Document:

Exhibit 10.9

PROMISSORY
NOTE

	
  $500,000.00

  	
   

  	
  February 27, 2007

  

 

Stone Tan China
Acquisition Corp. (the “Maker”) promises to pay to the order of SPAC Trust (the
“Payee”) the principal sum of Five Hundred Thousand Dollars and No Cents ($500,000.00)
in lawful money of the United States of America, together with interest on the
unpaid principal balance of this Note, on the terms and conditions described
below.

1.                                       Principal.  The principal balance of this Note shall be
repayable on the earlier of (i) February 26, 2008 or (ii) the date on which
Maker consummates an initial public offering of its securities.

2.                                       Interest.  Interest shall accrue at the rate of 4% annually
(non-compounded) on the unpaid principal balance of this Note.

3.                                       Application
of Payments.  All payments shall be
applied first to payment in full of any costs incurred in the collection of any
sum due under this Note, including (without limitation) reasonable attorneys’
fees, then to the payment of any accrued interest and finally to the reduction
of the unpaid principal balance of this Note.

4.                                       Events
of Default. The following shall constitute Events of Default:

(a)                                  Failure
to Make Required Payments.  Failure
by Maker to pay the principal of or accrued interest on this Note within five
(5) business days following the date when due.

(b)                                 Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other
applicable federal or state bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of
creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of
the foregoing.

(c)                                  Involuntary
Bankruptcy, Etc.  The entry of a
decree or order for relief by a court having jurisdiction in the premises in
respect of maker in an involuntary case under the Federal Bankruptcy Code, as
now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
Maker or for any substantial part of its property, or ordering the winding-up
or liquidation of the affairs of Maker, and the continuance of any such decree
or order unstayed and in effect for a period of 60 consecutive days.

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5.                                       Remedies.

(a)                                  Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the
principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary
notwithstanding.

(b)                                 Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
unpaid principal balance of, and all other sums payable with regard to, this
Note shall automatically and immediately become due and payable, in all cases
without any action on the part of Payee.

6.                                       Waivers.  Maker and all endorsers and guarantors of,
and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors,
defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of
any present or future laws exempting any property, real or personal, or any
part of the proceeds arising from any sale of any such property, from
attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a
judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

7.                                       Unconditional
Liability.  Maker hereby waives all
notices in connection with the delivery, acceptance, performance, default, or
enforcement of the payment of this Note, and agrees that its liability shall be
unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal,
waiver or modification granted or consented to by Payee, and consents to any
and all extensions of time, renewals, waivers, or modifications that may be
granted by Payee with respect to the payment or other provisions of this Note,
and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to them or affecting their liability
hereunder.

8.                                       Notices.  Any notice called for hereunder shall be
deemed properly given if (i) sent by certified mail, return receipt requested,
(ii) personally delivered, (iii) dispatched by any form of private or
governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or
to such other address as either party may designate by notice in accordance
with this Section:

If to Maker:

Stone Tan China
Acquisition Corp.

9191 Towne Center Drive,

Suite 410

San Diego, California 92122

Attn:  Richard Tan, Chief Executive
Officer

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If to Payee:

SPAC Trust

Room 2, 10-F, No. 150 Fu-Hsin North Road

Taipei, Taiwan

Attn: Chih Chun Tan

Notice shall be
deemed given on the earlier of (i) actual receipt by the receiving party, (ii)
the date shown on a telefacsimile transmission confirmation, (iii) the date on
which an e-mail transmission was received by the receiving party’s on-line
access provider (iv) the date reflected on a signed delivery receipt, or (vi)
two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.

9.                                       Construction.  This Note shall be construed and enforced in
accordance with the domestic, internal law, but not the law of conflict of
laws, of the State of New York.

10.                                 Severability.  Any provision contained in this Note which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its Chief Executive Officer the day and year first above written.

	
   

  	
  STONE TAN CHINA ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard Tan

  	
   

  
	
   

  	
   

  	
  Name: Richard Tan

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

 3Exhibit
10.1

COVANCE INC.

2007 EMPLOYEE EQUITY
PARTICIPATION PLAN

(as
amended March 23, 2007)

1.                                      PURPOSE

The Covance Inc. 2007
Employee Equity Participation Plan (the “Plan”) is intended to (i) encourage
executive, managerial, technical and other Employees of Covance Inc. (the “Corporation”)
or a Subsidiary (as defined below) to become owners of stock of the Corporation
in order to increase their proprietary interest in the Corporation’s success;
(ii) to stimulate the efforts of certain key executive, managerial, technical
and other Employees by giving suitable recognition to services which contribute
materially to the Corporation’s success; and (iii) to provide such Employees
with additional incentive and reward opportunity.

2.                                      EFFECTIVE
DATE AND DURATION OF PLAN

The Plan shall become
effective upon its approval by the stockholders of the Corporation. Unless
previously terminated by the Corporation’s Board of Directors (the “Board”),
the Plan shall have a term of ten years.

3.                                      DEFINITIONS

(a)  “1934 Act” means the Securities and Exchange
Act of 1934, as amended, including the rules and regulations promulgated
thereunder.

(b)  “Award” means a stock option, SAR (as defined
below), stock award (as defined below), any other award made pursuant to the
terms of the Plan, or any combination of them, as described in and granted
under the Plan.

(c)  “Award Agreement” is defined in Section 13
hereof.

(d)  “Change of Control” is defined in Section
12(b).

(e)  “Code” means the Internal Revenue Code of
1986, as amended, including any rules and regulations promulgated thereunder or
any successor body of laws, rules and regulations.

(f)  “Committee” means the
Compensation and Organization Committee of the Board of Directors or such other
committee as is appointed by the Board to administer the Plan.

(g)  “Employee” means an employee or a consultant
of the Corporation or a Subsidiary.

(h)  “Fair Market Value” means the closing selling
price of the Shares on the New York Stock Exchange Composite Tape on the
valuation date, or, if there were no sales on the valuation date, the average
of the closing selling prices on the New York Stock Exchange Composite Tape on
the first trading day before and the first trading day after the valuation
date.

(i)  “Grant Price” is defined in Section 9 hereof.

(j)  “ISO” means an incentive stock option as
defined in Section 422 of the Code.

(k)  “Non-Statutory Option” means an option that
is not an ISO.

(l)  “Participant” means an Employee who has been
granted an Award under the Plan.

(m)  “Prior Plan” means the Covance Inc. 2002
Employee Equity Participation Plan.

(n)  “SAR” means a stock appreciation right.

(o)  “Shares” means the common stock of the
Corporation, par value $0.01 per share.

(p)  “Stock Award” means an award other than a
stock option or SAR.

(q)  “Subsidiary” means an entity that is directly
or indirectly controlled by the Corporation or any entity, including an
acquired entity, in which the Corporation has a significant equity interest, as
determined by the Committee.

(r)  “Treasury Shares” means authorized and
issued, but not outstanding, Shares.

4.                                      PLAN
ADMINISTRATION

(a)  The Committee shall be responsible for
administering the Plan. The Committee shall be comprised of two or more
non-employee members of the Board each of whom is a “Non-Employee Director”
within the meaning of Rule 16b-3 under the 1934 Act and an “outside director”
within the meaning of Section 162(m) of the Code.

(b)  The Committee shall have full and exclusive
power to interpret the Plan and to adopt such rules, regulations, and
guidelines for carrying out the Plan as it may deem necessary or proper, all of
which power shall be executed in the best interests of the Corporation and in
keeping with the provisions and objectives of the Plan.  This power includes, but is not limited to
(i) selecting Award recipients and the extent of their participation; (ii)
establishing all Award terms and conditions; (iii) adopting procedures and
regulations governing Awards; and (iv) making all other determinations
necessary or advisable for the administration of the Plan. All decisions made
by the Committee shall be final, binding and conclusive on all persons
interested in the Plan or any Awards.

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The Committee may
delegate from time to time during the term of the Plan to one or more executive
officers or directors of the Corporation the authority to carry out some or all
of its responsibilities provided that the Committee may not delegate its
authority and powers in any way which would be inconsistent with the
requirements of the Code or the 1934 Act. 
The Committee may at any time rescind the authority delegated to any
such executive officer or director.

To the extent consistent
with the Corporation’s Amended and Restated Certificate of Incorporation, no
member of the Committee shall be liable for any action or determination with
respect to the Plan, and the members shall be entitled to indemnification and
reimbursement in the manner provided in the Corporation’s Restated Certificate
of Incorporation, as amended, modified or supplemented from time to time.  In the performance of its functions under the
Plan, the Committee shall be entitled to rely upon information and advice
furnished by the Corporation’s officers, accountants, counsel and any other
party the Committee deems necessary, and no member of the Committee shall be
liable for any action taken or not taken in reliance upon any such advice.

(c) The Committee may,
from time to time, alter or amend, and the Board of Directors may terminate,
the Plan as it shall deem advisable, subject to any requirement for shareholder
approval imposed by applicable law or securities exchange listing
requirements.  However, the Committee and
Board may not, without the approval of the Corporation’s shareholders, amend
the Plan to increase the number of Shares that may be issued under the Plan
(except for adjustments pursuant to Section 6 hereof), or authorize the
amendment of any outstanding stock option or SAR to reduce the Grant Price
specified by Section 9(a) hereof. Furthermore, no stock option or SAR will be
cancelled and replaced with awards having a lower Grant Price without further
approval of the shareholders of the Company. This Section 4(c) is intended
to prohibit the repricing of stock options and SARs and will not be construed
to prohibit the adjustments provided for in Section 7 of this Plan.

(d) The termination of
the Plan, either pursuant to Section 2, Section 4(c) or otherwise, shall not
cause any previously granted Awards to terminate. After the termination of the
Plan, any previously granted Awards shall remain in effect and shall continue
to be governed by the terms of the Plan, the Awards, and any applicable Award
Agreements.

5.                                    PARTICIPATION

The individuals who shall
be eligible to receive Awards under the Plan shall be Employees (including
officers who are directors) as the Committee or one or more executive officers
or directors, in accordance with Section 4(b) hereof shall approve from time to
time. Designation of a participant in any year shall not require the Committee
to designate that person to receive a benefit in any other year or to receive
the same type or amount of benefit as granted to the participant in any other
year or as granted to any other participant in any year. The Committee shall
consider all factors that it deems relevant in selecting participants and in
determining the type and amount of their respective benefits.

6.                                      LIMITATION
ON NUMBER OF SHARES

(a)  Subject to the provisions of this Section 6
and Section 7 hereof, up to 1,600,000 Shares may be issued under the Plan.  The stock subject to the provisions of this
Plan shall be shares of authorized but unissued Shares and Treasury Shares.

(b)  In addition to the Shares authorized by
Section 6(a) hereof, the following Shares may be issued under the Plan:  (i)  Shares
that were available for issuance under the Prior Plan but were not issued or
subject to options granted under the Prior Plan, (ii)  Shares that are forfeited under the Prior
Plan and Shares that are not issued under the Prior Plan because of the cancellation,
termination or expiration of awards, and/or other similar events under the
Prior Plan, and (iii)  Shares that are
issued under the Plan which are subsequently forfeited in accordance with the
terms of the Award or an Award Agreement or shares that are not issued because
of the cancellation, termination, or expiration of Awards and/or similar events
under the Plan.

(c)  Subject to the adjustment provisions set
forth herein, not more than 1,600,000 Shares shall be issued under Awards other
than stock options and SARs.  In addition
to the forgoing the shares available for issuance as Awards other than stock
options and SARs under the Prior Plan but not so issued may be issued
hereunder.  There shall be no net share
counting of stock settled SARs under this Plan.

(d)  Subject to the foregoing provisions of this
Section 6, if an Award may be paid only in Shares or in either cash or Shares,
the Shares shall be deemed to be issued hereunder only when and to the extent
that payment is actually made in Shares. 
However, the Committee may, in its discretion, authorize a cash payment
under an Award in lieu of Shares.

(e)  Subject to the adjustment provisions set
forth herein, an individual Participant may not receive Awards with respect to
more than 25% of the number of Shares specified in Section 6(a) hereof over the
term of the Plan.

7.                                      ADJUSTMENT
PROVISIONS

In
the event that any dividend or other distribution (whether in the form of
Shares, other securities, or other property), extraordinary cash dividend, recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities, the exercisability of stock purchase rights received under any
shareholders’ rights plan, the issuance of warrants or other rights to purchase
Shares or other securities, or other similar corporate transaction or event
materially affects the Shares with respect to which Awards have been or may be
issued under the Plan, then the Committee shall, in a manner and to the extent
that the Committee deems appropriate to prevent any dilution or enlargement of
the benefits or potential benefits intended to be made available under the
Plan:

(a)  adjust the number and type of securities that
thereafter may be issued under the Plan,

(b)  adjust the number and type of securities
subject to outstanding Awards,

(c)   adjust the Grant Price or purchase price
with respect to any Award, or

(d)   make provision for a cash payment to the
holder of an outstanding Award; provided, however, that in no event shall a
cash payment be made for any Option or SAR which has an exercise or grant price
that is below the current Fair Market Value of the Common Stock.

However,
no adjustment shall be authorized with respect to incentive stock options to
the extent that the adjustment would cause the options to violate Section
422(b) of the Code or any successor provision. In addition, the number of
securities subject to any Award denominated in Shares shall always be a whole
number.

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In
the event the Corporation acquires another entity by means of a merger,
consolidation, acquisition of property or stock, reorganization or otherwise,
the Committee shall be authorized to cause the Corporation to issue or to
assume stock options or stock appreciation rights, whether or not in a
transaction to which Section 424(a) of the Code applies, by means of
substitution of new options or rights for previously issued options or rights
or an assumption of previously issued options or rights. Any substitute Awards
granted under the Plan shall not count against the share limitations set forth
in Section 6 hereof, to the extent permitted by Section 303A.08 of the
Corporate Governance Standards of the New York Stock Exchange.

Subject
to any required action by the Corporation’s shareholders, if the Corporation is
a party to any merger or consolidation where the Corporation is not the
survivor, a Participant holding an outstanding Award valued directly or
indirectly by Shares shall be entitled to receive, upon the exercise of the
Award, the same per Share consideration (cash, shares or other consideration)
on the same terms that a holder of the same number of Shares that are subject
to the Participant’s Award would be entitled to receive pursuant to the merger
or consolidation.

8.                                      TERMINATION
OF GRANTS UNDER THE PRIOR PLAN

Effective upon the
approval of this Plan by the Corporation’s shareholders, no further grants of
options, rights, units or other awards are or will be permitted under the Prior
Plan. All grants and awards under the Prior Plan that remain outstanding after
the approval of this Plan by the Corporation’s shareholders shall be
administered and paid in accordance with the provisions of the Prior Plan; provided,
however, that the shares related to such grants and awards which have
not been issued prior to this Plan’s approval by the Corporation’s shareholders
shall be issuable under this Plan in accordance with Section 9(e) hereof.

9.                                      AWARDS
UNDER THE PLAN

The following types of
Awards may be granted under this Plan, singly, or in combination as the
Committee may determine from time to time:

(a)  Stock Options - A stock option shall
represent a right to purchase a specified number of Shares at a stated exercise
price (the “Grant Price”) during a specified time, not to exceed ten years from
the date of grant, as determined by the Committee.  The Grant Price per Share for each stock
option shall not be less than 100% of the Fair Market Value on the date of
grant.  A stock option may be in the form
of an ISO or a Non-Statutory Option which in each case is consistent with the
applicable terms, conditions, and limitations established by the Committee.
Upon satisfaction of the applicable conditions to exercisability specified in
the terms and conditions of the Award Agreement, the Participant shall be
entitled to exercise the option in whole or in part and to receive, upon
satisfaction or payment of the Grant Price in the manner contemplated in this
Section 9(a), the number of Shares in respect of which the option shall have
been exercised.

The Shares covered by a
stock option may be purchased by methods permitted by the Committee, including:
(i) a cash payment; (ii) tendering Shares owned by the Participant, valued at
the Fair Market Value at the date of exercise; (iii) to the extent permitted by
applicable law, authorizing the Corporation to sell the Shares (or a sufficient
portion thereof) acquired upon exercise of a stock option, and assigning to the
Corporation a sufficient amount of the sale proceeds to pay for all the Shares
acquired through such exercise and any tax withholding obligations resulting
from such exercise, or (iv) such other methods as the Committee, in its
discretion, deems appropriate.

The Committee may not (i) grant additional stock options under the Plan
to a Participant contingent upon the surrender of Shares owned by the
Participant in payment of the Grant Price of a stock option granted under the
Plan, or (ii) change or amend the exercise price of any stock options.

(b)  SARs – An SAR shall represent a right to
receive a payment in cash, Shares, or a combination thereof as determined by
the Committee, equal to the excess of the Fair Market Value of a specified
number of Shares on the date the SAR is exercised over an amount which shall be
no less than the Fair Market Value on the date the SAR was granted as set forth
in the applicable Award Agreement. SARs issued hereunder shall not have a term
in excess of ten years.

(c)  Other Stock Awards – A Stock Award shall
represent an Award made in Shares or denominated in units equivalent in value
to Shares or any other Award based on or related to Shares.  All or part of any Stock Award may be subject
to conditions and restrictions established by the Committee, and set forth in
the applicable Award Agreement, which may include, but are not limited to,
continuous service with the Corporation or a Subsidiary and/or the achievement
of Corporation or individual performance goals. 
No more than five percent of the shares available for grant hereunder as
Awards other than stock options and SARs may be issued as restricted stock
other than (i) performance based restricted stock with less than one year
vesting, or (ii) restricted stock with a vesting term of less than three year
pro rata vesting.  The performance
criteria that shall be used by the Committee in granting Stock Awards
contingent on performance goals for officers to whom 162(m) of the Code is
applicable shall consist of stock price, earnings level, and return on equity
or such other criteria that shall satisfy the requirements of Section 162(m) or
any successor provision.

(d)  Dividends – The Committee may provide that
Awards under Section 9(c) of the Plan earn dividends or dividend equivalents.
Such dividends or dividend equivalents may be paid currently or may be credited
to a participant’s account. Any crediting of dividends or dividend equivalents
may be subject to such restrictions and conditions as the Committee may
establish, including reinvestment in additional Shares or Share equivalents.

(e)  Prior Plan Awards – Awards which, pursuant to
their terms, would have been made under the Prior Plan but were not done so
prior to the approval of this Plan by the Corporation’s shareholders, such as “reload”
options and additional performance shares earned under restricted stock
agreements, shall be issued under the Plan in accordance with the terms of the
Prior Plan.

10.                               PAYMENTS
AND PAYMENT DEFERRALS

Payment of Awards may be
in the form of cash, Shares, other Awards, or combinations thereof as the
Committee shall determine, and with such restrictions as it may impose.  The Committee also may require or permit
participants to elect to defer the receipt or issuance of Shares from stock
options or Stock Awards or the settlement of Awards in cash under such rules
and procedures as it may establish under the Plan.  It also may provide that deferred settlements
of Awards include the payment or crediting of earnings on deferred amounts, or
the payment or crediting of dividend equivalents where the deferred amounts are
denominated in Share equivalents.  In
addition, the Committee may stipulate in an Award Agreement, either at the time
of grant or by subsequent amendment to such Award Agreement, that a payment or
portion of a payment of an Award be delayed in the event that Section 162(m) of
the Code (or any successor or similar provision of the Code affecting tax
deductibility) would disallow a tax deduction by the Corporation for all or a
portion of such payment.  The period of
any such delay in payment shall be until the payment, or portion thereof, is
tax deductible, or such earlier date as the Committee shall determine.

Notwithstanding any
provision of the Plan to the contrary, to the extent that awards under the Plan
are subject to the provisions of Section 409A of the Code, then the Plan as
applied to those amounts shall be interpreted and administered so that it is
consistent with such Code section.

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11.                               TRANSFERABILITY

During the lifetime of a
Participant, the Award shall be exercisable only by such Participant and Awards
shall not be transferable or assignable other than by will or the laws of
descent and distribution, or pursuant to qualified domestic relations orders as
defined in or meeting the requirements of the Code or Title I of the Employee
Retirement Income Security Act of 1974, as amended provided, however, that, in
the discretion of the Committee, a Non-Statutory Option may, in connection with
a Participant’s estate plan, be assigned in whole or in part during the
Participant’s lifetime to one or more members of the Participant’s immediate
family or to a trust established exclusively for one or more such family
members. The assigned portion may only be exercised by the person or persons
who acquire a proprietary interest in the Option pursuant to the
assignment.  The terms applicable to the
assigned portion shall be the same as those in effect for the Option
immediately prior to such assignment and shall be set forth in such documents
issued to the assignee as the Committee may deem appropriate.  Notwithstanding the forgoing, in no event
shall any Award be transferred for value or consideration.

12.                               CHANGE
OF CONTROL

(a)  In the event of a Change of Control, all
Awards which have not vested shall immediately vest upon the occurrence of such
Change of Control.

(b)  A “Change of Control” shall be deemed to
occur if and when:  (i)  any person (including as such term is used in
Section 13(d) and 14(d)(2) of the 1934 Act) becomes the beneficial owner,
directly or indirectly, of securities representing 20% or more of the combined
voting power of the Corporation’s then outstanding securities; or (ii)  as a result of a proxy contest or contests or
other forms of contested shareholder votes (in each case either individually or
in the aggregate), a majority of the individuals elected to serve on the
Corporation’s Board of Directors are different than the individuals who served
on the Corporation’s Board of Directors at any time within the two years prior
to such proxy contest or contests or other forms of contested shareholder votes
(in each case either individually or in the aggregate); or (iii)  when 
the Corporation’s shareholders approve a merger, or consolidation (where
in each case the Corporation is not the survivor thereof), or sale or disposition
of all or substantially all of the Corporation’s assets or a plan or partial or
complete liquidation; or (iv)  when an
offeror (other than the Corporation) purchases shares of the Corporation’s
Common Stock pursuant to a tender or exchange offer for securities representing
20% or more of the combined voting power of the Corporation’s then outstanding
securities.

13.                               AWARD
AGREEMENTS

Each Award under the Plan
shall be evidenced by an agreement setting forth its terms, conditions, and
limitations for each Award, and the provisions applicable in the event the
Participant’s employment terminates (an “Award Agreement”).  The Committee need not require the execution
of any such agreement by the recipient, in which case acceptance of the Award
by the respective Participant shall constitute agreement by the Participant to
the terms and conditions of the Awards.

14.                               TAX
WITHHOLDING

The Corporation shall
have the right to deduct from any settlement of an Award made under the Plan,
including the delivery or vesting of Shares, or require the payment of, a
sufficient amount to cover withholding of any federal, state or local or other
governmental taxes or charges required by law or such greater amount of
withholding as the Committee shall determine from time to time and as permitted
by applicable laws, rules and regulations, or to take such other action as may
be necessary to satisfy any such withholding obligations.  If the Committee permits or requires Shares
to be used to satisfy required tax withholdings, such Shares shall be valued at
the Fair Market Value as of the tax recognition date for such Award or such
other date as may be required by applicable law, rule or regulation.

15.                               OTHER
BENEFIT AND COMPENSATION PROGRAMS

Unless otherwise
specifically determined by the Committee, settlements of Awards received by
Participants under the Plan shall not be deemed a part of a Participant’s
regular, recurring compensation for purposes of calculating payments or
benefits from any Corporation benefit plan or severance program. Further, the
Corporation or any Subsidiary may adopt from time to time other compensation
programs, plans or arrangements as it deems appropriate or necessary.

16.                               UNFUNDED
PLAN

Unless otherwise
determined by the Committee, the Plan shall be unfunded and shall not create
(or be construed to create) a trust or a separate fund or funds.  The Plan shall not establish any fiduciary
relationship between the Corporation and any participant or other person. To
the extent any person holds any rights by virtue of an Award granted under the
Plan, such rights shall constitute general unsecured liabilities of the
Corporation and shall not confer upon any participant any right, title, or
interest in any assets of the Corporation.

17.                               REGULATORY
APPROVALS

The implementation of the
Plan, the granting of any Award under the Plan, and the issuance of Shares upon
the exercise or settlement or any Award shall be subject to the Corporation’s
procurement of all approvals and permits required by regulatory authorities
having jurisdiction over the Plan, the Awards granted under it, or the Shares
issued pursuant to it. In the event any benefit under this Plan is granted to
an employee who is employed or providing services outside the United States and
who is not compensated from a payroll maintained in the United States, the
Committee may, in its sole discretion, modify the provisions of the Plan as
they pertain to such individuals to comply with applicable law, regulation or
accounting rules consistent with the purposes of the Plan and the Board of
Directors or the Committee may, in its discretion, establish one or more
sub-plans to reflect such modified provisions. 
All sub-plans adopted by the Committee shall be deemed to be part of the
Plan, but each sub-plan shall apply only to Participants within the affected
jurisdiction and the Company shall not be required to provide copies of any
sub-plans to Participants in any jurisdiction which is not the subject of such
sub-plan.

18.                               RIGHTS
AS A STOCKHOLDER

A Participant shall have no rights as a stockholder with respect to
Shares covered by an Award until the date the Participant or his nominee is the
holder of record with respect to the Shares covered by such Award.  No adjustment will be made for dividends or
other rights for which the record date is prior to such date, except as may be
provided pursuant to Section 9(d) hereunder.

19.                               FUTURE
RIGHTS

No person shall have any
claim or right to be granted an Award, and the grant of an Award shall not be
construed as giving a Participant the right to be retained in the employ of the
Corporation or a Subsidiary or to participate in any other compensation or
benefit plan, program or arrangement of the Corporation or any Subsidiary or to
receive any future Award under the Plan. 
In addition, the Corporation expressly reserves the right at any time to
dismiss a Participant free from any liability or any claim under the Plan,
except as expressly provided in the Plan or in any Award Agreement entered into
hereunder.

 4

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