Document:

ex10-10.htm

    Exhibit
10.10

    
 

    Brink’s
Home Security
Holdings, Inc.

    Irving,
Texas

     

     

     

     

     

     

     

     

    Directors’
Stock
Accumulation Plan

     

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

    
      

      TABLE OF
CONTENTS

      

      Page

      

      
        	
                PREAMBLE

              	
                1

              
	 
      	 
      	 
      
	
                ARTICLE I

              	
                Definitions

              	
                2

              
	 
      	 
      	 
      
	
                ARTICLE II

              	
                Administration

              	
                5

              
	 
      	
                SECTION 1.

              	
                Authorized Shares

              	
                5

              
	 
      	
                SECTION 2.

              	
                Administration

              	
                5

              
	 
      	 
      	 
      
	
                ARTICLE III

              	
                Participation

              	
                6

              
	 
      	 
      	 
      
	
                ARTICLE IV

              	
                Allocations

              	
                6

              
	 
      	
                SECTION 1.

              	
                Allocations

              	
                6

              
	 
      	
                SECTION 2.

              	
                Adjustments

              	
                6

              
	 
      	
                SECTION 3.

              	
                Dividends and Distributions

              	
                7

              
	 
      	 
      	 
      
	
                ARTICLE V

              	
                Distributions

              	
                7

              
	 
      	
                SECTION 1.

              	
                Entitlement to Benefits

              	
                7

              
	 
      	
                SECTION 2.

              	
                Distribution of Shares

              	
                7

              
	 
      	 
      	 
      
	
                ARTICLE VI

              	
                Designation of Beneficiary

              	
                8

              
	 
      	 
      	 
      
	
                ARTICLE VII

              	
                Miscellaneous

              	
                9

              
	 
      	
                SECTION 1.

              	
                Nontransferability of Benefits

              	
                9

              
	 
      	
                SECTION 2.

              	
                Limitation on Rights of Non-Employee
      Director

              	
                10

              
	 
      	
                SECTION 3.

              	
                Term, Amendment and Termination

              	
                10

              
	 
      	
                SECTION 4.

              	
                Funding

              	
                11

              
	 
      	
                SECTION 5.

              	
                Governing Law

              	
                11

              

      

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
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        BRINK’S HOME SECURITY
HOLDINGS, INC.

        DIRECTORS’ STOCK
ACCUMULATION PLAN

        

        PREAMBLE

        

        The
Brink’s Home Security Holdings, Inc. Directors’ Stock Accumulation Plan,
effective on the Effective Date, is designed to more closely align the interests
of Non-Employee Directors to the long-term interests of Brink’s Home Security
Holdings, Inc. and its shareholders.

        The Plan
is intended to comply with the provisions of Code Section 409A and the Treasury
Regulations and other guidance, including transition rules and election
procedures, issued thereunder (together, “Code Section 409A”).  Each
provision and term of the Plan should be interpreted accordingly, but if any
provision or term of the Plan would be prohibited by or be inconsistent with
Code Section 409A, then such provision or term shall be deemed to be reformed to
comply with Code Section 409A, without affecting the remainder of the
Plan.

        The Plan
provides a portion of the overall compensation package of participating
directors in the form of deferred stock equivalent units which will be
distributed in the form of Common Stock upon the occurrence of certain
events.

         

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
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        ARTICLE
I

         

        Definitions

         

        Wherever
used in the Plan, the following terms shall have the meanings
indicated:

        Account:  The
account maintained by the Company for a Non-Employee Director to document the
amounts credited under the Plan and the Units into which such amounts shall be
converted.

        Board of
Directors:  The board of directors of the Company.

        Change in
Control:  A Change in Control shall mean the occurrence
of:

        (a) (i)
any consolidation or merger of the Company in which the Company is not the
continuing or surviving corporation or pursuant to which the Shares would be
converted into cash, securities or other property other than a consolidation or
merger in which holders of the total voting power in the election of directors
of the Company of Common Stock outstanding (exclusive of Shares held by the
Company’s affiliates) (the “Total Voting Power”) immediately prior to the
consolidation or merger will have the same proportionate ownership of the total
voting power in the election of directors of the surviving corporation
immediately after the consolidation or merger, or (ii) any sale, lease, exchange
or other transfer (in one transaction or a series of transactions) of all or
substantially all the assets of the Company.

        (b) any
“person” (as defined in Section 13(d) of the Securities Exchange Act of 1934, as
amended (the “Act”)) other than the Company, its affiliates or an employee
benefit plan or trust maintained by the Company or its affiliates, shall become
the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly
or indirectly, of more than 20% of the Total Voting Power; or

         

         

         

         

        
          
            
            

          

          
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        (c) at
any time during a period of two consecutive years, individuals who at the
beginning of such period constituted the Board of Directors shall cease for any
reason to constitute at least a majority thereof, unless the election by the
Company’s shareholders of each new director during such two-year period was
approved by a vote of at least two-thirds of the directors then still in office
who were directors at the beginning of such two-year period.

        Committee:  The
Administrative Committee of
the Company.

        Common
Stock:  Brink’s Home Security Holdings, Inc. common stock, no
par value.

        Company:  Brink’s
Home Security Holdings, Inc.

        Disability:  The
Non-Employee Director is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months.

        Effective
Date:  The Plan shall become effective upon  the
consummation of the distribution, on a pro rata basis, by The
Brink’s Company to the record holders of The Brink’s Company of all of the
outstanding Shares owned by The Brink’s Company on the date of
distribution.

        Non-Employee
Director:  Any member of the Board of Directors who is not an
employee of the Company or a Subsidiary.

        Plan:  The Brink’s Home
Security Holdings, Inc. Directors’ Stock Accumulation Plan as set forth herein
and as amended from time to time.

        Shares:  Shares
of Common Stock.

         

         

         

         

        
          
            
            

          

          
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        Subsidiary:  Any
corporation, whether or not incorporated in the United States of America, more
than 80% of the outstanding voting stock of which is owned by the Company, by
the Company and one or more Subsidiaries or by one or more
Subsidiaries.

        Unit:  The
equivalent of one share of Common Stock credited to a Non-Employee Director’s
Account.

         

         

         

         

        
          
            
            

          

          
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          ARTICLE
II

          
Administration

        

         

        SECTION
1.  Authorized
Shares.  The maximum number of Units that may be credited
hereunder is [100,000]1 Units.  The
number of Shares that may be issued or otherwise distributed hereunder will be
equal to the number of Units that may be credited hereunder.

        In the
event of any change in the number of Shares outstanding by reason of any stock
split, stock dividend, recapitalization, merger, consolidation, reorganization,
combination, or exchange of shares, split-up, split-off, spin-off, liquidation
or other similar change in capitalization, or any distribution to common
shareholders other than cash dividends, a corresponding adjustment shall be made
to the number of Shares that may be deemed issued under the Plan by the
Committee.  Such adjustment shall be conclusive and binding for all
purposes of the Plan.

        SECTION
2.  Administration.  The
Committee is authorized to construe the provisions of the Plan and to make all
determinations in connection with the administration of the Plan.  All
such determinations made by the Committee shall be final, conclusive and binding
on all parties, including Non-Employee Directors participating in the
Plan.

        All
authority of the Committee provided for in, or pursuant to, this Plan, may also
be exercised by the Board of Directors.  In the event of any conflict or
inconsistency between determinations, orders, resolutions or other actions of
the Committee and the Board of Directors taken in connection with this Plan, the
actions of the Board of Directors shall control.

         

         

         

         

          
            

          

        

            1 
Assumes a one-for-one ratio of BHS shares distributed in the Distribution to BCO
shares.

         

         

         

        
          
            
            

          

          
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        ARTICLE
III

         

        Participation

         

        Each
Non-Employee Director on the Effective Date shall be eligible to participate in
the Plan on such date.  Thereafter, each Non-Employee Director shall
be eligible to participate as of the date on which he or she becomes a
Non-Employee Director.

         

        ARTICLE
IV

         

        Allocations

         

        SECTION
1.  Allocations.  As
of each June 1, each Non-Employee Director (including Non-Employee Directors
elected to the Board of Directors after the Effective Date) shall be entitled to
an allocation to his or her Account (which allocation shall be in addition to
any retainer fees paid in cash) equal to 50% of the annual retainer in effect
for such Non-Employee Director on such June 1.  Such allocations shall
be converted on the first trading day in June into Units.  The number
(computed to the second decimal place) of Units so credited shall be determined
by dividing the amount of the allocation for each Non-Employee Director for the
year by the average of the high and low per share quoted sale prices of Common
Stock, as reported on the New York Stock Exchange Composite Transaction Tape on
the first trading date in June.

        SECTION
2.  Adjustments.  The
Committee shall determine such equitable adjustments in the Units credited to
each Account as may be appropriate to reflect any stock split, stock dividend,
recapitalization, merger, consolidation, reorganization, combination, or
exchange of shares, split-up, split-off, spin-off, liquidation or other similar
change in capitalization, or any distribution to common shareholders other than
cash dividends.

         

         

         

         

        
          
            
            

          

          
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        SECTION
3.  Dividends and
Distributions.  Whenever a cash dividend or any other
distribution is paid with respect to Shares, the Account of each Non-Employee
Director will be credited with an additional number of Units, equal to the
number of Shares including fractional Shares (computed to the second decimal
place), that could have been purchased had such dividend or other distribution
been paid to the Account on the payment date for such dividend or distribution
based on the number of Shares giving rise to the dividend or distribution
represented by Units in such Account as of such date and assuming the amount of
such dividend or value of such distribution had been used to acquire additional
Units.  Such additional Units shall be deemed to be purchased at the
average of the high and low per share quoted sale prices of Common Stock, as
reported on the New York Stock Exchange Composite Transaction Tape on the
payment date for the dividend or other distribution.  The value of any
distribution will be determined by the Committee.

         

        ARTICLE
V

         

        Distributions

         

        SECTION
1.  Entitlement to
Benefits.  Each Non-Employee Director who receives an
allocation of Units pursuant to Section 1 of Article IV of the Plan shall be
fully vested with respect to each such allocation of Units (including any
dividends or distributions credited with respect thereto pursuant to Section 3
of Article IV of the Plan) on the one year anniversary of each respective
allocation of Units, or, if earlier, upon the Non-Employee Director’s
termination of service or upon a Change in Control.

        SECTION
2.  Distribution of
Shares.  Each Non-Employee Director shall receive a
distribution of his or her Account in Common Stock in respect of all Units
standing to the credit of such Non-Employee Director’s Account in a single-lump
sum distribution within 75 days following his or her termination of service as a
Non-Employee Director.  A Non-Employee Director may elect, at least 12
months prior to his or her termination of service, to receive a distribution of
the Shares represented by the Units credited to his or her Account in equal
annual installments (not more than ten) commencing not earlier than the last day
of the month next following the fifth anniversary of the date of his or her
termination of service (whether by death, Disability, retirement or otherwise)
or as promptly as practicable thereafter.

         

         

         

         

        
          
            
            

          

          
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        The
number of Shares to be included in each installment payment shall be determined
by multiplying the number of Units in the Non-Employee Director’s Account
(including any dividends or distributions credited to such Account pursuant to
Section 3 of Article IV of the Plan whether before or after the initial
installment payment date) as of the lst day of the month preceding the initial
installment payment and as of each succeeding anniversary of such date by a
fraction, the numerator or which is one and the denominator of which is the
number of remaining installments (including the current
installment).

        Any
fractional Units shall be converted to cash based on the average of the high and
low per share quoted sale prices of Common Stock as reported on the New York
Stock Exchange Composite Transaction Tape, on the last trading day of the month
preceding the month of distribution and shall be paid in cash.

         

        ARTICLE
VI

         

        Designation of
Beneficiary

         

        A
Non-Employee Director may designate in a written election filed with the
Committee a beneficiary or beneficiaries (which may be an entity other than a
natural person) to receive all distributions and payments under the Plan after
the Non-Employee Director’s death.  Any such designation may be
revoked, and a new election may be made, at any time and from time to time, by
the Non-Employee Director without the consent of any beneficiary.  If
the Non-Employee Director designates more than one beneficiary, any
distributions and payments to such beneficiaries shall be made in equal
percentages unless the Non-Employee Director has designated otherwise, in which
case the distributions and payments shall be made in the percentages designated
by the Non-Employee Director within 75 days following the date of
death.  If no beneficiary has been named by the Non-Employee Director
or no beneficiary survives the Non-Employee Director, the remaining Shares
(including fractional Shares) in the Non-Employee Director’s Account shall be
distributed or paid in a single sum to the Non-Employee Director’s estate within
75 days following the date of death.  In the event of a beneficiary’s
death, the remaining installments will be paid to a contingent beneficiary, if
any, designated by the Non-Employee Director or, in the absence of a surviving
contingent beneficiary, the remaining Shares (including fractional Shares) shall
be distributed or paid to the primary beneficiary’s estate in a single
distribution within 75 days following the date of the primary beneficiary’s
death.  All distributions shall be made in Shares except that
fractional Shares shall be paid in cash.

         

         

         

         

        
          
            
            

          

          
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        ARTICLE
VII

         

        Miscellaneous

         

        SECTION
1.  Nontransferability of
Benefits.  Except as provided in Article VI, Units
credited to an Account shall not be transferable by a Non-Employee Director or
former Non-Employee Director (or his or her beneficiaries) other than by will or
the laws of descent and distribution or pursuant to a domestic relations
order.  No Non-Employee Director, no person claiming through a
Non-Employee Director, nor any other person shall have any right or interest
under the Plan, or in its continuance, in the payment of any amount or
distribution of any Shares under the Plan, unless and until all the provisions
of the Plan, any determination made by the Committee hereunder, and any
restrictions and limitations on the payment itself have been fully complied
with.  Except as provided in this Section 1, no rights under the
Plan, contingent or otherwise, shall be transferable, assignable or subject to
any pledge or encumbrance of any nature, nor shall the Company or any of its
Subsidiaries be obligated, except as otherwise required by law, to recognize or
give effect to any such transfer, assignment, pledge or
encumbrance.

         

         

         

         

        
          
            
            

          

          
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        SECTION
2.  Limitation on Rights of
Non-Employee Director.  Nothing in this Plan shall confer upon
any Non-Employee Director the right to be nominated for reelection to the Board
of Directors.  The right of a Non-Employee Director to receive any
Shares shall be no greater than the right of any unsecured general creditor of
the Company.

        SECTION 3.  Term,
Amendment and Termination.

        (a)           The
Plan shall terminate on October 1, 2018.

        (b)           The
Corporate Governance and Nominating Committee of the Board of Directors may from
time to time amend any of the provisions of the Plan, or may at any time
terminate the Plan; provided, however, that the
allocation formulas included in Article IV may not be amended more than once in
any six-month period.  No amendment or termination shall adversely
affect any Units (or distributions in respect thereof) which shall theretofore
have been credited to any Non-Employee Director’s Account without the prior
written consent of the Non-Employee Director.

         

         

         

         

         

        
          
            
            

          

          
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        SECTION
4.  Funding.  The
Plan shall be unfunded.  Shares shall be acquired (a) from the
trustee under an employee benefits trust established by the Company for such
purpose, (b) by purchases on the New York Stock Exchange, (c) by
acquisitions of Common Stock, otherwise than on such Exchange, in such amounts
and at such times as the Company in its sole discretion may determine, (d)
directly from the Company through new issuances or (e) in such other manner as
the Company in its sole discretion may determine.

        SECTION
5.  Governing
Law.  The Plan and all provisions thereof shall be construed
and administered according to the laws of the Commonwealth of
Virginia.

         

         

         

         

         

         

         

         

        11ex10-11.htm

    Exhibit
10.11

    

    

    Brink’s
Home Security Holdings, Inc.

    Irving,
Texas

    

    

    

    

    

    
 

    Key
Employees
Incentive Plan

    
 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Brink’s
Home Security Holdings, Inc.

    Key Employees Incentive
Plan

     

    
      	
              1.

            	
              Purpose.  The
      Key Employees Incentive Plan (the “Plan”) of Brink’s Home Security
      Holdings, Inc. (the “Company”) is designed to provide greater incentives
      for certain key management, professional and technical employees,
      including certain officers, whose performance in fulfilling the
      responsibilities of their positions can significantly affect the
      profitable growth of the Company or any corporation more than 50% of the
      outstanding voting stock of which is owned by the Company, by the Company
      and one or more Subsidiaries, or by one or more Subsidiaries (each, a
      “Subsidiary”).  The
      Plan provides an opportunity to earn additional compensation in the form
      of cash incentive payments based on the employee’s individual performance
      and on the results achieved by the Company and its Subsidiaries, and by
      the operating or staff unit for which the employee performs
      services.

            

    

    

    
      	
              2.

            	
              Administration. The Plan shall be
      administered by the Chief Executive Officer of the Company, subject to the
      provisions of the Plan, and subject to overall policy and administrative
      guidelines as the Compensation and Benefits Committee (the “Committee”) of
      the Company’s Board of Directors (the “Board”) and the Board shall adopt
      annually as respects each Plan
year.

            

    

    

    
      	
              3.

            	
              Eligibility
      for Participation.  Each year the Chief Executive
      Officer, upon advice from appropriate levels of management, shall select
      the key managerial, professional or technical employees of the Company or
      any of its Subsidiaries who are to be eligible for participation in the
      Plan during that year.  Prior to March 1st (or such later date
      as the Chairman of the Committee shall approve) of each year the Chief
      Executive Officer shall submit to the Committee for its review and
      approval a list of employees proposed for participation in the
      Plan  for such year, together with relevant information as to
      the identity and qualifications of such proposed
      participants.  From time to time thereafter the Chief Executive
      Officer may during such year propose any other employee or employees for
      participation in the Plan for such year, subject to review and approval by
      the Committee.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
                 

              	
                The selection of an
      employee for participation in any year shall not constitute entitlement
      either to an incentive payment under the Plan for that year nor to
      selection for participation in any subsequent calendar
      year.  Unless otherwise determined by the Committee in its sole
      discretion, an employee shall not be eligible for any incentive payment
      with respect to a particular year if he or she ceases to be an employee
      prior to the end of such year.  Directors of the Company who are
      not officers of the Company or any of its Subsidiaries shall not be
      eligible for participation in the
Plan.

              

      

       

    

    
      	
              4.

            	
              Determination
      of Target Incentives. At the time of the
      initial selection for participation in the Plan for a particular year, the
      Chief Executive Officer shall determine a target incentive or a target
      incentive range for that employee with respect to that
      year.  Such incentive or range (which shall give effect to
      limitations prescribed pursuant to the last paragraph of Section 5 below)
      shall be indicative of the incentive payment which the employee might
      expect to receive on the basis of strong performance by such employee, by
      the Company and the applicable Subsidiaries and by such employee’s
      operating or staff unit.  As promptly as practicable thereafter,
      the Chief Executive Officer shall submit to the Committee for its review
      and approval (i) a general description of the performance standards and
      objectives which formed the basis for such target incentive range and the
      weighing of those standards and objectives in relation to individual
      performance, and (ii) an estimate of the aggregate amount that might be
      payable for that year under the Plan.  In so far as practicable,
      such review by the Chief Executive Officer with the Committee shall take
      place at the time when the list of proposed participants in the Plan is
      initially submitted as provided in Section 3 above.  Thereafter,
      the Chief Executive Officer shall keep the Committee advised with respect
      to any material changes, upward or downward, in such
    estimate.

            

    

     

     

    
      
        
        

      

      
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              5.

            	
              Cash
      Incentive Payments; Limitations.  Promptly
      after the end of each year, the performance of each employee selected for
      participation in the Plan for that year, as well as the performance of the
      Company (and the applicable Subsidiaries) and the employee’s operating or
      staff unit, shall be evaluated in accordance with the overall policy and
      administrative guidelines adopted pursuant to Section 2
      above.  The Chief Executive Officer shall, on the basis of such
      evaluation, determine whether a cash incentive payment shall be made to
      such employee for that year, and, if so, the amount of such payment,
      subject to review and consultation with the Committee.  The
      Committee shall review and approve (which approval may in the Committee’s
      sole discretion be made subject to the further approval of the Board) the
      Chief Executive Officer’s determinations with respect to incentive
      payments, for senior executive officers, and with respect to the aggregate
      amount, if any, of all cash incentive payments to be made for such year,
      and shall submit its recommendations to the Board.  The
      Committee shall also be responsible for recommending to the Board any
      incentive payment with respect to the Chief Executive Officer and any
      other officers who are also directors of the Company.  The Board
      shall approve any such payments, as well as the aggregate amount, if any,
      of all other incentive payments for such year.  The Chief
      Executive Officer shall, if necessary, adjust the amount of individual
      payments in conformity with the actions taken by the
      Board.  Each payment made under the Plan for a particular year
      shall be made as soon as practicable after such Board approval, and for
      Plan participants who are U.S. taxpayers, no later than March 15th
      immediately following the end of the first calendar year in which such
      award was earned and vested.

            

    

     

     

    
      
        
        

      

      
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                The
      Board may from time to time establish for any year criteria (whether based
      on pre-tax income, return on investment or a percentage of salary or on
      other factors) by which the aggregate amount of all incentive awards or
      the amount of individual awards for such year shall be
      limited.  In no event, however, shall any award for any year to
      any participant in the Plan exceed an amount equal to 200% of such a
      participant’s base salary (i.e., regular
      salary exclusive of any bonuses, commissions, amounts credited or paid
      under any benefit plan of the Company or any of its Subsidiaries, and such
      other compensation as may from time to time be excluded by the Board for
      purposes hereof) for such year.

              

      

       

    

    
      	
              6.

            	
              Non-Assignability,
      etc.  No employee, no person claiming through such
      employee, nor any other person shall have any right or interest under the
      Plan, or in its continuance, or in the payment of any amount under the
      Plan, unless or until all the provisions of the Plan, the rules adopted
      hereunder, and any restrictions and limitations on the payment itself have
      been fully complied with.  No rights under the Plan, contingent
      or otherwise, shall be transferable, assignable or subject to any pledge
      or encumbrance of any nature, nor shall the Company or any of its
      Subsidiaries be obligated, except as otherwise required by law, to
      recognize or give effect to any such transfer, assignment, pledge or
      encumbrance.

            

    

    

    
      	
              7.

            	
              General
      Provisions. 
      The benefits provided for employees under the Plan shall be in addition
      to, and in no way preclude, other forms of compensation to or in respect
      of such employee.  However, the selection of an employee for
      participation in the Plan shall not give such employee any right to be
      retained in the employ of the Company or any of its Subsidiaries, either
      for any part of the year for which he or she may have been selected to
      participate in the Plan, or for any subsequent
  period.

            

    

     

    
      
        
        

      

      
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                The
      right of the Company and of each such Subsidiary to dismiss or discharge
      any such employee at any time is specifically
  reserved.

              

      

       

    

    
      
        	
                 

              	
                All
      payments pursuant to the Plan shall be subject to withholding in respect
      of income and other taxes required by law to be
      withheld.

              

      

       

    

    
      	
              8.

            	
              Amendment
      or Termination.  The
      Board may from time to time amend any of the provisions of the Plan, or
      may at any time terminate the Plan, but no amendment or termination shall
      serve to cancel any incentive payment for any year which has been approved
      by the Board.  All actions taken in conformity with the Plan
      shall be final, conclusive and binding on all parties, including employees
      participating in the Plan.

            

    

     

    
      
        	
                 

              	
                All
      actions of the Board under the Plan shall be taken at a meeting thereof, a
      quorum being present, by a majority of the Directors who are not officers
      or employees of the Company or any of its
    Subsidiaries.

              

      

       

       

       

       

       

       

      5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]