Document:

HMS
      Holdings Corp. Stock Option Number TN003994

     

    HMS
      HOLDINGS CORP.

    

    Non-Qualified
      Stock Option Agreement

     

    THIS
      STOCK OPTION AGREEMENT (this “Agreement”) is made and entered into as of this
      2nd day of July, 2007, by and between HMS Holdings Corp. a New York corporation
      (the “Corporation”), and Walter D. Hosp (the “Optionee”) with respect to the
      non-qualified stock option described below (the “Option”) granted by the Company
      to the Optionee as of the date hereof. The Option is granted outside the
      Corporation’s 2006 Stock Plan, as amended and restated (the “Plan”), but, to the
      extent applicable, is subject to all the terms and conditions of the Plan,
      unless otherwise provided in this Agreement. 

     

    WITNESSETH:

     

    WHEREAS,
      effective as of July 2, 2007, the Optionee became an Employee, as defined in
      the
      Plan;

     

    WHEREAS,
      The Corporation, with the approval of the Committee, hereby grants to the
      Optionee as of the date hereof an option (the “Option”) to purchase all or any
      part of an aggregate of 60,000 shares of the Corporation’s common shares, $.01
      par value per share (the “Common Stock”), at $19.12 per share and on the terms
      set forth in this Agreement;

    

    WHEREAS,
      the Optionee desires to receive the Option on the terms and conditions set
      forth
      in this Agreement.

     

    NOW,
      THEREFORE, the parties agree as follows:

    

    1.
       The
      Option and all rights of the Optionee to purchase shares of Common Stock
      hereunder shall terminate on July 2, 2017 (hereinafter referred to as the
“Expiration Date”).

    
      
        
        

      

      
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          1

        
          

        

      

      
        
        

      

    

    HMS
      Holdings Corp. Stock Option Number TN003994

    

    2.
       The
      Optionee’s right and option to purchase shares of Common Stock pursuant to the
      Option shall vest as follows:

    

    
      	
              7/2/2008

            	 	
              15,000
                shares

            
	
              7/2/2009

            	
              an
                additional

            	
              15,000
                shares

            
	
              7/2/2010

            	
              an
                additional 

            	
              15,000
                shares

            
	
              7/2/2011

            	
              an
                additional

            	
              15,000
                shares

            

    

    

    3.
       Once
      the
      Option has vested in accordance with the preceding Section 2, it shall continue
      to be exercisable until the earlier of the termination of the Optionee’s rights
      hereunder pursuant to Section 5, or the Expiration Date. A partial exercise
      of
      the Option shall not affect the Optionee’s right to exercise the Option with
      respect to the remaining shares subject thereto, subject to the conditions
      of
      the Plan and this Agreement. Full payment for shares acquired shall be made
      in
      cash at or prior to the time that an Option, or any part thereof, is
      exercised.

    

    4.
       (a)
      Except as provided in Section 5, the Option may not be exercised unless the
      Optionee is, at the time of exercise, an employee, as defined in the Plan,
      of
      the Corporation or of a Parent or Subsidiary, as defined in the Plan, thereof
      (collectively hereinafter referred to as the “Corporation”). The Option shall
      not be affected by any change of duties or position so long as the Optionee
      continues to be an employee of the Corporation. A leave of absence or an
      interruption in service (including an interruption during military service)
      authorized or approved by the Corporation shall not be deemed an interruption
      of
      employment for the purposes of Section 5.

    

    (b)
      No
      partial exercise of the Option may be for less than 100 full shares (or less
      than all the shares as to which the Option is exercisable, if less than 100
      shares), and in no event shall the Corporation be required to issue any
      fractional shares.

    
      
        
        

      

      
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    HMS
      Holdings Corp. Stock Option Number TN003994

    

    5.
       In
      the
      event the Optionee shall cease to be employed by the Corporation for any reason,
      including but not limited to by reason of the Optionee’s death or disability,
      all unexercised Options held by the Optionee which are not then exercisable
      by
      the Optionee shall lapse effective the date of termination of employment. To
      the
      extent not theretofore exercised, any Options held by the Optionee which are
      then exercisable shall terminate as follows: If the employment is terminated
      for
      any reason other than “for cause”, disability, as defined below, or death, any
      then exercisable Options shall terminate upon the expiration of one month after
      the termination of employment. If the employment terminates because of a
      permanent and total disability as defined by Section 22(e)(3) of the Internal
      Revenue Code of 1986, as amended (the “Code”) as it now exists or may hereafter
      be amended or because of death, any then exercisable Options shall terminate
      upon the expiration of one year after the termination of employment. If the
      termination is “for cause” as determined by the Board, which shall be deemed to
      mean the deliberate gross misconduct of the Optionee or the violation by the
      Optionee, after any such termination, of the terms of a Restrictive covenant
      and
      Confidentiality/Non-Disclosure Agreement with the Corporation, any then
      exercisable Options shall terminate upon the termination of
      employment.

    

    6.
       Nothing
      in this Agreement shall confer upon the Optionee any right to continue in the
      employ or service of the Corporation or affect the right of the Corporation
      to
      terminate the Optionee’s employment or service at any time.

    

    7.
       (a)
      The
      Optionee may exercise the Option with respect to all or any part of the shares
      then exercisable by giving the Corporation written notice at 401 Park Avenue
      South, New York, New York 10016. Such notice shall specify the number of shares
      as to which the Option is being exercised and shall be preceded or accompanied
      by payment in full in accordance with Section 3 hereof.

    

    (b)
      Prior
      to or concurrently with delivery by the Corporation to the Optionee of a
      certificate(s) representing such shares, the Optionee shall:

    
      
        
        

      

      
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          3

        
          

        

      

      
        
        

      

    

     

    HMS
      Holdings Corp. Stock Option Number TN003994

    (i)
      upon
      notification of the amount due, pay promptly any amount necessary to satisfy
      applicable federal, state or local tax requirements; and

    

    

    (ii)
      if
      such shares are not currently or effectively registered under the Securities
      Act
      of 1933, as amended (the “Act”) and applicable state securities laws, give
      satisfactory assurance in writing signed by the Optionee or his legal
      representative, as the case may be, that such shares are being purchased for
      investment and not with a view to the distribution thereof.

    

      (c)
      As
      soon as practicable after receipt of the notice and payment referred to in
      subparagraph (a) of this Section 7, the Corporation shall cause to be delivered
      to the Optionee at the office of the Corporation at 401 Park Avenue South,
      New
      York, New York 10016 or such other place as may be mutually acceptable to the
      Corporation and the Optionee, a certificate or certificates for such shares;
      provided however, that the time of such delivery may be postponed by the
      Corporation for such period of time as may be required for the Corporation,
      with
      reasonable diligence, to comply with applicable registration requirements under
      the Act, the Securities Exchange Act of 1934, as amended, and any requirements
      under any other law or regulation applicable to the issuance or transfer of
      shares. If the Optionee fails for any reason to accept delivery of all or any
      part of the number of shares specified in such notice upon tender of delivery
      thereof, his right to purchase such undelivered shares may be
      terminated.

    

    8.
       If
      the
      total outstanding shares of Common Stock of the Corporation shall be increased
      or decreased or changed into or exchanged for a different number or kind of
      shares of stock or other securities of the Corporation or of another corporation
      through reorganization, merger or consolidation, recapitalization, stock split,
      split-up, combination or exchange of shares or declaration of any dividends
      payable in stock, then the Board shall proportionally adjust the number of
      shares (and price per share) subject to the unexercised portion of this Option
      (to the nearest possible full share) subject in all cases to the limitations
      of
      Section 425 of the Code.

    
      
        
        

      

      
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    HMS
      Holdings Corp. Stock Option Number TN003994

    9.
       This
      Option shall not be transferable other than by will or by the laws of descent
      and distribution, or pursuant to a qualified domestic relations order as defined
      by the Code or Title I of the Employee Retirement Income Security Act, or the
      rules thereunder. During the lifetime of the Optionee, this Option shall be
      exercisable only by the Optionee. In the event of any attempt by the Optionee
      to
      transfer, assign, pledge, hypothecate or otherwise dispose of the Option or
      of
      any right hereunder, except as provided for herein, or in the event of the
      levy
      of any attachment, execution or similar process upon the rights or interest
      hereby conferred, the Corporation may terminate this Option by notice to the
      Optionee and it shall thereupon become null and void.

     

    IN
      WITNESS WHEREOF, the Corporation has caused this Agreement to be signed by
      a
      duly authorized officer, and the Optionee has affixed his signature
      hereto.

    

    
      	
              By:
                HMS HOLDINGS CORP.

            
	 	 
	
              Signature:

            	/s/
Robert
              M. Holster
	 	
              Robert
                M. Holster

            
	 	
              Chairman
                and Chief Executive Officer

            
	 	 
	
              Date:

            	
              July
                23, 2007

            

    

    

    The
      undersigned reaffirms his (her) obligations under a previously executed
      Restrictive Covenant/Non-Compete Agreement with the Corporation and agrees
      that
      his (her) reaffirmation of such obligations is an inducement to the Corporation
      to grant the Option covered by this Agreement.

    

    
      	
              Optionee:

            	
              /s/
                Walter D. Hosp

            
	 	
              Walter
                D. Hosp

            
	 	 
	
              Date:
                

            	 

    

     

    
      
        
        

      

      
        Page
          5HMS
      HOLDINGS CORP.

    AMENDED
      AND RESTATED

    2006
      STOCK PLAN

    Section
      1. Purpose
      

    

    The
      purpose of the HMS Holdings Corp. 2006 Stock Plan (“the Plan”) is to furnish a
      material incentive to employees and non-employee Directors of the Company and
      its subsidiaries by making available to them the benefits of a larger common
      stock ownership in the Company through stock options and awards. It is believed
      that these increased incentives stimulate the efforts of employees and
      non-employee Directors towards the continued success of the Company and its
      affiliates, as well as assist in the recruitment of new employees and
      non-employee Directors. 

    

    Section
      2. Definitions
      

    

    As
      used
      in the Plan, the following terms shall have the meanings set forth below:

    

    (a)
      “Affiliate” shall mean (i) any Person that directly, or through one or more
      intermediaries, controls, or is controlled by, or is under common control with,
      the Company or (ii) any entity in which the Company has a significant equity
      interest, as determined by the Committee. 

    

    (b)
      “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock Award,
      Performance Share, dividend equivalent or any other right, interest or option
      relating to Shares granted pursuant to the provisions of the Plan. 

    

    (c)
      “Award Agreement” shall mean any written agreement, contract or other instrument
      or document evidencing any Award granted by the Committee hereunder, which
      in
      the sole and absolute discretion of the Committee may, but need not, be signed
      or acknowledged by the Company and the Participant. 

    

    (d)
      “Award Period” shall have the meaning set forth in Section 9 of the
      Plan.

    

    (e)
      “Board” shall mean the Board of Directors of the Company. 

    

    (f)
      “Change in Control” shall mean the occurrence of any of the following events:
      (i) at any time during the initial two-year period following the Effective
      Date
      or during each subsequent Renewal Term, as the case may be, at least a majority
      of the Board shall cease to consist of “Continuing Directors” (meaning directors
      of the Company who either were directors at the beginning of such initial
      two-year period or subsequent Renewal Term, as the case may be, or who
      subsequently became directors and whose election, or nomination for election
      by
      the Company’s stockholders, was approved by a majority of the then Continuing
      Directors); or (ii) any “person” or “group” (as determined for purposes of
      Section 13(d)(3) of the Exchange Act, except any majority-owned subsidiary
      of
      the Company or any employee benefit plan of the Company or any trust thereunder,
      shall have acquired “beneficial ownership” (as determined for purposes of
      Securities and Exchange Commission (“SEC”) Regulation 13d-3) of Shares having
      20% or more of the voting power of all outstanding Shares, unless such
      acquisition is approved by a majority of the directors of the Company in office
      immediately preceding such acquisition; or (iii) a merger or consolidation
      occurs to which the Company is a party, in which outstanding Shares are
      converted into shares of another company (other than a conversion into shares
      of
      voting common stock of the successor corporation or a holding company thereof
      representing 80% of the voting power of all capital stock thereof outstanding
      immediately after the merger or consolidation) or other securities (of either
      the Company or another company) or cash or other property; or (iv) the sale
      of
      all, or substantially all, of the Company’s assets occurs; or (v) the
      stockholders of the Company approve a plan of complete liquidation of the
      Company. Notwithstanding the foregoing, as to any Award under the Plan that
      consists of deferred compensation subject to Section 409A of the Code, the
      definition of “Change in Control” shall be deemed modified to the extent
      necessary to comply with Section 409A of the Code.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    (g)
      “Change in Control Price” means, with respect to a Share, the higher of (A) the
      highest reported sales price, regular way, of such Share in any transaction
      reported on the Nasdaq National Market during the 60-day period prior to and
      including the date of a Change in Control or (B) if the Change in Control is
      the
      result of a tender or exchange offer or a corporate transaction, the highest
      price per such Share paid in such tender or exchange offer or corporate
      transaction; provided, however, that in the case of Options and Stock
      Appreciation Rights relating to Options, the Change in Control Price shall
      be
      the Fair Market Value of such Share on the date such Option or Stock
      Appreciation Right is exercised or deemed exercised pursuant to Section 11(b).
      To the extent the consideration paid in any such transaction described above
      consists in full or in part of securities or other noncash consideration, the
      value of such securities or other noncash consideration shall be determined
      in
      the sole discretion of the Committee. 

    

    (h)
      “Code” shall mean the Internal Revenue Code of 1986, as amended from time to
      time, and any successor thereto. 

    

    (i)
      “Committee” shall mean the Compensation Committee of the Board or such other
      persons or committee to which it has delegated any authority, as may be
      appropriate. A person may serve on the Compensation Committee only if he or
      she
      (i) is a “Non-employee Director” for purposes of Rule 16b-3 under the Exchange
      Act, and (ii) satisfies the requirements of an “outside director” for purposes
      of Section 162(m) of the Code. 

    

    (j)
      “Company” shall mean HMS Holdings Corp., a New York corporation. 

    

    (k)
      “Covered Employee” shall mean a “covered employee” within the meaning of Section
      162(m)(3) of the Code, or any successor provision thereto. 

    

    (l)
      “Director” shall mean a member of the Board. 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (m)
      “Effective Date” shall mean June 6, 2006, the date this Plan is effective.

    

    (n)
      “Employee” shall mean any employee of the Company or any Affiliate. For any and
      all purposes under this Plan, the term “Employee” shall not include a person
      hired as an independent contractor, leased employee, consultant or a person
      otherwise designated by the Committee, the Company or an Affiliate at the time
      of hire as not eligible to participate in or receive benefits under the Plan
      or
      not on the payroll, even if such ineligible person is subsequently determined
      to
      be a common law employee of the Company or an Affiliate or otherwise an employee
      by any governmental or judicial authority. 

    

    Unless
      otherwise determined by the Committee in its sole discretion, for purposes
      of
      the Plan, an Employee shall be considered to have terminated employment or
      services and to have ceased to be an Employee if his or her employer ceases
      to
      be an Affiliate, even if he or she continues to be employed by such employer.
      

    

    (o)
      “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

    

    (p)
“Fair
      Market Value” shall mean, with respect to Shares, as of any date, the average of
      the high and low trading prices for the Shares as reported on the Nasdaq
      National Market for that date or, if no such prices are reported for that date,
      the average of the high and low trading prices on the next preceding date for
      which such prices were reported, unless otherwise determined by the Committee.
      

    

    (q)
      “Incentive Stock Option” shall mean an Option granted under Section 6 that is
      intended to meet the requirements of Section 422 of the Code or any successor
      provision thereto. 

    

    (r)
      “Nonqualified Stock Option” shall mean either an Option granted under Section 6
      that is not intended to be an Incentive Stock Option or an Incentive Stock
      Option that has been disqualified. 

    

    (s)
      “Option” shall mean any right granted to a Participant under the Plan allowing
      such Participant to purchase Shares at such price or prices and during such
      period or periods as the Committee shall determine. 

    

    (t)
      “Participant” shall mean an Employee or a non-employee member of the Board who
      is selected by the Committee or the Board from time to time in their sole
      discretion to receive an Award under the Plan.

    

    (u)
      “Performance Award” shall have the meaning set forth in Section 9 of the
      Plan.

    

    (v)
      “Performance Goals” shall have the meaning set forth in Section 9 of the
      Plan.

    

    (w)
      “Performance Period” shall mean that period established by the Committee at the
      time any Performance Award is granted or at any time thereafter during which
      any
      performance goals specified by the Committee with respect to such Award are
      to
      be measured. 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (x)
      “Performance Shares” shall have the meaning set forth in Section 9 of the
      Plan.

    

    (y)
      “Performance Units” shall have the meaning set forth in Section 9 of the
      Plan.

    

    (z)
      “Person” shall mean any individual, corporation, partnership, association,
      limited liability company, joint-stock company, trust, unincorporated
      organization or government or political subdivision thereof. 

    

    (aa)
      “Phantom Stock Award” shall mean any right granted to a Participant by the
      Committee pursuant to Section 10.

    

    (bb)
      “Renewal Term” shall mean the two-year period beginning on the second
      anniversary of the Effective Date and each successive two-year period
      thereafter. 

    

    (cc)
      “Restricted Period” shall have the meaning set forth in Section 8 of the
      Plan.

    

    (dd)
      “Restricted Stock” shall mean any Share issued with the restriction that the
      holder may not sell, transfer, pledge or assign such Share and with such other
      restrictions as the Committee, in its sole discretion, may impose (including,
      without limitation, any restriction on the right to vote such Share, and the
      right to receive any cash dividends), which restrictions may lapse separately
      or
      in combination at such time or times, in installments or otherwise, as the
      Committee may deem appropriate. 

    

    (ee)
      “Restricted Stock Award” shall mean an award of Restricted Stock under Section
      8. 

    

    (ff)
      “Section 16 Participant” shall have the meaning set forth in Section 16 of the
      Plan.

    

    (gg)
      “Shares” shall mean the shares of common stock of the Company. 

    

    (hh)
      “Spread” shall have the meaning set forth in Section 7 of the Plan.

    

    (ii)
      “Stand Alone SAR” shall have the meaning set forth in Section 7 of the
      Plan.

    

    (jj)
      “Stock Appreciation Right” shall have the meaning set forth in Section 7 of the
      Plan.

    

    (kk)
      “Tandem SAR” shall have the meaning set forth in Section 7 of the
      Plan.

    

    (ll)
      “1999 Plan” shall mean the Company’s 1999 Long-Term Incentive Stock
      Plan.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Section
      3. Administration
      

    

    The
      Plan
      shall be administered by the Committee. The Committee shall have full power
      and
      authority, subject to such orders or resolutions not inconsistent with the
      provisions of the Plan as may from time to time be adopted by the Board, to
      (a)
      select the Employees of the Company and its Affiliates to whom Awards may from
      time to time be granted hereunder; (b) determine the type or types of Award
      to
      be granted to each Participant hereunder; (c) determine the number of Shares
      to
      be covered by or relating to each Award granted hereunder; (d) determine the
      terms and conditions, not inconsistent with the provisions of the Plan, of
      any
      Award granted hereunder; (e) determine whether, to what extent and under what
      circumstances Awards may be settled in cash, Shares or other property or
      canceled or suspended; (f) determine whether, to what extent, and under what
      circumstances payment of cash, Shares, other property and other amounts payable
      with respect to an Award made under the Plan shall be deferred either
      automatically or at the election of the Participant; (g) interpret and
      administer the Plan and any instrument or agreement entered into under the
      Plan;
      (h) establish such rules and regulations and appoint such agents as it shall
      deem appropriate for the proper administration of the Plan; and (i) make any
      other determination and take any other action that the Committee deems necessary
      or desirable for administration of the Plan. The Committee may, in its sole
      and
      absolute discretion, and subject to the provisions of the Plan, from time to
      time delegate any or all of its authority to administer the Plan to any other
      persons or committee as it deems necessary or appropriate for the proper
      administration of the Plan, except that no such delegation shall be made in
      the
      case of Awards intended to be qualified under Section 162(m) of the Code. The
      decisions of the Committee shall be final, conclusive and binding with respect
      to the interpretation and administration of the Plan and any grant made under
      it. The Committee shall make, in its sole discretion, all determinations arising
      in the administration, construction or interpretation of the Plan and Awards
      under the Plan, including the right to construe disputed or doubtful Plan or
      Award terms and provisions, and any such determination shall be conclusive
      and
      binding on all persons, except as otherwise provided by law. A majority of
      the
      members of the Committee may determine its actions and fix the time and place
      of
      its meetings. 

    

    Except
      as
      provided in Section 12, the Committee shall be authorized to make adjustments
      in
      Performance Award criteria or in the terms and conditions of other Awards in
      recognition of unusual or nonrecurring events affecting the Company or its
      financial statements or changes in applicable laws, regulations or accounting
      principles. The Committee may correct any defect, supply any omission or
      reconcile any inconsistency in the Plan or any Award in the manner and to the
      extent it shall deem desirable to carry it into effect. In the event that the
      Company shall assume outstanding employee benefit awards or the right or
      obligation to make future such awards in connection with the acquisition of
      or
      combination with another corporation or business entity, the Committee may,
      in
      its discretion, make such adjustments in the terms of Awards under the Plan
      as
      it shall deem appropriate. 

    

    Upon
      the
      approval of the Plan by the shareholders of the Company, the 1999 Plan shall
      be
      terminated and of no further force and effect.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Section
      4. Shares
      Subject to the Plan 

    

    (a)
      Subject to adjustment as provided in Section 4(c), a total of 1,500,000 Shares
      shall be authorized for issuance pursuant to Awards granted under the Plan.
      Any
      Shares issued in connection with Awards other than Options and Stock
      Appreciation Rights shall be counted against the 1,500,000 limit described
      above
      as one and eight tenths (1.8) Shares for every one Share issued in connection
      with such Award or by which the Award is valued by reference. No Participant
      under this Plan shall be granted Options, Stock Appreciation Rights or other
      Awards (counted, as described above, as one and eight tenths (1.8) Shares
      awarded for every one Share issued in connection with such Award or by which
      the
      Award is valued by reference) in any calendar year covering more than 200,000
      Shares, and no Award will be granted to any Participant who owns more than
      ten
      percent of the stock of the Company within the meaning of Section 422 of the
      Code. If an Award is subject to a performance period greater than one fiscal
      year, the maximum numbers set forth above will equal the maximum times the
      number of years in the performance period. The foregoing sentence will be
      construed in a manner consistent with Section 162(m) of the
      Code.

    

    (b)
      Any
      Shares issued hereunder may consist, in whole or in part, of authorized and
      unissued Shares, treasury Shares or Shares purchased in the open market or
      otherwise. 

    

    (c)
      In
      the event of any merger, reorganization, consolidation, recapitalization, stock
      dividend, stock split, reverse stock split, spin-off or similar transaction
      or
      other change in corporate structure affecting the Shares, such adjustments
      and
      other substitutions shall be made to the Plan and to Awards as the Committee,
      in
      its sole discretion, deems equitable or appropriate, including, without
      limitation, such adjustments in the aggregate number, class and kind of
      securities that may be delivered under the Plan, in the aggregate or to any
      one
      Participant, in the number, class, kind and option or exercise price of
      securities subject to outstanding Awards granted under the Plan (including,
      if
      the Committee deems appropriate, the substitution of similar options to purchase
      the shares of, or other awards denominated in the shares of, another company)
      as
      the Committee may determine to be appropriate in its sole discretion; provided,
      however, that the number of Shares subject to any Award shall always be a whole
      number and further provided that in no event may any change be made to an
      Incentive Stock Option which would constitute a modification within the meaning
      of Section 424(h)(3) of the Code. 

    

    (d)
      Any
      Shares that are not purchased or awarded under an Award that has terminated
      or
      lapsed, either by its terms or pursuant to the exercise, in whole or in part,
      of
      an Award granted under the Plan may be used for the further grant of Awards.
      

    

    (e)
      Notwithstanding anything to the contrary: (a) Shares tendered in payment of
      the
      exercise price of an Option shall not be added to the maximum share limitations
      described above; (b) Shares withheld by the Company to satisfy the tax
      withholding obligation shall not be added to the maximum share limitations
      described above; and (c) all shares covered by a Stock Appreciation Right,
      to
      the extent that it is exercised and whether or not Shares are actually issued
      upon exercise of the right, shall be considered issued or transferred pursuant
      to the Plan.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (f)
      With
      respect to the issuance of Stock Appreciation Rights that may be settled in
      stock, the number of Shares available for Awards under the Plan will be reduced
      by the total number of Stock Appreciation Rights so granted. Stock Appreciation
      Rights that may be settled in cash only will not reduce the number of Shares
      available for award under the Plan.

    

    (g)
      To
      the extent consistent with the requirements of Section 422 of the Code and
      regulations thereunder, and with other applicable legal requirements (including
      applicable stock exchange requirements), Shares issued under awards of an
      acquired company that are converted, replaced, or adjusted in connection with
      the acquisition will not reduce the number of Shares available for Awards under
      the Plan.

    

    Section
      5. Eligibility

    

    Any
      Employee or non-employee Director shall be eligible to be selected as a
      Participant; provided, however, that Incentive Stock Options shall only be
      awarded to Employees of the Company, or a parent or subsidiary, within the
      meaning of Section 422 of the Code. Notwithstanding any provision in this Plan
      to the contrary, the Board shall have the authority, in its sole and absolute
      discretion, to select non-employee members of the Board as Participants who
      are
      eligible to receive Awards other than Incentive Stock Options under the Plan.
      The Board shall set the terms of any such Awards in its sole and absolute
      discretion, and the Board shall be responsible for administering and construing
      such Awards in substantially the same manner that the Committee administers
      and
      construes Awards to Employees. 

    

    Section
      6. Stock
      Options

    

    Options
      may be granted hereunder to any Participant, either alone or in addition to
      other Awards granted under the Plan and shall be subject to the following terms
      and conditions: 

    

    (a)
      Option
      Price.
      The
      option price per Share shall be not less than the Fair Market Value of the
      Shares on the date the Option is granted. 

    

    (b)
      Period
      of Stock Option.
      The
      period of each Option shall be fixed by the Committee, provided that the period
      for all Options shall not exceed ten years from the grant. The Committee may,
      subsequent to the granting of any Option, extend the term thereof, but in no
      event shall the extended term exceed ten years from the original grant date.
      

     

    (c)
      Exercise
      of Option and Payment Therefore.
      No
      Shares shall be issued until full payment of the option price has been made.
      The
      option price may be paid in cash or, if the Committee determines, in Shares,
      a
      combination of cash and Shares, or through a cashless exercise procedure that
      allows Participants to sell immediately some or all of the Shares underlying
      the
      exercised portion of the Option in order to generate sufficient cash to pay
      the
      option price. If the Committee approves the use of Shares as a payment method,
      the Committee shall establish such conditions as it deems appropriate for the
      use of Common Stock to exercise an Option. Options awarded under the Plan shall
      be exercised through such procedure or program as the Committee may establish
      or
      define from time to time, which may include a designated broker that must be
      used in exercising such Options. The Committee may establish rules and
      procedures to permit an option holder to defer recognition of gain upon the
      exercise of an Option. 

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (d)
      First
      Exercisable Date. The
      Committee shall determine how and when shares covered by an Option may be
      purchased. The Committee may establish waiting periods, the dates on which
      Options become exercisable or “vested” and, subject to paragraph (b) of this
      section, exercise periods. The Committee may accelerate the exercisability
      of
      any Option or portion thereof. 

     

    (e)
      Termination
      of Employment.
      Unless
      determined otherwise by the Committee, upon the termination of a Participant’s
      employment (for any reason other than gross misconduct), Option exercise
      privileges shall be limited to the shares that were immediately exercisable
      at
      the date of such termination. The Committee, however, in its discretion, may
      provide that any Options outstanding but not yet exercisable upon the
      termination of a Participant’s employment may become exercisable in accordance
      with a schedule determined by the Committee. Such Option exercise privileges
      shall expire unless exercised within such period of time after the date of
      termination of employment as may be established by the Committee, but in no
      event later than the expiration date of the Option. 

     

    (f)
      Termination
      Due to Misconduct.
      If a
      Participant’s employment is terminated for gross misconduct, as determined by
      the Company, all rights under the Option shall expire upon the date of such
      termination. 

     

    (g)
      Limits
      on Incentive Stock Options.
      Except
      as may otherwise be permitted by the Code, an Employee may not receive a grant
      of Incentive Stock Options for Shares that would have an aggregate Fair Market
      Value in excess of $100,000 (or such other amount as the Internal Revenue
      Service may decide from time to time), determined as of the time that the
      Incentive Stock Option is granted, that would be exercisable for the first
      time
      by such person during any calendar year. If any grant is made in excess of
      the
      limits provided in the Code, such grant shall automatically become a
      Nonqualified Stock Option. 

     

    (h)
      No
      dividend equivalents.
      Anything
      in the Plan to the contrary notwithstanding, no dividends or dividend
      equivalents may be paid on Options. 

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section
      7. Stock
      Appreciation Rights 

    

    The
      Committee may, in its discretion, grant a right to receive the appreciation
      in
      the Fair Market Value of Shares (“Stock Appreciation Right”) either singly or in
      combination with an underlying Option granted hereunder. Such Stock Appreciation
      Right shall be subject to the following terms and conditions and such other
      terms and conditions as the Committee may prescribe: 

     

    (a)
      Time
      and Period of Grant.
      If a
      Stock Appreciation Right is granted with respect to an underlying Option (a
      “Tandem SAR”), it may be granted at the time of the Option grant or at any time
      thereafter but prior to the expiration of the Option grant. At the time the
      Tandem SAR is granted the Committee may limit the exercise period for such
      Stock
      Appreciation Right, before and after which period no Stock Appreciation Right
      shall attach to the underlying Option. In no event shall the exercise period
      for
      a Tandem SAR exceed the exercise period for such Option. If a Stock Appreciation
      Right is granted without an underlying Option (a “Stand Alone SAR”), the period
      for exercise of the Stock Appreciation Right shall be set by the Committee.
      The
      period of each Stock Appreciation Right shall be fixed by the Committee,
      provided that the period for all Stock Appreciation Rights shall not exceed
      ten
      years from the grant.

    

    (b)
      Value
      of Stock Appreciation Right.
      A
      Participant who is granted a Tandem SAR will be entitled to surrender the Option
      which is then exercisable and receive in exchange therefor an amount equal
      to
      the excess of the Fair Market Value of the Shares on the date the election
      to
      surrender is received by the Company, in accordance with exercise procedures
      established by the Company, over the Option price (the “Spread”) multiplied by
      the number of Shares covered by the Option which is surrendered. A Participant
      who is granted a Stand Alone SAR will receive upon exercise of the Stock
      Appreciation Right an amount equal to the excess of the Fair Market Value of
      the
      Shares on the date the election to surrender such Stand Alone SAR is received
      by
      the Company, in accordance with exercise procedures established by the Company,
      over the Fair Market Value of the Shares on the date of grant multiplied by
      the
      number of Shares covered by the grant of the Stand Alone SAR. Notwithstanding
      the foregoing, in its sole discretion the Committee at the time it grants a
      Stock Appreciation Right may provide that the Spread covered by such Stock
      Appreciation Right may not exceed a specified amount. 

     

    (c)
      Payment
      of Stock Appreciation Right.
      Payment
      of a Stock Appreciation Right shall be in the form of Shares, cash or any
      combination of Shares and cash. The form of payment upon exercise of such a
      right shall be determined by the Committee either at the time of grant of the
      Stock Appreciation Right or at the time of exercise of the Stock Appreciation
      Right. 

     

    (d)
      No
      dividend equivalents.    Anything
      in the Plan to the contrary notwithstanding, no dividends or dividend
      equivalents may be paid on Stock Appreciation Rights. 

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Section
      8. Restricted
      Stock Awards

    

    The
      Committee may make Restricted Stock Awards to a Participant, which Shares shall
      be subject to the following terms and conditions and such other terms and
      conditions as the Committee may prescribe:

    

    (a)
      Requirement
      of Employment or Board Membership.
      A
      Participant who is granted a Restricted Stock Award must remain an Employee
      or a
      Director of the Company during a period designated by the Committee (“Restricted
      Period”) in order to receive the Shares, cash or combination thereof under the
      Restricted Stock Award. If the Participant ceases being an Employee or a
      Director of the Company prior to the end of the Restricted Period, the
      Restricted Stock Award shall terminate and any Shares shall be returned
      immediately to the Company, provided that the Committee may, at the time of
      the
      grant, provide for the employment or Board membership restriction to lapse
      with
      respect to a portion or portions of the Restricted Stock Award at different
      times during the Restricted Period. The Committee may, in its discretion, also
      provide for such complete or partial exceptions to the employment or Board
      membership restriction as it deems equitable. 

     

    (b)
      Restrictions
      on Transfer and Legend on Stock Certificates.
      During
      the Restricted Period, the Participant may not sell, assign, transfer, pledge
      or
      otherwise dispose of the Restricted Stock Award, including but not limited
      to
      any Shares. Any certificate for Shares issued hereunder shall contain a legend
      giving appropriate notice of the restrictions in the Award. 

     

    (c)
      Escrow
      Agreement.
      The
      Committee may require the Participant to enter into an escrow agreement
      providing that any certificates representing the Restricted Stock Award will
      remain in the physical custody of an escrow holder until all restrictions are
      removed or expire. 

     

    (d)
      Lapse
      of Restrictions.
      All
      restrictions imposed under the Restricted Stock Award shall lapse upon the
      expiration of the Restricted Period if the conditions as to employment or Board
      membership set forth above have been met. The Participant shall then be entitled
      to have the legend removed from any certificates for Restricted Stock.
      Restricted Stock Awards may be paid in the form of Shares, cash or any
      combination of Shares and cash as determined by the Committee. The Committee
      may
      establish rules and procedures to permit a Participant to defer recognition
      of
      income upon the expiration of the Restricted Period. 

     

    (e)
      Dividends.
      The
      Committee may, in its discretion, at the time of the Restricted Stock Award,
      provide that any dividends declared on Shares during the Restricted Period
      or
      dividend equivalents be (i) paid to the Participant, or
      (ii) accumulated for the benefit of the Participant and paid to the
      Participant only after the expiration of the Restricted Period or (iii) not
      paid
      or accumulated. 

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (f)
      Performance
      Goals.
      The
      Committee may designate whether any Restricted Stock Award is intended to be
      “performance-based compensation” as that term is used in Section 162(m) of
      the Code. Any such Restricted Stock Award designated to be “performance-based
      compensation” shall be conditioned on the achievement of one or more Performance
      Goals (as defined in Section 9(a)), to the extent required by
      Section 162(m).

    

    (g)
      Vesting.
      The
      restrictions on each Restricted Stock Award will lapse at such time or times,
      and on such conditions, as the Committee may specify. However, no Restricted
      Stock Awards shall be awarded with a vesting period less than three years from
      the date of grant. The foregoing limitation shall not apply to Performance
      Awards under Section 9 of the Plan, which will have a minimum vesting period
      of
      one year.

    

    Section
      9. Performance
      Awards 

    

    The
      Committee may grant Awards denominated in Shares (“Performance Shares”), or
      denominated in dollars (“Performance Units”) if the performance of the Company
      or its subsidiaries during the Award Period (as defined below) meets certain
      goals established by the Committee (“Performance Awards”). Performance Awards
      shall be subject to the following terms and conditions and such other terms
      and
      conditions as the Committee may prescribe: 

     

    (a)
      Award
      Period and Performance Goals.
      The
      Committee shall determine and include in a Performance Share Award grant the
      period of time for which a Performance Share Award is made (“Award Period”). The
      Committee also shall establish performance objectives (“Performance Goals”) to
      be met by the Company or its subsidiary during the Award Period as a condition
      to payment of the Performance Award. The Performance Goals may include share
      price, pre-tax profits, earnings per share, return on stockholders’ equity,
      return on assets, sales, net income, total stockholder return or any combination
      of the foregoing or, solely for an Award not intended to constitute
“performance-based compensation” under Section 162(m) of the Code, any other
      financial or other measurement established by the Committee. The Performance
      Goals may include minimum and optimum objectives or a single set of objectives.
      

     

    (b)
      Payment
      of Performance Awards.
      The
      Committee shall establish the method of calculating the amount of payment to
      be
      made under a Performance Award if the Performance Goals are met, including
      the
      fixing of a maximum payment. After the completion of an Award Period, the
      performance of the Company or its subsidiary shall be measured against the
      Performance Goals, and the Committee shall determine, in accordance with the
      terms of such Performance Award, whether all, none or any portion of a
      Performance Award shall be paid. The Committee, in its discretion, may elect
      to
      make payment in Shares, cash or a combination of Shares and cash. Any cash
      payment shall be based on the Fair Market Value of Shares on, or as soon as
      practicable prior to, the date of payment. The Committee may establish rules
      and
      procedures to permit a Participant to defer recognition of income upon the
      attainment of a Performance Award. 

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (c)
      Revision
      of Performance Goals.
      As to
      any Award not intended to constitute “performance-based compensation” under
      Section 162(m) of the Code, at any time prior to the end of an Award
      Period, the Committee may revise the Performance Goals and the computation
      of
      payment if unforeseen events occur which have a substantial effect on the
      performance of the Company or its subsidiary and which, in the judgment of
      the
      Committee, make the application of the Performance Goals unfair unless a
      revision is made. 

     

    (d)
      Requirement
      of Employment. A
      Participant who is granted a Performance Award must remain an Employee of the
      Company or its subsidiaries until the completion of the Award Period in order
      to
      be entitled to payment under the Performance Award; provided that the Committee
      may, in its discretion, provide for a full or partial payment where such an
      exception is deemed equitable. 

     

    (e)
      Dividends.
      The
      Committee may, in its discretion, at the time of the granting of a Performance
      Award, provide that any dividends declared on the Shares during the Award
      Period, and which would have been paid with respect to Performance Shares had
      they been owned by a Participant, be (i) paid to the Participant, or (ii)
      accumulated for the benefit of the Participant and used to increase the number
      of Performance Shares of the Participant or (iii) not paid or accumulated.
      

    

    Section
      10. Other
      Share-Based Awards 

    

    The
      Committee may grant an Award of actual Shares or phantom Shares (a “Phantom
      Stock Award”) to any Employee on such terms and conditions as the Committee may
      determine in its sole discretion. Share Awards may be made as additional
      compensation for services rendered by the Employee or may be in lieu of cash
      or
      other compensation to which the Eligible Employee is entitled from the
      Company.

    

    The
      Committee may, in its discretion, at the time of the Shares Award, provide
      that
      any dividends declared on Shares during any Restricted Period or dividend
      equivalents be (i) paid to the Participant, or (ii) accumulated for
      the benefit of the Participant and paid to the Participant only after the
      expiration of any Restricted Period or (iii) not paid or
      accumulated.

    

    Section
      11. Change
      in Control Provisions

    

    (a)
      Unless the Committee or Board shall determine otherwise at the time of grant
      with respect to a particular Award, and notwithstanding any other provision
      of
      the Plan to the contrary, in the event a Participant’s employment or service is
      involuntarily terminated without cause (as determined by the Committee or Board
      in its sole discretion) during the 24-month period following a Change in
      Control: 

    

    (i)
      any
      Options and Stock Appreciation Rights outstanding, and which are not then
      exercisable and vested, shall become immediately fully vested and
      exercisable;

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (ii)
      the
      restrictions and deferral limitations applicable to any Restricted Stock shall
      lapse, and such Restricted Stock shall immediately become free of all
      restrictions and limitations and become fully vested and transferable to the
      full extent of the original grant; 

    

    (iii)
      all
      Performance Awards shall be considered to be earned and payable in full, based
      on the applicable performance criteria or, if not determinable, at the target
      level and any deferral or other restriction shall lapse and such Performance
      Awards shall be immediately settled or distributed; and 

    

    (iv)
      the
      restrictions and deferral limitations and other conditions applicable to any
      other Awards shall immediately lapse, and any such other Awards shall become
      free of all restrictions, limitations or conditions and become fully vested
      and
      transferable to the full extent of the original grant. 

    

    (b)
      Change
      in Control Cash Out.
      Notwithstanding any other provision of the Plan, in the event of a Change in
      Control the Committee or Board may, in its discretion, provide that each Option
      or Stock Appreciation Right shall, upon the occurrence of a Change in Control,
      be cancelled in exchange for a cash payment to be made within 60 days of the
      Change in Control in an amount equal to the amount by which the Change in
      Control Price per Share exceeds the purchase price per Share under the Option
      or
      Stock Appreciation Right multiplied by the number of Shares granted under the
      Option or Stock Appreciation Right. 

    

    (c)
      Compliance
      with Section 409A of the Code.
      In the
      case of an Award providing for the payment of deferred compensation subject
      to
      Section 409A of the Code, any payment of such deferred compensation by
      reason of a Change in Control shall be made only if the Change in Control is
      one
      described in subsection (a)(2)(A)(v) of Section 409A and the guidance
      thereunder and shall be paid consistent with the requirements of
      Section 409A. If any deferred compensation that would otherwise be payable
      by reason of a Change in Control cannot be paid by reason of the immediately
      preceding sentence, it shall be paid as soon as practicable thereafter
      consistent with the requirements of Section 409A, as determined by the
      Committee.

    

    Section
      12. Amendments
      and Termination 

    

    The
      Board
      of Directors may discontinue the Plan at any time and may from time to time
      amend or revise the terms of the Plan as permitted by applicable statutes,
      except that it may not, without the consent of the Participants affected, revoke
      or alter, in a manner unfavorable to the Participants granted any Awards
      hereunder, any Awards then outstanding, nor may the Board amend the Plan without
      stockholder approval where the absence of such approval would cause the Plan
      to
      fail to comply with Rule 16b-3 under the Exchange Act, or any other requirement
      of applicable law or regulation. Notwithstanding the foregoing, without consent
      of affected Participants, Awards may be amended, revised or revoked when
      necessary to avoid penalties under Section 409A of the Code. Unless
      approved by the Company’s stockholders or as otherwise specifically provided
      under this Plan, no adjustments or reduction of the exercise price of any
      outstanding Awards shall be made in the event of a decline in stock price,
      either by reducing the exercise price of outstanding Awards or through
      cancellation of outstanding Awards in connection with regranting of Awards
      at a
      lower price to the same individual.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Section
      13. Transferability
      

    

    Each
      Incentive Stock Option granted under the Plan shall not be transferable other
      than by will or the laws of descent and distribution; each other Award granted
      under the Plan will not be transferable or assignable by the recipient, and
      may
      not be made subject to execution, attachment or similar procedures, other than
      by will or the laws of descent and distribution or as determined by the
      Committee in accordance with the Exchange Act or any other applicable law or
      regulation. Notwithstanding the foregoing, the Committee, in its discretion,
      may
      adopt rules permitting the transfer, solely as gifts during the grantee’s
      lifetime, of Options (other than Incentive Stock Options) to members of a
      Participant’s immediate family or to trusts, family partnerships or similar
      entities for the benefit of such immediate family members. For this purpose,
      immediate family member means the Participant’s spouse, parent, child,
      stepchild, grandchild and the spouses of such family members. The terms of
      an
      Option shall be final, binding and conclusive upon the beneficiaries, executors,
      administrators, heirs and successors of the grantee.

    

    Section
      14. General
      Provisions 

    

    (a)
      Nothing in the Plan shall be construed to limit the right of the Company to
      establish other plans or to pay compensation to its employees, in cash or
      property, in a manner which is not expressly authorized under the
      Plan.

    

    (b)
      Nothing in the Plan shall be construed (i) to limit, impair or otherwise affect
      the Company’s right or power to make adjustments, reclassifications,
      reorganizations or changes of its capital or business structure, or to merge
      or
      consolidate, or dissolve, liquidate, sell or transfer all or any part of its
      business or assets, or (ii) except as provided in Section 12, to limit the
      right or power of the Company or its subsidiaries to take any action which
      such
      entity deems to be necessary or appropriate.

    

    (c)
      The
      Company and its Affiliates shall be authorized to withhold from any Award
      granted or payment due under the Plan the amount of withholding taxes due in
      respect of an Award or payment hereunder and to take such other action as may
      be
      necessary in the opinion of the Company or Affiliate to satisfy all obligations
      for the payment of such taxes. The Committee shall be authorized to establish
      procedures for election by Participants to satisfy such obligation for the
      payment of such taxes by delivery of or transfer of Shares to the Company (to
      the extent the Participant has owned the surrendered shares for less than six
      months if such a limitation is necessary to avoid a charge to the Company for
      financial reporting purposes), or by directing the Company to retain Shares
      (up
      to the employee’s minimum required tax withholding rate) otherwise deliverable
      in connection with the Award.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (d)
      Any
      proceeds received by the Company under the Plan shall be added to the general
      funds of the Company and shall be used for such corporate purposes as the Board
      of Directors shall direct. 

    

    (e)
      Nothing in the Plan or any Award granted under the Plan shall be deemed to
      constitute an employment or service contract or confer or be deemed to confer
      on
      any Employee or Participant any right to continue in the employ or service
      of,
      or to continue any other relationship with, the Company or any Affiliate or
      limit in any way the right of the Company or any Affiliate to terminate an
      Employee’s employment or Participant’s service at any time, with or without
      cause. 

    

    (f)
      All
      certificates for Shares delivered under the Plan pursuant to any Award shall
      be
      subject to such stock-transfer orders and other restrictions as the Committee
      may deem advisable under the rules, regulations and other requirements of the
      Securities and Exchange Commission, any stock exchange upon which the Shares
      are
      then listed, and any applicable federal or state securities law, and the
      Committee may cause a legend or legends to be put on any such certificates
      to
      make appropriate reference to such restrictions. 

    

    (g)
      No
      Award granted hereunder shall be construed as an offer to sell securities of
      the
      Company, and no such offer shall be outstanding, unless and until the Committee
      in its sole discretion has determined that any such offer, if made, would comply
      with all applicable requirements of the U.S. federal securities laws and any
      other laws to which such offer, if made, would be subject. 

    

    (h)
      Any
      Award shall contain a provision that it may not be exercised at a time when
      the
      exercise thereof or the issuance of shares thereunder would constitute a
      violation of any federal or state law or listing requirements of the Nasdaq
      National Market for such shares or a violation of any foreign jurisdiction
      where
      Awards are or will be granted under the Plan. 

    

    (i)
      The
      provisions of the Plan shall be construed, regulated and administered according
      to the laws of the State of New York without giving effect to principles of
      conflicts of law, except to the extent superseded by any controlling Federal
      statute. 

    

    (j)
      If
      any provision of the Plan is or becomes or is deemed invalid, illegal or
      unenforceable in any jurisdiction, or would disqualify the Plan or any Award
      under any law deemed applicable by the Committee, such provision shall be
      construed or deemed amended to conform to applicable laws or if it cannot be
      construed or deemed amended without, in the determination of the Committee,
      materially altering the intent of the Plan, it shall be stricken and the
      remainder of the Plan shall remain in full force and effect. 

    

    (k)
      If
      approved by the Committee in its sole discretion, an Employee’s absence or leave
      because of military or governmental service, disability or other reason shall
      not be considered an interruption of employment for any purpose under the Plan.
      

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    (l)
      Anything to the contrary in the Plan notwithstanding, the Committee may
      (i) offset any Award by amounts reasonably believed to be owed to the
      Company by the Participant and (ii) disallow an Award to be exercised or
      otherwise payable during a time when the Company is investigating reasonably
      reliable allegations of gross misconduct by the Participant.

    

    (m)
      Awards under the Plan are intended either to be exempt from the rules of
      Section 409A of the Code or to satisfy those rules and shall be construed
      accordingly. However, the Company shall not be liable to any Participant or
      other holder of an Award with respect to any Award-related adverse tax
      consequences arising under Section 409A or other provision of the
      Code.

    

    Section
      15. Term
      of Plan 

    

    The
      Plan
      shall terminate on the tenth anniversary of the Effective Date, unless sooner
      terminated by the Board pursuant to Section 12. 

    

    Section
      16. Compliance
      with Section 16 of the Exchange Act

    

    With
      respect to Participants subject to Section 16 of the Exchange Act (“Section 16
      Participants”), transactions under the Plan are intended to comply with all
      applicable conditions of Rule 16b-3 or its successors under the Exchange Act.
      To
      the extent that compliance with any Plan provision applicable solely to such
      Section 16 Participants that is included solely for purposes of complying with
      Rule 16b-3 is not required in order to bring a transaction by such Section
      16
      Participant in compliance with Rule 16b-3, it shall be deemed null and void
      as
      to such transaction, to the extent permitted by law and deemed advisable by
      the
      Committee. To the extent any provision in the Plan or action by the Committee
      involving such Section 16 Participants is deemed not to comply with an
      applicable condition of Rule 16b-3, it shall be deemed null and void as to
      such
      Section 16 Participants, to the extent permitted by law and deemed advisable
      by
      the Committee.

    
      
         

      

      
        16

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