Document:

wdr_Ex4_4

		
			Exhibit 4.4
		

		
			 
		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF THE
		

		
			SECURITIES EXCHANGE ACT OF 1934
		

		
			 
		

		
			Waddell & Reed Financial, Inc., a Delaware corporation (the “Company,” “we,” or “our”), has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): Class A Common Stock, $0.01 par value (the “Common Stock”).
		

		
			 
		

		
			The following is a brief description of our Common Stock and does not purport to be complete. The description is qualified in its entirety by reference to the Company’s Restated Certificate of Incorporation (our “Certificate”) and Amended and Restated Bylaws (our “Bylaws”),  copies of which have been filed by us with the Securities and Exchange Commission, and the applicable provisions of the Delaware General Corporation Law (the “DGCL”).  We encourage you to read our Certificate, our Bylaws, and the DGCL for additional information.
		

		
			 
		

		
			DESCRIPTION OF CAPITAL STOCK
		

		
			 
		

		
			General
		

		
			 
		

		
			The Company’s authorized capital stock consists of 250,000,000 shares of the Common Stock and 5,000,000 shares of preferred stock, par value $1.00 per share, 750,000 shares of which have been designated as Series A Junior Participating Preferred Stock.  No shares of Series A Junior Participating Preferred Stock are issued and outstanding.
		

		
			 
		

		
			Common Stock
		

		
			 
		

		
			Voting Rights
		

		
			 
		

		
			Each share of the Common Stock is entitled to one vote on all matters submitted for a vote at a meeting of the stockholders of the Company. Except as otherwise provided in our Certificate, our Bylaws, and the DGCL, matters to be voted on by stockholders must be approved by a majority of the votes cast. Actions requiring a greater vote include, but are not limited to, the following: our Certificate and Bylaws require affirmative votes from holders of at least 80% of the outstanding shares entitled to vote to remove a director for cause, and our Bylaws require affirmative votes from holders of at least 80% of the outstanding shares entitled to vote to amend or repeal, or adopt any provision inconsistent with, Article III (Directors) of our Bylaws.
		

		
			 
		

		
			The Company’s Board of Directors is divided into three classes of directors, with each class serving a staggered three-year term. Our Certificate and Bylaws provide that directors are elected by a  plurality of the votes cast. The holders of the Common Stock are not entitled to cumulative voting rights. Under the Company’s Director Resignation Policy, any nominee for director in an uncontested election who receives a greater number of “withheld” votes than “for” votes is required to tender his or her resignation for consideration by the Company’s Board of Directors.
		

		
			 
		

		
			Dividends
		

		
			 
		

		
			Dividends may be paid on the Common Stock from legally available funds, when and if declared by the Company’s Board of Directors and subject to any preferential rights of any outstanding shares of preferred stock, if any.
		

		
			 
		

		
			
		

		
			

		 

		

		
			Liquidation
		

		
			 
		

		
			Upon liquidation, dissolution, or winding up of the Company, after payment in full of the amounts required to be paid to holders of preferred stock, if any, all holders of the Common Stock are entitled to share ratably in any assets available for distribution.
		

		
			 
		

		
			Other Rights
		

		
			 
		

		
			The holders of the Common Stock have no preemptive rights and no rights to convert their Common Stock into any other securities. There are no redemption or sinking fund provisions applicable to the Common Stock.
		

		
			 
		

		
			Fully Paid and Non-Assessable
		

		
			 
		

		
			All of the outstanding shares of Common Stock are fully paid and nonassessable.
		

		
			 
		

		
			Listing
		

		
			 
		

		
			The Company’s Common Stock is listed on the New York Stock Exchange under the ticker symbol “WDR.”
		

		
			 
		

		
			Transfer Agent and Registrar
		

		
			 
		

		
			The transfer agent and registrar for the Company’s Common Stock is Computershare Trust Company, N.A.
		

		
			 
		

		
			Preferred Stock
		

		
			 
		

		
			The Board of Directors may authorize the issuance of preferred stock in one or more series, and may determine, with respect to any such series, the designations, powers, preferences, and rights of such series, and its qualifications, limitations and restrictions, including, without limitation, voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences.  The issuance of shares of preferred stock may adversely affect the holders of the Common Stock by, including, without limitation, restricting dividends on the Common Stock, diluting the voting power of Common Stock, and impairing the liquidation rights of the Common Stock. Also, the issuance of preferred stock could decrease the amount of earnings and assets available for distribution to holders of the Common Stock.
		

		
			 
		

		
			Certain Effects of Authorized, but Unissued Stock
		

		
			 
		

		
			The Company may issue additional stock, including the Common Stock and preferred stock,  from time to time upon such terms and for such consideration as may be determined by our Board of Directors. Generally, the issuance of Common Stock and preferred stock, up to respective the aggregate amounts authorized by the Certificate, will not require approval by the Company’s stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which the Company’s securities may be listed or traded at the time of such issuance.  Furthermore, and as discussed below, the existence of unissued and unreserved Common Stock and preferred stock may enable the Company’s Board of Directors to issue shares to persons who are friendly to current management, which could discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger, or otherwise.
		

		
			 
		

		
			Anti-Takeover Effects of Certain Provisions in Our Certificate, Our Bylaws, and the DGCL
		

		
			 
		

		
			
		

		
			

		 

		

		
			Provisions in Our Certificate and Bylaws
		

		
			 
		

		
			Certain provisions contained in our Certificate and Bylaws could result in the delay of or otherwise discourage transactions involving an actual or potential change in control of the Company or its management and may limit the ability of the Company’s stockholders to remove current management or approve transactions that the Company’s stockholders may deem to be in their best interests. These provisions include, among others:
		

		
			 
		

		
			    Classification and Size of Board: The Company’s Board of Directors is divided into three classes of directors, with each class serving a staggered three-year term. The size of the Board of Directors is determined by a majority of the entire Board of Directors, provided that the number of directors must be at least seven and no more than fifteen persons.
		

		
			    Director Vacancies: Vacancies on the Board of Directors, including vacancies resulting from removal or enlargement of the Board of Directors, are filled by a majority of the directors then in office, even if less than a quorum remains on the Board of Directors.
		

		
			    Director Removal: Directors can only be removed for cause and with approval from the holders of at least 80% of the outstanding shares entitled to vote, subject to any rights of any outstanding shares of preferred stock, if any.
		

		
			    Amendment of Director-Related Provisions in Bylaws: Approval from the holders of at least 80% of the outstanding shares entitled to vote is required to amend or repeal, or adopt any provision inconsistent with, Article III of our Bylaws. Article III of our Bylaws includes provisions related to the Board of Directors, including the items discussed in the three bullet points above.
		

		
			    No Cumulative Voting: The holders of Common Stock are not entitled to cumulative voting rights.
		

		
			    Issuance of Additional Stock:  The Board of Directors has the power to issue additional stock, including the authority to establish one or more series of preferred stock and to fix the powers, preferences, rights, and limitations of such series, and generally may do so without seeking stockholder approval.
		

		
			    Stockholder Action: Any action required or permitted to be taken by the Company’s stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by written consent.
		

		
			    Special Meetings: Special meetings of stockholders can only be called by the Board of Directors or the Chairman of the Board of Directors.
		

		
			    Advance Notice Requirements for Stockholder Action: Our Bylaws contain provisions requiring advance notice be delivered to the Company of any business to be brought by a stockholder before an annual meeting and providing for procedures to be followed by stockholders in nominating persons for election to our Board of Directors, including shareholder nominees to be included in our proxy statement.  A stockholder must give notice no later than the 100th day nor earlier than the 120th day before the one‐year anniversary of the date of the preceding year’s annual meeting. The notice must contain the information required by our Bylaws, and the stockholder(s) and nominee(s) must comply with the information and other requirements required by our Bylaws.
		

		
			The DGCL Provisions
		

		
			 
		

		
			The Company is subject to the provisions of Section 203 of the DGCL (“Section 203”). Under Section 203, the Company is generally prohibited from engaging in any business combination with any
		

		
			
		

		
			

		 

		

		
			interested stockholder for a period of three years following the time that the stockholder became an interested stockholder unless:
		

		
			    prior to this time, the Board of Directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
		

		
			    upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the Company outstanding at the time the transaction commenced, excluding shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
		

		
			    at or subsequent to such time, the business combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.
		

		
			Generally, a “business combination” includes mergers, asset sales, stock issuances, and certain other transactions resulting in a financial benefit to a stockholder.  An “interested stockholder” is defined generally as a person who, together with affiliates and associates, beneficially owns (or, within the prior three years, owned) 15% or more of a corporation’s voting stock.  The provisions of Section 203 may have the effect of delaying, deferring, or preventing a change in control of the Company.wdr_Ex10_6

		
			Exhibit 10.6
		

		
			 
		

		
			WADDELL & REED FINANCIAL, INC.
		

		
			 EXECUTIVE INCENTIVE PLAN
		

		
			As Amended and Restated
		

		
			Effective January 1, 2020
		

		
			1.         Purposes
		

		
			The purposes of the Plan are to advance the interests of stockholders of the Company by providing performance-based incentives to eligible Participants and to enable the Company and its Subsidiaries to attract, retain, motivate and reward the best qualified executive officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to the Company’s performance.
		

		
			2.         Definitions
		

		
			Unless the context requires otherwise, the following words as used in the Plan shall have the meanings ascribed to each below, it being understood that masculine, feminine, and neuter pronouns are interchangeable and that each comprehends the others.
		

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

		
			(b)        “Committee” means the Compensation Committee of the Board.
		

		
			(c)        “Company” means Waddell & Reed Financial, Inc.
		

		
			(d)        “Fiscal Year” means the twelve month period beginning on each January 1 and ending on the following December 31.
		

		
			(e)        “Incentive Percentage” means the pre-established award formula established by the Committee which specifies a percentage of a pool of funds, as determined by the Committee, to be paid as an Incentive Plan Award.
		

		
			(f)        “Incentive Plan Award” means the annual incentive compensation award granted under the Plan, which is contingent and based upon the attainment of the Performance Goals with respect to a Performance Period.
		

		
			(g)        “Participant” means (i) each executive officer of the Company, and (ii) each other individual employee or member of a class of employees of the Company or a Subsidiary, in each case, who the Committee designates as a participant under the Plan.
		

		
			(h)        “Performance Goals” means the performance goals established by the Committee for each Performance Period.
		

		
			(i)         “Performance Period” means the Fiscal Year or such shorter period as shall be established with respect to a Participant by the Committee.
		

		
			 
		

		
			 
		

		
			

		 

		

		
			(j)         “Plan” means the Waddell & Reed Financial, Inc. Executive Incentive Plan, as Amended and Restated, as set forth herein and as may be amended, modified or supplemented from time to time.
		

		
			(k)        “Stock” means the Company’s Class A common stock, $0.01 par value.
		

		
			(l)         “Subsidiary” means any entity of which the Company owns, directly or indirectly, equity representing more than 50% of the voting power of all classes of equity entitled to vote.
		

		
			3.         Administration
		

		
			(a)        Plan Administrator
		

		
			The Plan shall be administered by the Committee, except as may be delegated pursuant to Section 3(b). The Committee shall act pursuant to a majority vote at a meeting at which quorum, as defined by the Committee Charter, is present or by unanimous written consent. The Committee may employ such legal counsel, consultants, and agents (including counsel or agents who are employees of the Company or a Subsidiary) as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel, consultant, or agent and any computation received from such consultant or agent. All expenses incurred in the administration of the Plan, including, without limitation, for the engagement of any counsel, consultant, or agent shall be paid by the Company.
		

		
			(b)        Authority of the Committee
		

		
			Subject to the provisions of the Plan, the Committee shall have full discretionary authority to administer and interpret the Plan, to exercise all powers either specifically granted to it under the Plan or as are necessary or advisable in the administration of the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Committee may delegate its responsibilities for administering the Plan to one or more persons as the Committee deems necessary.
		

		
			(c)        Effect of Committee Determinations
		

		
			Any determination made by the Committee under the Plan shall be final and conclusive on all persons, including the Company, the Participants (or any person claiming any rights under the Plan from or through any Participant), and any stockholder of the Company, but shall be based on such objective information or financial data as is relevant to the Performance Goal(s). No member or former member of the Board or the Committee shall be liable for any act, omission, interpretation, construction, or determination made in connection with the Plan other than as a result of such individual’s willful misconduct.
		

		
			4.         Participation
		

		
			For any Performance Period, the Committee shall determine which of such executive officers and other individual employees or class of employees shall participate in the Plan.
		

		
			
		

		
			

		 

		

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			5.         Incentive Plan Awards
		

		
			The Committee may establish Incentive Percentages and Performance Goals for any Performance Period in accordance with Section 5 and may certify whether such goals have been obtained.
		

		
			(a)        Performance Goals
		

		
			The Committee shall establish the Performance Goals that must be satisfied in order for a Participant to receive an Incentive Plan Award for such Performance Period.
		

		
			(b)        Performance Goal Criteria. The Committee may use such business criteria as it selects to constitute the Performance Goal or Performance Goals for any Performance Period, including, but not limited to, one or more of the following business criteria for the Company, on a consolidated basis, and/or for specified subsidiaries or business or geographical units of the Company (except with respect to the total shareholder return and earnings per share criteria): (1) earnings per share; (2) increase in revenues; (3) increase in cash flow; (4) increase in cash flow return; (5) return on net assets; (6) return on assets; (7) return on investment; (8) return on capital; (9) return on equity; (10) economic value added; (11) operating margin; (12) contribution margin; (13) net income; (14) pre-tax earnings; (15) pre-tax earnings before interest, depreciation and amortization; (16) pre-tax operating earnings after interest expense and before incentives, service fees, and extraordinary or special items; (17) operating income; (18) total stockholder return; (19) debt reduction; and (20) any of the above goals determined on an absolute or relative basis, or as adjusted in any manner which may be determined by the Committee, or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of competitor companies.
		

		
			(c)        Effect of Certain Events. The Committee may provide for the manner in which actual performance and Performance Goals with regard to the business criteria selected will reflect the impact of specified events during the relevant performance period, which may mean excluding the impact of certain events or occurrences, including, but not limited to, any or all of the following events or occurrences: (1) asset write-downs or impairments to assets; (2) litigation, claims, judgments or settlements; (3) the effect of changes in tax law or other such laws or regulations affecting reported results; (4) accruals for reorganization and restructuring programs; (5) any extraordinary, unusual or nonrecurring items; (6) any change in accounting principles; (7) any loss from a discontinued operation; (8) goodwill impairment charges; (9) operating results for any business acquired during the calendar year; (10) third party expenses associated with any investment or acquisition by the Company or any Subsidiary; (11) any amounts accrued by the Company or its Subsidiaries pursuant to management bonus plans or cash profit sharing plans and related employer payroll taxes for the fiscal year; (12) any discretionary or matching contributions made to a retirement plan or deferred compensation plan for the fiscal year; (13) interest, expenses, taxes, depreciation and depletion, amortization and accretion charges; and (14) marked-to-market adjustments for financial instruments.
		

		
			
		

		
			

		 

		

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			(d)        Incentive Percentage
		

		
			On or during any Performance Period, the Committee may establish an Incentive Percentage applicable to a Participant’s Incentive Plan Award for such Performance Period. The Committee may establish different Incentive Percentages for individual Participants or different classes of Participants, and/or, if applicable, the achievement levels of the Performance Goals or may elect not to establish Incentive Percentages for any individual Participant.
		

		
			(e)        Certification and Maximum Amount Payable
		

		
			Except as determined otherwise by the Committee, the Committee shall, promptly after the date on which the necessary financial, individual or other information for a particular Performance Period becomes available, certify (i) whether, or the degree to which, if applicable, each of the Performance Goals has been attained; and (ii) with respect to each qualifying Participant, the amount of the Incentive Plan Award, if any, payable to such Participant. The Incentive Plan Award may be determined by multiplying the Incentive Percentage applicable to the Participant by the dollar amount of the pool of funds available with respect to the Performance Period to which the Incentive Plan Award pertains. Alternatively, the Committee may provide that Incentive Plan Awards will be determined or calculated in such other manner (pursuant to a formula or otherwise) as the Committee in its discretion determines to be appropriate.  In no event, however, will a Participant be paid compensation pursuant to an Incentive Plan Award in excess of the aggregate of (x) $7,500,000 with respect to the portion of the Incentive Plan Award payable in cash with respect to any Fiscal Year and (y) 300,000 shares of Stock with respect to the portion of the Incentive Plan Award payable in Stock with respect to any Fiscal Year.
		

		
			(f)        Eligibility
		

		
			To be eligible for payment of any Incentive Plan Award, the Participant must (i) have performed the Participant’s duties to the satisfaction of the Committee, (ii) have not engaged in any act deemed by the Committee to be contrary to the best interests of the Company, and (iii) otherwise complied with Company policies at all times prior to the date the Incentive Plan Award is actually paid. No Incentive Plan Award shall be paid to any Participant who does not satisfy each of the above.
		

		
			(g)        Termination of Employment
		

		
			If a Participant’s employment terminates due to death, disability or a change of control of the Company and such termination occurs prior to the date of payment of an Incentive Plan Award, such Participant may receive an Incentive Plan Award as determined in the discretion of the Committee.
		

		
			(h)        Discretion
		

		
			Notwithstanding any provision in this Section 5 to the contrary, the Committee shall have the right, in its absolute discretion, (i) to determine the amount otherwise payable to any Participant under Section 5 based on individual performance or any other factors that the Committee, in its discretion, shall deem appropriate, (ii) to pay to any Participant a bonus based on individual performance or any other criteria that the Committee deems appropriate, and (iii) in connection
		

		
			
		

		
			

		 

		

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			with the hiring of any person, provide for a minimum Incentive Plan Award amount in the calendar year of hire, regardless of whether performance objectives are attained.
		

		
			6.         Payment
		

		
			Except as otherwise provided hereunder or determined otherwise by the Committee, payment of any Incentive Plan Award amount determined under Section 5 shall be made to each Participant as soon as practicable after the Committee certifies that one or more of the applicable Performance Goals have been attained (or, in the case of any Incentive Plan Award payable under the provisions of Section 5(h) pursuant to the Committee’s discretion, after the Committee determines the amount of any such Incentive Plan Award). Unless otherwise determined by the Committee, a Participant must be employed by the Company or a subsidiary on the date of payment of an Incentive Plan Award to be eligible to receive the Incentive Plan Award. The Incentive Plan Award may be paid in whole or in part, in the discretion of the Committee, in either options to purchase Stock or in shares of Stock which will be subject to certain restrictions and/or a risk of forfeiture, with the remainder, if any, to be paid in cash. The value of any Stock-based payment under an Incentive Plan Award shall be determined by the Committee. The Committee will establish a formula to convert an Incentive Plan Award into a Stock-based payment of equivalent fair market value. All options to purchase Stock and restricted Stock issued as payment for all or any part of an Incentive Plan Award shall be distributed from the total number of shares of Stock reserved and available for distribution under the Waddell & Reed Financial, Inc. Stock Incentive Plan, as amended and restated, and as may be further amended, modified or restated, (or such other equity compensation plan maintained by the Company that has been approved by the stockholders of the Company) and shall comply in full with all of the terms and provisions regarding stock options and restricted stock, as applicable, set forth in such stock award plan.
		

		
			7.         General Provisions
		

		
			(a)        Effectiveness of the Plan
		

		
			The Plan became effective with respect to calendar years beginning on or after January 1, 1999, and has been amended from time to time since its inception. The Plan was most recently amended and restated in its entirety effective January 1, 2019.  This Plan document amends and restates the 2019 plan document and applies to Incentive Plan Awards granted on or after January 1, 2020.
		

		
			(b)        Amendment and Termination
		

		
			Notwithstanding Section 7(a), the Board or the Committee may at any time amend, suspend, discontinue, or terminate the Plan; provided, however, that no such amendment, suspension, discontinuance, or termination shall adversely affect in any material way the rights of any Participant with respect to any Fiscal Year which has already commenced.
		

		
			(c)        Designation of Beneficiary
		

		
			Each Participant may designate a beneficiary or beneficiaries (which beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent
		

		
			
		

		
			

		 

		

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			of any such beneficiary. Any such designation, change or cancellation must be made in a form approved by the Committee and shall not be effective until received by the Committee. If no beneficiary has been named, or the designated beneficiary or beneficiaries shall have predeceased the Participant, the beneficiary shall be the Participant’s spouse or, if no spouse survives the Participant, the Participant’s estate. If a Participant designates more than one beneficiary, the rights of such beneficiaries shall be payable in equal shares, unless the Participant has designated otherwise.
		

		
			(d)        No Right of Continued Employment
		

		
			Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in the employment of the Company or any of its Subsidiaries.
		

		
			(e)        No Limitation on Corporate Actions
		

		
			Nothing contained in the Plan shall be construed to prevent the Company or any Subsidiary from taking any corporate action which is deemed by it to be appropriate or in its best interest, whether or not such action would have an adverse effect on any awards made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any Subsidiary as a result of any such action.
		

		
			(f)        Non-alienation of Benefits
		

		
			Except in the case of death, no Participant or beneficiary shall have the power or right to transfer, anticipate, or otherwise encumber the Participant’s interest under the Plan. The Company’s obligations under this Plan are not assignable or transferable except to (i) a corporation which acquires all or substantially all of the Company’s assets, or (ii) any corporation into which the Company may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s beneficiaries, heirs, executors, administrators, or successors in interest.
		

		
			(g)        Withholding
		

		
			Any amount payable to a Participant or a beneficiary under this Plan shall be subject to any applicable Federal, state, and local income and employment taxes and any other amounts that the Company or a Subsidiary is required by law to deduct and withhold from such payment.
		

		
			(h)        Severability
		

		
			If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan.
		

		
			(i)         Governing Law
		

		
			The Plan shall be construed in accordance with and governed by the laws of the State of Kansas, without reference to the principles of conflict of laws except that any matters relating to the internal governance of the Company shall be governed by the general corporate laws of the state of Delaware.
		

		
			
		

		
			

		 

		

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			(j)         Headings
		

		
			Headings are inserted in this Plan for convenience of reference only and are to be ignored in a construction of the provisions of the Plan.
		

		
			(k)        Plan not Funded
		

		
			Plan awards shall be made solely from the general assets of the Company. To the extent any person acquires a right to receive payments from the Company under the Plan, the right is no greater than the right of any other unsecured general creditor.
		

		
			(l)         No Guarantee
		

		
			While a discretionary Incentive Plan Award may have been paid in the past, whether such payments will be made in the future will depend upon various factors, such as the Company’s financial condition and performance. There is no guarantee that the Company will pay any such discretionary award. The Committee may reduce, eliminate or increase, any Incentive Plan Award. The Company may withhold an Incentive Plan Award, or portions thereof, for any reason including gross misconduct (e.g., theft, dishonesty/compromised integrity, fraud, harassment, etc.) or any actions deemed to be contrary to the best interests of the Company by the Committee.
		

		
			(m)       Rights to Payments
		

		
			No Participant shall have any enforceable right to receive any Incentive Plan Award made with respect to a Performance Period or to retain any payment made with respect thereto if for any reason the requirements of Section 5 are not satisfied.
		

		
			(n)        Clawback Policy
		

		
			This Plan is subject to any written clawback policies that the Company, with the approval of the Board, may adopt and that the Company determines should apply to this Plan. Any such policy may subject awards granted pursuant to the Plan and amounts paid or realized with respect to awards under this Plan to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including but not limited to an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy.
		

		 

		

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