Document:

Exhibit 10.29

 

	
   

  	
  FORM OF AWARD FOR IPO/INITIAL DIRECTOR RSUs

  

 

DIRECTOR RSU AWARD AGREEMENT

 

UNDER THE MORGANS HOTEL GROUP CO.

2006 OMNIBUS STOCK INCENTIVE PLAN

 

Name of Grantee:

No. of RSUs:

Grant Date:

 

Pursuant to the Morgans
Hotel Group Co. 2006 Omnibus Stock Incentive Plan (the “Plan”) of
Morgans Hotel Group Co. (the “Company”), a Delaware corporation, this
Director RSU Award Agreement (this “Agreement”) is made and entered into
as this          day of                 ,
2006 (the “Grant Date”), by and between the Company and                               
(the “Grantee”), for the purpose of issuing to the Grantee the number of
restricted stock units (“RSUs”) specified above (this “Award”)
under the terms and conditions set forth herein.

 

1.             The
Plan.  This Award is made pursuant to
the Plan, and the terms of the Plan are incorporated into this Agreement,
except as otherwise specifically stated herein. 
Capitalized terms used in this Agreement that are not defined in this
Agreement have the meanings as used or defined in the Plan.  References in this Agreement to any specific
Plan provision shall not be construed as limiting the applicability of any
other Plan provision.

 

2.             Award.  The Company hereby grants to the Grantee             
RSUs (“Director RSUs”) of the Company as compensation for the Grantee’s
service on the Board of Directors of the Company (the “Board”).  The Director RSU constitutes an unfunded and
unsecured promise of the Company to deliver (or cause to be delivered) to the
Grantee, subject to the terms and conditions of this Agreement, a share of
Common Stock (a “Share”) (or cash equal to the Fair Market Value
thereof) on the Delivery Date (as defined below) (the Shares that are
deliverable to the Grantee pursuant to the RSU, the “RSU Shares”).  Until such delivery, the Grantee has only the
rights of a general unsecured creditor, and no rights as a shareholder, of the
Company.

 

3.             Vesting.  Except as provided in Sections 5 and 6, the
Grantee’s Director RSUs shall vest as follows: (i) one-third on the first
anniversary of the Grant Date and (ii) the remaining two-thirds in equal
monthly installments on the last day of each month over the twenty-four month
period thereafter (which amounts may be rounded to avoid fractional RSU
Shares).

 

4.             Delivery.  The “Delivery Date” with respect to this
Award, to the extent the Award has vested, shall be the date of the Grantee’s resignation
or other termination of service from the Board. 
Except as provided in Sections 6 and 8, Shares underlying the Grantee’s
vested Director RSUs (or cash equal to the Fair Market Value thereof) shall be
delivered to the Grantee reasonably promptly after the Delivery Date.

 

1

 

5.             Termination.  Unless the Committee determines otherwise,
and except as provided in Section 6, if the Grantee’s service on the Board
terminates for any reason before all of the Grantee’s Director RSUs have
vested, then the Grantee’s rights in respect of any of the Grantee’s Director
RSUs that are not vested shall immediately terminate and such unvested RSUs
shall cease to be outstanding and no Shares (or cash) or dividend equivalent
payments will be delivered in respect of such unvested RSUs.

 

6.             Change
in Control.  Notwithstanding any
other provision of this Agreement and the Plan, upon a Change in Control, all
of the Grantee’s outstanding Director RSUs shall vest and the Shares underlying
the Grantee’s outstanding Director RSUs (or cash equal to the Fair Market Value
thereof) shall be delivered to the Grantee promptly thereafter.

 

7.             Dividend
Equivalents.  With respect to each of
the Grantee’s outstanding Director RSUs, prior to the delivery of any RSU
Shares, at or after the time of distribution of any regular cash dividend paid
by the Company in respect of the Common Stock the record date for which occurs
on or after the Grant Date of such RSUs, the Grantee shall be entitled to
receive an amount in cash (less applicable withholding) equal to such regular
dividend payment as would have been made in respect of the RSU Shares not yet
delivered (whether or not vested), as if the RSU Shares had been actually
delivered.

 

8.             Issuance
of RSU Shares.  As promptly as is
practicable after the Delivery Date, the Company shall issue the RSU Shares
registered in the name of the Grantee, the Grantee’s authorized assignee, or the
Grantee’s legal representative, and shall deliver certificates representing the
RSU Shares with the appropriate legends affixed thereto.  The Company may reasonably postpone such
delivery until it receives satisfactory proof that the issuance of such RSU Shares
will not violate any of the provisions of the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended, any rules or
regulations of the Securities and Exchange Commission promulgated thereunder,
or the requirements of applicable state law relating to authorization, issuance
or sale of securities, or until there has been compliance with the provisions
of such acts or rules.  The Grantee
understands that the Company is under no obligation to register or qualify the RSU
Shares with the SEC, any state securities commission or any stock exchange to
effect such compliance.

 

9.          Nontransferability
of Director RSUs.  These
Director RSUs may not be transferred in any manner other than by will, by the
laws of descent and distribution, by instruments to an inter vivos testamentary
trust in which the Director RSUs are passed to beneficiaries upon the death of the
Grantee, or by gift to Immediate Family, which shall include for purposes of
this Agreement a family limited partnership or any similar entity which is
primarily for the benefit of the Grantee and his or her Immediate Family. The
terms of these Director RSUs shall be binding upon the executors,
administrators, successors and assigns of the Grantee.

 

10.        Privileges
of Stock Ownership.  The
Grantee shall not have any of the rights of a stockholder of the Company with
respect to any RSU Shares until the RSU Shares are issued to the Grantee and no
adjustment shall be made for cash distributions in respect of such RSU Shares
for which the record date is prior to the date upon which such Grantee or
permitted transferee shall become the holder of record thereof.

 

2

 

11.        Entire
Agreement.  The Plan is incorporated herein by
reference.   This Agreement, the Plan and
any such other documents as may be executed in connection with the delivery of
the RSU Shares constitute the entire agreement and understanding of the parties
hereto with respect to the subject matter hereof and supersede all prior
understandings and agreements with respect to such subject matter.  Any action taken or decision made by the
Committee arising out of or in connection with the construction,
administration, interpretation or effect of this Agreement shall lie within its
sole and absolute discretion, as the case may be, and shall be final,
conclusive and binding on the Grantee and all persons claiming under or through
the Grantee.

 

12.        No
Obligation to Employ.  Nothing
in the Plan or this Agreement shall confer on the Grantee any right to continue
to serve as a director of the Company, or to continue in any other relationship
with the Company, any Parent or any Subsidiary, or limit in any way the right
of the Company, any Parent or any Subsidiary to terminate the Grantee’s
directorship or other relationship at any time.

 

13.        Notices.  Any notice required to be given or delivered
to the Company under the terms of this Agreement shall be in writing and
addressed to the Corporate Secretary of the Company at its principal corporate
offices.  Any notice required to be given
or delivered to the Grantee shall be in writing and addressed to the Grantee at
the address last on the records of the Company. 
All notices shall be deemed to have been given or delivered upon:  personal delivery; three (3) days after
deposit in the United States mail by certified or registered mail (return
receipt requested); one (1) business day after deposit with any return receipt
express courier (prepaid); or one (1) business day after transmission by
facsimile.

 

14.        Successors
and Assigns.  The Company may
assign any of its rights under this Agreement. This Agreement shall be binding
upon and inure to the benefit of the successors and assigns of the
Company.  Subject to the restrictions on
transfer set forth herein, this Agreement shall be binding upon the Grantee and
the Grantee’s heirs, executors, administrators, legal representatives,
successors and assigns.

 

15.        Adjustments. 
In the event of any change in the outstanding shares of the Company
after the Grant Date or any other event described in Section 5 of the Plan
occurring after the Grant Date, the Board or the Committee shall make such
equitable substitution or adjustment (including cash payments) as provided for
under Section 5 of the Plan in order to preserve the value of the Grantee’s
Director RSUs.

 

16.        Section 409A. 
If any compensation provided by this Agreement may result in the
application of Section 409A of the Code, the Company shall, in consultation
with the Grantee modify the Agreement in the least restrictive manner necessary
in order to, where applicable, (a) exclude such compensation from the
definition of “deferred compensation” within the meaning of such
Section 409A or (b) comply with the provisions of Section 409A,
other applicable provision(s) of the Code and/or any rules, regulations or
other regulatory guidance issued under such statutory provisions and to make
such modifications, in each case, without any diminution in the value of the
payments to the Grantee.

 

3

 

17.        Governing
Law.  This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York without
regard to that body of law pertaining to choice of law or conflict of law.

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the Grant Date.

 

 

	
   

  	
  MORGANS HOTEL GROUP CO.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Director]

  

 

5Exhibit 10.30

 

STOCK
OPTION AWARD AGREEMENT

 

UNDER
THE MORGANS HOTEL GROUP CO.

2006 OMNIBUS STOCK INCENTIVE PLAN

 

Name of Participant:

No. of Options:

Grant Date:

 

Pursuant to the Morgans
Hotel Group Co. 2006 Omnibus Stock Incentive Plan (the “Plan”) of Morgans
Hotel Group Co., a Delaware corporation (the “Company”), this Stock
Option Award Agreement (this “Agreement”) is made and entered into as
of this          day of                 ,
2006 (the “Grant
Date”), by and between the Company and                                     
(the “Participant”).  Capitalized terms not defined in this
Agreement have the meanings ascribed to them in the Plan.

 

1.             Grant of Stock Option. 
The Company hereby grants to the Participant pursuant to the Plan the
right and option (an “Option”)
to purchase, subject to the terms of this Agreement and the Plan and subject to
the vesting provisions of Sections 3 and 4, all or any part of the
aggregate of               
shares of the Company’s Stock (the “Shares”)
at a purchase price per Share of $                            
(the “Option Exercise Price”).  This Option is intended to be an Incentive
Stock Option to the maximum extent permitted under the Code and the remainder
is intended to be a Non-Qualified Stock Option.

 

2.             Term of Option. 
This Option shall expire on the tenth (10) anniversary of the Grant Date
(the “Expiration
Date”) and must be exercised, if at all, on or before the earlier of
the Expiration Date or the date on which this Option is earlier terminated in
accordance with the provisions of Section 4 of this Agreement.

 

3.             Vesting.

 

(a)           Time
Vesting.  Except as otherwise
provided herein, this Option shall vest as follows: (i) one-third on the first
anniversary of the Grant Date and (ii) the remaining two-thirds in equal monthly
installments on the last day of each month over the twenty-four month period
thereafter. This Option shall be exercisable only to the extent that it has
vested.  Except as provided in Section
4(d) of this Agreement, this Option shall cease to vest upon Participant’s
termination of employment, and may be exercised after Participant’s date of
termination only as set forth below.

 

(b)           Change
in Control.  Upon a Change in Control
(as defined in the Plan) this Option shall fully vest and become exercisable.

 

4.             Termination of Employment.

 

(a)           Termination
of Employment for Any Reason Other than Death, Disability or Cause.  Upon Participant’s termination of employment
for any reason other than death,

 

 

Disability or
Cause, this Option, to the extent (and only to the extent) that it is vested on
the date of employment termination, may be exercised by Participant no later
than 90 days after the date of such termination, but in no event later than the
Expiration Date.

 

For this purpose, “Disability” shall mean (i) if the
Participant has an employment agreement with the Company that as of the Grant
Date has a specified definition of the term “Disability”, the meaning specified
in such employment agreement on the Grant Date and (ii) if the Participant does
not have an employment agreement that so defines the term “Disability”, the
inability of the Participant to perform the Participant’s duties with the
Company on a full-time basis for 130 business days during any consecutive
twelve month period as a result of incapacity due to mental or physical illness
which is determined to be total and permanent by a physician selected by the
Company.

 

For this purpose, “Cause” shall mean (i) if the
Participant has an employment agreement with the Company that as of the Grant Date
has a specified definition of the term “Cause”, the meaning specified in such
employment agreement on the Grant Date and (ii) if the Participant does not
have an employment agreement that so defines the term “Cause”, that the
Participant: (A) fails to substantially perform the Participant’s
responsibilities, after specific demand for substantial performance has been
given; (B) engages in misconduct which is materially and demonstrably
injurious to the Company; (C) is convicted of felony or pleads guilty or nolo
contendere to a felony; or (D) engages in fraud in connection with the
business of the Company or misappropriates the Company’s funds or property.

 

(b)           Termination
Because of Death or Disability.  Upon
Participant’s termination of employment because of death or Disability (or upon
Participant’s death within ninety (90) days after termination of employment
other than for Disability or Cause), this Option, to the extent (and only to
the extent) that it is vested on the date of employment termination, may be
exercised by Participant (or Participant’s legal representative or authorized
assignee) no later than twelve (12) months after the date of such termination,
but in no event later than the Expiration Date.

 

(c)           Termination
for Cause.  Upon Participant’s termination
of employment by the Company for Cause, this Option will expire and terminate
on the date of such termination or at such earlier date determined by the
Committee.

 

(d)           Other
Vesting or Exercisability Terms.  Notwithstanding
anything to the contrary in Section 3 or 4 of this Agreement, to the extent
Participant is a party to another agreement or arrangement with the Company
that provides accelerated vesting in the event of certain types of employment
terminations or any other applicable vesting-related events or provides more
favorable exercise provisions, the more favorable terms of such other agreement
or arrangement shall control.

 

5.             Manner of Exercise.

 

(a)           Stock
Option Exercise Agreement.  To
exercise this Option, Participant (or in the case of exercise after Participant’s
death, Participant’s executor, administrator, heir or legatee, as the case may
be) must deliver to the Company an executed stock option exercise

 

2

 

agreement in the form
attached hereto as Exhibit A, or in such other form as may be required
by the Company from time to time (the “Exercise Agreement”), which shall
set forth, inter  alia, Participant’s election to exercise this
Option, and the number of Shares being purchased.  If someone other than Participant exercises
this Option, then such person must submit documentation reasonably acceptable
to the Company that such person has the right to exercise this Option.

 

(b)           Limitations
on Exercise.  This Option may not be
exercised unless such exercise is in compliance, to the reasonable satisfaction
of the Committee, with all applicable federal and state securities laws, as
they are in effect on the date of exercise.

 

(c)           Payment.  The Exercise Agreement shall be accompanied
by full payment for the Shares being purchased (the “Exercise Price”) in cash (by
check), or where permitted by law:

 

(i)            by
delivery of shares of stock of the Company (that (i) either (1) have been owned
by Participant for more than six (6) months and have been paid for within the
meaning of Rule 144 under the Securities Act (and, if such shares were
purchased from the Company by use of a promissory note, such note has been
fully paid with respect to such shares) (either actual delivery or by
attestation procedures established by the Company) or (2) were obtained by Participant
in the open public market; and (ii) unless otherwise determined by the
Committee, are free and clear of all liens, claims, encumbrances or security
interests) having a Fair Market Value (determined on the date of exercise)
equal to the Exercise Price;

 

(ii)           provided
that a public market for the Company’s stock exists:  (1) through a “same day sale” commitment from
Participant and a broker-dealer that is acceptable to the Company (a “Broker-Dealer”)
whereby Participant irrevocably elects to exercise this Option and to sell a
portion of the Shares so purchased to pay for the Exercise Price and whereby
the Broker-Dealer irrevocably commits upon receipt of such Shares to forward
the Exercise Price directly to the Company; or (2) through a “margin”
commitment from Participant and a Broker-Dealer whereby Participant irrevocably
elects to exercise this Option and to pledge the Shares so purchased to the Broker-Dealer
in a margin account as security for a loan from the Broker-Dealer in the amount
of the Exercise Price, and whereby the Broker-Dealer irrevocably commits upon
receipt of such Shares to forward the Exercise Price directly to the Company;

 

(iii)          by
any combination of the foregoing; or

 

(iv)          at
the discretion of the Committee and to the extent permitted by law, such other
method as may be prescribed from time to time.

 

3

 

(d)           Tax
Withholding.  Prior to the issuance
of the Shares upon exercise of this Option, Participant will pay, or otherwise
provide for to the satisfaction of the Company, any applicable federal or state
withholding obligations of the Company. To the extent permitted by law, Participant
may provide for payment of withholding taxes upon exercise of this Option by
requesting that the Company retain Shares with a Fair Market Value (determined
as of the date of exercise) equal to the statutory minimum amount of taxes
required to be withheld.  In such case,
the Company shall issue the net number of Shares to the Participant by
deducting the Shares retained from the Shares issuable upon exercise of this
Option.

 

(e)           Issuance
of Shares.  As promptly as is practicable
after the receipt of the Exercise Agreement, in form and substance reasonably satisfactory
to counsel for the Company, payment of the Exercise Price and satisfaction of
applicable withholding requirements, the Company shall issue the Shares
registered in the name of Participant, Participant’s authorized assignee, or Participant’s
legal representative, and shall deliver certificates representing the Shares
with the appropriate legends affixed thereto. 
The Company may reasonably postpone such delivery until it receives
satisfactory proof that the issuance of such Shares will not violate any of the
provisions of the Securities Act, or the Exchange Act, any rules or regulations
of the Securities and Exchange Commission promulgated thereunder, or the
requirements of applicable state law relating to authorization, issuance or sale
of securities, or until there has been compliance with the provisions of such
acts or rules.  Participant understands
that the Company is under no obligation to register or qualify the Shares with
the SEC, any state securities commission or any stock exchange to effect such
compliance.

 

6.             Nontransferability of Option.  This Option may not be transferred in any
manner other than by will, by the laws of descent and distribution, by
instruments to an inter vivos testamentary trust in which the Option is passed
to beneficiaries upon the death of a Participant, or by gift to Immediate
Family, which shall include for purposes of this Agreement a family limited
partnership or any similar entity which is primarily for the benefit of
Participant and his or her Immediate Family (provided that such portion of the
Option which is intended to be an Incentive Stock Option may not be transferred
by gift to Immediate Family), and may be exercised during the lifetime of Participant
only by Participant or Participant’s legal representative.  The terms of this Option shall be binding
upon the executors, administrators, successors and assigns of Participant.

 

7.             Privileges
of Stock Ownership.  Participant shall not have any of the rights
of a stockholder of the Company with respect to any Shares until the Shares are
issued to Participant and no adjustment shall be made for cash distributions in
respect of such Shares for which the record date is prior to the date upon
which such Participant or permitted transferee shall become the holder of
record thereof.

 

8.             Entire Agreement. 
The Plan is incorporated herein by reference. Except as provided in
Section 4(d), this Agreement, the Plan, the Exercise Agreement and such other
documents as may be executed in connection with the exercise of this Option
constitute the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof and supersede all prior understandings and
agreements with respect to such subject matter. 
Any action taken or decision made by the Committee arising out of or in
connection with the construction, administration, interpretation or effect of
this Agreement shall lie within its sole

 

4

 

and absolute discretion, as the case may be, and shall
be final, conclusive and binding on the Participant and all persons claiming
under or through the Participant.

 

9.             No Obligation to Employ.  Nothing in the Plan or this Agreement shall
confer on Participant any right to continue in the employ of, or other
relationship with, the Company, any Parent or any Subsidiary, or limit in any
way the right of the Company, any Parent or any Subsidiary to terminate Participant’s
employment or other relationship at any time, with or without Cause.

 

10.           Notices. 
Any notice required to be given or delivered to the Company under the
terms of this Agreement shall be in writing and addressed to the Corporate
Secretary of the Company at its principal corporate offices.  Any notice required to be given or delivered
to Participant shall be in writing and addressed to Participant at the address
indicated last on the records of the Company. 
All notices shall be deemed to have been given or delivered upon:  personal delivery; three (3) days after
deposit in the United States mail by certified or registered mail (return
receipt requested); one (1) business day after deposit with any return receipt
express courier (prepaid); or one (1) business day after transmission by
facsimile.

 

11.           Successors and Assigns. 
This Agreement shall be binding upon and inure to the benefit of the
successors of the Company.  Subject to
the restrictions on transfer set forth herein, this Agreement shall be binding
upon Participant and Participant’s heirs, executors, administrators, legal representatives,
successors and assigns.

 

12.           Adjustments. In the event of
any change in the outstanding shares of the Company after the Grant Date or any
other event described in Section 5 of the Plan occurring after the Grant Date,
the Board or the Committee shall make such equitable substitution or adjustment
(including cash payments) as provided for under Section 5 of the Plan in order
to preserve the value of Participant’s Option.

 

13.           Section 409A. If any
compensation provided by this Agreement may result in the application of the
Code, the Company shall, in consultation with the Participant modify the
Agreement in the least restrictive manner necessary in order to, where
applicable, (a) exclude such compensation from the definition of “deferred
compensation” within the meaning of such Section 409A or (b) comply
with the provisions of Section 409A, other applicable provision(s) of the
Code and/or any rules, regulations or other regulatory guidance issued under
such statutory provisions and to make such modifications, in each case, without
any diminution in the value of the payments to the Participant.

 

14.           Governing Law.  This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York without
regard to that body of law pertaining to choice of law or conflict of law.

 

5

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date noted above.

 

 

	
   

  	
  MORGANS
  HOTEL GROUP CO.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Employee]

  	
   

  
					

 

6

 

Exhibit A

 

MORGANS HOTEL GROUP CO.

2006 OMNIBUS STOCK INCENTIVE PLAN (the “Plan”)

STOCK OPTION EXERCISE AGREEMENT

 

I hereby elect to purchase the number of shares of
Stock of Morgans Hotel Group Co. (the “Company”) as set forth below:

 

	
  Participant:

  	
   

  	
   

  	
  Number of Shares
  Purchased:

  	
   

  	
   

  
	
  Social Security
  Number:

  	
   

  	
   

  	
   

  	
  Purchase Price
  per Share:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
   

  	
  Aggregate
  Purchase Price:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Date of Option
  Award Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Type of Option:

  	
  Nonqualified
  Stock Option

  	
   

  	
   

  	
  Exact Name of
  Title to Shares:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
														

 

Delivery of Purchase Price.  Participant hereby delivers to the Company
the Exercise Price, to the extent permitted in the Stock Option Award Agreement
as follows (check as applicable and complete):

 

	
  o

  	
   

  	
  in cash (by
  check) in the amount of $                  ,
  receipt of which is acknowledged by the Company;

  
	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  by delivery of                     
  fully-paid, nonassessable and vested shares of the Stock of the Company (a)
  owned by Participant for at least six (6) months prior to the date hereof
  (and which have been paid for within the meaning of Rule 144 under the
  Securities Act) (and, if such shares were purchased from the Company by use
  of a promissory note, such note has been fully paid with respect to such
  shares) (either actual delivery or by attestation procedures established by
  the Company) or obtained by Participant in the open public market and (b)
  owned free and clear of all liens, claims, encumbrances or security interests,
  valued at the current Fair Market Value of $          per share;

  
	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  through a
  “same-day-sale” commitment, delivered herewith, from Participant and the
  Broker-Dealer named therein, in the amount of $                    ;
  or

  
	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  through a “margin”
  commitment, delivered herewith from Participant and the Broker-Dealer named
  therein, in the amount of $                    .

  

 

Payment of Withholding Tax.  Participant hereby delivers to the Company
the amount necessary to satisfy any withholding tax obligations of the Company,
to the extent permitted in the Stock Option Award Agreement as follows (check
as applicable and complete):

 

	
  o

  	
   

  	
  in cash (by
  check) in the amount of $                    ,
  receipt of which is acknowledged by the Company; or

  
	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  by the Company
  retaining shares of Stock deliverable pursuant to the exercise of this
  Agreement with a Fair Market Value equal to the amount of such withholding
  tax obligation.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature of
  Participant

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