Document:

Exhibit 10(b)

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

 

We hereby
consent to the use in this Registration Statement on Form N-4 (File No. 333-116813)
of our report dated March 30, 2005, relating to the consolidated financial
statements and financial statement schedules of Protective Life Insurance
Company and subsidiaries, which appears in such Registration Statement.  We also consent to the use in this
Registration Statement on Form N-4 of our report dated April14, 2005, relating
to the financial statements of The Protective Variable Annuity Separate
Account, which appears in such Registration Statement.  We also consent to the reference to us under
the heading “Independent Registered Public Accounting Firm,” in such
Registration Statement.

 

 

 

PricewaterhouseCoopers LLP

Birmingham, Alabama

April 29, 2005Exhibit 10.1

 

NAVIGATION TECHNOLOGIES CORPORATION

2001 STOCK INCENTIVE PLAN

(As amended April 27, 2004, and updated to reflect
reverse stock split under Amendment of

Certificate of Incorporation filed August 5, 2004)

 

1.                                       Purposes of the Plan. 
The purposes of this Plan are:

 

•                  to attract and retain the best available
personnel for positions of substantial responsibility,

 

•                  to provide additional incentive to
Employees and Consultants, and

 

•                  to promote the success of the Company’s
business.

 

The Plan permits
the granting of stock options (including incentive stock options qualifying
under Section 422 of the Code and non-qualified stock options), stock
appreciation rights, restricted or unrestricted stock awards, phantom stock,
performance awards, stock purchase rights, other stock-based awards, or
any combination of the foregoing.

 

2.                                       Definitions. 
As used herein, the following definitions shall apply:

 

(a)           “Administrator” means the
Board or, if appointed by the Board, a Committee.

 

(b)           “Affiliate” shall mean any
entity, whether now or hereafter existing, which controls, is controlled by, or
is under common control with, the Company (including, but not limited to, joint
ventures, limited liability companies, and partnerships).  For this purpose, “control” shall mean
ownership of 50% or more of the total combined voting power or value of all
classes of stock or interests of the entity.

 

(c)           “Applicable Laws” means the
legal requirements relating to the administration of stock option plans and the
issuance of Shares thereunder pursuant to U. S. state corporate laws, U.S.
federal and state securities laws, the Code and the applicable laws of any
foreign country or jurisdiction where Awards are, or will be, granted under the
Plan.

 

(d)           “Award” shall mean any stock option,
stock appreciation right, stock award, stock purchase right, phantom stock
award, performance award, or other stock-based award.

 

(e)           “Board” means the Board of
Directors of the Company.

 

(f)            “Change in Control” means:  (i) the
acquisition (other than from the Company) by any Person, as defined in this
Section 2(f), of the beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of 50%
or more of (A) the then outstanding shares of the securities of the
Company, or (B) the combined voting power of the then outstanding
securities of the Company entitled to vote generally in the election of
directors (the “Company Voting Stock”); (ii) the closing of a sale or
other conveyance of all or substantially all of the assets of the Company; or
(iii) the effective time of any merger, share exchange, consolidation, or
other business combination of the Company if immediately after such transaction
persons who hold a majority of the outstanding voting securities entitled to
vote generally in the election of directors of the surviving entity (or the
entity owning 100% of such surviving entity) are not persons who, immediately
prior to such transaction, held the Company Voting Stock; provided, however, that
a Change in Control shall not include 

 

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 a public offering
of capital stock of the Company.  For
purposes of this Section 2(f), a “Person” means any individual, entity or
group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act,
other than: employee benefit plans sponsored or maintained by the Company and
corporations controlled by the Company.

 

(g)           “Code” means the Internal
Revenue Code of 1986, as amended.

 

(h)           “Committee” means a Committee
appointed by the Board in accordance with Section 4 of the Plan.

 

(i)            “Common Stock” means the
Common Stock of the Company.

 

(j)            “Company” means Navigation
Technologies Corporation, a Delaware corporation.

 

(k)           “Consultant” means any person,
including an advisor, engaged by the Company or an Affiliate to render services
and who is compensated for such services. The term “Consultant” shall not
include Directors who are paid only a director’s fee by the Company or who are
not compensated by the Company for their services as Directors for the purpose
of raising capital.

 

(l)            “Continuous Status” means
that the employment, consulting or other service relationship with the Company
or any Affiliate is not interrupted or terminated.  Continuous Status shall not be considered
interrupted in the case of (i) any leave of absence approved by the Company or
(ii) transfers between locations of the Company or between the Company, its
Affiliate, or any successor.  A leave of
absence approved by the Company shall include sick leave, military leave, or
any other personal leave approved by an authorized representative of the
Company.  For purposes of Incentive Stock
Options, such leave may not exceed ninety (90) days, unless reemployment upon
expiration of such leave is guaranteed by statute or contract.  If reemployment upon expiration of a leave of
absence approved by the Company is not so guaranteed, the employment
relationship will be deemed to have terminated on the 91st day of
such leave solely for purposes of eligibility to obtain favorable tax treatment
of Incentive Stock Options upon exercise.

 

(m)          “Covered Employee” means the
chief executive officer and the four other highest compensated Officers of the
Company for whom total compensation is required to be reported to shareholders
under the Exchange Act, as determined for purposes of Section 162(m) of the
Code.

 

(n)           “Director” means a member of
the Board.

 

(o)           “Disability” means total and
permanent disability as defined in Section 22(e)(3) of the Code.

 

(p)           “Eligible Participant” means a
person who is eligible to receive an Award under the Plan.

 

(q)           “Employee” means any person,
including Officers and Directors, employed by the Company or any Parent or
Subsidiary of the Company.  Neither
service as a Director nor payment of a director’s fee by the Company shall be
sufficient to constitute “employment” by the Company.

 

(r)            “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

(s)           “Fair Market Value” means, as
of any date, the value of Common Stock determined as follows:

 

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(i)            If the Common Stock is listed on any
established stock exchange or a national market system, including without
limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The
Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for
such stock (or the closing bid, if no sales were reported) as quoted on such
exchange or system for the last market trading day prior to the time of determination,
as reported in The Wall Street Journal or such other source as the
Administrator deems reliable;

 

(ii)           If the Common Stock is regularly
quoted by a recognized securities dealer but selling prices are not reported,
the Fair Market Value of a Share of Common Stock shall be the mean between the
high bid and low asked prices for the Common Stock on the last market trading
day prior to the day of determination, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable;

 

(iii)          in the absence of an established
market for the Common Stock, the Fair Market Value shall be determined in good
faith by the Administrator.

 

(t)            “Grant Agreement” shall mean
a written document memorializing the terms and conditions of an Award granted
pursuant to the Plan and shall incorporate the terms of the Plan and any Notice
of Grant.

 

(u)           “Grantee” means an Eligible
Participant who has been granted an Award under the Plan.

 

(v)           “Incentive Stock Option” means
an Option intended to qualify as an incentive stock option within the meaning
of Section 422 of the Code and the regulations promulgated thereunder.

 

(w)          “Misconduct” means the
commission of any act affecting employment which involves (1) dishonesty, fraud
or criminal conduct by Grantee, (2) Grantee’s knowing and willful violation of
a material Company written policy or a lawful direction by an authorized
executive officer or the Board, (3) Grantee’s engaging in any activity in
competition with the Company or its subsidiaries in a material manner
(excluding a less than 5% investment in any public company), or (4) Grantee’s
knowing unauthorized disclosure of confidential material, proprietary
information or trade secrets of the Company.

 

(x)            “Non-Employee Director” means
a Director who either (i) is not a current Employee or Officer of the Company
or its Parent or a Subsidiary, does not receive compensation (directly or
indirectly) from the Company or its Parent or a Subsidiary for services
rendered as a Consultant or in any capacity other than as a Director (except
for an amount as to which disclosure would not be required under Item 404(a) of
Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)),
does not possess an interest in any other transaction as to which disclosure
would be required under Item 404(a) of Regulation S-K and is not engaged in a
business relationship as to which disclosure would be required under Item
404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3.

 

(y)           “Non-Qualified Stock Option”
means an Option not intended to qualify as an Incentive Stock Option.

 

(z)            “Notice of Grant” means a
written notice evidencing certain terms and conditions of an individual
Award.  The Notice of Grant is part of
the Grant Agreement.

 

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(aa)         “Officer” means a person who is
an officer of the Company within the meaning of Section 16 of the Exchange Act
and the rules and regulations promulgated thereunder.

 

(bb)         “Option” means a stock option
granted pursuant to the Plan.

 

(cc)         “Optioned Stock” means the
Common Stock subject to an Award.

 

(dd)         “Optionee” means an Employee,
Director or Consultant who holds an outstanding Option.

 

(ee)         “Outside Director” means a
Director who either (i) is not a current Employee of the Company or an “affiliated
corporation” (within the meaning of Treasury Regulations promulgated under
Section 162(m) of the Code), is not a former employee of the Company or an “affiliated
corporation” receiving compensation for prior services (other than benefits
under a tax-qualified pension plan), was not an officer of the Company or
an “affiliated corporation” at any time and is not currently receiving direct
or indirect remuneration from the Company or an “affiliated corporation” for
services in any capacity other than as a Director or (ii) is otherwise
considered an “outsider director” for purposes of Section 162(m) of the Code.

 

(ff)           “Parent” means a “parent
corporation”, whether now or hereafter existing, as defined in Section 424(e)
of the Code.

 

(gg)         “Plan” means this 2001 Stock
Incentive Plan, as amended from time to time.

 

(hh)         “Rule 16b-3” means Rule
16b-3 of the Exchange Act or any successor to Rule 16b-3, as in
effect when discretion is being exercised with respect to the Plan.

 

(ii)           “Section 16(b)” means Section
16(b) of the Exchange Act.

 

(jj)           “Share” means a share of the
Common Stock, as adjusted in accordance with Section 11 of the Plan.

 

(kk)         “Subsidiary” means a “subsidiary
corporation”, whether now or hereafter existing, as defined in Section 424(f)
of the Code.

 

3.                                        Stock Subject to the Plan.  Subject to the provisions of Section 11 of
the Plan, the maximum aggregate number of Shares which may be sold under the
Plan is 16,428,571.  The Shares may be
authorized, but unissued, or reacquired Common Stock.

 

If an Award
expires or becomes unexercisable without having been exercised in full, or is
surrendered to the Company, the unpurchased Shares which were subject thereto
shall become available for future grant or sale under the Plan (unless the Plan
has terminated); provided, however, that Shares that have actually been
issued under the Plan upon exercise of an Award shall not be returned to the
Plan and shall not become available for future distribution under the Plan,
except that if such Shares are repurchased by the Company at their original
purchase price, such Shares shall become available for future grant under the
Plan, but will not be available for future grants as Incentive Stock Options.

 

4.                                       Administration of the Plan.

 

(a)           Administration of the Plan.  The Plan shall be administered by the
Board.  The Board may delegate
administration of the Plan to a Committee or Committees of one or more members
of

 

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the Board from time to
time (the Board, Committee or Committees hereinafter referred to as the “Administrator”).  If administration is delegated to a
Committee, the Committee shall have, in connection with the administration of
the Plan, the powers theretofore possessed by the Board, including the power to
delegate to a subcommittee any of the administrative powers such Committee is
authorized to exercise, subject, however, to such resolutions, not inconsistent
with the provisions of the Plan, as may be adopted from time to time by the
Board.  The Board may increase the size
of any Committee and appoint additional members, remove members (with or
without cause) and substitute new members, fill vacancies (however caused), and
remove all members of the Committee, thereby revesting in the Board the
administration of the Plan.

 

(b)           Administration With Respect to
Directors and Officers Subject to Section 16(b).  At such time as an officer or director of the
Company is subject to Section 16 of the Securities Exchange Act of 1934, as
amended, all grants of Awards to individuals subject to Rule 16b-3 may be
made by the Board or a Committee appointed by the Board that is comprised of
two or more Non-Employee Directors.  At
such time as any equity security of the Company is registered pursuant to the
provisions of Section 12 of the Securities Exchange Act of 1934, as
amended, all grants of Awards to Covered Employees or persons who are expected
to be Covered Employees at the time of recognition of income resulting from
such Award shall be made by a Committee appointed by the Board that is
comprised of two or more Outside Directors unless the Board determines that the
Company does not wish to comply with Code section 162(m) with respect to any
such persons.

 

(c)           Powers of the Administrator.  The Administrator shall have full power and
authority, subject to such resolutions, not inconsistent with the provisions of
the Plan, as may be adopted from time to time by the Board, to take all other
actions necessary to carry out the purpose and intent of the Plan, including,
but not limited to, the authority to:

 

(i)            determine the Fair Market Value of
the Common Stock, in accordance with Section 2(s) of the Plan;

 

(ii)           select the Directors, Consultants and
Employees to whom Awards may be granted hereunder;

 

(iii)          determine whether and to what extent
Awards are granted hereunder;

 

(iv)          determine the number of shares of
Common Stock to be covered by each Award granted hereunder;

 

(v)           approve forms of agreement for use
under the Plan;

 

(vi)          determine the terms and conditions,
not inconsistent with the terms of the Plan, of any award granted
hereunder.  Such terms and conditions
include, but are not limited to, the exercise price, the time or times when Awards
may be exercised (which may be based on performance criteria), any vesting
acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the shares of Common Stock relating thereto,
based in each case on such factors as the Administrator, in its sole
discretion, shall determine;

 

(vii)         construe and interpret the terms of the
Plan and Awards granted pursuant to the Plan and the applicable Grant
Agreements;

 

(viii)        prescribe, amend and rescind rules and
regulations relating to the Plan;

 

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(ix)           for any purpose including, but not
limited to, qualifying for preferred tax treatment under foreign laws or
otherwise complying with the statutory or regulatory requirements of local or
foreign jurisdictions, establish, amend, modify, administer or terminate
sub-plans, and prescribe, amend and rescind rules and regulations relating to
such sub-plans;

 

(x)            modify, amend, extend or renew
outstanding Awards, or accept the surrender of outstanding Awards and
substitute new Awards (provided however, that, except as provided in Section 11
of the Plan or as required to ensure compliance with Applicable Laws, any
modification that would materially adversely affect any outstanding Award shall
not be made without the consent of the holder);

 

(xi)           authorize any person to execute on
behalf of the Company any instrument required to effect the grant of an Award
previously granted by the Administrator;

 

(xii)          make all other determinations deemed
necessary or advisable under or for administering the Plan.

 

(d)           Non-Uniform
Determinations.  The Administrator’s
determinations under the Plan (including without limitation, determinations of
the persons to receive Awards, the form, amount and timing of such Awards, the
terms and provisions of such Awards and the Grant Agreements evidencing such
Awards) need not be uniform and may be made by the Administrator selectively
among persons who receive, or are eligible to receive, Awards under the Plan,
whether or not such persons are similarly situated.

 

(e)           Limited
Liability.  To
the maximum extent permitted by law, no member of the Administrator shall be
liable for any action taken or decision made in good faith relating to the Plan
or any Award thereunder.

 

(f)            Indemnification.  To the maximum extent permitted by law and by
the Company’s charter and by-laws, the Administrator shall be indemnified by
the Company in respect of all their activities under the Plan.

 

(g)           Effect of Administrator’s Decision.  All actions taken and decisions and
determinations made by the Administrator on all matters relating to the Plan
pursuant to the powers vested in it hereunder shall be in the Administrator’s
sole and absolute discretion and shall be conclusive and binding on all parties
concerned, including the Company, its stockholders, any participants in the
Plan and any other Employee, Consultant, or Director of the Company, and their
respective successors in interest.

 

5.                                       Eligibility. 
Participation in the Plan shall be open to all Employees, Officers, and
Directors of, and Consultants to or for, the Company, or of any Affiliate of
the Company, as may be selected by the Administrator from time to time.  The Administrator may also grant Awards to
individuals in connection with hiring, retention or otherwise, prior to the
date the individual first performs services for the Company or an Affiliate
provided that such Awards shall not become vested or exercisable prior to the
date the individual first commences performance of such services.

 

6.                                       Limitations. 
Subject to adjustments as provided under Section 11 of the Plan, the
maximum number of shares of Common Stock subject to Awards of any combination
that may be granted during any one fiscal year of the Company to any one individual under this Plan shall be limited to
one hundred percent of the shares then available for issuance under the Plan,
reduced by the amount of shares, if any, that were subject to Awards granted to
such individual during that fiscal year with respect to which the related Award
was terminated, surrendered or canceled. 
For this purpose, if the exercise price

 

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of an Option is reduced,
the transaction will be treated as a cancellation of the Option and the grant
of a new Option.  The foregoing
limitation shall be adjusted proportionately in connection with any change in
the Company’s capitalization as described in Section 11.

 

7.                                       Term of Plan. 
Subject to Section 16 of the Plan, the Plan shall become effective upon
the earlier to occur of its adoption by the Board or its approval by the
shareholders of the Company as described in Section 16 of the Plan.  It shall continue in effect for a term of ten
(10) years unless terminated earlier, or expressly extended, under Section 12
of the Plan.

 

8.                                       Date of Grant. 
The date of grant of an Award shall be, for all purposes, the date on
which the Administrator makes the determination granting such Award, or such
other later date as is determined by the Administrator.  Notice of the determination shall be provided
to each Grantee within a reasonable time after the date of such grant.

 

9.                                       Awards.  The
Administrator, in its sole discretion, establishes the terms of all Awards
granted under the Plan.  This includes
fixing the period within which the Award may be exercised and any conditions
which must be met before the Award may be exercised.  Awards may be granted individually or in
tandem with other types of Awards.  All
Awards are subject to the terms and conditions provided in the Grant
Agreement.  The Administrator may permit
or require a recipient of an Award to defer such individual’s receipt of the
payment of cash or the delivery of Common Stock that would otherwise be due to
such individual by virtue of the exercise of, payment of, or lapse or waiver of
restrictions respecting, any Award.  If
any such payment deferral is required or permitted, the Administrator shall, in
its sole discretion, establish rules and procedures for such payment deferrals.

 

(a)           Stock
Options.

 

(i)            Types of Options Available Under
the Plan.  The Administrator may from
time to time grant to Eligible Participants Awards of Incentive Stock Options
or Non-Qualified Stock Options; provided, however, that Awards of Incentive
Stock Options shall be limited to employees of the Company or of any current or
hereafter existing Parent or Subsidiary of the Company.  No Option shall be an Incentive Stock Option
unless so designated by the Administrator at the time of grant or in the Grant
Agreement evidencing such Option. 
Notwithstanding designation by the Administrator as Incentive Stock
Options or Non-Qualified Stock Options, to the extent that the aggregate Fair
Market Value of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Optionee during any calendar year (under
all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such
Options shall be treated as Non-Qualified Stock Options.

 

(ii)           Exercise
Price.  Options intended to qualify
as Incentive Stock Options under Section 422 of the Code must have an exercise
price at least equal to Fair Market Value as of the date of grant.  If the Incentive Stock Option is granted to
an Optionee who, at the time the Option is granted, owns stock representing more
than ten percent (10%) of the voting power of all classes of stock of the
Company or any Parent or Subsidiary corporation, the per Share exercise price
shall be no less than one-hundred ten percent (110%) of the Fair Market Value
per share on the date of grant.  Non-Qualified
Stock Options, however, may be granted with an exercise price less than Fair
Market Value, as determined by the Administrator.

 

(iii)          Order of Exercisability.  For purposes of this Section 9(a), Incentive
Stock Options shall be taken into account in the order in which they were
granted.  If an Option is granted
hereunder that is part Incentive Stock Option and part Non-Qualified Stock
Option due to becoming first exercisable in any calendar year in excess of
$100,000, the Incentive Stock Option portion of such Option shall become
exercisable first in such calendar year, and the Non-Qualified Stock
Option portion shall

 

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commence becoming exercisable once the $100,000 limit
has been reached.

 

(iv)          Term
of the Option.  The term of each
Option shall be stated in the Notice of Grant; provided, however, that in the
case of an Incentive Stock Option, the term shall be ten (10) years from the
date of grant or such shorter term as may be provided in the Notice of
Grant.  Moreover, in the case of an
Incentive Stock Option granted to an Optionee who, at the time the Incentive
Stock Option is granted, owns stock representing more than ten percent (10%) of
the voting power of all classes of stock of the Company or any Parent or
Subsidiary, the term of the Incentive Stock Option shall be five (5) years from
the date of grant or such shorter term as may be provided in the Notice of
Grant.

 

(b)           Stock
Appreciation Rights.  The Administrator may from time to
time grant to Eligible Participants Awards of Stock Appreciation Rights (“SAR”).  An SAR entitles the grantee to receive,
subject to the provisions of the Plan and the Grant Agreement, a payment having
an aggregate value equal to the product of (i) the excess of (A) the
Fair Market Value on the exercise date of one share of Common Stock over
(B) the exercise price per share specified in the Grant Agreement, times
(ii) the number of shares specified by the SAR, or portion thereof, which
is exercised.  Payment by the Company of
the amount receivable upon any exercise of an SAR may be made by the delivery
of Common Stock or cash, or any combination of Common Stock and cash, as
determined in the sole discretion of the Administrator.  If upon settlement of the exercise of an SAR
a grantee is to receive a portion of such payment in shares of Common Stock,
the number of shares shall be determined by dividing such portion by the Fair
Market Value of a share of Common Stock on the exercise date.  No fractional shares shall be used for such
payment and the Administrator shall determine whether cash shall be given in
lieu of such fractional shares or whether such fractional shares shall be
eliminated.

 

(c)           Stock
Awards.  The
Administrator may from time to time grant restricted or unrestricted stock
Awards to Eligible Participants in such amounts, on such terms and conditions,
and for such consideration, including no consideration or such minimum
consideration as may be required by law, as it shall determine.  A stock Award may be paid in Common Stock, in
cash, or in a combination of Common Stock and cash, as determined in the sole
discretion of the Administrator.

 

(d)           Phantom
Stock. 
The Administrator may from time to time grant Awards to Eligible
Participants denominated in stock-equivalent units (“phantom stock”) in such
amounts and on such terms and conditions as it shall determine.  Phantom stock units granted to a Grantee
shall be credited to a bookkeeping reserve account solely for accounting
purposes and shall not require a segregation of any of the Company’s
assets.  An Award of phantom stock may be
settled in Common Stock, in cash, or in a combination of Common Stock and cash,
as determined in the sole discretion of the Administrator.  Except as otherwise provided in the
applicable Grant Agreement, the grantee shall not have the rights of a
stockholder with respect to any shares of Common Stock represented by a phantom
stock unit solely as a result of the grant of a phantom stock unit to the
grantee.

 

(e)           Performance
Awards.  The Administrator may, in
its discretion, grant performance awards which become payable on account of
attainment of one or more performance goals established by the
Administrator.  Performance awards may be
paid by the delivery of Common Stock or cash, or any combination of Common
Stock and cash, as determined in the sole discretion of the Administrator.  Performance goals established by the
Administrator may be based on the Company’s or an Affiliate’s operating income
or one or more other business criteria selected by the Administrator that apply
to an individual or group of individuals, a business unit, or the Company or an
Affiliate as a whole, over such performance period as the Administrator may
designate.

 

(f)            Other
Stock-Based Awards.  The Administrator may from time to time grant
other stock-based awards to Eligible Participants in such amounts, on such
terms and conditions, and for such 

 

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consideration, including no consideration or such minimum consideration
as may be required by law, as it shall determine.  Other stock-based awards may be denominated
in cash, in Common Stock or other securities, in stock-equivalent units, in
stock appreciation units, in securities or debentures convertible into Common
Stock, or in any combination of the foregoing and may be paid in Common Stock
or other securities, in cash, or in a combination of Common Stock or other
securities and cash, all as determined in the sole discretion of the Administrator.

 

(g)           Buyout Provisions. The
Administrator may at any time offer to buy out for a payment in cash or Shares,
an Award previously granted based on such terms and conditions as the
Administrator shall establish and communicate to the Grantee at the time that
such offer is made.

 

10.                                 Non-Transferability Of Awards. 
Unless otherwise specified by the Administrator in the Grant Agreement,
Awards may not be sold, pledged, assigned, hypothecated, transferred, or
disposed of in any manner other than by will or by the laws of descent or
distribution and may be exercised, during the lifetime of the Grantee.

 

11.                                 Adjustments for Corporate Transactions
and Other Events.

(a)           Stock Dividend, Stock Split and
Reverse Stock Split.  In the event of a stock dividend
of, or stock split or reverse stock split affecting, the Common Stock, (A) the
maximum number of shares of such Common Stock as to which Awards may be granted
under this Plan and the maximum number of shares with respect to which Awards
may be granted during any one fiscal year of the Company to any individual, as
provided in Section 6 of the Plan, and (B) the number of shares
covered by and the exercise price and other terms of outstanding Awards, shall,
without further action of the Board, be adjusted to reflect such event.  The Administrator may make adjustments, in
its discretion, to address the treatment of fractional shares and fractional
cents that arise with respect to outstanding Awards as a result of the stock
dividend, stock split or reverse stock split.

(b)           Non-Change in Control Transactions.  Except with respect
to the transactions set forth in Section 11(a), in the event of any change
affecting the Common Stock, the Company or its capitalization, by reason of a
spin-off, split-up, dividend, recapitalization, merger, consolidation or share
exchange, other than any such change that is part of a transaction resulting in
a Change in Control of the Company, the Administrator, in its discretion and
without the consent of the holders of the Awards, may make (A) appropriate
adjustments to the maximum number and kind of shares reserved for issuance or
with respect to which Awards may be granted under the Plan, in the aggregate
and with respect to any individual during any one fiscal year of the Company, as
provided in Sections 3 and 6 of the Plan; and (B) any
adjustments in outstanding Awards, including but not limited to modifying the
number, kind and price of securities subject to Awards.

(c)           Change in Control Transactions.  Except as otherwise
specifically set forth in a Grant Agreement, in the event of any transaction
resulting in a Change in Control of the Company, outstanding Options and SAR’s
under this Plan will terminate upon the effective time of such Change in
Control unless provision is made in connection with the transaction for the
continuation or assumption of such Awards by, or for the substitution of the
equivalent awards of, the surviving or successor entity or a parent
thereof.  In the event of such termination,
(A) the outstanding Options and SAR’s that will terminate upon the
effective time of the Change in Control shall become fully vested immediately
before the effective time of the Change in Control and (B) the holders of
Options and SAR’s under the Plan will be permitted, for a period of at least
fifteen days prior to the effective time of the Change in Control, to exercise
all portions of such Awards that are then exercisable or which become
exercisable upon or before the effective time of the Change in Control;
provided, however, that any such exercise of any portion of such an Award which
becomes exercisable as a result of such Change in Control shall be deemed to
occur immediately before the effective time of such Change in Control.

 

- 9 -

 

(d)           Unusual or Nonrecurring Events.  The Administrator
is authorized to make, in its discretion and without the consent of holders of
Awards, adjustments in the terms and conditions of, and the criteria included
in, Awards in recognition of unusual or nonrecurring events affecting the
Company, or the financial statements of the Company or any Affiliate, or of
changes in applicable laws, regulations, or accounting principles, whenever the
Administrator determines that such adjustments are appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan.

 

(e)           Dissolution or Liquidation.  In the event of the proposed dissolution or
liquidation of the Company, the Administrator shall notify each Optionee as
soon as practicable prior to the effective date of such proposed
transaction.  The Administrator in its
discretion may provide for an Optionee to have the right to exercise his or her
Option until ten (10) days prior to such transaction as to all of the Optioned
Stock covered thereby, including Shares as to which the Option would not
otherwise be exercisable.  In addition,
the Administrator may provide by Plan rule that any Company repurchase option applicable
to any Shares purchased upon exercise of an Option shall lapse as to all such
Shares, provided the proposed dissolution or liquidation takes place at the
time and in the manner contemplated.  To
the extent it has not been previously exercised, an Option will terminate
immediately prior to the consummation of such proposed action.

 

(f)            Other Agreements.  As a condition precedent to the grant of any
Award under the Plan, the exercise pursuant to such an Award, or to the
delivery of certificates for shares issued pursuant to any Award, the
Administrator may require the grantee or the grantee’s successor or permitted
transferee, as the case may be, to become a party to a stock restriction
agreement, shareholders’ agreement or other agreements regarding the Common
Stock of the Company in such form(s) as the Administrator may determine from
time to time.

 

12.                                 Amendment and Termination of the Plan.

 

(a)           Amendment
and Termination. The Board may at any time amend, alter, suspend or
terminate the Plan.

 

(b)           Shareholder Approval.  The Company shall obtain shareholder approval
of any Plan amendment to the extent necessary and desirable to comply with Rule
16b-3 or with Section 422 of the Code (or any successor rule or statute
or other applicable law, rule or regulation, including the requirements of any
exchange or quotation system on which the Common Stock is listed or
quoted).  Such shareholder approval, if
required, shall be obtained in such a manner and to such a degree as is
required by the applicable law, rule or regulation.

 

(c)           Effect of Amendment or Termination.  Except as provided in Section 11, no
amendment, alteration, suspension or termination of the Plan shall impair the
rights of any Grantee, unless mutually agreed otherwise between the Grantee and
the Administrator, which agreement must be in writing and signed by the Grantee
and the Company.  Notwithstanding the
forgoing, any amendment, alteration, suspension or termination of the Plan
undertaken for the purpose of complying with Applicable Laws will not require
the consent of the Grantee.

 

13.                                 Conditions Upon Issuance of Shares.

 

(a)           Legal
Compliance.  Shares shall not be
issued pursuant to the exercise of an Award unless the exercise of such Award
and the issuance and delivery of such Shares shall comply with all relevant
provisions of law, including, without limitation, the Securities Act of 1933,
as amended, the Exchange Act, the rules and regulations promulgated thereunder,
Applicable Laws, and the requirements 

 

- 10 -

 

of any stock exchange
or quotation system upon which the Shares may then be listed or quoted, and
shall be further subject to the approval of counsel for the Company with
respect to such compliance.

 

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

 

14.                                 Liability of Company.

 

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

 

(b)           Grants Exceeding Allotted Shares.  If the Optioned Stock covered by an Award
exceeds, as of the date of grant, the number of Shares which may be issued
under the Plan without additional shareholder approval, such Award shall be
void with respect to such excess Optioned Stock, unless shareholder approval of
an amendment sufficiently increasing the number of Shares subject to the Plan
is timely obtained in accordance with Section 12 of the Plan.

 

15.                                 Reservation of Shares. 
The Company, during the term of this Plan, will at all times reserve and
keep available such number of Shares as shall be sufficient to satisfy the
requirements of the Plan.

 

16.                                 Shareholder Approval. 
Continuance of the Plan shall be subject to approval by the shareholders
of the Company within twelve (12) months before or after the date the Plan is
adopted. Such shareholder approval shall be obtained in the manner and to the
degree required under Applicable Laws and the rules of any stock exchange upon
which the Common Stock is listed.

 

17.                                 Non-Guarantee of Employment, Service or
Pension.  Neither the Plan nor the granting of any
Award shall confer upon an Grantee any right with respect to continuing the
Grantee’s employment, consulting or other service relationship with the Company,
nor shall they interfere in any way with the Grantee’s right or the Company’s
right to terminate such employment, consulting or other service relationship at
any time, with or without cause.  No
benefits under the Plan shall be pensionable or otherwise increase the
obligation of the Company or its Affiliates to provide retirement benefits to
any Employee.

 

- 11 -

 

 

APPENDIX A

2001 STOCK OPTION PLAN FOR
CALIFORNIA EMPLOYEES 

 

With respect to Awards granted to California residents prior to a
public offering of capital stock of the Company that is effected pursuant to a
registration statement filed with, and declared effective by, the Securities
and Exchange Commission under the Securities Act of 1933 and only to the extent
required by applicable law, the following provisions shall apply
notwithstanding anything in the Plan or a Grant Agreement to the contrary:

 

1.                                      No such persons shall be entitled to
receive Awards in the form of any stock appreciation rights or phantom stock.

 

2.                                      With respect to any Award granted in the
form of a stock option pursuant to Section 9(a) of the Plan:

 

(a)           The
Award shall provide an exercise price which is not less than 85% of the Fair
Market Value of the stock at the time the option is granted, except that the
price shall be 110% of the Fair Market Value in the case of any person who owns
stock possessing more than 10% of the total combined voting power of all
classes of stock of the issuing corporation or its parent or subsidiary
corporations.

 

(b)           The exercise period shall be no more
than 120 months from the date the option is granted.

 

(c)           The
options shall be non-transferable other than by will, by the laws of descent
and distribution, by instrument to an inter vivos or testamentary trust in
which the options are to be passed to beneficiaries upon the death of the
trustor (settlor), or by gift to “immediate family” as that term is defined in
17 C.F.R. 240.16a-1(e).

 

(d)           The
Award recipient shall have the right to exercise at the rate of at least 20%
per year over 5 years from the date the option is granted, subject to
reasonable conditions such as continued employment.  However, if an option is granted to officers,
directors, or Consultants of the Company or the issuer of the underlying
security or any of its affiliates, the option may become fully exercisable,
subject to reasonable conditions such as continued employment, at any time or
during any period established by the issuer of the option or the issuer of the
underlying security or any of its affiliates.

 

(e)           Unless
employment is terminated for “cause” as defined by applicable law, the terms of
the Plan or Grant Agreement or a contract of employment, the right to exercise
the option in the event of termination of employment, to the extent that the
Award recipient is otherwise entitled to exercise on the date employment
terminates, will be as follows:

 

(1) At least 6 months from the date of termination if
termination was caused by death or disability.

 

(2) At least 30 days from the date of termination if
termination was caused by other than death or disability.

 

3.                                      The Company’s shareholders must approve
the Plan within 12 months before or after the date the Plan is adopted.  Any option exercised before shareholder
approval is obtained must be rescinded if shareholder approval is not obtained
within 12 months before or after the Plan is adopted.  Such shares 

 

- 12 -

 

shall not be counted in determining whether such approval is obtained.

 

4.                                      At the discretion of the Administrator,
the Company may reserve to itself and/or its assignee(s) in the Grant Agreement
or Stock Restriction Agreement a right to repurchase shares held by an Award
recipient following such Award recipient’s termination at any time within 90
days after such Award recipient’s termination date (or in the case of
securities issued upon exercise of an option after the termination date, within
90 days after the date of such exercise) for cash and/or cancellation of purchase
money indebtedness, at:  (A) with
respect to vested shares, the Fair Market Value of such shares on the Award
recipient’s termination date; provided that such right to repurchase
vested shares terminates when the Company’s securities have become publicly
traded; or (B) with respect to unvested shares, the Award recipient’s
exercise price, provided, that to the extent the Award recipient is not
an officer, director or Consultant of the Company or of a Parent or Subsidiary
of the Company such right to repurchase unvested shares at the exercise price
lapses at the rate of at least 20% per year over 5 years from the date of the
grant of the option.

 

5.                                      The Company will provide financial
statements to each Award recipient annually during the period such individual
has Awards outstanding, or as otherwise required under Section 260.146.46 of
Title 10 of the California Code of Regulations. 
Notwithstanding the foregoing, the Company will not be required to
provide such financial statements to Award recipients when issuance is limited
to key employees whose services in connection with the Company assure them
access to equivalent information.

 

6.                                      The Company will comply with Section
260.140.1 of Title 10 of the California Code of Regulations with respect to the
voting rights of Common Stock.

 

7.                                      The Plan is intended to comply with
Section 25102(o) of the California Corporations Code. Any provision of this
Plan which is inconsistent with Section 25102(o), including without limitation
any provision of this Plan that is more restrictive than would be permitted by
Section 25102(o) as amended from time to time, shall, without further act or
amendment by the Board, be reformed to comply with the provisions of
Section 25102(o).  If at any time
the Administrator determines that the delivery of Common Stock under the Plan
is or may be unlawful under the laws of any applicable jurisdiction, or federal
or state securities laws, the right to exercise an Award or receive shares of
Common Stock pursuant to an Award shall be suspended until the Administrator
determines that such delivery is lawful. 
The Company shall have no obligation to effect any registration or
qualification of the Common Stock under federal or state laws.

 

- 13 -

 

APPENDIX B

2001 STOCK OPTION PLAN FOR FRENCH
EMPLOYEES

 

The following provisions shall apply with respect to
French Employees, as defined below.

 

1.     Purposes.  This 2001 Stock Option Plan For French
Employees (“Plan”) is a sub-plan created under and pursuant to the Navigation
Technologies Corporation 2001 Stock Incentive Plan (“U.S. Plan”), which is
subject to the approval by the shareholders of Navigation Technologies
Corporation (the “Company”), and which provides persons resident or ordinarily
resident in France (“French Employees”) may benefit under this Plan.  Options may be granted to Employees under the
Plan at the discretion of the Administrator. 
All Options shall be issued pursuant to the terms, conditions and
limitations of written option agreements, and are intended to qualify for
preferred treatment under French tax laws. 
Unless otherwise defined herein, the terms defined in the U.S. Plan
shall have the same defined meanings in this Plan.  The following provisions shall replace any
contrary provisions in the U.S. Plan; provided, however, that all
provisions of the U.S. Plan shall apply in the absence of any contradiction.

2.     Definitions.  Under this Plan, the following definitions
shall apply:

(a)   “Employee” means any person employed
by the Company’s French Subsidiary in a salaried position, who does not own
more than 10% of the voting power of all classes of stock of the Company, or
any Parent or Subsidiary and who is a resident of the Republic of France,
except as specifically provided in a grant agreement for non-U.S. employees.

(b)   “Fair Market Value”  For purposes of this Plan, but only in the
absence of an established market for the Common Stock, Fair Market Value means
the value of the Common Stock as determined by reference to the “objective
methods” usually used to value shares; and, in particular, the amount of the
net assets of the Company, its profitability and its economic forecasts shall
be taken into account.

3.     Reporting.  As part of the Company’s annual report to its
shareholders, the Board shall report the following information to the Company’s
shareholders:

•                                          the number, expiration date and price of the Options
granted hereunder; and

•                                          the number and price of the Shares subscribed upon
exercise of such Options.

 

4.     Term of Plan.  The Plan shall become effective as of the
date of its adoption by the Board; provided, however, that the Company’s
shareholders must re-approve the Administrator’s authority to issue Options
more than 38 months after the adoption of the Plan.

5.     Option Price.  The Option Price for the shares of Common
Stock to be issued pursuant to exercise of an Option under the Plan shall be
determined by the Administrator upon the date of grant of the Option and stated
in the Option Agreement, but in no event shall be lower than one hundred
percent (100%) of the Fair Market Value on the date the Option is granted.  This Option Price cannot be modified while
the Option is outstanding.

6.     Death of Optionee.  In the event of the death of an Optionee
while an Employee, the Option may be exercised at any time within six (6)
months following the date of death, in compliance with Article L 225-183
of the Applicable Laws, by the heirs or representative of the deceased or by a
person who acquired the right to exercise the Option by bequest or inheri­tance,
but only to the extent that the Optionee was entitled to exercise the Option at
the date of death.  If, at the time of
death, the Optionee was not entitled to exercise his or her entire Option, the
Shares covered by the unexercisable portion 

 

- 14 -

 

of the Option
shall revert to the Plan.  If, after
death, the Optionee’s estate or a person who acquired the right to exercise the
Option by bequest or inheritance does not exercise the Option within the time
specified herein, the Option shall terminate, and the Shares covered by such
Option shall immediately revert to the Plan.

7.     Limitation on Exercise Price Adjustments.  In the event of a change in the Company’s
capitalization, and only as required by Applicable Laws, the exercise price for
an Option shall not be changed.  However,
should any change be made to the share capital by reason of any capital
increase by issuing new shares or capitalizing available reserves, stock
dividend, reduction in capital following losses or issuance of bonds
convertible into shares, the number of Shares under option and the exercise
price shall be adjusted in accordance with the provisions of Article L 225-181
of the Applicable Laws.  In no event
shall any such adjustment result in an exercise price lower than the nominal
value of the Shares.

8.     Registration.  The Shares issued upon the exercise of an
Option shall be issued pursuant to issuance of registered stock certificates if
the Applicable Laws so permit, or pursuant to book-entry of the Shares in a
specific account held by the Company or an agent thereof.

9.     Transfer.  The Shares issued upon the exercise of an
Option may not be subject to any transfer restriction that exceeds the period
prescribed in Article 163 bis C of the French Tax Code.  All Shares issued upon the exercise of an
Option shall be held for a period of four (4) years from the grant date; provided,
however, that such Shares may be transferred within such period upon the
occurrence of the following events in accordance with the terms of the
applicable Grant Agreement: 
(1) termination of Employee’s employment; (2) the Employee’s
retirement; (3) the Employee’s disability, as defined in the French Social
Security Code; or (4) the Employee’s death.

 

- 15 -

 

APPENDIX C

2001 STOCK OPTION PLAN FOR
NETHERLANDS’S RESIDENTS AND

BELGIAN RESIDENTS EMPLOYED IN THE
NETHERLANDS

 

                This
2001 Stock Option Plan For Netherlands’ Residents and Belgian Residents
Employed in The Netherlands (“Plan”) is a sub-plan created under and pursuant
to the Navigation Technologies Corporation 2001 Stock Incentive Plan (“U.S.
Plan”). With respect to Awards granted to persons resident and ordinarily
resident in (i) The Netherlands and (ii) Belgium but employed in The
Netherlands, the provisions of the Plan shall apply subject always to the
following provisions which shall apply to such Awards notwithstanding anything
to the contrary in the U.S. Plan or any Grant Agreement.  Unless otherwise defined herein, the terms
defined in the U.S. Plan shall have the same defined meanings in this
Plan.  The following provisions shall
replace any contrary provisions in the U.S. Plan; provided, however,
that all provisions of the U.S. Plan shall apply in the absence of any
contradiction.

A.                                   With respect to Awards granted to (a)
Netherlands’ residents and (b) Belgian residents employed in The Netherlands,
the following provisions shall apply notwithstanding anything in the Plan or a
Grant Agreement to the contrary:

 

1.             (a)
Neither the Plan nor any Award or Grant Agreement forms part or creates any
rights under the employment agreement concluded between the Grantee and the
Company, Parent, Subsidiary or Affiliate as the case may be, nor adds or creates
any additional employment conditions (secundaire
arbeidsvoorwaarden), and neither the Plan, nor any Award or Grant
Agreement creates any other rights than those laid down in the Plan and the
Grant Agreement. In particular, if the undertaking of the Company, Parent,
Subsidiary or Affiliate will be taken over by a third party within the meaning
of article 7:662 et seq. of the Dutch Civil Code (Burgerlijk
Wetboek), (the rights and obligations pertaining to) the Awards will
not be transferred to such third party.

 

                                                 (b) The grant of Awards and/or the
acquisition of any Shares and/or rights and/or assets upon exercise of such
Awards under the Plan will have no effect on the entitlement of the Grantee to
pension rights, pension schemes, additional employment conditions or on the
entitlement to grants of future Awards.

 

                (c) The Grantee
has no right to any recourse and is not entitled to any compensation for any
losses occurred by the lapse of any Award upon or after termination of the
Grantee’s employment agreement with the Company, Parent, Subsidiary or
Affiliate as the case may be. In particular, but without limitation, the
Grantee is not entitled to any compensation on the basis of article 7:685 (ontbinding wegens gewichtige redenen) and/or article 7:681 (kennelijk onredelijke beëindiging) of the Dutch Civil Code
(and for the Grantee to whom these articles of the Dutch Civil Code for any
reason do not apply: such Grantee is not entitled to any compensation other
than expressly provided for in the Plan and/or the Grant Agreement and in
particular not entitled to any compensation on the basis of any applicable
provision of law that is similar or comparable to these articles of the Dutch
Civil Code).

 

2.             Grantees shall be
subject to and bound by the terms and conditions of Dutch provisions on insider
trading applicable to the Company, Parent, any Subsidiary or Affiliate after
the Shares, or other securities issued by the Company, Parent, any Subsidiary
or Affiliate, are quoted on any officially recognized securities exchange or as
soon as it may reasonably be expected that Shares or such other securities be
soon, within the meaning of article 46 of the Securities Markets Supervision
Act 1995 (Wet toezicht effectenverkeer 1995),
quoted at such securities exchange, and by signing the Grant Agreement the
Grantee declares to understand and acknowledge that 

 

- 16 -

 

such insider trading provisions may restrict the Grantees’ rights under
the Plan including, but not limited to, timing of exercise of Awards, timing of
acquisition of any Shares and/or rights and/or assets upon exercise of such
Awards and timing of the sale and transfer of any Shares and/or rights and/or
assets so acquired.

 

B.                                     With respect to Awards granted to
Netherlands’ residents only, the following provisions shall apply
notwithstanding anything in the Plan or a Grant Agreement to the contrary:

 

3.             No other persons than Covered
Employees, Directors, Employees, Non-Employee Directors, Officers and Outside
Directors, all as defined in Section 2 of the Plan, are eligible to receive
Awards. The Administrator may, however, decide in individual circumstances to
grant Awards to other persons residing in The Netherlands provided that such
other person forms part of a ‘restricted circle of persons’ in relation to the
Company within the meaning of article 3.1 of the Securities Markets Supervision
Act 1995.

 

- 17 -

 

APPENDIX D

2001 STOCK OPTION PLAN FOR UNITED
KINGDOM EMPLOYEES

 

 

                This
2001 Stock Option Plan For United Kingdom Employees (“Plan”) is a sub-plan
created under and pursuant to the Navigation Technologies Corporation 2001
Stock Incentive Plan (“U.S. Plan”).  With
respect to Awards granted to persons resident and ordinarily resident in the
United Kingdom, the provisions of the Plan shall apply subject always to the
following provisions which shall apply to such Awards notwithstanding anything
to the contrary in the U.S. Plan or any Grant Agreement.  Unless otherwise defined herein, the terms
defined in the U.S. Plan shall have the same defined meanings in this
Plan.  The following provisions shall
replace any contrary provisions in the U.S. Plan; provided, however,
that all provisions of the U.S. Plan shall apply in the absence of any
contradiction.

1                                          Nature of
Participation

1.1                                 The granting of an Award shall not form
part of any Employee’s or Optionee’s entitlement to remuneration or benefits
pursuant to his contract of employment with the Company or any Parent, Subsidiary
or Affiliate.  Moreover, the existence of
a contract of employment between any person and any such employer shall not
give such person any right to have an Award granted to him in respect of any
number of Shares either subject to any condition, or at all.

1.2                                 Except as otherwise provide for in this
paragraph 1 the rights and obligations of an Employee or an Optionee under the
terms of his office or employment with the Company or any Parent, Subsidiary or
Affiliate shall not be affected by his participation in this Plan.  In particular, no benefits under the Plan
shall be pensionable.

1.3                                 An Optionee shall have no rights to seek
equitable relief or to receive compensation or damages for any loss or
potential loss which the Optionee may suffer in connection with any Awards or
any rights or entitlements under the Plan which loss or potential loss arises
in consequence of the loss or termination of his office or employment with the
Company or any Parent, Subsidiary or Affiliate for any reason whatsoever (including,
without limitation, wrongful dismissal).

1.4                                 The foregoing provisions of this Section 1
shall not be taken into account for the purpose of any rule of construction
under U.S. law that would be used to construe the provisions of the U.S. Plan.

2                                          Non-transferability
of the Option

2.1                                 During his lifetime, only the
person to whom an Option is granted may exercise that Option.

2.2           An Option shall immediately lapse and
cease to be exercisable if:

2.2.1                        the Optionee transfers, or assigns (other than to legally
authorized personal representatives upon the death of the person to whom the
option was originally granted), mortgages, charges or otherwise disposes of the
Option, deals with it, or purports or attempts to do any one or more such
thing;  or

 

- 18 -

 

2.2.2                        the Optionee is adjudicated bankrupt or a bankruptcy
order is made against the Optionee, or the Optionee makes a composition with
his creditors or does any other similar thing in any part of the world.

3                                          Life of
Options

If not previously exercised by an Optionee each and
any Option held by him shall lapse and cease to be exercisable on the tenth
anniversary of its grant.

4                                          Non-Qualified Options

All
Options granted shall be Non-Qualified Stock Options.

 

- 19 -

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