Document:

Form of Guarantee Agreement

 Exhibit 4.13 
 FORM OF 
 GUARANTEE AGREEMENT 
 by and between 
 STATE STREET CORPORATION 
 as Guarantor 
 and 
 U.S. BANK NATIONAL ASSOCIATION 
 as Guarantee Trustee 
 relating to 
 STATE STREET CAPITAL TRUST
[V/VI] 
  
  
 Dated as of                      
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	 SECTION 1.1.
	  	Definitions.	  	1
		
	 ARTICLE II TRUST INDENTURE ACT
	  	4
	 SECTION 2.1.
	  	Trust Indenture Act; Application.	  	4
	 SECTION 2.2.
	  	List of Holders.	  	5
	 SECTION 2.3.
	  	Reports by the Guarantee Trustee.	  	5
	 SECTION 2.4.
	  	Periodic Reports to the Guarantee Trustee.	  	5
	 SECTION 2.5.
	  	Evidence of Compliance with Conditions Precedent.	  	5
	 SECTION 2.6.
	  	Events of Default; Waiver.	  	6
	 SECTION 2.7.
	  	Event of Default; Notice.	  	6
	 SECTION 2.8.
	  	Conflicting Interests.	  	6
		
	 ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	6
	 SECTION 3.1.
	  	Powers and Duties of the Guarantee Trustee.	  	6
	 SECTION 3.2.
	  	Certain Rights of Guarantee Trustee.	  	8
	 SECTION 3.3.
	  	Compensation; Indemnity; Fees.	  	10
		
	 ARTICLE IV GUARANTEE TRUSTEE
	  	10
	 SECTION 4.1.
	  	Guarantee Trustee; Eligibility.	  	10
	 SECTION 4.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee.	  	11
		
	 ARTICLE V GUARANTEE
	  	12
	 SECTION 5.1.
	  	Guarantee.	  	12
	 SECTION 5.2.
	  	Waiver of Notice and Demand.	  	12
	 SECTION 5.3.
	  	Obligations Not Affected.	  	12
	 SECTION 5.4.
	  	Rights of Holders.	  	13
	 SECTION 5.5.
	  	Guarantee of Payment.	  	13
	 SECTION 5.6.
	  	Subrogation.	  	13
	 SECTION 5.7.
	  	Independent Obligations.	  	14
		
	 ARTICLE VI COVENANTS AND SUBORDINATION
	  	14
	 SECTION 6.1.
	  	Subordination.	  	14
	 SECTION 6.2.
	  	Pari Passu Guarantees.	  	14
		
	 ARTICLE VII TERMINATION
	  	14
	 SECTION 7.1.
	  	Termination.	  	14
		
	 ARTICLE VIII MISCELLANEOUS
	  	15
	 SECTION 8.1.
	  	Successors and Assigns.	  	15
	 SECTION 8.2.
	  	Amendments.	  	15
	 SECTION 8.3.
	  	Notices.	  	15
	 SECTION 8.4.
	  	Benefit.	  	16
	 SECTION 8.5.
	  	Governing Law.	  	16
	 SECTION 8.6.
	  	Counterparts	  	16

  

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 GUARANTEE AGREEMENT, dated as of
                    , between STATE STREET CORPORATION, a Massachusetts corporation (the “Guarantor”), having its principal office at One
Lincoln Street, Boston, Massachusetts 02111, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Capital
Securities (as defined herein) of STATE STREET CAPITAL TRUST [V/VI], a Delaware statutory business trust (the “Issuer Trust”). 
 RECITALS 
 WHEREAS, pursuant to an Amended and Restated Trust Agreement, of even date herewith (the “Trust Agreement”),
among State Street Corporation, as Depositor, the Property Trustee, the Delaware Trustee, and the Administrative Trustees (each as named therein) and the holders from time to time of undivided beneficial interests in the assets of the Issuer Trust,
the Issuer Trust is issuing $[            ] aggregate Liquidation Amount (as defined in the Trust Agreement) of its [•] Capital Securities, Series [•] (liquidation amount
$[•] per capital security) (the “Capital Securities”), representing preferred undivided beneficial interests in the assets of the Issuer Trust and having the terms set forth in the Trust Agreement; and 
 WHEREAS, the Capital Securities will be issued by the Issuer Trust, and the proceeds thereof, together with the proceeds from the issuance of the Issuer
Trust’s Common Securities (as defined herein), will be used to purchase the Debentures (as defined in the Trust Agreement) of the Guarantor, which Debentures will be deposited with U.S. Bank National Association, as Property Trustee under the
Trust Agreement, as trust assets; and 
 WHEREAS, as an incentive for the Holders to purchase Capital Securities, the Guarantor desires
irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the purchase of Capital Securities by each Holder, which purchase the Guarantor hereby acknowledges
shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time. 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. 
 For all purposes of this Guarantee Agreement, except as otherwise expressly provided or unless the
context otherwise requires: 
 (a) The terms defined in this Article have the meanings assigned to them in this Article, and include the
plural as well as the singular; 
  

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 (b) All other terms used herein that are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein; 
 (c) The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”; 
 (d) All accounting terms used but not
defined herein have the meanings assigned to them in accordance with United States generally accepted accounting principles; 
 (e) Unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Guarantee Agreement; and 
 (f) The words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Guarantee Agreement as a whole and not to any particular Article, Section or other subdivision. 
 “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any
specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Board of Directors” means the board of directors of the
Guarantor or the Executive Committee of the board of directors of the Guarantor (or any other committee of the board of directors of the Guarantor performing similar functions) or a committee designated by the board of directors of the Guarantor (or
such committee), comprised of two or more members of the board of directors of the Guarantor or officers of the Guarantor, or both. 
 “Capital Securities” has the meaning specified in the recitals to this Guarantee Agreement. 
 “Common
Securities” means the securities representing common undivided beneficial interests in the assets of the Issuer Trust. 
 “Event of
Default” means (i) a default by the Guarantor in any of its payment obligations under this Guarantee Agreement or (ii) a default by the Guarantor in any other obligation hereunder that remains unremedied for [•] days. 

“Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented from time to time. 
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to any Outstanding (as defined in the
Trust Agreement) Capital Securities, to the extent not paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Capital Securities, to the
extent the Issuer Trust shall have funds on hand available therefor at such time; (ii) the Redemption Price (as defined in the Trust Agreement) with respect to any Outstanding Capital Securities called for redemption by the Issuer Trust, to the
extent the Issuer Trust 

  

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shall have funds on hand available therefor at such time; and (iii) upon a voluntary or involuntary dissolution, winding-up or liquidation of the Issuer
Trust, unless Debentures are distributed to the Holders, the lesser of (a) the Liquidation Distribution (as defined in the Trust Agreement) with respect to the Outstanding Capital Securities, to the extent that the Issuer Trust shall have funds
on hand available therefor at such time, and (b) the amount of assets of the Issuer Trust remaining available for distribution to Holders on liquidation of the Issuer Trust. 
 “Guarantee Trustee” means U.S. Bank National Association, solely in its capacity as Guarantee Trustee and not in its individual capacity, until
a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee. 
 “Guarantor” has the meaning specified in the first paragraph of this Guarantee Agreement. 
 “Holder” means any Holder (as defined in the Trust Agreement) of any Capital Securities; provided, however, that in determining whether the
holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee
Trustee. 
 “Indenture” means the Junior Subordinated Indenture, dated as of December 15, 1996, between State Street
Corporation and U.S. Bank National Association (as successor in interest to Bank One Trust Company, N.A. and The First National Bank of Chicago), as trustee, as the same may be modified, amended or supplemented from time to time. 
 “Issuer Trust” has the meaning specified in the first paragraph of this Guarantee Agreement. 
 “List of Holders” has the meaning specified in Section 2.2(a). 
 “Majority in Liquidation Amount of the Capital Securities” means, except as provided by the Trust Indenture Act, Capital Securities
representing more than 50% of the aggregate Liquidation Amount (as defined in the Trust Agreement) of all Capital Securities then Outstanding (as defined in the Trust Agreement). 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman or a Vice Chairman of the Board of
Directors of such Person or the President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee Agreement shall include: 
 (a) a statement by each officer signing the
Officers’ Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
 (b) a brief
statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the Officers’ Certificate; 
  

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 (c) a statement that such officer has made such examination or investigation as, in such officer’s
opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of such officer, such condition or covenant has been complied with. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, business trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Responsible Officer” means,
with respect to the Guarantee Trustee, any Senior Vice President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer or any
other officer of the Corporate Trust Department of the Guarantee Trustee and also means, with respect to a particular matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the
particular subject. 
 “Successor Guarantee Trustee” means a Successor Guarantee Trustee possessing the qualifications to act as
Guarantee Trustee under Section 4.1. 
 “Trust Agreement” means the Amended and Restated Trust Agreement of the Issuer Trust
referred to in the recitals to this Guarantee Agreement, as modified, amended or supplemented from time to time. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Guarantee Agreement was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture
Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Vice President,”
when used with respect to the Guarantor, means any duly appointed vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 ARTICLE II 
 TRUST INDENTURE ACT 

SECTION 2.1. Trust Indenture Act; Application. 
 Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter of contract to this Guarantee Agreement for purposes of interpretation, construction and defining the rights and obligations hereunder, and this
Guarantee Agreement, the Guarantor and the Guarantee Trustee shall be deemed for all purposes hereof to be subject to and governed by the Trust Indenture Act to the same extent as would be the case if this Guarantee Agreement were qualified under
the Trust Indenture Act on the date hereof. Except as otherwise expressly provided herein, if and to the extent that any provision of this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control. 
  

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 SECTION 2.2. List of Holders. 
 (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a) [•], on or before [•] and [•] of each year, a
list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (a “List of Holders”) as of a date not more than [•] days prior to the delivery thereof, and (b) at such other times as
the Guarantee Trustee may request in writing, within [•] days after the receipt by the Guarantor of any such request, a List of Holders as of a date not more than [•] days prior to the time such list is furnished, in each case to the
extent such information is in the possession or control of the Guarantor and has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of
a new List of Holders. 
 (b) The Guarantee Trustee shall comply with the requirements of Section 311(a), Section 311(b) and
Section 312(b) of the Trust Indenture Act. 
 SECTION 2.3. Reports by the Guarantee Trustee. 
 Within [•] days after [•] of each year, commencing [•], [•], the Guarantee Trustee shall provide to the Holders such reports as are
required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. If this Guarantee Agreement shall have been qualified under the Trust Indenture Act, the
Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
 SECTION 2.4. Periodic Reports
to the Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee and the Holders such documents, reports and information, if
any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture
Act, provided that such documents, reports and information shall be required to be provided to the Securities and Exchange Commission only if this Guarantee Agreement shall have been qualified under the Trust Indenture Act. 
 SECTION 2.5. Evidence of Compliance with Conditions Precedent. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in
Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer of the Guarantor pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
  

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 SECTION 2.6. Events of Default; Waiver. 
 The Holders of at least a Majority in Liquidation Amount of the Capital Securities may, by vote, on behalf of the Holders of all the Capital Securities,
waive any past default or Event of Default and its consequences. Upon such waiver, any such default or Event of Default shall cease to exist, and any default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
 SECTION 2.7. Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within [•] days after the
occurrence of an Event of Default known to the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders, notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default has been cured before
the giving of such notice, provided that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or
a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice,
or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default. 
 SECTION 2.8. Conflicting Interests. 
 The Trust Agreement and the Indenture shall be deemed to be specifically described in this
Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 ARTICLE III 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 
 SECTION 3.1. Powers and Duties of the Guarantee Trustee. 
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except to a Successor Guarantee
Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Guarantee Trustee hereunder. The right, title and interest of the Guarantee Trustee, as such, hereunder shall automatically vest in any Successor Guarantee
Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment
of such Successor Guarantee Trustee. 
  

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 (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce this
Guarantee Agreement for the benefit of the Holders. 
 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the
curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1), and no implied covenants shall be read into this
Guarantee Agreement against the Guarantee Trustee. If an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this
Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own
negligent failure to act or its own wilful misconduct, except that: 
 (i) Prior to the occurrence of any Event of Default and
after the curing or waiving of all such Events of Default that may have occurred: 
 (A) the duties and obligations of the
Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement (including pursuant to Section 2.1), and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as
are specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1); and 
 (B) in the absence of
bad faith, negligence or willful misconduct on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be
furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee Agreement. 
 (ii) The Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee
Trustee, unless it shall be proved that the Guarantee Trustee was negligent or acted with willful misconduct in ascertaining the pertinent facts upon which such judgment was made. 
 (iii) The Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of not less than a Majority in Liquidation Amount of the Capital Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any
trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement, unless it acted negligently or with willful misconduct. 
  

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 (iv) Subject to Section 3.1(b), no provision of this Guarantee Agreement shall
require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable
grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity against such risk or liability is not reasonably assured to it. 
 SECTION 3.2. Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee Trustee may rely and shall be fully protected
in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably
believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 
 (ii) Any direction
or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved
or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith, negligence or willful misconduct on its part, request
and rely upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 
 (iv) The Guarantee Trustee may consult with legal counsel, and the written advice or opinion of such legal counsel with respect to legal matters shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith, without negligence, in the absence of willful misconduct and in accordance with such advice or opinion. Such legal counsel may be legal counsel to the Guarantor or any
of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction. 
 (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at
the request or direction of any Holder unless such Holder shall have provided to the Guarantee Trustee such adequate security and indemnity as would satisfy a reasonable person in the position of the Guarantee Trustee against the costs, expenses
(including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided that nothing 

  

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contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to
exercise the rights and powers vested in it by this Guarantee Agreement. 
 (vi) The Guarantee Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be
responsible for any misconduct or negligence on the part of any such agent or attorney appointed by it with due care hereunder. 
 (viii) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee
Trustee (A) may request instructions from the Holders, (B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be protected in acting in accordance with such
instructions. 
 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to
perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable
law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority.

  

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 SECTION 3.3. Compensation; Indemnity; Fees. 
 The Guarantor agrees: 
 (a) to
pay to the Guarantee Trustee from time to time such reasonable compensation for all services rendered by it hereunder as may be agreed by the Guarantor and the Guarantee Trustee from time to time (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly
provided herein, to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements and advances incurred or made by the Guarantee Trustee in accordance with any provision of this Guarantee Agreement (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (c) to indemnify the Guarantee Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence,
wilful misconduct or bad faith on the part of the Guarantee Trustee, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 The Guarantee Trustee will not claim or exact any lien
or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement. 
 The provisions of this Section 3.3 shall
survive the termination of this Guarantee Agreement or the resignation or removal of the Guarantee Trustee. 
 ARTICLE IV 
 GUARANTEE TRUSTEE 
 SECTION 4.1. Guarantee
Trustee; Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least
$[•], and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or
examining authority, then, for the purposes of this Section 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. 
  

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 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a),
the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2. 
 (c) If the Guarantee Trustee
has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act. 
 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(c), the Guarantee Trustee may be appointed or removed at any time by the action of the Holders of a Majority in
Liquidation Amount of the Capital Securities delivered to the Guarantee Trustee and the Guarantor (i) for cause or (ii) if a Debenture Event of Default (as defined in the Trust Agreement) shall have occurred and be continuing at any time.

 (b) Subject to Section 4.2(c), the Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by
giving written notice thereof to the Holders and the Guarantor and by appointing a Successor Guarantee Trustee. The Guarantee Trustee shall appoint a successor by requesting from at least three Persons meeting the requirements of Section 4.1(a)
their expenses and charges to serve as the Guarantee Trustee, and selecting the Person who agrees to the lowest expenses and charges. 
 (c)
The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed and shall have accepted such appointment. No removal or resignation of a Guarantee Trustee shall be effective until a Successor
Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor and, in the case of any resignation, the resigning Guarantee Trustee.

 (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within
[•] days after delivery to the Holders and the Guarantor of a notice of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee
Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 (e) If a resigning Guarantee Trustee shall fail to appoint a successor, or if a Guarantee Trustee shall be removed or become incapable of acting as Guarantee Trustee and a replacement shall not be appointed prior to such resignation or
removal, or if a vacancy shall occur in the office of Guarantee Trustee for any cause, the Holders of the Capital Securities, by the action of the Holders of record of not less than 25% in aggregate Liquidation Amount (as defined in the Trust
Agreement) of the Capital Securities then Outstanding (as defined in the Trust Agreement) delivered to such Guarantee Trustee, may appoint a Successor Guarantee Trustee or Trustees. If no Successor Guarantee Trustee shall have been so appointed by
the Holders of the Capital Securities and accepted appointment, any Holder, on behalf of such Holder and all others similarly situated, or any other Guarantee Trustee, may petition any court of competent jurisdiction for the appointment of a
Successor Guarantee Trustee. 
  

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 ARTICLE V 
 GUARANTEE 
 SECTION 5.1. Guarantee. 
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid
by or on behalf of the Issuer Trust), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer Trust may have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee Payment
may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer Trust to pay such amounts to the Holders. 
 SECTION 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of this
Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 SECTION 5.3.
Obligations Not Affected. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way
be affected or impaired by reason of the happening from time to time of any of the following: 
 (a) the release or waiver, by
operation of law or otherwise, of the performance or observance by the Issuer Trust of any express or implied agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer Trust; 
 (b) the extension of time for the payment by the Issuer Trust of all or any portion of the Distributions (other than an extension of time
for payment of Distributions that results from the extension of any interest payment period on the Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Capital
Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Capital Securities; 
 (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital
Securities, or any action on the part of the Issuer Trust granting indulgence or extension of any kind; 
  

 12 

 (d) the voluntary or involuntary liquidation, dissolution, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer Trust or any of the assets of the Issuer Trust; 
 (e) any invalidity of, or defect or deficiency in, the Capital Securities; 
 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than
payment of the underlying obligation), it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 

SECTION 5.4. Rights of Holders. 
 The
Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on
behalf of the Holders; (iii) the Holders of a Majority in Liquidation Amount of the Capital Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect
of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under
this Guarantee Agreement without first instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust or any other Person. 
 SECTION 5.5. Guarantee of Payment. 
 This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee
Agreement will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer Trust) or upon the distribution of Debentures to Holders (including to the Depositor or a Depositor
Affiliated Holder (as defined in the Trust Agreement) in an Exchange (as defined in the Trust Agreement) as provided in the Trust Agreement. 
 SECTION 5.6. Subrogation. 
 The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer Trust in
respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights
which it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this
Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. 
  

 13 

 SECTION 5.7. Independent Obligations. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer Trust with respect to the Capital Securities
and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g),
inclusive, of Section 5.3 hereof. 
 ARTICLE VI 
 COVENANTS AND SUBORDINATION 
 SECTION 6.1. Subordination. 
 The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Indebtedness (as defined in the Indenture) of the Guarantor to the extent and in the manner set forth in the Indenture with respect to the Debentures, and the provisions of Article XIII of the Indenture will
apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The obligations of the Guarantor hereunder do not constitute Senior Indebtedness (as defined in the Indenture) of the Guarantor. 
 SECTION 6.2. Pari Passu Guarantees. 
 The
obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the Guarantor under (i) any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or capital
securities issued by any Issuer Trust (as defined in the Indenture), (ii) the Indenture and the Securities (as defined therein) issued thereunder; (iii) any expense agreements entered into by the Guarantor in connection with the offering
of Capital Securities (as defined in the Indenture) by any Issuer Trust (as defined in the Indenture), and (iv) any other security, guarantee or other agreement or obligation that is expressly stated to rank pari passu with the obligations of
the Guarantor under this Guarantee Agreement or with any obligation that ranks pari passu with the obligations of the Guarantor under this Guarantee Agreement. 
 ARTICLE VII 
 TERMINATION 
 SECTION 7.1. Termination. 
 This Guarantee Agreement shall terminate and be of no further force and effect
upon (i) full payment of the Redemption Price (as defined in the Trust Agreement) of all Capital Securities, (ii) the distribution of Debentures to the Holders in exchange for all of the Capital Securities, (iii) the Exchange (as
defined in the Trust Agreement) of 100% of the Capital Securities or (iv) full payment of 

  

 14 

 
the amounts payable in accordance with Article IX of the Trust Agreement upon liquidation of the Issuer Trust. Notwithstanding the foregoing, this Guarantee
Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder is required to repay any sums paid with respect to Capital Securities or this Guarantee Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.1. Successors and Assigns. 
 All
guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Capital Securities then outstanding.
Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations
hereunder, the Guarantor shall not assign its obligations hereunder, and any purported assignment other than in accordance with this provision shall be void. 
 SECTION 8.2. Amendments. 
 Except with respect to any changes that do not adversely affect the rights of the
Holders in any material respect (in which case no consent of the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Capital
Securities. The provisions of Article VI of the Trust Agreement concerning meetings of the Holders shall apply to the giving of such approval. 
 SECTION 8.3. Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing,
duly signed by the party giving such notice, and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the
Guarantor, to the address or telecopy number set forth below or such other address or telecopy number as the Guarantor may give notice to the Guarantee Trustee and the Holders: 
 State Street Corporation 
 One Lincoln Street

 Boston, Massachusetts 02111 
 Attention: Chief Legal Officer 
 Facsimile: (617) 664-8209 
  

 15 

 (b) if given to the Guarantee Trustee, at the Issuer Trust’s address or telecopy number set forth
below or such other address or telecopy number as the Guarantee Trustee may give notice to the Guarantor and Holders: 
 U.S. Bank National
Association 
 100 Wall Street, Suite 1600 
 New York, New York 10005 
 Attention: Corporate Trust Administration 
 with a copy to: 
 State Street Capital Trust
[V/VI] 
 c/o State Street Corporation 
 2 World Financial Center, 225 Liberty Street 
 New York, New York 10281 
 Attention: Administrative Trustees of State Street Capital Trust [V/VI] 
 Facsimile: (617) 786-2120 
 (c) if given to any Holder, at the address set forth on the books and
records of the Issuer Trust. 
 All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt
confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed
to have been delivered on the date of such refusal or inability to deliver. 
 SECTION 8.4. Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Capital Securities. 
 SECTION 8.5. Governing Law. 
 THIS GUARANTEE
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 8.6. Counterparts. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  

 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Guarantee Agreement as of the day and year
first above written. 
  

			
	 STATE STREET CORPORATION,
 as
Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Guarantee
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 172009 Stock Option Plan

 Exhibit 10.22 
  
  
 HQ SUSTAINABLE MARITIME INDUSTRIES, INC. 

 2009 STOCK OPTION PLAN 
  
  
 1. Purpose. The purpose
of this Plan is to advance the interests of HQ Sustainable Maritime Industries, Inc., a Delaware corporation (the “Company”), by providing an additional incentive to attract, retain and motivate highly qualified and competent persons who
are key to the Company, including key employees, consultants, independent contractors, Officers and Directors, and upon whose efforts and judgment the success of the Company and its Subsidiaries is largely dependent, by authorizing the grant of
options to purchase Common Stock of the Company and other related benefits to persons who are eligible to participate hereunder, thereby encouraging stock ownership in the Company by such persons, all upon and subject to the terms and conditions of
this Plan. 
 2. Definitions. As used herein, the following terms shall have the meanings indicated: 
 (a) “Board” shall mean the Board of Directors of the Company. 
 (b) “Cause” shall mean any of the following: 
 (i) a determination by the Company that there has
been a willful, reckless or grossly negligent failure by the Optionee to perform his or her duties as an employee of the Company; 
 (ii) a
determination by the Company that there has been a willful breach by the Optionee of any of the material terms or provisions of any employment agreement between such Optionee and the Company; 
 (iii) any conduct by the Optionee that either results in his or her conviction of a felony under the laws of the United States of America or any state
thereof, or of an equivalent crime under the laws of any other jurisdiction; 
 (iv) a determination by the Company that the Optionee has
committed an act or acts involving fraud, embezzlement, misappropriation, theft, breach of fiduciary duty or material dishonesty against the Company, its properties or personnel; 
 (v) any act by the Optionee that the Company determines to be in willful or wanton disregard of the Company’s best interests, or which results, or
is intended to result, directly or indirectly, in improper gain or personal enrichment of the Optionee at the expense of the Company; 
 (vi) a determination by the Company that there has been a willful, reckless or grossly negligent failure by the Optionee to comply with any rules, regulations, policies or procedures of the Company, or that the Optionee has engaged in any
act, behavior or conduct demonstrating a deliberate and material violation or disregard of standards of behavior that the Company has a right to expect of its employees; or 

 (vii) if the Optionee, while employed by the Company and for two years thereafter, violates a
confidentiality and/or noncompete agreement with the Company, or fails to safeguard, divulges, communicates, uses to the detriment of the Company or for the benefit of any person or persons, or misuses in any way, any Confidential Information;
provided, however, that, if the Optionee has entered into a written employment agreement with the Company which remains effective and which expressly provides for a termination of such Optionee’s employment for “cause,” the
term “Cause” as used herein shall have the meaning as set forth in the Optionee’s employment agreement in lieu of the definition of “Cause” set forth in this Section 2(b). 
 (c) “Change of Control” shall mean the acquisition by any person or group (as that term is defined in the Exchange Act, and the rules
promulgated pursuant to that act) in a single transaction or a series of transactions of thirty percent (30%) or more in voting power of the outstanding stock of the Company and a change of the composition of the Board of Directors so that,
within two years after the acquisition took place, a majority of the members of the Board of Directors of the Company, or of any corporation with which the Company may be consolidated or merged, are persons who were not directors or officers of the
Company or one of its Subsidiaries immediately prior to the acquisition, or to the first of a series of transactions which resulted in the acquisition of thirty percent (30%) or more in voting power of the outstanding stock of the Company.

 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (e) “Committee” shall mean the stock option committee appointed by the Board or, if not appointed, the Board. 
 (f) “Common Stock” shall mean the Company’s Common Stock, par value $.001 per share. 
 (g) “Director” shall mean a member of the Board. 
 (h) “Employee” shall mean any person, including officers, directors, consultants and independent contractors employed by the Company or any parent or Subsidiary of the Company within the meaning of
Section 3401(c) of the regulators promulgated thereunder. 
 (i) “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
 (j) “Fair Market Value” of a Share on any date of reference shall be the Closing Price of a share of Common
Stock on the business day immediately preceding such date, unless the Committee in its sole discretion shall determine otherwise in a fair and uniform manner. For this purpose, the “Closing Price” of the Common Stock on any business day
shall be (i) if the Common Stock is 

  

 2 

 
listed or admitted for trading on any United States national securities exchange, or if actual transactions are otherwise reported on a consolidated
transaction reporting system, the last reported sale price of the Common Stock on such exchange or reporting system, as reported in any newspaper of general circulation, (ii) if the Common Stock is quoted on The Nasdaq Stock Market
(“Nasdaq”), or any similar system of automated dissemination of quotations of securities prices in common use, the mean between the closing high bid and low asked quotations for such day of the Common Stock on such system, or (iii) if
neither clause (i) nor (ii) is applicable, the mean between the high bid and low asked quotations for the Common Stock as reported by the National Quotation Bureau, Incorporated if at least two securities dealers have inserted both bid and
asked quotations for the Common Stock on at least five of the 10 preceding days. If the information set forth in clauses (i) through (iii) above is unavailable or inapplicable to the Company (e.g., if the Company’s Common Stock is not
then publicly traded or quoted), then the “Fair Market Value” of a Share shall be the fair market value (i.e., the price at which a willing seller would sell a Share to a willing buyer when neither is acting under compulsion and when both
have reasonable knowledge of all relevant facts) of a share of the Common Stock on the business day immediately preceding such date as the Committee in its sole and absolute discretion shall determine in a fair and uniform manner. 
 (k) “Incentive Stock Option” shall mean an incentive stock option as defined in Section 422 of the Code. 
 (l) “Non-Statutory Stock Option” or “Nonqualified Stock Option” shall mean an Option which is not an Incentive Stock Option.

 (m) “Officer” shall mean the Company’s chairman, president, principal financial officer, principal accounting officer (or,
if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making
function, or any other person who performs similar policy-making functions for the Company. Officers of Subsidiaries shall be deemed Officers of the Company if they perform such policy-making functions for the Company. As used in this paragraph, the
phrase “policy-making function” does not include policy-making functions that are not significant. Unless specified otherwise in a resolution by the Board, an “executive officer” pursuant to Item 401(b) of Regulation S-K (17
C.F.R. § 229.401(b)) shall be only such person designated as an “Officer” pursuant to the foregoing provisions of this paragraph. 
 (n) “Option” (when capitalized) shall mean any stock option granted under this Plan. 
 (o) “Optionee” shall
mean a person to whom an Option is granted under this Plan or any person who succeeds to the rights of such person under this Plan by reason of the death of such person. 
 (p) “Plan” shall mean this 2009 Stock Option Plan of the Company, which Plan shall be effective upon approval by the Board, subject to approval, within 12 months of the date thereof by holders of a majority
of the Company’s issued and outstanding Common Stock of the Company. 
  

 3 

 (q) “Share” or “Shares” shall mean a share or shares, as the case may be, of the
Common Stock, as adjusted in accordance with Section 10 of this Plan. 
 (r) “Subsidiary” shall mean any corporation (other
than the Company) in any unbroken chain of corporations beginning with the Company if, at the time of the granting of the Option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50 percent or more
of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 3. Shares and Options.
Subject to adjustment in accordance with Section 10 hereof, the Company may issue up to nine hundred and seventy one thousand (971,000) Shares from Shares held in the Company’s treasury or from authorized and unissued Shares through
the exercise of Options issued pursuant to the provisions of this Plan. If any Option granted under this Plan shall terminate, expire, or be canceled, forfeited or surrendered as to any Shares, the Shares relating to such lapsed Option shall be
available for issuance pursuant to new Options subsequently granted under this Plan. Upon the grant of any Option hereunder, the authorized and unissued Shares to which such Option relates shall be reserved for issuance to permit exercise under this
Plan. Subject to the provisions of Section 14 hereof, an Option granted hereunder shall be either an Incentive Stock Option or a Non-Statutory Stock Option as determined by the Committee at the time of grant of such Option and shall clearly
state whether it is an Incentive Stock Option or Non-Statutory Stock Option. All Incentive Stock Options shall be granted within 10 years from the effective date of this Plan. 
 4. Limitations. Options otherwise qualifying as Incentive Stock Options hereunder will not be treated as Incentive Stock Options to the extent
that the aggregate Fair Market Value (determined at the time the Option is granted) of the Shares, with respect to which Options meeting the requirements of Code Section 422(b) are exercisable for the first time by any individual during any
calendar year (under all stock option or similar plans of the Company and any Subsidiary), exceeds $100,000. 
 5. Conditions for Grant of
Options. 
 (a) Each Option shall be evidenced by an option agreement that may contain any term deemed necessary or desirable by the
Committee, provided such terms are not inconsistent with this Plan or any applicable law. Optionees shall be those persons selected by the Committee from the class of all regular Employees of the Company or its Subsidiaries, including Employee
Directors and Officers who are regular or former regular employees of the Company, Directors who are not regular employees of the Company, as well as consultants to the Company. Any person who files with the Committee, in a form satisfactory to the
Committee, a written waiver of eligibility to receive any Option under this Plan shall not be eligible to receive any Option under this Plan for the duration of such waiver. 
  

 4 

 (b) In granting Options, the Committee shall take into consideration the contribution the person has
made, or is expected to make, to the success of the Company or its Subsidiaries and such other factors as the Committee shall determine. The Committee shall also have the authority to consult with and receive recommendations from Officers and other
personnel of the Company and its Subsidiaries with regard to these matters. The Committee may from time to time in granting Options under this Plan prescribe such terms and conditions concerning such Options as it deems appropriate, provided that
such terms and conditions are not more favorable to an Optionee than those expressly permitted herein; provided further, however, that to the extent not cancelled pursuant to Section 9(b) hereof, upon a Change in Control, any Options that have
not yet vested, may, in the sole discretion of the Committee, vest upon such Change in Control. 
 (c) The Options granted to employees under
this Plan shall be in addition to regular salaries, pension, life insurance or other benefits related to their employment with the Company or its Subsidiaries. Neither this Plan nor any Option granted under this Plan shall confer upon any person any
right to employment or continuance of employment (or related salary and benefits) by the Company or its Subsidiaries. 
 6. Exercise
Price. The exercise price per Share of any Option shall be any price determined by the Committee but in no event shall the exercise price per Share of any Option be less than the Fair Market Value of the Shares underlying such Option on the date
such Option is granted and, in the case of an Incentive Stock Option granted to a 10% stockholder, the per Share exercise price will not be less than 110% of the Fair Market Value. Re-granted Options, or Options which are canceled and then
re-granted covering such canceled Options, will, for purposes of this Section 6, be deemed to have been granted on the date of the re-granting. 
 7. Exercise of Options. 
 (a) An Option shall be deemed exercised when (i) the Company has
received written notice of such exercise in accordance with the terms of the Option, (ii) full payment of the aggregate option price of the Shares as to which the Option is exercised has been made, (iii) the Optionee has agreed to be bound
by the terms, provisions and conditions of any applicable stockholders’ agreement, and (iv) arrangements that are satisfactory to the Committee in its sole discretion have been made for the Optionee’s payment to the Company of the
amount that is necessary for the Company or the Subsidiary employing the Optionee to withhold in accordance with applicable Federal or state tax withholding requirements. Unless further limited by the Committee in any Option, the exercise price of
any Shares purchased pursuant to the exercise of such Option shall be paid in cash, by certified or official bank check, by money order, with Shares or by a combination of the above; provided, however, that the Committee in its sole discretion may
accept a personal check in full or partial payment of any Shares. The Company in its sole discretion may, on an individual basis or pursuant to a general program established by the Committee in connection with this Plan, lend money to an Optionee to
exercise all or a portion of the Option granted hereunder. If the exercise price is paid in whole or part with the Optionee’s promissory note, such note shall (i) provide for full recourse to the maker, (ii) be collateralized by the
pledge of the Shares that the Optionee purchases upon exercise of such Option, (iii) bear interest at a rate no less than the rate of interest payable by the Company to its principal lender, and (iv) contain such other terms as the
Committee in its sole discretion shall require. 
  

 5 

 (b) No Optionee shall be deemed to be a holder of any Shares subject to an Option unless and until a
stock certificate or certificates for such Shares are issued to such person(s) under the terms of this Plan. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or
other rights for which the record date is prior to the date such stock certificate is issued, except as expressly provided in Section 10 hereof. 
 (c) Any Option may, in the discretion of the Committee, be exercised pursuant to a “cashless” or “net issue” exercise. In lieu of exercising the Option as specified in subsection (a) above,
the Optionee may pay in whole or in part with Shares, the number of which shall be determined by dividing (a) the aggregate Fair Value of such Shares otherwise issuable upon exercise of the Option minus the aggregate Exercise Price of such
Option by (b) the Fair Value of one such Share, or the Optionee may pay in whole or in part through a reduction in the number of Shares received through the exercise of the Option equal to the quotient of the (a) aggregate Fair Value of
all the Shares issuable upon exercise of the Option minus the aggregate Exercise Price of such Option (b) divided by the Fair Value of one such share. If the exercise price is paid in whole or in part with Shares, the value of the Shares
surrendered shall be their Fair Market Value on the date the Option is exercised. 
 8. Exercisability of Options. Any Option shall
become exercisable in such amounts, at such intervals, upon such events or occurrences and upon such other terms and conditions as shall be provided in an individual Option agreement evidencing such Option, except as otherwise provided in
Section 5(b) or this Section 8. 
 (a) The expiration date(s) of an Option shall be determined by the Committee at the time of
grant, but in no event shall an Option be exercisable after the expiration of 10 years from the date of grant of the Option. 
 (b) Unless
otherwise expressly provided in any Option as approved by the Committee, notwithstanding the exercise schedule set forth in any Option, each outstanding Option, may, in the sole discretion of the Committee, become fully exercisable upon the date of
the occurrence of any Change of Control, but, unless otherwise expressly provided in any Option, no earlier than six months after the date of grant, and if and only if Optionee is in the employ of the Company on such date. 
 (c) The Committee may in its sole discretion accelerate the date on which any Option may be exercised and may accelerate the vesting of any Shares
subject to any Option or previously acquired by the exercise of any Option. 
  

 6 

 9. Termination of Option Period. 
 (a) Unless otherwise expressly provided in any Option, the unexercised portion of any Option shall automatically and without notice immediately terminate
and become forfeited, null and void at the time of the earliest to occur of the following: 
 (i) three months after the date on which the
Optionee’s employment is terminated for any reason other than by reason of (A) Cause, (B) the termination of the Optionee’s employment with the Company by such Optionee following less than 60 days’ prior written notice to
the Company of such termination (an “Improper Termination”), (C) a mental or physical disability (within the meaning of Section 22(e) of the Code) as determined by a medical doctor satisfactory to the Committee, or
(D) death; 
 (ii) immediately upon (A) the termination by the Company of the Optionee’s employment for Cause, or (B) an
Improper Termination; 
 (iii) one year after the date on which the Optionee’s employment is terminated by reason of a mental or
physical disability (within the meaning of Code Section 22(e)) as determined by a medical doctor satisfactory to the Committee or the later of three months after the date on which the Optionee shall die if such death shall occur during the
one-year period specified herein; or 
 (iv) the later of (a) one year after the date of termination of the Optionee’s employment
by reason of death of the employee, or (b) three months after the date on which the Optionee shall die if such death shall occur during the one year period specified in Subsection 9(a)(iii) hereof. 
 (b) The Committee in its sole discretion may, by giving written notice (“cancellation notice”), cancel effective upon the date of the
consummation of any corporate transaction described in Subsection 10(d) hereof, any Option that remains unexercised on such date. Such cancellation notice shall be given a reasonable period of time prior to the proposed date of such cancellation and
may be given either before or after approval of such corporate transaction. 
 (c) Upon termination of Optionee’s employment as
described in this Section 9, or otherwise, any Option (or portion thereof) not previously vested or not yet exercisable pursuant to Section 8 of this Plan or the vesting schedule set forth in such Option shall be immediately canceled.

 10. Adjustment of Shares. 
 (a) If at any time while this Plan is in effect or unexercised Options are outstanding, there shall be any increase or decrease in the number of issued and outstanding Shares through the declaration of a stock dividend or through any
recapitalization resulting in a stock split, combination or exchange of Shares (other than any such exchange or issuance of Shares through which Shares are issued to effect an acquisition of another business or entity or the Company’s purchase
of Shares to exercise a “call” purchase option), then and in such event: 
 (i) appropriate adjustment shall be made in the maximum
number of Shares available for grant under this Plan, so that the same percentage of the Company’s issued and outstanding Shares shall continue to be subject to being so optioned; 
  

 7 

 (ii) appropriate adjustment shall be made in the number of Shares and the exercise price per Share
thereof then subject to any outstanding Option, so that the same percentage of the Company’s issued and outstanding Shares shall remain subject to purchase at the same aggregate exercise price; and 
 (iii) such adjustments shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. 
 (b) Subject to the specific terms of any Option, the Committee may change the terms of Options outstanding under this Plan, with respect to the option
price or the number of Shares subject to the Options, or both, when, in the Committee’s sole discretion, such adjustments become appropriate by reason of a corporate transaction described in Subsection 10(d) hereof, or otherwise. 
 (c) Except as otherwise expressly provided herein, the issuance by the Company of shares of its capital stock of any class, or securities convertible
into or exchangeable for shares of its capital stock of any class, either in connection with a direct or underwritten sale, or upon the exercise of rights or warrants to subscribe therefor or purchase such Shares, or upon conversion of obligations
of the Company into such Shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of or exercise price of Shares then subject to outstanding Options granted under this Plan.

 (d) Without limiting the generality of the foregoing, the existence of outstanding Options granted under this Plan shall not affect in any
manner the right or power of the Company to make, authorize or consummate (i) any or all adjustments, reclassifications, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; (ii) any
merger or consolidation of the Company or to which the Company is a party; (iii) any issuance by the Company of debt securities, or preferred or preference stock that would rank senior to or above the Shares subject to outstanding Options;
(iv) any purchase or issuance by the Company of Shares or other classes of common stock or common equity securities; (v) the dissolution or liquidation of the Company; (vi) any sale, transfer, encumbrance, pledge or assignment of all
or any part of the assets or business of the Company; or (vii) any other corporate act or proceeding, whether of a similar character or otherwise. 
 (e) The Optionee shall receive written notice within a reasonable time prior to the consummation of such action advising the Optionee of any of the foregoing. The Committee may, in the exercise of its sole discretion,
in such instances declare that any Option shall terminate as of a date fixed by the Board and give each Optionee the right to exercise his or her Option. 
  

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 11. Transferability. No Option or stock appreciation right granted hereunder shall be sold,
pledged, assigned, hypothecated, disposed or otherwise transferred by the Optionee other than by will or the laws of descent and distribution, unless otherwise authorized by the Board, and no Option or stock appreciation right shall be exercisable
during the Optionee’s lifetime by any person other than the Optionee. 
 12. Issuance of Shares. As a condition of any sale or
issuance of Shares upon exercise of any Option, the Committee may require such agreements or undertakings, if any, as the Committee may deem necessary or advisable to assure compliance with any such law or regulation including, but not limited to,
the following: 
 (i) a representation and warranty by the Optionee to the Company, at the time any Option is exercised, that he is acquiring
the Shares to be issued to him for investment and not with a view to, or for sale in connection with, the distribution of any such Shares; and 
 (ii) an agreement and undertaking to comply with all of the terms, restrictions and provisions set forth in any then applicable stockholders’ agreement relating to the Shares, including, without limitation, any restrictions on
transferability, any rights of first refusal and any option of the Company to “call” or purchase such Shares under then applicable agreements, and 
 (iii) any restrictive legend or legends, to be embossed or imprinted on Share certificates, that are, in the discretion of the Committee, necessary or appropriate to comply with the provisions of any securities law or
other restriction applicable to the issuance of the Shares. 
 13. Stock Appreciation Rights. The Committee may grant stock
appreciation rights to Employees, either or tandem with Options that have been or are granted under the Plan or with respect to a number of Shares on which an Option is not granted. A stock appreciation right shall entitle the holder to receive,
with respect to each Share as to which the right is exercised, payment in an amount equal to the excess of the Share’s Fair Market Value on the date the right is exercised over its Fair Market Value on the date the right was granted. Such
payment may be made in cash or in Shares valued at the Fair Market Value as of the date of surrender, or partly in cash and partly in Shares, as determined by the Committee in its sole discretion. The Committee may establish a maximum appreciation
value payable for stock appreciation rights. 
 14. Restricted Stock Awards. The Committee may grant restricted stock awards under the
Plan in Shares or denominated in units of Shares. The Committee, in its sole discretion, may make such awards subject to conditions and restrictions, as set forth in the instrument evidencing the award, which may be based on continuous service with
the Company or the attainment of certain performance goals related to profits, profit growth, cash-flow or shareholder returns, where such goals may be stated in absolute terms or relative to comparison companies or indices to be achieved during a
period of time. 
  

 9 

 15. Administration of this Plan. 
 (a) This Plan shall be administered by the Committee, which shall consist of not less than two Directors. The Committee shall have all of the powers of
the Board with respect to this Plan. Any member of the Committee may be removed at any time, with or without cause, by resolution of the Board and any vacancy occurring in the membership of the Committee may be filled by appointment by the Board.

 (b) Subject to the provisions of this Plan, the Committee shall have the authority, in its sole discretion, to: (i) grant
Options, (ii) determine the exercise price per Share at which Options may be exercised, (iii) determine the Optionees to whom, and time or times at which, Options shall be granted, (iv) determine the number of Shares to be represented
by each Option, (v) determine the terms, conditions and provisions of each Option granted (which need not be identical) and, with the consent of the holder thereof, modify or amend each Option, (vi) defer (with the consent of the Optionee)
or accelerate the exercise date of any Option, and (vii) make all other determinations deemed necessary or advisable for the administration of this Plan, including re-pricing, canceling and regranting Options. 
 (c) The Committee, from time to time, may adopt rules and regulations for carrying out the purposes of this Plan. The Committee’s determinations and
its interpretation and construction of any provision of this Plan shall be final, conclusive and binding upon all Optionees and any holders of any Options granted under this Plan. 
 (d) Any and all decisions or determinations of the Committee shall be made either (i) by a majority vote of the members of the Committee at a
meeting of the Committee or (ii) without a meeting by the unanimous written approval of the members of the Committee. 
 (e) No member
of the Committee, or any Officer or Director of the Company or its Subsidiaries, shall be personally liable for any act or omission made in good faith in connection with this Plan. 
 16. Incentive Options for 10% Stockholders. Notwithstanding any other provisions of this Plan to the contrary, an Incentive Stock Option shall not
be granted to any person owning directly or indirectly (through attribution under Section 424(d) of the Code) at the date of grant, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or of
its Subsidiary) at the date of grant unless the exercise price of such Option is at least 110% of the Fair Market Value of the Shares subject to such Option on the date the Option is granted, and such Option by its terms is not exercisable after the
expiration of 10 years from the date such Option is granted. 
 17. Interpretation. 
 (a) This Plan shall be administered and interpreted so that all Incentive Stock Options granted under this Plan will qualify as Incentive Stock Options
under Section 422 of the Code. If any provision of this Plan should be held invalid for the granting of Incentive Stock Options or illegal for any reason, such determination shall not affect the remaining provisions hereof, and this Plan shall
be construed and enforced as if such provision had never been included in this Plan. 
  

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 (b) This Plan shall be governed by the laws of the State of Delaware. 
 (c) Headings contained in this Plan are for convenience only and shall in no manner be construed as part of this Plan or affect the meaning or
interpretation of any part of this Plan. 
 (d) Any reference to the masculine, feminine, or neuter gender shall be a reference to such other
gender as is appropriate. 
 (e) Time shall be of the essence with respect to all time periods specified for the giving of notices to the
company hereunder, as well as all time periods for the expiration and termination of Options in accordance with Section 9 hereof (or as otherwise set forth in an option agreement). 
 18. Amendment and Discontinuation of this Plan. Either the Board or the Committee may from time to time amend this Plan or any Option without the
consent or approval of the stockholders of the Company; provided, however, that, except to the extent provided in Section 9, no amendment or suspension of this Plan or any Option issued hereunder shall substantially impair any Option previously
granted to any Optionee without the consent of such Optionee. 
 19. Termination Date. This Plan shall terminate ten years after the
date of adoption by the Board of Directors. 
  

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