Document:

Exhibit 10.1

 

2005
INCENTIVE PLAN

 

OF

 

CHASE CORPORATION

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  General

  	
  1

  
	
  1.2

  	
  Administrator

  	
  1

  
	
  1.3

  	
  Award

  	
  1

  
	
  1.4

  	
  Board

  	
  1

  
	
  1.5

  	
  Code

  	
  1

  
	
  1.6

  	
  Committee

  	
  1

  
	
  1.7

  	
  Common Stock

  	
  1

  
	
  1.8

  	
  Company

  	
  1

  
	
  1.9

  	
  Covered Employee

  	
  2

  
	
  1.10

  	
  Deferred Stock

  	
  2

  
	
  1.11

  	
  Director

  	
  2

  
	
  1.12

  	
  Disability

  	
  2

  
	
  1.13

  	
  Dividend Equivalent

  	
  2

  
	
  1.14

  	
  Eligible Participant

  	
  2

  
	
  1.15

  	
  Employee

  	
  2

  
	
  1.16

  	
  Exchange Act

  	
  2

  
	
  1.17

  	
  Fair Market Value

  	
  2

  
	
  1.18

  	
  Full-Value Award

  	
  2

  
	
  1.19

  	
  Grantee

  	
  2

  
	
  1.20

  	
  Incentive Stock Option

  	
  2

  
	
  1.21

  	
  Independent Director

  	
  3

  
	
  1.22

  	
  Non-Qualified Stock Option

  	
  3

  
	
  1.23

  	
  Option

  	
  3

  
	
  1.24

  	
  Optionee

  	
  3

  
	
  1.25

  	
  Participant

  	
  3

  
	
  1.26

  	
  Performance Award

  	
  3

  
	
  1.27

  	
  Performance Goals

  	
  3

  
	
  1.28

  	
  Performance Measures

  	
  3

  
	
  1.29

  	
  Plan

  	
  3

  
	
  1.30

  	
  QDRO

  	
  4

  
	
  1.31

  	
  Restricted Stock

  	
  4

  
	
  1.32

  	
  Restricted Stockholder

  	
  4

  
	
  1.33

  	
  Rule 16b-3

  	
  4

  
	
  1.34

  	
  Stock Payment

  	
  4

  
	
  1.35

  	
  Subsidiary

  	
  4

  
	
  1.36

  	
  Termination of
  Directorship

  	
  4

  
	
  ARTICLE II

  	
  SHARES SUBJECT TO PLAN

  	
  4

  
	
  2.1

  	
  Shares Subject to Plan

  	
  4

  
	
  2.2

  	
  Unexercised
  Options and Other Rights

  	
  5

  
	
  ARTICLE III

  	
  GRANTING OF OPTIONS

  	
  5

  
	
  3.1

  	
  Eligibility

  	
  5

  
	
  3.2

  	
  Granting of Options

  	
  5

  
	
  3.3

  	
  Special
  Rules Applicable to Incentive Stock Options

  	
  6

  
	
  3.4

  	
  Certain
  Additional provisions for Non-Qualified Stock Options

  	
  6

  
	
  3.5

  	
  Substitute Options

  	
  6

  

 

 

	
  ARTICLE IV

  	
  TERMS OF OPTIONS

  	
  7

  
	
  4.1

  	
  Option Agreement

  	
  7

  
	
  4.2

  	
  Option Price

  	
  7

  
	
  4.3

  	
  Option Term

  	
  7

  
	
  4.4

  	
  Option Vesting and
  Exercisability

  	
  7

  
	
  ARTICLE V

  	
  EXERCISE OF OPTIONS

  	
  8

  
	
  5.1

  	
  Partial Exercise

  	
  8

  
	
  5.2

  	
  Manner of Exercise

  	
  8

  
	
  5.3

  	
  Conditions to
  Issuance of Stock Certificate

  	
  9

  
	
  5.4

  	
  Rights as Stockholders

  	
  9

  
	
  5.5

  	
  Ownership and
  Transfer Restrictions

  	
  9

  
	
  ARTICLE VI

  	
  AWARD OF RESTRICTED
  STOCK

  	
  9

  
	
  6.1

  	
  Award of Restricted Stock

  	
  9

  
	
  6.2

  	
  Restricted Stock Agreement

  	
  10

  
	
  6.3

  	
  Rights as Stockholders

  	
  10

  
	
  6.4

  	
  Restriction

  	
  10

  
	
  6.5

  	
  Escrow

  	
  10

  
	
  6.6

  	
  Legend

  	
  10

  
	
  6.7

  	
  Deferred Compensation

  	
  10

  
	
  ARTICLE VII

  	
  PERFORMANCE
  AWARDS, DIVIDEND EQUIVALENTS, DEFERRED STOCK, STOCK PAYMENTS OR OTHER AWARDS

  	
  11

  
	
  7.1

  	
  Performance Awards

  	
  11

  
	
  7.2

  	
  Dividend Equivalents

  	
  11

  
	
  7.3

  	
  Stock Payments

  	
  11

  
	
  7.4

  	
  Deferred Stock

  	
  11

  
	
  7.5

  	
  Other Stock Based Awards

  	
  11

  
	
  7.6

  	
  Deferred Compensation

  	
  11

  
	
  7.7

  	
  Form of Agreement

  	
  12

  
	
  ARTICLE VIII

  	
  ADMINISTRATION

  	
  12

  
	
  8.1

  	
  Compensation and
  Management Development Committee

  	
  12

  
	
  8.2

  	
  Duties and Powers of
  Administrator

  	
  12

  
	
  8.3

  	
  Performance-Based
  Compensation under section 162(m) of the Code

  	
  13

  
	
  8.4

  	
  Majority Rule

  	
  13

  
	
  8.5

  	
  Compensation;
  Professional Assistance; Good Faith Actions

  	
  13

  
	
  ARTICLE IX

  	
  MISCELLANEOUS
  PROVISIONS

  	
  13

  
	
  9.1

  	
  Not Transferable

  	
  13

  
	
  9.2

  	
  Amendment
  Suspension or Termination of this Plan

  	
  14

  
	
  9.3

  	
  Approval of Plan by
  Stockholders

  	
  14

  
	
  9.4

  	
  Limitations
  Applicable to Section 16 Persons and Performance-Based Compensation

  	
  14

  
	
  9.5

  	
  Effect of Plan
  Upon Options and Compensation Plans

  	
  15

  
	
  9.6

  	
  Compliance with Laws

  	
  15

  
	
  9.7

  	
  Titles

  	
  15

  
	
  9.8

  	
  Governing Law

  	
  15

  
	
  9.9

  	
  Change in Control

  	
  15

  
	
  9.10

  	
  Termination of Service

  	
  17

  
	
  9.11

  	
  Withholding.
  Requirements and Arrangements

  	
  18

  
	
  9.12

  	
  Adjustments

  	
  19

  
	
  9.13

  	
  Other Transfer
  Restrictions

  	
  20

  
	
  9.14

  	
  Certain
  Indebtedness to the Company

  	
  21

  
	
  ARTICLE X

  	
  AUTHORIZATION OF
  SUB-PLANS

  	
  21

  

 

ii

 

2005
INCENTIVE PLAN

OF

CHASE CORPORATION

 

The
name of this plan is the Chase Corporation 2005 Incentive Plan (the “Plan”).  The Plan was adopted by the Board of
Directors (“Board”) on November 21, 2005, subject to the approval of the
shareholders of the Company, which approval was obtained on the same date.  The purpose of the Plan is to enable the
Company to attract and retain highly qualified personnel who will contribute to
the Company’s success by their ability, ingenuity and industry experience and
to provide incentives to the participating officers, directors, employees,
consultants and advisors that are linked directly to increases in shareholder
value and will therefore inure to the benefit of all shareholders of the
Company.  The Plan is intended to
constitute a “written compensatory benefit plan” within the meaning of Rule 701
under the Securities Act of 1933, as amended (the “Act”).

 

ARTICLE I

 

DEFINITIONS

 

1.1           General.  Wherever the following terms are used in this
Plan they shall have the meaning specified below, unless the context clearly
indicates otherwise.

 

1.2           Administrator.  “Administrator” shall mean the Board, or if
and to the extent the Board does not administer the Plan, the Committee in
accordance with Article VIII.

 

1.3           Award.  “Award shall mean the grant of an Option, an
award of Restricted Stock, a Performance Award, Dividend Equivalent, awards of
Deferred Stock, Stock Payments or other awards pursuant to Article VII of
this Plan.  Awards may be granted for
services to be rendered or for past services already rendered to the Company or
any Affiliate.

 

1.4           Board.  “Board” shall mean the Board of Directors of
the Company.

 

1.5           Code.  “Code” shall mean the Internal Revenue Code
of 1986, as amended from time to time, or any successor thereto.

 

1.6           Committee.  “Committee” shall mean the Compensation and
Management Development Committee of the Board, or a subcommittee of the Board,
appointed as provided in Section 8.1. 
The Committee shall be responsible for administering and interpreting
the Plan in accordance with Article 8.

 

1.7           Common Stock.  “Common Stock” shall mean the common stock of
the Company, no par value, and any
equity security of the Company issued or authorized to be issued in the future,
but excluding any warrants, options or other rights to purchase Common
Stock.  Debt securities of the Company
convertible into Common Stock shall be deemed equity securities of the Company.

 

1.8           Company.  “Company” shall mean Chase Corporation a
Delaware corporation.

 

 

1.9           Covered Employee.  “Covered employee” shall mean a “covered
employee” within the meaning of section 162(m) of the Code.

 

1.10         Deferred Stock.  “Deferred Stock” shall mean Common Stock
awarded under Article VII of this Plan.

 

1.11         Director.  “Director” shall mean a member of the Board.

 

1.12         Disability.  “Disability” shall be defined pursuant to section 22(e)(3) of
the Code, except as otherwise may be required by section 409A, in which
case “disability” shall be defined as set forth in section 409A.

 

1.13         Dividend
Equivalent.  “Dividend Equivalent”
shall mean a right to receive the equivalent value (in cash or Common Stock) of
dividends paid on Common Stock, awarded under Article VII of this Plan.

 

1.14         Eligible
Participant.  “Eligible Participant”
shall mean any Employee, consultant, advisor or Director of the Company.

 

1.15         Employee.  “Employee” shall mean any officer or other employee
(as defined in accordance with section 3401 (c) of the Code) of the
Company, or of any corporation which is a Subsidiary.

 

1.16         Exchange Act.  “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended.

 

1.17         Fair Market Value.  “Fair Market Value” of a share of Common
Stock as of a given date shall be (1) the value of a share of Common Stock
at the closing of trading on such date on the principal exchange on which
shares of Common Stock are then trading, if any, or if shares were not traded
on such date, then on the closest preceding date on which a trade occurred, or (2) if
the Common Stock is not traded on an exchange, the value of the Common Stock at
the closing of trading on such date as reported by NASDAQ or, if NASDAQ is not
then in existence, by its successor quotation system; or (3) if the Common
Stock is not publicly traded, the Fair Market Value of a share of Common Stock
as established by the Administrator acting in good faith, in compliance with
applicable, statutory and regulatory guidelines.

 

1.18         Full-Value Award.  “Full-Value Award” shall mean Restricted
Stock, Performance Award, Deferred Stock, Dividend Equivalents, and any
other stock-based Awards that the Committee determines more closely resembles a
Performance Award or Restricted Stock, other than an Option or stock
appreciation right; provided, however, that a stock appreciation right that is
settled in stock on a net basis shall be a “Full-Value Award”.

 

1.19         Grantee.  “Grantee” shall mean an Employee, consultant,
advisor or Director granted a Performance Award, Dividend Equivalent, Stock
Payment, an award of Deferred Stock, or other awards pursuant to Article VII
of this Plan.

 

1.20         Incentive Stock
Option.  “Incentive Stock Option”
shall mean an option which conforms to the applicable provisions of section 422
of the Code and which is designated as an Incentive Stock Option by the
Administrator.

 

2

 

1.21         Independent
Director.  “Independent Director”
shall mean a member of the Board who is not an Employee of the Company.

 

1.22         Non-Qualified
Stock Option.  “Non-Qualified Stock
Option” shall mean an Option which is not an Incentive Stock Option, including
any Option determined by the Administrator not to constitute an Incentive Stock
Option.

 

1.23         Option.  “Option” shall mean a stock option granted
under Article III of this Plan.  An
Option granted under this Plan shall, as determined by the Administrator, be
either a Non-Qualified Stock Option or an Incentive Stock Option; provided,
however, that Options granted to Independent Directors, consultants and
advisors shall be Non-Qualified Stock Options.

 

1.24         Optionee.  “Optionee” shall mean an Employee,
consultant, advisor or Director granted an Option under this Plan.

 

1.25         Participant.            “Participant” shall mean an Eligible
Participant who has received Options, awards of Restricted Stock or Deferred
Stock, Performance Awards, Dividend Equivalents, Stock Payments or other awards
or rights granted under this Plan.

 

1.26         Performance Award.  “Performance Award” shall mean a cash bonus,
stock bonus or other performance or incentive award that is paid in cash,
Common Stock or a combination of both, awarded under Article VII of this
Plan.

 

1.27         Performance Goals.  “Performance Goals” means with respect to any
designated performance period as defined in section 8.3 one or more
Performance Measures established by the Committee prior to the beginning of
such performance period or within such period after the beginning of the
performance period as shall meet the requirements to be considered “pre-established
objective performance goals” for purposes of the regulations issued under Section 162(m)
of the Code.  Such Performance Goals may
be particular to a Participant or may be based, in whole or in part, on the
performance of the division, department, line of business, subsidiary, or other
business unit, whether or not legally constituted, in which the Participant
works or on the performance of the Company generally.

 

1.28         Performance Measures.  “Performance Measures” shall include, but not
be limited to (measured either absolutely or by reference to an index or
indices and determined either on a consolidated basis or, as the context
permits, on a divisional, subsidiary, line of business, project or geographical
basis or in combinations thereof): sales; revenues; assets; expenses; earnings
before or after deduction for all or any portion of interest, taxes,
depreciation, or amortization, whether or not on a continuing operations or an
aggregate or per share basis; return on equity, investment, capital or assets;
one or more operating ratios; borrowing levels, leverage ratios or credit
rating; market share; capital expenditures; cash flow; stock price; stockholder
return; sales of particular products or services; customer acquisition or
retention; acquisitions and divestitures (in whole or in part); joint ventures
and strategic alliances; spin-offs, split-ups and the like; reorganizations; or
recapitalizations, restructurings, financings (issuance of debt or equity) or
refinancings.

 

1.29         Plan.  “Plan” shall mean this 2005 Incentive Plan.

 

3

 

1.30         QDRO.  “QDRO” shall mean any qualified domestic
relations order as defined by the Code or Title I of the Employee Retirement
Income Security Act, of 1974, as amended, or the rules and regulations
thereunder.

 

1.31         Restricted Stock.  “Restricted Stock” shall mean Common Stock
awarded under and subject to restrictions as provided in Article VI of
this Plan.

 

1.32         Restricted
Stockholder.  “Restricted Stockholder”
shall mean an Employee, consultant, advisor or Director granted an award of
Restricted Stock under Article VI of this Plan.

 

1.33         Rule 16b-3.  “Rule 16b-3” shall mean that certain Rule 16b-3
under the Exchange Act, as such Rule may be amended from time to time.

 

1.34         Stock Payment.  “Stock Payment” shall mean (1) a payment
in the form of shares of Common Stock, or (2) an option or other right to
purchase shares of Common Stock, as part of a deferred compensation
arrangement, made in lieu of all or any portion of the compensation, including
without limitation, salary, bonuses and commissions, that would otherwise
become payable to an Employee, consultant, advisor or Director in cash, awarded
under Article VII of this Plan.

 

1.35         Subsidiary.  “Subsidiary” shall mean any corporation in an
unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain then owns
stock possessing 50 percent or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

 

1.36         Termination
of Directorship.  “Termination of
Directorship” shall mean the time when an Optionee who is an Independent
Director ceases to be a Director for any reason, including, but not by way of
limitation, a termination by resignation, failure to be elected, death or
retirement.  The Board, in its sole and
absolute discretion, shall determine the effect of all matters and questions
relating to Termination of Directorship.

 

ARTICLE II

 

SHARES SUBJECT TO PLAN

 

2.1           Shares Subject
to Plan.

 

The shares of stock subject to Awards under this
Plan shall be the Company’s Common Stock, no par value per share.  The aggregate number of such shares, which
may be issued upon exercise of such options or rights or upon any such awards
under the Plan, shall not exceed 500,000, (“Share Authorization”) subject to
adjustment as provided in Section 9.13. 
The shares of Common Stock issuable upon exercise of such options or
rights or upon any such awards may be either previously authorized but unissued
shares or treasury shares.  The maximum annual
number of Awards that may be issued in the aggregate to any Participant shall
be 200,000.  The maximum annual cash
Award that may be issued to any Participant shall be $2,000,000.

 

(b)           To
the extent required by section 162(m) of the Code if, after grant of an
Option, the price of shares subject to such Option is reduced, the transaction
shall be treated as a cancellation of the Option and a grant of a new Option.

 

4

 

2.2           Unexercised Options and
Other Rights.  To the extent that (1) a
Stock Option expires or is otherwise terminated without being exercised, or (2) any
shares of Stock subject to any other Award granted hereunder are forfeited,
such shares shall again be available for issuance in connection with future
awards under the Plan.  If any shares of
Stock have been pledged as collateral for indebtedness incurred by a
Participant in connection with the exercise of a Stock Option and such shares
are returned to the Company in satisfaction of such indebtedness, such shares
shall again be available for issuance in connection with future awards under
the Plan.  To the extent that a share of
stock is subject to an outstanding Full-Value Award, such share shall reduce
the Share Authorization by two shares of Common Stock, and to the extent that a
share is subject to an outstanding Option, stock appreciation right or other
stock-based Award not treated as a Full-Value Award, such share shall reduce
the Share Authorization by one share of stock. Notwithstanding the foregoing,
Awards that are expired, cancelled, forfeited or otherwise returned to the
Company cannot be recounted for purposes of Section 162(m) of the Code and
the Administrator shall consider such limitation when regranting such Awards.

 

ARTICLE III

 

GRANTING OF OPTIONS

 

3.1           Eligibility.  Any officer, Employee, consultant, advisor or
Director shall be eligible to be granted an Option.

 

3.2           Granting of
Options.

 

(a)           The
Administrator shall from time to time, in its absolute discretion:

 

(i)            Select
which Eligible Participants shall be granted Options;

 

(ii)           Determine
the number of shares subject to such Options;

 

(iii)          Determine
whether such Options are to be Incentive Stock Options or Non-Qualified Stock
Options and whether such Options are to qualify as performance-based
compensation as described in section 162(m)(4)(C) of the Code; and

 

(iv)          Determine
the terms and conditions of such Options, consistent with this Plan; provided, however, that the terms and conditions
of Options intended to qualify as performance-based compensation as described
in section 162(m)(4)(C) of the Code shall include, but not be limited
to, such terms and conditions as may be necessary to meet the applicable
provisions of section 162(m) of the Code.

 

(b)           The
Administrator shall instruct the Secretary of the Company to issue such Options
and may impose such conditions on the grant of such Options as it deems
appropriate.  Without limiting the
generality of the preceding sentence, the Administrator may, in its discretion
and on such terms as it deems appropriate, require as a condition on the grant
of an Option that the Optionee surrender for cancellation some or all of the
unexercised Options, awards of Restricted Stock or Deferred Stock, Performance
Awards, Dividend Equivalents, Stock Payments or other awards or rights which
have been previously granted to him under this Plan or otherwise.  Any such surrender and subsequent grant or
Award shall fully comply with the requirements of section 409A of the Code
and the regulatory guidelines.  Such
grant or other Award may contain such terms and conditions as the Administrator

 

5

 

deems
appropriate and shall be exercisable in accordance with its terms, subject to
statutory and regulatory compliance.

 

3.3           Special
Rules Applicable to Incentive Stock Options.

 

(a)           No
person may be granted an Incentive Stock Option under this Plan if such person,
at the time the Incentive Stock Option is granted, owns stock possessing more
than ten percent (10%) of the total combined voting power of all classes of
stock of the Company or any then existing Subsidiary unless the exercise price
per share is not less than one hundred ten percent (110%) of the Fair Market
Value per share of stock on the option grant date and the option term does not
exceed five (5) years measured from the option grant date.

 

(b)           No
Incentive Stock Option shall be granted unless such Option, when granted,
qualifies as an “incentive stock option” under section 422 of the
Code.  No Incentive Stock Option shall be
granted to any person who is not an Employee.

 

(c)           Any
Incentive Stock Option granted under this Plan may be modified by the
Administrator to disqualify such option from treatment as an “incentive stock
option” under section 422 of the Code.

 

(d)           To
the extent that the aggregate Fair Market Value of stock with respect to which “incentive
stock options” (within the meaning of section 422 of the Code, but without
regard to section 422(d) of the Code) are exercisable for the first
time by an Optionee during any calendar year (under the Plan and all other
incentive stock option plans of the Company and any Subsidiary) exceeds
$100,000, such Options shall be treated as Non-Qualified Options to the extent
required by section 422 of the Code and subject to the provisions of Section 3.4
of this Plan and the Company shall issue separate certificates to the
Participant with respect to options that are Non-Qualified Options and options
that are Incentive Stock Options.  The rule set
forth in the preceding sentence shall be applied by taking Options into account
in the order in which they were granted.  For purposes of this Section 3.3(d), the
Fair Market Value of stock shall be determined as of the time the Option with
respect to such stock is granted.

 

3.4           Certain
Additional provisions for Non-Qualified Stock Options.

 

(a)           Non-Qualified
Options With Fair Market Value Exercise Price.  To avoid a deferral of compensation falling
within the requirements of section 409A of the Code, any option to
purchase stock, other than an Incentive Stock Option, will have the following
characteristics: (i) the exercise price will never be less than the Fair
Market Value of the underlying stock on the date the option is granted, (ii) the
receipt, transfer or exercise of the option will be subject to taxation under section 83
of the Code, and (iii) the option will not include any feature for the
deferral of compensation other than the deferral of recognition of income until
the later of exercise or disposition of the option.

 

(b)           Non-Qualified Options With an
Exercise Price Less than Fair Market Value. 
Notwithstanding paragraph (a) above, to the extent determined by
the Board, any Non-Qualified Options may constitute a deferral of compensation,
such option shall comply with the requirements of section 409A of the Code
as set forth in the corresponding stock option agreement.

 

3.5           Substitute
Options.  In the event that the
Company or any Subsidiary consummates a transaction described in section 424(a) of
the Code (relating to the acquisition of property 

 

6

 

or
stock from an unrelated corporation), individuals who become employees of the
Company or any Subsidiary on account of such transaction may be granted
Incentive Stock Options in substitution for options granted by their former
employer, subject to the requirements of section 409A of the Code.

 

ARTICLE IV

 

TERMS OF OPTIONS

 

4.1           Option Agreement.  Each Option shall be evidenced by a written
stock option agreement, which shall be executed by the Optionee and an
authorized officer of the Company and which shall contain such terms and
conditions as the Administrator shall determine, consistent with this
Plan.  Stock option agreements evidencing
Options intended to qualify as performance-based compensation as described in section l62(m)(4)(C) of
the Code shall contain such terms and conditions as may be necessary to meet
the applicable provisions of section 162(m) of the Code.  Stock option agreements evidencing Incentive
Stock Options shall contain such terms and conditions as may be necessary to
meet the applicable provisions of section 422 of the Code.  In this regard, any awards which are
Non-Qualified Options under Section 3.4 of this Plan will include within
the written award agreement such terms and conditions as are necessary to
comply with the requirements of section 409A of the Code.  Any award agreement may require that the
Participant agree to be bound by any stockholders’ agreement among all or
certain stockholders of the Company that may be in effect at the time of either
the grant of the award or the exercise of an Option, if applicable, or certain
provisions of any such agreement that may be specified by the Company.

 

4.2           Option Price.  The price per share of the shares subject to
each Option shall be set by the Administrator; provided, however,
that (i) such price shall be no less than the fair market value of a share
of Common Stock, and (ii) in the case of Options intended to qualify as
Incentive Stock Options or as performance-based compensation as described in section 162(m)(4)(C) of
the Code such price shall be no less than 100% of the Fair Market Value of a
share of Common Stock on the date the Option is granted (110% of the Fair
Market Value of a share of Common Stock on the date such Option is granted in
the case of an individual then owning (within the meaning of section 424(d) of
the Code) more than 10% of the total combined voting power of all classes of
stock of the Company or any Subsidiary).

 

4.3           Option Term.  The term of an Option shall be set by the
Administrator in its discretion; provided,
however, that, in the case
of Incentive Stock Options, the term shall not be more than seven (7) years
from the date the Incentive Stock Option is granted, or five (5) years
from such date if the Incentive Stock Option is granted to an individual then
owning (within the meaning of section 424(d) of the Code) more than
10% of the total combined voting power of all classes of stock of the Company
or any Subsidiary.

 

4.4           Option
Vesting and Exercisability.  Options
shall be exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Administrator at or after grant.  The Administrator may provide, in its
discretion, that any Stock Option shall be exercisable only in installments,
and the Administrator may waive such installment exercise provisions at any
time in whole or in part based on such factors as the Administrator may
determine, in its sole discretion, including but not limited to in connection
with any “change in control” of the Company, as defined in any stock option
agreement.  Notwithstanding the
foregoing, the Board may accelerate (i) the vesting or payment of any
Award (including an Incentive Stock Option), (ii) the lapse of
restrictions on any award (including an award of Restricted Stock) and (iii) the
date on which any Option first becomes exercisable 

 

7

 

as
long as such acceleration is permissive under the requirements of section 409A
of the Code.  An Incentive Stock Option
shall not be exercisable until such Incentive Stock Option is vested.

 

ARTICLE V

 

EXERCISE OF OPTIONS

 

5.1           Partial Exercise.  An exercisable Option may be exercised in
whole or in part, as determined by the Administrator on the date of grant.  However, an Option shall not be exercisable
with respect to fractional shares and the Administrator may require that, by
the terms of the Option, a partial exercise be with respect to a minimum number
of shares.

 

5.2           Manner of
Exercise.  All or a portion of an
exercisable Option shall be deemed exercised upon delivery of all of the
following to the Secretary of the Company or the Secretary’s office:

 

(a)           A
written notice complying with the applicable rules established by the
Administrator stating that the Option, or a portion thereof, is to be
exercised.  The notice shall be signed by
the Optionee or other person then entitled to exercise the Option or such
portion;

 

(b)           Such
representations and documents as the Administrator, in its absolute discretion,
deems necessary or advisable to effect compliance with all applicable
provisions of the Securities Act of 1933, as amended, and any other federal or
state securities laws or regulations. 
The Administrator may, in its absolute discretion, also take whatever
additional actions it deems appropriate to effect such compliance including,
without limitation, placing legends on share certificates and issuing
stop-transfer notices to agents and registrars;

 

(c)           In
the event that the Option shall be exercised pursuant to Section 9.1 by
any person or persons other than the Optionee, appropriate proof of the right
of such person or persons to exercise the Option; and

 

(d)           Full
cash payment to the Secretary of the Company for the shares with respect to
which the Option, or portion thereof, is exercised.  However, at the discretion of the
Administrator and subject to compliance with applicable statutory and
regulatory guidance, the terms of the Option may (i) allow payment, in
whole or in part, through the delivery of shares of Common Stock owned by the
Optionee for at least six (6) months prior to the date of delivery, duly
endorsed for transfer to the Company with a Fair Market Value on the date of
delivery equal to the aggregate exercise price of the Option or exercised
portion thereof; (ii) allow payment, in whole or in part, through the
surrender of shares of Common Stock then issuable upon exercise of the Option
having a Fair Market Value on the date of Option exercise equal to the
aggregate exercise price of the Option or exercised portion thereof; (iii) allow
payment, in whole or in part, through the delivery of a full-recourse
promissory note bearing interest (at no less than such rate as shall then
preclude the imputation of interest under the Code) and payable upon such terms
as may be prescribed by the Administrator, or (iv) allow payment through
any combination of the foregoing.  In the
case of a promissory note, the Administrator may also prescribe the form of
such note, the security to be given for such note and the rate of interest, if
any, that the note shall bear.  The
Option may not be exercised, however, by delivery of a promissory note or by a
loan from the Company when or where such loan or other extension of credit is
prohibited by law, and any such note or loan shall comply with all applicable
laws, regulations and rules of the Board of Governors of the Federal
Reserve System and any other governmental agency having jurisdiction.

 

8

 

5.3           Conditions
to Issuance of Stock Certificate. 
The Company shall not be required to issue or deliver any certificate or
certificates for shares of stock purchased upon the exercise of any Option or
portion thereof prior to fulfillment of all of the following conditions:

 

(a)           The
admission of such shares to listing on all stock exchanges on which such class
of stock is then listed;

 

(b)           The
completion of any registration or other qualification of such shares under any
state or federal law, or under the rulings or regulations of the Securities and
Exchange Commission or any other governmental regulatory body which the
Administrator shall, in its absolute discretion, deem necessary or advisable;

 

(c)           The
obtaining of any approval or other clearance from any state or federal
governmental agency which the Administrator shall, in its absolute discretion,
determine to be necessary or advisable;

 

(d)           The
lapse of such reasonable period of time following the exercise of the Option as
the Administrator may establish from time to time for reasons of administrative
convenience;

 

(e)           The receipt by the Company of full
payment for such shares, including payment of any applicable withholding or
employment tax; and

 

(f)            Compliance
with the terms of this Plan and any other applicable agreements pertaining to
the Award.

 

5.4           Rights as
Stockholders.  The holders of Options
shall not be, nor have any of the rights or privileges of, stockholders of the
Company in respect of any shares purchasable upon the exercise of an Option
unless and until certificates representing such shares have been issued by the
Company to such holders and such holder has entered into any applicable
stockholder’s agreement, as determined by the Administrator in its sole
discretion.

 

5.5           Ownership
and Transfer Restrictions.  In
addition to the restrictions set forth in Section 9.1 of this Plan, the
Administrator, in its absolute discretion, may impose such restrictions on the
ownership and transferability of the shares purchasable upon the exercise of an
Option as it deems appropriate.  Any such
restriction shall be set forth in the respective stock option agreement and may
be referred to on the certificates evidencing such shares.  The Administrator may require the Optionee to
give the Company prompt notice of any disposition of shares of Common Stock
acquired by exercise of an Incentive Stock Option within the later of (i) two
(2) years from the date the Option was granted or (ii) one (1) year
after the transfer of such shares to the Optionee.  The Administrator may direct that the
certificates evidencing shares acquired by exercise of an Option refer to such
requirement to be given prompt notice of disposition.

ARTICLE VI

 

AWARD OF RESTRICTED STOCK

 

6.1           Award of
Restricted Stock.

 

9

 

(a)           The
Administrator shall from time to time, in its absolute discretion, select which
Eligible Participant shall be awarded Restricted Stock, and determine the
purchase price, if any, and other terms and conditions, including Performance
Goals, applicable to such Restricted Stock, consistent with this Plan.

 

(b)           The
Administrator shall establish the purchase price, if any, and form of payment
for Restricted Stock, including any consideration required by applicable
law.  The Administrator shall instruct
the Secretary of the Company to issue such Restricted Stock and may impose such
conditions on the issuance of such Restricted Stock as it deems appropriate.

 

6.2           Restricted
Stock Agreement.  Restricted Stock
shall be issued only pursuant to a written Restricted Stock Agreement, which
shall be executed by the selected Employee, consultant, advisor or Director and
an authorized officer of the Company and which shall contain such terms and
conditions as the Administrator shall determine, consistent with this Plan.

 

6.3           Rights as
Stockholders.  Upon delivery of the
shares of Restricted Stock to the escrow holder pursuant to Section 6.5,
the Restricted Stockholder shall have, unless otherwise provided by the
Administrator, all the rights of a stockholder with respect to said shares,
subject to the restrictions in the Restricted Stockholder’s Restricted Stock
Agreement and any applicable stockholder’s agreement, including the right to
receive all dividends and other distributions paid or made with respect to the
shares; provided, however, that in the discretion of the
Administrator, any extraordinary distributions with respect to the Common Stock
shall be subject to the restrictions set forth in Section 6.4.

 

6.4           Restriction.  All shares of Restricted Stock issued under
this Plan (including any shares received by holders thereof with respect to
shares of Restricted Stock as a result of stock dividends, stock splits or any
other form of recapitalization) shall, in the terms of each individual
Restricted Stock Agreement, be subject to such restrictions as the
Administrator shall provide, which restrictions may include, without
limitation, restrictions concerning voting rights and transferability and
restrictions based on duration of employment with the Company, Company
performance and individual performance; provided,
however, that by a
resolution adopted after the Restricted Stock is issued, the Administrator may,
on such terms and conditions as it may determine to be appropriate, remove any
or all of the restrictions imposed by the terms of the Restricted Stock
Agreement.  Restricted Stock may not be
sold or encumbered until all restrictions are terminated or expire.

 

6.5           Escrow.  The Secretary of the Company or such other
escrow holder as the Administrator may appoint shall retain physical custody of
each certificate representing Restricted Stock until all of the restrictions
imposed under the Restricted Stock Agreement with respect to the shares
evidenced by such certificate expire or shall have been removed.

 

6.6           Legend.  In order to enforce the restrictions imposed
upon shares of Restricted Stock hereunder, the Administrator shall cause a
legend or legends to be placed on certificates representing all shares of
Restricted Stock that are still subject to restrictions under Restricted Stock
Agreements, which legend or legends shall make appropriate reference to the
conditions imposed thereby.

 

6.7           Deferred
Compensation.  To the extent that any award of shares of
Restricted Stock may constitute a deferral of compensation, the award shall
comply with the requirements of section 409A of the Code as set forth in
the corresponding restricted stock agreement.

 

10

 

ARTICLE VII

 

PERFORMANCE AWARDS, DIVIDEND
EQUIVALENTS, 

DEFERRED STOCK, STOCK PAYMENTS OR OTHER AWARDS

 

7.1           Performance
Awards.  Any Eligible Participant
selected by the Administrator may be granted one or more Performance Awards
which may be subject to the requirements of Section 8.3.  The value of such Performance Awards may be
linked to the market value, book value, net profits or other measure of the
value of Common Stock or other specific performance criteria determined
appropriate by the Administrator, or may be based upon the appreciation in the
market value, book value, net profits or other measure of the value of a specified
number of shares of Common Stock over a fixed period or periods determined by
the Administrator.

 

7.2           Dividend
Equivalents.  Any Eligible
Participant selected by the Administrator may be granted Dividend Equivalents
based on the dividends declared on Common Stock, to be credited as of dividend
payment dates, during the period between the date an Award is granted, and the
date such Award is exercised, vests or expires, as determined by the
Administrator.  Such Dividend Equivalents
shall be converted to cash or additional shares of Common Stock by such formula
and at such time and subject to such limitations as may be determined by the
Administrator.

 

7.3           Stock Payments.  Any Eligible Participant selected by the
Administrator may receive Stock Payments in the manner determined from time to
time by the Administrator.  The number of
shares shall be determined by the Administrator and may be based upon the Fair
Market Value, book value, net profits or other measure of the value of Common
Stock or other specific performance criteria determined appropriate by the
Committee.

 

7.4           Deferred Stock.  Any Eligible Participant selected by the
Administrator may be granted an award of Deferred Stock in the manner
determined from time to time by the Administrator.  The number of shares of Deferred Stock shall
be determined by the Administrator and may be linked to the market value, book
value, net profits or other measure of the value of Common Stock or other
specific performance criteria determined appropriate by the Administrator.  Common Stock underlying a Deferred Stock
award will not be issued until the Deferred Stock award has vested, pursuant to
a vesting schedule or performance criteria set by the Administrator.  Unless otherwise provided by the
Administrator, a Grantee of Deferred Stock shall have no rights as a Company
stockholder with respect to such Deferred Stock until such time as the award
has vested and the Common Stock underlying the award has been issued.

 

7.5           Other Stock
Based Awards.  The Board shall have
the right to grant such awards based upon the Common Stock having terms and
conditions as the Board may determine, including, without limitation, the grant
of shares based upon certain conditions, the grant of securities convertible
into Common Stock and the grant of warrants to purchase Common Stock.

 

7.6           Deferred
Compensation.  It is not intended
that Awards under this Article VII, in form and/or operation, will
constitute “deferred compensation” under section 409A of the Code.  If it is subsequently determined that such
awards in form and/or operation, constitute “deferred compensation” under section 409A
of the Code, the award shall be amended as provided by in Section 9.6 to
comply with the requirements of section 409A of the Code as set forth in
the corresponding award agreement.

 

11

 

7.7           Form of
Agreement.  Each award granted
pursuant to this Article VII shall be evidenced by a written agreement,
which shall be executed by the Grantee and an authorized officer of the Company
and which shall contain such terms and conditions as the Administrator shall
determine, consistent with this Plan, including the term of the Award and
payment on exercise.

 

ARTICLE VIII

 

ADMINISTRATION

 

8.1           Compensation
and Management Development Committee. 
The Compensation and Management Development Committee (or a subcommittee
of the Board assuming the functions of the Committee under this Plan) shall
consist of two (2) or more Directors appointed by and holding office at
the pleasure of the Board.  To the extent
applicable, the members of the Committee shall each be an “outside director” as
defined under section 162(m) of the Code. 
Appointment of Committee members shall be effective upon acceptance of
appointment.  Committee members may
resign at any time by delivering written notice to the Board.  Vacancies in the Committee may be filled by
the Board.

 

To the extent applicable, during the period any
director is serving on the Committee, he shall not (i) be an officer of
the Company or a parent or subsidiary of the Company, or otherwise currently
employed by the Company or a parent or subsidiary of the Company; (ii) receive
compensation, either directly or indirectly, from the Company or a parent or
subsidiary of the Company for services rendered as a consultant or in any
capacity other than as a director, except for an amount that does not exceed
the dollar amount for which disclosure would be required pursuant to Rule 404(a) of
the 1934 Act; (iii) possess an interest in any other transaction for which
disclosure would be required pursuant to Rule 404(a); and (iv) be
engaged in a business relationship for which disclosure would be required
pursuant to Rule 404(b).  The
requirements of this subsection are intended to comply with Rule 16b-3
under Section 16 of the 1934 Act or any successor rule or regulation,
and shall be interpreted and construed in a manner which assures compliance
with said Rule.  To the extent said Rule 16b-3
is modified to reduce or increase the restrictions on who may serve on the
Committee, the Plan shall be deemed modified in a similar manner.

 

8.2           Duties
and Powers of Administrator.  It
shall be the duty of the Administrator to conduct the general administration of
this Plan in accordance with its provisions. 
The Administrator shall have the power to interpret this Plan and the
agreements pursuant to which Awards are granted or awarded, and to adopt such rules for
the administration, interpretation, and application of this Plan as are
consistent therewith and to interpret, amend or revoke any such rules.  Any such grant or award under this Plan need
not be the same with respect to each Optionee, Grantee or Restricted
Stockholder.  Any such interpretations
and rules with respect to Incentive Stock Options shall be consistent with
the provisions of section 422 of the Code. 
Any Award constituting “deferred compensation” as defined under section 409A
of the Code, shall comply in all respects with the requirements of section 409A
and applicable regulatory guidance.  In
its absolute discretion, the Board may at any time and from time to time
exercise any and all rights and duties of the Committee under this Plan except
with respect to matters which under Rule 16b-3 or section 162(m) of
the Code, or any regulations or rules issued thereunder, are required to
be determined in the sole discretion of the Committee.  In this regard, to the extent that the
guidelines pursuant to section 162(m) are applicable, not only will the
Committee consist solely of two or more outside directors but said Committee
shall be required to certify that any Performance Goals and/or other material
terms associated with any Award have been satisfied prior to the payment of any
Award pursuant to section 8.3 below.

 

12

 

8.3           Performance-Based
Compensation under section 162(m) of the Code.  If the Committee determines at the time an
Award is granted to a Participant that such Participant is, or may be as of the
end of the tax year for which the Company would claim a tax deduction in
connection with such Award, a Covered Employee, then the Committee may provide
that the Participant’s right to receive cash, shares, or other property
pursuant to such Award shall be subject to the satisfaction of Performance
Goals during a performance period, which for these purposes means the period of
service designated by the Committee applicable to an Award subject to this section 8.3.  Notwithstanding the attainment of Performance
Goals by a Covered Employee, the Committee shall have the right to reduce (but
not to increase) the amount payable at a given level of performance to take
into account additional factors that the Committee may deem relevant.  The Committee shall have the power to impose
such other restrictions on Awards subject to this section 8.3 as it deems
necessary or appropriate to ensure that such Awards satisfy all requirements
for “performance-based compensation” within the meaning of section 162(m)
of the Code. In this regard, any performance criterion based on performance
over time will be determined by reference to a period of at least one year.

 

8.4           Majority Rule.  The Administrator 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.

 

8.5           Compensation;
Professional Assistance; Good Faith Actions.  Members of the Administrator shall receive
such compensation for their services as members as may be determined by the
Board.  All expenses and liabilities
which members of the Committee incur in connection with the administration of
this Plan shall be borne by the Company. 
The Committee may, with the approval of the Board, employ attorneys,
consultants, accountants, appraisers, brokers, or other persons.  The Administrator, the Company and the
Company’s officers and Directors 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
Administrator in good faith shall be final and binding upon all Optionees,
Grantees, Restricted Stockholders, the Company and all other interested
persons.  No members 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 under this Plan and
the Administrator shall be fully protected and indemnified by the Company in
respect of any such action, determination or interpretation.

 

ARTICLE IX

 

MISCELLANEOUS PROVISIONS

 

9.1           Not Transferable.  Except as otherwise provided in the option or
Restricted Stock Agreement, Awards under this Plan may not be sold, pledged,
assigned, or transferred in any manner other than by will or the laws of
descent and distribution, unless and until such rights or awards have been
exercised, or the shares underlying such rights or awards have been issued, and
all restrictions applicable to such shares have lapsed.  No Award or interest or right therein shall
be liable for the debts, contracts or engagements of the Optionee, Grantee or
Restricted Stockholder or his or her successors in interest nor shall it be
subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be
voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect;
provided however, that this Section 9.1 shall not prevent (1) transfers
by will or by the applicable laws of descent and distribution, (2) the
designation of a beneficiary to exercise any Option or other right or award (or
any 

 

13

 

portion thereof) granted under
the Plan after the Optionee’s or Grantee’s death, or (3) transfers of a
Non-Qualified Option to an Optionee’s alternate payee pursuant to a QDRO.

 

During the lifetime of the Optionee or Grantee, only
the Optionee, or, in the case of a Non-Qualified Option,  an alternate payee under a QDRO, may exercise
an Option or other right or award (or any portion thereof) granted under the
Plan.  After the death of the Optionee or
Grantee, any exercisable portion of an Option or other right or award may,
subject to the terms of such Option, right or award, be exercised by the
Optionee’s or Grantee’s personal representative or by any person empowered to
do so under a beneficiary designation, under a will or under the then applicable
laws of descent and distribution.

 

9.2           Amendment,
Suspension or Termination of this Plan. 
This Plan shall terminate on the date of the annual meeting of the Board
immediately following the tenth anniversary of the Board’s adoption of this
Plan.  This Plan may be wholly or
partially amended or otherwise modified, suspended or terminated at any time or
from time to time by the Administrator. 
However, without approval of the Company’s stockholders given within
twelve months before or after the action by the Administrator, no action of the
Administrator may, except as provided in Section 9.3, increase the limits
imposed in Section 2.1 on the maximum number of shares which may be issued
under this Plan, increase the per-participant limitation in Section 2.1 or
change the class of employee entitled to participate in the Plan, and no action
of the Committee may be taken that would otherwise require stockholder approval
as a matter of applicable law, regulation or rule.  No amendment, suspension or termination of
this Plan shall, without the consent of the holder thereof, alter or impair any
rights or obligations under any Award granted or awarded, unless the Award
itself otherwise expressly so provides. 
No Options, Restricted Stock, Deferred Stock, Performance Awards,
Dividend Equivalents, Stock Payments or other awards may be granted or awarded
during any period of suspension or after termination of this Plan, and in no
event may any Incentive Stock Option be granted under this Plan after the first
to occur of the following events:

 

(a)           The
expiration of ten years from the date the Plan is adopted by the Board; or

 

(b)           The
expiration of ten years from the date the Plan is approved by the Company’s
stockholders under Section 9.3.

 

Specifically, and in addition to the foregoing, this
Plan may be amended, to the extent necessary, to comply with regulatory and
legislative requirements, including section 409A of the Code.

 

9.3           Approval
of Plan by Stockholders.  This Plan
will be submitted for the approval of the Company’s stockholders within twelve
months after the date of the Board’s initial adoption of this Plan.  Options, Performance Awards, Dividend
Equivalents, Stock Payments or other awards may be granted and Restricted Stock
or Deferred Stock may be awarded prior to such stockholder approval, provided
that such Options, Performance Awards, Dividend Equivalents, Stock Payments or
other awards shall not be exercisable and such Restricted Stock or Deferred
Stock shall not vest prior to the time when this Plan is approved by the
stockholders, and provided further that if such approval has not been obtained
at the end of said twelve (12) month period, all Options, Performance Awards,
Dividend Equivalents, Stock Payments or other awards previously granted and all
Restricted Stock or Deferred Stock previously awarded under this Plan shall
thereupon be canceled and become null and void.

 

9.4           Limitations
Applicable to Section 16 Persons and Performance-Based Compensation.  Notwithstanding any other provision of this Plan,
any Option, Performance Award Dividend Equivalent, Stock Payment or other award
granted, or Restricted Stock or Deferred Stock awarded to a key Employee or
Director who is then subject to Section 16 of the Exchange Act shall be 

 

14

 

subject to any additional
limitations set forth in any applicable exemptive rule under Section 16
of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange
Act) that are requirements for the application of such exemptive rule, and this
Plan shall be deemed amended to the extent necessary to conform to such
limitations.  Furthermore,
notwithstanding any other provision of this Plan, any Option or other awards
intended to qualify as performance-based compensation as described in section 162(m)(4)(C) of
the Code shall be subject to any additional limitations set forth in section 162(m)
of the Code (including any amendment to section 162(m) of the Code) or any
Treasury regulations or rulings issued thereunder that are requirements for
qualification as performance-based compensation as described in section 162(m)(4)(C) of
the Code, and this Plan shall be deemed amended to the extent necessary to
conform to such requirements.

 

9.5           Effect
of Plan Upon Options and Compensation Plans.  The adoption of this Plan shall not affect
any other compensation or incentive plans in effect for the Company or any
Subsidiary.  Nothing in this Plan shall
be construed to limit the right of the Company (1) to establish any other
forms of incentives or compensation for Employees of the Company or any
Subsidiary or (2) to grant or assume options or other rights otherwise
than under this Plan in connection with any proper corporate purpose including
but not by way of limitation, the grant or assumption of options in connection
with the acquisition by purchase, lease, merger, consolidation or otherwise, of
the business, stock or assets of any corporation, partnership, firm or
association.

 

9.6           Compliance
with Laws.  This Plan, the granting
and vesting of Options, Restricted Stock awards, Deferred Stock awards,
Performance Awards, Dividend Equivalents, Stock Payments or other awards under
this Plan and the issuance and delivery of shares of Common Stock and the
payment of money under this Plan or under Options, Performance Awards, Dividend
Equivalents, Stock Payments or other awards granted or Restricted Stock or
Deferred Stock awarded hereunder are subject to compliance with all applicable
federal and state laws, rules and regulations (including but not limited
to state and federal securities law and federal margin requirements and the
requirements of section 409A of the Code) and to such approvals by any
listing, regulatory or governmental authority as may, in the opinion of counsel
for the Company, be necessary or advisable in connection therewith.  Any securities delivered under this Plan
shall be subject to such restrictions, and the person acquiring such securities
shall, if requested by the Company, provide such assurances and representations
to the Company as the Company may deem necessary or desirable to assure
compliance with all applicable legal requirements.  To the extent permitted by applicable law,
the Plan, Options, Restricted Stock awards, Deferred Stock awards, Performance
Awards, Dividend Equivalents, Stock Payments or other awards granted or awarded
hereunder shall be deemed amended to the extent necessary to conform to such
laws, rules and regulations.

 

9.7           Titles.  Titles are provided herein for convenience
only and are not to serve as a basis for interpretation or construction of this
Plan.

 

9.8           Governing Law.  This Plan and any agreements hereunder shall
be administered, interpreted and enforced under the internal laws of the
Commonwealth of Massachusetts without regard to conflicts of laws thereof.

 

9.9           Change in Control.  Notwithstanding any other provision of the
Plan, but subject to the requirements of section 409A of the Code and the
provisions of any particular award agreement, in the event of any Change in
Control (as defined below) of the Company, and in anticipation thereof if
required, by the circumstances, the Board, in its sole discretion (and in
addition to or in lieu of any actions permitted to be taken by the Company
under the terms of any particular award agreement), may, on either 

 

15

 

an overall or a Participant by
Participant basis, (i) accelerate the exercisability, prior to the
effective date of such Change in Control, of any outstanding Options (and
terminate the restrictions applicable to any shares of Restricted Stock), (ii) upon
written notice, provide that any outstanding Options must be exercised, to the
extent then exercisable, within a specified number of days after the date of
such notice, at the end of which period such Options shall terminate, (iii) if
there is a surviving or acquiring entity, and subject to the consummation of
such Change in Control, cause that entity or a Subsidiary of that entity to
grant replacement awards having such terms and conditions as the Board
determines to be appropriate in its sole discretion, upon which replacement the
replaced Options or Restricted Stock shall be terminated or cancelled, as the
case may be, (iv) terminate any outstanding Options and make such
payments, if any, therefor (or cause the surviving or acquiring entity to make
such payments, if any, therefor) as the Board determines to be appropriate in
its sole discretion (including, without limitation, with respect to only the
then exercisable portion of such Options based on the Fair Market Value of the
underlying shares as determined by the Board in good faith), upon which
termination such Options shall immediately cease to have any further force or
effect, (v) repurchase (or cause the surviving or acquiring entity to
purchase) any shares of Restricted Stock for such amounts, if any, as the Board
determines to be appropriate in its sole discretion (including, without
limitation, an amount with respect to only the vested portion of such shares
(i.e., the portion that is not then subject to forfeiture or repurchase at a
price less than their value), based on the Fair Market Value of such vested
portion as determined by the Board in good faith), upon which purchase the
holder of such shares shall surrender such shares to the purchaser, or (vi) take
any combination (or none) of the foregoing actions.  Except as otherwise may be required with
respect to any award constituting deferred compensation under section 409A
of the Code, for purposes of this Plan, a “Change in Control” shall mean and
include any of the following:

 

(a)           a
merger or consolidation of the Company with or into any other corporation or
other entity in which holders of the Company’s voting securities immediately
prior to such merger or consolidation will not, directly or indirectly,
continue to hold at least a majority of the outstanding voting securities of
the Company;

 

(b)           a
sale, lease, exchange or other transfer (in one transaction or a related series
of transactions) of all or substantially all of the Company’s assets;

 

(c)           the
acquisition by any person or any group of persons, acting together in any
transaction or related series of transactions, of such quantity of the Company’s
voting securities as causes such person, or group of persons, to own
beneficially, directly or indirectly, as of the time immediately after such
transaction or series of transactions, 50% or more of the combined voting power
of the voting securities of the Company other than as a result of (i) an
acquisition of securities directly from the Company or (ii) an acquisition
of securities by the Company which by reducing the voting securities
outstanding increases the proportionate voting power represented by the voting
securities owned by any such person or group of persons to 50% or more of the
combined voting power of such voting securities;

 

(d)           a
change in the composition of the Board within a two (2) year period such
that a majority of the members of the Board are not continuing directors; or

 

(e)           the
liquidation or dissolution of the Company.

 

16

 

9.10         Termination of
Service.

 

(a)           Termination
of Service in General.  Except as set forth in the applicable
award agreement or as otherwise determined by the Board, upon the termination
of the service of a Participant, the Participant’s Options shall expire on the
earliest of the following occasions:

 

(i)            subject
to Section 5.4, the date that is three (3) months after the voluntary
termination of the Participant’s service or the termination of the Participant’s
service by the Company (or by a Subsidiary) other than for Cause;

 

(ii)           the
date of the termination of the Participant’s service by the Company (or by a
Subsidiary) for Cause;

 

(iii)          the
date one (1) year after the termination of the Participant’s service by
reason of Disability; or

 

(iv)          the
date one (1) year after the termination of the Participant’s service by
reason of the Participant’s death.

 

The
Participant may exercise all or any part of the Participant’s Options at any time
before the expiration of such Options under this Section 9.10(a), but only
to the extent that such Options had become exercisable before the Participant’s
service terminated (or became exercisable as a result of the termination) and
the underlying shares had vested before the Participant’s service terminated
(or vested as a result of the termination). 
The balance of such Options shall lapse when the Participant’s service
terminates.  In the event that the
Participant dies during the Participant’s service, or after the termination of
the Participant’s service but before the expiration of the Participant’s
Options, all or part of such Options may be exercised (prior to expiration) by
the executors or administrators of the Participant’s estate or by any person
who has acquired such Options directly from the Participant by beneficiary
designation, bequest or inheritance, but only to the extent that such Options
had become exercisable before the Participant’s service terminated (or became
exercisable as a result of the termination) and the underlying shares had
vested before the Participant’s service terminated (or vested as a result of
the termination).

 

(b)           Definition
of Cause.  Except as set forth in the
applicable Award agreement, “Cause” means and includes dishonesty, theft,
fraud, violation of Company policies, insubordination, material violation of
governmental regulations applicable to the Company, substantial malfeasance or
non-feasance of duty, unauthorized disclosure of trade secrets or confidential information,
and conduct substantially prejudicial to the Company or a Subsidiary, including
without limitation conviction of or plea of no contest to a felony under
applicable law or a material breach by Participant of the terms of any
non-competition, non-solicitation, non-disclosure agreement, stockholder,
voting or other written agreement with the Company, as determined by the Board,
whose determination shall be final and binding on the Company and the
Participant.  Notwithstanding anything to
the contrary in the Plan, if the Board determines after the termination of the
Participant’s service that the Participant has engaged in conduct constituting
Cause (whether before or after the termination of the Participant’s service),
the Participant’s Options shall terminate immediately to the extent not
exercised in accordance with the terms of this Agreement.

 

(c)                                  Date of Termination of Service.

 

17

 

(i)            “Termination
of Employment” shall mean the time when the employee-employer relationship
between the Optionee, Grantee or Restricted Stockholder and the Company or any
Subsidiary is terminated for any reason, including, but not by way of
limitation, a termination by resignation, discharge, death, disability or retirement;
but excluding (1) terminations where there is a simultaneous reemployment,
continuing employment or retention as a consultant or advisor of an Optionee,
Grantee or Restricted Stockholder by the Company or any Subsidiary, (2) at
the discretion of the Administrator, terminations which result in a temporary
severance of the employee-employer relationship, and (3) at the discretion
of the Administrator, terminations which are followed by the simultaneous
establishment of a consulting relationship by the Company or a Subsidiary with
the former Employee.  The Administrator,
in its absolute discretion, shall determine the effect of all matters and
questions relating to Termination of Employment, including, but not by way of
limitation, the question of whether a Termination of Employment resulted from a
discharge for good cause, and all questions of whether particular leaves of
absence constitute Terminations of Employment; provided, however,
that, with respect to Incentive Stock Options, a leave of absence, change in
status from an employee to an independent contractor or other change in the
employee-employer relationship shall constitute a Termination of Employment if,
and to the extent that, such leave of absence, change in status or other change
interrupts employment for the purpose of section 422(a)(2) of the
Code and the then applicable regulations and revenue rulings under said
section.  Notwithstanding any other
provision of this Plan, the Company or any Subsidiary has an absolute and
unrestricted right to terminate an Employee’s employment at any time for any
reason whatsoever, with or without cause, except to the extent expressly
provided otherwise in writing.

 

(ii)           The
date of the termination of a Participant’s service for any reason shall be
determined by the Board in its sole discretion. 
For purposes of the Plan, however, the following events shall not be
deemed a termination of service of a Participant: (1) a transfer of
service from the Company to a Subsidiary, from a Subsidiary to the Company, or
from one Subsidiary to another Subsidiary; or (2) a leave of absence for
military service or sickness, or for any other purpose approved by the Company,
if the Participant’s right to employment is guaranteed either by a statute or
by contract or under the policy pursuant to which the leave of absence was
granted or if the Board otherwise so provides in writing; provided,
however, that if the Participant fails to resume his or her active
service to the Company upon the completion of such leave of absence, then the
Board may, to the extent permitted by applicable law, deem such Participant’s
service to have terminated as of the commencement of such leave of
absence.  For purposes of the Plan,
employees of a Subsidiary shall be deemed to have terminated their service on
the date on which such Subsidiary ceases to be a Subsidiary.

 

(d)           Effect of Termination of Service.  The
Board shall have full authority to determine and specify in the applicable
award agreement the effect, if any, that a Participant’s termination of service
for any reason will have on the vesting, exercisability, payment or lapse of
restrictions applicable to an outstanding award.

 

9.11         Withholding.  Requirements and Arrangements.

 

(a)           Options.  In the case of any Option, the Board may
require the Participant to remit to the Company an amount sufficient to satisfy
the federal, state and local withholding and employment tax obligations of the
Company with respect to the exercise of such Option (or make other arrangement
satisfactory to the Board with regard to such taxes, including withholding from
regular cash compensation, providing other security to the Company, or
remitting or foregoing the receipt of shares having a Fair Market Value on the
date of delivery sufficient to satisfy such minimum statutory obligations)
prior to the delivery of any shares in respect of such Option.

 

18

 

(b)           Restricted
Stock.  In
the case of any shares of Restricted Stock that are “substantially vested”
(within the meaning of Treasury Regulations Section 1.83-3(b)) upon
issuance, the Board may require the Participant to remit to the Company an
amount sufficient to satisfy the federal, state or local withholding and
employment tax requirements (or make other arrangements satisfactory to the
Company with regard to such taxes, including withholding from regular cash
compensation, providing other security to the Company, or remitting or
foregoing the receipt of shares having a Fair Market Value on the date of
delivery sufficient to satisfy such obligations) prior to the issuance of any
such shares.  In the case of any shares
of Restricted Stock that are not “substantially vested” upon issuance, if the
Board determines that under applicable law and regulations the Company could be
liable for the withholding of any federal or state tax with respect to such
shares, the Board may require the Participant to remit to the Company an amount
sufficient to satisfy any such potential liability (or make other arrangements
satisfactory to the Company with respect to such taxes, including withholding
from regular cash compensation, providing other security to the Company, or
remitting or foregoing the receipt of shares having a Fair Market Value on the
date of delivery sufficient to satisfy such obligations) at the time such
shares of Restricted Stock are delivered to the Participant, at the time the
Participant makes an election under section 83(b) of the Code with
respect to such shares and/or at the time such shares become “substantially
vested,” and to agree to augment such security from time to time in any amount
reasonably deemed necessary by the Board to preserve the adequacy of such
security.

 

(c)           Retention of Shares. 
With respect to any
Participant subject to Section 16(a) of the Exchange Act, any
retention of shares by the Company to satisfy a tax obligation with respect to
such Participant shall be made in compliance with any applicable requirements
of Rule 16b-3(e) or any successor rule under the Exchange Act.

 

(d)           Offset Against Payments.  The
Company may, to the extent permitted by law, deduct any tax obligations of a
Participant from any payment of any kind otherwise due to the Participant.

 

9.12         Adjustments.  Upon
the happening of any of the following described events, a Participant’s rights
with respect to awards granted hereunder shall be adjusted as hereinafter
provided, unless otherwise specifically provided in the award agreement.

 

(a)           Stock
Splits and Recapitalizations.  In the
event the Company issues any of its shares as a stock dividend upon or with
respect to the shares, or in the event shares shall be subdivided or combined
into a greater or smaller number of shares, or if, upon a merger or
consolidation, reorganization, split-up, liquidation, combination,
recapitalization or the like of the Company, shares shall be exchanged for
other securities of the Company, securities of another entity, cash or other
property, each Participant upon exercising an Option (for the purchase price to
be paid under the Option) shall be entitled to purchase such number of shares,
other securities of the Company, securities of such other entity, cash or other
property as the Participant would have received if the Participant had been the
holder of the shares with respect to which the award is exercised at all times
between the Grant Date of the award and the date of its exercise, and
appropriate adjustments shall be made in the purchase price per share.  In determining whether any award granted
hereunder has vested, appropriate adjustments will be made for distributions
and transactions described in this Section 9.12(a).  The Board may adjust the number of shares
subject to outstanding awards and the exercise price and the terms of
outstanding awards to take into consideration material changes in accounting
practices or principles, extraordinary dividends, acquisitions or dispositions
of stock or property, or any other event if it is determined by the Board that
such adjustment is appropriate to avoid distortion in the operation of the
Plan, including adjustments of the limitations in Section 2.1 on the
maximum number and kind of shares which may be issued.  Notwithstanding the foregoing, any adjustment
under this Section 9.12(a) shall not be permitted to the extent that
the individual award or this Plan, in general, would constitute deferred
compensation subject to section 409A

 

19

 

of the Code unless the award
agreement sets forth the terms and conditions necessary to comply with the
requirements of section 409A of the Code. 
Where an adjustment of the type described above is made to an Incentive
Stock Option under this Section, the adjustment will be made in a manner which
will not be considered a “modification” under the provisions of subsection 424(h)(3) of
the Code.

 

(b)           Restricted
Stock.  If
any person owning Restricted Stock receives new or additional or different
shares or securities (“New Securities”) in connection with a corporate
transaction or stock dividend described in Section 9.12(a) as a
result of owning such Restricted Stock, the New Securities shall be subject to
all of the conditions and restrictions applicable to the Restricted Stock with
respect to which such New Securities were issued.  Notwithstanding the foregoing, any adjustment
under this Section 9.12(b) shall not be permitted to the extent that
the individual award or this Plan, in general, would constitute deferred
compensation subject to section 409A of the Code unless the award
agreement sets forth the terms and conditions necessary to comply with the
requirements of section 409A of the Code.

 

(c)           Fractional
Shares.  No fractional shares shall be
issued under the Plan.  Any fractional
shares which, but for this Section, would have been issued shall be deemed to
have been issued and immediately sold to the Company for their Fair Market
Value, and the Participant shall receive from the Company cash in lieu of such
fractional shares.

 

(d)           Further
Adjustment.  Upon the happening of
any of the events described in Sections 9.12(a) or 9.12(c), the class and
aggregate number of shares set forth in Section 5.1 hereof that are
subject to awards which previously have been or subsequently may be granted
under the Plan, and the number of shares set forth in Section 5.3 hereof
that may be granted to a Participant in any year shall be appropriately
adjusted to reflect the events described in such Sections.  The Board shall determine the specific
adjustments to be made under this Section 9.12(d).

 

(e)           Assumption
of Options Upon Certain Events.  In
connection with a merger or consolidation of an entity with the Company or the
acquisition by the Company of property or stock of an entity, the Board may
grant awards under the Plan in substitution for stock and stock based awards
issued by such entity or a Subsidiary thereof, as long as such substitute
awards will not constitute a deferral of compensation under section 409A
of the Code.  Notwithstanding the
foregoing, to the extent that the Board determines that any such substitute
award shall constitute a deferral of compensation under section 409A of
the Code, such award shall be accompanied with a written award agreement which
shall set forth the terms and conditions required to comply with the
requirements of section 409A of the Code. 
The substitute awards shall be granted on such terms and conditions as
the Board considers appropriate in the circumstances.  The awards so granted shall not reduce the
number of shares that would otherwise be available for awards under the
Plan.  Notwithstanding the foregoing, in
the event of such a reorganization, merger, consolidation, recapitalization,
reclassification, stock splitup, stock dividend or combination, or other
adjustment or event which results in shares of Common Stock being exchanged for
or converted into cash, securities or other property, the Company will have the
right, subject to applicable statutory and regulatory guidance, including but
not limited to section 409A of the Code, 
to terminate this Plan as of the date of the exchange or conversion, in
which case all options, rights and other awards under this Plan shall become
the right to receive such cash, securities or other property, net of any
applicable exercise price.

 

9.13         Other
Transfer Restrictions. 
Notwithstanding any other provision of the Plan, in order to qualify for
the exemption provided by Rule 16b-3 under the Exchange Act, and any
successor provision, (i) any Restricted Stock offered under the Plan to a
Participant subject to Section 16 of the 

 

20

 

Exchange Act (a “Section 16
Participant”) may not be sold for six (6) months after acquisition; (ii) any
shares or other equity security acquired by a Section 16 Participant upon
exercise of an Option may not be sold for six (6) months after the date of
grant of the Option; and (iii) any Option or other similar right related
to an equity security issued under the Plan shall not be transferable except in
accordance with the rules under Section 16 of the Exchange Act,
subject to any other applicable transfer restrictions under the Plan or the
award agreement.  The Board shall have no
authority to take any action if the authority to take such action, or the
taking of such action, would disqualify a transaction under the Plan from the
exemption provided by Rule 16b-3 under the Act, or any successor
provision.

 

9.14         Certain
Indebtedness to the Company.  No
Option or other Award may be exercised at any time after the Board has
determined, in good faith, that the Participant is indebted to the Company or
any Subsidiary for advances of salary, advances of expenses, recoverable draws
or other amounts unless and until either (a) such indebtedness is
satisfied in full or (b) such condition is waived by the Board.  The period during which any Option or other
award may by its terms be exercised shall not be extended during any period in
which the Participant is prohibited from such exercise by the preceding
sentence, and the Company shall have no liability to any Participant, or to any
other party, if any Option or other award expires unexercised in whole or in
part during such period or if any Option that is intended to be an Incentive
Stock Option is deemed to be an Non-Qualified Option because such Option is not
exercised within three (3) months after the termination of the Participant’s
employment with the Company or a Subsidiary.

 

ARTICLE X

 

AUTHORIZATION OF SUB-PLANS

 

The
Board may from time to time establish one or more sub-plans under the Plan for
purposes of satisfying applicable blue sky, securities or tax laws of various
jurisdictions.  The Board shall establish
such sub-plans by adopting supplements to this Plan containing (i) such
limitations on the Board’s discretion under the Plan as the Board deems
necessary or desirable or (ii) such additional terms and conditions not
otherwise inconsistent with the Plan as the Board shall deem necessary or
desirable.  All supplements adopted by
the Board shall be deemed to be part of the Plan, but each supplement shall apply
only to Participants within the affected jurisdiction and the Company shall not
be required to provide copies of any supplement to Participants in any
jurisdiction which is not the subject of such supplement.

 

*  
*   *

 

I
hereby certify that the foregoing Plan was duly adopted by the Board of
Directors of Chase Corporation on November 23,
2005.

 

Executed
on this 23rd day of November, 2005.

 

	
   

  	
  /s/ George M. Hughes

  	
   

  
	
   

  	
       George M. Hughes, Secretary

  	
   

  

 

21Exhibit 10(j)-2

 

2005 ESPP SERP

 (As amended and restated
effective April 1, 2006)

(A/K/A TCF EMPLOYEES STOCK PURCHASE PROGRAM—

SUPPLEMENTAL PLAN)

 

I.              Purpose
of Plan; Effective Date of Plan

 

The
purpose of the 2005 ESPP SERP (the “Plan”) is to provide Eligible Employees
with supplemental retirement benefits as set forth herein to remedy certain
limitations or reductions in benefits under the Internal Revenue Code (“IRC”),
as set forth herein, to such Employees under the TCF Employees Stock Purchase
Plan (“ESPP Plan”).  The Plan was
originally effective for benefits based on Covered Compensation earned in
calendar year 2005 and thereafter.  The
Company hereby adopts this restatement effective April 1, 2006.  A previous plan, the Supplemental Employee
Retirement Plan – ESPP Plan (the “Previous Plan”) was in effect for benefits
based on Covered Compensation earned in calendar year 2004 and before and is a
separate stand alone plan.  This Plan
does not make any material modifications to the Previous Plan.  This Plan is intended to be exempt from the
participation, vesting and funding provisions of the Employee Income Retirement
Act of 1974, as amended (“ERISA”), and is intended to be maintained “primarily
for the purpose of providing deferred compensation for a select group of
management or highly compensated employees” within the meaning of §§ 201(2),
301(a)(3) and 401(a)(1) of ERISA.

 

The
Plan is intended to satisfy the requirements for nonqualified deferred
compensation plans set forth in § 409A of the Code, and it shall be
interpreted, administered and construed consistent with said intent.  If any provision of the Plan is, or becomes,
or is deemed to be inconsistent with such requirements, such provision shall be
construed or deemed amended to conform to such requirements; provided,
that if such a provision cannot be so construed or deemed amended without, in
the determination of the Company, materially altering the purpose or intent of
the Plan, such provision shall be stricken and the remainder of the Plan shall
remain in full force and effect.”

 

This
Plan is also intended to be a plan, program, or arrangement under 4 U.S.C. section 114
(the “State Taxation of Pension Income Act of 1995”) maintained solely for the
purpose of providing retirement benefits for employees in excess of the
limitations imposed by one or more of IRC sections referenced in such Act on
contributions or benefits in the Internal Revenue Code on qualified plans such
as the ESPP Plan, and to be an “excess plan” as defined in Rule 16b-3 of the
Securities and Exchange Commission.

 

II.            Definitions.  Whenever used in this Plan, the following
terms shall have the respective meanings set forth below, unless a different
meaning is required by the context in which the word is used. When the defined meaning
is intended, the term is capitalized.

 

1

 

Capitalized terms not otherwise defined herein shall
have the meaning set forth in the ESPP Plan.

 

(a)   Annual Bonus.    “Annual Bonus” is the annual cash bonus,
if any, payable to an Eligible Employee under the Company’s annual bonus
program(s) that meets the requirements for performance-based compensation under
IRC § 409A and the regulations thereunder.

 

(b)   Change in Control.  “Change in Control” shall mean a change
in ownership of TCF Financial Corporation (as defined in Proposed Treasury
Regulation § 1.409A-3(g)(5)(v)), a change in effective control of TCF
Financial Corporation (as defined in Proposed Treasury Regulation § 1.409A-3(g)(5)(vi)),
or a change in the ownership of a substantial portion of the assets of TCF
Financial Corporation (as defined in Proposed Treasury Regulation § 1.409A-3(g)(5)(vii)).

 

(c)   Committee.  The Compensation Committee of the Board
of Directors of TCF Financial Corporation (“TCF Financial”), or a special
sub-committee thereof, which shall consist only of individuals who qualify as
independent directors under Rule 303A of the listing standards of the NYSE
as applicable to compensation committee members, as non-employee directors
under Rule 16b-3 of the Securities and Exchange Commission and as outside
directors for purposes of IRC section 162(m) (“million dollar cap”).

 

(d)   Covered Compensation.   “Covered
Compensation” is any “Basic Compensation” as defined in the ESPP Plan including
such Compensation in excess of the limit on Basic Compensation under IRC § 401(a)(17)
earned by an Eligible Employee in any Plan Year, and also including any amounts
which would have been Basic Compensation (disregarding any limit on Basic
Compensation under IRC § 401(a)(17) in such Plan Year) except that such
Employee authorized the Employer before the beginning of the Plan Year in which
such Compensation was earned (or in the case of an Annual Bonus, as defined
under IRC § 409A and the regulations thereunder, six months prior to the
end of the performance period) to defer such amounts which would otherwise be
deferred under the ESPP Plan to this Plan.

 

(e)   Eligible Employee.    An “Eligible Employee” is an employee of
the Employer who is designated as eligible to participate in this Plan in
accordance with the provisions of Article III(a).

 

(f)    Employer.  “Employer” is TCF Financial and those of its
subsidiaries that constitute a single service recipient within the meaning of
Proposed Treasury Regulation § 409A-1(g).

 

(g)   ESPP Plan.  The “ESPP Plan” is the TCF Employees’ Stock
Purchase Plan as amended from time to time.

 

2

 

(h)   IRC.  The “IRC” is the Internal Revenue Code of
1986, as amended.

 

(i)    Participant.  A “Participant” is an Eligible Employee
who has elected to participate in this Plan in accordance with the provisions
of Article IV(a).

 

(j)    Plan Administrator.  The “Plan Administrator” of this Plan is
the Committee.

 

(k)   Plan Year.    The “Plan Year” is the calendar year.

 

(l)    Salary. 
“Salary” is the Eligible Employee’s Covered Compensation, excluding
Annual Bonus.

 

(m)  SERP Employee Contributions.  “SERP Employee Contributions” is any portion
of an Eligible Employee’s Covered Compensation which such Employee has elected
to have treated as SERP Employee Contributions under Article IV of this
Plan.

 

(n)   TCF Financial.  “TCF Financial” or “Company” is TCF Financial
Corporation, a Delaware Corporation.

 

(o)   TCF Financial Stock.  “TCF Financial Stock” is common stock of
TCF Financial, par value $.01 per share.

 

III.           Eligibility

 

(a)           General Eligibility.  Employees of TCF Financial, or any of its
direct or indirect subsidiaries, are eligible to participate in this Plan as
determined by the Committee, in its discretion subject to the following:

 

(i)            No
employee shall be eligible to participate in this Plan unless the Committee
determines that such employee will be for that Plan Year a member of “a select
group of management or highly compensated employees” within the meaning of §§ 201(2),
301(a)(3) and 401(a)(1) of ERISA.

 

(ii)           The
Committee shall select such employees for eligibility in this Plan on a Plan
Year by Plan Year basis by promulgating a written statement describing or
listing such Eligible Employees. 
Selection for one Plan Year does not entitle the employee to be selected
the next Plan Year.  An employee who has
been selected by the Committee shall, however, be presumed to be selected for
the subsequent Plan Year unless and until the Committee evidences a contrary
intention.

 

Notwithstanding
the foregoing, no employee shall be eligible for benefits under this Plan with
respect to a particular Plan Year if the employee is not also an Active
Participant in the ESPP Plan for that year. 
Individuals who become employees of an Employer as a result of a merger
or acquisition shall not be

 

3

 

eligible
to participate under this Plan unless and until the Committee has identified
them as Eligible Employees pursuant to this section (a).

 

(b)           Specific Exclusions.  Notwithstanding anything apparently to
the contrary in the Plan document or in any written communication, summary,
resolution or document or oral communication, no individual shall be an
Eligible Employee in this Plan, develop benefits under this Plan or be entitled
to receive benefits under this Plan (either for himself or herself or his or
her survivors) unless such individual is a member of “a select group of
management or highly compensated employees” within the meaning of §§ 201(2),
301(a)(3) and 401(a)(1) of ERISA. If a court of competent
jurisdiction, any representative of the U.S. Department of Labor or any other
governmental, regulatory or similar body makes any direct or indirect, formal
or informal, determination that an individual is not in “a select group of
management or highly compensated employees” within the meaning of §§ 201(2),
301(a)(3) and 401(a)(1) of ERISA, such individual shall not be (and
shall not have ever been) an Eligible Employee in this Plan at any time.  If any person not so defined has been
erroneously treated as an Eligible Employee in this Plan, upon discovery of
such error such person’s erroneous participation shall immediately terminate ab
initio and the individual’s vested account balance shall be distributed
immediately and treated as a termination of the person’s arrangement in
accordance with Proposed Treasury Regulation § 1.409A-3(h)(2)(viii)(C).

 

IV.           Supplemental
Benefits Related to the ESPP Plan.

 

(a)           SERP
Employee Contributions.

 

An
Eligible Employee who elects to participate in this Plan for the Plan Year will
defer compensation under this Plan in an amount that equals the amount that
exceeds limitations on such Employee’s contributions to the ESPP Plan imposed
by IRC §§ 401(a)(17), 401(k)(3), 401(m)(2), 402(g) and 415 (the “IRC
Limitations”) provided that:

 

(i)            Prior
to the beginning of each Plan Year, an Eligible Employee who elects to
participate in this Plan for the Plan Year authorizes the Employer to reduce the
Participant’s compensation by the amount by which such Employee’s Salary and/or
Commission deferral contribution elected under the ESPP Plan is limited by the
IRC Limitations, and credit such amount to the Participant’s account under this
Plan as the Employee’s SERP Employee Contributions for the Plan Year.

 

(ii)           Prior
to June 30 of each Plan Year, an Eligible Employee who elects to
participate in this Plan for the Plan Year authorizes the Employer to reduce
the Participant’s Annual Bonus by the amount by which such Employee’s Annual
Bonus contribution elected under the ESPP Plan is

 

4

 

limited
by the IRC Limitations, and credit such amount to the Participant’s account
under this Plan as the Employee’s SERP Employee Contributions for the Plan
Year.

 

For
each Plan Year an Eligible Employee elects to participate in this Plan and as a
condition to receiving benefits from this Plan for that year, the Employee (i) shall
make pre-tax contributions to the ESPP Plan equal to the maximum amount
permitted under the ESPP Plan and (ii) shall not make changes to pre-tax
contributions to the ESPP Plan at any time during such Plan Year.

 

Any
election by an Eligible Employee of SERP Employee Contributions pursuant to
this section (a) shall be in writing, shall be made prior to the
beginning of the Plan Year in which the services are performed (or with respect
to the Annual Bonus, the date the election is required under paragraph (ii),
above), shall be irrevocable when received by the Employer, and shall be
applicable to all Covered Compensation earned during such Plan Year.  Employees who first become Eligible Employees
after the beginning of the Plan Year must elect to participate in this Plan
within thirty (30) days after becoming Eligible Employees provided such
election only applies to salary and/or Commissions earned after the election is
received by the Employer.  For purposes
of the Annual Bonus, such election only applies to total bonus compensation for
the performance period for such Bonus, multiplied by the ratio of the number of
days remaining in the performance period after the election is made over the
total number of days in the performance period.

 

Plan
Year 2006.  For the
Plan Year 2006, the following special rules shall apply:

 

For
Eligible Employees electing to participate before the beginning of the Plan
Year, their Salary and/or commission deferral contribution elected under the
ESPP Plan shall be deemed to be 6% times their Covered Compensation in the form
of salary or commissions earned during that Plan Year, the IRC Limitation under
IRC § 401(k)(3) shall be deemed to be 1% of Basic Compensation (as
defined in the ESPP Plan), and the IRC Limitation under IRC § 401(m)(2) shall
be deemed to be the Employer Matching Contributions due with respect to such 1%
of Basic Compensation.

 

For
Eligible Employees electing to participate after the beginning of the Plan
Year, their Salary and/or commission deferral contribution elected under the
ESPP shall be between 1% and 50%, as designated by the Employee times their
Covered Compensation in the form of Salary or commissions earned during that
Plan Year, the IRC limitation under IRC § 401(k)(3) shall be deemed
to be 1% of Basic Compensation (as defined in the ESPP Plan), and the IRC
Limitation under IRC § 401(m)(2) shall be deemed to be the Employer
Matching Contributions due with respect to such 1% of Basic Compensation.

 

5

 

For
Eligible Employees electing to participate in the Plan for the Plan Year, their
bonus deferral contribution to the ESPP Plan shall be between 1% and 50%, as
designated by the Employee times their Covered Compensation in the form of
bonus earned during the Plan Year, the IRC limitation under IRC § 401(k)(3) shall
be deemed to be 1% of Basic Compensation (as defined in the ESPP Plan), and the
IRC Limitation under IRC § 401(m)(2) shall be deemed to be the
Employer Matching Contributions due with respect to such 1% of Basic
Compensation.

 

For
purposes of this Article, “Annual Bonus” is an annual cash bonus that meets the
requirements of performance-based compensation under IRC § 409A and the
regulations thereunder, if any, which is earned during one calendar year and
payable after the end of that year to an Eligible Employee under the Company’s
annual bonus program(s).

 

For
purposes of this Article, “Commissions” are amounts payable to Eligible
Employees and credited to them as “commissions” by their Employer in connection
with products or services they have sold. Commissions include any draw paid as
an advance against Commissions.

 

(b)           Employer Matching Contributions.  At the same time as an amount of SERP
Employee Contributions is deferred under paragraph (a), the Employer shall also
credit to the Participant’s account under this Plan the amount of Employer
Matching Contribution that would be due under the ESPP Plan with respect to
such SERP Employee Contributions if they had been contributed as pre-tax
elective deferrals under the ESPP Plan. 
No Participant in the Plan shall be credited with Employer Matching
Contributions with respect to pre-tax deferrals (to this Plan and the ESPP
Plan, combined) that exceed 6% of the Participant’s Covered Compensation for
each payroll period.

 

For
purposes of determining the amount of Employer Matching Contributions, no more
than $250,000 of an Eligible Employee’s Commissions payable during the Plan
Year shall be included in Covered Compensation.

 

(c)           Establishing Accounts; Investment of Accounts;
Valuation of Accounts.  On
the date that a Contribution under paragraph (a) or (b) would be paid
to the ESPP Plan if it were a contribution to that Plan (the “contribution date”),
the amount of such Contribution shall be credited to an account on the books of
the Employer and shall be deemed as of such date to be invested as directed by
the Participant.  SERP Employee
contributions shall be deemed to be invested in such investment fund options
available under the ESPP Plan or in TCF Financial Stock, as elected by the
Participant.  Employer Matching
Contributions will be deemed invested in TCF Financial Stock.

 

Effective
as of April 1, 2006 (the “Effective Date”), each Participant’s account in
the Plan shall be divided into two sub-accounts:  a “TCF Stock Account” and a

 

6

 

“Diversified
Account.”  All shares of common stock of
TCF Financial that are deemed to be held in a Participant’s account on the
Effective Date shall be allocated as of that date to the participant’s TCF
Stock Account.  Any new amounts credited
to a Participant’s account on or after the Effective Date shall be allocated to
either the Participant’s TCF Stock Account or Diversified Account.  The Sub-Accounts shall operate as follows:

 

(i)            The TCF
Stock Account shall be deemed to be invested solely in shares of TCF Financial
Stock (and in cash or cash equivalent money market funds for fractional shares
or for funds held temporarily prior to investment).  The Diversified Account shall not at any time
be deemed to be invested in any shares of TCF Stock.  No transfer of assets will be permitted from
the TCF Stock Account to the Diversified Account or from the Diversified
Account to the TCF Stock Account.

 

(ii)           A
Participant’s TCF Stock Account will be deemed to be invested in all shares of
TCF Financial Stock allocated to it on or after the Effective Date and such
shares shall not be subject to any deemed sale, transfer, assignment, pledge or
other hypothecation in any manner.  Any
distributions from the Plan to the participant with respect to the TCF Stock
Account will be made in the form of an in-kind distribution of the number of
shares of TCF Financial Stock deemed to be held for such Participant’s TCF
Stock Account pursuant to the terms of the Plan.

 

(iii)          The
Diversified Account shall not at any time be deemed to purchase or invest in
any shares of TCF Financial Stock, but shall be deemed to invest in such
investment funds available under the ESPP Plan as the participant directs.

 

(iv)          The portion
of the Participant’s account that is deemed to be invested in TCF Financial
Stock shall be increased to reflect the number of shares of TCF Financial Stock
deemed to be purchased as of each future contribution date (including any
fractional shares), and shall be further adjusted to reflect any stock splits
or other similar events involving a change in the number or form of outstanding
shares of TCF Financial Stock.  If any
dividends are paid with respect to TCF Financial Stock, then in lieu of any
adjustments to the Participants’ accounts under the Plan, an amount shall be
paid in cash (or in stock, if the dividend is in stock, provided that stock
splits in the nature of a stock dividend shall not be distributed) directly to
the Employee whose account would otherwise be deemed to be due the deemed
dividend and the Employee’s account shall not be credited with the deemed
dividend.  Adjustments shall be
determined in each case by the Committee and the Committee’s determination
shall be final.  The balance of shares of
TCF Financial Stock shall in no event be decreased.

 

7

 

(v)           In the
event of a Change in Control and the Company is not the surviving corporation,
a Participant will be given the opportunity to elect out of TCF Stock and into
one or more investment fund options then provided under the ESPP Plan.

 

(d)           Distributions from Accounts.

 

General
Distribution Rules.  A
Participant shall receive payment of his or her entire vested account in a
single lump sum distribution (less applicable withholding) on the first to
occur of the following in accordance with Appendix B:

 

(i) Termination of Employment.  Payment shall be made six months after the
Employee’s termination of employment (including termination of employment as a
result of death while actively employed) with the Employer.  For purposes of the foregoing sentence, a
termination of employment shall be deemed to occur upon separation of service
as defined in IRC § 409A and the regulations thereunder.

 

(ii)  Disability (Disabled).  In the event of Disability, payment shall be
made 30 days after such Disability occurs. 
For purposes of this section, a Participant is considered Disabled if he
or she is, by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving benefits for a
period of not less than 3 months under the long-term disability plan of a
Company.

 

(iii)    Date
Certain.  Payment shall be made on a
date specified by the Employee on or before the later of April 1, 2006 or
the date 30 days after the Employee first becomes eligible for this Plan (and
any other account balance plan subject to § 409A of the Code that is
maintained by an Employer).  This
provision shall not apply to any amounts attributable to SERP Employee
Contributions or Employer Matching Contribution credited after such date.

 

(iv)  Change in Control.  If designated by a one time irrevocable
election by the Employee made on or before the later of April 1, 2006 or
the date 30 days after the Employee first becomes eligible for this Plan (and
any other account balance plan subject to § 409A of the Code that is
maintained by an Employer), in the event of a Change in Control the lump sum payment
shall occur on or about 30 days after the date one year after the Change in
Control.

 

Unforeseeable
Emergency.  In the
event of an unforeseeable emergency, as defined in IRC § 409A and the
regulations thereunder, payment shall be made as soon as administratively
feasible following the Participant’s request and the

 

8

 

Committee’s
determination that an unforeseeable emergency has occurred.  Payment shall be limited to the amount
reasonably necessary to satisfy the emergency. 
However, the amount of the payment may include any amounts necessary to
pay any federal, state or local income taxes or penalties reasonably expected
to result from the payment.

 

(e)           Cancellation
of Deferrals Following an Unforeseeable Emergency or Hardship Distribution.

 

A
Participant’s deferral election shall be cancelled with respect to Covered
Compensation earned after receipt of a hardship distribution under Sec. 10.5(c) of
the ESPP Plan or an unforeseeable emergency distribution under Article IV(d)(v) of
this Plan.  Participants may restart
contributions to this Plan pursuant to Article IV(a) for amounts
earned at least six months after receipt of the hardship distribution or
unforeseeable emergency.

 

V.  Vesting.

 

A
Participant shall be entitled to a benefit from the Employer Matching
Contributions equal to his or her account balance attributable to such
Contributions multiplied by the vesting percentage determined under either 9.1,
9.2 or 9.3 of the ESPP Plan that is applicable to the Participant under the
ESPP Plan.  In the event the Participant
forfeits a portion of the account, and is subsequently reemployed, the
forfeited portion shall be reinstated as provided under the ESPP Plan.  Notwithstanding the foregoing, Eligible Employees
with an account balance in the Plan on March 31, 2006 shall be subject to
the vesting provisions of the Plan in effect on that date.

 

VI. Committee.

 

The
Committee shall have full power to construe, interpret and administer this
Plan, including to make any determination required under this Plan and to make
such rules and regulations as it deems advisable for the operation of this
Plan.  The Committee shall have sole and
absolute discretion in the performance of their powers and duties under this
Plan. A majority of the Committee shall constitute a quorum. Actions of the
Committee shall be by a majority of persons constituting a quorum and eligible
to vote on an issue.  Meetings may be
held in person or by telephone.  Action
by the Committee may be taken in writing without a meeting provided such action
is executed by all members of the Committee. 
To the extent it is feasible to do so, determinations, rules and
regulations of the Committee under this Plan shall be consistent with similar
determinations, rules and regulations of the ESPP Plan. All determinations
of the Committee shall be final, conclusive and binding unless found by a court
of competent jurisdiction to have been arbitrary and capricious. The Committee
shall have authority to designate officers of TCF Financial and to delegate
authority to such officers to receive documents which are required to be filed
with the Committee, to execute and provide directions to the Trustee and other
administrators, and to do such other actions as the Committee may specify on
its behalf, and any such actions undertaken by such officers shall be deemed to
have the same authority and effect as if done by the Committee itself.

 

9

 

VII.         Benefits
Unfunded.

 

The
rights of beneficiaries, survivors and participants to benefits from this Plan
are solely as unsecured creditors of the Employer.  Benefits payable under this Plan shall be
payable from the general assets of the Employer and there shall be no trust
fund or other assets secured for the payment of such benefits.  In its discretion, the Employer may purchase
or set aside assets, including annuity policies or through use of a grantor
trust, to provide for the payment of benefits hereunder but such assets shall
in all cases remain assets of the Employer and subject to the claims of the
Employer’s creditors. This Plan constitutes a mere promise by the Employers to
make benefit payments in the future, and it is intended to be unfunded for tax
purposes and for purposes of Title I of ERISA.

 

VIII.        Beneficiaries
and Survivors.

 

A
Participant’s beneficiary or survivor under Article IV of this Plan shall
be the same as the person(s) designated as such pursuant to or under the
provisions of the ESPP Plan, unless the employee has designated in writing and
filed with the Committee a different beneficiary for this Plan.

 

IX.           Amendments,
Claims Procedure

 

(a)           In General.  The Committee may amend the Plan
prospectively, retroactively or both, at any time and for any reason deemed sufficient
by it without notice to any person affected by this Plan and may likewise
terminate this Plan as provided in Article X with regard to persons
expecting to receive benefits in the future. 
The benefit, if any, payable to or with respect to a Participant as of
the effective date of such amendment or the effective date of such termination
shall not be, without the knowing and voluntary written consent of the
Participant, diminished or delayed by such amendment or termination.

 

(b)           After a Change-in-Control.  Notwithstanding the provisions of Article IX(a),
after the occurrence of a Change-in-Control, the Committee’s authority to amend
the Plan or terminate the Plan as provided in section (a) shall be
subject to the following limitations.

 

(i)            Existing
Participants.  During the two year
period following the date a Change-in-Control occurs, the Committee may only
amend the Plan or terminate this Plan as applied to Participants who are
Participants immediately preceding the date of the Change-in-Control if:

 

(1)           all
benefits payable to or with respect to persons who were Participants as of the
Change-in-Control (including benefits earned before and benefits earned after
the Change-in-Control) have been paid in full prior to the adoption of the
amendment or termination, or

 

10

 

(2)           eighty
(80) percent of all the Participants determined as of the date of the
Change-in-Control give knowing and voluntary written consent to such amendment
or termination.

 

(ii)           New
Participants.  After the occurrence
of a Change-in-Control, as applied to Participants who are not Participants
immediately preceding the date of the Change-in-Control, the Committee may
amend or terminate the Plan prospectively, retroactively or both, at any time
and for any reason deemed sufficiently by it without notice to any person
affected by this Plan and may likewise terminate this Plan, subject to the same
restrictions as IX(a).

 

Claims
Procedures.  If a
Participant, or beneficiary or survivor thereof, wishes to make a claim for
benefits or disagrees with a determination of the Committee, such person may
file a claim and make such appeals as are permitted under the ESPP Plan.   The claims shall then be processed as
provided for claims under the ESPP Plan, except that all determinations which
would be made by the “Company” under such Plans shall be made by the Committee
instead.

 

X.            Plan
Termination.

 

The
Committee in its discretion may terminate the Plan and may accelerate
distribution of Participant account balances to such time as the Committee
shall determine notwithstanding the provisions of Article IV(d) in
accordance with one of the following:

 

(i)            The Plan
may be terminated within 12 months of a corporate dissolution taxed under IRC § 331,
or with the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)A),
provided that the amounts deferred under the Plan are included in the
Participant’s gross income in the latest of—

 

(1)           The
calendar year in which the plan termination occurs;

(2)           The
calendar year in which the amount is no longer subject to a substantial risk of
forfeiture; or

(3)           The first
calendar year in which the payment is administratively practicable.

 

(ii)           The Plan
may be terminated within the 30 days preceding or the 12  months following a Change in Control
event.  However, any such termination
within the 12 months after such a Change in Control shall require the consent
of 80% of the participants as required in Article IX.  For purposes of this paragraph this Plan will
be treated as terminated only if all substantially similar arrangements
sponsored by the Company are terminated, so that the Participant in the Plan
and all participants under substantially similar arrangements are required to
receive all amounts of compensation

 

11

 

deferred
under the terminated arrangements within 12 months of the date of termination
of the arrangements.

 

(iii)          The
Plan may be terminated provided that all account balance nonqualified plans (as
defined in Treasury Regulation § 31.3121(v)(2)-1(c)(1)(ii)(A) other
than a separation of pay arrangement) sponsored by the Company are terminated
with respect to all Participants; no payments other than those otherwise
payable under the terms of the Plan if the termination had not occurred are
made within 12 months of the termination of the Plan, all payments are made
within 24 months of the termination of the Plan, and the Company does not adopt
a new account balance nonqualified plan (as defined in Treasury Regulation § 31.3121(v)(2)-1(c)(1)(ii)(A) other
than a separation of pay arrangement) at any time for a period of five years
following the date of termination of the Plan.

 

(iv)          Such other
events and conditions as the Commissioner may prescribe in generally applicable
guidance published in the Internal Revenue Bulletin.

 

XI.           Miscellaneous.

 

(a)           Notices
under this Plan to the Employer, TCF Financial or the Committee shall be sent
by Certified Mail, Return Receipt Requested to: Compensation Committee, TCF
Financial Corporation, c/o General Counsel for Corporate Affairs, TCF Financial
Corporation, 200 Lake Street East, Wayzata, MN  
55391.  Notices under this Plan to
Eligible Employees or their beneficiaries or survivors shall be sent by
Certified Mail to the last known address for such person(s) on the books and
records of the Employer, by Certified Mail.

 

(b)           Nothing in
this Plan shall change a Participant’s status to anything other than an
employee “at will” or otherwise enlarge or modify such Employee’s employment
rights or benefits other than as provided herein.

 

(c)           Nothing in
this Plan shall abridge a Participant’s rights, or such Employee’s beneficiary’s
or survivor’s rights, of participation in the ESPP Plan except to the extent
the Eligible Employee agrees to such restrictions.

 

(d)           Expenses
of administering the Plan shall be borne by the Employers in proportion to
their share of Participants in this Plan, provided that an Employees’ Accounts
may reflect deemed transaction costs of acquiring or selling TCF Financial
Stock.

 

(e)           A
Participant’s benefits under this Plan may not be assigned, transferred,
pledged or otherwise hypothecated by said Employee or the beneficiary or
survivor thereof.

 

XII.         Number
of Shares under the Plan/Adjustments for Certain Changes in Capitalization

 

12

 

As of December 31,
2005, 13,392 shares of TCF Financial Stock were credited to Participant
accounts.  On and after January 1,
2006, no more than an additional 1,000,000 shares of TCF Financial Stock may be
credited to Participant accounts, except that any share credits to a
Participant which are forfeited pursuant to Article (V) may again be
credited under the Plan.

 

If the
Company shall at any time increase or decrease the number of its outstanding
shares of Company common stock or change in any way the rights and privileges
of such shares by means of the payment of a stock dividend or any other
distribution upon such shares payable in Company common stock, or through a
stock split, subdivision, consolidation, combination, reclassification, or
re-capitalization involving the Company common stock, then the numbers, rights
and privileges of the shares of Company common stock that are and may be
credited under the Plan shall be increased, decreased, or changed in like
manner as if such shares had been issued and outstanding, fully paid, and
non-assessable at the time of such occurrence.

 

13

 

APPENDIX A RE: IRS NOTICE 2000-56

 

Notwithstanding anything to the contrary in the Plan or any trust
agreement for any related grantor trust established by the Employer (the “Trust”),
TCF Financial stock or other assets contributed to the Trust by TCF Financial
or any other Employer for the benefit of employees or service providers of TCF
Financial or such Employer are subject to the claims of creditors (in the event
of insolvency) of both TCF Financial and such Employer.  In addition, such stock and assets are subject
to the claims of creditors (in the event of insolvency) of any Employer from
which benefits are due to a participant or beneficiary under the terms of the
Plan. Nothing in this Appendix, however, shall relieve any Employer of its
obligation to pay any benefits due from the Employer to a participant or
beneficiary under the terms of the Plan.

 

Notwithstanding anything to the contrary in the Plan or Trust, any TCF
Financial stock or other assets not transferred to an Employer’s employees or
their beneficiaries will revert to TCF Financial upon termination of the Trust.

 

14

 

APPENDIX B

DISTRIBUTION PROCEDURES 

 

Timing of
Distribution (Lump Sum).

 

•      Lump
Sum – payable as soon as practicable no less than six months after the employee’s
termination of employment.

 

Form of
Distribution — Stock or Cash

 

All distributions from a
TCF Stock Account are in the form of TCF Financial Stock plus cash for any
fractional share, less tax withholding. 
Distributions from a Diversified Account shall be in the form of cash.

 

Tax
Withholding 

 

The minimum required
income tax withholding will be automatically deducted from each distribution
unless the employee elects otherwise no less than 30 days prior to
distribution.  The withholding will be
deducted first from the Diversified Plan Account balances, then from the TCF
Financial Stock Account balances. 
Alternatively, participants may pay the withholding by check in lieu of
a deduction from the distribution if they so elect at least 30 days prior to
distribution if they elect at least 30 days prior to distribution.

 

Distributions will be
sent by U.S. Mail to your home address on file with the TCF Legal Department
unless you have provided other delivery instructions in writing.  If you have a stock brokerage account, distributions
can be sent to it electronically.

 

These procedures are subject to interpretation and application by the
Committee, whose interpretation is final.

 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]