Document:

Document

Exhibit 10.11

HIBBETT, INC.
EXECUTIVE VOLUNTARY DEFERRAL PLAN

Effective January 1, 2010

Hibbett, Inc.

TABLE OF CONTENTS

												
				Page
	ARTICLE I DEFINITIONS	4
		1.01	Administrator	4
		1.02	Account	4
		1.03	Affiliate	4
		1.04	Beneficiary	4
		1.05	Board of Directors or Board	4
		1.06	Bonus Payment	4
		1.07	Cause	4
		1.08	Change in Control	5
		1.09	Code	5
		1.10	Committee	5
		1.11	Company	5
		1.12	Deferral Contribution	5
		1.13	Deferral Election	5
		1.14	Deferral Year	5
		1.15	Disability	5
		1.16	Employee	6
		1.17	ERISA	6
		1.18	Investment Fund	6
		1.19	Key Employee	6
		1.20	Participant	6
		1.21	Plan	6
		1.22	Plan Year	6
		1.23	Salary	6
		1.24	Termination of Employment	6
		1.25	Unforeseeable Emergency	6
				
	ARTICLE II ELIGIBILITY AND PARTICIPATION	7
		2.01	Eligibility Requirements	7
		2.02	Participation in the Plan	7
				
	ARTICLE III DEFERRAL ELECTIONS	7
		3.01	Election of Deferrals	7
		3.02	Election, Revocation and Modification of Deferrals; Initial Deferral Election	7
				
	ARTICLE IV ACCOUNTS	8
		4.01	Establishment of Accounts	8
		4.02	Deferral Contributions	8
		4.03	Equitable Adjustment in Case of Error or Omission	8

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				Page
	ARTICLE V INVESTMENTS AND VALUATION	8
		5.01	Investment of Accounts	8
		5.02	Valuation of Bookkeeping Accounts	8
				
	ARTICLE VI DISTRIBUTIONS AND WITHDRAWALS	8
		6.01	Fixed Payment Date	8
		6.02	Change in Control, Death, Disability, Termination of Employment	9
		6.03	Hardship	9
		6.04	Form of Distribution	9
		6.05	Federal Income Tax Withholding	9
		6.06	Benefit Determination and Payment Procedure	9
		6.07	Distribution of Benefit When Distributee Cannot be Located	9
		6.08	Acceleration of Benefits Prohibited	10
				
	ARTICLE VII FUNDING	10
		7.01	Funding	10
				
	ARTICLE VIII ADMINISTRATION	10
		8.01	Appointment of Administrator	10
		8.02	Duties	10
		8.03	Benefit Claims Review Procedure	11
		8.04	Fiduciary Discretion	11
				
	ARTICLE IX AMENDMENT OR TERMINATION OF THE PLAN	11
		9.01	Amendment or Termination of the Plan	11
				
	ARTICLE X GENERAL PROVISIONS	12
		10.01	No Guarantee of Employment	12
		10.02	Payments to Minors and Incompetents	12
		10.03	Non-Alienation of Benefits	12
		10.04	Heading and Subheadings	12
		10.05	Use of Masculine and Feminine; Singular and Plural	12
		10.06	Beneficiary Designation	12
		10.07	Errors and Omissions	12
		10.08	Governing Law	12
		10.09	Binding Effect	13
		10.10	Effect on Other Plans	13
		10.11	Other Benefits and Agreements	13
				
	ARTICLE XI ADOPTION OF PLAN	13

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Hibbett, Inc.

Hibbett, Inc.
Executive Voluntary Deferral Plan
Effective January 1, 2010

INTRODUCTION

The Hibbett, Inc. Executive Voluntary Deferral Plan (the “Plan”) is adopted effective January 1, 2010.  The primary purpose of the Plan is to permit key executives of Hibbett, Inc. (the “Company”) with the opportunity to defer, on a pre-tax basis, a portion of their compensation.  The Company has determined that the adoption of the Plan will assist it in attracting and retaining those employees whose abilities and experience will contribute to the Company’s continued success.

The Company intends for the Plan to be an employee pension benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 as amended.  The Plan is unfunded and covers a select group of management or highly compensated employees.  The Company also intends the Plan to comply with the requirements of Section 409A of the Internal Revenue Code of 1986.  All questions arising in the construction and administration of the Plan must be resolved in a manner that is consistent with that intent.

ARTICLE 1
DEFINITIONS

1.01    Administrator

Administrator means the Director of Human Resources, or any other employee designated by the Director of Human Resources.

1.02    Account

Account means the account or bookkeeping record reflecting a Participant’s interest in the Plan.  A Participant may have several Accounts in the Plan.

1.03    Affiliate

Affiliate means any corporation which, when considered with Hibbett, Inc., would constitute a controlled group of corporations within the meaning of Code section 1563(a), determined without regard to Code sections 1563(a)(4) and 1563(e)(3)(C) or any entity, whether or not incorporated which, when considered with Hibbett, Inc., would constitute a controlled group in accordance with Code section 414(c) and regulations promulgated thereunder.

1.04    Beneficiary

Beneficiary means the person or entity specified by a Participant on forms prescribed by the Company for that purpose.  If a Participant does not designate a Beneficiary or if the designated Beneficiary predeceases the Participant or is not in existence on the date of the Participant’s death, then Beneficiary means the Participant’s surviving spouse, or if there is no surviving spouse, the executor(s) or administrator(s) of the Participant’s estate.

1.05    Board of Directors or Board

Board of Directors or Board means the Board of Directors of Hibbett, Inc.

1.06    Bonus Payment

Bonus Payment means a Participant’s annual bonus earned with respect to the Company’s fiscal year that commences during a Plan Year whether or not owed during such Plan Year.

1.07    Cause

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Cause means the determination by the Board in the exercise of its reasonable judgment that the Participant has committed an act or acts constituting (a) a felony or other crime involving dishonesty, theft or embezzlement, or (b) fraud.

1.08    Change in Control

A Change in Control means a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company.  A change in the ownership of the Company occurs on the date that any one person, or more than one person, acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. A change in the effective control of the Company occurs only on (i) the date any one person or group acquires ownership of stock of the Company possessing 30% or more of the total voting power of the stock, or (ii) the date a majority of the members of the Company’s Board is replaced during any 12 month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board before the date of the appointment or election. A change in the ownership of a substantial portion of the assets of the Company occurs on the date that any one person or group acquires assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of the Company immediately before such acquisition. This definition of Change in Control shall be interpreted in a manner that is consistent with Treasury Regulation section 1.409A-3(i)(5).

1.09    Code

Code means the Internal Revenue Code of 1986, as amended.  References to specific sections of the Code includes those sections and any comparable sections of future legislation that modify, amend, supplement, supersede or recodify such sections.

1.10    Committee

Committee means the Compensation Committee of the Board.

1.11    Company

Company means Hibbett, Inc. and all of its Affiliates that have adopted the Plan.

1.12    Deferral Contribution

Deferral Contribution means a Participant’s pre-tax deferrals made under the Plan in accordance with Plan Article III.

1.13    Deferral Election

Deferral Election means the Employee’s election in writing to defer amounts under the Plan.

1.14    Deferral Year

Deferral Year means (i) the calendar year in which the Participant’s salary is earned, and (ii) with respect to a Bonus Deferral, the calendar year in which the Company’s fiscal year commences.

1.15    Disability

A Participant is considered disabled if the Participant is (a) unable to engage in any substantial gainful activity 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, or (b) 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 income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.

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1.16    Employee

Employee means an individual who is an employee of Hibbett, Inc. or an Affiliate who has adopted the Plan and who is a member of a select group of management or highly compensated employees of the Company or an Affiliate.

1.17    ERISA

ERISA means the Employee Retirement Income Security Act of 1974, as amended.  References to specific sections of ERISA shall include those sections and any comparable sections of future legislation that modify, amend, supplement, supersede or recodify such sections.

1.18    Investment Fund

Investment Fund means one or more of the investment funds selected by the Administrator.

1.19    Key Employee

Key Employee means an Employee who, as of December 31 of any Plan Year, satisfies the requirements of Code Section 416(i) (without regard to Code section 416(i)(5)).  Such Employee will be considered a Key Employee for purposes of the Plan for the 12-month period commencing on the next following April 1; provided, however, that an individual will not be considered a Key Employee unless at the time of his or her Termination of Employment, the Company is considered a public company pursuant to Code section 409A.

1.20    Participant

Participant means an eligible Employee who satisfies the requirements of Article II.  A Participant is considered an active Participant if such Participant has a Deferral Election in effect.  A Participant who does not have a Deferral Election in effect or who is no longer an Employee is considered an inactive Participant.

1.21    Plan

Plan means the Hibbett, Inc. Executive Voluntary Deferral Plan.

1.22    Plan Year

Plan Year means the annual period beginning on January 1st and ending on the following December 31st.

1.23    Salary

Salary means a Participant’s annual base salary.

1.24    Termination of Employment

Termination of Employment means a Participant’s separation from service from the Company or any Affiliate, including by retirement or any other termination of employment, consistent with Code Section 409A and Treasury Regulations thereunder.

1.25    Unforeseeable Emergency

Unforeseeable Emergency means a Participant’s severe financial hardship resulting from an illness or accident of the Participant, or the Participant’s spouse or dependent (as defined in Code section 152), loss of the Participant’s property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  The amount of the distribution on account of an 
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Unforeseeable Emergency may not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution.  Payment may not be made to the extent an Unforeseeable Emergency is or may be relieved (a) through reimbursement or compensation by insurance or otherwise, or (b) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship.  Any determination of the existence of an Unforeseeable Emergency and the amount to be distributed on account thereof shall be made by the Administrator (or such other person as may be required to make such decisions) in accordance with rules applied in a uniform and nondiscriminatory manner.

ARTICLE II
ELIGIBILITY AND PARTICIPATION

2.01    Eligibility Requirements

The Committee, in its sole discretion, shall designate the Employees who are eligible to participate in the Plan.  The Committee shall notify an Employee of his or her eligibility to participate in the Plan in writing prior to his or her initial participation.

2.02    Participation in the Plan

(a)    An eligible Employee becomes a Participant upon his completion of a Deferral Election pursuant to Article III.  Each Employee and Participant must correctly disclose to the Administrator all requested information necessary for the administration of the Plan.

(b)    A Participant shall continue to be a Participant of the Plan until the date that he is no longer entitled to benefits under the Plan.

ARTICLE III
DEFERRAL ELECTIONS

3.01    Election of Deferrals

(a)    In order to become a Participant, an eligible Employee must file with the Administrator a Deferral Election, in accordance with its terms and the terms and conditions of this Article III.  Such Deferral Election must be filed no later than the December 31 preceding the first Plan Year for which the Participant’s Salary or Bonus Payment will be deferred, or at such earlier time as may be set by the Administrator in its sole discretion.

(b)    The maximum Deferral Contribution for a Plan Year shall be fifty percent (50%) of the Participant’s Salary earned during the Plan Year and one hundred percent (100%) of the Participant’s Bonus Payments earned for the fiscal year that commences during the Plan Year.  A Participant’s election must be made in one percent (1%) increments.

(c)    Each Deferral Election shall be made on a form provided by the Administrator and shall specify any such information as the Administrator may require.

3.02    Election, Revocation and Modification of Deferrals; Initial Deferral Election

(a)    Except as provided in subsection (b) below, a Participant may make an election to defer Salary and/or Bonus Payments for a Plan Year only if such election is made no later than December 31 of the prior Plan Year, or by such earlier date as may be announced by the Administrator.  Such election shall remain in effect for the entire Plan Year and for all subsequent Plan Years until the Participant timely revokes such election for a subsequent Plan Year or timely files a new election applicable to a subsequent Plan Year.  Each Deferral Election shall be made on a form provided by the Administrator and shall specify such additional information as the Administrator may require.

(b)    In the case of individuals who become eligible to Participate on or after January 1, 2010, the individual must make an initial Deferral Election within thirty (30) days after he or she becomes eligible to participate in the Plan.  Such election shall only be valid with respect to Salary and Bonus Payments paid for services rendered after the date of the initial Deferral Election.
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(c)    All Deferral Elections are irrevocable after the last date permitted for making an election under Code Section 409A, or such earlier date specified by the Administrator.

ARTICLE IV
ACCOUNTS

4.01    Establishment of Accounts

The Administrator shall establish and maintain separate Accounts and for each Participant of the Plan to credit a Participant’s Deferral Contributions.  As required for appropriate record-keeping, the Administrator may establish and name additional Accounts or sub-accounts for each Participant.

4.02    Deferral Contributions

(a)    Deferral Contributions consisting of Salary shall be credited to the Participant’s Account as of the last day of the payroll period in which such Salary would otherwise be paid to the Participant.  Deferral Contribution consisting of Bonus Payments shall be credited as of the last day of the month in which the Bonus Payment would have been made to the Participant.

(b)    A Participant’s interest in his Account attributable to Deferral Contributions and any earnings thereon shall be fully vested and nonforfeitable.

4.03    Equitable Adjustment in Case of Error or Omission

If an error or omission is discovered in the Account of a Participant, the Administrator shall make such equitable adjustment as the Administrator deems appropriate.

ARTICLE V
INVESTMENTS AND VALUATION

5.01    Investment of Accounts

(a)    A Participant may direct the investment of his Account among one or more of the Investment Funds.  Such direction shall be in writing on a form provided by the Administrator and in accordance with procedures established by the Administrator.  The investment of a Participant’s Account is hypothetical and solely for the purpose of crediting earnings on such Account.

(b)    The investment of a Participant’s Account shall be made in multiples of ten percent (10%). An investment election shall remain in force until changed.  Participants may change the investment of their Account with respect to the balance in their Account and with respect to any future Deferral Contributions in accordance with procedures established by the Administrator.

5.02    Valuation of Bookkeeping Accounts

Each Participant’s Account shall be valued as of the last day of each calendar quarter and adjusted as of such date to reflect any gains and losses in the Investment Funds and any other expenses or charges attributable to the Account or Investment Fund.

ARTICLE VI
DISTRIBUTIONS AND WITHDRAWALS

6.01    Fixed Payment Date

(a)    The Participant may elect, as part of his or her Deferral Election, to specify the date on which amounts subject to the Deferral Election for each Deferral Year, and deemed earnings and losses thereon, will be paid.   Payment will be made to the Participant or his Beneficiary, as the case may be, within 60 days following the date specified by the Participant. The Participant may elect a single lump sum payment or annual installments as 
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Hibbett, Inc.

provided in Section 6.04.  If the Participant chooses not to make an election under this Section 6.01, payment of the Participant’s Account will be governed by the other provisions of this Article VI.

(b)    Notwithstanding an election made under Section 6.01(a), the total value of a Participant’s Account may be paid prior to that date in accordance with Section 6.02 or 6.03, below.

6.02    Change in Control, Death, Disability, Termination of Employment

(a)    In the event of a Change in Control, or the Participant’s death, Disability, or Termination of Employment, the Plan shall pay the Participant, or his Beneficiary, as the case may be, the total value of the Participant’s Account, as of the Change in Control, or as of his death, determination of Disability by the Administrator, or Termination of Employment, within 60 days following the applicable event, to the extent not previously distributed under Section 6.01 and subject to Section 6.02(b), below.  The Participant may elect to receive the total value of his Account in a single lump sum payment or annual installments as provided in Section 6.04.   Payment under this Section 6.02 shall override a later fixed payment date elected under Section 6.01.

(b)    In the event the Participant is a Key Employee on the date of his Termination of Employment, the distribution of his Account on account of a Termination of Employment other than due to death or Disability shall be made on the first day of the month following the six-month anniversary of the Participant’s Termination of Employment.  Installments that would have been paid during such six month period had the Participant not been a Specified Employee will be included in the first payment.  Such delay shall apply only to the extent required by Code Section 409A and, thus, generally shall not apply to payments due only upon a specified date.

6.03    Hardship

A distribution of up to 50% of the vested portion of the Participant’s Account because of an Unforeseeable Emergency will be permitted only to the extent required by the Participant to satisfy the emergency need.  Whether an Unforeseeable Emergency has occurred will be determined solely by the Administrator.  Distributions in the event of an Unforeseeable Emergency may be made by and with the approval of the Administrator upon written request by a Participant.

6.04    Form of Distribution

Payment shall be made from the Plan to a Participant or Beneficiary in a single lump sum or in annual installments of two to five years.

6.05    Federal Income Tax Withholding

The Company shall withhold from any payment made by it under the Plan such amount or amounts as may be required for purposes of complying with the tax withholding or other provisions of the Code, as amended, or any federal, state or local income or employment tax provision, or otherwise.

6.06    Benefit Determination and Payment Procedure

The Administrator shall make all determinations concerning eligibility for benefits under the Plan, the time or terms of payment, and the form or manner of payment to the Participant or the Participant’s Beneficiary, in the event of the death of the Participant.  The Administrator shall promptly notify the Company of each such determination that benefit payments are due and provide to the Company all other information necessary to allow the Company to carry out such determination, whereupon the Company shall pay such benefits in accordance with the Administrator’s determination.

6.07    Distribution of Benefit When Distributee Cannot Be Located

The Administrator shall make all reasonable attempts to determine the identity and/or whereabouts of a Participant or a Participant’s Beneficiary entitled to benefits under the Plan, including the mailing by certified mail of a notice to the last known address shown on the Company’s or the Administrator’s records. If the Administrator is unable to locate such a person entitled to benefits hereunder, or if there has been no claim made for such benefits, 
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Hibbett, Inc.

the Company shall continue to hold the benefit due such person or take such other action needed to comply with applicable state escheat or similar laws.

6.08    Acceleration of Benefits Prohibited

Except as provided in Treasury Regulation section 1.409A-3(j), no acceleration in the time or schedule of any payment or amount scheduled to be paid from the Participant’s Account is permitted.

ARTICLE VII
FUNDING

7.01    Funding

(a)    All Participants and Beneficiaries are general unsecured creditors of the Company with respect to the benefits due hereunder and the Plan constitutes a mere promise by the Company to make benefit payments in the future.  It is the intention of the Company that the Plan be considered unfunded for tax purposes.

(b)    The Company may, but is not required to, purchase life insurance in amounts sufficient to provide some or all of the benefits provided under this Plan or may otherwise segregate assets for such purpose.

(c)    The Company may, but is not required to establish a grantor trust which may be used to hold assets of the Company which are maintained as reserves against the Company’s unfunded, unsecured obligations under the Plan.  Such reserves shall at all times be subject to the claims of the Company’s creditors and the creditors of Affiliates any of whose Employees are Participants.  To the extent such trust or other vehicle is established, and assets contributed for the purpose of fulfilling the Company’s obligation hereunder, then such obligation of the Company or an Affiliate shall be reduced to the extent such assets are utilized to meet its obligations hereunder.

ARTICLE VIII
ADMINISTRATION

8.01    Appointment of Administrator

The Administrator shall be responsible for the operation and administration of the Plan except to the extent its duties are allocated to and assumed by persons or entities hereunder.

8.02    Duties

(a)    The Administrator shall make such rules and regulations as it deems necessary for operation of the Plan, shall determine all questions arising in the administration, interpretation and application of the Plan, review claims for benefits which have been denied, and shall perform all other functions which may be assigned to it by the Board.

(b)    The Administrator or its delegate shall maintain, on a plan or calendar year basis, employee and other such records as are necessary for the successful operation of the Plan and shall supply such full and timely information for all matters relating to the Plan as the Administrator may require for the effective discharge of its duties.

(c)    The Administrator or its delegate shall receive all applications for benefits and shall establish rules and procedures to be followed by Participants and Beneficiaries in filing such applications and for furnishing and verifying all data which may be required in order to establish their rights to benefits in accordance with the Plan.  Upon receipt of an application for benefits, the Administrator or its delegate shall determine all facts which are necessary to establish the right of an applicant to benefits and the amount thereof.  All approved benefits shall be paid at the direction of the Administrator or its delegate.  Such payments shall be made in accordance with the Administrator’s or its delegate’s written directions setting forth the amount of such payments and the specific manner in which such payments are to be made.

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8.03    Benefit Claims Review Procedure

(a)    Claims for benefits under the Plan may be submitted to the Administrator or such person as the Administrator may designate in writing who shall have the initial responsibility for determining the eligibility of any Participant or Beneficiary for benefits.  Such claims for benefits shall be made in writing and shall set forth the facts which such Participant or Beneficiary believes to be sufficient to entitle him to the benefit claimed.  The Administrator may adopt forms for the submission of claims for benefits in which case all claims for benefits shall be filed on such forms.

(b)    Upon receipt of a claim, the Administrator or its delegate must respond in writing within 90 days.  If necessary, the Administrator or its delegate’s first notice must indicate any special circumstances requiring an extension of time for the Administrator or its delegate’s decision.

The extension notice must indicate the date by which the Administrator or its delegate expects to give a decision.  An extension of time for processing may not exceed 90 days after the end of the initial 90 day period.

(c)    If the written claim for a Plan benefit is wholly or partially denied or the claimant has had no response, the claimant or his duly authorized representative, at the sole expense of the claimant, may appeal the denial within 60 days of the date of the denial or the expiration of the time period provided in subsection (b) to the Administrator.  An adverse notice must be written in a manner calculated to be understood by the claimant and must include (i) each reason for denial; (ii) specific references to the pertinent provisions of the Plan or related documents on which the denial is based; (iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why that material or information is needed; and (iv) appropriate information about the steps to be taken if the claimant wishes to submit the claim for review.

(d)    In pursuing his appeal the claimant or his representative:

(i)    may request in writing that the Administrator review the denial;

(ii)    may review pertinent documents; and

(iii)    may submit issues and comments in writing.

(e)    The decision on review shall be made within 60 days; provided that the 60 day period may be extended for an additional 60 days by written notice to the claimant setting forth the reasons for the extension.  The decision on review shall be made in writing, shall include specific reasons for the decision, shall be written in a manner calculated to be understood by the claimant and shall contain specific references to the pertinent Plan provisions on which the decision is based.

8.04    Fiduciary Discretion

In discharging the duties assigned to it under the Plan, the Administrator, and each other fiduciary with respect to the Plan has the discretion to interpret the Plan; adopt, amend and rescind rules and regulations pertaining to its duties under the Plan; and to make all other determinations necessary or advisable for the discharge of its duties under the Plan.  Each fiduciary’s discretionary authority is absolute and exclusive.  The express grant in the Plan of any specific power to a fiduciary with respect to any duty assigned to it under the Plan must not be construed as limiting any power or authority of the fiduciary to discharge its duties.  A fiduciary’s decision is final and conclusive unless it is established that the fiduciary’s decision constituted an abuse of its discretion.

ARTICLE IX
AMENDMENT OR TERMINATION OF THE PLAN

9.01    Amendment or Termination of Plan

The Plan may be terminated or amended at any time by the Board, effective as of any date specified provided, however, that any termination must comply with the requirements of Code section 409A.  Any such action 
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taken by the Board shall be evidenced by a resolution. No amendment or termination shall decrease the value of a Participant’s Account accrued prior to the effective date of the amendment or termination.

ARTICLE X
GENERAL PROVISIONS

10.01    No Guarantee of Employment

The Plan shall not be deemed to constitute a contract between the Company and any Participant or to be consideration or an inducement for the employment of any Participant of the Company.  Nothing contained in the Plan shall be deemed to give any Participant the right to be retained in the service of the Company or to interfere with the rights of the Company to discharge or to terminate the service of any Participant at any time without regard to the effect such discharge or termination may have on any rights under the Plan.

10.02    Payments to Minors and Incompetents

If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed so by the Administrator or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, benefits will be paid to such person as the Administrator might designate.  Such payments shall, to the extent made, be deemed a complete discharge of any liability for such payment under the Plan.

10.03    Non-Alienation of Benefits

To the extent permitted by law, no benefit payable under the Plan will be subject in any manner to anticipation, assignment, garnishment, or pledge; and any attempt to anticipate, assign, garnish or pledge the same will be void and no such benefits will be made in any manner liable for or subject to the debts, liabilities, engagements or torts of any Participants.

10.04    Heading and Subheadings

The headings and subheadings in this Plan have been inserted for convenience of reference only and are to be ignored in any construction of the provisions hereof.

10.05    Use of Masculine and Feminine; Singular and Plural

In the construction of the Plan the masculine shall include the feminine and the singular the plural in all cases where such meanings are indicated by the context.

10.06    Beneficiary Designation

At the time of enrollment in the Plan, each Participant, if applicable, must designate a Beneficiary to receive settlement of his Plan account in the event of his death during employment.  A Participant may, from time to time, change a Beneficiary or Beneficiaries under the Plan.  In the event that no designated Beneficiary is surviving at the time of the Participant’s death, settlement under the Plan will be made as provided in Plan section 1.04.

10.07    Errors and Omissions

It shall be the responsibility of those individuals and entities charged with the administration of the Plan to see that it is administered in accordance with its terms.  In the event an innocent error or omission is discovered in the operation or administration of the Plan, then the Administrator may correct such error as it deems necessary or desirable in a manner consistent with the goodwill intended to be engendered by the Plan and to put Participants in the same relative position they would have been in but for such error or omission.

10.08    Governing Law

The Plan shall be construed, enforced and administered in accordance with the laws of the State of Alabama, except to the extent Alabama’s choice-of-law provisions require application of other state law, and except as preempted by ERISA.
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10.09    Binding Effect

The Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Participant and his heirs, executors, administrators and legal representatives.

10.10    Effect on Other Plans

The amount of compensation deferred under the Plan shall not be deemed to be earnings or compensation for the purpose of calculating a Participant’s benefits or contribution under a retirement or deferral plan of the Company or the basis for determining benefits under any other benefit plan provided by the Company, except to the extent provided in any such plan.  No amount distributed under this Plan shall be deemed to be earnings or a part of the Participant’s total compensation when determining a Participant’s benefit under any benefit plan established by a Company, unless otherwise provided in such plan.

10.11    Other Benefits and Agreements

The benefits provided for a Participant under the Plan are not intended to duplicate any other benefits available to such Participant under any other plan or program of the Company for its employees, and, except as may otherwise be expressly provided for, the Plan shall not duplicate, supersede, modify or amend any other plan or program of the Company in which a Participant is participating.

End of Exhibit 10.11
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Exhibit 10.12

HIBBETT, INC.
2015 EMPLOYEE STOCK PURCHASE PLAN

ARTICLE 1
GENERAL

1.1    Purpose.  The Hibbett, Inc. 2015 Employee Stock Purchase Plan (the “Plan”) is intended to attract and retain employees of Hibbett, Inc. and its member companies (the “Company”). The Plan is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, but is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

1.2    Effective Date.  The Plan shall be effective on July 1, 2015, subject to approval of the shareholders of the Company at the annual meeting of shareholders on May 28, 2015.

ARTICLE 2
DEFINITIONS

For the purpose of this Plan, the following terms shall have the meaning set forth in this Article unless a different meaning is required by the context:

2.1    Administrator.  The senior human resources officer of the Company or such other person as may be authorized from time to time pursuant to Section 3.4 hereof.

2.2    Board.  Board of Directors of the Company.

2.3    Code.  The Internal Revenue Code of 1986, as amended.

2.4    Committee.  The Compensation Committee of the Board.

2.5    Common Stock.  The Common Stock $0.01 per value of the Company or the number and kind of shares of stock or other securities into which such Common Stock may be changed in accordance with Section 10.6 of the Plan.

2.6    Compensation.  Wages reported on Form W-2 before the deduction for elective deferrals to a Section 401(k) plan or Section 125 plan as those plans are defined in the Code.

2.7    Eligible Recipient.  An Employee who satisfies the eligibility requirements contained in Section 4.1.

2.8    Employee.  A common law employee of the Company or any Member Company.

2.9    Entry Dates.  The first day on which an Employee may become a Participant as set forth in Section 4.2.

2.10    Exchange Act.  The Securities Exchange Act of 1934, as amended.

2.11    Fair Market Value.  The Fair Market Value of the Common Stock shall be:

2.11.1    If the Common Stock is listed or admitted to unlisted trading privileges on any national securities exchange or is not so listed or admitted but transactions in the Common Stock are reported on the NASDAQ National Market System, the last sale price of the Common Stock on such exchange or reported by the NASDAQ National Market System as of such date (or, if no shares were traded on such day, as of the next preceding day on which there was such a trade).

2.11.2    If the Common Stock is not so listed or admitted to unlisted trading privileges or reported on the NASDAQ National Market System, and bid and asked prices in the over-the-counter market are reported by the NASDAQ SmallCap Market® or the National Quotation Bureau, Inc. (or any comparable reporting service), the mean of the closing bid and asked prices as of such date, as so reported by the NASDAQ System, or, if not so reported thereon, as reported by the National Quotation Bureau, Inc. (or such comparable reporting service).

2.11.3    If the Common Stock is not so listed or admitted to unlisted trading privileges, or reported on the NASDAQ National Market System, and such bid and asked prices are not so reported, such price as the Committee determines in good faith in the exercise of its reasonable discretion.

2.12    Member Company.  Any “parent corporation” or “subsidiary corporation” (within the meaning of Section 424 of the Code) of the Company, including a corporation that becomes a Member Company after the adoption of this Plan, that the Administrator designates as a participating employer in the Plan.

2.13    Offering.  An offer made by the Company to the Participants for the purchase of shares of Common Stock, on a quarterly basis commencing on the Offering Commencement Date and ending on the Offering Termination Date, through payroll deductions subject to the terms and conditions of the Plan. The Committee shall have the power to change the duration of Offerings (including the Offering Commencement Date) with respect to future Offerings without shareholder approval is such change is announced at least five (5) days prior to the scheduled beginning of the first Offering to be affected thereafter.

2.14    Offering Commencement Date.  The first day of each calendar quarter.

2.15    Offering Termination Date.  The last day of each calendar quarter.

2.16    Option.  The right of an Eligible Recipient to purchase Common Stock under the Plan.

2.17    Option Agreement.  The Agreement described in Section 4.5.

2.18    Option Price.  The purchase price for each share of Common Stock shall be the lower of: (i) 85% of the Fair Market Value of the Common Stock on the Offering Commencement Date; or (ii) 85% of the Fair Market Value of the Common Stock on the Offering Termination Date.

2.19    Participant.  An Eligible Recipient who has elected to participate in the Plan in accordance with procedures established herein.

ARTICLE 3
PLAN ADMINISTRATION

3.1    The Committee.  The Plan shall be administered by the Committee. Members of such a committee, if established, shall be appointed from time to time by the Board, shall serve at the pleasure of the Board and may resign at any time upon written notice to the Board. A majority of the members of such a committee shall constitute a quorum. Such a committee shall act by majority approval of the members, shall keep minutes of its meetings and shall provide copies of such minutes to the Board. Action of such a committee may be taken without a meeting if unanimous written consent is given. Copies of minutes of such a committee’s meetings and of its actions by written consent shall be provided to the Board and kept with the corporate records of the Company.

3.2    Requirements of the Exchange Act or the Code.  Notwithstanding Section 3.1 above, in the event that Rule 16b-3 of the Exchange Act or Section 162(m) of the Code or any successor provisions thereto provides specific requirements for the administrators of plans of this type, then the Plan shall only be administered 

by such body and in such a manner as shall comply with the applicable requirements of Rule 16b-3 and Section 162(m).

3.3    Authority of the Committee.  Subject to the express provisions of the Plan, the Committee shall have plenary authority in its discretion to interpret and construe any and all provisions of the Plan, to adopt rules and regulations for administering the Plan, and to make all other determinations deemed necessary or advisable for administering the Plan. The Committee’s determination in the foregoing matters shall be conclusive.

3.4    Delegation by Committee.  Except to the extent prohibited by applicable law or the applicable rules of a stock exchange, the Committee may allocate all or any portion 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.

ARTICLE 4
ELIGIBILITY AND PARTICIPATION

4.1    Conditions of Eligibility.  An Eligible Recipient is an Employee who (i) customarily works more than twenty (20) hours per week and (ii) has been employed by the Company and/or a Member Company for one (1) year.

4.2    Effective Date of Participation.  An Eligible Recipient may become a Participant as of the first day of the January or July (or, if announced by the Administrator, the first day of January, April, July, or October) (“Entry Date”) next following the date on which the Employee met the eligibility requirements contained in Section 4.1, provided that the Eligible Recipient remains employed on the Entry Date.

4.3    Election to Participate.  An Eligible Recipient may become a Participant by completing an Option Agreement, which includes the authorization for a payroll deduction, on the form, including an electronic format, provided by the Company and filing it with the Administrator on or before the date set by such officer, which date shall be prior to the Offering Commencement Date for which participation is sought. Properly authorized payroll deductions for a Participant shall commence on the applicable Offering Commencement Date and shall end when terminated by the terms of the Option Agreement or when terminated by the Participant as provided in ARTICLE 8.

4.4    Restrictions on Participation.  Notwithstanding any provision of the Plan to the contrary, no Employee shall be granted an Option to participate in the Plan:

4.4.1    if, immediately after the grant, such Employee would own stock, and/or hold outstanding Options to purchase stock, possessing 5% or more of the total combined voting power or value of all classes of stock of the Company (for purposes of this paragraph, the rules of Section 424(d) of the Code shall apply in determining stock ownership of any employee); or

4.4.2    which permits an Employee’s rights to purchase Common Stock under all employee stock purchase plans of the Company to accrue at a rate which exceeds $25,000 in fair market value of the Common Stock (determined at the time such Option is granted) for each calendar year in which such Option is outstanding.

4.5    Option Agreement.  Each Eligible Recipient shall receive an Option Agreement. The Option Agreement shall contain the terms for the purchase of Common Stock pursuant to the provisions of the Plan and the discretion of the Committee where applicable. The Option Agreement shall also contain authorization for the payroll deduction. An Eligible Recipient may only become a Participant upon the timely completion and return of the Option Agreement according to the terms contained therein.

ARTICLE 5
OFFERINGS AND OPTION GRANTS

5.1    Duration of Offerings.  The Plan shall be implemented in a series of quarterly Offerings which shall continue until all shares of Common Stock reserved for this Plan have been issued to the Participants. Notwithstanding anything to the contrary, this Plan shall terminate and there shall be no further Offerings upon the earlier of: (1) the issuance of all shares reserved under Section 9.1 of Common Stock or (2) the end of the fortieth (40th) quarterly Offering.

5.2    Number of Option Shares.  On each Offering Commencement Date, a Participant shall be granted an Option to purchase on each Offering Termination Date up to a number of shares of Common Stock of the Company determined by dividing such Participant’s accumulated payroll deductions as of the Offering Termination Date by the applicable Option Price; provided that in no event shall a Participant be permitted to purchase during each Offering more than 1,000 shares of Common Stock of the Company, and provided further that such purchase shall be subject to the limitations of Sections 4.4 and 10.1. The Committee may for future offerings, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that a Participant may purchase during each Offering. Exercise of the Option shall occur as provided herein, unless the Participant has withdrawn pursuant to ARTICLE 8. The Option shall expire on the Offering Termination Date.

ARTICLE 6
PAYROLL DEDUCTIONS

6.1    Amount of Deduction.  Upon filing the Option Agreement, the Participant shall elect to have deductions made from his paycheck on each payday during the time he is a Participant in an Offering at the rate of 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% or 10% of his compensation as determined for each applicable paycheck.

6.2    Participant’s Account.  The Company shall establish a bookkeeping account for each Participant and all payroll deductions made for a Participant shall be credited to his account under the Plan.

6.3    Changes in Payroll Deductions.  A Participant may discontinue his participation in the Plan as Provided in ARTICLE 8, but no other change can be made during an Offering and, specifically, a Participant may not alter the amount of his payroll deductions for that Offering.

ARTICLE 7
EXERCISE OF OPTION

7.1    Automatic Exercise.  Unless a Participant gives written notice to the Company as hereinafter provided, his Option for the purchase of Common Stock with payroll deductions made during any Offering will be deemed to have been exercised automatically on the Offering Termination Date applicable to such Offering, for the purchase of the number of full shares of Common Stock which the accumulated payroll deductions in his account at that time will purchase at the applicable Option Price (but not in excess of the number of shares for which Options have been granted to the employee pursuant to Section 5.2) and any excess in his account at that time will be returned to him, except as provided in Section 7.3.

7.2    Withdrawal of Account.  By written notice to the Administrator, at any time prior to the Offering Termination Date applicable to any Offering, a Participant may elect to withdraw all the accumulated payroll deductions in his account at such time.

7.3    Fractional Shares.  Fractional shares will not be issued under the Plan and any accumulated payroll deductions which would have been used to purchase fractional shares shall, unless otherwise requested by the Participant, be held in the Participant’s account for the purchase of Common Stock during the next Offering.

7.4    Transferability of Option.  During a Participant’s lifetime, Options held by such Participant shall be exercisable only by that Participant.

7.5    Delivery of Stock.  Subject to Section 7.6 below, as promptly as practicable after the Offering Termination Date of each Offering, the Company shall arrange the delivery to each Participant, as appropriate, of a record of the shares purchased. The Administrator may permit or require that such shares be deposited directly with a broker designated by such officer or to a designated agent of the Company, and the Administrator may utilize electronic or other automated methods of share transfer. Common Stock will be issued in the name of the Participant, or, if the Participant so directs by written notice to the Administrator prior to the Offering Termination Date applicable thereto, in the names of the Participant and one such other person as may be designated by the Participant, as joint tenants with rights of survivorship or as tenants by the entireties, to the extent permitted by applicable law. No Participant shall have any voting, dividend, or other shareholder rights with respect to shares of Common Stock subject to any Option granted under the Plan until such shares have been purchased and delivered to the Participant as provided in this Section 7.5.

7.6    Restriction on Resale.  The Committee may require that shares purchased by a Participant pursuant to an Offering be held in escrow as provided in Section 7.6(a) and be subject to a holding period as provided in Section 7.6(b). The Committee may impose this requirement on any Offering and such requirement, if imposed, shall be imposed on all Options granted during such Offering.

(a)    As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Committee or its delegate may instruct its transfer agent to prepare and deliver to the Administrator or its designee, one or more certificates representing the shares purchased upon exercise by each Participant in the Plan, which shall be held in escrow by the Company for the benefit of each such Participant until the expiration of the holding period described in Section 7.6(b) below. As promptly as practicable after the termination of such holding period, the Company shall deliver to each Participant each certificate held in escrow by the Company for which the holding period has so terminated.

(b)    The Committee may, at its election, impose on any shares obtained under the Plan a holding period during which the sale, transfer or other disposition of such shares shall be prohibited. Such holding period shall terminate no later than (i) two years after the date on which the option to purchase such share of Common Stock was granted, and (ii) one year after the Exercise Date on which the option to purchase such share of Common Stock was exercised.

ARTICLE 8
WITHDRAWAL

8.1    In General.  Under procedures established by the Committee, a Participant may withdraw all but not less than all the payroll deductions credited to his account and not yet used to exercise his or her Option under the Plan by submitting to the Administrator a notice of withdrawal in the form and manner prescribed by the Committee for such purpose. Unless otherwise determined by the Committee on a uniform and non-discriminatory basis, any election to withdraw from an Offering will be effective only with respect to the Offering Termination Dates that are at least five (5) business days after the properly completed election is received by the Administrator.  All of the Participant’s payroll deductions credited to his account shall be paid to such Participant as promptly as practicable after the effective date of his or her withdrawal and such Participant’s Option for the Offering shall be automatically terminated, and no further payroll deductions for the purchase of shares shall be made for such Offering.  Once a Participant has withdrawn from an Offering, the Participant may not re-enroll in the same Offering. Moreover, payroll deductions shall not resume at the beginning of the succeeding Offering unless the Participant re-enrolls in the Plan in accordance with provisions of Section 4.3.

8.2    Effect on Subsequent Participation.  A Participant’s withdrawal from any Offering will not have any effect upon his eligibility to participate in any succeeding Offering or in any similar plan which may hereafter be adopted by the Company.

8.3    Termination of Employment.  Upon termination of the Participant’s employment for any reason, including retirement or death, the Participant shall be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such Participant’s account during the Offering but not yet used to exercise the Option shall be returned to such Participant or, in the case of his death, to the person or persons entitled thereto under Section 10.2, and such Participant’s Option shall be automatically terminated.

ARTICLE 9
STOCK

9.1    Maximum Shares.  The maximum number of shares of Common Stock which shall be issued under the Plan, subject to adjustment upon changes in capitalization of the Company as provided in Section 10.6, shall be three hundred thousand (300,000) shares. If the total number of shares of Common Stock for which Options are exercised are exercised on any Offering Termination Date in accordance with ARTICLE 5 exceeds the maximum number of shares reserved for this Plan, the Company shall make a pro rata allocation of the shares of Common Stock available for delivery and distribution in as nearly a uniform manner as shall be practicable and as it shall determine to be equitable, and the balance of payroll deductions credited to the account of each Participant under the Plan shall be returned to him as promptly as possible.

9.2    Participant’s Interest in Common Stock.  The Participant will have no interest in the Common Stock covered by his Option until such Option has been exercised on the applicable Offering Termination Date.

ARTICLE 10
MISCELLANEOUS

10.1    Compliance with Applicable Laws.  The Plan, the grant and exercise of Options to purchase shares under the Plan, and the Company’s obligation to sell and deliver shares upon the exercise of Options to purchase shares shall be subject to compliance with all applicable federal, state and foreign laws, rules and regulations and the requirements of any stock exchange on which the shares may be listed. If the Company receives a determination from the Internal Revenue Service that the provisions of Section 7.6 adversely affect the plan’s qualification under Section 423 of the Code, then Section 7.6 shall be deemed null and void or the Company may amend Section 7.6 in a manner acceptable to the Company that preserves qualification under Section 423 of the Code.

10.2    Designation of Beneficiary.  The designated beneficiary pursuant to a qualified plan (as described in Section 401(a) of the Code) maintained by the Company shall be the designated beneficiary for the Plan, unless a Participant files a written designation of a beneficiary pursuant to this Plan. Such designation of beneficiary may be changed by the Participant at any time by written notice to the Administrator. Upon the death of a Participant and upon receipt by the Company of proof of identity and existence at the Participant’s death of a beneficiary validly designated by him under the Plan, the Company shall deliver such Common Stock and/or cash to such beneficiary. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such Common Stock and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Common Stock and/or cash to the spouse or to any one or more dependents of the Participant as the Company may designate. No beneficiary shall, prior to the death of the Participant by whom he has been designated, acquire any interest in the stock or cash credited to the Participant under the Plan.

10.3    Transferability.  Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an Option or to receive Common Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds in accordance with Section 7.2.

10.4    Use of Funds.  Any payroll deductions received or held by the Company under this Plan may be used by the Company for any corporate purpose and the Company shall not be obligated to segregate such payroll deductions.

10.5    Interest.  No interest will be paid or allowed on any money paid into the Plan or credited to the account of any Participant.

10.6    Adjustment upon Changes in Capitalization.

10.6.1    In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, extraordinary dividend or divesture (including a spin-off) or any other change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving corporation in any such transaction, the Board of Directors of the surviving corporation) shall make appropriate adjustment (which determination shall be conclusive) as to (i) the number and kind of securities which thereafter may be made subject to Options under the Plan, (ii) the number and kind of securities which are subject to outstanding Options or (iii) the purchase price with respect to the foregoing. Without limiting the generality of the foregoing, in the event that any of such transactions are effected in such a way that holders of Common Stock shall be entitled to receive stock, securities or assets, including cash, with respect to or in exchange for such Common Stock, all Participants holding outstanding Options shall upon the exercise of such Option receive, in lieu of any shares of Common Stock they may be entitled to receive, such stock securities or assets, including cash, as have been issued to such Participants if their Options had been exercised and such Participants had received Common Stock prior to such transaction.

10.6.2    Upon: (a) the sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series of related transactions) to a corporation that is not controlled by the Company, (b) the approval by the shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company, (c) a successful tender offer for the Common Stock of the Company, after which the tendering party holds more than 30% of the issued and outstanding Common Stock of the Company, or (d) a merger, consolidation, share exchange, or other transaction to which the Company is a party pursuant to which the holders of all of the shares of the Company outstanding prior to such transaction do not hold, directly or indirectly, at least 70% of the outstanding shares of the surviving company after the transaction, the holder of each Option then outstanding under the Plan will thereafter be entitled to receive at the next Offering Termination Date upon the exercise of such Option for each share as to which such Option shall be exercised, as nearly as reasonably may be determined, the cash, securities and/or property which a holder of one share of Common Stock was entitled to receive upon and at the time of such transaction. The Board of Directors shall take such steps in connection with such transactions as the Board shall deem necessary to assure that the provisions of this Section 10.6 shall thereafter be applicable, as nearly as reasonably may be determined, in relation to the said cash, securities and/or property as to which such holder of such Option might thereafter be entitled to receive.

10.7    Amendment and Termination.  The Board may suspend or terminate the Plan or any portion thereof at any time, and may amend the Plan from time to time in such respects as the Board may deem advisable in order that Options under the Plan shall conform to any change in applicable laws or regulations or in any other 

respect the Board may deem to be in the best interests of the Company; provided, however, that no such amendment shall be effective, without approval of the shareholders of the Company, if shareholder approval of the amendment is then required to comply with or obtain exemptive relief under any tax or regulatory requirement the Board deems desirable to comply with or obtain exemptive relief under, including without limitation, pursuant to Rule 16b-3 under the Exchange Act or any successor rule or Section 423 of the Code or under the applicable rules or regulations of any securities exchange or the NASDAQ, and provided further that no such amendment shall change the terms, conditions or eligibility requirements of an Option granted under the Plan. No termination, suspension or amendment of the Plan shall alter or impair any outstanding Option without the consent of the Participant affected thereby; provided, however, that this sentence shall not impair the right of the Committee to take whatever action it deems appropriate under Section 10.6.1 or Section 10.6.2 of the Plan.

10.8    No Employment Rights.  Nothing in the Plan shall interfere with or limit in any way the right of the Company or any Member Company to terminate the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or Participant any right to continue in the employ or service of the Company or any Member Company.

10.9    Effect of Plan.  The provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each employee participating in the Plan, including, without limitation, such Employee’s estate and the executors, administrators or trustees thereof, heirs and legatee, and any receiver, trustee in bankruptcy or representative of creditors of such Employee.

10.10    Governing Law.  The place of administration of the Plan shall be conclusively deemed to be within the State of Delaware, and the rights and obligations of any and all persons having or claiming to have had an interest under the Plan or under any agreements evidencing Options shall be governed by and construed exclusively and solely in accordance with the laws of the State of Delaware without regard to conflict of laws or provisions of any jurisdictions. All parties agree to submit to the jurisdiction of the state and federal courts of Alabama with respect to matters relating to the Plan and agree not to raise or assert the defense that such forum is not convenient for such party.

10.11    Construction and Headings.  The use of the masculine gender shall also include within its meaning the feminine, and the singular may include the plural and the plural may include the singular, unless the context clearly indicates to the contrary. The headings of the Articles and Sections of the Plan are for convenience of reading only and are not meant to be of substantive significance and shall not add or detract from the meaning of such Article or Section.

End of Exhibit 10.12

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