Document:

Forbearance Agreement

 Exhibit 10.1 
  

			
	 	  	Private Client Group
		
	

	  	 Merrill Lynch Business
 Financial
Services Inc.
 222 North LaSalle Street
 17th
Floor

	 	  	Chicago, Illinois 60601
	 	  	(312) 269-1358
	 	  	FAX: (312) 499-3252
		
	 	  	May 13, 2005

  
 Dreams Products, Inc. 
 2 South University Drive 
 Suite 325 
 Planation, FL 33324 
  

	 	Re:	Amendment to Loan Documents 

  
 Ladies & Gentlemen: 
  
 This Letter Agreement will serve to confirm certain agreements of Merrill Lynch Business Financial Services Inc. (“MLBFS”), Dreams Products, Inc. (“Customer”), Dreams, Inc. (“Dreams”),
and Dreams Franchise Corporation (“Franchise”) with respect to: (i) that certain FORBEARANCE AGREEMENT dated as of December 30, 2004 between MLBFS on the one hand, and Customer, Dreams and Franchise (collectively, Customer,
Dreams and Franchise, the “Obligors” or the “Parties”) on the other hand (including any amendments and extensions thereto), and (ii) all other agreements between MLBFS and Obligors including without limitation the Loan Documents.
Capitalized terms used herein and not defined herein shall have the meaning set forth in the Forbearance Agreement, or if not defined in the Forbearance Agreement, the Loan Documents. The terms of this Letter Agreement amends and restates and
supercedes and replaces in its entirety that certain Letter Agreement dated as of March 30, 2005. 
  
 Subject to the last sentence of this Letter Agreement, effective as of the date hereof, the Loan Documents are hereby amended as follows: 
  
 (a) Section 4(d)(i) of the Forbearance Agreement is hereby amended and restated in its entirety to read as follows: 
  
 The term “Termination Date” shall mean the first to occur of: (i)
the last Business Day of the seventeenth (17th) full calendar month following the Closing Date, or (ii) June 3,
2005, or (iii) if earlier, the date of termination of the WCMA Line of Credit pursuant to the terms of this Forbearance Agreement. 
  
 (b) Section 4(e)(i) of the Forbearance Agreement is hereby amended and restated in its entirety as follows: 
  
 The term “Maximum WCMA Line of Credit” shall mean, as of the Effective Date (as hereinafter defined) through June
3, 2005 $3,500,000.00. CUSTOMER AGREES THAT IT WILL, WITHOUT DEMAND, INVOICING OR THE REQUEST OF MLBFS, FROM TIME TO TIME MAKE SUFFICIENT PAYMENTS ON ACCOUNT OF THE WCMA LOAN BALANCE TO ASSURE THAT THE WCMA LOAN BALANCE WILL NOT AT ANY TIME
EXCEED THE MAXIMUM WCMA LINE OF CREDIT, AS REDUCED PURSUANT TO THIS SECTION IN THE AMOUNTS SPECIFIED IN THIS SECTION. 
  

 Dreams Products, Inc 
 Page 2 of 2 
 May 13, 2005 
  

 (c) Subject to the terms hereof, and provided Obligors comply with the terms and conditions hereof, MLBFS hereby
agrees to waive the Exit Fee (as such term is defined in the Forbearance Agreement) that became due and payable on May 15, 2005 when Obligors failed to pay in full the Obligations as required by the Forbearance Agreement. However, if the Obligations
are not indefeasibly paid in full on or before June 3, 2005, the Exit Fee shall be reinstated instanter and the waiver granted herein shall be void ab initio. and the Exit Fee so reinstated, shall become immediately due and
payable and shall be in addition to all other charges under the Forbearance Agreement and Loan Documents, and shall become a WCMA Loan, due immediately and added to the WCMA Loan Balance in the same manner as provided for accrued interest with
respect to the WCMA Line of Credit. To which extent, by executing this Letter Agreement, the Obligors hereby authorize MLBFS to pay out of and charge to Customer’s WCMA Account such Exit Fee as a WCMA Loan, at any time on or after June 3, 2005,
if the Obligations are not indefeasibly paid in full on or prior to June 3, 2005. 
  
 (d) Obligors agree, concurrent with their execution of this Letter Agreement, to pay MLBFS a non- refundable Forbearance Fee of $5,000.00 covering the period between May 15, 2005, and June 3, 2005. Customer agrees to pay the Forbearance Fee
with a check drawn on a non-Merrill Lynch checking account, and agrees that the Forbearance Fee will be fully non-refundable once it has been paid. Obligors further agree that additional forbearance fees will become due and owing to MLBFS for any
extensions to the Forbearance Agreement or this Letter Agreement as may be granted by MLBFS. By their execution of this Letter Agreement, the Obligors hereby consent to the foregoing modifications to the Forbearance Agreement, and hereby agree that
except as expressly amended hereby, the Loan Documents, including but not limited to the Forbearance Agreement, shall continue in full force and effect upon all of their terms and conditions. 
  
 Obligors acknowledge, warrant and agree, as a primary inducement to MLBFS to enter into this
Agreement, that: (a) no Default or Event of Default has occurred and is continuing under the Forbearance Agreement or Loan Documents, other than the Defaults or Events of Defaults referenced in the Forbearance Agreement or specifically refereneced
in this Letter Agreement; (b) each of the warranties of Obligors in the Forbearance Agreement and Loan Documents are true and correct as of the date hereof and shall be deemed remade as of the date hereof; (c) no Obligor has any claim against MLBFS
or any of its affiliates arising out of or in connection with the Forbearance Agreement or Loan Documents or any other matter whatsoever; and (d) no Obligor has any defense to payment of any amounts owing, or any right of counterclaim for any reason
under, the Forbearance Agreement or Loan Documents. 
  
 Provided that no Event of
Default, or event which with the giving of notice, passage of time, or both, would constitute an Event of Default, shall then have occurred and be continuing under the terms of the Loan Documents, other than the existing Defaults and Events of
Default referenced in the Forbearance Agreement or specifically referenced in this Letter Agreement, the amendments and agreements in this Letter Agreement will become effective on the date (the “Effective Date”) upon which: (a) Obligors
shall have executed and returned the duplicate copy of this Letter Agreement along with the Forbearance Fee; and (b) an officer of MLBFS shall have reviewed and approved this Letter Agreement and such other documents as being consistent in all
respects with the original internal authorization hereof. 
  
 Notwithstanding the
foregoing, if each Obligor does not execute and return the duplicate copy of this Letter Agreement to MLBFS by 5PM CST May 17, 2005, or if for any other reason (other than 

  

 Dreams Products, Inc 
 Page 3 of 3 
 May 13, 2005 
  

 
the sole fault of MLBFS) the Effective Date shall not occur by May 17, 2005, then all of said amendments and agreements will, at the sole option of MLBFS, be
void. 
  

			
	 Very truly yours,

	
	Merrill Lynch Business Financial Services Inc.
		
	 By:
	 	/s/ Bill Kocolowski
	 	 	 Bill Kocolowski
 Vice President

  

			
	 Agreed and Accepted:

	
	Dreams Products, Inc.
		
	 By:
	 	/s/ Ross Tannenbaum

			
		
	Printed Name:	 	Ross Tannenbaum

			
		
	 Title:
	 	 

  

			
	Dreams, Inc.
		
	 By:
	 	/s/ Ross Tannenbaum

			
		
	Printed Name:	 	Ross Tannenbaum

			
		
	 Title:
	 	 

  

			
	Dreams Franchise Corporation
		
	 By:
	 	/s/ Ross Tannenbaum

			
		
	Printed Name:	 	Ross Tannenbaum

			
		
	 Title:423 EMPLOYEE STOCK PURCHASE PLAN

 Exhibit 4.9 
  

LANDAMERICA FINANCIAL GROUP, INC. 
 423 EMPLOYEE STOCK PURCHASE PLAN 
  
 (Effective
July 1, 2005) 
  
 PURPOSE 
  
 Effective July 1, 2005, the Board of Directors of the Company adopted the
LandAmerica Financial Group, Inc., 423 Employee Stock Purchase Plan (the Plan). The Plan offers a convenient and economical way for Eligible Employees to become shareholders in the Company. Once an Eligible Employee elects to participate in the
Plan, his or her payroll deductions will be used to purchase LFG Stock under the terms of the Plan. 
  
 The Plan is intended to qualify under Section 423 of the Internal Revenue Code of 1986, as amended, and all provisions of the Plan should be construed in
a manner consistent with that intent. 
  
 ARTICLE I 

 DEFINITIONS 
  

	1.01	Administrator 

  
 Administrator means the Committee. The Committee may delegate ministerial, non-discretionary functions to third parties, including officers of the
Corporation. 
  

	1.02	Affiliate 

  
 Affiliate means any “parent corporation” or “subsidiary corporation” (within the meaning of Section 424 of the Code) of the Company,
including a corporation that becomes an Affiliate after the adoption of this Plan, that the Administrator designates as a participating employer in the Plan. 
  

	1.03	Board 

  
 Board means the Board of Directors of LandAmerica Financial Group, Inc. 
  

	1.04	Code 

  
 Code means the Internal Revenue Code of 1986, and any amendment thereto. 
  

	1.05	Committee 

  
 Committee means the Benefits Committee whose members are appointed by the Board to administer the Company’s employee benefit plans. 
  

	1.06	Company 

  
 Company means LandAmerica Financial Group, Inc. 
  

 1 

	1.07	Date of Grant 

  
 Date of Grant means the first day of each month. 
  

	1.08	Dividend 

  
 Dividend means a distribution made to shareholders, as determined by the Board in the form of cash or stock. 
  

	1.09	Dividend Payment Date 

  
 Dividend Payment Date means a date declared by the Board on which Dividends are paid to the shareholders of LFG Stock. 
  

	1.10	Dividend Record Date 

  
 Dividend Record Date means the date declared by the Board on which a person or entity must be a registered shareholder of LFG Stock in order to receive a
Dividend. 
  

	1.11	Eligible Employee 

  
 Eligible Employee means any person who (i) is employed by the Company or an Affiliate and (ii) has completed thirty (30) consecutive days of employment
with the Company or an Affiliate. The preceding sentence to the contrary notwithstanding, an individual who is a Five Percent Shareholder is not an Eligible Employee. 
  

	1.12	Enrollment Period 

  
 The period of time, as designated by the Administrator, preceding an Offering Period in which a Participant must submit a request to participate in the
Plan to the Recordkeeper. 
  

	1.13	Fair Market Value 

  
 Fair Market Value means on any given date (i) for purposes of a share of LFG Stock purchased on the open market, the actual purchase price paid for such
shares, or (ii) for all other purposes, the reported closing price of a share of LFG Stock on the primary exchange on which shares of LFG Stock are listed. If, on any given date, no share of LFG Stock is traded on the established stock exchange,
then Fair Market Value shall be determined with reference to the next preceding day that LFG Stock was so traded. 
  

	1.14	Five Percent Shareholder 

  
 Five Percent Shareholder means any individual who, immediately after the Date of Grant of an Option, owns or would be deemed to own more than five percent
of the total combined voting power or value of all classes of stock of the Company or of an Affiliate. For this purpose, (i) an individual shall be considered to own any stock owned (directly or indirectly) by or for his brothers, sisters, spouse,
ancestors or lineal descendants and shall be considered to own proportionately any stock owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a shareholder, partner or beneficiary, and (ii)
stock of the Company or an Affiliate that an individual may purchase under outstanding options (whether or not granted under this Plan) shall be treated as stock owned by the individual. 
  

 2 

	1.15	LFG Stock 

  
 LFG Stock means the common stock of the Company. 
  

	1.16	Offering Period 

  
 Offering Period means the period beginning on the Date of Grant and ending on the Purchase Date. 
  

	1.17	Option 

  
 Option means a stock option that entitles the holder to purchase from the Company a stated number of shares of LFG Stock in accordance with, and subject
to, the terms and conditions prescribed by the Plan. 
  

	1.18	Participant 

  
 Participant means any Eligible Employee currently and properly enrolled in the Plan pursuant to applicable procedures developed by the Administrator.

  

	1.19	Plan Account 

  
 Plan Account means a recordkeeping account established for a Participant to which shares of LFG Stock are credited under the Plan. 
  

	1.20	Purchase Date 

  
 Purchase Date means the last business day of the month, or if LFG Stock is not traded on such day, on the next preceding day on which such stock is
traded, on which the Recordkeeper will purchase LFG Stock. 
  

	1.21	Recordkeeper 

  
 Recordkeeper means a third-party recordkeeper that is either a brokerage firm or the Company’s transfer agent, and that is designated by the
Administrator. 
  
 ARTICLE II 
 ELIGIBILITY AND PARTICIPATION 
  

	2.01	Eligibility 

  
 Each person who is or will be an Eligible Employee on the Date of Grant may elect to participate in the Plan by submitting a request through the
Recordkeeper’s website or designated interactive voice response system. 
  

	2.02	Payroll Deductions 

  
 (a) An Eligible Employee who satisfies the requirements of Article II becomes a Participant for an Offering Period by submitting a request through the
Recordkeeper’s website or designated interactive voice response system during the Enrollment Period set by the Administrator. The Participant will authorize the amount to be withheld from his or her pay each pay period subject to the limit set
forth in Plan section 3.01. 
  
 (b) A Participant may not
contribute to or otherwise accumulate funds under the Plan except by payroll deductions in accordance with his or her request submitted through the Recordkeeper’s website or designated interactive voice response system. 
  

 3 

 (c) A Participant’s enrollment request becomes effective as of the date received within the
designated Enrollment Period. An enrollment request may be amended or revoked before the end of the Enrollment Period. Once an enrollment request becomes operative, it will continue in effect and may not be amended or revoked except during a
subsequent Enrollment Period or the Participant’s termination of employment, if earlier. 
  

	2.03	Plan Account 

  
 A Plan Account shall be established for each Participant. All amounts deducted from a Participant’s pay pursuant to his or her request submitted
through the Recordkeeper’s website or designated interactive voice response system shall be credited to his or her Plan Account. No interest shall be paid or credited to the Plan Account of any Participant. 
  
 ARTICLE III 
 OPTION GRANTS 
  

	3.01	Number of Shares 

  
 Each Eligible Employee who is a Participant on the Date of Grant shall be granted an Option as of the Date of Grant. The number of shares of Common Stock
subject to such Option shall be the number of whole and fractional shares determined by dividing the option price into the cash balance credited to the Participant’s Plan Account as of the Purchase Date. Notwithstanding the preceding sentence,
no Participant will be granted an Option if such Option would permit such Participant’s right to purchase LFG Stock (under all employee stock purchase plans maintained by the Company) to accrue at a rate which exceeds $25,000 of the Fair Market
Value of LFG Stock (determined as of each Date of Grant) in any calendar year. 
  

	3.02	Aggregate Limit 

  
 (a) The maximum aggregate number of shares of LFG Stock that may be issued under this Plan is 1,500,000 shares. 
  
 (b) The maximum number of shares which may be issued under this Plan shall be
adjusted as the Company shall determine to be equitably required in the event that (i) the Company (A) effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or (B) engages in a transaction to which Section
424 of the Code applies, or (ii) there occurs any other event which, in the judgment of the Company, necessitates such action. Any determination made under this Article III by the Company shall be final and conclusive. 
  

	3.03	Option Price 

  
 The price per share for LFG Stock purchased on the exercise of an Option shall be eighty-five percent (85%) of the Fair Market Value on the Purchase Date.

  
 ARTICLE IV 
 EXERCISE OF AN OPTION 
  

	4.01	Automatic Exercise 

  
 Each Option shall be exercised automatically as of the Purchase Date for the number of shares of LFG Stock that may be purchased at the option price for
that Option with the balance credited to the Participant’s Plan Account. 
  

 4 

	4.02	Transferability of Option 

  
 During a Participant’s lifetime, Options held by such Participant shall be exercisable only by that Participant. 
  

	4.03	Cash Dividends 

  
 In the event the Company pays a cash Dividend, such Dividend will be paid to the Recordkeeper for shares held in Plan Accounts as of the Dividend Record
Date. The Participant may elect whether to receive a cash payment for such dividend or to have the Recordkeeper reinvest such cash Dividend in shares of LFG Stock. If no such election is made, the Dividend will be reinvested in shares of LFG Stock.

  

	4.04	Stock Dividends 

  
 Any Dividend in LFG Stock shares distributed by the Company on shares held in a Participant’s Plan Account will be credited to the Plan Accounts of
Participants based upon the number of shares held by Participants on the Dividend Record Date. 
  

	4.05	Stock Splits 

  
 Any Stock Splits distributed by the Company on shares held in a Participant’s Plan Account will be credited to the Plan Accounts of Participants
based upon the number of shares held by Participants on the record date for the stock split. 
  
 ARTICLE V 
 DISTRIBUTIONS 
  

	5.01	Complete and Partial Distributions of Certificates for Shares 

  

Participants may obtain stock certificates for all or part of the whole shares of LFG Stock held in their Plan Accounts by submitting a request through
the Recordkeeper’s website or designated interactive voice response system. Any fractional share credited to the Participant’s Plan Account will be distributed in a cash payment equal to the Fair Market Value of LFG Stock as of the date of
distribution, less applicable fees, expenses and transfer taxes, if any, to the Participant. 
  

	5.02	Complete and Partial Distributions of Cash for Shares 

  
 Participants may instruct the Recordkeeper to sell all or any number of shares held in their Plan Accounts by submitting a request through the
Recordkeeper’s website or designated interactive voice response system. The Recordkeeper will make the sale within five (5) business days following submission of the request. Applicable fees, expenses and transfer taxes, will be deducted by the
Recordkeeper from the Fair Market Value as of the date such shares are sold by the Recordkeeper. 
  

	5.03	Distributions upon Separation from Service or Termination of the Plan 

  
 (a) In the event a Participant separates from employment with the Company or an Affiliate, the Participant may elect (i) to
transfer the LFG Stock (and any fractional share) to an account with a brokerage firm or (ii) to receive certificates for the number of whole shares allocated to the Participant’s account on the date of separation from service or a cash payment
equal to the Fair Market Value of such shares, less applicable fees, expenses and transfer taxes. Any fractional share credited to the Participant’s Plan Account will be sold by the Recordkeeper and a cash payment equal to the Fair Market Value
of such fractional share, less applicable fees, expenses, and transfer taxes, if any, will be paid to the Participant. The Participant’s election must be 

  

 5 

 
submitted through the Recordkeeper’s website or designated interactive voice response system within thirty (30) days of the Participant’s
separation from service or by his estate or named beneficiary within sixty (60) days of the Participant’s death. 
  
 (b) If the Participant does not request a distribution or notify the Recordkeeper of the Participant’s election to receive his or her distribution in
certificates or cash within the required time period, the Recordkeeper will issue certificates for the number of whole shares in the Participant’s Plan Account. If the Plan Account has a fractional share, such shares will be sold by the
Recordkeeper and a cash payment equal to the Fair Market Value of such fractional share, less applicable fees, expenses and transfer taxes, if any, will be paid to the Participant. 
  
 (c) In the event the distribution occurs after a Dividend Record Date but prior to a Dividend Payment Date, any Dividend
allocable to the Participant’s Plan Account will be paid to the Participant in accordance with Plan Sections 4.03 and 4.04. 
  
 ARTICLE VI 
 FEES, EXPENSES AND
TAXES 
  
 Participants will incur no brokerage commissions
or service charges for purchases of LFG Stock made under the Plan. Participants will be responsible for applicable brokerage commissions, service charges and taxes on each sales transaction relating to shares allocated to the Participant’s Plan
Account. 
  
 ARTICLE VII  
 ADMINISTRATION 
  

	7.01	Plan Administrator 

  
 The Plan shall be administered by the Administrator. The Administrator shall have complete authority to interpret all provisions of this Plan; to adopt,
amend, and rescind rules and regulations pertaining to the administration of the Plan; and to make all other determinations necessary or advisable for the administration of this Plan. The express grant in the Plan of any specific power to the
Administrator shall not be construed as limiting any power or authority of the Administrator. Any decision made, or action taken, by the Administrator in connection with the administration of this Plan shall be final and conclusive. The
Administrator shall not be liable for any act done in good faith with respect to this Plan. All expenses of administering this Plan (except as provided in Article VI) shall be borne by the Company. 
  

	7.02	Registration of Shares 

  
 Shares of LFG Stock purchased by the Participant under the Plan will be registered in the name of the Participant. 
  

	7.03	Share Safekeeping 

  
 The Recordkeeper will act as custodian of shares purchased under the Plan. Shares purchased on behalf of each Participant will be allocated by the
Recordkeeper to the Participants’ Plan Accounts. Certificates for shares purchased under the Plan will not be issued to a Participant unless a distribution request from the Participant is received by the Recordkeeper in accordance with the
provisions of Article VI. 
  

	7.04	Reports 

  
 The Recordkeeper will keep a continuous record of each Participant’s investment in the Plan including the amount of Dividends received, the Fair
Market Value applicable to the purchase or sale of LFG Stock 

  

 6 

 
allocated to the Participant’s Plan Account, the number of shares of LFG Stock purchased, sold or distributed, the total shares of LFG Stock
accumulated, and the amount of fees, expenses and taxes charged for each sale transaction. A transaction statement will be sent to each Participant for each calendar quarter in which the Participant has a balance in his or her Plan Account. In
addition, each Participant will receive the Annual Report of the Company and its Notice of Annual Meeting, Proxy Statement and Instruction Form. Participants will receive information necessary for reporting income realized by them under the Plan.

  
 ARTICLE VIII 
 VOTING AND TENDERING OF SHARES 
  

	8.01	Voting of Shares 

  
 Before each annual or special meeting of the shareholders of the Company, the Company and the Administrator will furnish each Participant holding LFG
Stock in his or her Plan Account with a copy of the proxy solicitation material for such meeting, together with a form addressed to the Administrator requesting the Participant’s confidential instructions on how the whole shares of such LFG
Stock allocated to the Participant’s account as of the date most recently preceding the record date for which exact account balances are readily available, should be voted. Upon receipt of valid instructions, the Administrator will vote such
LFG Stock as instructed, or not vote if so directed by the Participant. Any share of LFG Stock held in a Participant’s Plan Account as to which the Administrator does not receive valid voting instructions will be voted by the Administrator in
such manner as the Administrator may decide, or the Administrator may refrain from voting such shares. 
  

	8.02	Tender Offer 

  
 In the event that a tender offer occurs with respect to shares held under the Plan, the Administrator will give each Participant the opportunity to
direct, on a confidential basis, whether the whole shares held in his or her account shall be tendered. The Administrator will tender fractional shares as nearly as possible in the same proportion as whole shares. In that absence of that direction,
the shares will be tendered, or not, in the Administrator’s sole discretion. 
  
 ARTICLE IX 
 GENERAL PROVISIONS 
  

	9.01	Effect on Employment 

  
 Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof) shall confer upon any
individual any right to continue in the employee of the Company or an Affiliate or in any way affect any right and power of the Company or an Affiliate to terminate the employment of any individual at any time with or without assigning a reason and
with or without providing notice therefore. 
  

	9.02	Unfunded Plan 

  
 The Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be
represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be based solely upon any contractual obligations that be created pursuant to this Plan. No such obligation of the
Company shall be deemed to be secured by a pledge of, or other encumbrance on, any property of the Company. 
  

 7 

	9.03	Governing Law 

  
 The place of administration of the Plan shall be convulsively deemed to be within the Commonwealth of Virginia, and the rights and obligations of any and
all persons having or claiming to have had an interest under the Plan or under any agreements evidencing Options shall be governed by and construed exclusively and solely in accordance with the laws of the Commonwealth of Virginia without regard to
conflict of laws provisions of any jurisdictions. 
  

	9.04	Rules of Construction 

  
 Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or
other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 
  

	9.05	Effective Date 

  
 The Plan shall become effective as of July 1, 2005, subject to approval by the holders of a majority of the shares of LFG Stock present and represented at
any special or annual meeting of the shareholders of the Company duly held within twelve (12) months after adoption of the Plan. If the Plan is not so approved, the Plan shall not become effective. 
  
 ARTICLE X 
 AMENDMENT AND TERMINATION 
  
 Although the Company intends to continue the Plan indefinitely, the Company specifically reserves the right to suspend, modify, amend or terminate the Plan at any time. Any such suspension, modification, amendment or
termination will not affect a Participant’s right to shares of LFG Stock already purchased for the Participant or payroll deductions held by the Administrator (except that the Company may take any action necessary to comply with applicable
law). 
  

 8

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