Document:

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                                                                  Exhibit 4(p)

                     MERRILL LYNCH LIFE INSURANCE COMPANY

               GUARANTEED MINIMUM INCOME BENEFIT ("GMIB") RIDER
  (GUARANTEED OPTIONAL LIFETIME DISTRIBUTIONS(SM) (GOLD(SM)) BENEFIT RIDER)

This Rider is part of the Contract to which it is attached ("the Base
Contract").  The effective date of this Rider is the Date of Issue for the
Base Contract.  This Rider is only available if the age of the Annuitant (and
any Co-Annuitant) on the Date of Issue is less than or equal to the Maximum
Age for GMIB Rider shown on the GMIB Rider page of the Contract Schedule
("GMIB Schedule").  This Rider may not be terminated by the Owner.

GUARANTEED MINIMUM INCOME BENEFIT

This Rider provides the option to receive payment of a guaranteed minimum
monthly fixed income during the lifetime of the Annuitant (or Co-Annuitants,
if applicable) subject to the Conditions for Exercising GMIB described below.

We determine the amount of monthly income as follows:

(1) We deduct any premium taxes attributable to the Variable Account A value
    from the GMIB Benefit Base as of the date you exercise GMIB.  We apply the
    remaining amount to the GMIB payout rates for the Annuity Option you
    select based on the age and sex (where permissible) of the Annuitant (and
    Co-Annuitant, if applicable).  Annuity Option Payout Rates for GMIB Rider
    are attached to this Rider.

(2) We deduct any premium taxes and any charges that we collect on
    annuitization attributable to the Variable Account A value from the
    Variable Account A value as of the date you exercise GMIB.  We apply the
    remaining amount to the current annuity payout rates for the Annuity
    Option you select based on the age and sex (where permissible) of the
    Annuitant (and Co-Annuitant, if applicable) as described in Section 8.2 of
    the Base Contract.

The monthly income we will pay is the greater of the monthly income amounts
calculated in (1) and (2) above plus any monthly income amount attributable to
the Variable Account B value determined as follows:

    We deduct any premium taxes and any charges we collect on annuitization
    attributable to the Variable Account B value from the Variable Account B
    value as of the date you exercise GMIB.  We apply the remaining amount to
    the current annuity payout rates for the selected Annuity Option based on
    the age and sex (where permissible) of the Annuitant (and Co-Annuitant, if
    applicable) as described in Section 8.2 of the Base Contract.

CONDITIONS FOR EXERCISING GMIB

In order to receive monthly income payments under this Rider you must:
(1) exercise GMIB during an Exercise Period described on the GMIB Schedule;
    and

(2) apply your entire GMIB Benefit Base under one of the Annuity Options
    Available on Exercise of GMIB.

GMIB BENEFIT BASE

THE GMIB BENEFIT BASE IS USED SOLELY TO DETERMINE THE GUARANTEED MINIMUM
INCOME BENEFIT AND DOES NOT ESTABLISH OR GUARANTEE A CONTRACT VALUE, CASH
VALUE, MINIMUM DEATH BENEFIT OR MINIMUM RETURN FOR ANY INVESTMENT OPTION.

The GMIB Benefit Base is equal to the greater of:

(1)"Maximum Anniversary Value for Variable Account A"; and

(2) "Premiums Compounded at Benefit Base Rate for Variable Account A".

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MAXIMUM ANNIVERSARY VALUE FOR VARIABLE ACCOUNT A:  To determine the Maximum
Anniversary Value for Variable Account A, we will calculate an anniversary
value for the Date of Issue and for each Contract Anniversary through the
earlier of the Benefit Base Limitation Date shown on the GMIB Schedule and the
date you exercise GMIB.  An anniversary value is equal to the Variable Account
A value on the Date of Issue and on each Contract Anniversary, increased by
premium payments to Variable Account A and decreased by "adjusted" transfers
to Variable Account B and by "adjusted" withdrawals from Variable Account A
since the Date of Issue or that anniversary.  The Maximum Anniversary Value
for Variable Account A is equal to the greatest of these anniversary values.

Each "adjusted" transfer or "adjusted" withdrawal equals the amount
transferred or withdrawn multiplied by (i) divided by (ii) where:

       (i)   is the Maximum Anniversary Value for Variable Account A; and

       (ii)  is the Variable Account A value,

both of which are determined immediately prior to the transfer or withdrawal.

PREMIUMS COMPOUNDED AT BENEFIT BASE RATE FOR VARIABLE ACCOUNT A ("PREMIUM
BENEFIT BASE"):

The Premium Benefit Base equals (i) minus (ii) where:

       (i) is the sum of all premiums paid into Variable Account A with
           interest compounded daily from the date received at the annual
           Benefit Base Rate shown on the GMIB Schedule; and

       (ii)is the sum of all "adjusted" transfers to Variable Account B and
           "adjusted" withdrawals from Variable Account A with interest
           compounded daily from the date of each transfer or withdrawal at
           the annual Benefit Base Rate shown on the GMIB Schedule.

For purposes of compounding interest in (i) and (ii) above, such interest
shall accrue until the earlier of the Benefit Base Limitation Date shown on
the GMIB Schedule or the date you exercise GMIB.  No interest shall accrue
thereafter.

Each "adjusted" transfer or "adjusted" withdrawal equals the amount
transferred or withdrawn multiplied by an adjustment factor. To determine the
adjustment factor, we calculate the total of all transfers to Variable Account
B and withdrawals from Variable Account A during the Contract Year, including
any currently requested transfer or withdrawal.  If the total of all such
transfers and withdrawals since the previous Contract Anniversary is less than
or equal to the Benefit Base Rate times the Premium Benefit Base as of the
previous Contract Anniversary, the adjustment factor is equal to 1.0 divided
by 1 plus the Benefit Base Rate raised to a fraction.  The fraction is equal
to the number of days remaining in the Contract Year, excluding leap days,
divided by 365.  If the total of all such transfers and withdrawals since the
previous Contract Anniversary is greater than the Benefit Base Rate times the
Premium Benefit Base as of the previous Contract Anniversary, the adjustment
factor is equal to the Premium Benefit Base divided by the Variable Account A
value, where both values are determined immediately prior to the transfer or
withdrawal.

CHANGE OF ANNUITANT

If on the Date of Issue the new Annuitant was older than the Maximum Age for
GMIB Rider shown on the GMIB Schedule, this Rider will terminate.   Otherwise:

 (1) We will compare the age of the new Annuitant to the age of the Annuitant
     being used to determine the Last Exercise Date.  If on the Date of Issue
     the age of the new Annuitant was older, we will recalculate the Last
     Exercise Date based on his or her age on the Date of Issue.  If the
     recalculated Last Exercise Date is earlier than the effective date of the
     change of Annuitant, this Rider will terminate.

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 (2) We will recalculate the Benefit Base Limitation Date based on the new
     Annuitant's age if:

    (a) on the Date of Issue the new Annuitant was older than the Annuitant
        currently used to determine the Benefit Base Limitation Date; and

    (b) the current Benefit Base Limitation Date is later than the effective
        date of the change of Annuitant. The new Benefit Base Limitation Date
        will be the later of the recalculated date and the effective date of
        the change of Annuitant.

ANNUITY OPTIONS AVAILABLE ON EXERCISE OF GMIB

The Annuity Options available on exercise of GMIB are shown on the GMIB
Schedule and are described in the Base Contract.

GMIB FEE

This fee compensates us for risks we assume in providing this benefit.  The
GMIB Fee Percentage, how the GMIB Fee is calculated, and when it is deducted
from the Variable Account A value are described on the GMIB Schedule.

PREMIUM LIMITATION

We may refuse to accept any additional premium payments under the
circumstances described on the GMIB Schedule.

TERMINATION

This Rider will terminate upon the earliest of:

(1) the expiration of the Last Exercise Date as shown on the GMIB Schedule;

(2) exercise of GMIB under this Rider;

(3) termination of the Base Contract due to:

    (a) full surrender;

    (b) annuitization; or

    (c) receipt of Due Proof of Death of the Owner and, if applicable, a
        surviving spouse does not elect to continue the Base Contract under
        its Contract Continuation Option;

(4) transfer of all the Variable Account A value to Variable Account B; or

(5) a change of Annuitant that causes the GMIB Rider to terminate as described
    above under Change of Annuitant (including any change of Annuitant that
    results from a surviving spouse electing to continue the Base Contract
    under its Contract Continuation Option).

The benefit provided by this Rider is subject to all the terms and conditions
of this Rider and the Base Contract.

                                         MERRILL LYNCH LIFE INSURANCE COMPANY

                                         By:        /s/ Lori M. Salvo
                                            ----------------------------------
                                                        Secretary

                                    - 3 -
                                                                        SPECIMEN
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                     MERRILL LYNCH LIFE INSURANCE COMPANY

                  ANNUITY OPTION PAYOUT RATES FOR GMIB RIDER
           AMOUNT OF MONTHLY PAYMENT PER $1000 OF GMIB BENEFIT BASE

Annuity payout rates are based on the Annuity 2000 Table with a 5-year age
setback and interest at an annual rate of 2 1/2%. Information for ages not shown
will be furnished upon request.

OPTION 1:  LIFE ANNUITY

<TABLE>
<CAPTION>
     AGE OF                          AGE OF                            AGE OF
   ANNUITANT   FEMALE    MALE       ANNUITANT    FEMALE    MALE       ANNUITANT    FEMALE    MALE
<S>           <C>       <C>        <C>          <C>      <C>          <C>          <C>      <C>
       50       3.36     3.57            62       4.14     4.49            74       5.75     6.42
       51       3.40     3.63            63       4.23     4.60            75       5.95     6.66
       52       3.46     3.69            64       4.33     4.72            76       6.17     6.91
       53       3.51     3.75            65       4.43     4.84            77       6.41     7.19
       54       3.57     3.82            66       4.54     4.97            78       6.68     7.48
       55       3.63     3.89            67       4.66     5.11            79       6.96     7.80
       56       3.69     3.96            68       4.79     5.26            80       7.27     8.14
       57       3.75     4.04            69       4.92     5.43            81       7.60     8.50
       58       3.82     4.12            70       5.06     5.60            82       7.96     8.89
       59       3.90     4.21            71       5.22     5.78            83       8.36     9.31
       60       3.97     4.30            72       5.38     5.98            84       8.79     9.76
       61       4.05     4.39            73       5.56     6.19            85       9.25    10.25
</TABLE>

OPTION 2:  LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 YEARS

<TABLE>
<CAPTION>
     AGE OF                          AGE OF                            AGE OF
   ANNUITANT   FEMALE    MALE       ANNUITANT    FEMALE    MALE       ANNUITANT    FEMALE    MALE
<S>           <C>       <C>        <C>          <C>      <C>          <C>          <C>      <C>
       50       3.28     3.47            62       4.00     4.31            74       5.36     5.80
       51       3.32     3.53            63       4.08     4.40            75       5.51     5.96
       52       3.37     3.58            64       4.17     4.50            76       5.68     6.13
       53       3.42     3.64            65       4.26     4.61            77       5.85     6.30
       54       3.47     3.70            66       4.36     4.72            78       6.03     6.47
       55       3.53     3.76            67       4.46     4.83            79       6.22     6.65
       56       3.59     3.83            68       4.57     4.95            80       6.41     6.82
       57       3.65     3.90            69       4.68     5.08            81       6.61     7.00
       58       3.71     3.97            70       4.80     5.21            82       6.81     7.18
       59       3.78     4.05            71       4.93     5.35            83       7.01     7.36
       60       3.85     4.13            72       5.07     5.50            84       7.21     7.53
       61       3.92     4.22            73       5.21     5.65            85       7.42     7.70
</TABLE>

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OPTION 3:        JOINT AND SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
    FEMALE                                            MALE AGE
      AGE           50         55        60          65         70         75        80        85
----------------------------------------------------------------------------------------------------
<S>             <C>        <C>         <C>       <C>        <C>         <C>       <C>         <C>
       50          3.05       3.11       3.16       3.20       3.23       3.25       3.26       3.27
       55          3.15       3.24       3.33       3.40       3.45       3.48       3.50       3.52
       60          3.23       3.37       3.50       3.61       3.70       3.76       3.80       3.83
       65          3.31       3.48       3.66       3.83       3.98       4.09       4.18       4.23
       70          3.36       3.58       3.81       4.05       4.28       4.48       4.63       4.74
       75          3.41       3.65       3.93       4.25       4.58       4.90       5.17       5.38
       80          3.44       3.70       4.03       4.41       4.84       5.31       5.76       6.15
       85          3.46       3.74       4.09       4.52       5.05       5.67       6.34       6.99
----------------------------------------------------------------------------------------------------
</TABLE>

OPTION 4:        JOINT AND SURVIVOR LIFE ANNUITY WITH PAYMENTS GUARANTEED
                 FOR 10 YEARS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
    FEMALE                                            MALE AGE
      AGE           50         55        60          65         70         75        80        85
----------------------------------------------------------------------------------------------------
<S>             <C>        <C>         <C>       <C>        <C>         <C>       <C>         <C>
       50          3.05       3.11       3.16       3.20       3.23       3.25       3.26       3.27
       55          3.15       3.24       3.33       3.40       3.45       3.48       3.50       3.52
       60          3.23       3.37       3.50       3.61       3.70       3.76       3.80       3.82
       65          3.31       3.48       3.66       3.83       3.98       4.09       4.17       4.21
       70          3.36       3.58       3.81       4.05       4.27       4.47       4.61       4.71
       75          3.41       3.65       3.93       4.24       4.56       4.87       5.12       5.31
       80          3.44       3.70       4.02       4.39       4.82       5.26       5.67       5.99
       85          3.45       3.73       4.08       4.50       5.01       5.58       6.15       6.66
----------------------------------------------------------------------------------------------------
</TABLE>

                                         MERRILL LYNCH LIFE INSURANCE COMPANY

                                         By:        /s/ Lori M. Salvo
                                            ----------------------------------
                                                        Secretary

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                                                                        SPECIMEN
ML077-4exv4w1

 

Exhibit 4.1

LCC INTERNATIONAL, INC.

EMPLOYEE STOCK PURCHASE PLAN

(reflecting the amendment approved

by the Board of Directors on February 5, 2002

and the stockholders on May 23, 2002)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	

	1. SHARES SUBJECT TO THE PLAN
	 	 	1	 
	2. ADMINISTRATION
	 	 	1	 
	3. INTERPRETATION
	 	 	1	 
	4. ELIGIBLE EMPLOYEES
	 	 	1	 
	5. PARTICIPATION IN THE PLAN
	 	 	1	 
	6. PAYROLL DEDUCTIONS
	 	 	2	 
	7. RIGHTS TO PURCHASE CLASS A COMMON STOCK; PURCHASE PRICE
	 	 	2	 
	8. TIMING OF PURCHASE; PURCHASE LIMITATION
	 	 	2	 
	9. ISSUANCE OF STOCK CERTIFICATES
	 	 	2	 
	10. WITHHOLDING OF TAXES
	 	 	3	 
	11. ACCOUNT STATEMENTS
	 	 	3	 
	12. PARTICIPATION ADJUSTMENT
	 	 	3	 
	13. CHANGES IN ELECTIONS TO PURCHASE
	 	 	3	 
	14. VOLUNTARY TERMINATION OF EMPLOYMENT OR DISCHARGE
	 	 	3	 
	15. RETIREMENT
	 	 	4	 
	16. LAY-OFF, AUTHORIZED LEAVE OR ABSENCE OR DISABILITY
	 	 	4	 
	17. DEATH
	 	 	5	 
	18. FAILURE TO MAKE PERIODIC CASH PAYMENTS
	 	 	5	 
	19. TERMINATION OF PARTICIPATION
	 	 	5	 
	20. ASSIGNMENT
	 	 	5	 
	21. APPLICATION OF FUNDS
	 	 	5	 
	22. NO RIGHT TO CONTINUED EMPLOYMENT
	 	 	6	 
	23. AMENDMENT OF PLAN
	 	 	6	 
	24. EFFECTIVE DATE; TERM AND TERMINATION OF THE PLAN
	 	 	6	 
	25. EFFECT OF CHANGES IN CAPITALIZATION
	 	 	6	 

- i -

 

	 	 	 	 	 	 	 
	 	(a) Changes in Stock
	 	 	6	 
	 	(b) Reorganization in Which the Company Is the Surviving
Corporation
	 	 	6	 
	 	(c) Reorganization in Which the Company Is Not the
Surviving Corporation or Sale of Assets or Stock
	 	 	7	 
	 	(d) Adjustments
	 	 	7	 
	 	(e) No Limitations on Company
	 	 	7	 
	26. GOVERNMENTAL REGULATION
	 	 	7	 
	27. STOCKHOLDER RIGHTS
	 	 	7	 
	28. RULE 16B-3
	 	 	8	 
	29. PAYMENT OF PLAN EXPENSES
	 	 	8	 

- ii -

 

LCC INTERNATIONAL, INC.

EMPLOYEE STOCK PURCHASE PLAN

     The Board of Directors of LCC International, Inc. (the “Company”) has
adopted this Employee Stock Purchase Plan (the “Plan”) to enable eligible
employees of the Company and its participating Affiliates (as defined below),
through payroll deductions, to purchase shares of the Company’s Class A common
stock, par value $0.01 per share (the “Class A Common Stock”). The Plan is for
the benefit of the employees of LCC International, Inc. and any participating
Affiliates. The Plan is intended to benefit the Company by increasing the
employees’ interest in the Company’s growth and success and encouraging
employees to remain in the employ of the Company or its participating
Affiliates. The provisions of the Plan are set forth below:

1.     SHARES SUBJECT TO THE PLAN.

     Subject to adjustment as provided in Section 25 below, the aggregate
number of shares of Class A Common Stock that may be made available for
purchase by participating employees under the Plan is 860,000. The shares
issuable under the Plan may, in the discretion of the Board of Directors of the
Company (the “Board”), be either authorized but unissued shares or treasury
shares.

2.     ADMINISTRATION.

     The Plan shall be administered under the direction of the Compensation
Committee of the Board (the “Committee”). No member of the Board or the
Committee shall be liable for any action or determination made in good faith
with respect to the Plan.

3.     INTERPRETATION.

     It is intended that the Plan will meet the requirements for an “employee
stock purchase plan” under Section 423 of the Internal Revenue Code of 1986
(the “Code”), and it is to be so applied and interpreted. Subject to the
express provisions of the Plan, the Committee shall have authority to interpret
the Plan, to prescribe, amend and rescind rules relating to it, and to make all
other determinations necessary or advisable in administering the Plan, all of
which determinations will be final and binding upon all persons.

4.     ELIGIBLE EMPLOYEES.

     Any employee of the Company or any of its participating Affiliates may
participate in the Plan, except the following, who are ineligible to
participate: (a) an employee whose customary employment is for less than five
months in any calendar year; (b) an employee whose customary employment is 20
hours or less per week; and (c) an employee who, after exercising his or her
rights to purchase shares under the Plan, would own shares of Class A Common
Stock (including shares that may be acquired under any outstanding options)
representing five percent or more of the total combined voting power of all
classes of stock of the Company. The term “participating Affiliate” means any
company or other trade or business that is a subsidiary of the Company
(determined in accordance with the principles of Sections 424(e) and (f) of the
Code and the regulations thereunder). The Board may at any time in its sole
discretion, if it deems it advisable to do so, terminate the participation of
the employees of a particular participating Affiliate.

5.     PARTICIPATION IN THE PLAN.

     An eligible employee may become a participating employee in the Plan by
completing an election to participate in the Plan on a form provided by the
Company and submitting that form to the Payroll Department of the Company. The
form will authorize payroll deductions (as provided in Section 6 below) and
authorize the purchase of shares of Class A Common Stock for the employee’s
account in accordance with the terms of the Plan. Enrollment will become
effective upon the first day of the first Payroll Deduction Period.

1

 

6.     PAYROLL DEDUCTIONS.

     At the time an eligible employee submits his or her election to
participate in the Plan (as provided in Section 5 above), the employee shall
elect to have deductions made from his or her pay, on each pay day following
his or her enrollment in the Plan, and for as long as he or she shall
participate in the Plan. The deductions will be credited to the participating
employee’s account under the Plan. An employee may not during any Payroll
Deduction Period change his or her percentage of payroll deduction for that
Payroll Deduction Period, nor may an employee withdraw any contributed funds,
other than in accordance with Sections 13 through 19 below. An eligible employee
may elect to have deducted a whole percentage amount of not more than ten (10) percent
of “eligible compensation” which the employee is entitled to receive on each pay day.
For purposes of this Plan, “eligible compensation” includes base compensation only and does
not include overtime pay, bonuses, commissions, employer contributions to any retirement,
profit-sharing or similar plan, housing or other expense allowances or any similar remuneration.
The Committee shall have sole and final authority to determine whether any remuneration
constitutes “eligible compensation.”

7.     RIGHTS TO PURCHASE CLASS A COMMON STOCK; PURCHASE PRICE.

     Rights to purchase shares of Class A Common Stock will be deemed granted
to participating employees as of the first trading day of each Payroll
Deduction Period. The purchase price of each share of Class A Common Stock
(the “Purchase Price”) shall be determined by the Committee; provided, however,
the Purchase Price shall not be less than the lesser of 85 percent of the fair
market value of the Class A Common Stock (i) on the first trading day of the
Payroll Deduction Period or (ii) on the last trading day of such Payroll
Deduction Period; provided, further, that in no event shall the Purchase Price
be less than the par value of the Class A Common Stock. For purposes of the
Plan, “fair market value” means the value of each share of Class A Common Stock
subject to the Plan determined as follows: if on the determination date the
shares of Class A Common Stock are listed on an established national or
regional stock exchange, are admitted to quotation on the National Association
of Securities Dealers Automated Quotation System, or are publicly traded on an
established securities market, the fair market value of the shares of Class A
Common Stock shall be the closing price of the shares of Class A Common Stock
on such exchange or in such market (the highest such closing price if there is
more than one such exchange or market) on the trading day immediately preceding
the determination date (or if there is no such reported closing price, the fair
market value shall be the mean between the highest bid and lowest asked prices
or between the high and low sale prices on such trading day) or, if no sale of
the shares of Class A Common Stock is reported for such trading day, on the
next preceding day on which any sale shall have been reported. If the shares
of Class A Common Stock are not listed on such an exchange, quoted on such
System or traded on such a market, fair market value shall be determined by the
Board in good faith.

8.     TIMING OF PURCHASE; PURCHASE LIMITATION.

     Unless a participating employee has given prior written notice terminating
such employee’s participation in the Plan, or the employee’s participation in
the Plan has otherwise been terminated as provided in Sections 14 through 19
below, such employee will be deemed to have exercised automatically his or her
right to purchase Class A Common Stock on the last trading day of the Payroll
Deduction Period (except as provided in Section 13 below) for the number of
shares of Class A Common Stock which the accumulated funds in the employee’s
account at that time will purchase at the Purchase Price, subject to the
participation adjustment provided for in Section 12 below and subject to
adjustment under Section 25 below. Notwithstanding any other provision of the
Plan, no employee may purchase in any one calendar year under the Plan and all
other “employee stock purchase plans” of the Company and its participating
Affiliates shares of Class A Common Stock having an aggregate fair market value
in excess of $25,000, determined as of the first trading date of the Payroll
Deduction Period as to shares purchased during such period. Effective upon the
last trading day of the Payroll Deduction Period, a participating employee will
become a stockholder with respect to the shares purchased during such period,
and will thereupon have all dividend, voting and other ownership rights
incident thereto. Notwithstanding the foregoing, no shares shall be sold
pursuant to the Plan unless the Plan is approved by the Company’s stockholders
in accordance with Section 24 below.

9.     ISSUANCE OF STOCK CERTIFICATES.

     On the last trading day of the Payroll Deduction Period, a participating
employee will be credited with the number of shares of Class A Common Stock
purchased for his or her account under the Plan during such Payroll Deduction
Period. Shares purchased under the Plan will be held in the custody of an
agent (the “Agent”) appointed by the Board of Directors. The Agent may hold
the shares purchased under the Plan in stock certificates in nominee names and
may commingle shares held in its custody in a single account or stock
certificate without identification as

2

 

to individual participating employees. A participating employee may, at any
time following his or her purchase of shares under the Plan, by written notice
instruct the Agent to have all or part of such shares reissued in the
participating employee’s own name and have the stock certificate delivered to
the employee.

10.     WITHHOLDING OF TAXES.

     To the extent that a participating employee realizes ordinary income in
connection with a sale or other transfer of any shares of Class A Common Stock
purchased under the Plan, the Company may withhold amounts needed to cover such
taxes from any payments otherwise due and owing to the participating employee
or from shares that would otherwise be issued to the participating employee
hereunder. Any participating employee who sells or otherwise transfers shares
purchased under the Plan within two years after the beginning of the Payroll
Deduction Period in which the shares were purchased must within 30 days of such
transfer notify the Payroll Department of the Company in writing of such
transfer.

11.     ACCOUNT STATEMENTS.

     The Company will cause the Agent to deliver to each participating employee
a statement for each Payroll Deduction Period during which the employee
purchases Class A Common Stock under the Plan, reflecting the amount of payroll
deductions during the Payroll Deduction Period, the number of shares purchased
for the employee’s account, the price per share of the shares purchased for the
employee’s account and the number of shares held for the employee’s account at
the end of the Payroll Deduction Period.

12.     PARTICIPATION ADJUSTMENT.

     If in any Payroll Deduction Period the number of unsold shares that may be
made available for purchase under the Plan pursuant to Section 1 above is
insufficient to permit exercise of all rights deemed exercised by all
participating employees pursuant to Section 8 above, a participation adjustment
will be made, and the number of shares purchasable by all participating
employees will be reduced proportionately. Any funds then remaining in a
participating employee’s account after such exercise will be refunded to the
employee.

13.     CHANGES IN ELECTIONS TO PURCHASE.

     (a)  A participating employee (other than a participating employee who is
an executive officer of the Company who is subject to Section 16(b) under the
Securities Exchange Act of 1934, as amended, (the “Exchange Act”)) may, at any
time prior to the last day of the Payroll Deduction Period, by written notice
to the Company, direct the Company to cease payroll deductions (or, if the
payment for shares is being made through periodic cash payments, notify the
Company that such payments will be terminated), in accordance with the
following alternatives:

     
     (i)  The employee’s option to purchase shall be reduced to the number of
shares which may be purchased, as of the last day of the Payroll Deduction
Period, with the amount then credited to the employee’s account; or

     
     (ii)  Withdraw the amount in such employee’s account and terminate such
employee’s option to purchase.

     (b)  Any participating employee may increase or decrease his or her payroll
deduction or periodic cash payments, to take effect on the first day of the
next Payroll Deduction Period, by delivering to the Company a new form
regarding election to participate in the Plan under Section 5 above.

14.     VOLUNTARY TERMINATION OF EMPLOYMENT OR DISCHARGE.

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In the event a participating employee (other than a participating employee
who is an executive officer of the Company who is subject to Section 16(b)
under the Exchange Act) voluntarily leaves the employ of the Company or a
participating Affiliate, otherwise than by retirement under a plan of the
Company or a participating Affiliate, or is discharged prior to the last day of
the Payroll Deduction Period, the amount in the employee’s account will be
distributed and the employee’s option to purchase will terminate. In the event
a participating employee who is subject to Section 16(b) under the Exchange Act
voluntarily leaves the employ of the Company or a participating Affiliate,
otherwise than by retirement under a plan of the Company or a participating
Affiliate, or is discharged prior to the last day of the Payroll Deduction
Period, the employee’s option to purchase shall be reduced to the number of
shares which may be purchased, as of the last day of the Payroll Deduction
Period, with the amount then credited to the employee’s account.

15.     RETIREMENT.

     In the event a participating employee (other than a participating employee
who is an officer of the Company who is subject to Section 16(b) under the
Exchange Act) who has an option to purchase shares leaves the employ of the
Company or a participating Affiliate because of retirement under a plan of the
Company or a participating Affiliate, the participating employee may elect,
within 10 days after the date of such retirement, one of the following
alternatives:

     (a)  The employee’s option to purchase shall be reduced to the number of
shares which may be purchased, as of the last day of the Payroll Deduction
Period, with the amount then credited to the employee’s account; or

     (b)  Withdraw the amount in such employee’s account and terminate such
employee’s option to purchase.

     In the event the participating employee does not make an election within
the aforesaid 10-day period, he or she will be deemed to have elected
subsection 15(b) above; provided, however, that a participating employee who is
an officer of the Company who is subject to Section 16(b) under the Exchange
Act will receive shares of Class A Common Stock pursuant to subsection 15(a).

16.     LAY-OFF, AUTHORIZED LEAVE OR ABSENCE OR DISABILITY.

     Payroll deductions for shares for which a participating employee has an
option to purchase may be suspended during any period of absence of the
employee from work due to lay-off, authorized leave of absence or disability
or, if the employee so elects, periodic payments for such shares may continue
to be made in cash provided, however, that if such employee is an officer of
the Company who is subject to Section 16(b) under the Exchange Act, such
periodic payments must be continued in cash.

     If such employee returns to active service prior to the last day of the
Payroll Deduction Period, the employee’s payroll deductions will be resumed and
if said employee did not make periodic cash payments during the employee’s
period of absence, the employee shall, by written notice to the Company’s
Payroll Department within 10 days after the employee’s return to active
service, but not later than the last day of the Payroll Deduction Period,
elect:

     (a)  To make up any deficiency in the employee’s account resulting from a
suspension of payroll deductions by an immediate cash payment;

     (b)  Not to make up such deficiency, in which event the number of shares to
be purchased by the employee shall be reduced to the number of whole shares
which may be purchased with the amount, if any, then credited to the employee’s
account plus the aggregate amount, if any, of all payroll deductions to be made
thereafter; or

     (c)  Withdraw the amount in the employee’s account and terminate the
employee’s option to purchase.

     A participating employee on lay-off, authorized leave of absence or
disability on the last day of the Payroll Deduction Period shall deliver
written notice to his or her employer on or before the last day of the Payroll

4

 

Deduction Period, electing one of the alternatives provided in the foregoing
clauses (a), (b) and (c) of this Section 16. If any employee fails to deliver
such written notice within 10 days after the employee’s return to active
service or by the last day of the Payroll Deduction Period, whichever is
earlier, the employee shall be deemed to have elected subsection 16(c) above.

     If the period of a participating employee’s lay-off, authorized leave of
absence or disability shall terminate on or before the last day of the Payroll
Deduction Period, and the employee shall not resume active employment with the
Company or a participating Affiliate, the employee shall receive a distribution
in accordance with the provisions of Section 15 of this Plan.

17.     DEATH.

     In the event of the death of a participating employee while the employee’s
option to purchase shares is in effect, the legal representatives of such
employee may, within three months after the employee’s death (but no later than
the last day of the Payroll Deduction Period) by written notice to the Company
or participating Affiliate, elect one of the following alternatives:

     (a)  The employee’s option to purchase shall be reduced to the number of
shares which may be purchased, as of the last day of the Payroll Deduction
Period, with the amount then credited to the employee’s account; or

     (b)  Withdraw the amount in such employee’s account and terminate such
employee’s option to purchase.

     In the event the legal representatives of such employee fail to deliver
such written notice to the Company or participating Affiliate within the
prescribed period, the election to purchase shares shall terminate and the
amount, then credited to the employee’s account shall be paid to such legal
representatives; provided, however, that the estate of a participating employee
who is an officer of the Company who is subject to Section 16(b) under the
Exchange Act will receive shares of Class A Common Stock pursuant to subsection
17(a).

18.     FAILURE TO MAKE PERIODIC CASH PAYMENTS.

     Under any of the circumstances contemplated by this Plan, where the
purchase of shares is to be made through periodic cash payments in lieu of
payroll deductions, the failure to make any such payments shall reduce, to the
extent of the deficiency in such payments, the number of shares purchasable
under this Plan.

19.     TERMINATION OF PARTICIPATION.

     A participating employee will be refunded all moneys in his or her
account, and his or her participation in the Plan will be terminated if either
(a) the Board elects to terminate the Plan as provided in Section 24 below, or
(b) the employee ceases to be eligible to participate in the Plan under Section
4 above. As soon as practicable following termination of an employee’s
participation in the Plan, the Company will deliver to the employee a check
representing the amount in the employee’s account and a stock certificate
representing the number of whole shares held in the employee’s account. Once
terminated, participation may not be reinstated for the then current Payroll
Deduction Period, but, if otherwise eligible, the employee may elect to
participate in any subsequent Payroll Deduction Period.

20.     ASSIGNMENT.

     No participating employee may assign his or her rights to purchase shares
of Class A Common Stock under the Plan, whether voluntarily, by operation of
law or otherwise. Any payment of cash or issuance of shares of Class A Common
Stock under the Plan may be made only to the participating employee (or, in the
event of the employee’s death, to the employee’s estate). Once a stock
certificate has been issued to the employee or for his or her account, such
certificate may be assigned the same as any other stock certificate.

21. APPLICATION OF FUNDS.

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     All funds received or held by the Company under the Plan may be used for
any corporate purpose until applied to the purchase of Class A Common Stock
and/or refunded to participating employees. Participating employees’ accounts
will not be segregated nor will participating employees be entitled to receive
interest with respect to any such funds.

22.     NO RIGHT TO CONTINUED EMPLOYMENT.

     Neither the Plan nor any right to purchase Class A Common Stock under the
Plan confers upon any employee any right to continued employment with the
Company or any of its participating Affiliates, nor will an employee’s
participation in the Plan restrict or interfere in any way with the right of
the Company or any of its participating Affiliates to terminate the employee’s
employment at any time.

23.     AMENDMENT OF PLAN.

     The Board may, at any time, amend the Plan in any respect (including an
increase in the percentage specified in Section 7 above used in calculating the
Purchase Price); provided, however, that without approval of the stockholders
of the Company no amendment shall be made (a) increasing the number of shares
specified in Section 1 above that may be made available for purchase under the
Plan (except as provided in Section 25 below), (b) changing the eligibility
requirements for participating in the Plan, or (c) impairing the vested rights
of participating employees.

24.     EFFECTIVE DATE; TERM AND TERMINATION OF THE PLAN.

     The Plan shall be effective as of the date of adoption by the Board, which
date is set forth below, subject to approval of the Plan by a majority of the
votes present and entitled to vote at a duly held meeting of the shareholders
of the Company at which a quorum representing a majority of all outstanding
voting stock is present, either in person or by proxy; provided, however, that
upon approval of the Plan by the shareholders of the Company as set forth
above, all rights to purchase shares granted under the Plan on or after the
effective date shall be fully effective as if the shareholders of the Company
had approved the Plan on the effective date. If the shareholders fail to
approve the Plan on or before one year after the effective date, the Plan shall
terminate, any rights to purchase shares granted hereunder shall be null and
void and of no effect, and all contributed funds shall be refunded to
participating employees. The Board may terminate the Plan at any time and for
any reason or for no reason, provided that such termination shall not impair
any rights of participating employees that have vested at the time of
termination. In any event, the Plan shall, without further action of the
Board, terminate ten (10) years after the date of adoption of the Plan by the
Board or, if earlier, at such time as all shares of Class A Common Stock that
may be made available for purchase under the Plan pursuant to Section 1 above
have been issued.

25.     EFFECT OF CHANGES IN CAPITALIZATION.

     (a)  Changes in Stock.

     If the number of outstanding shares of Class A Common Stock is increased
or decreased or the shares of Class A Common Stock are changed into or
exchanged for a different number or kind of shares or other securities of the
Company by reason of any recapitalization, reclassification, stock split,
reverse split, combination of shares, exchange of shares, stock dividend, or
other distribution payable in capital stock, or other increase or decrease in
such shares effected without receipt of consideration by the Company occurring
after the effective date of the Plan, the number and kinds of shares that may
be purchased under the Plan shall be adjusted proportionately and accordingly
by the Company. In addition, the number and kind of shares for which rights
are outstanding shall be similarly adjusted so that the proportionate interest
of a participating employee immediately following such event shall, to the
extent practicable, be the same as immediately prior to such event. Any such
adjustment in outstanding rights shall not change the aggregate Purchase Price
payable by a participating employee with respect to shares subject to such
rights, but shall include a corresponding proportionate adjustment in the
Purchase Price per share.

     (b) Reorganization in Which the Company Is the Surviving Corporation.

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     Subject to Subsection (c) of this Section 25, if the Company shall be the
surviving corporation in any reorganization, merger or consolidation of the
Company with one or more other corporations, all outstanding rights under the
Plan shall pertain to and apply to the securities to which a holder of the
number of shares of Class A Common Stock subject to such rights would have been
entitled immediately following such reorganization, merger or consolidation,
with a corresponding proportionate adjustment of the Purchase Price per share
so that the aggregate Purchase Price thereafter shall be the same as the
aggregate Purchase Price of the shares subject to such rights immediately prior
to such reorganization, merger or consolidation.

     (c)  Reorganization in Which the Company Is Not the Surviving
Corporation or Sale of Assets or Stock.

     Upon any dissolution or liquidation of the Company, or upon a merger,
consolidation or reorganization of the Company with one or more other
corporations in which the Company is not the surviving corporation, or upon a
sale of all or substantially all of the assets of the Company to another
corporation, or upon any transaction (including, without limitation, a merger
or reorganization in which the Company is the surviving corporation) approved
by the Board that results in any person or entity owning more than 80 percent
of the combined voting power of all classes of stock of the Company, the Plan
and all rights outstanding hereunder shall terminate, except to the extent
provision is made in writing in connection with such transaction for the
continuation of the Plan and/or the assumption of the rights theretofore
granted, or for the substitution for such rights of new rights covering the
stock of a successor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kinds of shares and exercise
prices, in which event the Plan and rights theretofore granted shall continue
in the manner and under the terms so provided. In the event of any such
termination of the Plan, the Payroll Deduction Period shall be deemed to have
ended on the last trading day prior to such termination, and in accordance with
Section 9 above the rights of each participating employee then outstanding
shall be deemed to be automatically exercised on such last trading day. The
Board shall send written notice of an event that will result in such a
termination to all participating employees not later than the time at which the
Company gives notice thereof to its stockholders.

     (d)  Adjustments.

     Adjustments under this Section 25 related to stock or securities of the
Company shall be made by the Committee, whose determination in that respect
shall be final, binding, and conclusive.

     (e)  No Limitations on Company.

     The grant of a right pursuant to the Plan shall not affect or limit in any
way the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge,
consolidate, dissolve or liquidate, or to sell or transfer all or any part of
its business or assets.

26.     GOVERNMENTAL REGULATION.

     The Company’s obligation to issue, sell and deliver shares of Class A
Common Stock pursuant to the Plan is subject to such approval of any
governmental authority and any national securities exchange or other market
quotation system as may be required in connection with the authorization,
issuance or sale of such shares.

27.     STOCKHOLDER RIGHTS.

     Any dividends paid on shares held by the Company for a participating
employee’s account will be transmitted to the employee. The Company will
deliver to each participating employee who purchases shares of Class A Common
Stock under the Plan, as promptly as practicable by mail or otherwise, all
notices of meetings, proxy statements, proxies and other materials distributed
by the Company to its stockholders. Any shares of Class A Common Stock held by
the Agent for an employee’s account will be voted in accordance with the
employee’s duly delivered and signed proxy instructions. There will be no
charge to participating employees in connection with such notices, proxies and
other materials.

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28.     RULE 16b-3.

     Transactions under this Plan are intended to comply with all applicable
conditions of Rule 16b-3 or any successor provision under the Exchange Act. If
any provision of the Plan or action by the Board fails to so comply, it shall
be deemed null and void to the extent permitted by law and deemed advisable by
the Board. Moreover, in the event the Plan does not include a provision
required by Rule 16b-3 to be stated herein, such provision (other than one
relating to eligibility requirements, or the price and amount of awards) shall
be deemed automatically to be incorporated by reference into the Plan.

29.     PAYMENT OF PLAN EXPENSES.

     The Company will bear all costs of administering and carrying out the
Plan.

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