Document:

Unassociated Document

    

    

    EXHIBIT
4.8

    

    DOT
VN, INC.

    2009
STOCK OPTION PLAN

    

    

    This 2009
Stock Option Plan (the “Plan”) provides for the grant of options to acquire
shares of common stock, $0.001 par value per share (the “Common Stock”), of Dot
VN, Inc, a Delaware corporation (the “Company”).  Stock options
granted under this Plan that qualify under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”), are referred to in this Plan as
“Incentive Stock Options.”  Incentive Stock Options and stock options
that do not qualify under Section 422 of the Code (“Non-Qualified Stock
Options”) granted under this Plan are referred to collectively as
“Options.”

     

    
      	
              1.

            	
              PURPOSES.

            

    

     

    The
purposes of this Plan are to retain the services of valued key employees and
consultants of the Company and such other persons as the Plan Administrator
shall select in accordance with Section 3 below, to encourage such persons
to acquire a greater proprietary interest in the Company, thereby strengthening
their incentive to achieve the objectives of the shareholders of the Company,
and to serve as an aid and inducement in the hiring of new employees and to
provide an equity incentive to consultants and other persons selected by the
Plan Administrator.

     

    
      	
              2.

            	
              ADMINISTRATION.

            

    

     

    This Plan
shall be administered initially by two (2) or more persons appointed by the
Board of Directors to administer the Plan, which committee (the “Committee”)
shall be especially created for this purpose.  The Committee shall
have the powers and authority vested in the Board hereunder (including the power
and authority to interpret any provision of the Plan or of any
Option).  The members of any such Committee shall serve at the
pleasure of the Board.  A majority of the members of the Committee
shall constitute a quorum, and all actions of the Committee shall be taken by a
majority of the members present.  Any action may be taken by a written
instrument signed by all of the members of the Committee and any action so taken
shall be fully effective as if it had been taken at a meeting.  The
Board or, if applicable, the Committee is referred to herein as the “Plan
Administrator.”

     

    At such
time as is required by applicable law or regulation, the Plan shall be
administered by the Board or by the Committee which, for the purposes hereof,
shall be composed of two (2) or more members of the Board who are “Non-Employee
Directors” (as defined below), and, as applicable, outside
directors.  The term “outside director” shall have the meaning
assigned to it under Section 162(m) of the Code (as amended from time to
time) and the regulations (or any successor regulations) promulgated thereunder
(“Section 162(m) of the Code”).  The term “Non-Employee Director”
shall have the meaning assigned to it under Rule 16b-3 (as amended from time to
time) promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) or any successor rule or regulatory requirement.

     

    Subject
to the provisions of this Plan, and with a view to effecting its purpose, the
Plan Administrator shall have sole authority, in its absolute discretion, to
(i) construe and interpret this Plan; (ii) define the terms used in
the Plan; (iii) prescribe, amend and rescind the rules and regulations
relating to this Plan; (iv) correct any defect, supply any omission or
reconcile any inconsistency in this Plan; (v) grant Options under this
Plan; (vi) determine the individuals to whom Options shall be granted under
this Plan and whether the Option is an Incentive Stock Option or a Non-Qualified
Stock Option or a combination of both; (vii) determine the time or times at
which Options shall be granted under this Plan; (viii) determine the number
of shares of Common Stock subject to each Option, the exercise price of each
Option, the duration of each Option and the times at which each Option shall
become exercisable; (ix) determine all other terms and conditions of the
Options; (x) determine exercise payment terms and (xi) make all other
determinations and interpretations necessary and advisable for the
administration of the Plan.  All decisions, determinations and
interpretations made by the Plan Administrator shall be binding and conclusive
on all participants in the Plan and on their legal representatives, heirs and
beneficiaries.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The Board
or, if applicable, the Committee may delegate to one or more executive officers
of the Company the authority to grant Options under this Plan to employees of
the Company who, on the Date of Grant, are not subject to Section 16 of the
Exchange Act with respect to the Common Stock (“Non-Insiders”), and are not
“covered employees” as such term is defined for purposes of Section 162(m)
of the Code (“Non-Covered Employees”), and in connection therewith the authority
to determine: (i) the number of shares of Common Stock subject to such
Options; (ii) the duration of the Option; (iii) the vesting schedule
for determining the times at which such Option shall become exercisable; and
(iv) all other terms and conditions of such Options.  The
exercise price for any Option granted by action of an executive officer or
officers pursuant to such delegation of authority shall not be less than the
fair market value per share of the Common Stock on the Date of Grant, or, in the
case of Control Persons (> 10%) shareholders of the Company (as determined
with reference to Section 424(d) of the Code) not be less than 110% of the
fair market value per share of the Common Stock on the Date of
Grant.  Unless expressly approved in advance by the Board or the
Committee, such delegation of authority shall not include the authority to
accelerate vesting, extend the period for exercise or otherwise alter the terms
of outstanding Options.  The term “Plan Administrator” when used in
any provision of this Plan other than Sections 2, 5(f), 5(m), and 11 shall
be deemed to refer to the Board or the Committee, as the case may be, and an
executive officer who has been authorized to grant Options pursuant thereto,
insofar as such provisions may be applied to persons that are Non-Insiders and
Non-Covered Employees and Options granted to such persons.

     

    
      	
              3.

            	
              ELIGIBILITY.

            

    

     

    Incentive
Stock Options may be granted to any individual who, at the time the Option is
granted, is an employee of the Company or any Related Corporation (as defined
below) (“Employees”).  Non-Qualified Stock Options may be granted to
Employees and to such other persons who are not Employees as the Plan
Administrator shall select.  Options may be granted in substitution
for outstanding Options of another corporation in connection with the merger,
consolidation, acquisition of property or stock or other reorganization between
such other corporation and the Company or any subsidiary of the
Company.  Any person to whom an Option is granted under this Plan is
referred to as an “Optionee.” Any person who is the owner of an Option is
referred to as a “Holder.”

     

    As used
in this Plan, the term “Related Corporation” shall mean any corporation (other
than the Company) that is a “Parent Corporation” of the Company or “Subsidiary
Corporation” of the Company, as those terms are defined in Sections 424(e)
and 424(f), respectively, of the Code (or any successor provisions) and the
regulations thereunder (as amended from time to time).

     

    
      	
              4.

            	
              STOCK.

            

    

     

    The Plan
Administrator is authorized to grant Options to acquire up to a total of
twenty-five million (25,000,000) shares of the Company’s authorized but
unissued, or reacquired, Common Stock.  The number of shares with
respect to which Options may be granted hereunder is subject to adjustment as
set forth in Section 5(m) hereof.  In the event that any
outstanding Option expires or is terminated for any reason, the shares of Common
Stock allocable to the unexercised portion of such Option may again be subject
to an Option granted to the same Optionee or to a different person eligible
under Section 3 of this Plan; provided however, that any canceled Options
will be counted against the maximum number of shares with respect to which
Options may be granted to any particular person as set forth in Section 3
hereof.

     

    
      	
              5.

            	
              TERMS
      AND CONDITIONS OF OPTIONS.

            

    

     

    Each
Option granted under this Plan shall be evidenced by a written agreement
approved by the Plan Administrator (the “Agreement”).  Agreements may
contain such provisions, not inconsistent with this Plan, as the Plan
Administrator in its discretion may deem advisable.  All Options also
shall comply with the following requirements:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Number of Shares and Type of
      Option.

            

    

     

    Each
Agreement shall state the number of shares of Common Stock to which it pertains
and whether the Option is intended to be an Incentive Stock Option or a
Non-Qualified Stock Option.  In the absence of action to the contrary
by the Plan Administrator in connection with the grant of an Option, all Options
shall be Non-Qualified Stock Options.  The aggregate fair market value
(determined at the Date of Grant, as defined below) of the stock with respect to
which Incentive Stock Options are exercisable for the first time by the Optionee
during any calendar year (granted under this Plan and all other Incentive Stock
Option plans of the Company, a Related Corporation or a predecessor corporation)
shall not exceed $100,000, or such other limit as may be prescribed by the Code
as it may be amended from time to time.  Any portion of an Option
which exceeds the annual limit shall not be void but rather shall be a
Non-Qualified Stock Option.

     

    
      	
               
      

            	
              (b)

            	
              Date of
      Grant.

            

    

     

    Each
Agreement shall state the date the Plan Administrator has deemed to be the
effective date of the Option for purposes of this Plan (the “Date of
Grant”).

     

    
      	
               
      

            	
              (c)

            	
              Option
      Price.

            

    

     

    Each
Agreement shall state the price per share of Common Stock at which it is
exercisable.  The exercise price shall be fixed by the Plan
Administrator at whatever price the Plan Administrator may determine in the
exercise of its sole discretion; provided that the per share
exercise price for an Incentive Stock Option or any Option granted to a “covered
employee” as such term is defined for purposes of Section 162(m) of the
Code (“Covered Employee”) shall not be less than the fair market value per share
of the Common Stock at the Date of Grant as determined by the Plan Administrator
in good faith; provided
further, that with respect to Incentive Stock Options granted to
greater-than-ten percent (> 10%) shareholders of the Company (as determined
with reference to Section 424(d) of the Code), the exercise price per share
shall not be less than one hundred ten percent (110%) of the fair market value
per share of the Common Stock at the Date of Grant as determined by the Plan
Administrator in good faith; and, provided further, that
Options granted in substitution for outstanding options of another corporation
in connection with the merger, consolidation, acquisition of property or stock
or other reorganization involving such other corporation and the Company or any
subsidiary of the Company may be granted with an exercise price equal to the
exercise price for the substituted option of the other corporation, with no
change in the date at which the shares vest or expire, subject to any adjustment
consistent with the terms of the transaction pursuant to which the substitution
is to occur.

     

    
      	
               
      

            	
              (d)

            	
              Duration of
      Options.

            

    

     

    At the
time of the grant of the Option, the Plan Administrator shall designate, subject
to paragraph 5(g) below, the expiration date of the Option, which date shall not
be later than ten (10) years from the Date of Grant in the case of Incentive
Stock Options; provided, that the expiration
date of any Incentive Stock Option granted to a greater-than-ten percent ( >
10%) shareholder of the Company (as determined with reference to
Section 424(d) of the Code) shall not be later than five (5) years from the
Date of Grant.  In the absence of action to the contrary by the Plan
Administrator in connection with the grant of a particular Option, and except in
the case of Incentive Stock Options as described above, all Options granted
under this Section 5 shall expire ten (10) years from the Date of
Grant.

     

    
      	
               
      

            	
              (e)

            	
              Vesting
      Schedule.

            

    

     

    No Option
shall be exercisable until it has vested.  The vesting schedule for
each Option shall be specified by the Plan Administrator at the time of grant of
the Option prior to the provision of services with respect to which such Option
is granted; provided,
that if no vesting schedule is specified at the time of grant, the Option shall
vest according to the following schedule:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      
        
          	
                  Number
      of Years

                  Following
      Date of Grant

                	 
      	
                  Percentage
      of Total

                  Option
      Vested

                
	
                  One

                	 
      	
                  20%

                
	
                  Two

                	 
      	
                  40%

                
	
                  Three

                	 
      	
                  60%

                
	
                  Four

                	 
      	
                  80%

                
	
                  Five

                	 
      	
                  100%

                

        

      

    

    

    The Plan
Administrator may specify a vesting schedule for all or any portion of an Option
in their sole discretion.  Furthermore should the option be based on
the achievement of performance objectives established in advance of the
commencement by the Optionee of services related to the achievement of the
performance objectives, the plan administrator may make appropriate
modifications to the vesting.  Performance objectives shall be
expressed in terms of one or more of the following: return on equity, return on
assets, share price, market share, sales, earnings per share, costs, net
earnings, net worth, inventories, cash and cash equivalents, gross margin or the
Company’s performance relative to its internal business
plan.  Performance objectives may be in respect of the performance of
the Company as a whole (whether on a consolidated or unconsolidated basis), a
Related Corporation, or a subdivision, operating unit, product or product line
of either of the foregoing.  Performance objectives may be absolute or
relative and may be expressed in terms of a progression or a
range.  An Option that is exercisable (in full or in part) upon the
achievement of one or more performance objectives may be exercised only
following written notice to the Optionee and the Company by the Plan
Administrator that the performance objective has been achieved.

     

    
      	
               
      

            	
              (f)

            	
              Acceleration of
      Vesting.

            

    

     

    The
vesting of one or more outstanding Options may be accelerated by the Committee
at such times and in such amounts as it shall determine in its sole
discretion.

     

    
      	
               
      

            	
              (g)

            	
              Term of
      Option.

            

    

     

    Vested
Options shall terminate, to the extent not previously exercised, upon the
occurrence of the first of the following events: (i) the expiration of the
Option, as designated by the Plan Administrator in accordance with
Section 5(d) above; (ii) the date of an Optionee’s termination of
employment or contractual relationship with the Company or any Related
Corporation for cause (as determined in the sole discretion of the Plan
Administrator); (iii) the expiration of three (3) months from the date of
an Optionee’s termination of employment or contractual relationship with the
Company or any Related Corporation for any reason whatsoever other than cause,
death or Disability (as defined below) unless, in the case of a Non-Qualified
Stock Option, the exercise period is extended by the Plan Administrator until a
date not later than the expiration date of the Option; or (iv) the
expiration of one year from termination of an Optionee’s employment or
contractual relationship by reason of death or Disability (as defined below)
unless, in the case of a Non-Qualified Stock Option, the exercise period is
extended by the Plan Administrator until a date not later than the expiration
date of the Option.  Upon the death of an Optionee, any vested Options
held by the Optionee shall be exercisable only by the person or persons to whom
such Optionee’s rights under such Option shall pass by the Optionee’s will or by
the laws of descent and distribution of the state or county of the Optionee’s
domicile at the time of death and only until such Options terminate as provided
above.  For purposes of the Plan, unless otherwise defined in the
Agreement, “Disability” shall mean medically determinable physical or mental
impairment which has lasted or can be expected to last for a continuous period
of not less than twelve (12) months or that can be expected to result in death
(within the meaning of Section 22(e)(3) of the Code).  The Plan
Administrator shall determine whether an Optionee has incurred a Disability on
the basis of medical evidence acceptable to the Plan
Administrator.  Upon making a determination of Disability, the Plan
Administrator shall, for purposes of the Plan, determine the date of an
Optionee’s termination of employment or contractual relationship.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Unless
accelerated in accordance with Section 5(f) above, unvested Options shall
terminate immediately upon termination of employment of the Optionee by the
Company for any reason whatsoever, including death or Disability.  For
purposes of this Plan, transfer of employment between or among the Company
and/or any Related Corporation shall not be deemed to constitute a termination
of employment with the Company or any Related Corporation.  For
purposes of this subsection, employment shall be deemed to continue while the
Optionee is on military leave, sick leave or other bona fide leave of absence
(as determined by the Plan Administrator).  The foregoing
notwithstanding, employment shall not be deemed to continue beyond the first
ninety (90) days of such leave, unless the Optionee’s re-employment rights are
guaranteed by statute or by contract.

     

    
      	
               
      

            	
              (h)

            	
              Exercise of
      Options.

            

    

     

    Options
shall be exercisable, in full or in part, at any time after vesting, until
termination.  If less than all of the shares included in the vested
portion of any Option are purchased, the remainder may be purchased at any
subsequent time prior to the expiration of the Option term.  No
portion of any Option for less than One Hundred (100) shares (as adjusted
pursuant to Section 5(m) below) may be exercised; provided, that if the vested
portion of any Option is less than One Hundred (100) shares, it may be exercised
with respect to all shares for which it is vested.  Only whole shares
may be issued pursuant to an Option, and to the extent that an Option covers
less than one (1) share, it is unexercisable.

     

    Options
or portions thereof may be exercised by giving written notice to the Company,
which notice shall specify the number of shares to be purchased, and be
accompanied by payment in the amount of the aggregate exercise price for the
Common Stock so purchased, which payment shall be in the form specified in
Section 5(i) below.  The Company shall not be obligated to issue,
transfer or deliver a certificate of Common Stock to the Holder of any Option,
until provision has been made by the Holder, to the satisfaction of the Company,
for the payment of the aggregate exercise price for all shares for which the
Option shall have been exercised and for satisfaction of any tax withholding
obligations associated with such exercise.  During the lifetime of an
Optionee, Options are exercisable only by the Optionee or in the case of a
Non-Qualified Stock Option, transferee who takes title to such Option in the
manner permitted by subsection 5(k) hereof.

     

    
      	
               
      

            	
              (i)

            	
              Payment upon Exercise of
      Option.

            

    

     

    Upon the
exercise of any Option, the aggregate exercise price shall be paid to the
Company in cash or by such other equivalent method required by the Plan
Administrator..  In addition, the Holder may pay for all or any
portion of the aggregate exercise price by complying with one or more of the
following alternatives:

     

    (1)           by
delivering to the Company shares of Common Stock previously held by such Holder,
or by the Company withholding shares of Common Stock otherwise deliverable
pursuant to exercise of the Option, which shares of Common Stock received or
withheld shall have a fair market value at the date of exercise (as determined
by the Plan Administrator) equal to the aggregate exercise price to be paid by
the Optionee upon such exercise;

     

    (2)           by
delivering a properly executed exercise notice together with irrevocable
instructions to a broker promptly to sell or margin a sufficient portion of the
shares and deliver directly to the Company the amount of sale or margin loan
proceeds to pay the exercise price; or

     

    (3)           by
complying with any other payment mechanism approved by the Plan Administrator at
the time the option was granted.

     

    Notwithstanding
the foregoing, without the prior written consent of the Plan Administrator, a
Holder shall not surrender, or attest to the ownership of, shares of Common
Stock in payment of the exercise price if such action would cause the Company to
recognize compensation expense (or additional compensation expense) with respect
to any option for financial reporting purposes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (j)

            	
              Rights as a
      Shareholder.

            

    

     

    A Holder
shall have no rights as a shareholder with respect to any shares covered by an
Option until such Holder becomes a record holder of such shares, irrespective of
whether such Holder has given notice of exercise.  No rights shall
accrue to a Holder and no adjustments shall be made on account of dividends
(ordinary or extraordinary, whether in cash, securities or other property) or
distributions or other rights declared on, or created in, the Common Stock for
which the record date is prior to the date the Holder becomes a record holder of
the shares of Common Stock covered by the Option, irrespective of whether such
Holder has given notice of exercise.

     

    
      	
               
      

            	
              (k)

            	
              Transfer of
      Option.

            

    

     

    Options
granted under this Plan and the rights and privileges conferred by this Plan may
not be transferred, assigned, pledged or hypothecated in any manner (whether by
operation of law or otherwise) other than by will, by applicable laws of descent
and distribution or (except in the case of an Incentive Stock Option) pursuant
to a qualified domestic relations order, and shall not be subject to execution,
attachment or similar process; provided however, that any
Agreement may provide or be amended to provide that a Non-Qualified Stock Option
to which it relates is transferable without payment of consideration to
immediate family members of the Optionee or to trusts or partnerships or limited
liability companies established exclusively for the benefit of the Optionee and
the Optionee’s immediate family members.  Upon any attempt to
transfer, assign, pledge, hypothecate or otherwise dispose of any Option or of
any right or privilege conferred by this Plan contrary to the provisions hereof,
or upon the sale, levy or any attachment or similar process upon the rights and
privileges conferred by this Plan, such Option shall thereupon terminate and
become null and void.

     

    
      	
               
      

            	
              (l)

            	
              Securities Regulation and Tax
      Withholding.

            

    

     

    (1)           Shares
shall not be issued with respect to an Option unless the exercise of such Option
and the issuance and delivery of such shares shall comply with all relevant
provisions of law, including, without limitation, Section 162(m) of the
Code, any applicable state securities laws, the Securities Act of 1933, as
amended, the Exchange Act, the rules and regulations thereunder and the
requirements of any stock exchange or automated inter-dealer quotation system of
a registered national securities association upon which such shares may then be
listed, and such issuance shall be further subject to the approval of counsel
for the Company with respect to such compliance, including the availability of
an exemption from registration for the issuance and sale of such
shares.  The inability of the Company to obtain from any regulatory
body the authority deemed by the Company to be necessary for the lawful issuance
and sale of any shares under this Plan, or the unavailability of an exemption
from registration for the issuance and sale of any shares under this Plan, shall
relieve the Company of any liability with respect to the non-issuance or sale of
such shares.

     

    As a
condition to the exercise of an Option, the Plan Administrator may require the
Holder to represent and warrant in writing at the time of such exercise that the
shares are being purchased only for investment and without any then-present
intention to sell or distribute such shares.  At the option of the
Plan Administrator, a stop-transfer order against such shares may be placed on
the stock books and records of the Company, and a legend indicating that the
stock may not be pledged, sold or otherwise transferred unless an opinion of
counsel is provided stating that such transfer is not in violation of any
applicable law or regulation, may be stamped on the certificates representing
such shares in order to assure an exemption from registration.  The
Plan Administrator also may require such other documentation as may from time to
time be necessary to comply with federal and state securities laws.

     

    (2)           The
Holder shall pay to the Company in cash as required by the Plan Administrator ,
promptly upon exercise of an Option or, if later, the date that the amount of
such obligations becomes determinable, all applicable federal, state, local and
foreign withholding taxes that the Plan Administrator, in its discretion,
determines to result upon exercise of an Option or from a transfer or other
disposition of shares of Common Stock acquired upon exercise of an Option or
otherwise related to an Option or shares of Common Stock acquired in connection
with an Option.

     

    Notwithstanding
the foregoing, without the prior written consent of the Plan Administrator, a
Holder shall not surrender, or attest to the ownership of, shares of Common
Stock in payment of the exercise price if such action would cause the Company to
recognize compensation expense (or additional compensation expense) with respect
to any option for financial reporting purposes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (3)           The
issuance, transfer or delivery of certificates of Common Stock pursuant to the
exercise of Options may be delayed, at the discretion of the Plan Administrator,
until the Plan Administrator is satisfied that the applicable requirements of
the federal and state securities laws and the withholding provisions of the Code
have been met and that the Holder has paid or otherwise satisfied any
withholding tax obligation as described in (2) above.

     

    
      	
               
      

            	
               (m)

            	
              Stock Dividend or
      Reorganization.

            

    

     

    (1)           If
(i) the Company shall at any time be involved in a transaction described in
Section 424(a) of the Code (or any successor provision) or any “corporate
transaction” described in the regulations thereunder; (ii) the Company
shall declare a dividend payable in, or shall subdivide or combine, its Common
Stock or (iii) any other event with substantially the same effect shall
occur, the Plan Administrator shall, subject to applicable law, with respect to
each outstanding Option, proportionately adjust the number of shares of Common
Stock subject to such Option and/or the exercise price per share so as to
preserve the rights of the Holder substantially proportionate to the rights of
the Holder prior to such event, and to the extent that such action shall include
an increase or decrease in the number of shares of Common Stock subject to
outstanding Options, the number of shares available under Section 4 of this
Plan shall automatically be increased or decreased, as the case may be,
proportionately, without further action on the part of the Plan Administrator,
the Company, the Company’s shareholders, or any Holder.

     

    (2)           In
the event that the presently authorized capital stock of the Company is changed
into the same number of shares with a different par value, or without par value,
the stock resulting from any such change shall be deemed to be Common Stock
within the meaning of the Plan, and each Option shall apply to the same number
of shares of such new stock as it applied to old shares immediately prior to
such change.

     

    (3)           If
the Company shall at any time declare an extraordinary dividend with respect to
the Common Stock, whether payable in cash or other property, the Plan
Administrator may, subject to applicable law, in the exercise of its sole
discretion and with respect to each outstanding Option, proportionately adjust
the number of shares of Common Stock subject to such Option and/or adjust the
exercise price per share so as to preserve the rights of the Holder
substantially proportionate to the rights of the Holder prior to such event, and
to the extent that such action shall include an increase or decrease in the
number of shares of Common Stock subject to outstanding Options, the number of
shares available under Section 4 of this Plan shall automatically be
increased or decreased, as the case may be, proportionately, without further
action on the part of the Plan Administrator, the Company, the Company’s
shareholders, or any Holder.

     

    (4)           The
foregoing adjustments in the shares subject to Options shall be made by the Plan
Administrator, or by any successor administrator of this Plan, or by the
applicable terms of any assumption or substitution document.

     

    (5)           The
grant of an Option shall not affect in any way the right or power of the Company
to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, to merge, consolidate or dissolve, to liquidate
or to sell or transfer all or any part of its business or assets.

     

    
      	
              6.

            	
              EFFECTIVE
      DATE; TERM.

            

    

     

    Incentive
Stock Options may be granted by the Plan Administrator from time to time on or
after the date on which this Plan is adopted (the “Effective Date”) through the
day immediately preceding the tenth anniversary of the Effective
Date.  Non-Qualified Stock Options may be granted by the Plan
Administrator on or after the Effective Date and until this Plan is terminated
by the Board in its sole discretion.  Termination of this Plan shall
not terminate any Option granted prior to such termination.  Any
Incentive Stock Options granted by the Plan Administrator prior to the approval
of this Plan by the shareholders of the Company in accordance with
Section 422 of the Code shall be granted subject to ratification of this
Plan by the shareholders of the Company within twelve (12) months before or
after the Effective Date.  Any Option granted by the Plan
Administrator to any Covered Employee prior to the approval of this Plan by the
shareholders of the Company in accordance with such Code provision shall be
granted subject to ratification of this Plan by the shareholders of the Company
within twelve (12) months before or after the Effective Date.  If such
shareholder ratification is sought and not obtained, all Options granted prior
thereto and thereafter shall be considered Non-Qualified Stock Options and any
Options granted to Covered Employees will not be eligible for the exclusion set
forth in Section 162(m) of the Code with respect to the deductibility by
the Company of certain compensation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              7.

            	
              NO
      OBLIGATIONS TO EXERCISE OPTION.

            

    

     

    The grant
of an Option shall impose no obligation upon the Optionee to exercise such
Option.

     

     

    
      	
              8.

            	
              NO
      RIGHT TO OPTIONS OR TO EMPLOYMENT.

            

    

     

    Whether
or not any Options are to be granted under this Plan shall be exclusively within
the discretion of the Plan Administrator, and nothing contained in this Plan
shall be construed as giving any person any right to participate under this
Plan.  The grant of an Option shall in no way constitute any form of
agreement or understanding binding on the Company or any Related Company,
express or implied, that the Company or any Related Company will employ or
contract with an Optionee for any length of time, nor shall it interfere in any
way with the Company’s or, where applicable, a Related Company’s right to
terminate Optionee’s employment at any time, which right is hereby
reserved.

     

    
      	
              9.

            	
              APPLICATION
      OF FUNDS.

            

    

     

    The
proceeds received by the Company from the sale of Common Stock issued upon the
exercise of Options shall be used for general corporate purposes, unless
otherwise directed by the Board.

     

    
      	
              10.

            	
              INDEMNIFICATION
      OF PLAN ADMINISTRATOR.

            

    

     

    In
addition to all other rights of indemnification they may have as members of the
Board, members of the Plan Administrator shall be indemnified by the Company for
all reasonable expenses and liabilities of any type or nature, including
attorneys’ fees, incurred in connection with any action, suit or proceeding to
which they or any of them are a party by reason of, or in connection with, this
Plan or any Option granted under this Plan, and against all amounts paid by them
in settlement thereof (provided that such settlement is approved by independent
legal counsel selected by the Company), except to the extent that such expenses
relate to matters for which it is adjudged that such Plan Administrator member
is liable for willful misconduct; provided, that within fifteen (15) days after
the institution of any such action, suit or proceeding, the Plan Administrator
member involved therein shall, in writing, notify the Company of such action,
suit or proceeding, so that the Company may have the opportunity to make
appropriate arrangements to prosecute or defend the same.

     

    
      	
              11.

            	
              AMENDMENT
      OF PLAN.

            

    

     

    The
Committee may, at any time, modify, amend or terminate this Plan or modify or
amend Options granted under this Plan, including, without limitation, such
modifications or amendments as are necessary to maintain compliance with
applicable statutes, rules or regulations; provided however, no
amendment with respect to an outstanding Option which has the effect of reducing
the benefits afforded to the Holder thereof shall be made over the objection of
such Holder; further
provided, that the events triggering acceleration of vesting of
outstanding Options may be modified, expanded or eliminated without the consent
of Holders.  The Committee may condition the effectiveness of any such
amendment on the receipt of shareholder approval at such time and in such manner
as the Plan Administrator may consider necessary for the Company to comply with
or to avail the Company and/or the Optionees of the benefits of any securities,
tax, market listing or other administrative or regulatory
requirement.  Without limiting the generality of the foregoing, the
Plan Administrator may modify grants to persons who are eligible to receive
Options under this Plan who are foreign nationals or employed outside the United
States to recognize differences in local law, tax policy or custom.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Effective
Date: July 6, 2009.

    

    DOT VN,
INC.

    

    

    
      
        	 	 	 	 	 
	
                /s/
      Louis P. Huynh

              	 	 	
              	 
	
                Louis
      P. Huynh

              	 	 	
              	 
	
                Secretaryexhibit101.htm

    
      

    

    Exhibit
10.1

     

    CARMAX,
INC.

    AMENDED
AND RESTATED 2002 EMPLOYEE STOCK PURCHASE PLAN

    (as
amended and restated June 23, 2009)

    

    1.            
Purpose and Effective
Date.  The CarMax, Inc. Amended and Restated 2002 Employee
Stock Purchase Plan (the “Plan”) provides eligible employees of CarMax, Inc., a
Virginia corporation, an opportunity to purchase CarMax, Inc. Common Stock
(“Common Stock”) through payroll deductions and to receive a Company match for a
portion of their payroll deductions.  The Plan was originally
effective on October 1, 2002, and was amended and restated effective as of
November 1, 2004, as of July 1, 2006 and as of January 19, 2009.  The
effective date of this amendment and restatement is June 23, 2009.

     

    2.            
Definitions.

     

    (a)       
   Benefits Department:
The employee benefits department of the Company.

     

    (b)       
   Committee: The
Compensation and Personnel Committee of the Company’s Board of
Directors.

     

    (c)       
   Company: CarMax,
Inc., a Virginia corporation, and any subsidiary business entity (including, but
not limited to, a corporation, a partnership, or limited liability company) that
is under common control with CarMax, Inc., as determined under Section 414(b) or
(c) of the Internal Revenue Code of 1986, as amended.

    

    (d)        
  Compensation: All
cash compensation and commissions (estimated as deemed necessary by the Plan
Administrator) before any deductions or withholding and including overtime and
bonuses, but exclusive of all amounts paid as reimbursements of expenses
including those paid as part of commissions and those paid in the form of
relocation bonuses, housing allowances or other payments in connection with
employee relocations.

     

    (e)        
  Eligible
Employees: Employees who meet the requirements set forth in Section
4.

     

    (f)          
 Employee:
Any person employed by the Company as a common law employee on the United States
payroll. It is expressly intended that persons not employed as common law
employees on the Company’s United States payroll are to be excluded from
participation in the Plan, even if a court or administrative agency determines
that such individuals are common law employees and not independent
contractors.

     

    (g)         
 Enrollment
Date: The date on which an Eligible Employee begins participation in the
Plan pursuant to Section 6.

     

    (h)          
Participating
Employees: Eligible Employees who participate in the Plan.

     

    (i)           
Plan
Administrator: An Employee (or a group of Employees) appointed by the
Committee as provided in Section 5 or, in the absence of any such specific
appointment, the Chief Financial Officer of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (j)           
Plan Service
Provider: A plan service provider/dealer registered with the Securities
and Exchange Commission and a member of the National Association of Securities
Dealers or other provider of employee plan administrative services selected by
the Plan Administrator as provided in Section 5.

     

    3.           
 Amount of Stock Subject
to the Plan.  The total number of shares of Common Stock that
may be purchased under the Plan shall be 8,000,000, subject to adjustment as
provided in Section 16.  Such shares must be shares purchased for
Participating Employees on the open market.

     

    
      4.             Eligible
Employees.
   

    (a)   Any
Employee classified as a “Full-Time Associate” or “Part-Time Associate” pursuant
to the Company’s policies and procedures shall become eligible to participate in
the Plan after he or she has completed one year of service as an Employee of the
Company; provided, however, that (i) Employees who are subject to Section 16 of
the Securities Exchange Act of 1934, as amended, with respect to securities of
the Company, and (ii) Employees who are officers of the Company (other than
those serving as Assistant Vice Presidents, Assistant Treasurers or Assistant
Secretaries), shall not be eligible to participate in the Plan.

     

    (b)           If
an Employee has one year of service but is excluded from participation in the
Plan due to the requirements set forth in (i) or (ii) of the preceding
paragraph, the Employee will be eligible to participate in the
Plan  as soon as administratively practicable, after he or she is
no longer excluded because of such requirements.  Continuity of
service for purposes of determining if an Employee has completed one year of
service is determined pursuant to the Company’s rehire/reinstatement and change
of status policies in effect at the time the eligibility determination is
made.

     

    
      5.             Administration of the
Plan.

    

     

    (a)   The Plan
shall be administered by the Committee or its designee.  The Committee
shall have all powers necessary to administer the Plan, including but not
limited to, the power: to construe and interpret the Plan’s documents; to decide
all questions relating to an Employee’s employment status and eligibility to
participate in the Plan; to make adjustments to the limitations on payroll
deductions set forth in Section 7; to employ such other persons as are necessary
for the proper administration of the Plan; and to make all other determinations
necessary or advisable in administering the Plan.  Any construction,
interpretation, or application of the Plan by the Committee shall be final,
conclusive and binding.

     

    (b)           The
Committee shall appoint an officer or other Employee of the Company to serve as
the Plan Administrator. The Plan Administrator shall be authorized to designate
other Employees of the Company to assist him or her in carrying out his or her
responsibilities under the Plan.  The Plan Administrator and his or
her designees shall be responsible for the general administration of the Plan
including establishment of operating procedures, enrollment deadlines and such
other matters as the Committee deems necessary for the efficient and proper
administration of the Plan.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)           The
Plan Administrator shall appoint a Plan Service Provider in order to fulfill the
duties of the Plan Service Provider set forth herein.  The Plan
Administrator shall also have the authority to replace any Plan Service Provider
he or she has appointed for the Plan with another Plan Service
Provider.

     

    6.          
  Participation in
the Plan.

     

    (a)           An
Eligible Employee may commence or recommence participation in the Plan as soon
as administratively feasible after he or she has enrolled and that enrollment
has been processed by the Plan Service Provider.

     

     (b)           An
Eligible Employee shall authorize payroll deductions from the Employee’s
Compensation and authorize the Plan Service Provider to establish an employee
stock purchase plan account for the Employee (“ESPP Account”).

     

    (c)           A
Participating Employee’s contributions will begin in the first pay period that
is administratively practicable after the enrollment has been processed by the
Plan Service Provider.

     

    7.            
Payroll Deductions and
Limitations.

     

    (a)           Payroll
deductions shall be a percentage of the Participating Employee’s Compensation
for each payroll period as specified by the Participating Employee according to
procedures defined by the Benefits Department.  Payroll deductions for
each payroll period shall not be less than 2% nor more than 10% of Compensation
for such payroll period.  Payroll deduction specifications shall be
made in 1% increments.  The Plan Administrator shall have the power to
change these percentage limitations.

     

    (b)           The
maximum amount that may be contributed by each Participating Employee to the
Plan in any one calendar year is $7,500.  When a Participating
Employee’s aggregate payroll deductions for the calendar year total $7,500, the
Participating Employee’s purchases of Common Stock and payroll deductions under
the Plan shall be suspended for the remainder of the calendar
year.  However, the Participating Employee shall continue to be a
participant under the Plan unless he or she elects to stop contributions in the
manner described in Section 17 or his or her participation terminates under
Section 18 and the Employee’s purchases of Common Stock and payroll deductions
will be resumed for the first full payroll period of the next calendar
year.

     

    8.       
     Changes in Payroll
Deductions.  A Participating Employee may change the percentage
of his or her payroll deductions, according to the procedures defined by the
Benefits Department, subject to the minimum, maximum and allowed increments set
forth in Section 7.  The change will be effective as soon as
administratively practicable after the change request has been processed by the
Plan Service Provider. A Participating Employee may also elect to stop making
contributions in the manner described in Section 17.

     

    9.            
Company Matching
Contributions.   The Company shall contribute an amount
each month (the “Company Matching Contribution”) towards the purchase of shares
for Participating
Employees. Unless modified by the Committee, the amount of the Company Matching
Contribution shall be 15% of each Participating Employee’s
contribution.  From 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    time to
time the Committee may modify the amount of the Company Matching Contribution;
provided, however, that the Company Matching Contribution may not exceed 15% of
each Participating Employee’s contribution.  The Company Matching
Contribution shall be used to purchase shares for Participating Employees in
accordance with Section 11. Participating Employees
shall be fully vested in shares purchased with Company Matching
Contributions.

     

    10.          
Purchase
Price.  A purchase price for all shares of Common Stock to be
purchased under the Plan shall be determined on a monthly basis.  The
purchase price shall apply to all purchases attributable to a Participating
Employee’s payroll deductions for the payroll periods in the calendar month
immediately preceding the date the purchase transactions take place (the
“Payroll Deduction Month”).  The purchase price shall be 100% of the
average selling price of Common Stock on the open market during a two to three
day period in which the purchases are made (the “Purchase
Price”).  Such purchase period shall end no later than the last
business day of the month immediately following the Payroll Deduction
Month.

     

    11.          
Method of Purchase. The
shares of Common Stock to be purchased under the Plan shall be purchased once
each month on the open market.  The Company shall transmit the
aggregate payroll deductions from the prior month together with the related
Company Matching Contribution and information on each Participating Employee’s
contribution to the Plan Service Provider promptly after the end of each
month.  On a date as soon as practicable following receipt of the
funds, the Plan Service Provider shall arrange for the purchase of Common Stock
on the open market.  As soon as practicable after completing the
purchase of the shares, the Plan Service Provider shall credit the ESPP Account
for each Participating Employee with as many shares and fractional interests in
shares as the Participating Employee’s contribution and the Company Matching
Contribution will allow, based on the Purchase Price.  Shares
purchased pursuant to both Participating Employee contributions and Company
Matching Contributions made with respect to a calendar year shall be credited to
the ESPP Accounts of Participating Employees no later than March 15 following
the end of such calendar year.

     

    12.   Dividend
Reinvestment.

     

    (a)   Each ESPP
Account shall be established with the following default dividend
policy.  Cash dividends, if any, paid with respect to the Common Stock
held in each ESPP Account under the Plan shall be automatically reinvested in
Common Stock, unless the Participating Employee directs
otherwise.  The Plan Service Provider shall arrange for the
reinvestment of dividends on the open market at the Participating Employee’s
expense as soon as the Plan Service Provider receives the cash
dividends.  The Company will not  pay any expenses
associated with reinvesting dividends.

     

    (b)           The
Committee shall have the right at any time or from time to time upon written
notice to the Plan Service Provider to change the default dividend reinvestment
policy for ESPP Accounts established under the Plan.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    13.           Rights as a
Shareholder.  A Participating Employee shall have the right to
vote full shares of Common Stock held in the Participating Employee’s ESPP
Account and the right to receive annual reports, proxy statements and other
documents sent to shareholders of Common Stock generally; provided, however,
that so long as such shares are held for a Participating Employee by the Plan
Service Provider, if a Participating Employee fails to respond in a timely
manner to a request for instructions with respect to voting, the Plan Service
Provider shall take such action with respect to the shares held for the
Participating Employee as permitted by the New York Stock Exchange
rules.  To the extent that such rules and applicable law permit, the
Plan Service Provider shall vote shares with respect to which no specific voting
instructions are given in accordance with the recommendations of the Board of
Directors of the Company.  By instructing the Plan Service Provider in
accordance with the terms and conditions of the Plan Agreement (defined below),
a Participating Employee shall have the right at any time:

     

    (a)           to
obtain evidence of the shares of Common Stock credited to the Participating
Employee’s ESPP Account;

     

    (b)           to
direct that any whole shares of Common Stock credited to the Participating
Employee’s ESPP Account be sold, and that the proceeds, less selling expenses,
be remitted to the Participating Employee; or

     

    (c)           to
direct that any whole shares of Common Stock credited to the Participating
Employee’s ESPP Account be transferred to an individual brokerage
account.

     

    14.           Rights Not
Transferable.  Rights under the Plan are not assignable or
transferable by a Participating Employee other than by will or by the laws of
descent and distribution and, during the Participating Employee’s lifetime, are
exercisable only by the Participating Employee.

     

    15.           Joint
Accounts.  Participating Employees may, to the extent permitted
by the Plan Service Provider, establish ESPP Accounts as joint accounts with
rights therein as prescribed under applicable state law.

     

    16.           Certain Adjustments in the Case of
Stock Dividends or Splits.  The Committee shall make
appropriate adjustments in the number of shares of Common Stock that may be
purchased under the Plan if there are changes in the Common Stock by reason of
stock dividends, stock splits, reverse stock splits, recapitalizations, mergers
or consolidations.

     

    17.   Stopping
Contributions.

     

    (a)   A
Participating Employee may stop his or her contributions in accordance with
procedures defined by the Benefits Department. Payroll deductions will stop as
soon as administratively practicable. In addition, contributions will be
automatically stopped for any Participating Employee who goes on a leave of
absence without pay, effective when the Employee ceases to be paid by the
Company.

     

    (b)           After
contributions for an Employee have been stopped, the Plan Service Provider will
leave the ESPP Account open and the Committee reserves the right to charge

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
the Employee any
account fees resulting from the ESPP Account left open.  Shares may be
left in the ESPP Account or the Employee may sell the shares or request evidence
of ownership thereof.  If dividends are being paid and reinvested at
the time of withdrawal, they will continue to be reinvested (if paid) unless the
Employee requests the Plan Service Provider to pay them in cash.  The
Employee may also ask the Plan Service Provider to close the ESPP
Account.

     

    (c)           An
Employee for whom contributions have been stopped may start contributions again
pursuant to Section 6 at any time when the Employee is an Eligible
Employee.

     

    18.           Termination of Participation in the
Plan. An Employee’s participation in the Plan shall terminate when the
Employee ceases to be employed by the Company, whether by reason of retirement,
termination of employment, death, or otherwise (“Terminated
Participant”).  Payroll deductions shall cease immediately or as soon
as administratively feasible after the Plan Service Provider processes the
termination.  Purchases shall be made for the calendar month in which
the last payroll deduction is made in accordance with Section 11.  The
Terminated Participant may elect to: (i) obtain evidence of the whole shares of
Common Stock credited to his or her ESPP Account; (ii)  direct the
Plan Service Provider to sell all whole shares of Common Stock credited to his
or her ESPP Account and remit the proceeds, less selling expenses, to the
Terminated Participant, or (iii) direct the Plan Service Provider to transfer
all whole shares of Common Stock credited to his or her ESPP Account to an
individual brokerage account.  In any event, the Plan Service Provider
will sell any fractional interest held in the Terminated Participant’s ESPP
Account to the Company and remit the proceeds of such sale, less selling
expenses to the Terminated Participant.  In the event of an Employee’s
death, the distribution shall be made to the Employee’s designated beneficiary
or, in the absence of a designated beneficiary, to the Employee’s estate, in
accordance with procedures established by the Plan Service
Provider.

     

    19.           Amendment of the Plan. The
Committee may, at any time, or from time to time, amend the Plan in any respect;
provided, however, that the Company shall obtain shareholder approval of an
amendment to the extent necessary to comply with any applicable law, regulation
or stock exchange rule.

     

    20.           Termination of the
Plan.  The Plan and all rights of Employees hereunder shall
terminate:

     

    (a)           on
the last business day of any month that Participating Employees become entitled
to purchase a number of shares of Common Stock greater than the number of shares
remaining unpurchased out of the total number of authorized shares under Section
3; or

     

    (b)           at
any earlier date at the discretion of the Board of Directors of the
Company.

     

    In the
event that the Plan terminates under circumstances described in (a) above, the
Common Stock remaining unpurchased as of the termination date shall be allocated
to Participating Employees for purchase on a pro rata basis.  Upon
termination of the Plan, ESPP Accounts shall remain open subject to the same
limitations and conditions set forth in the second paragraph of Section
17.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    21.           ESPP Account.  The
relationship between the Plan Service Provider and each Participating Employee
shall be governed by a separate agreement of terms and conditions between them
(“Plan Agreement”).  In electing to participate in the Plan, a
Participating Employee shall be deemed to have accepted the terms of the Plan
Agreement.

     

    22.           Payment of
Expenses.  The Company shall pay all expenses associated with
purchases under the Plan, including brokerage commissions, if any.

     

    23.           Notices.  Any notice
or instruction to be given to the Company shall be in writing and delivered by
hand, Company office mail or U.S. mail to the address below:

     

    CarMax,
Inc.

    c/o
Secretary, CarMax, Inc.

    12800
Tuckahoe Creek Parkway

    Richmond,
Virginia  23238

     

    Any
signature submitted to the Company electronically or by facsimile will have the
same force and effect as an original signature.

     

    24.           Government and Other
Regulations.  The Plan, and the rights to purchase Common Stock
hereunder, and the Company’s obligation to sell and deliver Common Stock
hereunder shall be subject to all applicable federal, state and foreign laws,
rules and regulations, and to such approvals by any regulatory or government
agency as may, in the opinion of counsel for the Company, be
required.  Any provision of this Plan that violates or conflicts with
Section 409A of the Internal Revenue Code of 1986, as amended, shall be null and
void and of no effect.

     

    25.           Severability.   If
any provision of this Plan is not valid or enforceable, that validity or
enforceability shall not affect the remaining provisions of the
Plan.

     

    26.           Indemnification of
Committee.  Service on the Committee shall constitute service
as a member of the Board of Directors of the Company so that members of the
Committee shall be entitled to indemnification and reimbursement as members of
the Board of Directors of the Company pursuant to its Articles of Incorporation
and Bylaws.

     

    27.           Tax Matters.

     

    (a)           Each
Employee shall make provision satisfactory to the Plan Administrator for payment
of any taxes required by law to be withheld in respect of the purchase or
disposition of Common Stock. In the Plan Administrator’s discretion and subject
to applicable law, such tax obligations may be paid in whole or in part by the
withholding or delivery of shares of Common Stock, including shares purchased
under this Plan, valued at fair market value on the date of withholding or
delivery.  The Company may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to the
Employee.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           The
Company does not represent or guarantee that any particular federal, state, or
local income or payroll tax consequence will result to Participating Employees
as a result of participation in the Plan.

     

    28.           Designation of
Beneficiary.   An Eligible or Participating Employee may
file a written designation of a beneficiary in the manner prescribed by the Plan
Administrator to receive shares of Common Stock or cash allocated to the
Employee’s ESPP Account in the event of the Employee’s death.  In the
absence of a beneficiary designation, or if the designated beneficiary has
predeceased the Employee, the Company shall deliver the shares of Common Stock
and cash allocated to the Employee’s ESPP Account to the executor or
administrator of the Participating Employee’s estate.

     

    29.           Governing Law.  The
Plan shall be construed, enforced, and administered in accordance with the laws
of the Commonwealth of Virginia to the extent such laws are not preempted by
federal law.

     

    IN WITNESS HEREOF, this plan
has been executed as of the 23rd day of
June, 2009.

     

    

     

    CARMAX, INC.

     

    By:/s/ Keith D.
Browning

    Keith D.
Browning

    Executive
Vice President

    and Chief
Financial Officer

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