Document:

exv10w04

 

Exhibit 10.4

ROYAL GOLD, INC.

2004 OMNIBUS LONG-TERM INCENTIVE PLAN

PERFORMANCE SHARE AGREEMENT

     Royal Gold, Inc., a Delaware corporation (the “Company”), hereby grants performance shares
relating to shares of its common stock, $.01 par value (the “Stock”), to the individual named below
as the Holder, subject to the vesting conditions set forth in the attachment. Additional terms and
conditions of the grant are set forth in this cover sheet, in the attachment and in the Royal Gold,
Inc. 2004 Omnibus Long-Term Incentive Plan (the “Plan”).

Grant Date:                               , 200___

Name of Holder:                                                                                                               

Holder’s Social Security Number:           -          -          

Number of Performance Shares Covered by Grant:                                         

     This Performance Share grant is subject to all of the terms and conditions described in this
Agreement and in the Plan, a copy of which is available for your review upon request to the
Corporate Secretary. You should carefully review the Plan, and the Plan will control in the event
any provision of this Agreement should appear to be inconsistent with the terms of the Plan.

	 	 	 	 	 
	Company:	 	

(Signature)

	 
	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	

Attachment

This is not a stock certificate or a negotiable instrument.

 

 

ROYAL GOLD, INC.

2004 OMNIBUS LONG-TERM INCENTIVE PLAN

PERFORMANCE SHARE AGREEMENT

	 	 	 
	Performance Shares Transferability

	 	This grant is an award of
performance shares in the number of
shares set forth on the cover sheet,
subject to the vesting conditions
described below (the “Performance
Shares”). Your Performance Shares
may not be transferred, assigned,
pledged or hypothecated, whether by
operation of law or otherwise, nor
may the Performance Shares be made
subject to execution, attachment or
similar process.
	 
	 	 
	Vesting

	 	The Performance Shares shall vest as
follows: (i) ___percent (___%) of
the total number of Performance
Shares granted hereunder shall vest
for each ___percent (___%) increase
in free cash flow per share
(“FCFPS”) (as defined in the
Company’s most recent annual report
and on a trailing twelve month
basis, calculated quarterly) over
FCFPS in the trailing twelve month
period ended September 30, 2004 of
$0.82 per share (you will be ___
(___%) vested in the Performance
Shares if there has been a ___
percent increase in FCFPS over FCFPS
in the trailing twelve month period
ended September 30, 2004); (ii) ___
percent (___%) of the total number of
Performance Shares granted hereunder
shall vest for each ___% increase of
the total royalty ounces in reserve
(as determined below) on a per share
of Stock basis for any annual
reporting period over total royalty
ounces in reserve on a per share of
Stock basis of 0.0234 ounces per
share at the Grant Date; and (iii)
one hundred percent (100%) of all
unvested Performance Shares granted
hereunder shall vest when and if the
market capitalization of the Company
(calculated by multiplying (A) the
number of outstanding shares of
Stock by (B) the fair market value
of a share of Stock on such date,
such fair market value to be equal
to the closing price of Stock on
such date as quoted on the Nasdaq
Stock Market and listed by the
Nasdaq Corporate Services Network on
its webpage (www.nasdaq.net)) is
equal to or greater than $___for
five (5) consecutive days that the
Nasdaq Stock Market is open for the
transaction of business. The
vesting thresholds set forth in
subsections (i) — (iii) above are
separate and independent thresholds
that will each result in vesting;
all three (3) thresholds need not be
met for vesting to occur. For
purposes of the forgoing vesting
rules, total royalty ounces in
reserve shall equal the sum of the
royalty ounces in reserve for each
royalty owned by the Company, each
calculated by multiplying (C) times
(D) where (C) equals the total
ounces of gold (attributable to the

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	 	Royal Gold royalty) in reserve as
reported by the operator (if a
royalty is for a metal other than
gold, for purposes of this
calculation, the total reserve of
such metal shall be adjusted to a
proportionate number of ounces of
gold, based on the price of such
metal to the price of gold at the
time of such determination) and (D)
equals the applicable royalty rate
at the time of such calculation.
Notwithstanding the foregoing
vesting rules, if you incur an
Involuntary Termination in
connection with a Corporate
Transaction, you shall be one
hundred percent (100%) vested in the
Performance Shares as of the date of
such Involuntary Termination.
	 
	 	 
	

	 	For this purpose, Involuntary
Termination in connection with a
Corporate Transaction means a
termination of your Service during
the one year period commencing with
a Corporate Transaction by reason
of:
	 
	 	 
	

	 	          (a)      your involuntary discharge by
the Company for reasons other than
Cause; or
	 
	 	 
	

	 	          (b)      your voluntary resignation from
the Company following (i) a material
adverse change in your title or
responsibilities with the Company,
(ii) a material reduction in your
base salary or (iii) receipt of
notice that your principal workplace
will be relocated by more than 50
miles.
	 
	 	 
	

	 	The Compensation, Nominating and
Corporate Governance Committee has
the sole authority to determine
whether the vesting thresholds set
forth above have been achieved and
shall have the authority to make
adjustments to such thresholds for
unusual or non-recurring events.
Further, the Committee shall
determine if you have incurred an
Involuntary Termination and whether
or not such Involuntary Termination
was in connection with a Corporate
Transaction. Any such
determinations shall be made in the
sole discretion of the Committee.
	 
	 	 
	

	 	The resulting aggregate number of
vested Performance Shares will be
rounded down to the nearest whole
number of Performance Shares. You
may not vest in more than the number
of Performance Shares covered by
this grant.
	 
	 	 
	

	 	Except as may be provided in an
applicable employment agreement
between you and the Company or an
Affiliate, no additional Performance
Shares will vest after your Service
has terminated for any reason.
	 
	 	 
	

	 	All Performance Shares that have not
vested by the fifth anniversary of
the Grant Date will be forfeited.

3

 

	 	 	 
	Delivery of Stock
Pursuant to Vested
Performance Shares

	 	A certificate for all of the shares
of Stock represented by the vested
Performance Shares (which shares of
Stock will be rounded down to the
nearest number of whole shares) will
be delivered to you on or
immediately after you have vested is
in such Performance Shares provided,
that, if vesting occurs during a
period in which you are (i) subject
to a lock-up agreement restricting
your ability to sell shares of Stock
in the open market or (ii)
restricted from selling shares of
Stock in the open market because you
are not then eligible to sell under
the Company’s insider trading or
similar plan as then in effect
(whether because a trading window is
not open or you are otherwise
restricted from trading), delivery
of such shares of Stock will be
delayed until the first date on
which you are no longer prohibited
from selling shares of Stock due to
a lock-up agreement or insider
trading plan restriction.
	 
	 	 
	Forfeiture of Unvested
Performance Shares

	 	In the event that your Service
terminates for any reason, unless
otherwise provided in an applicable
employment agreement between you and
the Company or an Affiliate and
except as provided above in the case
of an Involuntary Termination in
connection with a Corporate
Transaction, you will forfeit all of
the Performance Shares that have not
yet vested.
	 
	 	 
	Withholding Taxes

	 	You agree, as a condition of this
grant, that you will make acceptable
arrangements to pay any withholding
or other taxes that may be due as a
result of vesting in Performance
Shares or your acquisition of Stock
under this grant. In the event that
the Company determines that any
federal, state, local or foreign tax
or withholding payment is required
relating to this grant, the Company
will have the right to: (i) require
that you arrange such payments to
the Company; (ii) withhold such
amounts from other payments due to
you from the Company or any
Affiliate; or (iii) cause an
immediate forfeiture of shares of
Stock subject to the Performance
Shares granted pursuant to this
Agreement in an amount equal to the
withholding or other taxes due.
	 
	 	 
	Retention Rights

	 	This Agreement does not give you the
right to be retained by the Company
(or any Affiliates) in any capacity.
The Company (and any Affiliate)
reserve the right to terminate your
Service at any time and for any
reason.
	 
	 	 
	Shareholder Rights

	 	You do not have any of the rights of
a shareholder with respect to the
Performance Shares unless and until
the Stock relating to the
Performance Shares has been
delivered to you.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar change
in the Company stock, the number of
Performance Shares covered by this
grant will be adjusted (and rounded
down to the

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	 	nearest whole number) in
accordance with the terms of the
Plan.
	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted
and enforced under the laws of the
State of Delaware, other than any
conflicts or choice of law rule or
principle that might otherwise refer
construction or interpretation of
this Agreement to the substantive
law of another jurisdiction.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials relating
to the Plan in electronic form. By
accepting this grant you agree that
the Company may deliver the Plan
prospectus and the Company’s annual
report to you in an electronic
format. If at any time you would
prefer to receive paper copies of
these documents, as you are entitled
to receive, the Company would be
pleased to provide copies. Please
contact the Corporate Secretary to
request paper copies of these
documents.
	 
	 	 
	The Plan

	 	The text of the Plan is incorporated
in this Agreement by reference.
This Agreement and the Plan
constitute the entire understanding
between you and the Company
regarding this grant of Performance
Shares. Any prior agreements,
commitments or negotiations
concerning this grant are
superseded.
	 
	 	 
	Stock Ownership Requirements

	 	You are required to continue to hold
___percent (___%) of the shares of
Stock acquired pursuant to this
Performance Share grant (such ___% to
be determined after reducing the
shares of Stock covered by this
grant by the number shares of Stock
equal in value to the amount
required to be withheld to pay taxes
in connection with this grant) until
the number of shares of Stock owned
by you equals or exceeds ___.

     This Performance Share grant is subject to all of the terms and conditions described above and
in the Plan.

5exv10w05

 

EXHIBIT 10.5

EMPLOYMENT CONTRACT

     THIS
EMPLOYMENT CONTRACT, dated as of February 18, 2005, is entered into by and between ROYAL GOLD, INC., a
Delaware corporation, with offices at 1660 Wynkoop Street, Suite 1000, Denver, Colorado 80202 (the
“Company”), and Stefan Wenger, residing at 5391 E. Hinsdale
Court, Centennial, CO 80122 (the “Employee”).

     The Company desires to engage Employee to perform services for the Company and Employee
desires to perform such services on the terms and conditions hereinafter set forth.

I. TERM

     The Company agrees to employ Employee, and the Employee agrees to serve, on the terms and
conditions of this Agreement, for a period commencing on
February 18, 2005, and ending one (1) year from the
starting date, subject to termination as provided in Sections 7, 8 and 9 hereof. The period during
which Employee is employed hereunder is hereafter referred to as the “Employment Period.” The
Employment Period shall be automatically extended, without further action by either party, for
additional and successive one-year periods commencing
February 18, 2006; provided that the Company may
deliver a written notice of involuntary termination pursuant to Section 7 on 90 days’ prior written
notice.

II. DUTIES AND SERVICES

     During the Employment Period, Employee shall be employed by and shall serve the Company as its
Treasurer and Chief Accounting Officer. In performance of Employee’s duties, Employee shall be
subject to the direction of the Chairman and Chief Executive Officer (“CEO”) of the Company. At
all times during the Employment Period, Employee shall have powers and duties at least commensurate
with Employee’s position as Treasurer and Chief Accounting Officer of the Company. Employee agrees
to his/her employment as described in this Section 2 and agrees to devote such of his business
time, energy and skill as shall be necessary to perform the duties of such positions under this
Agreement; PROVIDED, HOWEVER, Employee shall be entitled to continue his/her personal investment
activities as long as such activities do not conflict with the activities of the Company. Employee
shall be available to travel as the needs of the business reasonably require.

III. COMPENSATION

     As full compensation for Employee’s services hereunder, the Company shall pay Employee, during
the Employment Period, a salary payable in equal semi-monthly installments at the annual rate of
One Hundred Fifteen Thousand Dollars ($115,000.00). Nothing contained herein shall preclude Employee from
participating in the present or future employee benefit plans of the Company if Employee meets the
eligibility requirements therefor. In addition, the Company has elected, from time to time, to
provide Employee with certain fringe benefits. The fringe benefits are currently listed on the
attached Schedule of Fringe Benefits. Notwithstanding anything herein to the contrary, the Company
has sole discretion to modify any fringe benefit by action of the Board, EXCEPT THAT fringe
benefits which are vested by the express terms of any Company Benefit Plan may not be altered,
except in accordance with the terms of such Benefit Plan.

 

 

IV. EXPENSES AND VACATION

     Employee shall be entitled to reimbursement during the Employment Period for reasonable travel
and other out-of-pocket expenses necessarily incurred in the performance of Employee’s duties
hereunder, upon submission and approval of written statements and bills in accordance with the then
regular procedures of the Company. Employee shall be entitled to reasonable vacations in
accordance with the then regular procedures of the Company’s governing executives. Employee shall
be entitled to not less than three (3) weeks of vacation time per year.

V. NON-COMPETITION

     Employee agrees that, unless approved by the Company, (a) Employee will not during the
Employment Period engage in, or otherwise directly or indirectly be employed by, or act as a
consultant or lender to, or be, a director, officer, employee, owner or partner of, any other
business or organization, which now is, or shall then be, competing with the Company, and (b) for a
period of one (1) year after the Employment Period, Employee shall not directly or indirectly
compete with or be engaged in the same business as the Company, or be employed by, or act as
consultant or lender to, or be a director, officer, employee, owner or partner of, any business or
organization which at the time of such cessation, directly competes with or is engaged in the same
business as the Company, except that in each case, the provisions of this Section 5 will not be
deemed breached merely because Employee owns not more than ten percent (10%) of the outstanding
common stock of a corporation, or ten percent (10%) of the outstanding interest or securities of a
partnership or trust which may be in competition with the Company.

     Employee acknowledges that the business of the Company is national in scope and this covenant
of non-competition shall be effective in any of the states of the United States where the Company
does business involving revenues of $50,000 per year or more, or owns property or leases of any
kind. Employee acknowledges that this covenant is a reasonable restraint on Employee’s business or
employability.

VI. CONFIDENTIAL INFORMATION

     All confidential information which Employee may now possess, may obtain during or after the
Employment Period, or may create prior to the end of the Employment Period, relating to the
financial condition, results of operations, business, properties, assets, liabilities or future
prospects of the Company, shall not be published, disclosed or made accessible by Employee to any
other person or entity, either during or after the termination of Employee’s employment, or used by
Employee except during the Employment Period in the business and for the benefit of the Company without prior
written permission of the Company. Employee shall deliver to the Company all tangible evidence of
such confidential information prior to or at the termination of Employee’s employment.

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	VII.	 	INVOLUNTARY TERMINATION
	 
	 	 	 	 
	

	 	A.
	 	Certain Definitions. As used in Sections 7, 8, 9 and 10 of this Agreement:
	 
	 	 	 	 
	

	 	 	 	1.      “Cause” means, and is limited to, (1) action by Employee involving willful
malfeasance, (2) failure to act by Employee involving material and willful
nonfeasance or (3) Employee being convicted of a felony involving moral turpitude, in
each such case resulting in a material adverse effect on the Company; provided,
however, that Employee’s employment shall not be terminated for “Cause” if such
termination took place as a result of any act or omission believed by Employee in
good faith to have been in the best interest of the Company.
	 
	 	 	 	 
	

	 	 	 	2.      “Change of Control Event” shall mean a change in ownership or control of the
Company effected through any of the following transactions: (i) the acquisition,
directly or indirectly by any person or related group of persons, of beneficial
ownership of securities possessing more than thirty percent (30%) of the total
combined voting power of the Company’s outstanding securities; (2) a change in the
composition of the Board over a period of eighteen (18) consecutive months or less
such that fifty percent (50%) or more of the Board members cease to be directors who
either (A) have been directors continuously since the beginning of such period or (B)
have been unanimously elected or nominated by the Board for election as directors
during such period; (iii) a stockholder-approved merger or consolidation to which the
Company is a party and in which (A) the company is not the surviving entity or (B)
securities possessing more than thirty percent (30%) of the total combined voting
power of the Company’s outstanding securities are transferred to a person or persons
different from the persons holding those securities immediately prior to such
transaction; or (iv) the sale, transfer or other disposition of all or substantially
all of the Company’s assets in complete liquidation or dissolution of the Company.
	 
	 	 	 	 
	

	 	 	 	3.      “Continuing Director” means any person who is either (1) a Director on December 4,
1992, or (2) was designated before such person’s initial election as a Director as a
Continuing Director by a majority of the Continuing Directors.
	 
	 	 	 	 
	

	 	 	 	4.      “Director” means a member of the Board of the Company (“the Board”).
	 
	 	 	 	 
	

	 	 	 	5.      “Disability” means, as applied to Employee, that (1) Employee has been totally
incapacitated by bodily injury or disease so as to be prevented thereby from engaging
in any occupation or employment for remuneration or profit, (2) such total incapacity
shall have continued for a period of 3 (three) consecutive months and (3) such total
incapacity will, in the opinion of a qualified physician mutually acceptable to the
Company and Employee, be permanent and continuous during the remainder of Employee’s
life.
	 
	 	 	 	 
	

	 	 	 	6.      “Good Reason” means (1) without Employee’s specific written consent (A) (i) the
assignment to Employee of any duties and responsibilities, or any limitation of
Employee’s duties and responsibilities, inconsistent with Employee’s positions,
duties, responsibilities

-3-

 

	 	 	 	 	 
	

	 	 	 	and status as an officer of the Company immediately prior to the date of a Change of
Control Event or (ii) any removal of Employee from, or any failure to re-elect
Employee to, any of Employee’s positions with the Company immediately prior to a
Change of Control Event, except in connection with the termination of the employment
of Employee by the Company for Cause or as a result of the death or Disability of
Employee, and (B) the continuance thereof for a period of not less than 20 days after
written complaint thereof to the Company from Employee; (2) any failure by the
Company to pay, or any reduction by the Company of, the salary payable to Employee
under Section 3 of this Agreement; (3) any failure by the Company (A) to continue to
provide Employee with the opportunity to participate, on terms no less favorable than
those in effect immediately prior to a Change of Control Event, in any benefit plan
or program in which Employee was participating immediately prior to the Change of
Control Event, or their equivalent, or (B) to provide Employee with all other fringe
benefits, or their equivalent, from time to time in effect for the benefit of any of
the Company’s salaried employees; (4) the relocation, without Employee’s written
consent, of the principal place of Employee’s employment to a location that is more
than 25 miles from Denver, Colorado; (5) continuing Directors no longer constitute at
least a majority of the Directors constituting the Board; (6) the failure by the
Company to obtain the specific assumption of this Agreement by a successor or assign
of the Company or by any person acquiring substantially all of the Company’s assets;
or (7) any material breach by the Company of any provision of this Agreement.
	 
	 	 	 	 
	

	 	 	 	7.      “Involuntary Termination” means (1) dismissal of Employee by the Company without
Cause or (2) voluntary resignation by Employee for Good Reason during the Employment
Period, provided that clause (2) of this subsection (g) shall only apply after a
Change of Control Event has occurred.
	 
	 	 	 	 
	

	 	B.
	 	Compensation of Employee in the Event of Involuntary Termination. If
Involuntary Termination occurs:
	 
	 	 	 	 
	

	 	 	 	1.      The Company shall continue (1) to pay the salary payable to Employee under Section
3 of this Agreement for a period of one year from the date of the Involuntary
Termination and (2) to provide the employee benefits (including, but not limited to,
life, health and disability coverage but not including any severance pay benefit
other than that provided pursuant to this Agreement) at levels that were applicable
to Employee on the date immediately prior to the Involuntary Termination, or shall
provide their equivalent through insurance coverage or other arrangements, for a
period equal to one year following the Involuntary Termination; and
	 
	 	 	 	 
	

	 	 	 	2.      The Company shall pay Employee (1) all amounts which had accrued but were not paid
prior to the Involuntary Termination and (2) all amounts payable under then existing
employee benefit plans and programs.

-4-

 

VIII. TERMINATION DUE TO DEATH OR DISABILITY

     In the event of Employee’s Disability, Employee’s employment hereunder may be terminated by
the Company upon written notice from the Company to Employee which shall specify a date not less
than 30 days from the date of such notice as the date on which such termination shall become
effective. If Employee’s employment hereunder is terminated because of the death or Disability of
Employee, Employee, or Employee’s heirs, executors or administrators if termination is because of
the death of Employee, shall be entitled to receive the salary payable to Employee under Section 3
of this Agreement for six months after the end of the month in which such termination occurs.

IX. TERMINATION FOR CAUSE

If the Company terminates Employee’s employment for Cause, such termination shall relieve the
Company of its obligation to make any further payments under this Agreement except (a) payments
under employee benefit plans and programs and (b) payments of amounts which had accrued but were
not yet paid prior to such termination. Termination of Employee’s employment for Cause shall be
communicated by delivery by the Company to Employee of a written notice of termination together
with a copy of a resolution which has been adopted by the affirmative vote of not less than
three-quarters of the Directors then constituting the Board at a Board meeting called and held for
that purpose, after reasonable notice to Employee and reasonable opportunity for Employee, together
with Employee’s counsel, to be heard by the Board prior to such vote, and which states that in the
good faith opinion of the Board, Employee was guilty of conduct specified in Section 7.1(a) of this
Agreement and sets forth the particulars thereof. No termination of Employee’s employment for
Cause shall be effective unless the Company complies with the procedure specified in the preceding
sentence.

X. VOLUNTARY TERMINATION

     If Employee shall voluntarily terminate his employment for other than Good Reason, all
payments required by this Agreement shall cease, and Employee shall have no further rights to
payments hereunder except (a) payment of amounts which had accrued but were not paid prior to such
voluntary termination and (b) payment of amounts payable under employee benefit plans and programs.

XI. SURVIVAL

     The covenants, agreements, representations and warranties contained in or made pursuant to
this Agreement shall survive Employee’s termination of employment, irrespective of any
investigation made by or on behalf of any party.

XII. MODIFICATION

     This Agreement sets forth the entire understanding of the parties with respect to the subject
matter hereof, supersedes all existing agreements between them concerning such subject matter, and
may be modified only by a written instrument duly executed by each party.

-5-

 

XIII. NOTICES

     Any notice or other communication required or permitted to be given hereunder shall be in
writing and shall be mailed by certified mail, return receipt requested, or delivered against
receipt to the party to whom it is to be given at the address of such party set forth in the
preamble to this Agreement (or to such other address as the party shall have furnished in writing
in accordance with the provisions of this Section 13). Any notice given to the Company shall be
addressed to the attention of the Corporate Secretary. Notice to the estate of Employee shall be
sufficient if addressed to Employee as provided in this Section 13. Any notice or other
communication given by certified mail shall be deemed given at the time of certification thereof,
except for a notice changing a party’s address, which shall be deemed given at the time of receipt
thereof.

XIV. WAIVER

     Any waiver by either party of a breach of any provision of this Agreement shall not operate as
or be construed to be a waiver of any other breach of that provision or of any breach of any other
provision of this Agreement. The failure of a party to insist on strict adherence to any term of
this Agreement on one or more occasions shall not be considered a waiver or deprive that party of
the right thereafter to insist upon strict adherence to that term or any other term of this
Agreement. Any waiver must be in writing.

XV. BINDING EFFECT

     Employee’s rights and obligations under this Agreement shall not be transferable by assignment
or otherwise; such rights shall not be subject to commutation, encumbrance or the claims of
Employee’s creditors, and any attempt to do any of the foregoing shall be void. The provisions of
this Agreement shall be binding upon and inure to the benefit of Employee and Employee’s heirs and
personal representatives, and shall be binding upon and inure to the benefit of the Company, its
successors and assigns.

XVI. NO THIRD-PARTY BENEFICIARIES

     This Agreement does not create, and shall not be construed as creating, any rights enforceable
by any person not a party to this Agreement, except as provided herein.

XVII. HEADINGS

     The headings in this Agreement are solely for the convenience of reference and shall be given
no effect in the construction or interpretation of this Agreement.

-6-

 

XVIII. COUNTERPARTS; GOVERNING LAW

     This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. It shall be
governed by and construed in accordance with laws of the State of Colorado, without giving effect
to the conflict of laws.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	 	ROYAL GOLD, INC.
	 
	 	 	 	 
	

	 	By:  	 	/s/ Stanley Dempsey
	

	 	 	 	

	

	 	Name:  	 	Stanley Dempsey
	

	 	 	 	

	

	 	Title:  	 	Chairman and CEO
	

	 	 	 	

	 
	 	 	 	 
	 
	 	/s/ Stefan Wenger
	 	 	

EMPLOYEE: Stefan Wenger

-7-

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