Document:

Exhibit 10.40.2 

CITIGROUP INC. 

2009 STOCK INCENTIVE PLAN, AS AMENDED

	1.		Section 4(a)
      of the Plan is amended and restated to provide as follows:
	   
			(a)		Committee
      Authority. The Committee shall have
      full and exclusive power to administer and interpret the Plan, to grant
      Awards and to adopt such administrative rules, regulations, procedures and
      guidelines governing the Plan and the Awards as it deems appropriate, in
      its sole discretion, from time to time. The Committee’s authority shall
      include, but not be limited to, the authority to (i) determine the type of
      Awards to be granted under the Plan; (ii) select Award recipients and
      determine the extent of their participation; and (iii) establish all other
      terms, conditions, and limitations applicable to Awards, Award programs
      and the shares of Common Stock issued pursuant thereto. The Committee may
      accelerate or defer the vesting or payment of Awards, cancel or modify
      outstanding Awards, waive any conditions or restrictions imposed with
      respect to Awards or the Common Stock issued pursuant to Awards and make
      any and all other determinations that it deems appropriate with respect to
      the administration of the Plan, subject to the limitations contained in
      Section 21.
	 
	2.		Section 21
      of the Plan is amended and restated to provide as follows:
	 
		     	(a)	     	The Plan may be
      amended, suspended or terminated at any time by the Board, provided that
      no amendment shall be made without stockholder approval, if it would (i)
      materially increase the number of shares available under the Plan, (ii)
      materially expand the types of awards available under the Plan, (iii)
      materially expand the class of persons eligible to participate in the
      Plan, (iv) materially extend the term of the Plan, (v) materially change
      the method of determining the exercise price of an Award, (vi) delete or
      limit the prohibition against repricing contained in Section 4(d), or
      (vii) otherwise require approval by the stockholders of the Company in
      order to comply with applicable law or the rules of the New York Stock
      Exchange (or, if the Common Stock is not traded on the New York Stock
      Exchange, the principal national securities exchange upon which the Common
      Stock is traded or quoted). No such amendment referred to above shall be
      effective unless and until it has been approved by the stockholders of the
      Company. Notwithstanding the foregoing, with respect to Awards subject to
      Section 409A of the Code, any amendment, suspension or termination of the
      Plan shall conform to the requirements of Section 409A of the Code. Except
      as otherwise provided in Section 5(b), Section 7(e), Section 11(a),
      Section 13(a), and Sections 21(b), 21(c) and 21(d), no termination,
      suspension or amendment of the Plan or any Award shall adversely affect
      the right of any Participant with respect to any Award theretofore
      granted, as determined by the Committee, without such Participant’s
      written consent. Unless terminated earlier by the Board, the Plan will
      terminate on April 21, 2014.

  

			(b)		The Committee may amend or modify
      the terms and conditions of an Award to the extent that the Committee
      determines, in its sole discretion, that the terms and conditions of the
      Award violate or may violate Section 409A of the Code; provided, however,
      that unless the Committee determines otherwise, any such amendment or
      modification of an Award made pursuant to this Section 21(b) shall
      maintain, to the maximum extent practicable, the original intent of the
      applicable Award provision without contravening the provisions of Section
      409A of the Code. The amendment or modification of any Award pursuant to
      this Section 21(b) shall be at the Committee’s sole discretion and the
      Committee shall not be obligated to amend or modify any Award or the Plan,
      nor shall the Company be liable for any adverse tax or other consequences
      to a Participant resulting from such amendments or modifications or the
      Committee’s failure to make any such amendments or modifications for
      purposes of complying with Section 409A of the Code or for any other
      purpose. To the extent the Committee amends or modifies an Award pursuant
      to this Section 21(b), the Participant shall receive notification of any
      material changes to his or her Award and, unless the Committee determines
      otherwise, the changes described in such notification shall be deemed to
      amend the terms and conditions of the applicable Award and Award
      Agreement.
	 		
			(c)		To the extent an Award may
      subject a Participant to income recognition pursuant to Section 457A of
      the Code or any other provision of U.S. or non-U.S. income tax law prior
      to the time at which the Company anticipated that income attributable to
      the Award would become taxable to such Participant, in order to mitigate
      the unanticipated tax burden on such Participant the Committee may amend
      or modify the terms and conditions of such Award, including accelerating
      the vesting of all or any portion of the Award; provided, however, that
      unless the Committee determines otherwise, any such amendment or
      modification of an Award made pursuant to this Section 21(c) shall
      maintain, to the maximum extent practicable, the original intent of the
      applicable Award provision. The amendment or modification of any Award
      pursuant to this Section 21(c) shall be at the Committee’s sole discretion
      and the Committee shall not be obligated to amend or modify any Award or
      the Plan, nor shall the Company be liable for any adverse tax or other
      consequences to a Participant resulting from such amendments or
      modifications or the Committee’s failure to make any such amendments or
      modifications for purposes of complying with Section 457A of the Code or
      for any other purpose. To the extent the Committee amends or modifies an
      Award pursuant to this Section 21(c), the Participant shall receive
      notification of any material changes to his or her Award and, unless the
      Committee determines otherwise, the changes described in such notification
      shall be deemed to amend the terms and conditions of the applicable Award
      and Award Agreement.
	 		
	  	     	(d)	     	The Committee may modify the
      provisions of an Award and/or the Plan to the extent required or permitted
      under any applicable law, regulation, rule, regulatory guidance or legal
      authority or any policy implemented at any time by the Company in its
      discretion to (i) comply with any legal, regulatory or governmental
      requirements, directions, supervisory comments, guidance or promulgations specifically including but not limited to
      guidance on remuneration practices or sound incentive compensation
      practices promulgated by any U.S. or non-U.S. governmental agency or
      authority, (ii) comply with the listing requirements of any stock exchange
      on which the Company’s common stock is traded, or (iii) comply with or
      enable the Company to qualify for any government loan, subsidy, investment
      or other program.Exhibit 10.46

CITIGROUP INC.

DEFERRED CASH AWARD PLAN

(as Amended and Restated Effective as of
January 1, 2012)

 

 

 

 

 

 

 

 

 

 

CITIGROUP INC. 

DEFERRED CASH AWARD PLAN

Purpose 

     Citigroup
Inc. has adopted this Citigroup Inc. Deferred Cash Award Plan, as amended and
restated effective as of January 1, 2012 (the “Plan”), for certain eligible employees
of the Company in order to provide such eligible employees with a deferred cash
incentive compensation opportunity.

ARTICLE
I
DEFINITIONS

     As used
herein, the following terms have the meanings set forth below.

     “Account” means a bookkeeping account
maintained on the books and records of the Company to record Deferred Cash
Award(s) and Return(s) credited in accordance with the Plan. An Account is
established only for purposes of measuring a deferred benefit and not to
segregate assets or to identify assets that may be used to make payments
hereunder.

     “Account Balance” means the amount
reflected on the books and records of the Company as the value of a
Participant’s Account at any date of determination, as determined in accordance
with the Plan.

     “Affiliated Employer” means Citigroup
Inc. or any company or other entity that is related to Citigroup Inc. as a
member of a controlled group of corporations in accordance with Section 1.409A-1(h)(3) of the Treasury Regulations promulgated pursuant to Section 409A of the
Code.

     “Award” means a Participant’s Deferred
Cash Award.

     “Award Agreement” means a written or
electronic document setting forth individualized information relating to a
Participant’s deferral under the Plan. A Participant’s offer letter or other
employment-related document may constitute an Award Agreement.

     “Award Date” means the third Tuesday in
January of the Year in which the Award is granted, or such other date as
determined by the Plan Administrator in its sole discretion or pursuant to the
Award Agreement. 

     “ Citi Common Stock” means shares of
common stock of Citigroup Inc., par value $.01.

     “Code” means the Internal Revenue Code
of 1986, as amended, including any rules and regulations promulgated
thereunder.

2

     “Committee” means the Personnel & Compensation Committee of the Board of
Directors of Citigroup Inc. and any person to whom it has delegated its
authority, including but not limited to the Plan Administrator.

     “Clawback Provision” means a term of an
Award under which an Award may or shall be canceled, forfeited, reduced, or
subject to recovery by the Company, whether or not the Award has been vested,
distributed, or paid.

     “Company” means Citigroup Inc., a
Delaware corporation and its consolidated subsidiaries, or as applicable, any of
its consolidated subsidiaries.

     “Deferred Cash Award” means an
unfunded, unsecured promise to make a cash payment to a Participant at the end
of a specified period of time and may be a Deferred Cash Stock Unit
Award.

     “Deferred Cash Stock Unit
Award” means a Deferred Cash Award that is
denominated in units of Citi Common Stock, with each stock unit having a value
equal to the value of one share of Citi Common Stock as reported on the New York
Stock Exchange, with the valuation date and method determined in the sole
discretion of the Plan Administrator and consistently with the SIP.

     “DIRAP” means the Citi Discretionary
Incentive and Retention Award Plan, as amended from time to time.

     “Eligible Employee” means an employee
of an Employer who (a) is eligible to receive an award pursuant to the DIRAP or
(b) is selected to receive an Off-Cycle Award, and (c) for awards both under
DIRAP and Off-Cycle Awards, who is actively employed by an Employer on the Award
Date.

     “Employer” means the Affiliated
Employer that employs a Participant.

     “Holdback Period” means the period
after the vesting date of an Award during which the award is not distributable
to the Participant.

     “Off-Cycle Award” means any Deferred
Cash Award that is not granted pursuant to the terms of DIRAP.

     “Participant” means an Eligible
Employee who has been granted an Award under the Plan.

     “Performance Criteria” means
performance criteria related to a period of performance which may be established
on a Company-wide basis, with respect to one or more business units or divisions
or subsidiaries, or as otherwise described in an Award Agreement, and may be
based upon the attainment of such criteria as may be determined by the Plan
Administrator in its discretion and described in an Award Agreement.

3

     “Performance Option” means the performance option(s) designated by the Plan
Administrator (from time to time in its sole discretion) to measure the Return
to be credited (or debited) to a Participant’s Account Balance; provided, that
the Plan Administrator may change or amend such designated performance option(s)
at any time in its sole discretion.

     “Plan Administrator” means the Senior
Human Resources Officer of Citigroup Inc. or his or her delegates. Any such
delegation need not be in writing.

     “Return” shall have the meaning set
forth in Section 3.02. 

     “Separation from Service” means a
termination of a Participant’s employment with an Employer, provided such
termination constitutes a “separation from service” within the meaning of
Treasury Regulation 1.409A-1(h) promulgated pursuant to Section 409A of the
Code.

     “SIP” means the 2009 Stock Incentive
Plan, as amended and restated from time to time, or its successors.

     “Specified Employee” means a “specified
employee,” as defined in Section 409A of the Code.

     “Total Incentive Compensation” means
the amount of a Participant’s aggregate cash and non-cash incentive compensation
for a given Year, prior to giving effect to any deferral under the Plan. Total
Incentive Compensation does not include base salary or any multi-year incentive
award, unless otherwise provided by the Plan Administrator.

     “Vesting Condition” means any term,
condition or restriction described in applicable Award documents that a
Participant must satisfy in order to receive a payment, distribution or
otherwise realize monetary value from an Award.

     “Vesting Date” is the date on which all
Vesting Conditions have been satisfied.

     “Year” means the calendar
year.

ARTICLE II
AWARDS UNDER THE
PLAN

     Section 2.01 Participation. The
Committee and/or management of the Company is authorized, consistent with the
terms of the Plan to grant Awards to Eligible Employees.

     Section
2.02 Awards Generally. Deferrals under the Plan shall be automatic  and
mandatory and may be equal to a specified percentage of the Participant’s  Total Incentive Compensation, determined by
the Plan Administrator in its sole  discretion.

4

     Section 2.03 Award Agreements. Each Award granted
under the Plan shall be evidenced by an Award Agreement that sets forth the
terms, conditions, restrictions and limitations applicable to the Award, which
may include Performance Option(s), Vesting Conditions, provisions
applicable upon termination of employment with an Employer, Performance
Criteria, Clawback Provisions, Holdback Periods, and other terms and conditions
specified in the governing Award documentation. The Plan Administrator may
require a Participant to sign (or acknowledge receipt of) an Award Agreement as
a condition of participation in the Plan. If the Plan Administrator does not
require the execution of an Award Agreement by a Participant, acceptance of any
benefit of the Award by the Participant shall constitute agreement by the
Participant to the terms, conditions, restrictions and limitations set forth in
the Plan and the Award Agreement as well as the administrative guidelines and
practices of the Company in effect from time to time relating to the
Plan.

ARTICLE
III
ACCOUNTS

     Section 3.01
Maintenance of Accounts.

     (a)
The Company or an Employer will maintain an
Account on its books and records for each Participant. The Account will be a
book entry credit reflecting a Participant’s Award and will periodically be
credited or charged with the Return attributable to such Award pursuant to
Section 3.02. A Participant’s Account will be charged with distributions to the
Participant or the Participant’s estate.

     (b)
For administrative purposes, a Participant’s
Account may be divided into sub-Accounts, for purposes of tracking different
Performance Options (if more than one) or maturity schedules, in each case as
applicable, or otherwise as necessary for purposes of reflecting the
Participant’s Award and the Return thereon. 

     Section 3.02 Return on Awards.

     (a) Awards will be credited with a
return (positive or negative) (the “Return”) on such schedule as the Plan
Administrator shall determine in its sole discretion, to reflect the equivalent
of the earnings and losses that a Participant’s Account would have experienced
had such amounts actually been invested in the Performance Option, as determined
by the Plan Administrator in its sole discretion. The Plan Administrator shall
from time to time designate such Performance Option(s) as it shall determine and
the Plan Administrator may, in its sole discretion, make a different Performance
Option(s) available to different Participants. The Plan Administrator shall
communicate the assigned or available Performance Option(s) on or about the
Award Date and any change or amendments to the assigned or available Performance
Option(s) shall be communicated to Participants.

     (b)
A Participant’s Account will not be invested in
any Performance Option and such Account does not represent the Participant’s
ownership of, or any ownership interest in, any Performance Option.

     (c)
Notwithstanding any provision of this Plan to the
contrary, the Plan Administrator may, in its sole discretion, alter, modify,
eliminate or replace any Performance Option, as applicable, that is used to
calculate the Return on a Participant’s Accounts under the Plan. In the event
the Plan Administrator alters, modifies or eliminates any Performance Option,
the Plan Administrator may, in its sole discretion, provide the affected
Participants another Performance Option under the Plan.

5

ARTICLE IV
PAYMENTS

     Section 4.01
Payments Generally. Subject to the terms of the Award Agreement, including without limitation, any Vesting Conditions and any
applicable Holdback Period, and subject to Section 7.05 of this Agreement, the
vested portion of a Participant’s Account Balance will be paid or distributed to
the Participant in a single sum as soon as practicable after the occurrence of
the applicable Vesting Date, but in any event no later than (a) the end of the
calendar year in which the Vesting Date occurs or (b) if later, the fifteenth
day of the third month following the Vesting Date.

     Section 4.02 Taxes and Withholding. All
payments under the Plan are subject to applicable withholdings and employment or
other taxes. As a condition to any payment or distribution of any Award made
pursuant to the Plan, the Company may, in its discretion, require a Participant
to pay such sum to the Company as may be necessary to discharge the Company’s
obligations with respect to any taxes, assessments or other governmental
charges, whether of the United States or any other jurisdiction, imposed on the
Participant, property or income on account of participation in the Plan. In the
discretion of the Company, the Company may deduct or withhold such sum from any
payment or distribution to the Participant, whether pursuant to the Plan or
otherwise. In addition, the Company may require a Participant to pay the Company
an amount necessary to discharge Company obligations with respect to any payroll
taxes that may be owed on the Participant’s Account Balance that are no longer
subject to a substantial risk of forfeiture.

     Section 4.03 Currency and Foreign Exchange Rates. All payments made pursuant to the Plan will be made in cash in U.S.
dollars to Participants who are employed or reside within the United States at
the time such payments are made. With respect to Participants who are employed
or reside outside the United States, unless the Company determines otherwise,
all payments made pursuant to the Plan will be made in cash in the local
currency of the country in which the Participant is employed or resides at the
time such payments are made and such payments shall be made in accordance with
the foreign currency exchange rate in effect at the time of payment as
determined by the Company. However, if a Participant works in more than one
country between an Award Date and a payment date, the Participant may receive
proportionate distribution payments in the local currency of each work country,
at exchange rates determined by the Plan Administrator in its sole
discretion.

     Section 4.04 Nontransferability. Except
as may be otherwise provided in an Award Agreement, no Participant nor any
creditor or beneficiary of any Participant shall have the right to subject an
amount payable or distributable under this Plan to any anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, attachment or garnishment
during the Participant’s lifetime, including but not limited to, in connection
with a divorce, legal separation, or similar event. Prior to payment as provided
for herein, a Participant will have no rights under the Plan to make withdrawals
from his or her Account for any reason. In no event will a Participant be
entitled to receive loans from the Company or an Employer based upon his or her
Account Balance.

6

     Section 4.05
Liability for Payment. Each Employer shall be liable for the amount of any payment
owed to a Participant who is employed by such Employer during the deferral
period applicable to an Award; provided, however, that in the event that a
Participant is employed by more than one Employer during the deferral period
applicable to an Award, each Employer shall be liable for its allocable portion
of such payment, unless determined otherwise by the Plan
Administrator.

ARTICLE
V
ADMINISTRATION

     Section 5.01 Plan
Administrator. The Plan shall be administered
by the Plan Administrator. The Plan Administrator shall have discretionary
authority to interpret the Plan, to make all legal and factual determinations,
and to determine all questions arising in the administration of the Plan,
including, without limitation, the reconciliation of any inconsistent
provisions, the resolution of ambiguities, the correction of any defects, and
the supplying of omissions. The Plan Administrator may accelerate or defer the
vesting or payment of Awards, cancel or modify outstanding Awards, and waive any
conditions or restrictions imposed with respect to Awards, subject to the
limitations contained herein. Each interpretation, determination or other action
made or taken pursuant to the Plan by the Plan Administrator shall be final and
binding on all persons. To the extent permitted by applicable law, the Plan
Administrator may at any time delegate to one or more employees of the Company
or an Employer some or all of its authority over the administration of the Plan.
Such delegation need not be in writing.

ARTICLE VI
AMENDMENTS AND TERMINATION 

     Section 6.01 Right to Amend or Terminate the Plan. The Committee may alter, amend, modify, suspend or terminate
the Plan at any time in its sole discretion provided that no such alteration,
amendment, modification, suspension or termination shall cause an Award or any
portion of an Account or the Plan to violate Section 409A or Section 457A of the
Code. No further Awards will be made after the effective date of termination of
the Plan. Following such termination, payment in respect of each Participant’s
Accounts will be made as provided in Section 6.02. To the extent the Committee
deems it necessary or appropriate to modify or amend an Award, the Plan or an
Award Agreement, each affected Participant shall receive a supplemental
communication describing any such material changes. For the avoidance of doubt,
no action permitted to be taken by the Committee pursuant to this Section 6.01
shall require the consent of any Participant.

     Section 6.02 Payment Following Termination of the Plan. Upon termination of the Plan, the Plan Administrator may
take such action with respect to each Participant’s Accounts as it reasonably
determines is necessary or desirable; provided, however, that the Plan
Administrator may take no action which will result in accelerated taxation or
tax penalties under Section 409A or 457A of the Code in respect of any
Participant’s Account(s). No termination of the Plan or any Participant’s Award
Agreement will give rise to a claim of constructive termination of employment by
any Participant.

7

     Section
6.03. Other Amendments.

     (a) The Plan Administrator may amend
or modify the terms and conditions of an Award to the extent that the Plan
Administrator determines, in its sole discretion, that the terms and conditions
of the Award violate or may violate Section 409A of the Code; provided, however,
that unless the Plan Administrator determines otherwise, any such amendment or
modification of an Award made pursuant to this Section shall maintain, to the
maximum extent practicable, the original intent of the applicable Award
provision without contravening the provisions of Section 409A of the Code. The
amendment or modification of any Award pursuant to this Section shall be at the
Plan Administrator’s sole discretion and the Plan Administrator shall not be
obligated to amend or modify any Award or the Plan, nor shall the Company be
liable for any adverse tax or other consequences to a Participant resulting from
such amendments or modifications or the Plan Administrator’s failure to make any
such amendments or modifications for purposes of complying with Section 409A of
the Code or for any other purpose. To the extent the Plan Administrator amends
or modifies an Award pursuant to this Section, the Participant shall receive
notification of any material changes to his or her Award and, unless the Plan
Administrator determines otherwise, the changes described in such notification
shall be deemed to amend the terms and conditions of the applicable Award and
Award Agreement. 

     (b) To the extent an Award may
subject a Participant to income recognition pursuant to Section 457A of the Code
or any other provision of U.S. or non-U.S. income tax law prior to the time at
which the Company anticipated that income attributable to the Award would become
taxable to such Participant, in order to mitigate the unanticipated tax burden
on such Participant the Plan Administrator may amend or modify the terms and
conditions of such Award, including accelerating the vesting of all or any
portion of the Award; provided, however, that unless the Plan Administrator
determines otherwise, any such amendment or modification of an Award made
pursuant to this Section shall maintain, to the maximum extent practicable, the
original intent of the applicable Award provision. The amendment or modification
of any Award pursuant to this Section shall be at the Plan Administrator’s sole
discretion and the Plan Administrator shall not be obligated to amend or modify
any Award or the Plan, nor shall the Company be liable for any adverse tax or
other consequences to a Participant resulting from such amendments or
modifications or the Plan Administrator’s failure to make any such amendments or
modifications for purposes of complying with Section 457A of the Code or for any
other purpose. To the extent the Plan Administrator amends or modifies an Award
pursuant to this Section, the Participant shall receive notification of any
material changes to his or her Award and, unless the Plan Administrator
determines otherwise, the changes described in such notification shall be deemed
to amend the terms and conditions of the applicable Award and Award Agreement.

     (c) The Committee may modify the
provisions of an Award or the Plan to the extent required or permitted under any
applicable law, regulation, rule, regulatory guidance or legal authority or any
policy implemented at any time by the Company or an Employer in its discretion
to (i) comply with any legal, regulatory or governmental requirements,
directions, supervisory comments, guidance or promulgations specifically
including but not limited to guidance on remuneration practices or sound
incentive compensation practices promulgated by any U.S. or non-U.S.
governmental or regulatory agency or authority, (ii) comply with the listing
requirements of any stock exchange on which the Company’s common stock is traded
or (iii) comply with or enable the Company to qualify for any government loan,
subsidy, investment or other program.

8

     Section 6.04
Sub Plans.
The Plan Administrator may, in its sole discretion, create separate sub-plans
(“Sub Plans”) under this Plan, which shall provide for participation in the Plan by
Participants employed outside of the United States. Each Sub Plan shall comply
with local law, tax policy or custom applicable to deferred compensation
plans.

ARTICLE VII
GENERAL
PROVISIONS

     Section 7.01 Unfunded Status of the Plan. The Plan is unfunded. A Participant’s Account shall represent at all
times an unfunded and unsecured contractual obligation of each Employer that
employed Participant during the deferral period applicable to an Award. Each
Participant (or his or her estate) will be unsecured creditors of each Employer
at which such Participant is or was employed with respect to all obligations
owed to Participant (or his or her estate) under the Plan or any Award
Agreement. Amounts payable under the Plan and any Award Agreement will be
satisfied solely out of the general assets of an Employer subject to the claims
of its creditors. A Participant (or his or her estate) will not have any
interest in any fund or in any specific asset of an Employer of any kind by
reason of any Return credited to him or her hereunder, nor shall the Participant
(or his or his estate) have any right to receive any payment or distribution
under the Plan or any Award Agreement except as, and to the extent, expressly
provided in the Plan or Award Agreement. No Employer will segregate any funds or
assets to provide for the distribution of an Account Balance or issue any notes
or security for the payment thereof. Any reserve or other asset that an Employer
may establish or acquire to assure itself of the funds to provide payments
required under the Plan shall not serve in any way as security to any
Participant (or his or her estate) for the performance of the Employer under the
Plan. 

     Section 7.02 ERISA Status of the Plan.
The Plan is a discretionary incentive and retention award plan and is not
intended to be subject to the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), and it shall be operated and interpreted consistent with
such intent. A Sub Plan may be subject to ERISA if the express terms of the Sub
Plan so provide. 

     Section 7.03 No Right to Continued Employment. Neither the Plan, any Award Agreement nor any action taken or omitted
to be taken pursuant to or in connection with the Plan shall be deemed (a) to
create or confer on a Participant any right to be retained in the employ of the
Company, (b) to interfere with or to limit in any way the Company’s right to
terminate the employment of a Participant at any time, or (c) to confer on a
Participant any right or entitlement to compensation in any specific amount for
any future period. In addition, selection of an individual as a Participant for
a given Award shall not be deemed to create or confer on the Participant any
right to participate in the Plan, or in any similar plan or program that may be
established by the Company, in respect of any Award.

9

     Section 7.04
Offset Rights. Notwithstanding any provisions of the Plan to the contrary, to the
extent consistent with the requirements of Section 409A of the Code, the Company
may, if the Plan Administrator in its sole discretion shall determine, offset
against any payments or distributions that would have otherwise been made to a
Participant under the Plan by (a) any amounts which such Participant may owe to
the Company, or (b) any amounts paid by the Company to a third party pursuant to
any award, judgment, or settlement of a complaint, arbitration or lawsuit of
which such Participant was the subject.

     Section 7.05 Code Section 409A and Code Section 457A.

     (a)
Notwithstanding anything to the contrary herein
or in any applicable Award Agreement, all payments and distributions due
hereunder and thereunder are intended to comply with Section 409A and Section
457A of the Code and the guidance issued thereunder, and this Plan and any
applicable Award Agreement shall be construed accordingly.

     (b)
If a Participant is a Specified Employee at the
time of his or her Separation from Service, any payment(s) with respect to any
Award subject to Section 409A of the Code to which such Participant would
otherwise be entitled by reason of such Separation from Service shall be made on
the date that is six months after the Participant’s Separation from Service (or,
if earlier, the date of the Participant’s death). All payments hereunder and
under any applicable Award Agreement that have been delayed pursuant to this
Section 7.05 shall be paid (without interest, dividends, dividend equivalents or
any compensation for any loss in market value or otherwise which occurs during
such period) to the Participant in a lump sum to the extent the Award terms
provide for payment in a lump sum form. 

     (c)
Each Participant or the Participant’s estate, as
the case may be, is solely responsible and liable for the satisfaction of all
taxes and penalties that may be imposed on or for the account of such
Participant in connection with this Plan or any other nonqualified deferred
compensation plan sponsored or maintained by the Company (including without
limitation any taxes and penalties under Section 409A or Section 457A of the
Code), and the Company shall have no obligation to indemnify or otherwise hold
such Participant or the Participant’s estate harmless from any or all of such
taxes or penalties.

     Section 7.06 Successors. The obligations
of the Company under this Plan shall be binding upon the successors of the
Company.

     Section 7.07 Governing Law. The Plan and
each Award Agreement entered into with a Participant shall be subject to and
construed in accordance with the laws of the State of New York, without regard
to any conflicts or choice of law rule or principle that might otherwise refer
the interpretation of the Award to the substantive law of another
jurisdiction.

10

     Section 7.08
Construction. The headings in this Plan have been inserted for convenience of
reference only and are to be ignored in any construction of any provision
hereof. Use of one gender includes the other, and the singular and plural
include each other.

     Section 7.09 Arbitration. Any disputes
related to the Plan or an Award shall be resolved by arbitration in accordance
with the Company’s arbitration policies. In the absence of an effective
arbitration policy, any dispute in any way related to or arising out of the Plan
or an Award shall be submitted to arbitration in accordance with the rules of
the American Arbitration Association.

11

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