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                                                                   EXHIBIT 10.17

                              AUTOTRADER.COM, INC.
                        2000 EMPLOYEE STOCK PURCHASE PLAN

1.       PURPOSE OF THE PLAN

         The purpose of the AutoTrader.com, Inc. 2000 Employee Stock Purchase
Plan is to provide a method by which eligible employees of AutoTrader.com, Inc.
may purchase shares of Class A Common Stock of the Company by payroll
deductions. This means eligible employees will be given an opportunity to
acquire an ownership interest in the Company and a further incentive to promote
the best interest of the Company. The Plan is intended to meet the requirements
for an "employee stock purchase plan" under Section 423 of the Internal Revenue
Code of 1986, as amended, and is to be interpreted and applied consistent with
those requirements.

2.       DEFINITIONS

         "CODE" means the Internal Revenue Code of 1986 as amended.

         "COMMITTEE" means the committee designated by the Board of Directors of
the Company to administer the Plan, or any subcommittee thereof.

         "COMPANY" means AutoTrader.com, Inc. or any successor to it in
ownership of substantially all of its assets, whether by merger, consolidation
or otherwise.

         "EFFECTIVE DATE" means the date specified in Section 18 hereof.

         "ELIGIBLE EMPLOYEE" means any employee of the Company regularly
scheduled to work at least 20 hours per week, including any such person who is
on an authorized leave of absence. Notwithstanding the foregoing, any employee
of the Company who, after purchasing Shares under the Plan, would own 5 percent
or more of the total combined voting power or value of all classes of stock of
the Company, or any parent corporation or subsidiary corporation thereof, is not
eligible to participate in the Plan. Ownership of stock is determined in
accordance with the provisions of Section 424(d) of the Code. For all Plan
purposes, the terms "parent corporation" and "subsidiary corporation" have the
meanings set forth in Sections 424(e) and (f) of the Code, respectively.

         "ENTRY DATE" means one of four dates on which Eligible Employees may
commence participation under the Plan, including the first such date and the
dates that occur six months, 12 months and 18 months after such first date. The
Committee shall be authorized to designate the first date on which Eligible
Employees may commence participation in the Plan.

         "FAIR MARKET VALUE" means the average of the closing prices per Share
as reflected by composite transactions on the Nasdaq Stock Market's National
Market throughout a period of the ten (10) trading days ending (a) on and
including any Grant Date or (b) on and including the last day of the Offering
Period, as applicable pursuant to Section 5.

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         "GRANT DATE" means one of the four dates on which Shares will be
offered to Eligible Employees for purchase under the Plan, including the first
such date and the dates that occur six months, 12 months and 18 months after
such first date. The Committee shall be authorized to designate the first date
on which shares will be offered to Eligible Employees for purchase under the
Plan.

         "OFFERING PERIOD" means, with respect to each Eligible Employee, the
period that begins on the Entry Date applicable to the Eligible Employee and
that ends on the day immediately preceding the Purchase Date.

         "PARTICIPATING EMPLOYEE" means an employee who has satisfied the
eligibility conditions of Section 3 of this Plan, has signed a subscription
agreement and has begun payroll deductions.

         "PLAN" means the AutoTrader.com, Inc. 2000 Employee Stock Purchase
Plan, as hereafter amended.

         "PURCHASE DATE" means the second anniversary of the first Entry Date.

         "SHARES" means Class A Common Stock of the Company.

3.       ELIGIBILITY TO PARTICIPATE

         Any Eligible Employee of the Company who is employed on a Grant Date is
eligible to participate in the Plan as of the Entry Date that immediately
follows such Grant Date. If such Eligible Employee elects not to participate on
such Entry Date, he or she will not be permitted to commence participation in
the Plan at any later date within the Offering Period. If such an Eligible
Employee elects not to participate, then terminates employment and is
subsequently rehired prior to the Purchase Date, then such Eligible Employee
also will not be able to participate in the Plan.

4.       NUMBER OF SHARES TO BE OFFERED

         An aggregate of 175,000 Shares will be offered for subscription under
the Plan, subject to adjustment as provided in Section 17 of the Plan.

5.       PURCHASE PRICE

         The purchase price per Share offered for purchase under the Plan with
respect to any Grant Date will be the lower of 85 percent of the Fair Market
Value of the Share as of such Grant Date or 90 percent of the Fair Market Value
of the Share at the end of the Offering Period.

6.       OFFERING OF SHARES FOR SUBSCRIPTION

         Shares will be offered to Eligible Employees for subscription during
the period beginning with the applicable Grant Date and ending on the date 45
days after that Grant Date (the "Subscription Period"). To subscribe, an
Eligible Employee must complete, sign and deliver a

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subscription agreement to the Company no later than the last day of the
Subscription Period. In the subscription agreement, the Eligible Employee shall
indicate the dollar amount per pay period which the Eligible Employee is
subscribing to contribute under the Plan (the "Subscription Amount").

7.       METHOD OF PAYMENT

         Payment of a Participating Employee's Subscription Amount will be made
through payroll deductions, and an employee's participation in the Plan is
contingent on the employee providing the Company with written authorization to
withhold payroll deductions. The maximum amount per payroll that a Participating
Employee may deduct from his or her payroll is $250. Notwithstanding the
foregoing, a Participating Employee may arrange to pay any installment due for
any payroll period directly to the Company in the event the Participating
Employee is on an authorized unpaid leave of absence during such payroll period.

8.       LIMIT ON AMOUNT OF SHARES SUBSCRIBED

         Notwithstanding a Participating Employee's subscription agreement, the
maximum amount that may be withheld from a Participating Employee's pay or
otherwise paid to the Company for the purchase of Shares under the Plan shall be
$13,000 (i.e., $250 x 52). In the event of an oversubscription of Shares, each
Participating Employee's subscription shall be reduced on a pro rata basis so
that the total number of Shares subject to subscription does not exceed the
maximum number of Shares authorized under Section 4 of the Plan.

9.       PURCHASE OF SHARES

         Unless a Participating Employee previously has withdrawn from the Plan
as provided in Section 10 or otherwise has had his or her participation
terminated as provided in Section 12, a Participating Employee will be deemed to
have exercised his or her right to purchase Shares as of the Purchase Date. The
number of Shares purchased by the Participating Employee generally shall be
equal to the whole number of Shares that may be purchased with the total amount
of withheld payments made by the Participating Employee under the Plan that have
not been refunded to the Participating Employee. Any amount remaining after the
purchase of full Shares will be refunded to the Participating Employee without
interest.

10.      CHANGE IN PARTICIPATION AND WITHDRAWAL FROM PLAN

         A Participating Employee may reduce his or her Subscription Amount at
any time, but on a prospective basis only, by giving written notice to that
effect to the Company. Such a reduction shall take effect as soon as is
administratively feasible following the date as of which the Company is so
notified. A Participating Employee may withdraw from the Plan and cancel his or
her subscription at any time prior to the Purchase Date by giving written notice
of cancellation to the Company. In such event, the Participating Employee may
elect to have the entire amount he or she has paid into the Plan to date
refunded to the employee in cash without interest. Should any installment be due
and unpaid for 30 days (as in the case of an unpaid leave of absence) without
satisfactory arrangement for the payment being made within such period, the
subscription shall be canceled automatically, the amount previously paid into
the Plan shall be

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refunded without interest to the employee in cash and the employee shall have no
right to purchase Shares under the Plan.

11.      RIGHTS NOT TRANSFERABLE

         A Participating Employee's rights under the Plan belong to the
Participating Employee alone and may not be transferred or assigned to any other
person during the Participating Employee's lifetime. After Shares have been
issued under the Plan, such Shares may be transferred or assigned the same as
any other Shares.

12.      TERMINATION OF RIGHTS

         In the case of termination of employment, including retirement or
death, the Participating Employee or his or her beneficiary may elect within 30
days after the happening of such event to (i) receive in cash the full amount
paid into the Plan by the Participating Employee, or (ii) have the amount paid
into the Plan applied to the purchase of full Shares with any remaining funds
refunded in cash to the Participating Employee or to his or her beneficiary
without interest; provided, that if a termination of employment occurs prior to
the end of an Offering Period, the purchase price of any Shares acquired after
such termination shall be equal to 85 percent of the Fair Market Value of the
Share as of the Grant Date. A failure to make such election within such 30-day
period will be treated as notice of cancellation and the full amount paid into
the Plan will be refunded without interest in cash to the Participating
Employee. Each Participating Employee shall be permitted to designate his or her
beneficiary under this Section 12, which designation shall be made in writing on
a form prepared by or satisfactory to the Company and shall be delivered to the
Company. In the event a Participating Employee does not so designate a
beneficiary, any election rights under this Section 12 otherwise subject to
delegation to a beneficiary will be deemed delegated to the Participating
Employee's estate.

13.      ISSUANCE OF SHARES

         As soon as is administratively feasible after the purchase of any
Shares under the Plan, the Participating Employee or beneficiary will be issued
a stock certificate for the number of Shares purchased. The Shares will be
issued only in the name of the Participating Employee, or if directed by the
Participating Employee or beneficiary, in the Participating Employee's or
beneficiary's name and in the name of one other person as tenants by the
entireties or joint tenants with right of survivorship.

14.      APPLICATION OF FUNDS

         All funds held or received by the Company under this Plan may be used
for any corporate purpose until applied to the purchase of Shares or refunded to
Participating Employees and shall not be segregated from the general assets of
the Company.

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15.      ADMINISTRATION

         The Plan shall be administered by the Committee, which shall prescribe
such rules as it deems necessary to administer the Plan and shall have the sole
and discretionary authority to resolve any questions regarding the
interpretation or application of the terms of the Plan.

16.      AMENDMENT OR DISCONTINUANCE OF PLAN

         The Board of Directors of the Company shall have the right to amend,
modify or terminate the Plan at any time without notice; provided, that no
Participating Employee's then- existing rights are adversely affected without
his or her consent, and provided further that any amendment of the Plan, except
as is provided in this Section 16 of the Plan, shall be subject to shareholder
approval to the extent required by any Federal or state law or the rules of the
national securities exchange or market on which the Shares are listed.

17.      ADJUSTMENT OF SUBSCRIPTIONS

         In the event of reorganization, recapitalization, stock split, stock
dividend, merger, consolidation or any other change in the structure of Shares
of the Common Stock of the Company, the Board of Directors of the Company may
make such adjustment as it may deem appropriate in the number, kind and
subscription price of Shares available for purchase under the Plan.

18.      EFFECTIVE DATE

         The Plan shall become effective upon the approval of the Board of
Directors of the Company.

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                                                                   EXHIBIT 10.18

                              AUTOTRADER.COM, INC.

                EQUITY INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS

         SECTION 1. PURPOSE. The purpose of the AutoTrader.com, Inc. Equity
Incentive Plan for Non-Employee Directors is to provide compensation based on
the value of common stock of the Company to certain Directors who are not
employees of the Company.

         SECTION 2. DEFINITIONS. Whenever used herein, unless the context
otherwise indicates, the following terms shall have the respective meanings set
forth below.

         2.01.    Award: means, individually or collectively, any Option,
Restricted Stock Award, Stock Appreciation Right or any Other Stock-Based Awards
that are valued in whole or in part by reference to, or otherwise based on or
related to, Shares.

         2.02.    Award Agreement: Any written agreement, contract or other
instrument or document evidencing an Award.

         2.03.    Board: The Board of Directors of the Company.

         2.04.    Code: The Internal Revenue Code of 1986, as amended from time
to time. References to any provision of the Code shall be deemed to include
successor provisions thereto and regulations thereunder.

         2.05.    Committee: The Board or a committee appointed by the Board
that administers the Plan in accordance with Section 3 hereof.

         2.06.    Company: AutoTrader.com, Inc. or any successor to it in
ownership of substantially all of its assets, whether by merger, consolidation
or otherwise.

         2.07.    Director: Any member of the Board.

         2.08.    Effective Date: The date specified in Section 13 hereof.

         2.09.    Exchange Act: The Securities Exchange Act of 1934, as amended
from time to time. References to any provision of the Exchange Act shall be
deemed to include successor provisions thereto and regulations thereunder.

         2.10.    Fair Market Value: means with respect to Shares, Awards or
other property, the fair market value of such Shares, Awards or other property
determined by such methods or procedures as shall be established from time to
time by the Committee. Unless otherwise determined by the Committee, the Fair
Market Value of Shares as of any date shall be the average of the high and low
prices per Share as reflected by composite transactions on the Nasdaq Stock
Market's National Market on the date the Fair Market Value is being determined,
or if there are no transactions on that date, then the closing price for the
preceding date upon which transactions occurred.

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         2.11.    Option: A right, granted to a Participant under Section 6.03
to purchase Shares at a specified price during specified time periods.

         2.12.    Other Stock-Based Awards: means a right granted to a
Participant under Section 6.05 that relates to or is valued by reference to
Shares.

         2.13.    Participant: Each individual to whom an Award is granted under
the Plan.

         2.14.    Plan: The AutoTrader.com, Inc. Equity Incentive Plan for
Non-Employee Directors.

         2.15.    Restricted Stock Award: means Shares granted to a Participant
under Section 6.02 that are subject to certain restrictions and to a risk of
forfeiture.

         2.16.    Shares: means Class A Common Stock of the Company.

         2.17.    Stock Appreciation Right: means a right granted to a
Participant under Section 6.04 to be paid an amount measured by the appreciation
in the Fair Market Value of the Shares from the date of grant to the date of
exercise of the right, with payment to be made in cash, Shares, other Awards or
other property as specified in the Award Agreement or as determined by the
Committee.

         2.18.    Subsidiary: means any corporation (other than the Company)
with respect to which the Company owns, directly or indirectly, 50% or more of
the total combined voting power of all classes of stock. In addition, any other
related entity may be designated by the Board as a Subsidiary, provided such
entity could be considered to be a subsidiary according to generally accepted
accounting principles.

         SECTION 3. ADMINISTRATION.

         3.01.    Authority of the Committee. The Plan shall be administered by
the Committee. The Committee shall have full and final authority to take the
following actions, in each case subject to and consistent with the provisions of
the Plan:

                  (i)      to select and designate Participants;

                  (ii)     to determine the number of Awards to be granted, the
         number of Shares to which an Award will relate, the terms and
         conditions of any Award granted under the Plan (including, but not
         limited to, any exercise price, grant price or purchase price, any
         restriction or condition, any schedule for lapse of restrictions or
         conditions relating to transferability or forfeiture, exercisability,
         or settlement of an Award, and waivers or accelerations thereof, and
         waiver of performance conditions relating to an Award, based in each
         case on such considerations as the Committee shall determine) and all
         other matters to be determined in connection with an Award;

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              (iii)        to determine whether, to what extent, and under what
         circumstances an Award may be settled, or the exercise price of an
         Award may be paid, in cash, Shares, or other property, or an Award may
         be cancelled, forfeited or surrendered;

              (iv)         to prescribe the form of each Award Agreement, which
         need not be identical for each Participant;

              (v)          to adopt, amend, suspend, waive and rescind such
         rules and regulations and appoint such agents as the Committee may deem
         necessary or advisable to administer the Plan;

              (vi)         to correct any defect or supply an omission or
         reconcile any inconsistency in the Plan and to construe and interpret
         the Plan and any Award, rules and regulations, Award Agreement or other
         instrument hereunder; and

              (vii)        to make all other decisions and determinations as may
         be required under the terms of the Plan or as the Committee may deem
         necessary or advisable for the administration of the Plan.

         3.02.    Manner of Exercise of Committee Authority. Unless authority is
specifically reserved to the Board under the terms of the Plan or applicable
law, the Committee shall have sole discretion in exercising such authority under
the Plan. Any action of the Committee with respect to the Plan shall be final,
conclusive and binding on all persons, including the Company, Subsidiaries,
Participants, any person claiming any rights under the Plan from or through any
Participant and shareholders. The express grant of any specific power to the
Committee, and the taking of any action by the Committee, shall not be construed
as limiting any power or authority of the Committee. A memorandum signed by all
members of the Committee shall constitute the act of the Committee without the
necessity, in such event, to hold a meeting. The Committee may delegate to
officers or managers of the Company or any subsidiary the authority to perform
administrative functions under the Plan, subject to such terms as the Committee
shall determine.

         3.03.    Limitation of Liability. Each member of the Committee shall be
entitled to, in good faith, rely or act upon any report or other information
furnished to him by any officer or other employee of the Company or any
Subsidiary, the Company's independent certified public accountants, legal
counsel or any executive compensation consultant or other professional retained
by the Company to assist in the administration of the Plan. No member of the
Committee, nor any officer or employee of the Company acting on behalf of the
Committee, shall be personally liable for any action, determination, or
interpretation taken or made in good faith with respect to the Plan, and all
members of the Committee and any officer or employee of the Company acting on
their behalf, shall, to the extent permitted by law, be fully indemnified and
protected by the Company with respect to any such action, determination, or
interpretation.

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         SECTION 4. SHARES SUBJECT TO THE PLAN. Subject to adjustment as
provided in Section 10, the total number of Shares reserved and available for
Awards under the Plan shall be 125,000. For purposes of this Section 4, the
number of and time at which Shares shall be deemed to be subject to Awards and
therefore counted against the number of Shares reserved and available under the
Plan shall be the earliest date at which the Committee can reasonably estimate
the number of Shares to be distributed in settlement of an Award or with respect
to which payments will be made; provided, that the Committee may adopt
procedures for the counting of Shares relating to any Award for which the number
of Shares to be distributed or with respect to which payment will be made cannot
be fixed at the date of grant to ensure appropriate counting, avoid double
counting, and provide for adjustments in any case in which the number of Shares
actually distributed or with respect to which payments actually are made differs
from the number of Shares previously counted in connection with such Award.

         If any Shares to which an Award relates are forfeited or the Award is
settled or terminates without a distribution of Shares (whether or not cash,
other Awards, or other property is distributed with respect to such Award), any
Shares counted against the number of Shares reserved and available under the
Plan with respect to such Award shall, to the extent of any such forfeiture,
settlement or termination, again be available for Award under the Plan.

         SECTION 5. ELIGIBILITY. Awards may be granted only to Directors who are
not employees of the Company or of its Subsidiaries or affiliates.

         SECTION 6. SPECIFIC TERMS OF AWARDS.

         6.01.    General. Awards may be granted on the terms and conditions set
forth in this Section 6. In addition, the Committee may impose on any Award or
the exercise thereof, at the date of grant or thereafter (subject to Section
11.02), such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine, including without
limitation the acceleration of vesting of any Awards or terms requiring
forfeiture of Awards in the event of a Participant's removal from the Board.

         6.02.    Restricted Stock Award. The Committee is authorized to grant
Restricted Stock Awards to Participants on the following terms and conditions:

                  (i)      Issuance and Restrictions. Restricted Stock Awards
shall be subject to such restrictions on transferability and other restrictions
as the Committee may impose (including, without limitation, limitations on the
right to vote Restricted Stock Awards), which restrictions may lapse separately
or in combination at such times, under such circumstances, in such installments
or otherwise as the Committee shall determine.

                  (ii)     Forfeiture. Except as otherwise determined by the
Committee, if a Participant is removed from the Board (as determined under
criteria established by the Committee) during the applicable restriction period,
Restricted Stock Awards that are at that time subject to restrictions

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shall be forfeited and reacquired by the Company; provided, that the Committee
may provide, by rule or regulation or in any Award Agreement, or may determine
in any individual case, that restrictions or forfeiture conditions relating to
Restricted Stock Awards will be waived in whole or in part in the event of
terminations resulting from specified causes.

                  (iii)    Stock Certificates. Restricted Stock Awards
granted under the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Stock Awards are registered
in the name of the Participant, such certificates shall bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such
Restricted Stock Award, the Company shall retain physical possession of the
certificates, and the Participant shall deliver a stock power to the Company,
endorsed in blank, relating to the Restricted Stock Awards.

         6.03.    Options. The Committee is authorized to grant Options to
Participants on the following terms and conditions:

                  (i)      Grant of Options. Each eligible Director shall
receive an Option to purchase Shares on the Effective Date, and an Option to
purchase additional Shares on the date of each annual meeting of the
shareholders of the Company occurring after the Effective Date. The Committee in
its sole discretion shall determine the number of shares available for purchase
pursuant to this Section 6.03(1). The exercise price for each Share subject to
an Option shall be the Fair Market Value. Each Award shall be evidenced by and
subject to the terms and conditions of an Award Agreement.

                  (ii)     Time and Method of Exercise. The Committee shall
determine the time or times at which an Option may be exercised in whole or in
part, the methods by which such exercise price may be paid or deemed to be paid,
the form of such payment, including, without limitation, cash, Shares, other
Awards or awards issued under other Company plans, or other property (including
notes or other contractual obligations of Participants to make payment on a
deferred basis, such as through "cashless exercise" arrangements), and the
methods by which Shares will be delivered or deemed to be delivered to
Participants. Options shall expire not later than ten years after the date of
grant.

                  (iii)    Types of Options. Each Option issued under this Plan
shall be a nonqualified stock option. No option issued under this Plan is
intended to be an incentive stock option within the meaning of Code Section 422.

         6.04.    Stock Appreciation Rights. The Committee is authorized to
grant Stock Appreciation Rights to Participants on the following terms and
conditions:

                  (i)      Right to Payment. A Stock Appreciation Right shall
confer on the Participant to whom it is granted a right to receive, upon
exercise thereof, the excess of (A) the Fair Market Value of one Share on the
date of exercise over (B) the grant price of the Stock Appreciation

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Right as determined by the Committee as of the date of grant of the Stock
Appreciation Right.

                  (ii)     Other Terms. The Committee shall determine the time
or times at which a Stock Appreciation Right may be exercised in whole or in
part, the method of exercise, method of settlement, form of consideration
payable in settlement, method by which Shares will be delivered or deemed to be
delivered to Participants and any other terms and conditions of any Stock
Appreciation Right. Stock Appreciation Rights shall expire not later than ten
years after the date of grant.

         6.05.    Other Stock-Based Awards. The Committee is authorized to grant
to Participants such other Awards that are denominated or payable in, valued in
whole or in part by reference to, or otherwise based on or related to, Shares,
as deemed by the Committee to be consistent with the purposes of the Plan,
including without limitation, Shares awarded purely as a "bonus" and not subject
to any restrictions or conditions, other rights convertible or exchangeable into
Shares, purchase rights and Awards valued by reference to book value of Shares
or the performance of specified Subsidiaries. The Committee shall determine the
terms and conditions of such Awards. Shares delivered pursuant to an Award in
the nature of a purchase right granted under this Section 6.05 shall be
purchased for such consideration, paid for at such times, by such methods, and
in such forms, including, without limitation, cash, Shares, other Awards, or
other property, as the Committee shall determine.

         SECTION 7. CERTAIN PROVISIONS APPLICABLE TO AWARDS.

         7.01.    Stand-Alone, Additional, Tandem, and Substitute Awards. Awards
granted under the Plan may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for any other
Award granted under the Plan or any award granted under any other plan of the
Company, any Subsidiary, or any business entity to be acquired by the Company or
a Subsidiary, or any other right of a Participant to receive payment from the
Company or any Subsidiary. If an Award is granted in substitution for another
Award or award, the Committee shall require the surrender of such other Award or
award in consideration for the grant of the new Award. Awards granted in
addition to or in tandem with other Awards or awards may be granted either as of
the same time as or a different time from the grant of such other Awards or
awards. The per Share exercise price of any Option, or purchase price of any
other Award conferring a right to purchase Shares:

         (i)      granted in substitution for an outstanding Award or award
shall be not less than the lesser of the Fair Market Value of a Share at the
date such substitute award is granted or such Fair Market Value at that date
reduced to reflect the Fair Market Value at that date of the Award or award
required to be surrendered by the Participant as a condition to receipt of the
substitute Award; or

         (ii)     retroactively granted in tandem with an outstanding Award or
award shall be not less than the lesser of the Fair Market Value of a Share at
the date of grant of the later Award or

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at the date of grant of the earlier Award or award.

         7.02.    Exchange Provisions. The Committee may at any time offer to
exchange or buy out any previously granted Award for a payment in cash, Shares,
other Awards (subject to Section 7.01), or other property based on such terms
and conditions as the Committee shall determine and communicate to the
Participant at the time that such offer is made.

         7.03.    Term of Awards. The term of each Award shall be for such
period as may be determined by the Committee.

         7.04.    Form of Payment Under Awards. Subject to the terms of the Plan
and any applicable Award Agreement, payments to be made by the Company or a
Subsidiary upon the grant or exercise of an Award may be made in such forms as
the Committee shall determine, including without limitation, cash, Shares, other
Awards, or other property, and may be made in a single payment or transfer, in
installments, or on a deferred basis. Such payments may include, without
limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or deferred payments denominated in Shares.

         SECTION 8. GENERAL RESTRICTIONS APPLICABLE TO AWARDS.

         8.01.    Limits on Transfer of Awards; Beneficiaries. No right or
interest of a Participant shall be pledged, encumbered, or hypothecated to or in
favor of any party (other than the Company or a Subsidiary), or shall be subject
to any lien, obligation, or liability of such Participant to any party (other
than the Company or a Subsidiary). Unless otherwise determined by the Committee,
no Award subject to any restriction shall be assignable or transferable by a
Participant otherwise than by will or the laws of descent and distribution
(except to the Company under the terms of the Plan); provided, that a
Participant may, in the manner established by the Committee, designate a
beneficiary or beneficiaries to exercise the rights of the Participant, and to
receive any distribution, with respect to any Award, upon the death of the
Participant. A beneficiary, guardian, legal representative or other person
claiming any rights under the Plan from or through any Participant shall be
subject to all terms and conditions of the Plan and any Award Agreement
applicable to such Participant, except to the extent the Plan and such Award
Agreement otherwise provide with respect to such persons, and to any additional
restrictions deemed necessary or appropriate by the Committee.

         8.02.    Regulatory Compliance. The Company shall not be obligated to
deliver any Award or distribute any Shares with respect to any Award in a
transaction subject to regulatory approval, registration or any other applicable
requirement of federal or state law or any national securities exchange or
market until such laws and regulations have been complied with in full, although
the Company shall be obligated to use its reasonable best efforts to obtain any
such approval and comply with such requirements as promptly as practicable.

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         8.03.    Shareholders Agreement. As a precondition to the exercise of
any Awards issued hereunder, the Committee may require any Participant to
execute an agreement that limits the manner in which the Participant may dispose
of any Shares issued or to be issued pursuant to any such Award.

         SECTION 9. SHARE CERTIFICATES. All certificates for Shares delivered
under the Plan pursuant to any Award or the exercise thereof shall be subject to
such stop-transfer order and other restrictions as the Committee may deem
advisable under applicable federal or state laws, rules and regulations
thereunder, and the rules of any national securities exchange or market on which
Shares are listed. The Committee may cause a legend or legends to be placed on
any such certificates to make appropriate reference to such restrictions or any
other restrictions that may be applicable to Shares, including under the terms
of the Plan or any Award Agreement. In addition, during any period in which
Awards or Shares are subject to restrictions under the terms of the Plan or any
Award Agreement, or during any period during which delivery or receipt of any
Award or Shares has been deferred by the Committee or a Participant, the
Committee may require the Participant to enter into an agreement providing that
certificates representing Shares issuable or issued pursuant to an Award shall
remain in the physical custody of the Company or such other person as the
Committee may designate.

         SECTION 10. ADJUSTMENTS. In the event of a recapitalization, stock
split, stock dividend, combination or exchange of shares, merger, consolidation,
rights offering, separation, reorganization or liquidation, or any other change
in the corporate structure or shares of the Company, the Committee, in the
exercise of its sole discretion, may make such equitable adjustments, to prevent
dilution or enlargement of rights, as it may deem appropriate, in (i) the number
and kind of Shares which may thereafter be issued in connection with Awards,
(ii) the number and kind of Shares issued or issuable in respect of outstanding
Awards, and (iii) the exercise price, grant price or purchase price relating to
any Award or, if deemed appropriate, make provision for a cash payment with
respect to any Award. In addition, the Committee is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of unusual or nonrecurring events (including, without limitation,
events described in the preceding sentence) affecting the Company or any
Subsidiary or the financial statements of the Company or any Subsidiary, or in
response to changes in applicable laws, regulations, or accounting principles.

         SECTION 11. CHANGES TO THE PLAN AND AWARDS.

         11.01.   Changes to the Plan. The Board may amend, alter, suspend,
discontinue or terminate the Plan without the consent of the shareholders or the
Participants, except that any such amendment, alteration, suspension,
discontinuation, or termination shall be subject to the approval of the
Company's shareholders within one year after such Board action if such
shareholder approval is required by any federal or state law, the rules of the
national securities exchange or market on which the Shares are listed, or if the
Board in its discretion determines that obtaining such shareholder approval is
for any reason advisable; provided, that, without the

                                       8
<PAGE>   9

consent of an affected Participant, no amendment, alteration, suspension,
discontinuation, or termination of the Plan may impair the rights of such
Participant under any Award theretofore granted to him or her.

         11.02.   Changes to Awards. The Committee may waive any conditions or
rights under, or amend, alter, suspend, discontinue, or terminate, any Award
theretofore granted and any Award Agreement relating thereto; provided, that,
without the consent of an affected Participant, no such amendment, alteration,
suspension, discontinuation, or termination of any Award may impair the rights
of such Participant under such Award.

         SECTION 12. GENERAL PROVISIONS.

         12.01.   No Rights to Awards. No Participant shall have any claim to be
granted any Award under the Plan, and there is no obligation for uniformity of
treatment of Participants.

         12.02.   No Shareholder Rights. No Award shall confer on any
Participant any of the rights of a shareholder of the Company unless and until
Shares are duly issued or transferred to the Participant in accordance with the
terms of the Award.

         12.03.   Fractional Shares. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, other Awards, or other property shall be issued or paid in lieu of
fractional Shares or whether such fractional Shares or any rights thereto shall
be forfeited or otherwise eliminated.

         12.04.   Governing Law. The validity, construction, and effect of the
plan, any rules and regulations relating to the Plan, and any Award Agreement
shall be determined in accordance with the laws of the State of Delaware,
without giving effect to principles of conflicts of laws, and applicable federal
law.

         SECTION 13. EFFECTIVE DATE. The Plan shall become effective upon the
approval of the Board.

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