Document:

Insurance Agreement

 Exhibit 10.1 
 INSURANCE AGREEMENT 
 THIS INSURANCE AGREEMENT, dated July 25, 2007 (the “Insurance
Agreement”), is entered into by and between FINANCIAL GUARANTY INSURANCE COMPANY, a New York stock insurance company (including its successors and assigns, “FGIC”) and TAMPA ELECTRIC COMPANY, a corporation
duly organized under the laws of the State of Florida (including its successors and assigns, the “Company”). 
 WHEREAS, pursuant to a Loan and Trust Agreement, dated as of July 2, 2007 (the “Agreement”) among the Company, the Hillsborough County Industrial Development Authority (the “Authority”) and The Bank of
New York Trust Company, N.A., as trustee (the “Trustee”), the Company will issue: (i) $54,200,000 aggregate principal amount of the Authority’s Pollution Control Revenue Refunding Bonds (Tampa Electric Company
Project), Series 2007A (the “2007A Bonds”), (ii) $51,600,000 aggregate principal amount of the Authority’s Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007B (the “2007B
Bonds”), and (iii) $20,000,000 aggregate principal amount of the Authority’s Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007C (AMT) (the “2007C Bonds”;
together with, the Series 2007A Bonds and the Series 2007B the “Bonds”); and 
 WHEREAS, Financial Guaranty
has issued its Municipal Bond New Issue Insurance Policy (the “Policy”) which insures the scheduled payments of principal of and interest on the Bonds, as specified in the Policy; and 
 WHEREAS, the Company understands that Financial Guaranty expressly requires the delivery of this Insurance Agreement as part of the consideration
for the delivery by Financial Guaranty of the Policy; 
 NOW, THEREFORE, in consideration of the premises and of the agreements herein
contained and of the execution and delivery of the Policy, the Company and FGIC agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Definitions. Except as otherwise expressly provided herein or unless the context otherwise requires, the terms which are capitalized herein shall have the meanings specified in Annex A hereto. 
 Premium. In consideration of Financial Guaranty agreeing to issue the Policy hereunder, the Company hereby agrees to pay Financial Guaranty
upon delivery of the Policy, the Premium, in the amount provided in the Commitment letter. 

 ARTICLE II 
 REPRESENTATIONS, WARRANTIES, COVENANTS 
 Representations and Warranties of the Company.
In addition to the representations and warranties of the Company in the Agreement, which are hereby incorporated herein by reference for the benefit of FGIC, the Company represents and warrants as of the date hereof as follows: 
 The Company is duly organized, validly existing and in good standing under the laws of Florida and has the power and authority to execute, deliver and
perform its obligations under this Insurance Agreement, the Agreement and the Bonds. 
 The execution, delivery and performance of this
Insurance Agreement, the Agreement and the Bonds by the Company has been duly authorized by all necessary corporate action and do not require any additional approvals or consents or other action by or any notice to or filing with any Person except
such as have been obtained and are in full force and effect. 
 Neither the execution and delivery of this Insurance Agreement, the Agreement
or the Bonds by the Company nor the consummation of the transactions contemplated hereby and thereby conflicts with or results in a breach of the terms, conditions or provisions of any constitutional provision, law or administrative regulation of
the State or the United States applicable to the Company or any applicable judgment or decree or any loan agreement, indenture, bond, note, resolution, agreement or other instrument to which the Company is now a party or by which the Company or its
assets are or may be bound, or constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge, security interest or encumbrance whatsoever if on any of the assets of the Company under the terms of any
instrument or agreement except as provided herein. 
 This Insurance Agreement constitutes a legal, valid and binding obligation, enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and general equitable principles.

 No event has occurred and no condition exists that would constitute an Event of Default (as defined in the Agreement, referred to herein
as an “Agreement Default Event”) or that, with the passing of time or with the giving of notice or both would become such an Agreement Default Event. 
 The Agreement and the Bonds have been duly executed by the Company and are the legal, valid and binding obligations of the Company, enforceable against
the Company, in accordance with their terms, subject to the qualification that the enforceability of the obligations of the Company, may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by
equitable principles relating to enforceability. 
 Except as disclosed in the Official Statement, dated July 23, 2007, delivered in
connection with the issuance of the Bonds, (i) there is no action suit, proceeding or investigation at law or in equity before or by any court or governmental agency or body pending or, to the knowledge of the Company, threatened against or
affecting the Company that seeks to restrain or enjoin the issuance or delivery of the Bonds, or the collection of the payments to be made 

  

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pursuant to the Agreement or the Bonds of the Company or the resolutions of the Company relating to the Agreement or the Bonds, or that contests or affects
the powers of the Company to enter into or perform its obligations or consummate the transactions contemplated under any of the foregoing; and (ii) the Company is not in default with respect to any order or decree of any court or any order
regulation or demand of any federal state, municipal or other governmental authority, which default might have consequences that would materially and adversely affect the consummation of the transactions contemplated by the Bonds or the Agreement or
the financial condition, assets, properties or operation of the Company. 
 The financial statements of the Company and its consolidated
subsidiaries as of December 31, 2006 contained or incorporated by reference in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and Form 10Q for the quarter ending March 31, 2007 present fairly in all
material respects the financial condition, results of operations and cash flows of the Company and have been prepared in conformity with U.S. generally accepted accounting principles applied on a consistent basis throughout the periods involved
(except as other wise noted therein). Except as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and Form 10Q for the quarter ending March 31, 2007, there has been no material adverse change
in the consolidated financial condition or results of operation of the Company and its subsidiaries since March 31, 2007. 
 ARTICLE
III 
 COVENANTS 
 Reorganization; Allocation of Debt. The Company hereby agrees that, in the event of a Reorganization, unless otherwise consented to by Financial Guaranty, the obligations of the Company under, and in respect of, the Bonds, the
Agreement and this Insurance Agreement shall be assumed by, and shall become direct and primary obligations of, a Regulated Utility Company. The Company shall have delivered to Financial Guaranty a certificate of the president, any vice president or
the treasurer and an opinion of counsel reasonably acceptable to Financial Guaranty each stating that such Reorganization complies with this Section 3.01. 
 Limitation on Liens. In consideration of the issuance of the Policy, the Company agrees that, so long as the Policy remains in effect (and FGIC is not in default under the Policy) or any Reimbursement
Obligation remains unpaid, the Company will not create or suffer to be created or to exist any mortgage, pledge, security interest, or other lien (collectively “Liens”) on any of the Company’s electric utility properties or tangible
assets used or useful in the Company’s electric utility business now owned or hereafter acquired to secure any indebtedness (including contingent indebtedness) for borrowed money (“Secured Debt”), unless it shall simultaneously
deliver to Trustee for the benefit of the Bondholders and as security for its payment obligations under the Agreement, either of the following at the election of the Company: (i) an equal and ratable security interest in the collateral securing
such Secured Debt, or (ii) First Mortgage Bonds (as defined in the Agreement), as provided in Section 2.02 of the Agreement. This restriction does not apply to the Company’s subsidiaries, nor will it prevent any of them from creating
or permitting to exist liens on their property or assets to secure any indebtedness. In addition, this restriction does not prevent the creation or existence of: 
 (a) Liens on property existing at the time of acquisition or construction of such property (or created within one year after completion of such acquisition or construction), 

  

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whether by purchase, merger, construction or otherwise, or to secure the payment of all or any part of the purchase price or construction cost thereof,
including the extension of any Liens to repairs, renewals, replacements substitutions, betterments, additions, extensions and improvements then or thereafter made on the property subject thereto, including existing Liens on assets acquired or
constructed with the proceeds of indebtedness the interest payments on which are exempt from federal income tax; 
 (b) Leases (operating or
capital) made, or existing on property acquired by the Company, in the ordinary course of business; 
 (c) Financing of the Company’s
accounts receivable for electric or gas service; 
 (d) Liens for taxes, assessments and other governmental charges not yet due, the payment
of which is not at the time required (i) which are being actively contested in good faith by appropriate proceedings, (ii) for which reserves have been established to the extent required by generally accepted accounting principles, and
(iii) which do not pose any material risk of forfeiture or loss of any assets the forfeiture or loss of which would materially adversely affect the business, property, assets or financial condition of the Company and its subsidiaries taken as a
whole; 
 (e) Liens created by or resulting from any judgment entered against the Company or any of its subsidiaries (i) which is being
actively contested in good faith by appropriate proceedings, (ii) for which reserves have been established and are maintained to the extent required by generally accepted accounting principles, (iii) which does not pose any material risk
of forfeiture or loss of any assets the forfeiture or loss of which would materially adversely affect the business, property, assets or financial condition of the Company and its subsidiaries taken as a whole and (iv) which does not adversely
affect the Company’s compliance with the terms hereof or of the Agreement; 
 (f) other Liens incidental to the normal conduct of the
business of the Company or any subsidiary or the ownership of its property and assets and which (i) were not incurred in connection with the incurrence of the indebtedness for borrowed money, and (ii) do not in the aggregate materially
impair the use of such property and assets in the operation of the business of the Company and its subsidiaries taken as a whole, or materially detract from the value of such property and assets for the purposes of such business; 
 (g) Liens on assets of the Company securing Secured Debt not otherwise permitted by the foregoing clauses in an amount that does not exceed 7.5% of Net
Assets; 
 (h) Any extensions, renewals or replacements (or successive extensions, renewals or replacements), in whole or in part, of Liens
permitted by the forgoing clauses; and 
 (i) The pledge of any bonds or other securities at any time issued under any of the Secured Debt
permitted by the above clauses. 
  

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 FGIC agrees that the documents pursuant to which such collateral as is described in this Section 3.02 may be issued
may require the Trustee to surrender such collateral to the Company without payment at any time when (A) the senior unsecured debt of the Company shall be rated (x) Baal or higher by Moody’s and (y) BBB+ or higher by S&P, and
(B) all Secured Debt of the Company (x) not permitted by the provisions clauses (a) through (i) of this Section 3.02, shall have been satisfied and discharged or all security in whatever form securing such Secured Debt in
respect thereof shall have otherwise been released and (y) Secured Debt permitted by clause (g) shall not exceed 5.0% of Net Assets. In the event that First Mortgage Bonds were delivered to the Trustee to satisfy the requirements of this
Section 3.02 and the Company is entitled to their release in accordance with this paragraph, FGIC agrees to deliver to the Trustee the consent required by Section 2.03 (b) of the Agreement promptly upon the written request of the
Company. Notwithstanding any surrender of collateral pursuant to the preceding sentence, the provisions of this Section 3.02 shall continue to apply in respect of the incurrence of additional Secured Debt of the Company. 
 Assignment. The Company hereby agrees that, the Company shall not assign the Bonds, the Agreement, this Insurance Agreement or any of its
duties or obligations hereunder without the prior written consent of FGIC, other than pursuant to a Reorganization that complies with Section 3.01. 
 Liquidity Facility Requirement. So long as the Policy remains in effect and FGIC is not in default thereunder, the Company hereby agrees that, upon the conversion to any interest mode other than the
auction rate mode or a long term interest rate period of five years or more a liquidity facility shall be required to be in place for conversions to such modes. Such liquidity facility and the liquidity facility provider shall be subject to
FGIC’s prior written approval and shall be obtained at the time the liquidity facility is being entered into. 
 Auction
Rate. So long as the Policy remains in effect and FGIC is not in default thereunder, the Company hereby agrees that in no event shall the Bonds bear interest at a rate in excess of the lesser of 14% or the highest rate permitted by
applicable law. 
 ARTICLE IV 
 REIMBURSEMENT OBLIGATION; OTHER PAYMENTS 
 Reimbursement Obligation. 
 The Company agrees to reimburse FGIC, immediately and unconditionally upon demand, for all amounts advanced by FGIC under the Policy. To the extent that
any such payment due hereunder is not paid when due, interest shall accrue on such unpaid amounts at a rate equal to the Effective Interest Rate. 
 The Company also agrees to pay FGIC as follows: 
 The Company shall pay or reimburse FGIC for any and all charges,
fees, costs, and expenses that FGIC may reasonably pay or incur (including reasonable attorney’s fees) in connection with the following: (a) the 

  

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enforcement, defense, or preservation of any rights or security hereunder or under any other transaction document; (b) the pursuit of any remedies
hereunder, under any other transaction document, or otherwise afforded by law or equity; (c) the violation by the Company of any law, rule, or regulation or any judgment, order or decree applicable to it; (d) any advances or payments made
by FGIC to cure defaults of the Company under the transaction documents; or (e) any litigation or other dispute in connection with this Insurance Agreement, any other transaction document, or the transactions contemplated hereby or thereby,
other than amounts resulting from the failure of FGIC to honor its payment obligations under the Policy or from FGIC’s willful misconduct or gross negligence; and 
 interest on any and all amounts described in this clause (b) from the date which is thirty days from the date a statement for such
amounts is received by the Company until payment in full at the Effective Interest Rate. 
 The reimbursement obligations of the Company to
FGIC under this Section 4.01 shall survive discharge and termination of this Insurance Agreement. 
 Unconditional
Obligation. The obligations of the Company hereunder are absolute and unconditional and will be paid or performed strictly in accordance with this Insurance Agreement, irrespective of: 
 any lack of validity or enforceability of, or any amendment or other modification of, or waiver with respect to the Bonds or the Agreement; 
 any exchange, release or nonperfection of any security interest in property securing the Bonds, the Agreement or this Insurance Agreement or any
obligations hereunder; 
 any circumstances (other than the payment of the Bonds in full) which might otherwise constitute a defense
available to, or discharge of, the Company under the Agreement or otherwise with respect to the Bonds; and 
 (d) whether or not the
Company’s obligations under the Agreement, or the obligations represented by the Bonds, are contingent or matured, disputed or undisputed, liquidated or unliquidated. 
 ARTICLE V 
 EVENTS OF DEFAULT; REMEDIES 
 Events of Default. The following events shall constitute Events of Default hereunder: 
 The Company shall fail to pay to FGIC any amount payable under Article IV hereof and such failure shall have continued for period in excess of ten
(10) days after receipt by the Company of written notice thereof; provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under this subsection if, as demonstrated to the reasonable satisfaction of FGIC, the
failure to pay is a failure to pay caused by an error or omission of an administration or operational nature; 
  

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 Any material representation or warranty made by the Company hereunder or any report, certificate,
financial statement or other instrument provided in connection with the Commitment, the Policy or herewith shall have been materially false at the time when made; provided, however, such misrepresentation or breached warranty shall not constitute an
Event of Default if such misrepresentation or breached warranty is capable of being cured and is cured within 30 days after receipt by the Company of written notice of such event or, if such misrepresentation or breached warranty cannot reasonably
be cured within such 30-day period, then within a longer period of time not to exceed 60 days if the Company diligently pursues such cure; 
 (c) Any Event of Default under the Agreement or the Bonds has occurred; 
 (d) Except as otherwise provided in this
Section 5.01, the Company shall fail to perform any of its other obligations under this Insurance Agreement, the Agreement, the Bonds or hereunder, provided that such failure continues for more than 30 days after receipt by the Company of
written notice of such failure to perform; 
 (e) The Company shall (i) voluntarily commence any proceeding or file any petition seeking
relief under the United States Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency or similar law, (ii) consent to the institution of, or fail to controvert in a timely and appropriate manner, any such proceeding or
the filing of any such petition, (iii) apply for or consent to the appointment of a receiver, paying agent, custodian, sequestrator or similar official for the Company or for a substantial part of its property, (iv) file an answer
admitting the material allegations of a petition filed against in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) become unable, admit in writing its inability or fail generally to pay its debts as
they become due; or 
 (f) An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent
jurisdiction seeking (i) relief in respect of the Company, or of a substantial part of its property, under the United States Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency or similar law or (ii) the
appointment of a receiver, paying agent, custodian, sequestrator or similar official for the Company or for a substantial part of its property; and such proceeding or petition shall continue undismissed, or an order or decree approving or ordering
any of the foregoing shall continue unstayed and in effect, for more than 60 days. 
 Remedies. If an Event of Default
hereunder shall occur and be continuing, FGIC may declare all amounts owed by the Company to FGIC to be immediately due and payable, and take whatever action at law or in equity may appear necessary or desirable, including, without limitation, legal
action for the specific performance of any covenant made by the Company herein and to collect the amounts then due and thereafter to become due under this Insurance Agreement, or to enforce performance and observance of any obligation, agreement or
covenant of the Company under this Insurance Agreement, the Agreement or the Bonds. All rights and remedies of FGIC under this Section 5.02 are cumulative and the exercise of any one remedy does not preclude the exercise of one or more other
remedies available under this Insurance 

  

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Agreement or now or hereafter existing at law or in equity. In order to entitle FGIC to exercise any remedy reserved to FGIC in this Article, it shall not be
necessary to give any notice, other than such notice as may be required by this Article. 
 Control of Remedies by FGIC. The
Company acknowledges and agrees that pursuant to the Agreement upon the occurrence and continuation of an Agreement Default Event, provided that FGIC is not in default of its obligations under the Policy, FGIC shall be entitled to control and direct
the enforcement of all rights and remedies granted to bondholders under the Agreement, including, without limitation, (i) the right to accelerate the principal of the Bonds and (ii) the right to annul any declaration of acceleration, and
that FGIC shall also be entitled to approve all waivers of Agreement Default Events. 
 ARTICLE VI 
 SETTLEMENT 
 Settlement. FGIC shall have the exclusive right to decide and determine whether any claim, liability, suit or judgment made or brought against FGIC on the Policy (a “Policy Claim”) shall or shall
not be paid, compromised, resisted, defended, tried or appealed, and FGIC’s decision thereon, if made in good faith, shall be final and binding on the Company. An itemized statement of payments made by FGIC, certified by an officer of FGIC, or
the voucher or vouchers for such payments, shall be prima facie evidence of the liability of the Company, absent manifest error. 
 ARTICLE
VII 
 MISCELLANEOUS 
 Certain Rights of FGIC. While the Policy is in effect: 
 the Company shall furnish or make available to
FGIC, as soon as practicable after the filing thereof with the SEC, the copies of the Company’s periodic reports; documents filed with the SEC electronically are deemed to be made available upon filing; 
 (b) The Company shall notify FGIC of the redemption of any of the Bonds or any advanced refunding of the Bonds, including the principal amount,
maturities and CUSIP numbers thereof; 
 (c ) the Company shall notify FGIC of the downgrading by any rating agency of the Company’s
underlying public rating to ‘non-investment grade” and 
 (d) the Company shall provide FGIC with such additional information as
FGIC shall reasonably request. 
 Amendment and Waiver. Any provision of this Insurance Agreement may be amended,
waived, supplemented, discharged or terminated only with the prior written consent of the Company and FGIC. The Company hereby agrees that upon the written request of the Trustee, FGIC may make or consent to issue any substitute for the Policy to
cure any ambiguity or formal defect or omission in the Policy which does not materially change the terms of the Policy nor adversely affect the rights of the owners of the Bonds, and this Insurance Agreement shall apply to such substituted Policy.
FGIC agrees to deliver to the Company and to the company or companies, if any, rating the Bonds, a copy of such substituted Policy. 
  

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 Successors and Assigns; Descriptive Headings.

 This Insurance Agreement shall bind, and the benefits thereof shall inure to, the Company and FGIC and their respective successors and
assigns; provided, that no party hereto may transfer or assign any or all of its rights and obligations hereunder without the prior written consent of the other party hereto. Notwithstanding the foregoing provisions of this Section 7.03(a),
FGIC shall have the right the reinsure any portion of its exposure under the Policy to third party reinsurers. 
 The descriptive headings of
the various provisions of this Insurance Agreement are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 
 Counterparts. This Insurance Agreement may be executed in any number of copies and by the different parties hereto on the same or separate
counterparts, each of which fully-executed counterparts shall be deemed to be an original instrument, and all of which shall constitute but one and the same instrument. Complete counterparts of this Insurance Agreement shall be lodged with the
Company, the Trustee and FGIC. 
 Term. This Insurance Agreement shall expire upon the later of (i) the expiration of the
Policy in accordance with the terms thereof or (ii) the repayment in full to FGIC of any amounts due and owing to it by the Company under this Insurance Agreement or the Policy. 
 Exercise of Rights. No failure or delay on the part of FGIC to exercise any right, power or privilege under this Insurance Agreement
or the Agreement or the Bonds, and no course of dealing between FGIC and the Company or any other party, shall operate as a waiver of or impair any such right, power or privilege, nor shall any single or partial exercise of any such right, power or
privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which FGIC would otherwise
have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other
or further action in any circumstances without notice or demand. 
 Waiver. The Company waives any defense that this Insurance
Agreement was executed subsequent to the date of the Commitment, admitting and covenanting that such Commitment was delivered pursuant to the Company’s request and in reliance on the Company’s promise to execute this Insurance Agreement.

 Entire Agreement This Insurance Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes any and all prior agreements and understandings of the parties hereto with respect to the subject matter hereof, including but not limited to the Commitment. 
  

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 SECTION 7.09. Severability. In the event any provision of this Insurance Agreement shall be
held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 
 SECTION 7.10. Notices. All written notices to or upon the respective parties hereto shall be deemed to have been given or made when actually received, or in the case of telecopier machine owned or
operated by a party hereto, when sent and confirmed in writing by such machine as having been received, addressed as specified below or at such other address as any of the parties hereto may from time to time specify in writing to the other:

  

	
	If to the Company:
	
	 Tampa Electric Company

	 702 North Franklin Street

	 Tampa, Fl 33602

	 Attention: Corporate Secretary

	 Facsimile No: 813-228-1328

	
	 If to FGIC:

	
	 Financial Guaranty Insurance Company

	 125 Park Avenue

	 New York, NY 10017

	 Attention: Paul Morrison

	 Phone: 212-312-2736

	 Facsimile: 212-312-2707

 SECTION 7.11. Governing Law. This Insurance Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of New York. 
  

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 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Insurance
Agreement to be duly executed and delivered as of the date first above written. 
  

			
	TAMPA ELECTRIC COMPANY
		
	By:	 	 /s/ Sandra W. Callahan

	Name:	 	Sandra W. Callahan
	Title:	 	Vice President – Treasurer and Assistant Secretary
	
	FINANCIAL GUARANTY INSURANCE COMPANY
		
	By:	 	 /s/ David Lopp

		 	David Lopp
		 	Managing Director

  

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 ANNEX A 
 DEFINITIONS 
 For all purposes of this Insurance Agreement, except as otherwise expressly provided herein or
unless the context otherwise requires, all capitalized terms shall have the meaning as set out below. 
 “Agreement
Default Event” shall mean an Event of Default pursuant to Section 10.01 of the Agreement. 
 “Business Day” means any day other than a Saturday or Sunday on which commercial banking institutions in New York, New York are generally open for banking business. 
 “Commitment” means the commitment letter, dated July 20-, 2007, from FGIC to the Company, committing to issue
the Policy in respect of the Bonds, subject to the terms and conditions thereof. 
 “Company” has the
meaning set forth in the recitals hereof. 
 “Effective Interest Rate” means the lesser of
(i) the prime rate of Citibank, N.A., in effect from time to time plus 1% per annum and (ii) the maximum rate of interest permitted by then applicable law. 
 “Event of Default” means any of the events of default set forth in Section 6.01 of this Insurance Agreement.

 “Interest Payment Date” has the meaning assigned thereto by the Bonds. 
 “Moody’s” means Moody’s Investors Service. 
 “Net Assets” means total assets of the Company, but excluding goodwill, less current liabilities other than short
term debt and current maturities of long term debt of the Company, all as determined in accordance with generally accepted accounting principles. 
 “Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or owner trust, limited liability company, partnership or other
organization or entity (whether governmental or private). 
 “Policy” has the meaning set forth in the
second “Whereas” clause hereof. 
 “Regulated Utility Company” means a corporation (or a
limited liability company) engaged in the distribution of electricity, and which is regulated by the Florida Public Service Commission, or other applicable public utility commission where its primary electricity distribution business is
located. 

 “Reimbursement Obligation” means the amounts payable by the
Company to FGIC pursuant to the provisions of Section 4.01 of this Insurance Agreement. 
 “Reorganization” means any reorganization, consolidation or merger of the Company or its affiliates, or any transfer, sale or lease of a substantial portion of the assets of the Company or its affiliates, as a result of
which the Company ceases to be a Regulated Utility Company. 
 “S&P” means Standard &
Poor’s Ratings Service, a division of The McGraw Hill Companies.NIKE, Inc. 1990 Stock Incentive Plan

 Exhibit 10.3 
 NIKE, Inc. 1990 Stock Incentive Plan 
 1. Purpose. The purpose of this Stock Incentive Plan
(the “Plan”) is to enable NIKE, Inc. (the “Company”) to attract and retain as directors, officers, employees, consultants, advisors and independent contractors people of initiative and ability and to provide additional incentives
to such persons. 
 2. Shares Subject to the Plan. Subject to adjustment as provided below and in paragraph 10, the shares to be
offered under the Plan shall consist of Class B Common Stock of the Company (“Shares”), and the total number of Shares that may be issued under the Plan shall not exceed one hundred thirty-two million (132,000,000) Shares. If an
option or stock appreciation right granted under the Plan expires, terminates or is canceled, the unissued Shares subject to such option or stock appreciation right shall again be available under the Plan. If Shares sold or awarded as a bonus under
the Plan are forfeited to the Company or repurchased by the Company, the number of Shares forfeited or repurchased shall again be available under the Plan. 
 3. Effective Date and Duration of Plan. 
 (a) Effective Date. The Plan shall become effective
when adopted by the Board of Directors of the Company. However, no option or stock appreciation right granted under the Plan shall become exercisable until the Plan is approved by the affirmative vote of the holders of a majority of the Common Stock
of the Company represented at a shareholders meeting at which a quorum is present and any awards under the Plan prior to such approval shall be conditioned on and subject to such approval. Subject to this limitation, options and stock appreciation
rights may be granted and Shares may be awarded as bonuses or sold under the Plan at any time after the effective date and before termination of the Plan. 
 (b) Duration. The Plan shall continue in effect until all Shares available for issuance under the Plan have been issued and all restrictions on such Shares have lapsed. The Board of Directors may suspend or
terminate the Plan at any time except with respect to options and Shares subject to restrictions then outstanding under the Plan. Termination shall not affect any outstanding options, any right of the Company to repurchase Shares or the
forfeitability of Shares issued under the Plan. 
 4. Administration. 
 The Plan shall be administered by a committee appointed by the Board of Directors of the Company consisting of not less than two directors (the
“Committee”), which shall determine and designate from time to time the individuals to whom awards shall be made, the amount of the awards and the other terms and conditions of the awards, except that only the Board of Directors may amend
or terminate the Plan as provided in paragraphs 3 and 13. Subject to the provisions of the Plan, the Committee may from time to time adopt and amend rules and regulations relating to administration of the Plan, advance the lapse of any waiting
period, accelerate any exercise date, waive or modify any restriction applicable to Shares (except those restrictions imposed by law) and make all other determinations in the judgment of the Committee necessary or desirable for the administration of
the Plan. The interpretation and construction of the provisions of the Plan and related agreements by the Committee shall be final and conclusive. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan
or in any related agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect, and it shall be the sole and final judge of such expediency. Notwithstanding anything to the contrary contained in this Paragraph 4,
the Board of Directors may delegate to the Chief Executive Officer of the Company, as a one-member committee of the Board of Directors, the authority to grant awards with respect to a maximum of 50,000 Shares to any eligible employee who is not, at
the time of such grant, subject to the reporting requirements and liability provisions contained in Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) and the regulations thereunder. 
 5. Types of Awards; Eligibility. The Committee may, from time to time, take the following action, separately or in combination, under the Plan:
(i) grant Incentive Stock Options, as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), as provided in paragraph 6(b); (ii) grant options other than Incentive Stock Options
(“Non-Statutory Stock Options”) as provided in paragraph 

 
6(c); (iii) award stock bonuses as provided in paragraph 7; (iv) sell shares subject to restrictions as provided in paragraph 8; and (v) grant
stock appreciation rights as provided in paragraph 9. Any such awards may be made to employees, including employees who are officers or directors, of the Company or any parent or subsidiary corporation of the Company and to other individuals
described in paragraph 1 who the Committee believes have made or will make an important contribution to the Company or its subsidiaries; provided, however, that only employees of the Company shall be eligible to receive Incentive Stock Options under
the Plan. The Committee shall select the individuals to whom awards shall be made. The Committee shall specify the action taken with respect to each individual to whom an award is made under the Plan. No employee may be granted options or stock
appreciation rights under the Plan for more than 400,000 Shares in any calendar year. 
 6. Option Grants. 
 (a) Grant. The Committee may grant options under the Plan. With respect to each option grant, the Committee shall determine the number of Shares
subject to the option, the option price, the period of the option, the time or times at which the option may be exercised and whether the option is an Incentive Stock Option or a Non-Statutory Stock Option. 
 (b) Incentive Stock Options. Incentive Stock Options shall be subject to the following terms and conditions: 
 (i) An Incentive Stock Option may be granted under the Plan to an employee possessing more than 10 percent of the total combined voting
power of all classes of stock of the Company or of any parent or subsidiary of the Company only if the option price is at least 110 percent of the fair market value of the Shares subject to the option on the date it is granted, as described in
paragraph 6(b)(iii), and the option by its terms is not exercisable after the expiration of five years from the date it is granted. 
 (ii) Subject to paragraphs 6(b)(i) and 6(d), Incentive Stock Options granted under the Plan shall continue in effect for the period fixed by the Committee, except that no Incentive Stock Option shall be exercisable after the expiration of
10 years from the date it is granted. 
 (iii) The option price per share shall be determined by the Committee at the time of
grant. Subject to paragraph 6(b)(i), the option price shall not be less than 100 percent of the fair market value of the Shares covered by the Incentive Stock Option at the date the option is granted. The fair market value shall be deemed to be the
closing price of the Class B Common Stock of the Company as reported in the New York Stock Exchange Composite Transactions in the Wall Street Journal on the date the option is granted, or if there has been no sale on that date, on the last preceding
date on which a sale occurred, or such other reported value of the Class B Common Stock of the Company as shall be specified by the Committee. 
 (iv) No Incentive Stock Option shall be granted on or after the tenth anniversary of the last action by the Board of Directors approving an increase in the number of shares available for issuance under the Plan, which
action was subsequently approved within 12 months by the shareholders. 
 (c) Non-Statutory Stock Options. The option price for
Non-Statutory Stock Options shall be determined by the Committee at the time of grant. The option price may not be less than 75 percent of the fair market value of the Shares covered by the Non-Statutory Stock Option on the date the option is
granted. The fair market value of Shares covered by a Non-Statutory Stock Option shall be determined pursuant to paragraph 6(b)(iii). 
 (d)
Exercise of Options. Except as provided in paragraph 6(f), no option granted under the Plan may be exercised unless at the time of such exercise the optionee is employed by the Company or any parent or subsidiary corporation of the Company
and shall have been so employed continuously since the date such option was granted. Absence on leave or on account of illness or disability under rules established by the Committee shall not, however, be deemed an interruption of employment for
this 

 
purpose. Except as provided in paragraphs 6(f), 10 and 11, options granted under the Plan may be exercised from time to time over the period stated in each
option in such amounts and at such times as shall be prescribed by the Committee, provided that options shall not be exercised for fractional shares. Unless otherwise determined by the Committee, if the optionee does not exercise an option in any
one year with respect to the full number of Shares to which the optionee is entitled in that year, the optionee’s rights shall be cumulative and the optionee may purchase those Shares in any subsequent year during the term of the option.

 (e) Nontransferability. Except as provided below, each stock option granted under the Plan by its terms shall be nonassignable and
nontransferable by the optionee, either voluntarily or by operation of law, and each option by its terms shall be exercisable during the optionee’s lifetime only by the optionee. A stock option may be transferred by will or by the laws of
descent and distribution of the state or country of the optionee’s domicile at the time of death. A Non-Statutory Stock Option shall also be transferable pursuant to a qualified domestic relations order as defined under the Code or Title I of
the Employee Retirement Income Security Act. The Committee may, in its discretion, authorize all or a portion of a Non-Statutory Stock Option granted to an optionee to be on terms which permit transfer by the optionee to (i) the spouse,
children or grandchildren of the optionee (“Immediate Family Members”), (ii) a trust or trusts for the exclusive benefit of Immediate Family Members, or (iii) a partnership in which Immediate Family Members are the only partners,
provided that (x) there may be no consideration for any transfer, (y) the stock option agreement pursuant to which the options are granted must expressly provide for transferability in a manner consistent with this paragraph, and
(z) subsequent transfers of transferred options shall be prohibited except by will or by the laws of descent and distribution. Following any transfer, options shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, provided that for purposes of paragraphs 6(d), 6(g), 10 and 11 the term “optionee” shall be deemed to refer to the transferee. The events of termination of employment of paragraph 6(f), shall continue to be
applied with respect to the original optionee, following which the options shall be exercisable by the transferee only to the extent, and for the periods specified, and all other references to employment, termination of employment, life or death of
the optionee, shall continue to be applied with respect to the original optionee. 
 (f) Termination of Employment or Death.

 (i) Unless otherwise provided at the time of grant, in the event the employment of the optionee by the Company or a parent
or subsidiary corporation of the Company terminates for any reason other than because of retirement, physical disability or death, the option may be exercised at any time prior to the expiration date of the option or the expiration of three months
after the date of such termination of employment, whichever is the shorter period, but only if and to the extent the optionee was entitled to exercise the option at the date of such termination. 
 (ii) Unless otherwise provided at the time of grant, in the event the employment of the optionee by the Company or a parent or subsidiary
corporation of the Company terminates as a result of the optionee’s retirement, the option may be exercised by the optionee to the extent specified in this paragraph 6(f)(ii) at any time prior to the expiration date of the option or the
expiration of three months after the date of such termination of employment, whichever is the shorter period. For purposes of this paragraph 6(f), “retirement” means a termination of employment that occurs at a time when (A) the
optionee’s retirement point total is at least 55, and (B) the optionee has at least five full years of service as an employee of the Company or a parent or subsidiary corporation of the Company. For purposes of this paragraph 6(f),
“retirement point total” means the sum of the optionee’s age in full years plus the optionee’s full years of service as an employee of the Company or a parent or subsidiary corporation of the Company. Upon retirement, the
optionee may exercise the portion of the option that the optionee was entitled to exercise immediately prior to retirement plus a percentage of the remaining unvested portion of the option based on the optionee’s retirement point total at the
time of retirement as set forth in the following table: 
  

			
	 Retirement Point Total
	 	 Percent of Unvested Option
 That Becomes Exercisable

	 55 or 56
	 	20%
	 57
	 	40%
	 58
	 	60%
	 59
	 	80%
	 60
	 	100%

 (iii) Unless otherwise provided at the time of grant, in the event the employment of the
optionee by the Company or a parent or subsidiary corporation of the Company terminates because the optionee becomes disabled (within the meaning of Section 22(e)(3) of the Code), the option may be exercised by the optionee free of the
limitations on the amount that may be purchased in any one year specified in the option agreement at any time prior to the expiration date of the option or the expiration of one year after the date of such termination, whichever is the shorter
period. 
 (iv) Unless otherwise provided at the time of grant, in the event of the death of the optionee while in the employ
of the Company or a parent or subsidiary corporation of the Company, the option may be exercised free of the limitations on the amount that may be purchased in any one year specified in the option agreement at any time prior to the expiration date
of the option or the expiration of one year after the date of such death, whichever is the shorter period, but only by the person or persons to whom such optionee’s rights under the option shall pass by the optionee’s will or by the laws
of descent and distribution of the state or country of domicile at the time of death. 
 (v) The Committee, at the time of
grant or at any time thereafter, may extend the three-month and one-year expiration periods any length of time not later than the original expiration date of the option, and may increase the portion of an option that is exercisable, subject to such
terms and conditions as the Committee may determine. 
 (vi) To the extent that the option of any deceased optionee or of any
optionee whose employment terminates is not exercised within the applicable period, all further rights to purchase Shares pursuant to such option shall cease and terminate. 
 (g) Purchase of Shares. Unless the Committee determines otherwise, Shares may be acquired pursuant to an option granted under the Plan only upon
receipt by the Company of notice in writing from the optionee of the optionee’s intention to exercise, specifying the number of Shares as to which the optionee desires to exercise the option and the date on which the optionee desires to
complete the transaction, and if required in order to comply with the Securities Act of 1933, as amended, containing a representation that it is the optionee’s present intention to acquire the Shares for investment and not with a view to
distribution. Unless the Committee determines otherwise, on or before the date specified for completion of the purchase of Shares pursuant to an option, the optionee must have paid the Company the full purchase price of such Shares in cash or with
the consent of the Committee, in whole or in part, in Common Stock of the Company valued at fair market value. The fair market value of Common Stock of the Company provided in payment of the purchase price shall be the closing price of the Common
Stock of the Company as reported in the New York Stock Exchange Composite Transactions in the Wall Street Journal or such other reported value of the Common Stock of the Company as shall be specified by the Committee, on the date the option is
exercised, or if such date is not a trading day, then on the immediately preceding trading day. No Shares shall be issued until full payment therefor has been made. With the consent of the Committee, an optionee may request the Company to apply
automatically the Shares to be received upon the exercise of a portion of a stock option (even though stock certificates have not yet been issued) to satisfy the purchase price for additional portions of the option. Each optionee who has exercised
an option shall immediately upon notification of the amount due, if any, pay to the Company in cash amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If additional withholding is or becomes required
beyond any amount deposited before delivery of the certificates, the optionee shall pay such amount to the Company on demand. If the optionee fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the
Company to the optionee, including salary, subject to applicable law. With the consent of the Committee, an optionee may satisfy this obligation, in whole or in part, by having the Company withhold from the Shares to be issued upon the exercise that
number of Shares that would satisfy the withholding amount due or by delivering Common Stock of the Company to the Company to satisfy the withholding amount. Upon the exercise of an option, the number of Shares reserved for issuance under the Plan
shall be reduced by the number of Shares issued upon exercise of the option. 

 7. Stock Bonuses. The Committee may award Shares under the Plan as stock bonuses. Shares awarded
as a stock bonus shall be subject to the terms, conditions, and restrictions determined by the Committee. The restrictions may include restrictions concerning transferability and forfeiture of the Shares awarded, together with such other
restrictions as may be determined by the Committee. The Committee may require the recipient to sign an agreement as a condition of the award, but may not require the recipient to pay any monetary consideration other than amounts necessary to satisfy
tax withholding requirements. The agreement may contain any terms, conditions, restrictions, representations and warranties required by the Committee. The certificates representing the Shares awarded shall bear any legends required by the Committee.
The Company may require any recipient of a stock bonus to pay to the Company in cash upon demand amounts necessary to satisfy any applicable federal, state or local tax withholding requirements. If the recipient fails to pay the amount demanded, the
Company may withhold that amount from other amounts payable by the Company to the recipient, including salary, subject to applicable law. With the consent of the Committee, a recipient may deliver Common Stock of the Company to the Company to
satisfy this withholding obligation. Upon the issuance of a stock bonus, the number of Shares reserved for issuance under the Plan shall be reduced by the number of Shares issued. 
 8. Restricted Stock. The Committee may issue Shares under the Plan for such consideration (including promissory notes and services) as determined
by the Committee, provided that in no event shall the consideration be less than 75 percent of fair market value of the Shares at the time of issuance. Shares issued under the Plan shall be subject to the terms, conditions and restrictions
determined by the Committee. The restrictions may include restrictions concerning transferability, repurchase by the Company and forfeiture of the Shares issued, together with such other restrictions as may be determined by the Committee. All Shares
issued pursuant to this paragraph 8 shall be subject to a purchase agreement, which shall be executed by the Company and the prospective recipient of the Shares prior to the delivery of certificates representing such Shares to the recipient. The
purchase agreement may contain any terms, conditions, restrictions, representations and warranties required by the Committee. The certificates representing the Shares shall bear any legends required by the Committee. The Company may require any
purchaser of restricted stock to pay to the Company in cash upon demand amounts necessary to satisfy any applicable federal, state or local tax withholding requirements. If the purchaser fails to pay the amount demanded, the Company may withhold
that amount from other amounts payable by the Company to the purchaser, including salary, subject to applicable law. With the consent of the Committee, a purchaser may deliver Common Stock of the Company to the Company to satisfy this withholding
obligation. Upon the issuance of restricted stock, the number of Shares reserved for issuance under the Plan shall be reduced by the number of Shares issued. 
 9. Stock Appreciation Rights. 
 (a) Grant. Stock appreciation rights may be granted under the
Plan by the Committee, subject to such rules, terms, and conditions as the Committee prescribes. 
 (b) Exercise. 
 (i) A stock appreciation right shall be exercisable only at the time or times established by the Committee. If a stock appreciation right
is granted in connection with an option, the stock appreciation right shall be exercisable only to the extent and on the same conditions that the related option could be exercised. Upon exercise of a stock appreciation right, any option or portion
thereof to which the stock appreciation right relates terminates. If a stock appreciation right is granted in connection with an option, upon exercise of the option, the stock appreciation right or portion thereof to which the option relates
terminates. 
 (ii) The Committee may withdraw any stock appreciation right granted under the Plan at any time and may impose
any conditions upon the exercise of a stock appreciation right or adopt rules and regulations from time to time affecting the rights of holders of stock appreciation rights. Such 

 
rules and regulations may govern the right to exercise stock appreciation rights granted before adoption or amendment of such rules and regulations as well
as stock appreciation rights granted thereafter. 
 (iii) Each stock appreciation right shall entitle the holder, upon
exercise, to receive from the Company in exchange therefor an amount equal in value to the excess of the fair market value on the date of exercise of one share of Class B Common Stock of the Company over its fair market value on the date of grant
(or, in the case of a stock appreciation right granted in connection with an option, the option price per Share under the option to which the stock appreciation right relates), multiplied by the number of Shares covered by the stock appreciation
right or the option, or portion thereof, that is surrendered. Payment by the Company upon exercise of a stock appreciation right may be made in Shares valued at fair market value, in cash, or partly in Shares and partly in cash, all as determined by
the Committee. 
 (iv) For purposes of this paragraph 9, the fair market value of the Class B Common Stock of the Company on
the date a stock appreciation right is exercised shall be the closing price of the Class B Common Stock of the Company as reported in the New York Stock Exchange Composite Transactions in the Wall Street Journal, or such other reported value of the
Class B Common Stock of the Company as shall be specified by the Committee, on the date the stock appreciation right is exercised, or if such date is not a trading day, then on the immediately preceding trading day. 
 (v) No fractional shares shall be issued upon exercise of a stock appreciation right. In lieu thereof, cash shall be paid in an amount
equal to the value of the fractional share. 
 (vi) Each stock appreciation right granted under the Plan by its terms shall be
nonassignable and nontransferable by the holder, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or county of the holder’s domicile at the time of death, and each stock
appreciation right by its terms shall be exercisable during the holder’s lifetime only by the holder; provided, however, that a stock appreciation right not granted in connection with an Incentive Stock Option shall also be transferable
pursuant to a qualified domestic relations order as defined under the Code or Title I of the Employee Retirement Income Security Act. 
 (vii) Each participant who has exercised a stock appreciation right shall, upon notification of the amount due, pay to the Company in cash amounts necessary to satisfy any applicable federal, state or local tax
withholding requirements. If the participant fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the participant including salary, subject to applicable law. With the consent of the
Committee a participant may satisfy this obligation, in whole or in part, by having the Company withhold from any Shares to be issued upon the exercise that number of Shares that would satisfy the withholding amount due or by delivering Common Stock
of the Company to the Company to satisfy the withholding amount. 
 (viii) Upon the exercise of a stock appreciation right for
Shares, the number of Shares reserved for issuance under the Plan shall be reduced by the number of Shares issued. Cash payments of stock appreciation rights shall not reduce the number of Shares reserved for issuance under the Plan. 
 10. Changes in Capital Structure. If the outstanding shares of Common Stock of the Company are hereafter increased or decreased or changed into or
exchanged for a different number or kind of shares or other securities of the Company or of another corporation by reason of any reorganization, merger, consolidation, plan of exchange, recapitalization, reclassification, stock split-up, combination
of shares or dividend payable in shares, appropriate adjustment shall be made by the Committee in the number and kind of shares available for awards under the Plan, provided that this paragraph 10 shall not apply with respect to transactions
referred to in paragraph 11. In addition, the Committee shall make appropriate adjustment in the number and kind of shares as to which outstanding options and stock appreciation rights, or portions thereof then unexercised, shall be exercisable, to
the end that the optionee’s proportionate interest is maintained as before the occurrence of such event. The Committee may also require that any securities 

 
issued in respect of or exchanged for Shares issued hereunder that are subject to restrictions be subject to similar restrictions. Notwithstanding the
foregoing, the Committee shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be disregarded or provided for in any manner
determined by the Committee. Any such adjustments made by the Committee shall be conclusive. In the event of a merger, consolidation or plan of exchange affecting the Company to which paragraph 11 does not apply, in lieu of providing for options and
stock appreciation rights as provided above in this paragraph 10, the Committee may, in its sole discretion, provide a 30-day period prior to such event during which optionees shall have the right to exercise options and stock appreciation rights in
whole or in part without any limitation on exercisability and upon the expiration of such 30-day period all unexercised options and stock appreciation rights shall immediately terminate. 
 11. Special Acceleration in Certain Events. 
 (a) Special Acceleration. Notwithstanding any other provisions of the Plan, a special acceleration (“Special Acceleration”) of options and stock appreciation rights outstanding under the Plan shall occur with the effect set
forth in paragraph 11(b) at any time when the shareholders of the Company approve one of the following (“Approved Transactions”): 
 (i) Any consolidation, merger, plan of exchange, or transaction involving the Company (“Merger”) in which the Company is not the continuing or surviving corporation or pursuant to which the Common Stock of
the Company would be converted into cash, securities or other property, other than a Merger involving the Company in which the holders of the Common Stock of the Company immediately prior to the Merger have the same proportionate ownership of common
stock of the surviving corporation after the Merger; or 
 (ii) Any sale, lease, exchange, or other transfer (in one
transaction or a series of related transactions) of all or substantially all of the assets of the Company or the adoption of any plan or proposal for the liquidation or dissolution of the Company. 
 (b) Effect on Outstanding Options and Stock Appreciation Rights. Except as provided below in this paragraph 11(b), upon a Special Acceleration
pursuant to paragraph 11(a), all options and stock appreciation rights then outstanding under the Plan shall immediately become exercisable in full during the remainder of their terms; provided, the Committee may, in its sole discretion, provide a
30-day period prior to an Approved Transaction during which optionees shall have the right to exercise options and stock appreciation rights, in whole or in part, without any limitation on exercisability, and upon the expiration of such 30-day
period all unexercised options and stock appreciation rights shall immediately terminate. 
 12. Corporate Mergers, Acquisitions, etc.
The Committee may also grant options, stock appreciation rights, and stock bonuses and issue restricted stock under the Plan having terms, conditions and provisions that vary from those specified in this Plan, provided that any such awards are
granted in substitution for, or in connection with the assumption of, existing options, stock appreciation rights, stock bonuses, and restricted stock, awarded or issued by another corporation and assumed or otherwise agreed to be provided for by
the Company pursuant to or by reason of a transaction involving a corporate merger, consolidation, plan of exchange, acquisition of property or stock, separation, reorganization or liquidation to which the Company or a parent or subsidiary
corporation of the Company is a party. 
 13. Amendment of Plan. The Board of Directors may at any time, and from time to time, modify
or amend the Plan in such respects as it shall deem advisable because of changes in the law while the Plan is in effect or for any other reason. Except as provided in paragraphs 6(f), 9, 10 and 11, however, no change in an award already granted
shall be made without the written consent of the holder of such award. 
 14. Approvals. The obligations of the Company under the Plan
are subject to the approval of state and federal authorities or agencies with jurisdiction in the matter. The Company will use its best efforts to take steps required by state or federal law or applicable regulations, including rules and regulations
of the Securities and Exchange Commission and any stock exchange or trading system on which the Company’s 

 
shares may then be listed or admitted for trading, in connection with the grants under the Plan. The foregoing notwithstanding, the Company shall not be
obligated to issue or deliver Class B Common Stock under the Plan if such issuance or delivery would violate applicable state or federal securities laws. 
 15. Employment and Service Rights. Nothing in the Plan or any award pursuant to the Plan shall (i) confer upon any employee any right to be continued in the employment of the Company or any parent or
subsidiary corporation of the Company or shall interfere in any way with the right of the Company or any parent or subsidiary corporation of the Company by whom such employee is employed to terminate such employee’s employment at any time, for
any reason, with or without cause, or to increase or decrease such employee’s compensation or benefits, or (ii) confer upon any person engaged by the Company any right to be retained or employed by the Company or to the continuation,
extension, renewal, or modification of any compensation, contract, or arrangement with or by the Company. 
 16. Rights as a
Shareholder. The recipient of any award under the Plan shall have no rights as a shareholder with respect to any Shares until the date of issue to the recipient of a stock certificate for such Shares. Except as otherwise expressly provided in
the Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

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