant.
		

		
			(f)Dividends and Distributions.  Except as otherwise provided by the Committee, a Participant who holds Deferred Stock shall not be entitled to receive dividends, distributions, or dividend equivalents when such payments or distributions are made with respect to the Shares distributable with respect to the Deferred Stock.  For record dates occurring after such Shares are distributed, the Participant shall be entitled to receive dividends or distributions if any are declared on the Shares.
		

		
			(g)Accelerated Distribution.  The Committee may not, at any time after Deferred Stock held by a Participant has vested, accelerate the time that Shares or cash are or is distributed with respect to such Deferred Stock, except where such acceleration would not cause the Participant to become subject to penalties and/or interest under Section 409A of the Code.
		

		 

		

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			11.PERFORMANCE SHARE UNITS
		

		
			Performance Share Units granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall determine, including the following:
		

		
			(a)Grants.  The terms of any grant of Performance Share Units shall be confirmed by the execution of a Performance Share Unit Agreement.  The terms of any Performance Share Unit Agreement shall specify the target number of Performance Share Units established for the Participant, the applicable Performance Goals, the performance period, and any vesting period applicable to the Award.
		

		
			(b)Performance Goals.  The Committee shall set performance conditions based upon the achievement of specific Performance Goals.  The Committee may also set vesting conditions based on the continued employment of a Participant who is an Employee or based on the continued service of a Participant who is a Director or Consultant, which may or may not run concurrently with the performance period.  For purposes of qualifying Performance Share Units as “performance-based compensation” under Section 162(m) of the Code, the Committee may set performance conditions based upon the achievement of Performance Goals.  In such event, the Performance Goals shall be set by the Committee on or before the latest date permissible to enable the Performance Share Units to qualify as “performance-based compensation” under Section 162(m) of the Code and the Committee shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the Performance Share Units under Section 162(m) of the Code, including, without limitation, written certification by  the Committee that the Performance Goals and other applicable conditions have been satisfied before any payment is made in respect of an Award of Performance Share Units.
		

		
			(c)Award Calculation and Payment.  The actual number of Performance Share Units earned shall be determined at the end of the performance period, based on achievement of the applicable Performance Goals.  Except as otherwise determined by the Committee at the time of grant, Awards will be paid in Shares equal to the number of Performance Share Units that have been earned at the end of the performance period as of the later of: (i) the date the Committee has approved and certified the number of Performance Share Units that have been earned, or (ii) where applicable, the date any vesting period thereafter has been satisfied.  However, the Company, as determined in the sole discretion of the Committee at the time of grant, shall be entitled to settle its obligation to deliver Shares by instead making a payment of cash substantially equal to the fair market value of the Shares it would otherwise be obligated to deliver, or by the issuance of a combination of Shares and cash, in the proportions determined by the Committee, substantially equal to the fair market value of the Shares the Company would otherwise be obligated to deliver.  The fair market value of a Share for this purpose will mean the Fair Market Value of a Share on the business day immediately preceding the date of the cash payment.  Notwithstanding the foregoing, if any grant of Performance Share Units to a Participant who is subject to U.S. federal income tax is nonqualified deferred compensation for purposes of Section 409A of the Code, Shares or cash shall only be distributed in a manner such that Section 409A of the Code will not cause the Participant to become subject to penalties and/or interest thereunder.
		

		
			(d)Cessation of Status.  Except as otherwise determined by the Committee:
		

		 

		

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			(1)If a Participant ceases to be an Employee, a Director or a Consultant for any reason, then except as provided in Subparagraph 11(d)(2) hereof the Participant shall forfeit all Performance Share Units that have not yet been earned and/or vested as of the date of termination.
		

		
			(2)If a Participant ceases to be an Employee, Director or Consultant due to death or Disability, all Performance Share Units then held by the Participant that have not yet been earned and/or vested shall immediately become earned and vested to the same extent they would have otherwise been earned if 100% of the target performance condition had been achieved at the end of the performance period.
		

		
			(e)Transferability.  Performance Share Units may not be sold, assigned, conveyed, donated, pledged, transferred or otherwise disposed of or encumbered or subjected to execution, attachment, or similar process; provided,  however, that Shares distributed in respect of such Performance Share Units may be transferred in accordance with applicable securities laws.  Any transfer, attempted transfer, or purported transfer of Performance Share Units by a Participant shall be null and void.  A Participant shall have the right to transfer Performance Share Units upon such Participant’s death, either to the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Committee shall prescribe or approve), or, if the deceased Participant dies without a surviving designated beneficiary, by the terms of such Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in the Plan or otherwise determined by the Committee, and all such distributees shall be subject to all terms and conditions of the Plan to the same extent as would the Participant.
		

		
			(f)Rights as a Shareholder.  A Participant receiving an Award of Performance Share Units shall have the rights of a shareholder only as to Shares issued under the Plan upon the attainment of specified Performance Goals and not with respect to Shares subject to the Award but not issued to the Participant.  A Participant shall be entitled to receive Shares only upon attainment of specified Performance Goals within the period specified in the Performance Share Unit Agreement, as certified by the Committee.
		

		
			12.FOREIGN AWARD RECIPIENTS
		

		
			Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have Employees, the Committee shall have the power and authority in its sole discretion to: (i) determine which Subsidiaries shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided,  however, that no such subplans and/or modifications shall increase the share limitations contained in Paragraph 4 hereof; and (v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals.
		

		 

		

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			13.LAWS AND REGULATIONS
		

		
			Each Award Agreement shall contain such representations, warranties and other terms and conditions as shall be necessary in the opinion of counsel to the Company to comply with all applicable federal and state securities laws.  The Company shall have the right to delay the issue or delivery of any Shares under the Plan until (i) the completion of such registration or qualification of such Shares under any federal or state law, ruling or regulation as the Company shall determine to be necessary or advisable, and (ii) receipt from the Participant of such documents and information as the Committee may deem necessary or appropriate in connection with such registration or qualification.
		

		
			14.ADJUSTMENT PROVISIONS
		

		
			(a)Adjustments.  In the event of any stock dividend, stock split, reverse stock split, recapitalization, merger, consolidation, combination or exchange of shares, or the like, as a result of which shares of any class shall be issued in respect of the outstanding Shares, or the Shares shall be changed into the same or a different number of the same or another class of stock, or into securities of another person, any distribution of cash or other property to the shareholders (other than a regular cash dividend), the total number of Shares authorized to be offered in accordance with Paragraph 4 hereof and any other limitations contained in Paragraph 4 hereof, the number of Shares subject to each outstanding Option, the number of Shares of Restricted Stock or Restricted Stock Units then held by each Participant, the number of Shares to which each then outstanding Award of Deferred Stock or Performance Share Units relates, and the exercise price applicable to each outstanding Option shall be adjusted in such equitable and proportionate manner as determined by the Committee.  No fractional Share shall be issued under the Plan resulting from any such adjustment but the Committee in its sole discretion may make a cash payment in lieu of a fractional Share.
		

		
			(b)Binding Effect.  Any adjustment, waiver, conversion or other action taken by the Committee under this Paragraph 14 shall be conclusive and binding on all Participants and the Company and their respective successors and assigns.
		

		
			15.TAXES
		

		
			The Company shall be entitled to pay and withhold from any amounts payable by the Company to a Participant the amount of any tax which it believes is required to be withheld under applicable law in connection with any Award, and the Company may defer making delivery of Shares until arrangements satisfactory to it have been made with respect to any such withholding obligations.  If a Participant is permitted by the Committee to do so, the Participant may, at his or her election, satisfy his or her obligation for payment of required tax withholding by having the Company retain a number of Shares having an aggregate Fair Market Value on the date the Shares are withheld equal to the amount of the required tax withholding.  If the Company will not accept Shares for payment of tax withholding, the Participant must transfer cash to the Company equal to the withholding obligation.  Any tax withheld hereunder shall not exceed the minimum required by law.
		

		 

		

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			16.EFFECTIVENESS OF THE PLAN
		

		
			The Plan, as approved by the Board of Directors and the shareholders of the Company, shall become effective as of the date of such shareholder approval, and any amendment and/or restatement of the Plan shall become effective as of the date of approval by the Board of Directors, except that, if any amendment or restatement is subject to shareholder approval, the date of shareholder approval instead shall be the effective date.
		

		
			17.EFFECT OF CORPORATE TRANSACTIONS
		

		
			(a)Merger, Consolidation or Reorganization.  In the event of a merger, consolidation or reorganization with another corporation in which the Company is not the surviving corporation or a merger, consolidation or reorganization involving the Company in which the Common Stock ceases to be publicly traded, the Committee shall, subject to the approval of the Board, or the board of directors of any corporation assuming the obligations of the Company hereunder, take action regarding each outstanding and unexercised Award pursuant to either clause (1) or (2) below:
		

		
			(1)Appropriate provision may be made for the protection of such Award by the substitution on an equitable basis of appropriate shares of the surviving or related corporation, provided that, for Options, the excess of the aggregate Fair Market Value of the Shares subject to such Award immediately before such substitution over the exercise price thereof, if any, is not more than the excess of the aggregate Fair Market Value of the substituted shares made subject to such Award immediately after such substitution over the exercise price thereof, if any; or
		

		
			(2)The Committee may cancel such Award.  In the event any Option is canceled, the Company, or the corporation assuming the obligations of the Company hereunder, shall pay the Participant an amount of cash (less normal withholding taxes) equal to the excess of (i) the value, as determined by the Committee, of the property (including cash) received by the holder of a Share as a result of such event over (ii) the exercise price of such Option, multiplied by the number of shares subject to such Award (including any unvested portion).  In the event any other Award is canceled, the Company, or the corporation assuming the obligations of the Company hereunder, shall pay the Participant an amount of cash or stock, as determined by the Committee, based upon the value, as determined by the Committee, of the property (including cash) received by the holder of a Share as a result of such event (including payment for any unvested portion).  No payment shall be made to a Participant for any Option if the exercise price for such Option exceeds the value, as determined by the Committee, of the property (including cash) received by the holder of a share of Company Stock as a result of such event.  Unless the particular Award Agreement provides otherwise, determination of any payment under this subparagraph (a)(2) for an Award that is subject to a Performance Goal shall be based upon achievement at the target level of performance.
		

		
			(b)Effect of Change in Control upon Certain Awards.  Except as otherwise determined by the Committee (in an Award Agreement or otherwise) or except where a Participant’s entitlement to an Award is subject to a Performance Goal, upon a Participant’s involuntary termination of employment without Cause or a voluntary termination of the Participant’s 
		

		 

		

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		employment for Good Reason within twelve (12) months following a Change in Control, all Awards will become fully vested, and for Options, immediately exercisable.  In the case of an Award under which a Participant’s entitlement to the Award is subject to the achievement of a Performance Goal, except as otherwise determined by the Committee (in the Award Agreement or otherwise), upon the occurrence of a Change in Control, the Participant shall be deemed to have satisfied the Performance Goal(s) at the target level of performance and such Award shall continue to vest based upon the time-based service vesting criteria, if any, to which the Award is subject.  For Awards described in the preceding sentence that are assumed or maintained by the acquiring or surviving company following a Change in Control, except as otherwise determined by the Committee (in an Award Agreement or otherwise), upon a Participant’s involuntary termination of employment without Cause or a voluntary termination of the Participant’s employment for Good Reason within twelve (12) months following a Change in Control, the time-based service vesting criteria shall be deemed satisfied at the time of such termination.
		

		
			18.TERMINATION AND AMENDMENT
		

		
			Unless the Plan shall theretofore have been terminated as hereinafter provided, no Award shall be granted after the tenth (10th) anniversary of the date this Plan is approved by the shareholders of the Company.  The Board of Directors may terminate the Plan or make such modifications or amendments thereof as it shall deem advisable, including, but not limited to, such modifications or amendments as it shall deem advisable in order to conform to any law or regulation applicable thereto; provided,  however, that the Board of Directors may not, without further approval of the holders of a majority of the Shares voted at any meeting of shareholders at which a quorum is present and voting, adopt any amendment to the Plan for which shareholder approval is required under tax, securities or any other applicable law.  Except as described below, no termination, modification or amendment of the Plan may, without the consent of the Participant, adversely affect the rights of such Participant under an outstanding Award then held by the Participant.
		

		
			Notwithstanding the above to the contrary, the Board of Directors may amend the Plan at any time, without the consent of any Participant, in order to cause the Plan to meet the requirements of Section 409A of the Code and any guidance promulgated thereunder in order to avoid causing any Participant to become subject to interest and/or penalties that would otherwise by imposed under Section 409A of the Code.  In the event this Plan is terminated, any amounts allocated to a Participant hereunder that are subject to Section 409A of the Code shall be distributed to the Participant only in a manner permitted under Section 409A of the Code and any guidance promulgated thereunder.
		

		
			Except as otherwise provided in this Plan, the Committee may amend an outstanding Award or any Award Agreement; provided,  however, that the Participant’s consent to such action shall be required unless the Committee determines that the action, taking into account any related action, (i) would not materially and adversely affect the Participant or (ii) where applicable, is required in order for the Participant to avoid becoming subject to penalties and/or interest under Section 409A of the Code.  The Committee may also modify or amend the terms of any Award granted under the Plan for the purpose of complying with, or taking advantage of, income or other tax or legal requirements or practices of foreign countries which are applicable to Employees.  However, notwithstanding any other provision of the Plan, the Committee may not adjust or amend 
		

		 

		

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		the exercise price of any outstanding Option, whether through amendment, cancellation and replacement grants, or any other means, except in accordance with Paragraph 14 of the Plan.
		

		
			19.OTHER BENEFIT AND COMPENSATION PROGRAMS
		

		
			Payments and other benefits received by an Employee under an Award granted pursuant to the Plan shall not be deemed a part of such Employee’s regular, recurring compensation for purposes of the termination, indemnity or severance pay law of any country and shall not be included in, or have any effect on, the determination of benefits under any other employee benefit plan, contract or similar arrangement provided by the Company or any Subsidiary unless expressly so provided by such other plan, contract or arrangement, unless required by law, or unless the Committee expressly determines otherwise.
		

		
			20.CLAWBACK POLICY
		

		
			All Awards granted under the Plan are subject to forfeiture, recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy required to be adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or other applicable law.  No forfeiture or recovery of Awards granted under the Plan or any other action taken under any clawback or recoupment policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement between a Participant and the Company.
		

		
			21.NO RIGHT TO EMPLOYMENT OR SERVICE.
		

		
			The Plan shall not confer upon any person any right to continue employment or service with the Company or a Subsidiary, nor shall it interfere in any way with the right of the Company or such Subsidiary to terminate any person’s employment or service at any time.
		

		
			22.SEVERABILITY
		

		
			In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.
		

		
			23.GOVERNING LAW
		

		
			This Plan and all Awards and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the State of Wisconsin, applied without regard to the laws of any other jurisdiction that otherwise would govern under conflict of law principles.
		

		 

		

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