Document:

Amendment Deed to Business Sale Agreement

 Exhibit 10.23 
 Amendment Deed to 
 Business Sale Agreement 

The parties specified in Schedule 1 
 Asia Pacific Transport Pty Ltd  
 (Receivers and Managers Appointed)

 (Subject to Deed of Company Arrangement) 
 Freight Link Pty Ltd 
 (Receivers and Managers Appointed) 

(Subject to Deed of Company Arrangement) 
 GWA (North) Pty Limited 
 Genesee & Wyoming Inc. 

Deutsche Bank Place 

Corner Hunter and Phillip Streets 
 Sydney NSW 2000 
 Australia 

Tel 61 2 9230 4000 

Fax 61 2 9230 5333 

www.aar.com.au 

© Copyright Allens Arthur Robinson 2010 

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

 Table of Contents 

 

									
	 1.
	  	Definitions and Interpretation	  	 	3	  
				
		  	1.1	  	    Definitions	  	 	3	  
		  	1.2	  	    Interpretation	  	 	3	  
			
	 2.
	  	Amendments	  	 	4	  
			
	 3.
	  	Remaining Provisions Unaffected	  	 	4	  
			
	 4.
	  	Sale Document	  	 	4	  
		
	 Schedule 1
	  			

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

   

 
  

					
	   
	Date  
	    
	  	27 October 2010
	 	
	   
	Parties  
	    
	  	
	 	
	 	1.	  	  	The parties specified in schedule 1 (JV SPV Sellers);
	 	
	 	2.	  	  	Freight Link Pty Ltd (Receivers and Managers Appointed) (Subject to Deed of Company Arrangement) (ACN 093 011 628) of 1 Station Place, Hindmarsh, South Australia 5007
(FreightLink);
	 	
	 	3.	  	  	Asia Pacific Transport Pty Ltd (Receivers and Managers Appointed) (Subject to Deed of Company Arrangement) (ACN 082 501 942) of 1 Station Place, Hindmarsh, South Australia
5007 (APT);
	 	
	 	4.	  	  	GWA (North) Pty Limited (ACN 144 081 774) of 320 Churchill Road, Kilburn, South Australia 5084 (Purchaser); and
	 	
	 	5.	  	  	Genesee & Wyoming Inc of 66 Field Point Road, Suite 200, Greenwich, CT 06830, United States of America (Purchaser’s Guarantor).
	 	
	 	Recitals	  	  	
	 	
	 	A	  	  	The parties are parties to a business sale agreement dated 9 June 2010 under which APT, the JV SPV Sellers and FreightLink have agreed to sell the Business and the Business Assets
and the Purchaser has agreed to purchase the Business and the Business Assets and the Purchaser’s Guarantor has agreed to guarantee the obligations of the Purchaser (the Principal Agreement).
	 	
	 	B	  	  	 The parties wish to amend the Principal Agreement in the manner set out in this Deed.

 

 It is agreed as follows. 

 

	1.	Definitions and Interpretation 

  

 

	1.1	Definitions 

 Definitions
in the Principal Agreement apply in this Deed unless the context requires otherwise. 
  

	1.2	Interpretation 

 Clauses
1.2, 1.3 and 23.8 to 23.13 inclusive of the Principal Agreement apply as if incorporated in this Deed. 

  
 3 

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

	2.	Amendments 

  

 
 The Principal Agreement is amended
as follows. 
  

	 	(a)	(Clause 1.1) The definition of ‘Cut-Off Date’ in clause 1.1 is deleted and replaced with the following new definition. 

Cut-Off Date means 180 days from the date of this document. 

 

	3.	Remaining Provisions Unaffected 

  

 
 Except as specifically amended by
this Deed, the provisions of the Principal Agreement remain in full force and effect. 
  

	4.	Sale Document 

  

 
 This deed is a Sale Document for
the purposes of the Principal Agreement. 

  
 4 

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

 Executed and delivered as a deed 

 

							
	Executed by Brown & Root Investments	  	)	  		  	
	Pty Ltd (Receivers and Managers	  	)	  		  	
	Appointed) by one of its joint and several	  	)	  		  	
	receivers and managers Martin Madden or	  	)	  		  	
	David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	SIGNATURE OF KATE CONNEELY	  		  	SIGNATURE OF MARTIN MADDEN	  	
	  
	  		  	  
	  	
	Witness	  		  	Receiver and Manager	  	
				
	/s/ KATE CONNEELY	  		  	/s/ MARTIN MADDEN	  	
	  
	  		  	  
	  	
	Name of Witness (print)	  		  	Name of Receiver and Manager (print)	  	
				
	Executed by Brown & Root Investments	  	)	  		  	
	(No.1) Pty Ltd (Receivers and Managers	  	)	  		  	
	Appointed) by one of its joint and several	  	)	  		  	
	receivers and managers Martin Madden or	  	)	  		  	
	David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	SIGNATURE OF KATE CONNEELY	  		  	SIGNATURE OF MARTIN MADDEN	  	
	  
	  		  	  
	  	
	Witness	  		  	Receiver and Manager	  	
				
	/s/ KATE CONNEELY	  		  	/s/ MARTIN MADDEN	  	
	  
	  		  	  
	  	
	Name of Witness (print)	  		  	Name of Receiver and Manager (print)	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by GWA Northern Pty Ltd	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  
	  		  	 SIGNATURE OF MARTIN MADDEN
  
	  	
	Witness	  		  	Receiver and Manager	  	
				
	/s/ KATE CONNEELY	  		  	/s/ MARTIN MADDEN	  	
	  
	  		  	  
	  	
	Name of Witness (print)	  		  	Name of Receiver and Manager (print)	  	
				
	Executed by ARG Sell Down No.1 Pty Ltd 	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  
	  		  	 SIGNATURE OF MARTIN MADDEN
  
	  	
	Witness	  		  	Receiver and Manager	  	
				
	/s/ KATE CONNEELY	  		  	/s/ MARTIN MADDEN	  	
	  
	  		  	  
	  	
	Name of Witness (print)	  		  	Name of Receiver and Manager (print)	  	
				
	Executed by Darwin Rail No.1 Pty Limited 	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by Darwin Rail No.3 Pty Limited	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by John Holland AD Investments 	  	)	  		  	
	Pty Ltd (Receivers and Managers	  	)	  		  	
	Appointed) by one of its joint and several	  	)	  		  	
	receivers and managers Martin Madden or	  	)	  		  	
	David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by JH Rail Investments Pty Ltd	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by Zelmex Pty Limited 	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by Joetel Pty Limited (Receivers	  	)	  		  	
	and Managers Appointed) by one of its	  	)	  		  	
	joint and several receivers and managers	  	)	  		  	
	Martin Madden or David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by Macmahon Rail Investments 	  	)	  		  	
	Pty Limited (Receivers and Managers	  	)	  		  	
	Appointed) by one of its joint and several	  	)	  		  	
	receivers and managers Martin Madden or	  	)	  		  	
	David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by Thomco (No. 2021) Pty Ltd	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by S.A.N.T (MGT-UJV) Pty Ltd 	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by S.A.N.T (TERM-UJV) Pty Ltd	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by Northern Railway Aboriginal 	  	)	  		  	
	Investment Pty Ltd (Receivers and	  	)	  		  	
	Managers Appointed), by one of its joint	  	)	  		  	
	and several receivers and managers Martin	  	)	  		  	
	Madden or David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by Central Railway Aboriginal	  	)	  		  	
	Investment Pty Ltd (Receivers and	  	)	  		  	
	Managers Appointed), by one of its joint	  	)	  		  	
	and several receivers and managers Martin	  	)	  		  	
	Madden or David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by NAM NT Rail Pty Limited 	  	)	  		  	
	(Receivers and Managers Appointed), by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by SIF Railway No. 1 Pty Limited	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by Memax Pty Limited 	  	)	  		  	
	(Receivers and Managers Appointed) by	  	)	  		  	
	one of its joint and several receivers and	  	)	  		  	
	managers Martin Madden or David	  	)	  		  	
	Winterbottom:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by Nortfol Pty Limited (Receivers	  	)	  		  	
	and Managers Appointed) by one of its	  	)	  		  	
	joint and several receivers and managers	  	)	  		  	
	Martin Madden or David Winterbottom:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed by Asia Pacific Transport Pty 	  	)	  		  	
	Ltd (Receivers and Managers Appointed)	  	)	  		  	
	(Subject to Deed of Company	  	)	  		  	
	Arrangement) by one of its joint and	  	)	  		  	
	several receivers and managers Martin	  	)	  		  	
	Madden or Jannamaria Robertson:	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	

			
	 Amendment Deed to
 Business
Sale Agreement
	  	

  
  

 

							
	Executed by Freight Link Pty Ltd	  	)	  		  	
	(Receivers and Managers Appointed)	  	)	  		  	
	(Subject to Deed of Company	  	)	  		  	
	Arrangement) by one of its joint and	  	)	  		  	
	several receivers and managers Martin	  	)	  		  	
	Madden or Jannamaria Robertson:	  	)	  		  	
				
	 SIGNATURE OF KATE CONNEELY
  

Witness
  
 /s/ KATE CONNEELY
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARTIN MADDEN
  

Receiver and Manager
  
 /s/ MARTIN MADDEN
  
 Name of Receiver and Manager (print)
	  	
				
	Executed in accordance with section 127 of 	  	)	  		  	
	the Corporations Act 2001 by GWA (North)	  	)	  		  	
	Pty Limited	  	)	  		  	
				
	 SIGNATURE OF ROBERT EASTHOPE
  

Company Secretary/Director
  
 /s/ ROBERT EASTHOPE
  
 Name of Company Secretary/Director (print)
	  		  	 SIGNATURE OF MARK W HASTINGS
  

Director
  
 /s/ MARK W HASTINGS
  
 Name of Director (print)
	  	
				
	Signed for Genesee & Wyoming Inc by its 	  	)	  		  	
	Authorised Representative in the presence of	  	)	  		  	
		  	)	  		  	
				
	 SIGNATURE OF ROBERT EASTHOPE
  

Witness
  
 /s/ ROBERT EASTHOPE
  
 Name of Witness (print)
	  		  	 SIGNATURE OF MARK W HASTINGS
  

Authorise Representative
  
 /s/ MARK W HASTINGS
  
 Name of Authorised Representative (print)Amended and Restated Director Compensation Policy, dated November 17, 2010

 EXHIBIT 10.57 

 
 INSPIRE PHARMACEUTICALS,
INC. 
 DIRECTOR COMPENSATION POLICY 

 

			
	Amended and Restated: November 17, 2010	  	Page 1 of 3

  

 
  
 All non-employee members (each, a ‘Director’ and, collectively, the ‘Directors’) of the Inspire Pharmaceuticals, Inc. (the ‘Company’) Board of Directors (the
‘Board’) shall receive the following compensation pursuant to this Director Compensation Policy (this ‘Policy’): 
  

	A.	Cash Compensation. 

  

1. Each Director shall receive $40,000 annually to cover general availability and participation in meetings and conference calls of the
Board; 
  
 2. Each member of the Audit Committee,
Corporate Governance Committee, Compensation Committee, Development Committee and Finance Committee shall receive, with respect to such committee, $15,000 annually to cover general availability and participation in committee conference calls and
meetings; 
  
 3. The Chairman of each of the
committees identified above shall receive an additional $15,000 annually, for a total of $30,000 in respect of service for such committee; and 
  

4. All cash compensation payments made pursuant to this Policy shall be paid quarterly in arrears as soon as practicable, but not later
than 10 days, after the last day of such quarter. 
  

	B.	Equity Compensation—Stock Option Grants. 

  

1. A stock option grant in a number of shares equal in value to $80,000, rounded to the nearest whole number, will be granted to each
Director upon initial election to the Board, which stock option will vest over three years commencing on the date of grant as follows: 40% of such shares in year one (10% of the total shares per quarter), 30% of such shares in year two (7.5% of the
total shares per quarter) and 30% of such shares in year three (7.5% of the total shares per quarter); provided, however, that all vesting will cease if the Director resigns from the Board or otherwise ceases to serve as Director,
unless the Board determines that the circumstances warrant continuation of vesting; 
  

2. A stock option grant in a number of shares equal in value to $40,000, rounded to the nearest whole number, will be
granted to each Director at the time of each annual meeting of the Board of Directors, which stock option will vest over the one year period commencing on the date of grant (25% of the total shares per quarter); provided, however, that
all vesting will cease if the Director resigns from the Board or otherwise ceases to serve as Director, unless the Board determines that the circumstances warrant continuation of vesting; and 
  
 3. A stock option grant in a number of shares equal in value to $20,000, rounded to the
nearest whole number, will be granted to the Chairman of the Board at the time of the annual meeting of the Board of Directors, which stock option grant will vest over the one year period commencing on the date of grant (25% of the total shares per
quarter); provided, however, that all vesting will cease if such person resigns from the position of Chairman of the Board or otherwise ceases to serve as Chairman of the Board, unless the Board determines that the circumstances
warrant continuation of vesting. 
  

	C.	Equity Compensation—Restricted Stock Units. 

  

1. A restricted stock unit grant in a number of units equal in value to $80,000, rounded to the nearest whole number, which value shall be
based on the closing price of the Company’s common stock on the date of grant, will be granted to each Director upon initial election to the Board, which grant will vest over three years as follows: 40% of such units on June 1st of the
year following the date of grant, 30% of such units on June 1st of the second year following the date of grant, and 30% of such units on June 1st of the third year following the date of grant (or the date of the annual meeting of
stockholders such year, if earlier); provided, however, that all vesting will cease if the Director resigns from the Board or otherwise ceases to serve as Director, unless the Board determines that the circumstances warrant
continuation of vesting; 

			
	INSPIRE DIRECTOR COMPENSATION POLICY	 	PAGE
 2
 OF 3

  

 2. A restricted stock unit grant in a number of shares equal in value to $40,000,
rounded to the nearest whole number, which value shall be based on the closing price of the Company’s common stock on the date of grant, will be granted to each Director at the time of each annual meeting of the Board of Directors, which grant
will vest on June 1st of the year following the date of grant (or the date of the annual meeting of stockholders such year, if earlier); provided, however, that all vesting will cease if the Director resigns from the Board or
otherwise ceases to serve as Director, unless the Board determines that the circumstances warrant continuation of vesting; and 
  

3. A restricted stock unit grant in a number of shares equal in value to $20,000, rounded to the nearest whole number, which value shall
be based on the closing price of the Company’s common stock on the date of grant, will be granted to the Chairman of the Board at the time of the annual meeting of the Board of Directors, which grant will vest on June 1st of the year
following the date of grant (or the date of the annual meeting of stockholders such year, if earlier); provided, however, that all vesting will cease if such person resigns from the position of Chairman of the Board or otherwise ceases
to serve as Chairman of the Board, unless the Board determines that the circumstances warrant continuation of vesting. 
  

	D.	Equity Compensation—Procedures and Methodology. All equity compensation awarded pursuant to this Policy (other than equity compensation granted
pursuant to Paragraph E and, in certain circumstances, options granted pursuant to Paragraph B.1 and restricted stock units grant pursuant to Paragraph C.1) shall be granted on the date of the annual meeting of the Board of Directors. The exercise
price for each share available under a stock option will be equal to the closing price of the Company’s common stock on the date of grant. The value of stock options shall be determined by the Company with an applicable option pricing model
(including, without limitation, the Black-Scholes option pricing model) utilizing the closing price of the Company’s common stock and related assumptions as of the date of grant. No equity compensation granted pursuant to this Policy shall be
awarded for a fraction of a share. 

  

	E.	Vacancies. In the event that a Director is appointed to fill a vacancy on the Board, any Committee of the Board, or as Chairman of the Board, the Board
will determine the amount and timing of cash and equity compensation appropriate to provide such Director with comparable compensation for the remaining portion of the term such Director will serve. 

 

	F.	Effective Date. All provisions of this Policy shall be effective as of November 17, 2010. 

 

	G.	Change of Control. Equity compensation granted to Directors will vest upon a change of control in accordance with the terms of conditions of the
Company’s applicable equity compensation plan(s) and grant agreements, including the Company’s Amended and Restated 2010 Equity Compensation Plan and the grant agreements thereunder. 

 

	H.	Equity Ownership Guidelines. 

  

1. To further align the interests of the Directors with stockholders, the Board has established the following minimum stock ownership
guidelines that apply to the Directors: each Director is expected to own shares of the Company’s common stock or common stock equivalents equal in value to three times the amount of their annual cash retainer, which annual cash retainer amount
is set forth in Section A.1 above. 
  
 2. Equity
that counts toward satisfaction of these guidelines include: shares of the Company’s common stock purchased on the open market by the Director and his or her immediate family members who share the same household, whether held individually or
jointly; shares of the Company’s common stock acquired through stock option exercise; restricted stock, restricted stock units and deferred stock units, where the restrictions have lapsed; and shares of common stock beneficially owned in a
trust for estate planning purposes. 
  
 3. To
achieve the ownership amount set forth in this guideline, until these guidelines are met, it is expected that each Director will retain at least fifty percent (50%) of the net number of shares of common stock

  

			
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received upon the exercise of a stock option or vesting of other equity compensation received from the Company after accounting for the sale of shares necessary to pay applicable taxes associated
therewith. 
  
 4. There may be instances where these
guidelines would place a severe hardship on a Director or prevent a Director from complying with a court order. In these circumstances, upon the request of a Director, the Board or the Compensation Committee of the Board will make a decision as to
whether an exemption will be granted and an alternative equity ownership guideline established for the applicable Director that reflects the intention of these guidelines and the Director’s individual circumstances.

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