Document:

Employment Agreement

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT, dated as of this 7th day of April 2003 is between Meredith Enterprises, Inc., a Delaware corporation (the “Company”),
and Charles P. Wingard (the “Executive”). 
  
 R E C I
T A L S: 
  
 WHEREAS, the Company desires to employ the
Executive and the Executive has indicated his willingness to provide his services, on the terms and conditions set forth herein: 
  
 NOW, THEREFORE, on the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein, the parties hereto
agree as follows: 
  
 Section 1. Employment. The Company
hereby agrees to employ the Executive and the Executive hereby accepts employment with the Company, on the terms and subject to the conditions hereinafter set forth. Subject to the terms and conditions contained herein, the Executive shall serve as
the Company’s Chief Financial Officer and Secretary and shall have such duties as are typically performed by a chief financial officer and secretary of a corporation. 
  
 Section 2. Term. Unless terminated pursuant to Section 6 hereof, the Executive’s employment hereunder shall
commence on the date hereof (the “Effective Date”), and shall continue during the period ending on the third anniversary of the Effective Date (the “Initial Term”) and shall continue thereafter for one-year terms unless either
party provides notice of termination ninety (90) days in advance of the end of the Initial Term or any subsequent one-year term (the “Employment Term”). The Employment Term shall terminate upon any termination of the Executive’s
employment pursuant to Section 6. 
  
 Section 3.
Compensation. During the Employment Term, the Executive shall be entitled to the following compensation and benefits: 
  
 (a) Salary. As compensation for the performance of the Executive’s services hereunder, the Company shall pay to the Executive during the
Initial Term a salary (the “Salary”) of $125,000 per year. The Salary shall be payable in accordance with the payroll practices of the Company as the same shall exist from time to time. After the Initial Term, the salary shall be
negotiable. 
  
 (b) Bonus Plan. The Executive shall be
eligible to receive an annual cash bonus (“Bonus”) in an amount determined by the Board of Directors of the Company (the “Board”) on an annual basis in accordance with the Company’s annual incentive program if such program
is established by the Board and with such terms as may be established by the Board in its sole discretion. 
  
 (c) Benefits. In addition to the Salary and Bonus, if any, the Executive shall be entitled to full participation in the various group health and
medical insurance and other benefit plans of the Company as are adopted from time to time at not less than the level at which other senior executives of the Company participate. 

 (d) Stock Options. The Executive shall be granted an option to purchase 16,667 shares of the
Company’s common stock, subject to the terms of a Stock Incentive Plan, at an exercise price of the then fair market value per share upon grant, with 8,333 shares vesting after completion of one year of service, and the remaining 8,334 shares
vesting on a quarterly basis over a 12-month period thereafter. 
  
 (e) Automobile. The Company shall pay the Executive at the mileage rate established by the Internal Revenue Service for the use by the Executive of his personal car in connection with his duties hereunder. 
  
 (f) Indemnification and Insurance. The Company shall indemnify the
Executive as required by the Company’s Bylaws, and will maintain customary insurance policies providing for indemnification of the Executive. 
  
 (g) Vacation, Holiday Pay and Sick Days. The Company shall provide Executive with vacation days, holiday pay and sick days in accordance with
Company’s policy for key employees, provided that Executive shall receive a minimum per annum of twenty (20) accrued vacation days and six (6) sick days. 
  

Section 4. Exclusivity. During the Employment Term, the Executive shall devote his full time (customary and reasonable personal time excepted)
to the business of the Company, shall faithfully serve the Company, shall in all respects conform to and comply with the lawful, ethical and reasonable directions and instructions given to him by the Board or senior executives in accordance with the
terms of this Agreement, shall use his best efforts to promote and serve the interests of the Company and shall not engage in any other business activity, whether or not such activity shall be engaged in for pecuniary profit, except that the
Executive may (i) participate in the activities of professional trade organizations related to the business of the Company and (ii) engage in personal investing activities, provided that activities set forth in these clauses (i) and (ii), either
singly or in the aggregate, do not interfere in any material respect with the services to be provided by the Executive hereunder. 
  
 Section 5. Reimbursement for Expenses. The Executive is authorized to incur reasonable expenses in the discharge of the services to be performed
hereunder, including expenses for travel, entertainment, lodging and similar items in accordance with the Company’s expense reimbursement policy, as the same may be modified by the Company from time to time. The Company shall reimburse the
Executive for all such proper expenses upon presentation by the Executive of itemized accounts of such expenditures in accordance with the financial policy of the Company, as in effect from time to time. 
  
 Section 6. Termination and Default. 
  
 (a) Death. The Executive’s employment shall automatically
terminate upon his death and upon such event, the Executive’s estate shall be entitled to receive the amounts, if any, due to him pursuant to Section 6(f) below. 
  
 (b) Disability. If the Executive is unable to perform the duties required of him under this Agreement because of
illness, incapacity, or physical or mental disability for an aggregate of one hundred twenty (120) days (whether or not consecutive) during any twelve (12) month period during the term of this Agreement, in which event the Company may terminate
Executive’s employment; provided, however, that if at such time the Executive is not covered by 

  

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a long-term disability plan of the Company, then the Executive’s employment shall terminate six months following such event. 
  
 (c) Cause. The Company may terminate the Executive’s employment
for Cause if the event, conduct or condition that may result in termination for Cause is not cured by the Executive within thirty days after written notice is delivered to the Executive from the Company. In the event of termination pursuant to this
Section 6(c) for Cause, the Company shall deliver to the Executive written notice setting forth the basis for such termination, which notice shall specifically set forth the nature of the Cause which is the reason for such termination. For purposes
of this Agreement, “Cause” shall mean: (i) commission of material fraud or conduct amounting to gross negligence in the conduct of the Executive’s duties; (ii) conduct for which a criminal conviction of a felony is obtained; (iii)
material violation of Company policies; or (iv) willful and material violation of an employment agreement, employee agreement, non-disclosure or confidentiality agreement, inventions agreement, noncompetition agreement, nonsolicitation agreement or
other similar agreement(s) between the Executive and the Company. No act or failure to act shall be considered “willful” unless it is done, or omitted to be done, without a good faith belief that the action or omission was in the best
interest of the Company. In the event corrective action is not satisfactorily taken by the Executive, in each case as determined by the Board or a senior executive, as described above, a final written notice of termination shall be provided to the
Executive by the Company. 
  
 (d) Resignation. The
Executive shall have the right to terminate his employment at any time by giving thirty (30) days prior written notice to the Company of his resignation. 
  
 (e) Severance. The Executive shall be entitled to a lump sum payment equal to 100% of the Executive’s then-current annual base salary and
average bonus over the last three years of employment, and one year of continued participation for the Executive, his spouse and dependents in the Company’s group insurance plans on the same terms as if actively employed by the Company during
such period of time, in the event of: 
  
 (i) Termination of the
Executive by the Company for any reason other than death, disability or Cause; or 
  
 (ii) Voluntary resignation by the Executive for Good Reason. “Good Reason” shall mean that the Executive has either: 
  

	 	1.	 	incurred a material reduction in title, status, authority or responsibility at the Company; or 

  

	 	2.	 	incurred a reduction in base compensation from the Company; or 

  

	 	3.	 	been notified that the Executive’s principal place of work will be relocated by a distance of fifty (50) miles or more; or 

  

	 	4.	 	been required to work more than ten (10) days per month outside of the Executive’s principal offices for a six (6) month continuous period. 

  
 All lump sum severance pay under this Section shall be paid to the Executive
no later than three (3) business days following the effective date of his termination or resignation, as the case may be. The Executive shall not be required to mitigate the amount of any payment 

  

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contemplated by this Section (whether by seeking new employment or in any other manner), nor shall any such payment be reduced by any earnings that the
Executive may receive from any other source. 
  
 (f)
Payments. In the event that the Executive’s employment terminates for any reason, the Company shall pay to the Executive, in addition to any other amounts or benefits due to the Executive under this Section 6, all amounts accrued but
unpaid hereunder through the date of termination in respect of Salary or unreimbursed expenses. 
  
 (g) Change in Control. In the event of the Executive’s resignation or termination within one (1) year of a Change in Control of the Company,
the Executive shall be paid a lump payment equal to the sum of 100% of the Executive’s then-current base salary and the Executive’s average bonus in last three years, such lump sum payment to be made no later than three (3) business days
following the date of such resignation or termination. “Change in Control” is defined as (i) any “person” or “group” of such persons, without the consent of the Board, is or becomes a “beneficial owner,”
directly or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company’s then outstanding securities (as such terms are defined in the Securities Exchange Act of 1934 and
regulations thereunder); (ii) a merger, consolidation or other combination the result of which persons who were shareholders of the Company immediately prior to the merger, consolidation or other combination own less than seventy-five percent (75%)
of the voting power of the securities of the resulting or acquiring entity having the power to elect a majority of the board of directors of such entity; (iii) the sale, transfer or disposition of assets of Company in excess of fifty percent (50%)
of the gross assets of the Company as shown on the Company’s then most recent audited financial statements; or (iv) a change in the composition of the Board occurs, as a result of which fewer than one-half of the incumbent directors are
directors who either (A) had been directors of the Company on the date of the Agreement, or (B) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the aggregate of the original directors who
were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved. 
  
 (h) Survival of Operative Sections. Upon any termination of the Executive’s employment, the provisions of Sections 6(e), 6(f) and 7 through 16
of this Agreement shall survive to the extent necessary to give effect to the provisions thereof. 
  
 Section 7. Proprietary Information and Inventions Agreement. The Executive shall enter into the Employee’s Proprietary Information and
Inventions Agreement attached hereto in the form of Exhibit A (the “Proprietary Agreement”). 
  
 Section 8. Arbitration Agreement. The Executive shall enter into the Arbitration Agreement attached hereto in the form of Exhibit B (the
“Arbitration Agreement”). 
  
 Section 9.
Successors and Assigns; No Third-Party Beneficiaries. The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the
Company’s business and/or assets, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be
required to perform it in the absence of a succession. The Company’s failure to obtain such agreement prior to the effectiveness of a succession shall be a breach of this Agreement and shall entitle the Executive to all of the compensation and
benefits 

  

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to which he would have been entitled hereunder if the Company had involuntarily terminated his employment without Cause immediately after such succession
becomes effective. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 9 or which
becomes bound by this Agreement by operation of law. This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. 
  
 Section 10. Waiver and Amendments. Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that
any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any
subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 
  
 Section 11. Severability and Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
CALIFORNIA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
  
 Section 12. Notices. 
  
 (a) All communications under this Agreement shall be in writing and shall be delivered by hand or facsimile or mailed by overnight courier or by registered or certified mail, postage prepaid: 
  
 (i) if to the Executive, at 3000 Sand Hill Road, Building 2,
Suite 120, Menlo Park, CA 94025 (Fax: (650) 233-7160), marked for the attention of Charles P. Wingard or at such other address as the Executive may have furnished the Company in writing, and 
  
 (ii) if to the Company, at 3000 Sand Hill Road, Building 2,
Suite 120, Menlo Park, CA 94025 (Fax: (650) 233-7160), marked for the attention of the Chief Executive Officer, or at such other address as it may have furnished in writing to the Executive. 
  
 (b) Any notice so addressed shall be deemed to be given: if delivered by hand
or facsimile, on the date of such delivery; if mailed by courier, on the first business day following the date of such mailing; and if mailed by registered or certified mail, on the third business day after the date of such mailing. 
  
 Section 13. Section Headings. The headings of the sections and
subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof, affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
  
 Section 14. Entire Agreement. This Agreement constitutes the entire
understanding and agreement of the parties hereto regarding the subject matter hereof. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the
subject matter of this Agreement. 
  

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 Section 15. Severability. In the event that any part or parts of this Agreement shall be held
illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not effect the remaining provisions of this Agreement which shall remain in full force and effect. 
  
 Section 16. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

	 MEREDITH ENTERPRISES, INC.

		
	 By:
	 	 /s/ Allen K. Meredith

	 Name:
	 	 Allen K. Meredith

	 Title:
	 	 President and Chief Executive Officer

	
	 EXECUTIVE

	
	 s/ Charles P. Wingard

	Charles P. Wingard

  

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 Exhibit A 
  
 CONFIDENTIAL AND PROPRIETARY 
 INFORMATION AGREEMENT FOR EMPLOYEES 
  
 THIS
CONFIDENTIAL AND PROPRIETARY INFORMATION AGREEMENT FOR EMPLOYEES sets forth the terms and conditions regarding your receiving Confidential and Proprietary Information from Meredith Enterprises, Inc. (the “Company”). 
  
 1. Term of Agreement. This Agreement is in consideration of your
employment or continued employment with the Company. 
  
 2
Protection of Confidential and Proprietary Information. Your employment creates a relationship of confidence and trust with the Company with respect to “Confidential and Proprietary Information,” which you learn during your
employment. “Confidential and Proprietary Information” includes, but is not limited to: 
  
 (a) Information developed by or on behalf of the Company such as financial information, billing information, marketing strategies, price lists, research,
pending products and proposals, and proprietary materials; 
  
 (b) Information of or concerning third parties including customers, suppliers and business partners, customer lists, supplier lists, as well as financial and billing information, and information about employees of the Company, including
salaries and personnel data. 
  
 You agree that at all times
during your employment and after your employment ends, you will protect the confidentiality of Confidential and Proprietary Information and you will not directly use or disclose any Confidential and Proprietary Information except as may be necessary
in connection with the services you provide to the Company. 
  
 You agree that all the Company property and documents provided to you, including Confidential and Proprietary Information produced by you or others in connection with your employment with the Company, including copies thereof, shall remain
the sole property of the Company and shall be returned promptly to the Company upon request or when you leave the employment of the Company. 
  
 3. Developed Information. 
  
 3.1 You agree to promptly disclose and assign to the Company, the rights to all ideas, improvements, inventions, programs, surveys, trade
secrets, know-how and data, whether or not patentable or registrable under copyright or similar statutes that you make, conceive, reduce to practice or learn during your employment which (a) are within the scope of your employment and are related to
or useful in the business of the Company or its actual or demonstrably anticipated activities, or (b) result from tasks assigned to you by the Company, or (c) are funded by the Company, or (d) result from use of premises owned, leased or contracted
for by the Company (hereinafter “Developed Information”). Such disclosure shall continue for one (1) year after termination of your employment 

  

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with respect to anything that would be Developed Information if made, conceived, reduced to practice or learned during the term thereof. 
  
 3.2 This Agreement does not require assignment of any
invention which qualifies fully for protection under section 2870 of the California Labor Code (hereinafter “Section 2870”), a copy of which is attached to this Agreement. You understand that you bear the full burden of proving to the
Company that Developed Information qualifies fully under Section 2870. By signing this Agreement, you acknowledge receipt of a copy of this Agreement and of written notification of the provisions of Section 2870. 
  
 4. Modifications. No modification of this Agreement shall be valid
unless made in writing and signed by the parties hereto. 
  
 5.
Severability. If one or more of the provisions in this Agreement are deemed unenforceable by law, then the remaining provisions will continue in full force and effect. 
  
 Integrated Agreement. This Agreement, together with the Employment Agreement executed by you on 4/7/03 and the
Arbitration Agreement executed by you on 4/7/03, supersedes and cancels any and all previous understandings, representations and agreements of whatever nature between the Company and you with respect to the matters covered herein. These Agreements
constitute the full, complete and exclusive agreement between you and the Company with respect to the subject matters herein. 
  

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 Acknowledgment. You acknowledge that you have carefully read this Agreement and agree to comply
with its terms. 
  
 Dated:   4/7/03 

 

	 EMPLOYEE:
	 	 	 	 MEREDITH ENTERPRISES, INC.

				
	 Charles P. Wingard

	 	 	 	 By:
	 	 Allen K. Meredith

	Name	 	 	 	 	 	 
	 	 	 	 	 Title:
	 	 CEO

  

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 EXHIBIT 1 
  
 California Labor Code section 2870 provides: 
  
 (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to
his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

  
 (1) Relate at the time of conception or reduction to
practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 
  
 (2) Result from any work performed by the employee for the employer. 
  
 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise
excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 
  

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 Exhibit B 
  
 ARBITRATION AGREEMENT 
  
 1. To the maximum extent permitted by law, I, Charles Wingard, and Meredith Enterprises, Inc. (the “Company”), agree that, except as noted below, any
controversy, claim or dispute arising out of or related to my employment or the termination thereof (“claims”) shall be arbitrated in accordance with the following procedure: 
  
 (a) Any and all claims shall be submitted to final and binding arbitration before the American Arbitration Association
(“AAA”) in Los Angeles, California. Such arbitration shall be in accordance with the AAA’s then current version of the National Rules for the Resolution of Employment Disputes. The arbitrator shall be selected in accordance with the
AAA’s selection procedures in effect at the time. Either party may initiate arbitration proceedings by filing a demand for arbitration with the AAA in Los Angeles, California. 
  
 (b) The arbitrator shall have the authority to grant any relief authorized by law. 
  
 (c) The arbitrator shall have exclusive authority to resolve all claims
covered by this arbitration agreement, and any dispute relating to the interpretation, applicability, enforceability or formation of this arbitration agreement, including, but not limited to, any claim that all or any part of this arbitration
agreement is void or voidable. Any issues involving the arbitrability of a dispute shall be governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. 
  
 (d) The Company will pay all arbitration fees, deposits and administrative costs assessed by the AAA. The arbitrator shall
have power to award attorneys’ fees, expert witness fees and costs according to statute, or according to a separate written agreement between the parties, or the National Rules for the Resolution of Employment Disputes of the AAA, but shall
have no other power to award attorneys’ fees, costs or expert witness fees. 
  
 (e) The claims covered by the above include, but are not limited to, claims for wrongful termination, unpaid wages or compensation, breach of contract, torts, violation of public policy; claims for harassment or
discrimination (including, but not limited to, race, sex, religion, national origin, age, marital status, medical condition, disability, or sexual orientation); claims for benefits (except where an employee benefit or pension plan specifies a
procedure for resolving claims different from this one); claims for physical or mental harm or distress, or any other employment-related claims under any federal, state or other governmental law, statute, regulation or ordinance, including, but not
limited to, Title VII of the Civil Rights Act of 1965, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act, and any other statutes or laws relating to an employee’s
relationship with the employer; and claims related to the Employee Letter Agreement executed by me on 4/7/03 and the Confidential and Proprietary Information Agreement for Employees executed by me on 4/7/03, copies of which are attached hereto as
Exhibits A and B. However, claims for workers’ compensation benefits and unemployment compensation benefits are not covered by this arbitration agreement, and such claims may be presented to the appropriate court or government agency.

  

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 (f) Notwithstanding this agreement to arbitrate, neither party waives the right to seek through judicial
process, preliminary injunctive relief to preserve the status quo or prevent irreparable injury before the matter can be heard in arbitration. 
  
 (g) The arbitrator shall issue a written arbitration decision stating the arbitrator’s essential findings and conclusions upon which any award is
based. A party’s right for review of the decision is limited to grounds provided under applicable law. 
  
 (h) The parties agree that the arbitration shall be final and binding and any arbitration award shall be enforceable in any court having jurisdiction to
enforce this arbitration agreement. 
  
 2. BY AGREEING TO THIS BINDING ARBITRATION
PROVISION, BOTH THE COMPANY AND I GIVE UP ALL RIGHTS TO TRIAL BY JURY, EXCEPT AS EXPRESSLY PROVIDED HEREIN. 
  
 3. I agree that this agreement to arbitrate shall survive the termination of my employment. 
  
 4. This is the complete agreement between me and the Company on the subject of arbitration of disputes. This agreement supersedes any prior
or contemporaneous oral or written understanding on the subject. This agreement cannot be changed unless in writing, signed by me and the President of the Company. 
  

	 AGREED TO AND ACCEPTED:

			
	 /s/ Charles P. Wingard

	 	 Dated:
	 	 4/7/03

	(Signature)	 	 	 	 
			
	 Charles P. Wingard

	 	 	 	 
	(Please Print Full Employee Name)	 	 
			
	 Meredith Enterprises, Inc.

	 	 Dated:
	 	 4/7/03

	(Company Name)	 	 	 	 
				
	 By:
	 	 /s/Allen K. Meredith

	 	 	 	 

  

 12Meredith Enterprises, Inc. 2002 Stock Incentive Plan

 Exhibit 10.2 
  
 MEREDITH ENTERPRISES, INC. 
  
 2002 STOCK INCENTIVE PLAN 
  
 (amended and restated June 3, 2003) 
  
 1. Purposes of the Plan. The purposes of this Stock Incentive Plan are to attract and retain the best available personnel, to provide additional
incentive to Employees, Directors and Consultants and to promote the success of the Company’s business. 
  
 2. Definitions. As used herein, the following definitions shall apply: 
  
 (a) “Administrator” means the Board or any of the Committees appointed to administer the Plan. 

 
 (b) “Affiliate” and “Associate” shall
have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  
 (c) “Applicable Laws” means the legal requirements relating to the administration of stock incentive plans, if any, under applicable
provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of any foreign jurisdiction applicable to Awards granted to residents therein.

  
 (d) “Assumed” means that (i) pursuant to a
Corporate Transaction defined in Section 2(q)(i), 2(q)(ii) or 2(q)(iii) or a Related Entity Disposition, the contractual obligations represented by the Award are assumed by the successor entity or its Parent in connection with the Corporate
Transaction or Related Entity Disposition or (ii) pursuant to a Corporate Transaction defined in Section 2(q)(iv) or 2(q)(v), the Award is affirmed by the Company. The Award shall not be deemed “Assumed” for purposes of terminating
the Award (in the case of a Corporate Transaction) and the termination of the Continuous Service of the Grantee (in the case of a Related Entity Disposition) if pursuant to a Corporate Transaction or a Related Entity Disposition the Award is
replaced with a comparable award with respect to shares of capital stock of the successor entity or its Parent. However, for purposes of determining whether the vesting of the Award accelerates, the Award shall be deemed “Assumed” if the
Award is replaced with such a comparable stock award or the Award is replaced with a cash incentive program of the successor entity or Parent thereof which preserves the compensation element of such Award existing at the time of the Corporate
Transaction or Related Entity Disposition and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator and its determination
shall be final, binding and conclusive. 
  
 (e)
“Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Performance Unit, Performance Share, or other right or benefit under the Plan. 

 (f) “Award Agreement” means the written agreement evidencing the grant of an Award
executed by the Company and the Grantee, including any amendments thereto. 
  
 (g) “Board” means the Board of Directors of the Company. 
  
 (h) “Cause” means, with respect to the termination by the Company or a Related Entity of the Grantee’s Continuous Service, that such
termination is for “Cause” as such term is expressly defined in a then-effective written agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement and definition, is
based on, in the determination of the Administrator, the Grantee’s: (i) performance of any act or failure to perform any act in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, intentional misconduct or
material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person. 
  
 (i) “Change in Control” means a change in ownership or control of the Company effected through either of
the following transactions: 
  
 (i) the direct or indirect
acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control
with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a
tender or exchange offer made directly to the Company’s stockholders which a majority of the Continuing Directors who are not Affiliates or Associates of the offeror do not recommend such stockholders accept, or 
  
 (ii) a change in the composition of the Board over a period of thirty-six
(36) months or less such that a majority of the Board members (rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who are Continuing Directors. 

 
 (j) “Code” means the Internal Revenue Code of 1986, as
amended. 
  
 (k) “Committee” means any committee
appointed by the Board to administer the Plan. 
  
 (l)
“Common Stock” means the common stock of the Company. 
  
 (m) “Company” means Meredith Enterprises, Inc., a Delaware corporation and formerly known as West Coast Realty Investors, Inc. 
  
 (n) “Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s
capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or such Related Entity. 
  

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 (o) “Continuing Directors” means members of the Board who either (i) have been Board
members continuously for a period of at least thirty-six (36) months or (ii) have been Board members for less than thirty-six (36) months and were elected or nominated for election as Board members by at least a majority of the Board members
described in clause (i) who were still in office at the time such election or nomination was approved by the Board. 
  
 (p) “Continuous Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee, Director or
Consultant, is not interrupted or terminated. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of
Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award
Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds ninety (90) days, and reemployment
upon expiration of such leave is not guaranteed by statute or contract, then the Incentive Stock Option shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the expiration of such ninety (90) day
period. 
  
 (q) “Corporate Transaction” means any
of the following transactions: 
  
 (i) a merger or consolidation
in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the Company is incorporated; 
  
 (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company (including the
capital stock of the Company’s subsidiary corporations); 
  
 (iii) the complete liquidation or dissolution of the Company; 
  
 (iv) any reverse merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a
person or persons different from those who held such securities immediately prior to such merger; or 
  
 (v) acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than thirty-five percent (35%) of the total combined voting power of the Company’s outstanding securities but
excluding any such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction. 
  
 (r) “Covered Employee” means an Employee who is a “covered employee” under Section 162(m)(3) of the Code. 
  

 3 

 (s) “Director” means a member of the Board or the board of directors of any Related
Entity. 
  
 (t) “Disability” means as defined
under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides service
does not have a long-term disability plan in place, “Disability” means that a Grantee is unable to carry out the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

  
 (u) “Dividend Equivalent Right” means a right
entitling the Grantee to compensation measured by dividends paid with respect to Common Stock. 
  
 (v) “Employee” means any person, including an Officer or Director, who is an employee of the Company or any Related Entity. The payment of a director’s fee by the Company or a Related Entity
shall not be sufficient to constitute “employment” by the Company. 
  
 (w) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (x) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
  
 (i) If the Common Stock is listed on any established stock exchange or a
national market system, including without limitation The Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were
reported) as quoted on such exchange or system on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
  
 (ii) If the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, but selling prices are not reported, the Fair Market Value of a
Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; or 
  
 (iii) In the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by the Administrator in good faith. 
  
 (y) “Good Reason” means as such term is expressly defined in
a then-effective written agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement and definition, means any of the following 

  

 4 

 
events or conditions unless consented to by the Grantee (and the Grantee shall be deemed to have consented to any such event or condition unless the Grantee
provides written notice of the Grantee’s non-acquiescence within 30 days of the effective time of such event or condition): 
  
 (i) a change in the Grantee’s responsibilities or duties which represents a material and substantial diminution in the Grantee’s
responsibilities or duties; 
  
 (ii) a material reduction in the
Grantee’s base salary; or 
  
 (iii) requiring the Grantee to
be based at any place outside a 50-mile radius from the Grantee’s job location or residence. 
  
 (z) “Grantee” means an Employee, Director or Consultant who receives an Award under the Plan. 
  
 (aa) “Immediate Family” means any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the
Grantee’s household (other than a tenant or employee), a trust in which these persons (or the Grantee) have more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the Grantee) control the management of
assets, and any other entity in which these persons (or the Grantee) own more than fifty percent (50%) of the voting interests. 
  
 (bb) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the
Code 
  
 (cc) “Non-Qualified Stock Option” means
an Option not intended to qualify as an Incentive Stock Option. 
  
 (dd) “Officer” means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (ee) “Option” means an option to purchase Shares pursuant to
an Award Agreement granted under the Plan. 
  
 (ff)
“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
  
 (gg) “Performance-Based Compensation” means compensation qualifying as “performance-based compensation” under Section 162(m) of
the Code. 
  
 (hh) “Performance Shares” means
Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator. 
  

 5 

 (ii) “Performance Units” means an Award which may be earned in whole or in part upon
attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator. 
  
 (jj) “Plan” means this 2002 Stock Incentive Plan.

  
 (kk) “Related Entity” means any Parent or
Subsidiary of the Company and any business, corporation, partnership, limited liability company or other entity in which the Company or a Parent or a Subsidiary of the Company holds a substantial ownership interest, directly or indirectly.

  
 (ll) “Related Entity Disposition” means the
sale, distribution or other disposition by the Company or a Parent or a Subsidiary of the Company of all or substantially all of the interests of the Company or a Parent or a Subsidiary of the Company in any Related Entity effected by a sale, merger
or consolidation or other transaction involving that Related Entity or the sale of all or substantially all of the assets of that Related Entity, other than any Related Entity Disposition to the Company or a Parent or a Subsidiary of the Company.

  
 (mm) “Restricted Stock” means Shares issued
under the Plan to the Grantee for such consideration, if any, and subject to such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established by the Administrator.

  
 (nn) “Rule 16b-3” means Rule 16b-3
promulgated under the Exchange Act or any successor thereto. 
  
 (oo) “SAR” means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established by the Administrator, measured by appreciation in the value of Common Stock. 
  
 (pp) “Share” means a share of the Common Stock. 

 
 (qq) “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  
 3. Stock Subject to the Plan. 
  
 (a) Subject to the provisions of Section 10, below, the maximum aggregate number of Shares which may be issued pursuant to all Awards (including
Incentive Stock Options) is 150,000 Shares. The Shares to be issued pursuant to Awards may be authorized, but unissued, or reacquired Common Stock. 
  
 Initially, 450,000 Shares were reserved for issuance under the Plan. In August 2002, the Company effected a one-for-three reverse split of the
Company’s common stock thereby decreasing the number of Shares reserved for issuance under the Plan to 150,000 Shares. 
  

 6 

 (b) Any Shares covered by an Award (or portion of an Award) which is forfeited or canceled, expires or is
settled in cash, shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be
returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company at their original purchase price, such Shares shall become available for future grant
under the Plan. 
  
 4. Administration of the Plan.

  
 (a) Plan Administrator. 
  
 (i) Administration with Respect to Directors and Officers. With
respect to grants of Awards to Directors or Employees who are also Officers or Directors of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board, which Committee shall be constituted in such a
manner as to satisfy the Applicable Laws and to permit such grants and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such Committee shall continue to serve in
its designated capacity until otherwise directed by the Board. 
  
 (ii) Administration With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees or Consultants who are neither Directors nor Officers of the Company, the Plan shall be administered by (A) the Board
or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the
Board. The Board may authorize one or more Officers to grant such Awards and may limit such authority as the Board determines from time to time. 
  
 (iii) Administration With Respect to Covered Employees. Notwithstanding the foregoing, grants of Awards to any Covered Employee intended to
qualify as Performance-Based Compensation shall be made only by a Committee (or subcommittee of a Committee) which is comprised solely of two or more Directors eligible to serve on a committee making Awards qualifying as Performance-Based
Compensation. In the case of such Awards granted to Covered Employees, references to the “Administrator” or to a “Committee” shall be deemed to be references to such Committee or subcommittee. 
  
 (iv) Administration Errors. In the event an Award is granted in a
manner inconsistent with the provisions of this subsection (a), such Award shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws. 
  
 (b) Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other
powers given to the Administrator hereunder), and except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion: 
  
 (i) to select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder; 
  

 7 

 (ii) to determine whether and to what extent Awards are granted hereunder; 
  
 (iii) to determine the number of Shares or the amount of other consideration
to be covered by each Award granted hereunder; 
  
 (iv) to
approve forms of Award Agreements for use under the Plan; 
  
 (v)
to determine the terms and conditions of any Award granted hereunder; 
  
 (vi) to amend the terms of any outstanding Award granted under the Plan, provided that any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written
consent; 
  
 (vii) to construe and interpret the terms of the
Plan and Awards, including without limitation, any notice of award or Award Agreement, granted pursuant to the Plan; 
  
 (viii) to establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable foreign jurisdictions and to afford
Grantees favorable treatment under such rules or laws; provided, however, that no Award shall be granted under any such additional terms, conditions, rules or procedures with terms or conditions which are inconsistent with the provisions of the
Plan; and 
  
 (ix) to take such other action, not inconsistent
with the terms of the Plan, as the Administrator deems appropriate. 
  
 5. Eligibility. Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock Options may be granted only to Employees of the Company, a Parent or a Subsidiary. An Employee,
Director or Consultant who has been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to such Employees, Directors or Consultants who are residing in foreign jurisdictions as the Administrator may
determine from time to time. 
  
 6. Terms and Conditions of
Awards. 
  
 (a) Type of Awards. The Administrator is
authorized under the Plan to award any type of arrangement to an Employee, Director or Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares, (ii) an Option, a
SAR, or similar right with a fixed price related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or
other conditions, or (iii) any other security with the value derived from the value of the Shares. Such awards include, without limitation, Options, SARs, or sales or bonuses of Restricted Stock, Dividend Equivalent Rights, Performance Units or
Performance Shares, and an Award may consist of one such security or benefit, or two (2) or more of them in any combination or alternative. 
  

 8 

 (b) Designation of Award. Each Award shall be designated in the Award Agreement. In the case of an
Option, the Option shall be designated as either an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of Shares subject to Options designated as
Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options, to the extent of the Shares covered thereby
in excess of the foregoing limitation, shall be treated as Non-Qualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be
determined as of the grant date of the relevant Option. 
  
 (c)
Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first
refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The performance criteria established by the Administrator may
be based on any one of, or combination of, increase in share price, earnings per share, total stockholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal
management objectives, or other measure of performance selected by the Administrator. Partial achievement of the specified criteria may result in a payment or vesting corresponding to the degree of achievement as specified in the Award Agreement.

  
 (d) Acquisitions and Other Transactions. The
Administrator may issue Awards under the Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest in another
entity or an additional interest in a Related Entity whether by merger, stock purchase, asset purchase or other form of transaction. 
  
 (e) Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity to
elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award (but
only to the extent that such deferral programs would not result in an accounting compensation charge unless otherwise determined by the Administrator). The Administrator may establish the election procedures, the timing of such elections, the
mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the
administration of any such deferral program. 
  
 (f) Separate
Programs. The Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from
time to time.  
  
 (g) Individual Option and SAR
Limit. The maximum number of Shares with respect to which Options and SARs may be granted to any Grantee in any fiscal year of the 

  

 9 

 
Company shall eighty three thousand three hundred and thirty-three (83,333) Shares. In connection with a Grantee’s commencement of Continuous Service, a
Grantee may be granted Options and SARs for up to an additional thirty three thousand three hundred and thirty-three (33,333) Shares which shall not count against the limit set forth in the previous sentence. The foregoing limitations shall be
adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 10, below. To the extent required by Section 162(m) of the Code or the regulations thereunder, in applying the foregoing limitations with
respect to a Grantee, if any Option or SAR is canceled, the canceled Option or SAR shall continue to count against the maximum number of Shares with respect to which Options and SARs may be granted to the Grantee. For this purpose, the repricing of
an Option (or in the case of a SAR, the base amount on which the stock appreciation is calculated is reduced to reflect a reduction in the Fair Market Value of the Common Stock) shall be treated as the cancellation of the existing Option or SAR and
the grant of a new Option or SAR. 
  
 (h) Early Exercise.
The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested Shares received
pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate. 
  
 (i) Term of Award. The term of each Award shall be the term stated in the Award Agreement, provided, however, that
the term of an Incentive Stock Option shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock representing
more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided
in the Award Agreement. 
  
 (j) Transferability of Awards.
Incentive Stock Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Grantee, only by the
Grantee; provided, however, that the Grantee may designate a beneficiary of the Grantee’s Incentive Stock Option in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator. Other Awards shall be
transferred by will and by the laws of descent and distribution, and during the lifetime of the Grantee, by gift and or pursuant to a domestic relations order to members of the Grantee’s Immediate Family to the extent and in the manner
determined by the Administrator. 
  
 (k) Time of Granting
Awards. The date of grant of an Award shall for all purposes be the date on which the Administrator makes the determination to grant such Award, or such other date as is determined by the Administrator. Notice of the grant determination shall be
given to each Employee, Director or Consultant to whom an Award is so granted within a reasonable time after the date of such grant. 
  

 10 

 7. Award Exercise or Purchase Price, Consideration and Taxes. 
  
 (a) Exercise or Purchase Price. The exercise or purchase price, if
any, for an Award shall be as follows: 
  
 (i) In the case of an
Incentive Stock Option: 
  
 (A) granted to an Employee who, at
the time of the grant of such Incentive Stock Option owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be not less than one
hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or 
  
 (B) granted to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of
grant. 
  
 (ii) In the case of a Non-Qualified Stock Option, the
per Share exercise price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant unless otherwise determined by the Administrator. 
  
 (iii) In the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any,
shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
  
 (iv) In the case of other Awards, such price as is determined by the Administrator. 
  
 (v) Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section
6(d), above, the exercise or purchase price for the Award shall be determined in accordance with the principles of Section 424(a) of the Code. 
  
 (b) Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award
including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). In addition to any other types of consideration the Administrator may determine, the
Administrator is authorized to accept as consideration for Shares issued under the Plan the following, provided that the portion of the consideration equal to the par value of the Shares must be paid in cash or other legal consideration permitted by
the Delaware General Corporation Law: 
  
 (i) cash; 

 
 (ii) check; 
  
 (iii) subject to the bylaws of the Company then in effect, delivery of Grantee’s promissory note with such recourse,
interest, security, and redemption provisions as the Administrator determines as appropriate; 
  

 11 

 (iv) surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares
as the Administrator may require (including withholding of Shares otherwise deliverable upon exercise of the Award) which have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to
which said Award shall be exercised (but only to the extent that such exercise of the Award would not result in an accounting compensation charge with respect to the Shares used to pay the exercise price unless otherwise determined by the
Administrator); 
  
 (v) with respect to Options, payment through
a broker-dealer sale and remittance procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company,
out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased
Shares directly to such brokerage firm in order to complete the sale transaction; or 
  
 (vi) any combination of the foregoing methods of payment. 
  
 (c) Taxes. No Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of any
foreign, federal, state, or local income and employment tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares or the disqualifying disposition of Shares received on exercise of an Incentive Stock
Option. Upon exercise of an Award the Company shall withhold or collect from Grantee an amount sufficient to satisfy such tax obligations. 
  
 8. Exercise of Award. 
  
 (a) Procedure for Exercise; Rights as a Stockholder. 
  
 (i) Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the terms of the
Plan and specified in the Award Agreement. 
  
 (ii) An Award
shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award
is exercised, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the purchase price as provided in Section 7(b)(v). Until the issuance (as evidenced by the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to Shares subject to an Award,
notwithstanding the exercise of an Option or other Award. The Company shall issue (or cause to be issued) such stock certificate promptly upon exercise of the Award. No adjustment will be made for a dividend or other right for which the record date
is prior to the date the stock certificate is issued, except as provided in the Award Agreement or Section 10, below. 
  

 12 

 (b) Exercise of Award Following Termination of Continuous Service. 
  
 (i) An Award may not be exercised after the termination date of such Award
set forth in the Award Agreement and may be exercised following the termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement. 
  
 (ii) Where the Award Agreement permits a Grantee to exercise an Award following the termination of the Grantee’s
Continuous Service for a specified period, the Award shall terminate to the extent not exercised on the last day of the specified period or the last day of the original term of the Award, whichever occurs first. 
  
 (iii) Any Award designated as an Incentive Stock Option to the extent not
exercised within the time permitted by law for the exercise of Incentive Stock Options following the termination of a Grantee’s Continuous Service shall convert automatically to a Non-Qualified Stock Option and thereafter shall be exercisable
as such to the extent exercisable by its terms for the period specified in the Award Agreement. 
  
 9. Conditions Upon Issuance of Shares. 
  
 (a) Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares
pursuant thereto shall comply with all Applicable Laws, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  

(b) As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any
such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable Laws.

  
 10. Adjustments Upon Changes in Capitalization. Subject
to any required action by the stockholders of the Company, the number of Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or
which have been returned to the Plan, the exercise or purchase price of each such outstanding Award, the maximum number of Shares with respect to which Options and SARs may be granted to any Grantee in any fiscal year of the Company, as well as any
other terms that the Administrator determines require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Shares, or similar transaction affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) as the Administrator may determine in
its discretion, any other transaction with respect to Common Stock to which Section 424(a) of the Code applies or a similar transaction; provided, however that conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” Such adjustment shall be made by the Administrator and its determination shall be final, binding and conclusive. Except as the Administrator determines, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of 

  

 13 

 
stock of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award.

  
 11. Corporate Transactions/Changes in Control/Related
Entity Dispositions. 
  
 (a) Termination of Award to
Extent Not Assumed. 
  
 (i) Corporate Transaction.
Effective upon the consummation of a Corporate Transaction, all outstanding Awards under the Plan shall terminate. However, all such Awards shall not terminate to the extent they are Assumed in connection with the Corporate Transaction. 

 
 (ii) Related Entity Disposition. Effective upon the consummation
of a Related Entity Disposition, for purposes of the Plan and all Awards, there shall be a deemed termination of Continuous Service of each Grantee who is at the time engaged primarily in service to the Related Entity involved in such Related Entity
Disposition and each Award of such Grantee which is at the time outstanding under the Plan shall be exercisable in accordance with the terms of the Award Agreement evidencing such Award. However, such Continuous Service shall not be deemed to
terminate as to the portion of any such award that is Assumed. 
  
 (b) Acceleration of Award Upon Corporate Transaction/Change in Control/Related Entity Disposition. 
  
 (i) Corporate Transaction. Except as provided otherwise in an individual Award Agreement, in the event of a Corporate Transaction and: 

 
 (A) for the portion of each Award that is Assumed, then such Award (if
assumed), the replacement Award (if replaced), or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at fair
market value) for all of the Shares at the time represented by such Assumed portion of the Award, immediately upon termination of the Grantee’s Continuous Service (substituting the successor employer corporation, if any, for “Company or
Related Entity” for the definition of “Continuous Service”) if such Continuous Service is terminated by the successor company or the Company without Cause or voluntarily by the Grantee with Good Reason within twelve (12) months of the
Corporate Transaction; and 
  
 (B) for the portion of each Award
that is not Assumed, such portion of the Award shall automatically become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at fair market value) for all of the Shares at
the time represented by such portion of the Award, immediately prior to the specified effective date of such Corporate Transaction. 
  
 (ii) Change in Control. Except as provided otherwise in an individual Award Agreement, following a Change in Control (other than a Change in
Control which also is a Corporate Transaction) and upon the termination of the Continuous Service of a Grantee if such Continuous Service is terminated by the Company or Related Entity without Cause or voluntarily by the Grantee with Good Reason
within twelve (12) months of a Change in Control, 

  

 14 

 
each Award of such Grantee which is at the time outstanding under the Plan automatically shall become fully vested and exercisable and be released from any
repurchase or forfeiture rights (other than repurchase rights exercisable at fair market value), immediately upon the termination of such Continuous Service. 
  
 (iii) Related Entity Disposition. Except as provided otherwise in an individual Award Agreement, in the event of a Related Entity Disposition and:

  
 (A) for the portion of each Award that is Assumed, then such
Award (if assumed), the replacement Award (if replaced), or the cash incentive program automatically shall become vested, exercisable and payable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at
fair market value) for all of the Shares at the time represented by such Assumed portion of the Award, immediately upon termination of the Grantee’s Continuous Service (substituting the successor employer corporation, if any, for “Company
or Related Entity” for the definition of “Continuous Service”) if such Continuous Service is terminated by the successor company without Cause or voluntarily by the Grantee with Good Reason within twelve (12) months of the Related
Entity Disposition; and 
  
 (B) for the portion of each Award of
a Grantee who is at the time engaged primarily in service to the Related Entity involved in such Related Entity Disposition that is not Assumed, such portion of the Award of such Grantee automatically shall become fully vested and exercisable and be
released from any repurchase or forfeiture rights (other than repurchase rights exercisable at fair market value) for all of the Shares at the time represented by such portion of the Award, immediately prior to the specified effective date of such
Related Entity Disposition. 
  
 (c) Effect of Acceleration on
Incentive Stock Options. The portion of any Incentive Stock Option accelerated under this Section 11 in connection with a Corporate Transaction, Change in Control or Related Entity Disposition shall remain exercisable as an Incentive Stock
Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded. To the extent such dollar limitation is exceeded, the accelerated excess portion of such Option shall be exercisable as a
Non-Qualified Stock Option. 
  
 12. Effective Date and Term of
Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated. Subject to
Section 17, below, and Applicable Laws, Awards may be granted under the Plan upon its becoming effective. 
  
 13. Amendment, Suspension or Termination of the Plan. 
  
 (a) The Board may at any time amend, suspend or terminate the Plan. To the extent necessary to comply with Applicable Laws, the Company shall obtain
stockholder approval of any Plan amendment in such a manner and to such a degree as required. 
  
 (b) No Award may be granted during any suspension of the Plan or after termination of the Plan. 
  

 15 

 (c) Any amendment, suspension or termination of the Plan (including termination of the Plan under Section
12, above) shall not affect Awards already granted, and such Awards shall remain in full force and effect as if the Plan had not been amended, suspended or terminated, unless mutually agreed otherwise between the Grantee and the Administrator, which
agreement must be in writing and signed by the Grantee and the Company. 
  
 14. Reservation of Shares. 
  
 (a) The Company,
during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
  

(b) The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

  
 15. No Effect on Terms of Employment/Consulting
Relationship. The Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the Company’s right to terminate the Grantee’s
Continuous Service at any time, with or without Cause, and with or without notice. The Company’s ability to terminate the employment of a Grantee who is employed at will is in no way affected by its determination that the Grantee’s
Continuous Service has been terminated for Cause for the purposes of this Plan. 
  
 16. No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation for
purposes of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted under which the
availability or amount of benefits is related to level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended. 
  
 17. Stockholder Approval. The Plan became effective when adopted by
the Board on July 19, 2002. The stockholders of the Company approved the Plan at the annual meeting in 2002. On June 3, 2003, the Board adopted and approved an amendment and restatement of the Plan to (a) change the name of the Plan to
the Meredith Enterprises, Inc. 2002 Stock Incentive Plan, (b) update the number of Shares reserved for issuance under the Plan to reflect the one-for-three reverse split of the Company’s common stock and (c) update the maximum number of Shares
with respect to which Options and SARs may be granted to any Grantee in any fiscal year of the Company to reflect the one-for-three reverse split of the Company’s common stock, which amendment is not subject to approval by the stockholders of
the Company. 
  

 16

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