Document:

exv10w1

 

EXHIBIT 10.1

ARCHSTONE-SMITH TRUST 2001 LONG-TERM INCENTIVE PLAN

ARCHSTONE-SMITH TRUST 2001

LONG-TERM INCENTIVE PLAN

SECTION 1

GENERAL

     1.1. Purpose. The Archstone-Smith Trust 2001 Long-Term Incentive Plan (the “Plan”)
has been established by Archstone-Smith Trust (the “Company”) to (i) attract and retain persons
eligible to participate in the Plan; (ii) motivate Participants, by means of appropriate
incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that
are competitive with those of other similar companies; and (iv) further identify Participants’
interests with those of the Company’s other shareholders through compensation that is based on the
Company’s common shares; and thereby promote the long-term financial interest of the Company and
the Subsidiaries, including the growth in value of the Company’s equity and enhancement of
long-term shareholder return.

     1.2. Participation. Subject to the terms and conditions of the Plan, the Committee
shall determine and designate, from time to time, from among the Eligible Individuals (including
transferees of Eligible Individuals to the extent the transfer is permitted by the Plan and the
applicable Award Agreement), those persons who will be granted one or more Awards under the Plan,
and thereby become “Participants” in the Plan. Individuals who receive a grant of Replacement
Awards pursuant to Section 4 shall also be considered Participants in the Plan with respect to such
Awards.

     1.3. Operation, Administration, and Definitions. The operation and administration of
the Plan, including the Awards made under the Plan, shall be subject to the provisions of Section 5
(relating to operation and administration). Capitalized terms in the Plan shall be defined as set
forth in the Plan (including the definition provisions of Section 9).

SECTION 2

OPTIONS AND SARS

     2.1. Definitions.

	(a)	 	The grant of an “Option” entitles the Participant to purchase Shares at an Exercise Price
established by the Committee. Any Option granted under this Section 2 may be either an
incentive share option (an “ISO”) or a non-qualified option (an “NQO”), as determined in the
discretion of the Committee. An “ISO” is an Option that is intended to satisfy the
requirements applicable to an “incentive stock option” described in section 422(b) of the
Code. An “NQO” is an Option that is not intended to be an “incentive share option” as that
term is described in section 422(b) of the Code.

	(b)	 	A share appreciation right (an “SAR”) entitles the Participant to receive, in cash or Shares
(as determined in accordance with subsection 2.5), value equal to (or otherwise based on) the
excess of: (a) the Fair Market Value of a specified number of Shares at the time of exercise;
over (b) an Exercise Price established by the Committee.

     2.2. Exercise Price. The “Exercise Price” of each Option and SAR granted under this
Section 2 shall be established by the Committee or shall be determined by a method established by
the Committee at the time the Option or SAR is granted. Except as provided in Section 4 with
respect to Replacement Awards, the Exercise Price shall not be less than 100% of the Fair Market
Value of a Share on the date of grant (or, if greater, the par value of a Share).

 

 

     2.3. Exercise. An Option and an SAR shall be exercisable in accordance with such
terms and conditions and during such periods as may be established by the Committee.

     2.4. Payment of Option Exercise Price. The payment of the Exercise Price of an Option
granted under this Section 2 shall be subject to the following:

	(a)	 	Subject to the following provisions of this subsection 2.4, the full Exercise Price for
Shares purchased upon the exercise of any Option shall be paid at the time of such exercise
(except that, in the case of an exercise arrangement approved by the Committee and described
in paragraph 2.4(c), payment may be made as soon as practicable after the exercise).

	(b)	 	The Exercise Price shall be payable in cash, by promissory note, or by tendering, by either
actual delivery of Shares or by attestation, Shares acceptable to the Committee, and valued at
Fair Market Value as of the day of exercise, or in any combination thereof, as determined by
the Committee.

	(c)	 	The Committee may permit a Participant to elect to pay the Exercise Price upon the exercise
of an Option by irrevocably authorizing a third party to sell Shares (or a sufficient portion
of the Shares) acquired upon exercise of the Option and remit to the Company a sufficient
portion of the sale proceeds to pay the entire Exercise Price and any tax withholding
resulting from such exercise.

     2.5. Settlement of Award. Settlement of Options and SARs is subject to subsection
5.7.

SECTION 3

OTHER SHARE AWARDS

     3.1. Definitions.

	(a)	 	A “Bonus Share” Award is a grant of Shares in return for previously performed services, or in
return for the Participant surrendering other compensation that may be due.

	(b)	 	A “Share Unit” Award is the grant of a right to receive Shares in the future.

	(c)	 	A “Performance Share” Award is a grant of a right to receive Shares or Share Units which is
contingent on the achievement of performance or other objectives during a specified period.

	(d)	 	A “Performance Unit” Award is a grant of a right to receive a designated dollar value amount
of Shares which is contingent on the achievement of performance or other objectives during a
specified period.

	(e)	 	A “Restricted Share” Award is a grant of Shares, and a “Restricted Share Unit” Award is the
grant of a right to receive Shares in the future, with such Shares or right to future delivery
of such Shares subject to a risk of forfeiture or other restrictions that will lapse upon the
achievement of one or more goals relating to completion of service by the Participant, or
achievement of performance or other objectives, as determined by the Committee.

     3.2. Restrictions on Awards. Each Bonus Share Award, Share Unit Award, Restricted
Share Award, Restricted Share Unit Award, Performance Share Award, and Performance Unit Award
shall be subject to such conditions, restrictions and contingencies as the Committee shall
determine.

SECTION 4

REPLACEMENT AWARDS

     4.1. In General. In the event of a business transaction in which equity-based awards
of an entity other than the Company are to be replaced with awards based on Shares, and such
replacement awards, including without limitation share options, bonus shares, share units,
restricted shares, restricted share units, performance units, and performance shares (with any
replacement awards granted pursuant to this Section 4 sometimes referred to in the

 

 

Plan as “Replacement Awards”) may be granted under this Plan subject to such terms as the
Committee determines to be appropriate. As applied to any Replacement Award, the provisions of
this Section 4 shall supersede any other provision of the Plan.

     4.2. Archstone Communities Trust. In lieu of awards related to the common shares of
beneficial interest in Archstone Communities Trust (“Archstone”) granted pursuant to the Archstone
Communities Trust 1997 Long-Term Incentive Plan which were outstanding as of the Archstone Closing
Date (as defined in the Merger Agreement) (the “Archstone Awards”), Replacement Awards will be
automatically granted to the holders of the Archstone Awards . The number of Shares and, if
applicable, the Exercise Price per Share, subject to a Replacement Award shall be equal to the same
number of common shares of beneficial interest in Archstone and, if applicable, the same Exercise
Price per share, subject to corresponding Archstone Award. Except as provided in the preceding
sentence, the Replacement Awards granted pursuant to this subsection 4.2 shall be subject to the
same terms and conditions as the corresponding Archstone Awards.

     4.3. Charles E. Smith Residential Realty, Inc. In lieu of outstanding awards related
to the common stock of Charles E. Smith Residential Realty, Inc. (“Smith, Inc.”) or partnership
units of Charles E. Smith Residential Realty, L.P. (“Smith, L.P.”) granted pursuant to either: (a)
the Charles E. Smith Residential Realty, Inc. Directors Stock Option Plan, or (b) the Charles E.
Smith Residential Realty, Inc. First Amended and Restated 1994 Employee Stock and Unit Option Plan,
which were outstanding as of the Effective Time of the Merger (as defined in the Merger Agreement)
(the “Smith Awards”), Replacement Awards will be automatically granted to the holders of Smith
Awards. The number of Shares subject to a Replacement Award shall be equal to (i) the number of
shares of common stock of Smith, Inc. or (ii) the number of partnership units of Smith, L.P., as
applicable, that could have been purchased (assuming full vesting) under the corresponding Smith
Award multiplied by 1.975 (rounded down to the nearest whole number). The Exercise Price per Share
subject to a Replacement Award shall be equal to the per-share (or unit, as applicable) exercise
price corresponding under the corresponding Smith Award divided by 1.975 (rounded up to the nearest
whole cent). Other than the number of Shares and the exercise price, the Replacement Awards
granted pursuant to this subsection 4.3 shall be subject to the same terms and conditions as the
corresponding Smith Awards.

SECTION 5

OPERATION AND ADMINISTRATION

     5.1. Effective Date. Subject to the approval of the shareholders of the Company, the
Plan shall be effective as of the Archstone Closing Date (the “Effective Date”). The Plan shall be
unlimited in duration and, in the event of Plan termination, shall remain in effect as long as any
Awards under it are outstanding; provided, however, that no Awards may be granted under the Plan
after the ten-year anniversary of the Effective Date (except for Awards granted pursuant to
commitments entered into prior to such ten-year anniversary).

     5.2. Shares Subject to Plan. The Shares for which Awards may be granted under the
Plan shall be subject to the following:

	(a)	 	The Shares with respect to which Awards may be made under the Plan shall be Shares currently
authorized but unissued or currently held or, to the extent permitted by applicable law,
subsequently acquired by the Company as treasury shares, including Shares purchased in the
open market or in private transactions.

	(b)	 	Subject to the following provisions of this subsection 5.2, the maximum number of Shares that
may be delivered to Participants and their beneficiaries under the Plan shall be equal to
20,000,000 Shares.

	(c)	 	To the extent provided by the Committee, any Award may be settled in cash rather than Shares.
To the extent any Shares covered by an Award are not delivered to a Participant or
beneficiary because the Award is forfeited or canceled, or the Shares are not delivered
because the Award is settled in cash or used to satisfy the applicable tax withholding
obligation, such Shares shall not be deemed to have been delivered for purposes of determining
the maximum number of Shares available for delivery under the Plan.

 

 

	(d)	 	If the exercise price of any option granted under the Plan is satisfied by tendering Shares
to the Company (by either actual delivery or by attestation), only the number of Shares issued
net of the Shares tendered shall be deemed delivered for purposes of determining the maximum
number of Shares available for delivery under the Plan.

	(e)	 	Subject to paragraph 5.2(f), the following additional maximums are imposed under the Plan.]

(i) The maximum number of Shares that may be covered by Awards granted to any one individual
pursuant to Section 2 (relating to Options and SARs) shall be 1,000,000 Shares during any
one calendar year period. If an Option is in tandem with an SAR, such that the exercise of
the Option or SAR with respect to a share of Shares cancels the tandem SAR or Option right,
respectively, with respect to such share, the tandem Option and SAR rights with respect to
each share of Shares shall be counted as covering only one Share for purposes of applying
the limitations of this subparagraph (i).

(ii) The maximum number of Shares that may be issued during any one calendar year in
conjunction with Awards granted pursuant to Section 3 (relating to Other Shares Awards)
which are intended to be “performance-based” compensation for purposes of section 162(m) of
the Code shall be 1,000,000 Shares.

	(f)	 	In the event of a corporate transaction involving the Company (including, without limitation,
any share dividend, share split, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares),
the Committee may adjust the terms of the Plan and Awards to preserve the benefits or
potential benefits of the Plan or the Awards. Action by the Committee with respect to the
Plan or Awards may include: (i) adjustment of the number and kind of shares which may be
delivered under the Plan; (ii) adjustment of the number and kind of shares subject to
outstanding Awards; (iii) adjustment of the Exercise Price of outstanding Options and SARs;
and (iv) any other adjustments that the Committee determines to be equitable.

     5.3. General Restrictions. Delivery of Shares or other amounts under the Plan shall
be subject to the following:

	(a)	 	Notwithstanding any other provision of the Plan, the Company shall have no liability to
deliver any Shares under the Plan or make any other distribution of benefits under the Plan
unless such delivery or distribution would comply with all applicable laws (including, without
limitation, the requirements of the Securities Act of 1933), and the applicable requirements
of any securities exchange or similar entity.

	(b)	 	To the extent that the Plan provides for issuance of certificates to reflect the issuance of
Shares, the issuance may be effected on a non-certificated basis, to the extent not prohibited
by applicable law or the applicable rules of any securities exchange.

     5.4. Tax Withholding. All distributions under the Plan are subject to withholding of
all applicable taxes, and the Committee may condition the delivery of any shares or other benefits
under the Plan on satisfaction of the applicable withholding obligations. Except as otherwise
provided by the Committee, such withholding obligations may be satisfied (a) through cash payment
by the Participant, (b) through the surrender of Shares which the Participant already owns, or (c)
through the surrender of Shares to which the Participant is otherwise entitled under the Plan;
provided, however, that such Shares under this paragraph (c) may be used to satisfy not more than
the Company’s minimum statutory withholding obligation (based on minimum statutory withholding
rates for Federal and state tax purposes, including payroll taxes, that are applicable to such
supplemental taxable income).

     5.5. Grant and Use of Awards. In the discretion of the Committee, a Participant may
be granted any Award permitted under the provisions of the Plan, and more than one Award may be
granted to a Participant. Awards may be granted as alternatives to or replacement of awards
granted or outstanding under the Plan, or any other plan or arrangement of the Company or a
Subsidiary (including a plan or arrangement of a business or entity, all or a portion Shares of
which is acquired by the Company or a Subsidiary). The Committee may use available Shares as the
form of payment for compensation, grants or rights earned or due under any other compensation plans

 

 

or arrangements of the Company or a Subsidiary, including the plans and arrangements of the
Company or a Subsidiary assumed in business combinations.

     5.6. Dividends and Dividend Equivalents. An Award (including without limitation an
Option or SAR Award) may provide the Participant with the right to receive dividend payments,
dividend equivalent payments or dividend equivalent units with respect to Shares subject to the
Award (both before and after the Shares subject to the Award is earned, vested, or acquired), which
payments may be either made currently or credited to an account for the Participant, and may be
settled in cash or Shares, as determined by the Committee. Any such settlements, and any such
crediting of dividends or dividend equivalents or reinvestment in Shares or Share equivalents, may
be subject to such conditions, restrictions and contingencies as the Committee shall establish,
including the reinvestment of such credited amounts in Shares equivalents.

     5.7. Settlement of Awards. The obligation to make payments and distributions with
respect to Awards may be satisfied through cash payments, the delivery of Shares, the granting of
replacement Awards, or combination thereof as the Committee shall determine. Satisfaction of any
such obligations under an Award, which is sometimes referred to as “settlement” of the Award, may
be subject to such conditions, restrictions and contingencies as the Committee shall determine.
The Committee may permit or require the deferral of any Award payment, subject to such rules and
procedures as it may establish, which may include provisions for the payment or crediting of
interest or dividend equivalents, and may include converting such credits into deferred Share
equivalents. Each Subsidiary shall be liable for payment of cash due under the Plan with respect
to any Participant to the extent that such benefits are attributable to the services rendered for
that Subsidiary by the Participant. Any disputes relating to liability of a Subsidiary for cash
payments shall be resolved by the Committee.

     5.8. Transferability. Except as otherwise provided by the Committee, Awards under the
Plan are not transferable except as designated by the Participant by will or by the laws of descent
and distribution.

     5.9. Form and Time of Elections. Unless otherwise specified herein, each election
required or permitted to be made by any Participant or other person entitled to benefits under the
Plan, and any permitted modification, or revocation thereof, shall be in writing filed with the
Committee at such times, in such form, and subject to such restrictions and limitations, not
inconsistent with the terms of the Plan, as the Committee shall require.

     5.10. Agreement With Company. An Award under the Plan shall be subject to such terms
and conditions, not inconsistent with the Plan, as the Committee shall, in its sole discretion,
prescribe. The terms and conditions of any Award to any Participant shall be reflected in such
form of written document, if any, as is determined by the Committee. A copy of such document shall
be provided to the Participant, and the Committee may, but need not require that the Participant
sign a copy of such document. Such document is referred to in the Plan as an “Award Agreement”
regardless of whether any Participant signature is required.

     5.11. Action by Company or Subsidiary. Any action required or permitted to be taken
by the Company or any Subsidiary shall be by resolution of its board of directors, or by action of
one or more members of the board (including a committee of the board) who are duly authorized to
act for the board, or (except to the extent prohibited by applicable law or applicable rules of any
share exchange) by a duly authorized officer of such company.

     5.12. Gender and Number. Where the context admits, words in any gender shall include
any other gender, words in the singular shall include the plural and the plural shall include the
singular.

     5.13. Limitation of Implied Rights.

	(a)	 	Neither a Participant nor any other person shall, by reason of participation in the Plan,
acquire any right in or title to any assets, funds or property of the Company or any
Subsidiary whatsoever, including, without limitation, any specific funds, assets, or other
property which the Company or any Subsidiary, in its sole discretion, may set aside in
anticipation of a liability under the Plan. A Participant shall have only a contractual right
to the Shares or amounts, if any, payable under the Plan, unsecured by any assets of the
Company or any Subsidiary, and nothing contained in the Plan shall constitute a guarantee that
the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any
person.

 

 

	(b)	 	The Plan does not constitute a contract of employment or continued service, and selection as
a Participant will not give any participating individual the right to be retained in the
employ or continued service of the Company or any Subsidiary, nor any right or claim to any
benefit under the Plan, unless such right or claim has specifically accrued under the terms of
the Plan. Except as otherwise provided in the Plan, no Award under the Plan shall confer upon
the holder thereof any rights as a shareholder of the Company prior to the date on which the
individual fulfills all conditions for receipt of such rights.

     5.14. Evidence. Evidence required of anyone under the Plan may be by certificate,
affidavit, document or other information which the person acting on it considers pertinent and
reliable, and signed, made or presented by the proper party or parties.

SECTION 6

CHANGE IN CONTROL

     Subject to the provisions of paragraph 5.2(f) (relating to the adjustment of shares), and
except as otherwise provided in the Plan or the Award Agreement reflecting the applicable Award,
the effect of a Change in Control upon an Award under this Plan, if any, shall be determined by the
Committee.

SECTION 7

COMMITTEE

     7.1. Administration. The authority to control and manage the operation and
administration of the Plan shall be vested in a committee (the “Committee”) in accordance with this
Section 7. The Committee shall be selected by the Board, and shall consist solely of two or more
members of the Board. If the Committee does not exist, or for any other reason determined by the
Board, the Board may take any action under the Plan that would otherwise be the responsibility of
the Committee.

     7.2. Powers of Committee. The Committee’s administration of the Plan shall be subject
to the following:

	(a)	 	Subject to the provisions of the Plan, the Committee will have the authority and discretion
to select from among the Eligible Individuals those persons who shall receive Awards, to
determine the time or times of receipt, to determine the types of Awards and the number of
Shares covered by the Awards, to establish the terms, conditions, performance criteria,
restrictions, and other provisions of such Awards, and (subject to the restrictions imposed by
Section 8) to cancel or suspend Awards.

	(b)	 	To the extent that the Committee determines that the restrictions imposed by the Plan
preclude the achievement of the material purposes of the Awards in jurisdictions outside the
United States, the Committee will have the authority and discretion to modify those
restrictions as the Committee determines to be necessary or appropriate to conform to
applicable requirements or practices of jurisdictions outside of the United States.

	(c)	 	The Committee will have the authority and discretion to conclusively interpret the Plan, to
establish, amend, and rescind any rules and regulations relating to the Plan, to determine the
terms and provisions of any Award Agreement made pursuant to the Plan, and to make all other
determinations that may be necessary or advisable for the administration of the Plan.

	(d)	 	Any interpretation of the Plan by the Committee and any decision made by it under the Plan is
final and binding on all persons.

	(e)	 	In controlling and managing the operation and administration of the Plan, the Committee shall
take action in a manner that conforms to the articles and by-laws of the Company, and
applicable state corporate law.

     7.3. Delegation by Committee. Except to the extent prohibited by applicable law or
the applicable rules of a securities exchange, the Committee may allocate all or any portion of its
responsibilities and powers to any one or

 

 

more of its members and may delegate all or any part of its responsibilities and powers to any
person or persons selected by it. Any such allocation or delegation may be revoked by the
Committee at any time.

     7.4. Information to be Furnished to Committee. The Company and Subsidiaries shall
furnish the Committee with such data and information as it determines may be required for it to
discharge its duties. The records of the Company and Subsidiaries as to an individual’s employment
or service, termination of employment or service, leave of absence, reemployment or recommencement
of service and compensation shall be conclusive on all persons unless determined to be incorrect.
Participants and other persons entitled to benefits under the Plan must furnish the Committee such
evidence, data or information as the Committee considers desirable to carry out the terms of the
Plan.

SECTION 8

AMENDMENT AND TERMINATION

     The Board may, at any time, amend or terminate the Plan, and may amend any Award Agreement,
provided that no amendment or termination may, in the absence of written consent to the change by
the affected Participant (or, if the Participant is not then living, the affected beneficiary),
adversely affect the rights of any Participant or beneficiary under any Award granted under the
Plan prior to the date such amendment is adopted by the Board; and further provided that
adjustments pursuant to paragraph 5.2(f) shall not be subject to the foregoing limitations of this
Section 8.

SECTION 9

DEFINED TERMS

     In addition to the other definitions contained herein, the following definitions shall apply:

	(a)	 	Award. The term “Award” means any award or benefit granted under the Plan,
including, without limitation, the grant of Options, SARs, Bonus Share Awards, Share Unit
Awards, Restricted Share Awards, Restricted Share Unit Awards, Performance Unit Awards,
Performance Share Awards, and Replacement Awards.

	(b)	 	Board. The term “Board” means the Board of Trustees of the Company.

	(c)	 	Change in Control. The term “Change in Control” shall be as defined in the Award
Agreement, or as otherwise provided by the Committee.

	(d)	 	Code. The term “Code” means the Internal Revenue Code of 1986, as amended. A
reference to any provision of the Code shall include reference to any successor provision of
the Code.

	(e)	 	Eligible Individual. For purposes of the Plan, the term “Eligible Individual” means
any employee of the Company or a Subsidiary, and any consultant or other person providing
services to the Company or a Subsidiary; provided, however, that an incentive stock option may
only be granted to an employee of the Company or a Subsidiary.

	(f)	 	Fair Market Value. For purposes of determining the “Fair Market Value” of a Share as
of any date, the following rules shall apply:

(i) If the principal market for the Shares is a national securities exchange or the Nasdaq
securities market, then the “Fair Market Value” as of that date shall be the reported
closing price of the Shares on the next preceding business day on the principal exchange or
market on which the Shares are then listed or admitted to trading.

(ii) If the Share are not listed on a national securities exchange and the Shares are not
quoted on the Nasdaq share market, then the “Fair Market Value” as of that date shall be the
closing price for the Shares

 

 

on the next preceding business day as reported on the Nasdaq OTC Bulletin Board Service or
by the National Quotation Bureau, Incorporated or a comparable service.

(iii) If subparagraphs (i) and (ii) next above are otherwise inapplicable, then the Fair
Market Value of the Shares shall be determined in good faith by the Committee.

	(g)	 	Merger Agreement means that certain Amended and Restated Agreement and Plan of Merger
among Archstone Communities Trust, Charles E. Smith Residential Realty, Inc., et. al., dated
as of May 3, 2001.

	(h)	 	 Replacement Award. The term “Replacement Award” shall have the meaning ascribed to
it in Section 4.

	(i)	 	Subsidiary. The term “Subsidiary” means any corporation, partnership, joint venture
or other entity during any period in which at least a fifty percent voting or profits interest
is owned, directly or indirectly, by the Company (or by any entity that is a successor to the
Company), and any other business venture designated by the Committee in which the Company (or
any entity that is a successor to the Company) has a significant interest, as determined in
the discretion of the Committee.

	(j)	 	Shares. The term “Shares” means common shares of beneficial interest in the Company,
par value $0.01 per share.exv10w2

 

EXHIBIT 10.2

FIRST AMENDMENT TO ARCHSTONE-SMITH TRUST 2001 LONG-TERM INCENTIVE PLAN

May 20, 2004

     The Archstone Smith Trust 2001 Long-Term Incentive Plan (the “Plan”) is hereby amended as
follows:

     The Plan is hereby amended, effective as of May 20, 2004, by substituting the following for
subsection 2.4 of the Plan:

     “2.4 Payment of Option Exercise Price. The payment of the Exercise Price of an Option
granted under this Section 2 shall be subject to the following:

	(k)	 	Subject to the following provisions of this subsection 2.4, the full Exercise Price for
Shares purchased upon the exercise of any Option shall be paid at the time of such exercise
(except that, in the case of an exercise arrangement approved by the Committee and described
in paragraph 2.4(c), payment may be made as soon as practicable after the exercise).

	(l)	 	The Exercise Price shall be payable in cash or by tendering, by either actual delivery of
Shares or by attestation, Shares acceptable to the Committee, and valued at Fair Market Value
as of the day of exercise, or in any combination thereof, as determined by the Committee.

The Committee may permit a Participant to elect to pay the Exercise Price upon the exercise of an
Option by irrevocably authorizing a third party to sell Shares (or a sufficient portion of the
Shares) acquired upon exercise of the Option and remit to the Company a sufficient portion of the
sale proceeds to pay the entire Exercise Price and any tax withholding resulting from such
exercise.”

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]