Document:

exv10w20

 

Exhibit 10.20

BONUS AGREEMENT

THIS AGREEMENT is made on May 17, 2005

BETWEEN:

	(1)	 	BANK MACHINE LIMITED (registered number 03610221) whose registered office is at 1 Park Row,
Leeds, LS1 5AB (the Company); and
	 
	(2)	 	RON DELNEVO of 119 Pollards Hill South, London, SW16 4LS (the Executive).

IT IS AGREED as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	In this Agreement:

Agreement means this Bonus Agreement.

Benchmark EBITDA means £5,134,000.

Bonus means 5% of the sum of the Determined Amounts for each of the four financial years of
the Company ending December 31, 2005, December 31, 2006, December 31, 2007 and December 31,
2008 (each of the foregoing being referred to herein as a “Subject Financial Year”);
provided, in no event shall the Bonus be less than zero. 

Deductions means any withholdings required by law to be deducted including in respect of the
Executive’s PAYE and National Insurance contributions.

Determined Amount for each of the Subject Financial Years shall be the difference, which may
be a negative number, between (a) the excess of (i) the EBITDA for such Subject Financial
Year over (ii) the Benchmark EBITDA and (b) the Investment Charge.

EBITDA means earnings of the Company and its subsidiaries and all other operations
affiliated with the Company that are under the supervision of Ron Delnevo before interest,
taxes, depreciation and amortization determined in accordance with generally accepted
accounting principles consistently applied and in a manner consistent with the manner in
which the Benchmark EBITDA has been calculated by Bank Machine Limited for the financial
year ended December 31, 2004. At the Company’s request, the accounting principles for
determining EBITDA may be changed to be consistent with the accounting principles utilized
by the Company’s ultimate parent company; provided, Executive and the Company must mutually
agree (and each will act reasonably and in good faith in reaching agreement) on the effect
such changed accounting principles will have on the Benchmark EBITDA , and the Benchmark
EBITDA shall be modified to take into account the effect of such changed accounting
principles.

Investment Charge means the amount that would accrue on the cumulative amount of all capital
of any nature (debt, equity or mixed) contributed to, advanced to or otherwise obtained by
the Company or its subsidiaries or any other entities the earnings of which are included in
the definition of EBITDA (whether from affiliates of the Company or third-parties) from the date hereof
through the last day of such Subject Financial Year at the per annum rate of 15%, taking
into account (i) the

 

 

date on which each installment of capital is contributed to, advanced
to or otherwise obtained by any of the foregoing companies and (ii) the date on which any
repayment of capital is made by payment of principal or return of equity. For purposes of
clauses (i) and (ii) preceding, each capital contribution, advance or other investment and
each repayment of capital shall be deemed to have been made on the first day of the calendar
month in which such contribution, advance, investment or repayment is actually made.

Payment Date means the date which falls 30 calendar days after the publication of the
audited accounts of the Company for the financial year ending 31 December, 2008. 

Service Agreement means the amended and restated service agreement of even date to this
agreement between the Company and the Executive.

	1.2	 	The headings in this Agreement do not affect its interpretation.
	 
	2.	 	PAYMENT OF BONUS

Subject to the terms of this Agreement, the Company agrees to pay the Executive the
Bonus less Deductions on the Payment Date.

	3.	 	OPERATION WITH SERVICE AGREEMENT
	 
	3.1	 	The Executive and the Company hereby agree that this Agreement, together with the Service
Agreement, shall supersede and replace any previous or existing bonus arrangements or
agreements relating to the Executive including the Executive Directors Bonus Plan.
	 
	3.2	 	Other than as set out under this Agreement and the Service Agreement, the Executive hereby
agrees to waive all other entitlements to any lump sum bonus for the year 2005 under any bonus
agreement or arrangement including the Executive Directors Bonus Plan.
	 
	4.	 	DETERMINATION OF BONUS
	 
	4.1	 	The Bonus, if payable, is intended to reward the Executive for building the UK/European
operations of the business of the Company and to reward the Executive’s continued endeavours.
Consequently, the Bonus, if payable, shall be based on the improvement of the EBITDA over
time.
	 
	4.2	 	The Bonus will be calculated before the Payment Date.
	 
	4.3	 	Schedule 1 sets out a worked example of the operation of the above paragraph.
	 
	5.	 	ELIGIBILITY FOR BONUS
	 
	5.1	 	Subject to clause 5.3, the Bonus will only be paid to the Executive if Executive has been
continuously employed by the Company from the date hereof through December 31, 2008.
Notwithstanding the foregoing, if the Executive’s employment is terminated by the Company
other than a valid termination under clause 11.3 of the Service Agreement within the 120-day
period before December 31, 2008, the Executive will be deemed to have been continuously
employed by the Company through December 31, 2008 for purposes of this Agreement.
	 
	5.2	 	Save as provided for in subclause 5.1 above, in the event that the Executive’s employment
terminates at any time before December 31, 2008, the Executive hereby agrees that his
entitlement to the Bonus shall lapse.

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	5.3	 	The Company shall be entitled to withhold Deductions from the amount of the Bonus otherwise
payable to the Executive on the Payment Date.
	 
	6.	 	GOVERNING LAW AND JURISDICTION
	 
	6.1	 	This Agreement is governed by English law.
	 
	6.2	 	The English courts have exclusive jurisdiction to settle any dispute arising out of or in
connection with this Agreement and the parties submit to the exclusive jurisdiction of the
English courts.

This Agreement is signed by the parties (or their duly authorised representatives) on the date
stated at the beginning of this Agreement.

 

Signed by and on behalf of BANK MACHINE LIMITED

 

............................................................................

 

Signed by RON DELNEVO

 

............................................................................

3

 

SCHEDULE 1

POUNDS (£000)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	EBITDA	 	 	 	 	 	 
	 	 	Current	 	 	Base	 	 	 	 	 	Incremental	 	Total	 	Capital	 	 	 	Increase	 	 	Bonus	 	 	 
	 	 	Year	 	 	year	 	 	 	 	 	investment	 	incremental	 	charge	 	Capital	 	less capital	 	 	accrual	 	Bonus	 
	Year	 	EBITDA	 	 	EBITDA	 	Increase	 	 	this year	 	investment	 	rate	 	Charge	 	charge	 	 	percentage	 	accrued	 
	2005
	 	 	5,648.0	 	 	5,134.0	 	 	514.0	 	 	 	 	 	 	15%	 	 	 	 	514.0	 	 	5%	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2006
	 	 	7,718.0	 	 	5,134.0	 	 	2,584.0	 	 	 	 	 	 	15%	 	 	 	 	2,584.0	 	 	5%	 	 	129	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2007
	 	 	9,132.0	 	 	5,134.0	 	 	3,998.0	 	 	500.0	 	500.0	 	15%	 	75.0	 	 	3,923.0	 	 	5%	 	 	196	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2008
	 	 	10,546.0	 	 	5,134.0	 	 	5,412.0	 	 	 	 	500.0	 	15%	 	75.0	 	 	5,337.0	 	 	5%	 	 	267	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total bonus to be paid early 2009	 	 	618	 

4exv10w21

 

Exhibit
10.21

CARDTRONICS GROUP, INC.

2001 STOCK INCENTIVE PLAN

I. PURPOSE

     The purpose of the CARDTRONICS GROUP, INC. 2001 STOCK INCENTIVE PLAN (the “Plan”) is to
provide a means through which CARDTRONICS GROUP, INC., a Delaware corporation (the “Company”), and
its Affiliates may attract able persons to serve as Directors or Consultants or to enter the employ
of the Company and its Affiliates and to provide a means whereby those individuals upon whom the
responsibilities of the successful administration and management of the Company and its Affiliates
rest, and whose present and potential contributions to the Company and its Affiliates are of
importance, can acquire and maintain stock ownership, thereby strengthening their concern for the
welfare of the Company and its Affiliates. A further purpose of the Plan is to provide such
individuals with additional incentive and reward opportunities designed to enhance the profitable
growth of the Company and its Affiliates. Accordingly, the Plan provides for granting Options to
employees, Consultants and Directors as provided herein.

II. DEFINITIONS

     The following definitions shall be applicable throughout the Plan unless specifically modified
by any paragraph:

     (a) “Affiliate” means any corporation, partnership, limited liability company or partnership,
association, trust or other organization which, directly or indirectly, controls, is controlled by,
or is under common control with, the Company. For purposes of the preceding sentence, “control”
(including, with correlative meanings, the terms “controlled by” and “under common control with”),
as used with respect to any entity or organization, shall mean the possession, directly or
indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power
for the election of directors of the controlled entity or organization, or (ii) to direct or cause
the direction of the management and policies of the controlled entity or organization, whether
through the ownership of voting securities or by contract or otherwise.

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

     (c) “Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any
section of the Code shall be deemed to include any amendments or successor provisions to such
section and any regulations under such section.

     (d) “Common Stock” means the common stock, par value $0.0001 per share, of the Company, or any
security into which such Common Stock may be changed by reason of any transaction or event of the
type described in Paragraph VIII.

     (e) “Company” means Cardtronics Group, Inc., a Delaware corporation.

     (f) “Compensation Committee” means a committee of the Board that is selected by the Board as
provided in Paragraph IV(a).

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2001 Stock Incentive Plan

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     (g) “Consultant” means any person who is not an employee or a Director and who is providing
advisory or consulting services to the Company or any Affiliate.

     (h) “Corporate Change” shall have the meaning assigned to such term in Paragraph VIII(c) of
the Plan.

     (i) “Director” means an individual elected to the Board by the stockholders of the Company or
by the Board under applicable corporate law who is serving on the Board on the date the Plan is
adopted by the Board or is elected to the Board after such date.

     (j) An “employee” means any person (including a Director) in an employment relationship with
the Company or any Affiliate.

     (k) “Fair Market Value” means, as of any specified date, the mean of the high and low sales
prices of the Common Stock (i) reported by the National Market System of NASDAQ on that date or
(ii) if the Common Stock is listed on a national stock exchange, reported on the stock exchange
composite tape on that date (or such other reporting service approved by the Compensation
Committee); or, in either case, if no prices are reported on that date, on the last preceding date
on which such prices of the Common Stock are so reported. If the Common Stock is traded over the
counter at the time a determination of its fair market value is required to be made hereunder, its
fair market value shall be deemed to be equal to the average between the reported high and low or
closing bid and asked prices of Common Stock on the most recent date on which Common Stock was
publicly traded. In the event Common Stock is not publicly traded at the time a determination of
its value is required to be made hereunder, the determination of its fair market value shall be
made by the Compensation Committee in such manner as it deems appropriate. Notwithstanding the
foregoing, the Fair Market Value of a share of Common Stock on the date of an initial public
offering of Common Stock shall be the offering price under such initial public offering.

     (l) “Option” means an option to purchase Common Stock granted under Paragraph VII of the Plan.

     (m) “Option Agreement” means a written agreement between the Company and a Participant with
respect to an Option.

     (n) “Participant” means an employee, Consultant, or Director who has been granted an Option.

     (o) “Plan” means the Cardtronics Group, Inc. 2001 Stock Incentive Plan, as amended from time
to time.

     (p) “Stock Appreciation Right” shall have the meaning assigned to such term in Paragraph
VII(d) of the Plan.

III. EFFECTIVE DATE AND DURATION OF THE PLAN

     The Plan shall become effective upon the date of its adoption by the Board. No further
Options may be granted under the Plan after 10 years from the date the Plan is adopted by the
Board. The Plan shall remain in effect until all Options granted under the Plan have been
satisfied or expired.

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2001 Stock Incentive Plan

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IV. ADMINISTRATION

     (a) Composition of Compensation Committee. The Plan shall be administered by a
committee of, and appointed by, the Board. In the absence of the Board’s appointment of a
committee to administer the Plan, the Board shall serve as the Compensation Committee.

     (b) Powers. Subject to the express provisions of the Plan, the Compensation Committee
shall have authority, in its discretion, to determine which employees, Consultants, or Directors
shall receive an Option, the time or times when such Option shall be made, and the number of shares
to be subject to each Option. In making such determinations, the Compensation Committee shall take
into account the nature of the services rendered by the respective employees, Consultants, or
Directors, their present and potential contribution to the Company’s success and such other factors
as the Compensation Committee in its discretion shall deem relevant.

     (c) Additional Powers. The Compensation Committee shall have such additional powers
as are delegated to it by the other provisions of the Plan. Subject to the express provisions of
the Plan, this shall include the power to construe the Plan and the respective Option Agreements
executed hereunder, to prescribe rules and regulations relating to the Plan, and to determine the
terms, restrictions and provisions of each Option Agreement, and to make all other determinations
necessary or advisable for administering the Plan. The Compensation Committee may correct any
defect or supply any omission or reconcile any inconsistency in the Plan or in any Option Agreement
in the manner and to the extent it shall deem expedient to carry it into effect. The
determinations of the Compensation Committee on the matters referred to in this Paragraph IV shall
be conclusive.

V. SHARES SUBJECT TO THE PLAN; GRANT OF OPTIONS

     (a) Shares Subject to the Plan. Subject to adjustment in the same manner as provided
in Paragraph VIII with respect to shares of Common Stock subject to Options then outstanding, the
aggregate number of shares of Common Stock that may be issued under the Plan shall not exceed
400,920 shares; provided, however, that the number of shares of Common Stock that may be issued
under the Plan shall be increased automatically to 476,114 shares upon the subsequent aggregate
capital contribution to the Company of $5,000,000 by Summit Capital II, L.P., and Summit Capital
Parallel II, L.P., within one year of the execution of, and in accordance with, that certain
Contribution Agreement dated June 4, 2001, by and among Summit Capital II, L.P., Summit Capital
Parallel II, L.P., Card Pro, Inc., certain Securityholders of Card Pro, Inc., and the Company.
Shares shall be deemed to have been issued under the Plan only (i) to the extent actually issued
and delivered pursuant to an Option or (ii) to the extent an Option is settled in cash. To the
extent that an Option lapses or the rights of its holder terminate, any shares of Common Stock
subject to such Option shall again be available for the grant of an Option under the Plan.

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2001 Stock Incentive Plan

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     (b) Grant of Options. The Compensation Committee may from time to time grant Options
to one or more employees, Consultants, or Directors determined by it to be eligible for
participation in the Plan in accordance with the terms of the Plan.

     (c) Stock Offered. Subject to the limitations set forth in Paragraph V(a), the stock
to be offered pursuant to the grant of an Option may be authorized but unissued Common Stock or
Common Stock previously issued and outstanding and reacquired by the Company. Any of such shares
which remain unissued and which are not subject to outstanding Options at the termination of the
Plan shall cease to be subject to the Plan but, until termination of the Plan, the Company shall at
all times make available a sufficient number of shares to meet the requirements of the Plan.

VI. ELIGIBILITY

     Options may be granted only to persons who, at the time of grant, are employees, Consultants,
or Directors. An Option may be granted on more than one occasion to the same person.

VII. STOCK OPTIONS

     (a) Option Period. The term of each Option shall be as specified by the Compensation
Committee at the date of grant.

     (b) Limitations on Exercise of Option. An Option shall be exercisable in whole or in
such installments and at such times as determined by the Compensation Committee.

     (c) No Incentive Stock Options. No Option granted under the Plan shall be treated as
an incentive stock option within the meaning of section 422(b) of the Code.

     (d) Option Agreement. Each Option shall be evidenced by an Option Agreement in such
form and containing such provisions not inconsistent with the provisions of the Plan as the
Compensation Committee from time to time shall approve. Each Option Agreement shall specify the
effect of termination of (i) employment, (ii) the consulting or advisory relationship, or (iii)
membership on the Board, as applicable, on the exercisability of the Option. An Option Agreement
may provide for the payment of the option price, in whole or in part, by the delivery of a number
of shares of Common Stock (plus cash if necessary) having a Fair Market Value equal to such option
price. Moreover, an Option Agreement may provide for a “cashless exercise” of the Option by
establishing procedures satisfactory to the Compensation Committee with respect thereto. Further,
an Option Agreement may provide for the surrender of the right to purchase shares under the Option
in return for a payment in cash or shares of Common Stock or a combination of cash and shares of
Common Stock equal in value to the excess of the Fair Market Value of the shares with respect to
which the right to purchase is surrendered over the option price therefor (“Stock Appreciation
Rights”), on such terms and conditions as the Compensation Committee in its sole discretion may
prescribe. The terms and conditions of the respective Option Agreements need not be identical.
Subject to the consent of the Participant, the Compensation Committee may, in its sole discretion,
amend an outstanding Option Agreement from time to time in any manner that is not inconsistent with
the provisions of the Plan (including, without limitation, an amendment that accelerates the time at which the
Option, or a portion thereof, may be exercisable.)

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2001 Stock Incentive Plan

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     (e) Option Price and Payment. The price at which a share of Common Stock may be
purchased upon exercise of an Option shall be determined by the Compensation Committee, and shall
be set forth in an option agreement entered into between the Company and a Participant. The Option
or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the
Company, as specified by the Compensation Committee. The purchase price of the Option or portion
thereof shall be paid in full in the manner prescribed by the Compensation Committee.

     (f) Stockholder Rights and Privileges. The Participant shall be entitled to all the
privileges and rights of a stockholder only with respect to such shares of Common Stock as have
been purchased under the Option and for which certificates of stock have been registered in the
Participant’s name.

     (g) Options and Rights in Substitution for Options Granted by Other Employers.
Options and Stock Appreciation Rights may be granted under the Plan from time to time in
substitution for options held by individuals providing services to corporations or other entities
who become employees, Consultants, or Directors as a result of a merger or consolidation or other
business transaction with the Company or any Affiliate.

VIII. RECAPITALIZATION OR REORGANIZATION

     (a) No Effect on Right or Power. The existence of the Plan and the Options granted
hereunder shall not affect in any way the right or power of the Board or the stockholders of the
Company to make or authorize any adjustment, recapitalization, reorganization or other change in
the Company’s or any Affiliate’s capital structure or its business, any merger or consolidation of
the Company or any Affiliate, any issue of debt or equity securities ahead of or affecting Common
Stock or the rights thereof, the dissolution or liquidation of the Company or any Affiliate or any
sale, lease, exchange or other disposition of all or any part of its assets or business or any
other corporate act or proceeding.

     (b) Subdivision or Consolidation of Shares; Stock Dividends. The shares with respect
to which Options may be granted are shares of Common Stock as presently constituted, but if, and
whenever, prior to the expiration of an Option theretofore granted, the Company shall effect a
subdivision or consolidation of shares of Common Stock or the payment of a stock dividend on Common
Stock without receipt of consideration by the Company, the number of shares of Common Stock with
respect to which such Option may thereafter be exercised (i) in the event of an increase in the
number of outstanding shares shall be proportionately increased, and the purchase price per share
shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding
shares shall be proportionately reduced, and the purchase price per share shall be proportionately
increased. Any fractional share resulting from such adjustment shall be rounded up to the next
whole share.

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2001 Stock Incentive Plan

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     (c) Recapitalizations and Corporate Changes. If the Company recapitalizes,
reclassifies its capital stock, or otherwise changes its capital structure (a “recapitalization”),
the number and class of shares of Common Stock covered by an Option theretofore granted shall be
adjusted so that such Option shall thereafter cover the number and class of shares of stock and
securities to which the Participant would have been entitled pursuant to the terms of the
recapitalization if, immediately prior to the recapitalization, the Participant had been the holder
of record of the number of shares of Common Stock then covered by such Option. If (i) the Company
shall not be the surviving entity in any merger or consolidation (or survives only as a subsidiary
of an entity), (ii) the Company sells, leases or exchanges or agrees to sell, lease or exchange all
or substantially all of its assets to any other person or entity, (iii) the Company is to be
dissolved and liquidated, (iv) any person or entity, including a “group” as contemplated by Section
13(d)(3) of the Securities Exchange Act of 1934, as amended, acquires or gains ownership or control
(including, without limitation, power to vote) of more than 50% of the outstanding shares of the
Company’s voting stock (based upon voting power), or (v) as a result of or in connection with a
contested election of Directors, the persons who were Directors of the Company before such election
shall cease to constitute a majority of the Board (each such event is referred to herein as a
“Corporate Change”), no later than (x) 10 days after the approval by the stockholders of the
Company of such merger, consolidation, reorganization, sale, lease or exchange of assets or
dissolution or such election of Directors or (y) 30 days after a Corporate Change of the type
described in clause (iv), the Compensation Committee, acting in its sole discretion without the
consent or approval of any Participant, shall effect one or more of the following alternatives,
which alternatives may vary among individual Participants and which may vary among Options held by
any individual Participant: (1) accelerate the time at which Options then outstanding may be
exercised so that such Options may be exercised in full for a limited period of time on or before a
specified date (before or after such Corporate Change) fixed by the Compensation Committee, after
which specified date all unexercised Options and all rights of Participants thereunder shall
terminate, (2) require the mandatory surrender to the Company by selected Participants of some or
all of the outstanding Options held by such Participants (irrespective of whether such Options are
then exercisable under the provisions of the Plan) as of a date, before or after such Corporate
Change, specified by the Compensation Committee, in which event the Compensation Committee shall
thereupon cancel such Options and cause the Company to pay to each Participant an amount of cash
per share equal to the excess, if any, of the amount calculated in Subparagraph (d) below (the
“Change of Control Value”) of the shares subject to such Option over the exercise price(s) under
such Options for such shares, or (3) make such adjustments to Options then outstanding as the
Compensation Committee deems appropriate to reflect such Corporate Change (provided, however, that
the Compensation Committee may determine in its sole discretion that no adjustment is necessary to
Options then outstanding), including, without limitation, adjusting an Option to provide that the
number and class of shares of Common Stock covered by such Option shall be adjusted so that such
Option shall thereafter cover securities of the surviving or acquiring corporation or other
property (including, without limitation, cash) as determined by the Compensation Committee in its
sole discretion.

     (d) Change of Control Value. For the purposes of clause (2) in Subparagraph (c)
above, the “Change of Control Value” shall equal the amount determined in clause (i), (ii) or
(iii), whichever is applicable, as follows: (i) the per share price offered to stockholders of the
Company in any such merger, consolidation, sale of assets or dissolution transaction, (ii) the
price per share offered to stockholders of the Company in any tender offer or exchange offer
whereby a Corporate Change takes place, or (iii) if such Corporate Change occurs other than

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2001 Stock Incentive Plan

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pursuant to a tender or exchange offer, the fair market value per share of the shares into
which such Options being surrendered are exercisable, as determined by the Compensation Committee
as of the date determined by the Compensation Committee to be the date of cancellation and
surrender of such Options. In the event that the consideration offered to stockholders of the
Company in any transaction described in this Subparagraph (d) or Subparagraph (c) above consists of
anything other than cash, the Compensation Committee shall determine the fair cash equivalent of
the portion of the consideration offered which is other than cash.

     (e) Other Changes in the Common Stock. In the event of changes in the outstanding
Common Stock by reason of recapitalizations, reorganizations, mergers, consolidations,
combinations, split-ups, split-offs, spin-offs, exchanges or other relevant changes in
capitalization or distributions to the holders of Common Stock occurring after the date of the
grant of any Option and not otherwise provided for by this Paragraph VIII, such Option and the
related Option Agreement shall be subject to adjustment by the Compensation Committee at its
discretion as to the number and price of shares of Common Stock or other consideration subject to
such Option, and the Compensation Committee shall give prior notice to each Option holder of such
adjustments. In the event of any such change in the outstanding Common Stock or distribution to
the holders of Common Stock, the aggregate number of shares available under the Plan shall be
appropriately adjusted by the Compensation Committee, whose determination shall be conclusive.

     (f) Stockholder Action. Any adjustment provided for in the above Subparagraphs shall
be subject to any required stockholder action.

     (g) No Adjustments unless Otherwise Provided. Except as hereinbefore expressly
provided, the issuance by the Company of shares of stock of any class or securities convertible
into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon
the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities, and in any case
whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made
with respect to, the number of shares of Common Stock subject to Options theretofore granted or the
purchase price per share, if applicable.

IX. AMENDMENT AND TERMINATION OF THE PLAN

     The Board in its discretion may terminate the Plan at any time with respect to any shares of
Common Stock for which Options have not theretofore been granted; provided that, except in
connection with any Corporate Change, any public offering of the Company’s securities, or any other
recapitalization, reorganization, merger, consolidation, combination, split-up, split-off,
spin-off, exchange or other changes in capitalization of the Company, the Board must obtain the
consent of any one of Ralph H. Clinard, Michael H. Clinard or Brian R. Archer prior to any such
termination so long as any of them is an employee of Cardtronics, LP. The Board shall have the
right to alter or amend the Plan or any part thereof from time to time; provided that no change in
the Plan may be made that would impair the rights of a Participant with respect to an Option
theretofore granted without the consent of the Participant.

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2001 Stock Incentive Plan

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X. MISCELLANEOUS

     (a) No Right To An Option. Neither the adoption of the Plan nor any action of the
Board or of the Compensation Committee shall be deemed to give an employee, Consultant, or Director
any right to be granted an Option or any other rights hereunder except as may be evidenced by an
Option Agreement duly executed on behalf of the Company, and then only to the extent and on the
terms and conditions expressly set forth therein. The Plan shall be unfunded. The Company shall
not be required to establish any special or separate fund or to make any other segregation of funds
or assets to assure the performance of its obligations under any Option.

     (b) No Employment/Membership Rights Conferred. Nothing contained in the Plan shall
(i) confer upon any employee or Consultant any right with respect to continuation of employment or
of a consulting or advisory relationship with the Company or any Affiliate or (ii) interfere in any
way with the right of the Company or any Affiliate to terminate his or her employment or consulting
or advisory relationship at any time. Nothing contained in the Plan shall confer upon any Director
any right with respect to continuation of membership on the Board.

     (c) Other Laws; Withholding. The Company shall not be obligated to issue any Common
Stock pursuant to any Option granted under the Plan at any time when the shares covered by such
Option have not been registered under the Securities Act of 1933, as amended, and such other state
and federal laws, rules and regulations as the Company or the Compensation Committee deems
applicable and, in the opinion of legal counsel for the Company, there is no exemption from the
registration requirements of such laws, rules and regulations available for the issuance and sale
of such shares. No fractional shares of Common Stock shall be delivered, nor shall any cash in
lieu of fractional shares be paid. The Company shall have the right to deduct in connection with
all Options any taxes required by law to be withheld and to require any payments required to enable
it to satisfy its withholding obligations.

     (d) No Restriction on Corporate Action. Nothing contained in the Plan shall be
construed to prevent the Company or any Affiliate from taking any action which is deemed by the
Company or such Affiliate to be appropriate or in its best interest, whether or not such action
would have an adverse effect on the Plan or any Option made under the Plan. No Participant,
beneficiary or other person shall have any claim against the Company or any Affiliate as a result
of any such action.

     (e) Restrictions on Transfer. An Option shall not be transferable otherwise than (i)
by will or the laws of descent and distribution, (ii) pursuant to a qualified domestic relations
order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as
amended, or the rules thereunder, or (iii) with the consent of the Compensation Committee.

     (f) Governing Law. The Plan shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without regard to conflicts of law principles thereof.

Cardtronics Group, Inc.

2001 Stock Incentive Plan

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