Document:

formexh107.htm

Exhibit 10.7

 

 

Schawk, Inc

Long-Term Cash Incentive Award Agreement

                                       

THIS AGREEMENT (“Agreement”), effective _________, 20__, represents the grant of a long-term incentive award (“Incentive Award”) by Schawk, Inc. (the “Company”), to the Participant named below, pursuant to the provisions of the Schawk, Inc. 2006 Long Term Incentive Plan (the “Plan”) or any amended or successor plan thereto. The cash payout ultimately earned and paid, if any, for such Incentive Award will be determined pursuant to Section 3 of this Agreement.

 

The Plan provides a complete description of the terms and conditions governing the Incentive Award not otherwise set forth in this Agreement. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms will completely supersede and replace the conflicting terms of this Agreement. All capitalized terms will have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. The parties hereto agree as follows:

 

1.          Grant Information. The individual named below has been selected to receive a long-term Incentive Award, as specified below:

 

(a)      Participant: (name)

 

(b)      Target Incentive Award: $xxx,xxx

 

(c)      Performance Measures: Earnings per share.

 

2.          Performance Cycle. The Performance Cycle commences on January 1, 20__, and ends on December 31, 20__ (“Performance Cycle”).

 

3. Performance Grid. The Incentive Award earned by the Participant under this Agreement will be determined in accordance with the Performance Grid (See Exhibit A, attached).  For example, if the thirty-six (36) month cumulative earnings per share is $_.__, the Participant will earn one hundred percent (100%) of the Target Incentive Award amount set forth in Section 1(b) of this Agreement.

 

4.          Calculation of Earned Incentive Award. The Option Committee of the Board of Directors (the Committee), in its sole discretion, will determine the Incentive Award earned by the Participant at the end of the Performance Cycle based on the performance of the Company, calculated using the performance grid set forth in Section 3 of this Agreement.  Performance for this award will not include expenses related to acquisition integration.  Performance will be based on operations in effect at commencement of period.  Except as provided in this Section 4 below, the Participant must be employed on the day that payment is made pursuant to Section 5 to be entitled to an earned Incentive Award.

 

Disability.  If the Participant’s employment terminates during the Performance Cycle  as a result of the Participant’s Disability, the Participant will receive the Incentive Award the Participant would have been eligible to receive had he remained employed through the end of the Performance Cycle, based on the actual performance results of the Company during the Performance Cycle, multiplied by a fraction, with the numerator being the number of completed days in the then-existing Performance Cycle through the date of termination, and the denominator being the total number of days in the Performance Cycle (“Pro Rata Award”). Any Incentive Award earned as a result of Disability will be made in compliance with Code Section 409A.  For purposes of this Agreement the term Disability shall have the same meaning given to such term in the Company’s long-term disability plan, or any successor plan.  

 

Retirement.  If the Participant’s employment terminates as a result of retirement, after attaining age fifty-five (55) and completing ten (10) continuous years of service with the Companies measured from the Participant’s most recent date of commencement of employment, during the Performance Cycle, the Participant will receive a Pro Rata Award.  If the Participant’s employment terminates as a result of retirement after attaining age sixty (60) and completing twenty (20) continuous years of service with the Companies measured from the Participant’s most recent date of commencement of employment, the Participant will receive a Pro Rata Award plus an additional amount equal to (i) fifty percent (50%) multiplied by (ii) the amount of the Incentive Award the Participant would have been eligible to receive had he remained employed through the end of the Performance Cycle based on the actual performance results of the Company during the Performance Cycle, multiplied by a fraction, with the numerator being the number of whole days in the then-existing Performance Cycle from the date following the date of termination through the last day of the Performance Cycle, and the denominator being the total number of days in the Performance Cycle.  If the Participant’s employment terminates as a result of retirement after attaining age sixty-five (65) and completing twenty-five (25) continuous years of service with the Companies measured from the Participant’s most recent date of commencement of employment, the Participant will receive the Incentive Award the Participant would have been eligible to receive had he remained employed through the end of the Performance Cycle based on the actual performance results of the Company during the Performance Cycle.  Any Incentive Award earned as a result of retirement under this paragraph will be made in compliance with Code Section 409A.

 

Death.  If the Participant’s employment terminates as a result of death during the Performance Cycle, the Participant will receive a prorated Target Incentive Award, with the prorated award being determined by multiplying the Target Incentive Award by a fraction, with the numerator being the number of completed days in the then-existing Performance Cycle through the date of termination, and the denominator being the total number of days in the Performance Cycle. In the event of the death of the Participant, the Participant’s estate or beneficiary will be entitled to receive the prorated Incentive Award under the same conditions as would have been applicable to the Participant. Any Incentive Award earned as a result of the death of the Participant will be paid after the Company receives notice of the Participant’s death and payment shall be made in compliance with Code Section 409A.

 

Other Terminations.   Termination of employment for any reason other than death, Disability, retirement (as provided above), or on or after a reorganization event as set forth in Section 6 of this Agreement during the Performance Cycle or prior to payout of the Incentive Award will require forfeiture of the Incentive Award, with no payment to the Participant.

 

Change in Control  Upon the occurrence of a Change in Control during the Participant’s employment by the Company, the Performance Cycle for the Incentive Award shall lapse and the performance goals set forth in Section 3 and the Performance Grid shall be deemed to have been met at the [Target Incentive Award] amount, and the Incentive Award shall be immediately vested and payable in a prorated amount equal to the portion of the Performance Cycle elapsed through the date of the Change in Control.

 

5.          Payment of Earned Incentive Award. Subject to the requirements set forth in Code Section 409A and except as otherwise provided in this Agreement, to the extent earned, the Incentive Award will be paid to the Participant (or his estate  or beneficiary) as soon as administratively practical following the last day of the Performance Cycle but in all events no later than the first March 15 following the last day of the Performance Cycle, including (without limitation) any payment due following any event of Disability, retirement or death under Section 4.

 

6. Reorganization of the Company. If there is a reorganization of the Company as described in Section 4.4 of the Plan, the Board shall in its sole discretion determine the treatment of open-cycle Incentive Awards.  

 

7.          Nontransferability. The Incentive Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated (“Transfer”) other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of an Incentive Award is made, or if any attachment, execution, garnishment, or lien will be issued against or placed upon the Incentive Award, the Participant’s right to such Incentive Award will be immediately forfeited to the Company, and this Agreement will lapse.

 

8.          Tax Withholding. The Company will have the power and the right to deduct or withhold, or require the Participant or the Participant’s beneficiary to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement.

 

9.          Administration. This Agreement and the Participant’s rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the Board is authorized, in its sole discretion, to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which will be binding upon the Participant.

 

10.          Continuation of Employment. This Agreement will not confer upon the Participant any right to continuation of employment by the Company or its subsidiaries, nor will this Agreement interfere in any way with the Company’s or its subsidiaries’ right to terminate the Participant’s employment at any time.

 

11.          Amendment to the Plan. The Plan is discretionary in nature and the Board may terminate, amend, or modify the Plan at any time; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant’s rights under this Agreement, without the Participant’s written approval.

 

12.          Amendment to this Agreement. This Agreement may be amended or terminated only in a writing entered into by the Participant and the Company (including, without limitation, a writing in connection with the termination of Participant’s employment).  Any amendment and/or termination of this Agreement will not accelerate a payment date if such amendment or termination would subject such amounts to taxation under Code Section 409A.

 

13.          Successor. All obligations of the Company under the Plan and this Agreement, with respect to the Incentive Award, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 

14.          Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions will nevertheless be binding and enforceable.

 

15.          Applicable Laws and Consent to Jurisdiction. The validity, construction, interpretation, and enforceability of this Agreement will be determined and governed by the laws of the State of Illinois without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction and agree that such litigation will be conducted in the federal or state courts of the State of Illinois.

 

16.          Shareholder Approval. The payment of an Incentive Award under the terms of this Agreement is contingent upon receiving shareholder approval of the Performance Measures used in this Agreement as well as approving individual award limits in excess of the payout the Participant would receive under the terms of this Agreement.

 

17. Confidentiality, Non-Solicitation and Non-Competition Covenants.

 

(a)In the course of the Participant’s employment with the Company, the Participant will be given access to and otherwise obtain knowledge of certain trade secrets and confidential and proprietary information pertaining to the business of the Company and its affiliates.  Other than in the course of properly performing the Participant‘s duties for the Company, during the Participant’s employment with the Company and thereafter, the Participant will not, directly or indirectly, without the prior written consent of the Company, disclose or use for the benefit of any person, corporation or other entity, including the Participant, any trade secrets or other confidential or proprietary information concerning the Company or its affiliates, including, but not limited to, information pertaining to clients, services, products, earnings, finances, operations, marketing, methods or other activities; provided, however, that the foregoing shall not apply to information which is of public record or is generally known, disclosed or available to the general public or the industry generally (other than as a result of the Participant’s breach of this covenant or the breach by another employee of his or her confidentiality obligations) (hereinafter, “Confidential Information”).

 

(b)The Participant hereby recognizes and acknowledges that during the Participant’s employment with the Company, the Participant has been and will be exposed to the suppliers, licensors, licensees, partners, affiliates, customers and potential customers associated with all aspects of the Company’s business, and to Confidential Information. In addition, in carrying out the paid functions of employment, the Participant recognizes and acknowledges that the Participant will establish relationships with customers and other persons and entities, which are the stock in trade of the Company.  Therefore, at all times during the Participant’s employment with the Company, the Participant, except as part of the Participant’s  duties as an employee of the Company, shall not have an ownership interest in or become employed (or retained as an independent contractor, leased employee, consultant or otherwise) in a non-clerical/non-manual labor capacity by any person or entity whose business, products or services are the same as or substantially similar to (or otherwise perform the same or substantially similar functions as) the whole or any significant part or component of the business of or products or services provided by the Company.  Notwithstanding anything herein to the contrary, the Participant is  permitted to own or acquire for investment purposes, not more than one percent (1%) of the outstanding capital stock of any publicly held company or enterprise. The post-termination restriction contained in this paragraph shall be limited to those geographic areas (states and counties) where the Participant sold or provided, or were permitted to sell or provide, the Company’s products or services. 

 

(c) At all times during the Participant’s employment with the Company, and for a period of twelve (12) months following either (a) the Participant’s voluntary termination of Participant’s employment, or (b) the Company’s termination of  Participant’s employment as a result of Participant’s willful violation of his/her fiduciary responsibility to either and/or both Schawk and Schawk’s client(s), illegal activities or acts of moral tupitude, the Participant, except as part of the Participant’s  duties as an employee of the Company, shall not for his/herself or on behalf of any other person or entity:

 

	
  

	
(i)solicit business from, sell products to or perform services for any Customer of the Company, which business, products or services are the same as or substantially similar to (or otherwise perform the same or substantially similar functions as) the business of or products and services developed or provided by the Company, including as an independent contractor, leased employee, consultant or otherwise; or

 

	
  

	
(ii)induce or encourage any Customer of the Company to not do or cease doing business with Schawk or to reduce or restrict in any way the amount or nature of such business done with the Company.

 

As used herein, the term “Customer of the Company” shall mean any person or entity who has purchased or used products or services from Schawk or that was pursued by the Company, and with or for whom the Participant has had direct contact and activity  or direct supervisory responsibility or access to Confidential Information, within the twenty four (24) month period immediately preceding the termination of the Participant’s employment with the Company. 

 

(d)Recognizing the Company’s interests as identified herein, as well as its interest in maintaining a stable work force, the Participant agrees that, for a period of twelve (12) months following: either (a) the Participant’s voluntary termination of Participant’s employment, or (b) the Company’s termination of Participant’s employment as a result of Participant’s willful violation of his/her fiduciary responsibility to either and/or both Schawk and Schawk client(s), illegal activities or acts of moral turpitude, the Participant shall not, without the express written consent of the Company, for his/herself or on behalf of any other person or entity:

 

	
  

	
(i)  solicit, induce or encourage any employee or independent contractor of the Company to leave the Company or to cease his, her or its relationship with the Company, for any reason; or

 

	
  

	
(ii)hire or attempt to hire any employee or independent contractor of the Company.

 

(e)The Participant understands that the Company’s competitive position is highly dependent on the Confidential Information and its relationships with its customers and employees and independent contractors, and that any wrongful disclosure of Confidential Information or other breach of the Non-Solicitation and Non-Competition covenants set forth herein will cause immediate and irreparable harm to the Company for which the Company will have no adequate remedy at law.  The Participant and the Company acknowledge the reasonableness of the scope and duration of the Non-Solicitation and Non-Competition covenants. In the event that the Participant breaches or threatens to breach any provision hereof, the Company shall be entitled to entry of an injunction prohibiting same, in addition to any other remedy or relief that may be available to the Company at law or in equity.  In the event that any part or provision of the Non-Solicitation and Non-Competition covenants shall be held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable part or provision had not been included therein. It is further the intent and understanding of the Participant and the Company that if, in any action before any court or agency legally empowered to enforce the Non-Solicitation and Non-Competition covenants, any term, restriction,  or promise contained herein is found to be unreasonable and for that reason unenforceable, then such term, restriction, covenant or promise shall be deemed modified to the extent necessary to make it enforceable by such court or agency.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of _______________, 20__.

 

Schawk, Inc.

By:____________________________________

ATTEST:

___________________________________

 ______________________________________

                                                           Participant

 

  

  

  

Exhibit A

 

Long Term Incentive Plan

Cycle ___

Cash Performance GridExhibit 10.1

 

 

HICKORYTECH CORPORATION

LONG-TERM EXECUTIVE INCENTIVE PROGRAM

(Amended and Restated January 1, 2013)

HickoryTech Corporation, a Minnesota corporation (the "Company"), has established, effective January 1, 2005, the HickoryTech Corporation Long-Term Executive Incentive Program (the "Program").

Shares issued under this Program are granted under the 1993 Stock Award Plan, which was authorized by shareholders in 1993 and amended by shareholders in 2000.

1.            Purpose

This Long-Term Executive Incentive Program is designed to drive shareholder value through alignment of executive pay with corporate strategic goals and to ensure alignment between executive actions and HickoryTech's long-term strategic plan.

2.            Definitions

As used in this Program, the following terms are defined as indicated unless the context clearly requires a different meaning.

		a.	Retirement: Termination for any reason (other than death or permanent and total disability) after attaining age 55 with ten years of service or after attaining age 62, irrespective of service.

		b.	Participant:  An executive of the Company who has been selected to participate in the Program.

 

3.            Gender

Except where otherwise indicated by the context, any masculine terminology when used in this document shall also include the feminine gender.

4.            Summary of Program

		a.	Eligible Participants:  Executives who, by virtue of their position, exert a significant impact on the Company's performance are eligible to participate in this Program.  Participation is at the recommendation of the President/CEO, with the approval of the Compensation Committee.

 Eligible Participants whose employment begins after the start of a Program Period will be eligible for a prorated award based on the date of hire or promotion to such position.

		b.	Program Period:  This Program provides for restricted shares to be granted to eligible Participants if pre-established strategic objectives are achieved.  These strategic objectives are to be achieved over a two or three year performance period.  If the objectives are not obtained, no award will be granted.

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			This Program will have overlapping performance periods of two or three years.  The Compensation Committee will recommend, for Board approval, the number of years in each Program Period in advance of the Program Period beginning.  The overlapping performance periods provide for multiple two or three year Programs to run concurrently.

		c.	Performance Objectives:  Performance Objectives will be established prior to the beginning of each Program Period.  The objectives will support the Company's long-term strategic plan and will be recommended for Board approval by the Compensation Committee.  Each Performance Objective will be assigned a weighting.

		d.	Award Determination:  The Award under this Program will be determined at the end of the Program Period, based on the level of achievement of each objective, using linear interpolation between the performance levels of Threshold, Target and Maximum.  The Threshold is 75% performance achievement, the Target is 100% performance achievement, and the Maximum is 125% performance achievement.

No Award will be provided for performance less than 75% of an objective.  There will be a cap or maximum of 125% for each Performance Objective.

 The results of each performance measure will be determined separately and the resulting award will be aggregated into a total award.

		e.	Disposition and Vesting of Awards:  Awards granted under this Program will be granted in restricted shares of HickoryTech Stock.  One-half of the restricted shares will vest 30 days after grant, and the remaining one-half will vest on the first anniversary of grant.

Award grants will be made in shares of restricted stock as soon as practicable following the end of the Program Period, but no later than March 15 of the year following the close of the Program Period.  Unvested restricted shares will be held by the Company until vested.  Once vested, all restrictions will lapse.

 A review of the Award payouts will be made by the Compensation Committee.  The Committee will have the discretion to review and adjust award payouts, if deemed appropriate.

		f.	Restrictions:  All certificates for restricted shares issued under the Program shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Program or the rules, regulations and other requirements of the Securities and Exchange Commission and any applicable federal or state laws.  The Committee may cause a legend or legends to be placed on any such certificate to make appropriate reference to such restrictions.  HickoryTech shall retain possession of all certificates for restricted shares until the restrictions lapse.

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		g.	Program Period Award Opportunity:  An at-target range of the potential award that can be earned under each Program Period will be established for each Participant, based on their position prior to the beginning of the Program Period.  The at-target potential value of the award will be converted into a share value by dividing the at-target dollar award value by the share price at the end of the Program Period.  The share price used in the conversion is determined utilizing the provisions of 1993 Stock Award Plan, based on the date the Board meets and approves any awards earned under the Program Period.  All awards earned under the Program are paid in restricted shares of HickoryTech stock.

5.            Restricted Share Dividends and Voting Rights

 Dividends will be paid to the Participant on the restricted shares once they are granted.  Dividends will be paid to the Participant as if they had full ownership of the shares for both vested and unvested restricted shares.  Participants will also have the right to vote both vested and unvested restricted shares.

6.            Effect of a Participant's Death, Retirement or Disability

Upon death, retirement or permanent and total disability of a Participant, all unvested shares that have been granted will immediately vest.  They will be paid out within 90 days of retirement, or death, or receipt of the required documentation in the event of total disability.

 Additionally, if the Participant was a participant in Program Periods that have been initiated, but not yet completed at the time of their retirement, death or disability, and if the Participant has been in the Program Period for at least one year following the Program Period's initiation, the Participant will remain eligible for a prorated portion of any payouts earned under such Program Period based on achievement of the pre-established Performance Objectives at the close of the Program Period.  Any award earned will be prorated based on the portion of time the Participant was active in the Program Period.  (For example, if the Participant retired, died or became disabled in the second year of a three year Program Period, they would receive 2/3 of any Award earned through achievement of the pre-established Performance Objectives.) If the Participant has been in the Program Period for less than one year following the Program Period's initiation at the time of their retirement, death or disability, the Board has the sole discretion to grant a prorated payout earned under the Program Period to such Participant under the Plan.

Any shares granted to a Participant who had partial participation in the Program Period through retirement, death or disability, will be immediately vested upon grant.

A deceased Participant's granted but unvested restricted shares will be paid to the Participant's designated beneficiary.  A Participant may, by written notice to the Company in the form of Attachment B, designate a beneficiary to receive any payments made after the Participant's death.  The Participant may select as his beneficiary any person or entity, including a trust.  The Participant may designate multiple, successive or contingent beneficiaries and may change his designation at any time.  If a Participant dies without having any valid beneficiary designation in effect, his estate shall be the beneficiary.

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7.            Effect of Other Termination of Employment

If a Participant's employment with the Company is terminated for any reason other than his death, retirement or permanent and total disability, such Participant's participation in the Program immediately ceases and he would lose eligibility for payouts under the Program.  Any shares vested at the time of termination will be paid out to the Participant no later than 90 days following such termination.  All unvested shares will be forfeited.

8.            Payment in the Event of a Change of Control of the Company

In the case of a Change of Control of the Company and a payment being due, as described in the Participant's Change of Control Agreement:

		a)	All unvested shares will become immediately vested.

		b)	Any restricted stock awards which are payable based on achievement of Performance Objectives through the year in which payment under the Change of Control Agreement becomes due will be paid and fully vested immediately upon the audited close of the fiscal year financials, but in no case later than March 15 of the year following when payment becomes due.

		c)	Awards that are not earned under this Program based on results at the close of the fiscal year in which the payment becomes due under the Change of Control Agreement becomes due will not be payable.

The Provisions of this Section 8 shall take precedence over all other provisions of this Program.

9.            Tax Withholding

All payments and distributions shall be subject to applicable withholding requirements.  Participants receiving shares under the Program must pay the Company, in cash, an amount sufficient to cover any required withholding taxes.

In lieu of cash, the Compensation Committee may permit a Participant to cover withholding obligations through a reduction in the number of shares delivered to such Participant.  The use of stock to satisfy withholding obligations is subject to certain restrictions if the Participant is an officer of the Company or holder of at least ten percent of the Company's stock.

10.            Administration of the Program

This Program will be administered by the Compensation Committee of the Board of Directors, which consists of outside directors, appointed by and accountable to the Board and whose members are not eligible for awards under the Program.  The Committee has full authority to, among other things, (i) interpret and administer the Program; (ii) establish rules and regulations appropriate for proper administration of the Program; (iii) select participants and make awards; (iv) establish the terms and conditions of awards, and; (v) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the

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Program.  Unless otherwise expressly provided in the Program, all designations, determinations, interpretations and other decisions under or with respect to the Program or any award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant and any holder or beneficiary of any award. The Committee may establish rules and regulations from time to time that are not inconsistent with the provisions of this Program.

11.            Board Approval

Awards earned under this Program are payable only with the approval of the Board of Directors.  In the event of a Change of Control, as defined in the Participant's Change of Control Agreement, and to the extent provided in Section 8(a); awards will be payable without the Board of Directors' approval required.

12.            Amendment and Termination

The Board of Directors may amend this Program in any respect at any time and may terminate the Program in whole or in part at any time, subject to the following.

		a.	Performance Objectives may not be altered, amended, suspended or discontinued during any Program Period with respect to that Program Period without the recommendation of the Compensation Committee.

		b.	Amendment or termination of the Program may not adversely affect the value of any earned Awards under this Program.

13.            Denial of Award Payout

Any Participant who voluntarily terminates employment or who is involuntarily discharged for any reason whatsoever prior to the last day of a Program Period will not be entitled to any Award for the Program Period unless such exception is approved by the Committee.  In the event of a Change of Control in the Company, Section 8 will apply.

14.            Status of Participant's Claims

This Program does not create any lien on or security interest in any property of the Company, and no person may assert any rights under the Program superior to the rights of an unsecured general creditor of the Company.

15.            Non-alienability

Rights under this Program are not subject to voluntary or involuntary assignment or alienation.  Any attempted assignment or alienation will be disregarded by the Company.

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16.            Severability

If any provision of this Program is determined to be invalid or illegal, the remaining provisions shall be effective and shall be interpreted as if the invalid or illegal provision did not exist, unless the continuance of the Program in such circumstances would defeat its purpose.

17.            Employment Rights

Nothing in the Program shall confer upon any Participant the right to continue in the employment of the Company or any subsidiary or affect any right, which the Company or any subsidiary may have to terminate the employment of the Participant with or without cause.

18.            Headings

All headings in this document are for reference only and are not to be utilized to construe its terms.

19.            Governing Law

This Program is governed in all respects by the internal law, not the law of conflicts, of the State of Minnesota.  The State of Minnesota will govern all questions concerning the Program.

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