Document:

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EXHIBIT 10.4

HIGHLAND FINANCIAL PARTNERS, L.P.

2006 LP UNIT INCENTIVE PLAN

FOR NON-NATURAL PERSONS

Adopted on February 3, 2006; as amended in October 2006; and

as further amended on April 17, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE
	SECTION 1 PURPOSE OF PLAN; DEFINITIONS
	 	 	1	 
	1.1 General
	 	 	1	 
	1.2 Purpose
	 	 	1	 
	1.3 Definitions
	 	 	1	 
	SECTION 2 ADMINISTRATION
	 	 	4	 
	2.1 Administration
	 	 	4	 
	2.2 Duties and Powers of Committee
	 	 	4	 
	2.3 Majority Rule
	 	 	5	 
	2.4 Compensation; Professional Assistance; Good Faith Actions
	 	 	5	 
	SECTION 3 COMMON UNITS SUBJECT TO PLAN
	 	 	6	 
	3.1 Number of and Source of Common Units
	 	 	6	 
	3.2 Adjustment of Awards
	 	 	7	 
	SECTION 4 ELIGIBILITY
	 	 	7	 
	SECTION 5 AWARDS
	 	 	7	 
	5.1 Common Unit Options
	 	 	7	 
	5.2 Restricted Common Units
	 	 	9	 
	SECTION 6 AWARD AGREEMENTS
	 	 	12	 
	6.1 Terms of Award Agreements
	 	 	12	 
	6.2 Replacement, Substitution, and Reloading
	 	 	14	 
	6.3 Surrender of Common Unit Options
	 	 	14	 
	SECTION 7 LOANS
	 	 	14	 
	SECTION 8 AMENDMENT AND TERMINATION
	 	 	15	 
	SECTION 9 UNFUNDED STATUS OF PLAN
	 	 	15	 
	SECTION 10 GENERAL PROVISIONS
	 	 	15	 
	10.1 Securities Laws Compliance
	 	 	15	 
	10.2 Certificate Legends
	 	 	16	 
	10.3 Transfer Restrictions
	 	 	16	 
	10.4 LP Actions
	 	 	16	 
	10.5 Payment of Taxes
	 	 	16	 
	SECTION 11 EFFECTIVE DATE OF PLAN
	 	 	16	 
	SECTION 12 TERM OF PLAN
	 	 	17	 

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HIGHLAND FINANCIAL PARTNERS, L.P.

2006 LP UNIT INCENTIVE PLAN

FOR NON-NATURAL PERSONS

SECTION 1

PURPOSE OF PLAN; DEFINITIONS

     1.1 General. The name of this plan is the Highland Financial Partners, L.P. 2006 LP Unit
Incentive Plan for Non-Natural Persons (the “Plan”). The Plan was adopted by the Board (as defined
below) on February 3, 2006, amended in October 2006 and further amended on April 17, 2007. The
Plan was approved by the LP’s Partners on                     , 2007.

     1.2 Purpose. The purposes of the Plan (as defined below) are (a) to facilitate the
ownership of Common Units of Highland Financial Partners, L.P. (the “LP”) by entities that act as
advisors and consultants and whose performance is a key element in achieving the LP’s continued
success (including the Manger, as defined below) in order to reinforce the alignment of their
interests with those of the LP’s Partners by providing performance-based compensation arrangements
to such advisers and consultants to incentivize such consultants and advisers in connection with
such entity’s performance of services for the LP or any of its subsidiaries, (b) to assist the LP
in attracting and retaining advisors and consultants with experience and ability, and (c) to
benefit the LP’s Partners by encouraging high levels of performance by such advisors and
consultants in connection with such entity’s performance of services for the LP or any of its
subsidiaries. Notwithstanding any provision of the Plan, to the extent that any Award would be
subject to Section 409A of the Code, it is the LP’s intent that each such Award shall comply with
the requirements set forth in Section 409A of the Code and any regulations or guidance promulgated
thereunder.

     1.3 Definitions. For purposes of the Plan, the following terms shall be defined as set
forth below:

          (a) “Award” or “Awards” means an award described in Section 5 hereof.

          (b) “Award Agreement” means an agreement described in Section 6 hereof entered into
between the LP and a Participant, setting forth the terms, conditions and any limitations
applicable to the Award granted to the Participant.

          (c) “Board” means the Board of Directors of the LP.

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          (d) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto.

          (e) “Commission” means Securities and Exchange Commission.

          (f) “Committee” means any committee the Board may appoint to administer the Plan.
Effective as of April 17, 2007, the Board appointed the Compensation Committee of the Board to
administer the Plan. To the extent required by applicable law or regulation, (i) the Committee
shall consist of not less than two directors who shall be appointed from time to time by and shall
serve at the pleasure of the Board and (i) the Committee shall be comprised solely of directors who
are (1) “non-employee directors” under Rule 16b-3 of the Exchange Act and (2) “independent
directors” pursuant to New York Stock Exchange requirements.

          (g) “Common Unit” means a unit of common limited partner interest in the LP.

          (h) “Common Unit Option” means any option to purchase Common Units granted pursuant to
Section 5.1. The Common Unit Options granted hereunder are not intended to qualify as “incentive
stock options” within the meaning of Section 422 of the Code.

          (i) “Effective Date” means the date provided pursuant to Section 11.

          (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (k) “Fair Market Value” means the fair value of the Common Units on the relevant date
as determined in good faith by the Board of Directors; provided, however, if the Common Units are
converted into a security that is then traded over any exchange or quotation system, “Fair Market
Value” shall mean the last sales price reported on such exchange or quotation system of such
securities on the relevant date, or if such securities are not then traded on such exchange or
quotation system on the relevant date, the last sales price of such securities on the next
preceding trading day as reported on such exchange or quotation system.

          (l) “Freestanding SAR” means a SAR that is granted independently of any other Award.

          (m) “Limited Partner” shall have the meaning ascribed to it in the LP Agreement.

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          (n) “LP” means Highland Financial Partners, L.P., a Delaware limited partnership or
any successor thereto.

          (o) “LP Agreement” means the Limited Partnership Agreement of the LP, including all
exhibits and schedules attached thereto, as the same may be amended from time to time.

          (p) “Manager” means Highland Capital Management, L.P., or such other person serving as
the Manager under the Management Agreement.

          (q) “Management Agreement” means the Management Agreement, as may be amended from time
to time, to be entered into by and among the LP, certain of its subsidiaries and the Manager, which
will provide the terms on which the Manager will assume its duties with respect to the management
of the LP and such subsidiaries.

          (r) “Manager Awards” means the Awards granted to the Manager as described in Section 5
hereof.

          (s) “Participant” means the Manager and any consultant or advisor to the LP or to any
Subsidiary that is a non-natural person and is selected by the Committee, pursuant to the
Committee’s authority in Section 2 below, to receive Awards.

          (t) “Partner” shall have the meaning ascribed to it in the LP Agreement.

          (u) “Partnership Interest” shall have the meaning ascribed to it in the LP Agreement.

          (v) “Performance Unit” means an Award granted to a Participant pursuant to Section
5.4.

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

          (x) “Restricted Common Unit” means an Award granted pursuant to Section 5.2 hereof.

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          (y) “Stock Appreciation Right” or “SAR” means an Award, granted alone or in
connection with a related Common Unit Option, that pursuant to Section 5.3 is designated as an
SAR.

          (z) “Strike Price” of any SAR shall equal, for any Tandem SAR (whether such Tandem SAR
is granted at the same time as or after the grant of the related Common Unit Option), the exercise
price of such option, or for any other SAR, 100% of the Fair Market Value of a Common Unit on the
grant date of such SAR; provided that the Committee may specify a higher Strike Price in the Award
Agreement.

          (aa) “Subsidiary” shall have the meaning ascribed to it in the LP Agreement.

          (bb) “Tandem SAR” means a SAR that is granted in connection with a related Common Unit
Option, the exercise of which shall require cancellation of the right to purchase a Common Unit
under the related Common Unit Option (and when a Common Unit is purchased under the related Common
Unit Option, the Tandem SAR shall similarly be canceled).

SECTION 2

ADMINISTRATION

     2.1 Administration. The Plan shall be administered by the Board or, at the Board’s sole
discretion, by the Committee, which shall be appointed by the Board, and which shall serve at the
pleasure of the Board. In the event the Board is the administrator of the Plan, references herein
to the Committee shall be deemed to include the Board. The Committee, in its sole discretion and
on such terms and conditions as it may provide, may delegate all or any part of its authority and
powers under the Plan to one or more directors or officers of the LP.

     2.2 Duties and Powers of Committee. The Committee shall have the power and authority to grant Awards to Participants in connection
with the performance of services for the LP or any Subsidiary pursuant to the terms of the Plan,
and, in its discretion, to adopt, alter and repeal such administrative rules, guidelines and
practices governing the Plan as it shall from time to time deem advisable; to interpret the terms
and provisions of the Plan and any Award issued under the Plan (and any agreements relating
thereto); and to otherwise supervise the administration of the Plan.

     In particular, the Committee shall have the authority to determine, in a manner consistent
with the terms of the Plan:

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          (a) in addition to the Manager, those consultants and advisors, if any, who shall be
Participants;

          (b) subject to Section 3, the number of Common Units to be covered by each Common Unit Option
granted hereunder;

          (c) the terms and conditions of any Award granted hereunder, including the waiver or
modification of any such terms or conditions, consistent with the provisions of the Plan
(including, but not limited to, Section 8 of the Plan); and

          (d) to determine whether, to what extent, and under what circumstances an Award may be
settled, cancelled, forfeited, accelerated, exchanged, or surrendered.

Notwithstanding the foregoing, the Committee shall not take any action with respect to an Award
that would be treated, for accounting purposes, as a “repricing” of such Award unless such action
is approved by the LP’s Partners. The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan or in any Award Agreement granted hereunder in the manner
and to the extent it shall deem expedient to carry the Plan into effect and shall be the sole and
final judge of such expediency.

     2.3 Majority Rule. The Committee shall act by a majority of its members in attendance at a
meeting at which a quorum is present or by a memorandum or other written instrument signed by all
members of the Committee.

     2.4 Compensation; Professional Assistance; Good Faith Actions. Members of the Committee
may receive such compensation for their services as members as may be determined by the Board. All
expenses and liabilities that members of the Committee or Board may incur in connection with the
administration of this Plan shall be borne by the LP. The Committee may, with the approval of the Board, employ
attorneys, consultants, accountants, appraisers, brokers or other persons. The Committee, the
Board, the LP and any officers and directors of the LP shall be entitled to rely upon the advice,
opinions or valuations of any such persons. All actions taken and all interpretations and
determinations made by the Committee or Board in good faith shall be final and binding upon all
Participants, the LP and all other interested persons. No member of the Committee or Board shall
be personally liable for any action, determination or interpretation made in good faith with
respect to this Plan or any Award, and all members of the Committee and Board shall be fully
protected and indemnified to the fullest extent permitted by law, by the LP, in respect of any such
action, determination or interpretation.

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SECTION 3

COMMON UNITS SUBJECT TO PLAN

     3.1 Number of and Source of Common Units. Initially, the maximum number of Common Units
reserved and available for issuance under the Plan, together with any number of Common Units
available for issuance under the Highland Financial Partners, L.P. 2006 LP Unit Incentive Plan (the
“Individual Plan” and together with the Plan, the “Equity Plans”), shall be
2,667,126 units. Subsequently, the maximum aggregate number of Common Units reserved and available
for issuance under the Equity Plans shall be increased by ten percent (10%) of the Common Units
issued in any and each subsequent offering of Common Units by the LP, which increases the number of
the outstanding Common Units of the LP upon such offering; [[provided, however, that on the first
day of the LP’s fiscal year beginning in calendar year [2008] and on each anniversary of such date
that occurs during the Term of the Plan, as set forth in Section 12 below, the aggregate number of
Common Units reserved and available for issuance under the Equity Plans shall be increased by an
amount equal to the lesser of (i)
                    
Common Units or (ii)                     percent (                    %) of the number
of Common Units outstanding on the last day of the immediately preceding fiscal year.
Notwithstanding the foregoing, the maximum aggregate number of Common Units reserved and available
for issuance under the Equity Plans shall not exceed an amount equal to [                    ] Common
Units.] The aggregate number of Common Units as to which Awards may be granted to any Participant
during any calendar year may not, subject to adjustment as provided in this Section 3, exceed 50%
of the Common Units reserved for the purposes of the Plan. If any Common Units subject to an Award
are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires
with or without a distribution of Common Units to the Participant, the Common Units with respect to
such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender,
termination or expiration, count against the maximum number of Common Units for which Awards may be granted to the Participant under the preceding sentence.

     If any Common Units subject to an Award are forfeited, cancelled, exchanged or surrendered or
if an Award otherwise terminates or expires without a distribution of Common Units to the
Participant, the Common Units respect to such Award shall, to the extent of any such forfeiture,
cancellation, exchange, surrender, termination or expiration, again be available for Awards under
the Plan and such Awards shall be granted at the Fair Market Value of the underlying Common Units
on the grant date of such Awards. Notwithstanding the foregoing, Common Units that are exchanged
by a Participant or withheld by the LP as full or partial payment in connection with any Award
under the Plan, as well as any Common Units exchanged by a Participant or withheld by the LP or any
Subsidiary to satisfy the tax withholding obligations related to any Award under the Plan, shall
not be available for subsequent Awards under the Plan. Upon the exercise of any Award granted in
tandem with any

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other Awards, such related Awards shall be cancelled to the extent of the number of
Common Units as to which the Award is exercised and, notwithstanding the foregoing, such number of
Common Units shall no longer be available for Awards under the Plan.

     3.2 Adjustment of Awards. Upon the occurrence of any event which affects the Common Units
in such a way that an adjustment of outstanding Awards is appropriate in order to prevent the
dilution or enlargement of rights under the Awards (including, without limitation, any
extraordinary dividend or other distribution (whether in cash or in kind), recapitalization, split,
reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or
exchange, or other similar corporate transaction or event), the Committee shall make appropriate
equitable adjustments, which may include, without limitation, adjustments to any or all of the
number and kind of Common Units (or other securities) which may thereafter be issued in connection
with such outstanding Awards and adjustments to any exercise price specified in the outstanding
Awards and shall also make appropriate equitable adjustments to the number and kind of Common Units
(or other securities) authorized by or to be granted under the Plan. Such other substitutions or
adjustments shall be made respecting Awards hereunder as may be determined by the Committee, in its
sole discretion. In connection with any event described in this paragraph, the Committee may
provide, in its discretion, for the cancellation of any outstanding Award and payment in cash or
other property in exchange therefor, equal to the difference, if any, between the fair market value
of the Common Units or other property subject to the Award, and the exercise price, if any.

SECTION 4

ELIGIBILITY

     The Manager and each consultant or advisor of the LP or any Subsidiary that is a non-natural
Person shall be eligible to be considered by the Committee for Awards under the Plan. Additional
Participants under the Plan may be selected from time to time by the Committee, in its sole
discretion, and the Committee shall determine, in its sole discretion, the number of Common Units
covered by each Award.

SECTION 5

AWARDS

     Awards may include, but are not limited to, those described in this Section 5. The Committee
may grant Awards singly, in tandem or in combination with other Awards, as the Committee may in its
sole discretion determine.

     5.1 Common Unit Options.

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          (a) General. A Common Unit Option is a right to purchase a specified number of Common
Units, at a specified price during such specified time as the Committee shall determine. Vested
Common Unit Options may be exercised in whole or in part at any time during the option period, by
giving written notice of exercise to the LP specifying the number of Common Units to be purchased,
accompanied by payment in full of the purchase price in cash or its equivalent, as determined by
the Committee.

          (b) Exercise Price. The exercise price per Common Unit purchasable under a Common
Unit Option shall be determined by the Committee, but in no event shall such exercise price be
less than the Fair Market Value of a Common Unit as of the date of grant of such Common Unit
Option.

          (c) Payment. As determined by the Committee, in its sole discretion, payment in
whole or in part may also be made (i) to the extent permitted by applicable law, by means of any
cashless exercise procedure approved by the Committee, (ii) in the form of unrestricted Common
Units already owned by the Participant which, (x) in the case of unrestricted Common Units
acquired upon exercise of an option, to the extent required by the Committee, have been owned by
the Participant for more than six months on the date of surrender, and (y) have a Fair Market
Value on the date of surrender equal to the aggregate option price of the Common Units as to which
such Common Unit Option shall be exercised and the minimum statutory withholding taxes with
respect thereto, (iii) in the deduction of
unrestricted Common Units that otherwise would be distributed to the Participant upon
exercise of the Common Unit Option, which have a Fair Market Value on the date of surrender equal
to the aggregate option price of the Common Units as to which such Common Unit Option shall be
exercised and the minimum statutory withholding taxes with respect thereto, (iv)any other form of
consideration approved by the Committee and permitted by applicable law or (v) any combination of
the foregoing. No fractional Common Units will be issued or accepted. A Participant shall
generally have the rights of a Limited Partner with respect to the Common Units subject to the
Common Unit Option only after the Participant has given written notice of exercise, has paid in
full for such units (including the payment of any applicable withholding taxes), and, if
requested, has agreed in writing to be bound by the LP Agreement, has complied with any other
requirements of the Award Agreement and, if requested, has given the representation described in
paragraph (2) of Section 10 below.

          (d) Term and Exercisability of Common Unit Options. Common Unit Options shall be
exercisable over the exercise period (which shall not exceed ten years from the date of grant), at
such times and upon such conditions as the Committee may determine, as reflected in the Award
Agreement; provided that, the Committee shall have the authority to accelerate the exercisability
of any outstanding Common Unit Option at such time and under such circumstances as it, in its sole
discretion, deems appropriate. A Common Unit Option may be exercised to the extent of any or all
full Common Units underlying such option has become exercisable, by giving written notice of such
exercise to the Committee or its designated agent, in the form and manner determined by the
Committee. No partial exercise may be made for less than one hundred (100) full Common Units.

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discretion, deems appropriate. A Common Unit Option may be exercised to the extent of any or all
full Common Units underlying such option has become exercisable, by giving written notice of such
exercise to the Committee or its designated agent, in the form and manner determined by the
Committee. No partial exercise may be made for less than one hundred (100) full Common Units.

               (e) Manager Grants. As of the Effective Date, the Manager shall be granted Common
Unit Options to acquire 343,430 number of Common Units. Such Common Unit Options granted to the
Manager shall (i) vest in three equal annual installments of the date of grant; (ii) expire on the
tenth anniversary of the date of grant; and (iii) have a per unit price equal to the Fair Market
Value on the date of grant, subject to adjustment as set forth in Section 3.2 hereof.

          5.2 Restricted Common Units.

               (a) General. Restricted Common Units are Common Units that are issued to a
Participant, and shall be evidenced in such manner as the Committee may deem appropriate,
including book-entry registration or issuance of one or more certificates. Restricted Common
Units are subject to such terms, conditions and restrictions as the Committee deems appropriate,
which may include, but are not limited to, restrictions upon the sale, assignment, transfer or
other disposition of the Restricted Common Units and the requirement of forfeiture of the
Restricted Common Units upon termination of employment or service under certain specified
conditions. The Committee may provide for the lapse of any such term or condition or waive any
term or condition based on such factors or criteria as the Committee may determine.

               (b) Unitholder Rights. Subject to the restrictions stated in this Section 5.2 and in
the applicable Award Agreement, the Participant shall generally have the rights of a Limited
Partner only after the Participant has agreed in writing to be bound by the LP Agreement, and, if
requested, has given the representation described in paragraph (2) of Section 10 below.

               (c) Escrow Provisions. The LP may require that any certificates evidencing
Restricted Common Units granted hereunder be held in the custody of the LP until the restrictions
thereon shall have lapsed, and that, as a condition of any award of Restricted Common Units, the
Participant shall have delivered a stock power, endorsed in blank, relating to the Common Units
covered by such award.

               (d) Legends. The Committee, in its discretion, may legend the certificates
representing Restricted Common Units to give appropriate notice of such restrictions.

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               (e) Removal of Restrictions. Except as otherwise provided in this Section 5.2,
Common Units covered by each Restricted Common Unit made under the Plan shall be released from
escrow as soon as practicable after the last day of the period of restriction. The Committee, in
its discretion, may accelerate the time at which any restrictions shall lapse or be removed. The
Committee (in its discretion) may establish procedures regarding the release of Common Units from
escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens
on the LP.

               (f) Manager Restricted Common Unit Award. As of the Effective Date, the Manager shall
be granted Restricted Common Units covering 59,710 number of Common Units. Such Restricted Common
Units granted to the Manager shall vest in three equal annual installments of the date of grant.

          5.3 Grant of Stock Appreciation Rights. Subject to the terms and conditions of the
Plan, SARs may be granted to Participants at any time and from time to time, as shall be determined
by the Committee, in its sole discretion. The Committee may grant Freestanding SARs, Tandem SARs,
or any combination thereof.

               (a) Number of Common Units. The Committee shall have complete discretion to
determine the number of SARs granted to any Participant. The Committee shall determine the number
of SARs granted to each Grantee (subject to Section 3.1), the Strike Price thereof, and,
consistent with Section 7.2 and the other provisions of the Plan, the other terms and conditions
pertaining to such SARs.

               (b) Expiration of SARs. A SAR granted under the Plan shall expire upon the date
determined by the Committee, in its sole discretion, and set forth in the Award Agreement.

               (c) Payment of SAR Amount. Upon exercise of a SAR, a Participant shall be entitled
to receive payment from the LP in an amount determined by multiplying: (i) the excess of the Fair
Market Value of a Common Unit on the date of exercise over the Strike Price by (i) the number of
Common Units with respect to which the SAR is exercised; provided that the Committee may provide
in the Award Agreement that the benefit payable on exercise of a SAR shall not exceed such
percentage of the Fair Market Value of a Common Unit on the Grant Date as the Committee shall
specify. At the discretion of the Committee, the payment upon SAR exercise may be in cash, in
Common Units of equivalent value, or in some combination thereof. As provided by the Committee in
the Award Agreement, the payment upon exercise of a Freestanding SAR may alternatively be in cash
provided that such Freestanding SAR is structured in a manner that the cash payment complies with
Section 409A of the Code.

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               (d) Tandem SARs. Notwithstanding any other provision of this Plan to the contrary,
with respect to a Tandem SAR, (i) the Tandem SAR will expire no later than the expiration of the
underlying Common Unit Option; (ii) the value of the payout with respect to the Tandem SAR may be
for no more than 100% of the difference between the exercise price of the underlying Common Unit
Option and the Fair Market Value of the Common Units subject to the underlying option at the time
the Tandem SAR is exercised; and (iii) the Tandem SAR may be exercised only when the Fair Market
Value of the Common Units subject to the Common Unit Option exceeds the exercise price of such
option.

               (e) Transferability of SARs. Unless otherwise provided by the Committee or in the
Award Agreement, Freestanding SARs shall be transferable only when and to the extent that a Common
Unit Option would be transferable under the Plan and Tandem SARs shall be transferable only when
and to the extent that the underlying Common Unit Option would be transferable under the Plan.

     5.4 Grant of Performance Units. Performance Units may be granted to Participants at
any time and from time to time, as shall be determined by the Committee, in its sole discretion.
The Committee shall have complete discretion in
determining the number of Performance Units granted to each Participant.

               (a) Value of Performance Units. Each Performance Unit shall have an initial value
equal to the Fair Market Value of a Common Unit on the grant date.

               (b) Performance Unit Agreement. Each Award of Performance Units shall be evidenced
by an Award Agreement that shall specify any vesting conditions, the number of Performance Units
granted, and such other terms and conditions as the Committee, in its sole discretion, shall
determine.

               (c) Performance Objectives and Other Terms. The Committee, in its discretion, shall
set performance objectives or other vesting criteria which, depending on the extent to which they
are met, will determine the number or value of Performance Units that will be paid out to the
Participants. Each Award of Performance Units shall be evidenced by an Award Agreement that shall
specify the performance period, and such other terms and conditions as the Committee, in its sole
discretion, shall determine.

               (d) General Performance Objectives or Vesting Criteria. The Committee may set
performance objectives or vesting criteria based upon the achievement of LP-wide, departmental, or
individual goals, applicable federal or state securities laws, or any other basis determined by
the Committee in its discretion (for

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example, but not by way of limitation, continuous service as
an employee, director or consultant of the LP).

               (e) Earning of Performance Units. After the applicable performance period has ended,
the holder of Performance Units shall be entitled to receive a payout of the number of Performance
Units earned by the Participant over the performance period, to be determined as a function of the
extent to which the corresponding performance objectives have been achieved. After the grant of a
Performance Units, the Committee, in its sole discretion, may reduce or waive any performance
objectives for such Performance Units.

               (f) Form and Timing of Payment of Performance Units. Except as otherwise determined
by the Committee or provided for in the Award Agreement, payment of vested Performance Units shall
be made as soon as practicable after the vesting of such units. The Committee, in its sole
discretion, may pay Performance Units in the form of cash, in Common Units or in a combination
thereof.

               (g) Cancellation of Performance Units. On the date set forth in the Award Agreement,
all unvested Performance Units shall be forfeited to the LP, and except as otherwise determined by
the Committee, again shall be available for grant under the Plan.

     5.5 Other Awards. The Committee may from time to time grant other Common Unit-based
and non Common Unit-based Awards under the Plan, including without limitation, those Awards
pursuant to which Common Units are or may in the future be acquired, Awards denominated in Common
Units, securities convertible into Common Units, phantom securities, dividend equivalents, or other
tandem Awards, or any other equity-based incentive award and cash. The Committee shall determine
the terms and conditions of such other Common Unit-based and non-Common Unit-based Awards provided
that such Awards shall not be inconsistent with the terms and purposes of this Plan.

SECTION 6

AWARD AGREEMENTS

          Each Award under this Plan shall be evidenced by an Award Agreement setting forth the number
of Common Units or other securities, and such other terms and conditions applicable to the Award
(and not inconsistent with this Plan) as are determined by the Committee.

          6.1 Terms of Award Agreements. Award Agreements shall include the following terms:

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               (a) Term. The term of each Award (as determined by the Committee); provided
that, no Award shall be exercisable more than ten years after the date such Award is
granted.

               (b) Exercise Price. The exercise price per Common Units purchasable under an Award
(as determined by the Committee in its sole discretion at the time of grant).

               (c) Exercisability. Provisions regarding the exercisability of Awards (which shall be
exercisable at such time or times and subject to such terms and conditions as shall be determined
by the Committee at or after grant).

               (d) Method of Exercise. Provisions describing the method of exercising Awards.

               (e) Termination of Employment or Service: Provisions describing the treatment of an
Award in the event of the termination of a Participant’s

service with the LP, including but not limited to, terms relating to the vesting, time for
exercise, forfeiture and cancellation of an Award in such circumstances.

               (f) Rights as Limited Partner: A provision that a Participant shall have no rights as
a Limited Partner with respect to any securities covered by an Award until the date the Participant
becomes the holder of record.

               (g) Nontransferability. A provision that, unless otherwise permitted by the Committee
or set forth in the Award Agreement, the Participant shall not be permitted to sell, transfer,
pledge or assign any Award, and all Awards shall be exercisable only by the Participant.

               (h) Other Terms. Such other terms as are necessary and appropriate to effectuate an
Award to the Participant, including but not limited to, (1) vesting provisions, (2) deferral
elections, (3) any requirements for continued employment or service with the LP, (4) any other
restrictions or conditions (including performance requirements) on the Award and the method by
which restrictions or conditions lapse, (5) effect on the Award of a “change in control”, (6) the
right of the LP and such other persons as the Committee shall designate (“Designees”) to repurchase
from a Participant, and such Participant’s permitted transferees, all Common Units issued or
issuable to such Participant in connection with an Award in the event of such Participant’s
termination of employment or service, (7) rights of first refusal granted to the LP and Designees,
if any, (8) holdback and other registration right restrictions in the event of a public
registration of any equity securities of the LP and (9) any other terms and conditions which the
Committee shall deem necessary and desirable.

13

 

          6.2 Replacement, Substitution, and Reloading. Award Agreements may also include provisions
permitting the replacement or substitution of outstanding Awards or securities held by the
Participant in order to exercise or realize rights under other Awards, or in exchange for the grant
of new Awards under similar or different terms, and for the grant of reload Common Unit Options
upon exercise of outstanding Common Unit Options.

          6.3 Surrender of Common Unit Options. The Committee may require the voluntary surrender of
all or a portion of any Common Unit Option or other Award granted under the Plan as a condition
precedent to a grant of a new Common Unit Option or Award. Subject to the provisions of the Plan,
such new Common Unit Option or Award shall be exercisable at the price, during such period and on
such other terms and conditions as are specified by the Committee at the time the new Common Unit
Option or Award is granted; provided that, should
the Committee so require, the number of Common Units subject to such new Common Unit Option or
Award shall not be greater than the number of Common Units subject to the surrendered Common Unit
Option or Award.

SECTION 7

LOANS

          Subject to applicable law, the LP or any Subsidiary may make loans available to Participants
in connection with the exercise of outstanding Common Unit Options granted under the Plan or the
payment of federal, state, and local income taxes attributable to Awards granted under the Plan, as
the Committee, in its discretion, may determine. Such loans shall (i) be evidenced by promissory
notes entered into by the Common Unit Option holders in favor of the LP or any Subsidiary, as
applicable, (ii) be subject to the terms and conditions set forth in this Section 7 and such other
terms and conditions, not inconsistent with the Plan, as the Committee shall determine, (iii) bear
interest, if any, at such rate as the Committee shall determine, and (iv) be subject to Board
approval (or to approval by the Committee to the extent the Board may delegate such authority). In
no event may the principal amount of any such loan exceed the sum of (x) the exercise price of the
Common Units covered by the Common Unit Option, or portion thereof, exercised by the holder, and
(y) any federal, state, and local income tax attributable to such exercise. The initial term of
the loan, the schedule of payments of principal and interest under the loan, the extent to which
the loan is to be with or without recourse against the holder with respect to principal or interest
and the conditions upon which the loan will become payable in the event of the holder’s termination
of employment shall be determined by the Committee. Unless the Committee determines otherwise,
when a loan is made, Common Units having a Fair Market Value at least equal to the principal amount
of the loan shall be pledged by the holder to the LP as security for payment of the unpaid balance
of the loan, and such pledge shall be evidenced by a pledge agreement, the terms of which shall be

14

 

determined by the Committee, in its discretion; provided that, each loan shall
comply with all applicable laws, regulations and rules of the Board of Governors of the Federal
Reserve System and of the U.S. Securities and Exchange Commission and any other governmental agency
having jurisdiction.

SECTION 8

AMENDMENT AND TERMINATION

          The Board may at any time and from time-to-time alter, amend, suspend, or terminate the Plan
in whole or in part; provided that, no amendment which requires approval by the
LP’s limited partners in order for the Plan to comply with a rule or regulation deemed applicable
by the Committee, shall be effective unless the same shall be approved by the requisite vote of the
Partners entitled to vote thereon. Notwithstanding the foregoing, no amendment shall affect
adversely any of the rights
of any Participant, without such Participant’s consent, under any Award or Loan theretofore
granted under the Plan. Notwithstanding anything to the contrary in the Plan, the LP reserves the
right, but not the obligation, to revise the Plan and any Awards as it deems necessary or
advisable, in its sole discretion and without the consent of the Participant, to comply with
Section 409A of the Code or to otherwise avoid imposition of any additional tax or income
recognition under Section 409A of the Code. No Award may be granted during any period of
suspension or after termination of the Plan.

SECTION 9

UNFUNDED STATUS OF PLAN

          The Plan is intended to constitute an “unfunded” plan for incentive compensation. With
respect to any payments not yet made to a Participant by the LP, nothing contained herein shall
give any such Participant any rights that are greater than those of a general creditor of the LP.

SECTION 10

GENERAL PROVISIONS

          10.1 Securities Laws Compliance. Common Units shall not be issued pursuant to the exercise
of any Award granted hereunder unless the exercise of such Award and the issuance and delivery of
such Common Units pursuant thereto shall comply with all relevant provisions of law, including,
without limitation, the Securities Act of 1933, as amended, the Exchange Act and the requirements
of any stock exchange upon which the Common Units may then be listed, and shall be further subject
to the approval of counsel for the LP with respect to such compliance.

15

 

          10.2 Certificate Legends. The Committee may require each person purchasing Common Units
pursuant to a Common Unit Option to represent to and agree with the LP in writing that such person
is acquiring the Common Units subject thereto without a view to distribution thereof. Any
certificates for such Common Units may include any legend which the Committee deems appropriate to
reflect any restrictions on transfer.

          10.3 Transfer Restrictions. Any certificates for Common Units delivered under the Plan
shall be subject to such stop transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations, and other requirements of the Commission, any stock
exchange upon which the Common Units or the security into which any Common Units are
converted are then listed, and any applicable federal or state securities law, and the Committee
may cause a legend or legends to be placed on any such certificates to make appropriate reference
to such restrictions.

          10.4 LP Actions. Nothing contained in the Plan shall prevent the Board from adopting other
or additional compensation arrangements, subject to approval of the LP’s Partners if such approval
is necessary and desirable; and such arrangements may be either generally applicable or applicable
only in specific cases. The adoption of the Plan shall not confer upon any consultant or advisor
of the LP any right to continued retention by the LP, as the case may be, nor shall it interfere in
any way with the right of the LP to terminate the service of any of its consultants or advisors at
any time.

          10.5 Payment of Taxes. Each Participant shall, no later than the date as of which the
value of an Award first becomes includible in the gross income of the Participant for federal
income tax purposes, pay to the LP, or make arrangements satisfactory to the Committee regarding
payment of, any federal, state, or local taxes of any kind required by law to be withheld with
respect to the Award. The obligations of the LP under the Plan shall be conditional on the making
of such payments or arrangements, and the LP shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment of any kind otherwise due to the Participant.

SECTION 11

EFFECTIVE DATE OF PLAN

          The Plan became effective (the “Effective Date”) on February 3, 2006, the date the Board
formally approved the Plan.

16

 

SECTION 12

TERM OF PLAN

          No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the
Effective Date, but Awards theretofore granted may extend beyond that date.

17exv10w5

 

EXHIBIT
10.5

HIGHLAND FINANCIAL PARTNERS, L.P.

2006 LP UNIT INCENTIVE PLAN

Adopted on February 3, 2006; as amended in October 2006; and

as further amended on April 17, 2007

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 1 PURPOSE OF PLAN; DEFINITIONS
	 	 	1	 
	1.1 General
	 	 	1	 
	1.2 Purpose
	 	 	1	 
	1.3 Definitions
	 	 	1	 
	SECTION 2 ADMINISTRATION
	 	 	5	 
	2.1 Administration
	 	 	5	 
	2.2 Duties and Powers of Committee
	 	 	5	 
	2.3 Majority Rule
	 	 	6	 
	2.4 Compensation; Professional Assistance; Good Faith Actions
	 	 	6	 
	SECTION 3 COMMON UNITS SUBJECT TO PLAN
	 	 	7	 
	3.1 Number of and Source of Common Units
	 	 	7	 
	3.2 Adjustment of Awards
	 	 	8	 
	SECTION 4 ELIGIBILITY
	 	 	8	 
	SECTION 5 AWARDS
	 	 	8	 
	5.1 Common Unit Options
	 	 	8	 
	5.2 Restricted Common Units
	 	 	10	 
	SECTION 6 AWARD AGREEMENTS
	 	 	14	 
	6.1 Terms of Award Agreements
	 	 	14	 
	6.2 Replacement, Substitution, and Reloading
	 	 	15	 
	6.3 Surrender of Common Unit Options
	 	 	15	 
	SECTION 7 LOANS
	 	 	15	 
	SECTION 8 AMENDMENT AND TERMINATION
	 	 	16	 
	SECTION 9 UNFUNDED STATUS OF PLAN
	 	 	17	 
	SECTION 10 GENERAL PROVISIONS
	 	 	17	 
	10.1 Securities Laws Compliance
	 	 	17	 
	10.2 Certificate Legends
	 	 	17	 
	10.3 Transfer Restrictions
	 	 	17	 
	10.4 LP Actions
	 	 	17	 
	10.5 Payment of Taxes
	 	 	18	 
	SECTION 11 EFFECTIVE DATE OF PLAN
	 	 	18	 
	SECTION 12 TERM OF PLAN
	 	 	18	 

i

 

HIGHLAND FINANCIAL PARTNERS, L.P.

2006 LP UNIT INCENTIVE PLAN

SECTION 1

PURPOSE OF PLAN; DEFINITIONS

     1.1 General. The name of this plan is the Highland Financial Partners, L.P. 2006 LP Unit
Incentive Plan (the “Plan”). The Plan was adopted by the Board (as defined below) on February 3,
2006, amended in October 2006 and further amended on April 17, 2007. The Plan was approved by the
LP’s Partners on                     , 2007.

     1.2 Purpose. The purposes of the Plan (as defined below) are (a) to facilitate the
ownership of Common Units of Highland Financial Partners, L.P. (the “LP”) by officers, directors,
employees, advisors, and consultants and whose performance is a key element in achieving the LP’s
continued success in order to reinforce the alignment of their interests with those of the LP’s
Partners by providing performance-based compensation arrangements to such officers, directors,
employees, advisors, and consultants to incentivize such officers, directors, employees, advisors,
and consultants in connection with such individual’s performance of services for the LP or any of
its subsidiaries, (b) to assist the LP in attracting and retaining officers, directors, employees,
advisors, and consultants with experience and ability, and (c) to benefit the LP’s Partners by
encouraging high levels of performance by such individuals in connection with such individual’s
performance of services for the LP or any of its subsidiaries. The Plan is also designed to permit
the payment of compensation that qualifies as performance-based compensation under Section 162(m)
of the Code. Notwithstanding any provision of the Plan, to the extent that any Award would be
subject to Section 409A of the Code, it is the LP’s intent that each such Award shall comply with
the requirements set forth in Section 409A of the Code and any regulations or guidance promulgated
thereunder.

     1.3 Definitions. For purposes of the Plan, the following terms shall be defined as set
forth below:

          (a) “Award” or “Awards” means an award described in Section 5 hereof.

          (b) “Award Agreement” means an agreement described in Section 6 hereof entered into
between the LP and a Participant, setting forth the terms, conditions and any limitations
applicable to the Award granted to the Participant.

1

 

          (c) “Board” means the Board of Directors of the LP.

          (d) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto.

          (e) “Commission” means Securities and Exchange Commission.

          (f) “Committee” means any committee the Board may appoint to administer the Plan.
Effective as of April 17, 2007, the Board appointed the Compensation Committee of the Board to
administer the Plan. To the extent required by applicable law or regulation, (i) the Committee
shall consist of not less than two directors who shall be appointed from time to time by and shall
serve at the pleasure of the Board and (i) the Committee shall be comprised solely of directors
who are (1) “non-employee directors” under Rule 16b-3 of the Exchange Act, (2) “outside directors”
under Section 162(m) of the Code and (3) “independent directors” pursuant to New York Stock
Exchange requirements.

          (g) “Common Unit” means a unit of common limited partner interest in the LP.

          (h) “Common Unit Option” means any option to purchase Common Units granted pursuant
to Section 5.1. The Common Unit Options granted hereunder are not intended to qualify as
“incentive stock options” within the meaning of Section 422 of the Code.

          (i) “Effective Date” means the date provided pursuant to Section 11.

          (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (k) “Fair Market Value” means the fair value of the Common Units on the relevant date
as determined in good faith by the Board of Directors; provided, however, if the Common Units are
converted into a security that is then traded over any exchange or quotation system, “Fair Market
Value” shall mean the last sales price reported on such exchange or quotation system of such
securities on the relevant date, or if such securities are not then traded on such exchange or
quotation system on the relevant date, the last sales price of such securities on the next
preceding trading day as reported on such exchange or quotation system.

          (l) “Freestanding SAR” means a SAR that is granted independently of any other Award.

2

 

          (m) “Limited Partner” shall have the meaning ascribed to it in the LP Agreement.

          (n) “LP” means Highland Financial Partners, L.P., a Delaware limited partnership or
any successor thereto.

          (o) “LP Agreement” means the Limited Partnership Agreement of the LP, including all
exhibits and schedules attached thereto, as the same may be amended from time to time.

          (p) “Participant” means any individual who is a director, officer, employee,
consultant or advisor to the LP or to any Subsidiary and is selected by the Committee, pursuant to
the Committee’s authority in Section 2 below, to receive Awards.

          (q) “Partner” shall have the meaning ascribed to it in the LP Agreement.

          (r) “Partnership Interest” shall have the meaning ascribed to it in the LP Agreement.

          (s) “Performance Goals” means performance goals based on one or more of the following
criteria: (i) earnings including operating income, earnings before or after taxes, earnings before
or after interest, depreciation, amortization, or extraordinary or special items or book value per
share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii)
earnings per share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate
of revenue growth; (vi) return on assets (gross or net), return on investment, return on capital,
or return on equity; (vii) returns on sales or revenues; (viii) operating expenses; (ix) stock
price appreciation; (x) cash flow, free cash flow, cash flow return on investment (discounted or
otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi)
implementation or completion of critical projects or processes; (xii) economic value created;
(xiii) cumulative earnings per share growth; (xiv) operating margin or profit margin; (xv) common
stock price or total stockholder return; (xvi) cost targets, reductions and savings, productivity
and efficiencies; (xvii) strategic business criteria, consisting of one or more objectives based
on meeting specified market penetration, geographic business expansion, customer satisfaction,
employee satisfaction, human resources management, supervision of litigation, information
technology, and goals relating to acquisitions, divestitures, joint ventures and similar
transactions, and budget comparisons; (xviii)
personal professional objectives, including any of the foregoing performance goals, the
implementation of policies and plans, the negotiation of transactions, the development of long
term business goals, formation of joint ventures, research or

3

 

development collaborations, and the
completion of other corporate transactions; and (xix) any combination of, or a specified increase
in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of
attaining a specified level of the particular criteria or the attainment of a percentage increase
or decrease in the particular criteria, and may be applied to one or more of the LP, a Subsidiary
or affiliate, or a division or strategic business unit of the LP, or may be applied to the
performance of the LP relative to a market index, a group of other companies or a combination
thereof, all as determined by the Committee. The Performance Goals may include a threshold level
of performance below which no payment will be made (or no vesting will occur), levels of
performance at which specified payments will be made (or specified vesting will occur), and a
maximum level of performance above which no additional payment will be made (or at which full
vesting will occur). Each of the foregoing Performance Goals shall be determined in accordance
with generally accepted accounting principles and shall be subject to certification by the
Committee; provided that the Committee shall have the authority to make equitable adjustments to
the Performance Goals in recognition of unusual or non-recurring events affecting the LP or any
Subsidiary or affiliate or the financial statements of the LP or any Subsidiary or affiliate, in
response to changes in applicable laws or regulations, or to account for items of gain, loss or
expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related
to the disposal of a segment of a business or related to a change in accounting principles.

          (t) “Performance Unit” means an Award granted to a Participant pursuant to Section
5.4.

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

          (v) “Restricted Common Unit” means an Award granted pursuant to Section 5.2 hereof.

          (w) “Stock Appreciation Right” or “SAR” means an Award, granted alone or in
connection with a related Common Unit Option, that pursuant to Section 5.3 is designated as an
SAR.

          (x) “Strike Price” of any SAR shall equal, for any Tandem SAR (whether such Tandem
SAR is granted at the same time as or after the grant of the related Common Unit Option), the
exercise price of such option, or for any other

4

 

SAR, 100% of the Fair Market Value of a Common
Unit on the grant date of such SAR; provided that the Committee may specify a higher Strike Price
in the Award Agreement.

          (y) “Subsidiary” shall have the meaning ascribed to it in the LP Agreement.

          (z) “Tandem SAR” means a SAR that is granted in connection with a related Common Unit
Option, the exercise of which shall require cancellation of the right to purchase a Common Unit
under the related Common Unit Option (and when a Common Unit is purchased under the related Common
Unit Option, the Tandem SAR shall similarly be canceled).

SECTION 2

ADMINISTRATION

     2.1 Administration. The Plan shall be administered by the Board or, at the Board’s sole
discretion, by the Committee, which shall be appointed by the Board, and which shall serve at the
pleasure of the Board. In the event the Board is the administrator of the Plan, references herein
to the Committee shall be deemed to include the Board. The Committee, in its sole discretion and
on such terms and conditions as it may provide, may delegate all or any part of its authority and
powers under the Plan to one or more directors or officers of the LP. Notwithstanding the
foregoing, with respect to Awards that are intended to qualify as performance-based compensation
under Section 162(m) of the Code, the Committee may not delegate its authority and powers with
respect to such Awards if such delegation would cause the Awards to fail to so qualify (unless
determined otherwise by the Committee).

     2.2 Duties and Powers of Committee. The Committee shall have the power and authority to
grant Awards to Participants in connection with the performance of services for the LP or any
Subsidiary pursuant to the terms of the Plan, and, in its discretion, to adopt, alter and repeal
such administrative rules, guidelines and practices governing the Plan as it shall from time to
time deem advisable; to interpret the terms and provisions of the Plan and any Award issued under
the Plan (and any agreements relating thereto); and to otherwise supervise the administration of
the Plan.

     In particular, the Committee shall have the authority to determine, in a
manner consistent with the terms of the Plan:

          (a) those officers, employees, directors, consultants and advisors of the LP, if any, who
shall be Participants;

5

 

          (b) subject to Section 3, the number of Common Units to be covered by each Common Unit Option
granted hereunder;

          (c) the terms and conditions of any Award granted hereunder, including the waiver or
modification of any such terms or conditions, consistent with the provisions of the Plan
(including, but not limited to, Section 8 of the Plan);

          (d) to determine Performance Goals no later than such time as is required to ensure that an
underlying Award which is intended to comply with the requirements of Section 162(m) of the Code
so complies; and

          (e) to determine whether, to what extent, and under what circumstances an Award may be
settled, cancelled, forfeited, accelerated, exchanged, or surrendered.

Notwithstanding the foregoing, the Committee shall not take any action with respect to an Award
that would be treated, for accounting purposes, as a “repricing” of such Award unless such action
is approved by the LP’s Partners. The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan or in any Award Agreement granted hereunder in the manner
and to the extent it shall deem expedient to carry the Plan into effect and shall be the sole and
final judge of such expediency.

     2.3 Majority Rule. The Committee shall act by a majority of its members in attendance at a
meeting at which a quorum is present or by a memorandum or other written instrument signed by all
members of the Committee.

     2.4 Compensation; Professional Assistance; Good Faith Actions. Members of the Committee
may receive such compensation for their services as members as may be determined by the Board. All
expenses and liabilities that members of the Committee or Board may incur in connection with the
administration of this Plan shall be borne by the LP. The Committee may, with the approval of the
Board, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The
Committee, the Board, the LP and any officers and directors of the LP shall be entitled to rely
upon the advice, opinions or valuations of any such persons.
All actions taken and all interpretations and determinations made by the Committee or Board in good
faith shall be final and binding upon all Participants, the LP and all other interested persons.
No member of the Committee or Board shall be personally liable for any action, determination or
interpretation made in good faith with respect to this Plan or any Award, and all members of the
Committee and Board shall be fully protected and indemnified to the fullest extent permitted by
law, by the LP, in respect of any such action, determination or interpretation.

6

 

SECTION 3

COMMON UNITS SUBJECT TO PLAN

     3.1 Number of and Source of Common Units. Initially, the maximum number of Common Units
reserved and available for issuance under the Plan, together with any number of Common Units
available for issuance under the Highland Financial Partners, L.P. 2006 LP Unit Incentive Plan for
Non-Natural Persons (the “Entity Plan” and together with the Plan, the “Equity
Plans”), shall be 2,667,126 Common Units. Subsequently, the maximum aggregate number of Common
Units reserved and available for issuance under the Equity Plans shall be increased by ten percent
(10%) of the Common Units issued in any and each subsequent offering of Common Units by the LP,
which increases the number of the outstanding Common Units of the LP upon such offering; [provided,
however, that on the first day of the LP’s fiscal year beginning in calendar year [2008] and on
each anniversary of such date that occurs during the Term of the Plan, as set forth in Section 12
below, the aggregate number of Common Units reserved and available for issuance under the Equity
Plans shall be increased by an amount equal to the lesser of (i) ___Common Units or (ii)
___percent (___%) of the number of Common Units outstanding on the last day of the immediately
preceding fiscal year. Notwithstanding the foregoing, the maximum aggregate number of Common Units
reserved and available for issuance under the Equity Plans shall not exceed an amount equal to
[                    ] Common Units.] The aggregate number of Common Units as to which Awards may be
granted to any Participant during any calendar year may not, subject to adjustment as provided in
this Section 3, exceed 50% of the Common Units reserved for the purposes of the Plan.
Determinations made in respect of the limitation set forth in the preceding sentence shall be made
in a manner consistent with Section 162(m) of the Code. If any Common Units subject to an Award
are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires
with or without a distribution of Common Units to the Participant, the Common Units with respect to
such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender,
termination or expiration, count against the maximum number of Common Units for which Awards may be
granted to the Participant under the preceding sentence.

     If any Common Units subject to an Award are forfeited, cancelled, exchanged or surrendered or
if an Award otherwise terminates or expires without a distribution of Common Units to the
Participant, the Common Units respect to such Award shall, to the extent of any such forfeiture,
cancellation, exchange, surrender, termination or expiration, again be available for Awards under
the Plan and such Awards shall be granted at the Fair Market Value of the underlying Common Units
on the grant date of such Awards. Notwithstanding the foregoing, Common Units that are exchanged
by a Participant or withheld by the LP as full or partial payment in connection with any Award
under the Plan, as well as any Common Units exchanged by a Participant or withheld by the LP or any
Subsidiary to satisfy the tax withholding

7

 

obligations related to any Award under the Plan, shall
not be available for subsequent Awards under the Plan. Upon the exercise of any Award granted in
tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of
Common Units as to which the Award is exercised and, notwithstanding the foregoing, such number of
Common Units shall no longer be available for Awards under the Plan.

     3.2 Adjustment of Awards. Upon the occurrence of any event which affects the Common Units
in such a way that an adjustment of outstanding Awards is appropriate in order to prevent the
dilution or enlargement of rights under the Awards (including, without limitation, any
extraordinary dividend or other distribution (whether in cash or in kind), recapitalization, split,
reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or
exchange, or other similar corporate transaction or event), the Committee shall make appropriate
equitable adjustments, which may include, without limitation, adjustments to any or all of the
number and kind of Common Units (or other securities) which may thereafter be issued in connection
with such outstanding Awards and adjustments to any exercise price specified in the outstanding
Awards and shall also make appropriate equitable adjustments to the number and kind of Common Units
(or other securities) authorized by or to be granted under the Plan. Such other substitutions or
adjustments shall be made respecting Awards hereunder as may be determined by the Committee, in its
sole discretion. In connection with any event described in this paragraph, the Committee may
provide, in its discretion, for the cancellation of any outstanding Award and payment in cash or
other property in exchange therefor, equal to the difference, if any, between the fair market value
of the Common Units or other property subject to the Award, and the exercise price, if any.

SECTION 4

ELIGIBILITY

     Each officer, director, employee, consultant or advisor of the LP or any Subsidiary shall be
eligible to be considered by the Committee for Awards under the Plan. Additional Participants
under the Plan may be selected from time to time by the

     Committee, in its sole discretion, and the Committee shall determine, in its sole discretion,
the number of Common Units covered by each Award.

SECTION 5

AWARDS

     Awards may include, but are not limited to, those described in this Section 5. The Committee
may grant Awards singly, in tandem or in combination with other Awards, as the Committee may in its
sole discretion determine.

     5.1 Common Unit Options.

8

 

          (a) General. A Common Unit Option is a right to purchase a specified number of
Common Units, at a specified price during such specified time as the Committee shall determine.
Vested Common Unit Options may be exercised in whole or in part at any time during the option
period, by giving written notice of exercise to the LP specifying the number of Common Units to be
purchased, accompanied by payment in full of the purchase price in cash or its equivalent, as
determined by the Committee.

          (b) Exercise Price. The exercise price per Common Unit purchasable under a Common
Unit Option shall be determined by the Committee, but in no event shall such exercise price be
less than the Fair Market Value of a Common Unit as of the date of grant of such Common Unit
Option.

          (c) Payment. As determined by the Committee, in its sole discretion, payment in
whole or in part may also be made (i) to the extent permitted by applicable law, by means of any
cashless exercise procedure approved by the Committee, (ii) in the form of unrestricted Common
Units already owned by the Participant which, (x) in the case of unrestricted Common Units
acquired upon exercise of an option, to the extent required by the Committee, have been owned by
the Participant for more than six months on the date of surrender, and (y) have a Fair Market
Value on the date of surrender equal to the aggregate option price of the Common Units as to which
such Common Unit Option shall be exercised and the minimum statutory withholding taxes with
respect thereto, (iii) in the deduction of unrestricted Common Units that otherwise would be
distributed to the Participant upon exercise of the Common Unit Option, which have a Fair Market
Value on the date of surrender equal to the aggregate option price of the Common Units as to which
such Common Unit Option shall be exercised and the minimum statutory withholding taxes with
respect thereto, (iv)any other form of consideration approved by the Committee and permitted by
applicable law or (v) any combination of the foregoing.
No fractional Common Units will be issued or accepted. A Participant shall generally have
the rights of a Limited Partner with respect to the Common Units subject to the Common Unit Option
only after the Participant has given written notice of exercise, has paid in full for such units
(including the payment of any applicable withholding taxes), and, if requested, has agreed in
writing to be bound by the LP Agreement, has complied with any other requirements of the Award
Agreement and, if requested, has given the representation described in paragraph (2) of Section 10
below.

          (d) Term and Exercisability of Common Unit Options. Common Unit Options shall be
exercisable over the exercise period (which shall not exceed ten years from the date of grant), at
such times and upon such conditions as the Committee may determine, as reflected in the Award
Agreement; provided that, the Committee shall have the authority to accelerate the exercisability
of any outstanding Common Unit Option at such time and under such circumstances as it, in its sole

9

 

discretion, deems appropriate. A Common Unit Option may be exercised to the extent of any or all
full Common Units underlying such option has become exercisable, by giving written notice of such
exercise to the Committee or its designated agent, in the form and manner determined by the
Committee. No partial exercise may be made for less than one hundred (100) full Common Units.

     5.2 Restricted Common Units.

          (a) General. Restricted Common Units are Common Units that are issued to a
Participant, and shall be evidenced in such manner as the Committee may deem appropriate,
including book-entry registration or issuance of one or more certificates. Restricted Common
Units are subject to such terms, conditions and restrictions as the Committee deems appropriate,
which may include, but are not limited to, restrictions upon the sale, assignment, transfer or
other disposition of the Restricted Common Units and the requirement of forfeiture of the
Restricted Common Units upon termination of employment or service under certain specified
conditions. The Committee may provide for the lapse of any such term or condition or waive any
term or condition based on such factors or criteria as the Committee may determine.

          (b) Section 162(m) Performance Restrictions. For purposes of qualifying grants of
Restricted Common Units as “performance-based compensation” under Section 162(m) of the Code, the
Committee, in its discretion, may set restrictions based upon the achievement of Performance
Goals. The Performance Goals shall be set by the Committee on or before the latest date
permissible to enable the Restricted Common Units to qualify as “performance-based compensation”
under Section 162(m) of the Code. In granting Restricted Common
Units which is intended to qualify under Section 162(m) of the Code, the Committee shall
follow any procedures determined by it from time to time to be necessary or appropriate to ensure
qualification of the Restricted Common Units under Section 162(m) of the Code (e.g., in
determining the Performance Goals).

          (c) Unitholder Rights. Subject to the restrictions stated in this Section 5.2 and in
the applicable Award Agreement, the Participant shall generally have the rights of a Limited
Partner only after the Participant has agreed in writing to be bound by the LP Agreement, and, if
requested, has given the representation described in paragraph (2) of Section 10 below.

          (d) Escrow Provisions. The LP may require that any certificates evidencing
Restricted Common Units granted hereunder be held in the custody of the LP until the restrictions
thereon shall have lapsed, and that, as a condition of any award of Restricted Common Units, the
Participant shall have

10

 

delivered a stock power, endorsed in blank, relating to the Common Units
covered by such award.

          (e) Legends. The Committee, in its discretion, may legend the certificates
representing Restricted Common Units to give appropriate notice of such restrictions.

          (f) Removal of Restrictions. Except as otherwise provided in this Section 5.2,
Common Units covered by each Restricted Common Unit made under the Plan shall be released from
escrow as soon as practicable after the last day of the period of restriction. The Committee, in
its discretion, may accelerate the time at which any restrictions shall lapse or be removed. The
Committee (in its discretion) may establish procedures regarding the release of Common Units from
escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens
on the LP.

     5.3 Grant of Stock Appreciation Rights. Subject to the terms and conditions of the
Plan, SARs may be granted to Participants at any time and from time to time, as shall be determined
by the Committee, in its sole discretion. The Committee may grant Freestanding SARs, Tandem SARs,
or any combination thereof.

          (a) Number of Common Units. The Committee shall have complete discretion to
determine the number of SARs granted to any Participant. The Committee shall determine the number
of SARs granted to each Grantee (subject to Section 3.1), the Strike Price thereof, and,
consistent with Section 7.2 and the other provisions of the Plan, the other terms and conditions
pertaining to such SARs.

          (b) Expiration of SARs. A SAR granted under the Plan shall expire upon the date
determined by the Committee, in its sole discretion, and set forth in the Award Agreement.

          (c) Payment of SAR Amount. Upon exercise of a SAR, a Participant shall be entitled
to receive payment from the LP in an amount determined by multiplying: (i) the excess of the Fair
Market Value of a Common Unit on the date of exercise over the Strike Price by (i) the number of
Common Units with respect to which the SAR is exercised; provided that the Committee may provide
in the Award Agreement that the benefit payable on exercise of a SAR shall not exceed such
percentage of the Fair Market Value of a Common Unit on the Grant Date as the Committee shall
specify. At the discretion of the Committee, the payment upon SAR exercise may be in cash, in
Common Units of equivalent value, or in some combination thereof. As provided by the Committee in
the Award Agreement, the payment upon exercise of a Freestanding SAR may alternatively be in cash
provided

11

 

that such Freestanding SAR is structured in a manner that the cash payment complies with
Section 409A of the Code.

          (d) Tandem SARs. Notwithstanding any other provision of this Plan to the contrary,
with respect to a Tandem SAR, (i) the Tandem SAR will expire no later than the expiration of the
underlying Common Unit Option; (ii) the value of the payout with respect to the Tandem SAR may be
for no more than 100% of the difference between the exercise price of the underlying Common Unit
Option and the Fair Market Value of the Common Units subject to the underlying option at the time
the Tandem SAR is exercised; and (iii) the Tandem SAR may be exercised only when the Fair Market
Value of the Common Units subject to the Common Unit Option exceeds the exercise price of such
option.

          (e) Transferability of SARs. Unless otherwise provided by the Committee or in the
Award Agreement, Freestanding SARs shall be transferable only when and to the extent that a Common
Unit Option would be transferable under the Plan and Tandem SARs shall be transferable only when
and to the extent that the underlying Common Unit Option would be transferable under the Plan.

     5.4 Grant of Performance Units. Performance Units may be granted to Participants at
any time and from time to time, as shall be determined by the Committee, in its sole discretion.
The Committee shall have complete discretion in determining the number of Performance Units granted
to each Participant. 

          (a) Value of Performance Units. Each Performance Unit shall have an initial value
equal to the Fair Market Value of a Common Unit on the grant date.

          (b) Performance Unit Agreement. Each Award of Performance Units shall be evidenced
by an Award Agreement that shall specify any vesting conditions, the number of Performance Units
granted, and such other terms and conditions as the Committee, in its sole discretion, shall
determine.

          (c) Performance Objectives and Other Terms. The Committee, in its discretion, shall
set performance objectives or other vesting criteria which, depending on the extent to which they
are met, will determine the number or value of Performance Units that will be paid out to the
Participants. Each Award of Performance Units shall be evidenced by an Award Agreement that shall
specify the performance period, and such other terms and conditions as the Committee, in its sole
discretion, shall determine.

          (d) General Performance Objectives or Vesting Criteria. The Committee may set
performance objectives or vesting criteria based upon the

12

 

achievement of LP-wide, departmental, or
individual goals, applicable federal or state securities laws, or any other basis determined by
the Committee in its discretion (for example, but not by way of limitation, continuous service as
an employee, director or consultant of the LP).

          (e) Section 162(m) Performance Objectives. For purposes of qualifying grants of
Performance Units as “performance-based compensation” under Section 162(m) of the Code, the
Committee, in its discretion, may determine that the performance objectives applicable to
Performance Units shall be based on the achievement of certain Performance Goals. The Performance
Goals shall be set by the Committee on or before the latest date permissible to enable the
Performance Units to qualify as “performance-based compensation” under Section 162(m) of the Code.
In granting Performance Units that are intended to qualify under Section 162(m) of the Code, the
Committee shall follow any procedures determined by it from time to time to be necessary or
appropriate to ensure qualification of the Performance Units under Section 162(m) of the Code
(e.g., in determining the Performance Goals).

          (f) Earning of Performance Units. After the applicable performance period has ended,
the holder of Performance Units shall be entitled to receive a payout of the number of Performance
Units earned by the Participant over the performance period, to be determined as a function of the
extent to which the corresponding performance objectives have been achieved. After the grant of a
Performance Units, the Committee, in its sole discretion, may reduce or waive any performance
objectives for such Performance Units.

          (g) Form and Timing of Payment of Performance Units. Except as otherwise determined
by the Committee or provided for in the Award Agreement, payment of vested Performance Units shall
be made as soon as
practicable after the vesting of such units. The Committee, in its sole discretion, may pay
Performance Units in the form of cash, in Common Units or in a combination thereof.

          (h) Cancellation of Performance Units. On the date set forth in the Award Agreement,
all unvested Performance Units shall be forfeited to the LP, and except as otherwise determined by
the Committee, again shall be available for grant under the Plan.

     5.5 Other Awards. The Committee may from time to time grant other Common Unit-based
and non Common Unit-based Awards under the Plan, including without limitation, those Awards
pursuant to which Common Units are or may in the future be acquired, Awards denominated in Common
Units, securities convertible into Common Units, phantom securities, dividend equivalents, or other
tandem Awards, or

13

 

any other equity-based incentive award and cash. The Committee shall determine
the terms and conditions of such other Common Unit-based and non-Common Unit-based Awards provided
that such Awards shall not be inconsistent with the terms and purposes of this Plan.

SECTION 6

AWARD AGREEMENTS

     Each Award under this Plan shall be evidenced by an Award Agreement setting forth the number
of Common Units or other securities, and such other terms and conditions applicable to the Award
(and not inconsistent with this Plan) as are determined by the Committee.

     6.1 Terms of Award Agreements. Award Agreements shall include the following terms:

          (a) Term. The term of each Award (as determined by the Committee); provided
that, no Award shall be exercisable more than ten years after the date such Award is
granted.

          (b) Exercise Price. The exercise price per Common Units purchasable under an Award
(as determined by the Committee in its sole discretion at the time of grant).

          (c) Exercisability. Provisions regarding the exercisability of Awards (which shall
be exercisable at such time or times and subject to such terms and conditions as shall be
determined by the Committee at or after grant).

          (d) Method of Exercise. Provisions describing the method of exercising Awards.

          (e) Termination of Employment or Service. Provisions describing the treatment of an
Award in the event of the retirement, disability, death or other termination of a Participant’s
employment or service with the LP or any Subsidiary, as applicable, including but not limited to,
terms relating to the vesting, time for exercise, forfeiture and cancellation of an Award in such
circumstances.

          (f) Rights as Limited Partner. A provision that a Participant shall have no rights
as a Limited Partner with respect to any securities covered by an Award until the date the
Participant becomes the holder of record.

14

 

          (g) Nontransferability. A provision that, unless otherwise permitted by the
Committee or set forth in the Award Agreement, the Participant shall not be permitted to sell,
transfer, pledge or assign any Award, and all Awards shall be exercisable only by the Participant.

          (h) Other Terms. Such other terms as are necessary and appropriate to effectuate an
Award to the Participant, including but not limited to, (1) vesting provisions, (2) deferral
elections, (3) any requirements for continued employment or service with the LP, (4) any other
restrictions or conditions (including performance requirements) on the Award and the method by
which restrictions or conditions lapse, (5) effect on the Award of a “change in control”, (6) the
right of the LP and such other persons as the Committee shall designate (“Designees”) to
repurchase from a Participant, and such Participant’s permitted transferees, all Common Units
issued or issuable to such Participant in connection with an Award in the event of such
Participant’s termination of employment or service, (7) rights of first refusal granted to the LP
and Designees, if any, (8) holdback and other registration right restrictions in the event of a
public registration of any equity securities of the LP and (9) any other terms and conditions
which the Committee shall deem necessary and desirable.

     6.2 Replacement, Substitution, and Reloading. Award Agreements may also include provisions
permitting the replacement or substitution of outstanding Awards or securities held by the
Participant in order to exercise or realize rights under other Awards, or in exchange for the grant
of new Awards under similar or different terms, and for the grant of reload Common Unit Options
upon exercise of outstanding Common Unit Options.

     6.3 Surrender of Common Unit Options. The Committee may require the voluntary surrender of all or a portion of any Common Unit Option
or other Award granted under the Plan as a condition precedent to a grant of a new Common Unit
Option or Award. Subject to the provisions of the Plan, such new Common Unit Option or Award shall
be exercisable at the price, during such period and on such other terms and conditions as are
specified by the Committee at the time the new Common Unit Option or Award is granted; provided
that, should the Committee so require, the number of Common Units subject to such new Common Unit
Option or Award shall not be greater than the number of Common Units subject to the surrendered
Common Unit Option or Award.

SECTION 7

LOANS

     Subject to applicable law, the LP or any Subsidiary may make loans available to Participants
in connection with the exercise of outstanding Common Unit

15

 

Options granted under the Plan or the
payment of federal, state, and local income taxes attributable to Awards granted under the Plan, as
the Committee, in its discretion, may determine. Such loans shall (i) be evidenced by promissory
notes entered into by the Common Unit Option holders in favor of the LP or any Subsidiary, as
applicable, (ii) be subject to the terms and conditions set forth in this Section 7 and such other
terms and conditions, not inconsistent with the Plan, as the Committee shall determine, (iii) bear
interest, if any, at such rate as the Committee shall determine, and (iv) be subject to Board
approval (or to approval by the Committee to the extent the Board may delegate such authority). In
no event may the principal amount of any such loan exceed the sum of (x) the exercise price of the
Common Units covered by the Common Unit Option, or portion thereof, exercised by the holder, and
(y) any federal, state, and local income tax attributable to such exercise. The initial term of
the loan, the schedule of payments of principal and interest under the loan, the extent to which
the loan is to be with or without recourse against the holder with respect to principal or interest
and the conditions upon which the loan will become payable in the event of the holder’s termination
of employment shall be determined by the Committee. Unless the Committee determines otherwise,
when a loan is made, Common Units having a Fair Market Value at least equal to the principal amount
of the loan shall be pledged by the holder to the LP as security for payment of the unpaid balance
of the loan, and such pledge shall be evidenced by a pledge agreement, the terms of which shall be
determined by the Committee, in its discretion; provided that, each loan shall
comply with all applicable laws, regulations and rules of the Board of Governors of the Federal
Reserve System and of the U.S. Securities and Exchange Commission and any other governmental agency
having jurisdiction.

SECTION 8

AMENDMENT AND TERMINATION

     The Board may at any time and from time-to-time alter, amend, suspend, or terminate the Plan
in whole or in part; provided that, no amendment which requires approval by the
LP’s limited partners in order for the Plan to comply with a rule or regulation deemed applicable
by the Committee, shall be effective unless the same shall be approved by the requisite vote of the
Partners entitled to vote thereon. Notwithstanding the foregoing, no amendment shall affect
adversely any of the rights of any Participant, without such Participant’s consent, under any Award
or Loan theretofore granted under the Plan. Notwithstanding anything to the contrary in the Plan,
the LP reserves the right, but not the obligation, to revise the Plan and any Awards as it deems
necessary or advisable, in its sole discretion and without the consent of the Participant, to
comply with Section 409A of the Code or to otherwise avoid imposition of any additional tax or
income recognition under Section 409A of the Code. No Award may be granted during any period of
suspension or after termination of the Plan.

16

 

SECTION 9

UNFUNDED STATUS OF PLAN

     The Plan is intended to constitute an “unfunded” plan for incentive compensation. With
respect to any payments not yet made to a Participant by the LP, nothing contained herein shall
give any such Participant any rights that are greater than those of a general creditor of the LP.

SECTION 10

GENERAL PROVISIONS

     10.1 Securities Laws Compliance. Common Units shall not be issued pursuant to the exercise
of any Award granted hereunder unless the exercise of such Award and the issuance and delivery of
such Common Units pursuant thereto shall comply with all relevant provisions of law, including,
without limitation, the Securities Act of 1933, as amended, the Exchange Act and the requirements
of any stock exchange upon which the Common Units may then be listed, and shall be further subject
to the approval of counsel for the LP with respect to such compliance.

     10.2 Certificate Legends. The Committee may require each person purchasing Common Units
pursuant to a Common Unit Option to represent to and agree with the LP in writing that such person
is acquiring the Common Units subject thereto without a view to distribution thereof.
Any certificates for such Common Units may include any legend which the Committee deems appropriate
to reflect any restrictions on transfer.

     10.3 Transfer Restrictions. Any certificates for Common Units delivered under the Plan
shall be subject to such stop transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations, and other requirements of the Commission, any stock
exchange upon which the Common Units or the security into which any Common Units are converted are
then listed, and any applicable federal or state securities law, and the Committee may cause a
legend or legends to be placed on any such certificates to make appropriate reference to such
restrictions.

     10.4 LP Actions. Nothing contained in the Plan shall prevent the Board from adopting other
or additional compensation arrangements, subject to approval of the LP’s Partners if such approval
is necessary and desirable; and such arrangements may be either generally applicable or applicable
only in specific cases. The adoption of the Plan shall not confer upon any officer, director,
employee, consultant or advisor of the LP any right to continued employment with or retention by
the LP, as the case may be, nor shall it interfere in any way with the right of the LP to

17

 

terminate
the employment or service of any of its officers, directors, employees, consultants or advisors at
any time.

     10.5 Payment of Taxes. Each Participant shall, no later than the date as of which the
value of an Award first becomes includible in the gross income of the Participant for federal
income tax purposes, pay to the LP, or make arrangements satisfactory to the Committee regarding
payment of, any federal, state, or local taxes of any kind required by law to be withheld with
respect to the Award. The obligations of the LP under the Plan shall be conditional on the making
of such payments or arrangements, and the LP shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment of any kind otherwise due to the Participant.

SECTION 11

EFFECTIVE DATE OF PLAN

The Plan became effective (the “Effective Date”) on February 3, 2006, the date the Board
formally approved the Plan.

TERM OF PLAN

     No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the
Effective Date, but Awards theretofore granted may extend beyond that date.

18

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