Document:

exv10w8

Exhibit 10.8

XYLEM 1997 ANNUAL INCENTIVE PLAN

EFFECTIVE AS OF 10/31/11

1. PURPOSE

     The purpose of this Xylem 1997 Annual Incentive Plan is to provide incentive compensation in
the form of a bonus to eligible executives of Xylem Inc. (the “Company”) for achieving specific
pre-established performance objectives and to continue to motivate participating executives to
achieve their business goals, while tying a portion of their compensation to measures affecting
shareholder value; provided, however, that for purposes of grants made under the Predecessor Plan,
the term “Company” shall include the ITT Corporation (the “Predecessor Corporation”) as the
original grantor. The Incentive Plan seeks to enable the Company to continue to be competitive in
its ability to attract and retain executives of the highest caliber.

     This Xylem 1997 Annual Incentive Plan (the “Incentive Plan”) first became effective as of
October 31, 2011 following the spin-off of Xylem Inc. from the Predecessor Corporation on October
31, 2011; provided, however, that for purposes of grants made under the Predecessor Plan, the term
“Incentive Plan” shall include shall include the Predecessor Plan as it existed at the time of the
grant. The Predecessor Corporation maintained a similar plan prior to the spin-off (the
“Predecessor Plan”), and the Incentive Plan was created to govern the awards under the Predecessor
Plan, as revised to reflect the spin-off from the Predecessor Corporation. The Plan shall remain
in effect as provided in Article IX hereof, and participants shall receive full credit for their
service and participation with the Predecessor Corporation as provided in Article IX hereof.

2. PLAN ADMINISTRATION

     The Compensation and Personnel Committee (the “Committee”) of the Board of Directors (the
“Board”) of the company shall have full power and authority to administer, construe and interpret
the provisions of the Incentive Plan and to adopt and amend administrative rules and regulations,
agreements, guidelines and instruments for the administration of the Incentive Plan and for the
conduct of its business as the Committee considers appropriate.

     The Committee shall have full power, to the extent permitted by law, to delegate its authority
to any officer or employee of the Company to administer and interpret the procedural aspects of the
Incentive Plan, subject to the terms of the Incentive Plan, including adopting and enforcing rules
to decide procedural and administrative issues.

     The Committee may rely on opinions, reports or statements of officers or employees of the
Company and of counsel to the Company (inside or retained counsel), public accountants and other
professional or expert persons.

     The Board reserves the right to amend or terminate the Incentive Plan in whole or in part at
any time; provided, however, that no amendments shall adversely affect or impair the rights of any
participant previously accrued thereby, without the written consent of the participant.

 

2

     No member of the Committee shall be liable for any action taken or omitted to be taken or for
any determination made by him or her in good faith with respect to the Incentive Plan, and the
Company shall indemnify and hold harmless each member of the Committee against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of a claim with the
approval of the Committee) arising out of any act or omission in connection with the administration
or interpretation of the Incentive Plan, unless arising out of such person’s own fraud or bad
faith.

3. ELIGIBLE EXECUTIVES

     Executives of the Company or its affiliates in salary grade 19 and above shall be eligible to
participate in the Incentive plan; provided, however, that for purposes of grants made under the
Predecessor Plan, the term “Company” shall include ITT Corporation as the original grantor.

4. PLAN YEAR, PERFORMANCE PERIODS, PERFORMANCE MEASURES AND PERFORMANCE TARGETS

     Each fiscal year of the Incentive Plan (the “Plan Year”) shall begin on January 1 and end on
December 31. The performance period (the “Performance Period”) with respect to which bonuses may be
payable under the Incentive Plan shall be the Plan Year unless the Committee designates one or more
different Performance Periods.

     The Committee shall establish the performance measures (the “Performance Measures”) to be used
which may include, but shall not be limited to, net operating profit after tax, economic value
added, earnings per share, return on equity, return on total capital, or such other measures as
determined by the Committee. In addition, Performance Measures may be based upon other objectives
such as negotiating transactions or sales and developing long-term goals. The Performance Measures
shall be objectively determinable and, to the extent that they are expressed in standard accounting
terms, shall be according to generally accepted accounting principles as in existence on the date
on which the applicable Performance Period is established and without regard to any changes in such
principles after such date. For purposes of the Plan, economic value added shall mean the amount of
economic profit created in excess of the amount required to satisfy the obligations to and normal
expectations of the Company’s lenders and investors.

     The Committee shall establish the performance targets (the “Performance Targets”) to be
achieved which shall be based on one or more Performance Measures relating to the Company as a
whole or to the specific businesses of the Company, subsidiaries, operating companies, or operating
units as determined by the Committee and shall be expressed as an objective formula to be used in
calculating the amount of bonus award each executive shall be eligible to receive. There may be a
sliding scale of payment dependent upon the percentage levels of achievement of Performance
Targets.

     The Performance Measures and Performance Targets, which may be different with respect to each
executive and each Performance Period, must be set forth in writing by the Committee within the
first ninety (90) days of the applicable Performance Period.

 

3

5. CERTIFICATION OF PERFORMANCE TARGETS AND CALCULATION OF BONUS AWARDS

     After the end of each Performance Period, and prior to the payment for such Performance
Period, the Committee must certify in writing the degree to which the Performance Targets for the
Performance Period were achieved, including the specific target objective or objectives and the
satisfaction of any other material terms of the bonus award. The Committee shall calculate the
amount of each executive’s bonus for such Performance Period based upon the Performance Measures
and Performance Targets for each executive. In establishing Performance Targets and Performance
Measures and in calculating the degree of achievement thereof, the Committee may ignore
extraordinary items, property transactions, changes in accounting standards and losses or gains
arising from discontinued operations. The Committee shall have authority and discretion to increase
or decrease the amount of any executive’s bonus as so determined, and may totally eliminate any
bonus award if it determines in its absolute and sole discretion that such action is appropriate in
order to reflect the executive’s performance or unanticipated factors during the Performance
Period.

6. PAYMENT OF AWARDS

     Approved bonus awards shall be payable by the Company in cash to each executive, or to the
executive’s estate in the event of the executive’s death, as soon as practicable after the end of
each Performance Period. No bonuses may be paid under the Incentive Plan until the Committee has
certified in writing that the relevant Performance Targets were achieved.

     If an executive is not an employee on the last day of the Performance Period, the Committee
shall have sole discretion to determine what portion, if any, the executive shall be entitled to
receive with respect to any award for the Performance Period. The Committee shall have the
authority to adopt appropriate rules and regulations for the administration of the Incentive Plan
in such termination cases.

     The Company retains the right to deduct from any bonus awards paid under the Incentive Plan
any Federal, state, local or foreign taxes required by law to be withheld with respect to such
payment.

7. OTHER TERMS AND CONDITIONS

     Any award made under this Incentive Plan shall be subject to the discretion of the Committee.
No person shall have any legal claim to be granted an award under the Incentive Plan and the
Committee shall have no obligation to treat executives uniformly. Except as may be otherwise
required by law, bonus awards under the Incentive Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment,
execution, or levy of any kind, either voluntary or involuntary. Bonuses awarded under the
Incentive Plan shall be payable from the general assets of the Company, and no executive shall have
any claim with respect to any specific assets of the Company.

     Nothing contained in the Incentive Plan shall give any executive the right to continue in the
employment of the Company or affect the right of the Company to terminate an executive.

 

4

8. ACCELERATION EVENT.

     An “Acceleration Event” shall occur if (i) a report on Schedule 13D shall be filed with the
Securities and Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act of 1934
(the “Act”) disclosing that any person (within the meaning of Section 13(d) of the Act), other than
the Company or a subsidiary of the Company or any employee benefit plan sponsored by the Company or
a subsidiary of the Company, is the beneficial owner directly or indirectly of twenty percent (20%)
or more of the outstanding Common Stock $1 par value, of the Company (the “Stock”): (ii) any person
(within the meaning of Section 13(d) of the Act), other than the Company or a subsidiary of the
Company, or any employee benefit plan sponsored by the Company or a subsidiary of the Company,
shall purchase shares pursuant to a tender offer or exchange offer to acquire any Stock of the
Company (or securities convertible into Stock) for cash, securities or any other consideration,
provided that after consummation of the offer, the person in question is the beneficial owner (as
such term is defined in Rule 13d-3 under the Act), directly or indirectly, of twenty percent (20%)
or more of the outstanding Stock of the Company (calculated as provided in paragraph (d) of Rule
13d-3 under the Act in the case of rights to acquire Stock); (iii) the consummation of (A) any
consolidation, business combination or merger involving the Company, other than a consolidation,
business combination or merger involving the Company in which holders of Stock immediately prior to
the consolidation, business combination or merger (x) hold fifty percent (50%) or more of the
combined voting power of the Company (or the corporation resulting from the merger or consolidation
or the parent of such corporation) after the merger and (y) have the same proportionate ownership
of common stock of the Company (or the corporation resulting from the merger or consolidation or
the parent of such corporation), relative to other holders of Stock immediately prior to the
merger, business combination or consolidation, immediately after the merger as immediately before,
or (B) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all the assets of the Company, (iv) there shall have been a
change in a majority of the members of the Board of Directors of the Company within a 12-month
period unless the election or nomination for election by the Company’s stockholders of each new
director during such 12-month period was approved by the vote of two-thirds of the directors then
still in office who (x) were directors at the beginning of such 12-month period or (y) whose
nomination for election or election as directors was recommended or approved by a majority of the
directors who were directors at the beginning of such 12-month period or (v) any person (within the
meaning of Section 13(d) of the Act) (other than the Company or any subsidiary of the Company or
any employee benefit plan (or related trust) sponsored by the Company or a subsidiary of the
Company) becomes the beneficial owner (as such term is defined in Rule 13d-3 under the Act) of
twenty percent (20%) or more of the Stock.

     Upon the occurrence of such Acceleration Event, the Performance Measures for each Performance
Period with respect to which bonuses may be payable under the Incentive Plan shall be deemed to be
achieved at the greater of (i) the Performance Target established for such Performance Measures or
(ii) the Company’s actual achievement of such Performance Measures as of the Acceleration Event.
Payment of the bonuses, for the full year, will be made to each Participating Executive, in cash,
within five (5) business days following such Acceleration Event.

 

5

9. MISCELLANEOUS.

     The Incentive Plan shall be effective October 31, 2011. The Plan shall remain in effect
unless/until terminated by the Board; provided, however, that if an Acceleration Event has occurred
no amendment or termination shall impair the rights of any executive with respect to any prior
award.

     This Incentive Plan shall be construed and governed in accordance with the laws of the State
of New York.

     Notwithstanding any other provision of the Incentive Plan to the contrary, all prior service
and participation by a participant with the Predecessor Corporation shall be credited in full
towards a participant’s service and participation with the Company.exv10w9

Exhibit 10.9

XYLEM ANNUAL INCENTIVE PLAN FOR EXECUTIVE OFFICERS

EFFECTIVE AS OF 10/31/11

1. Purpose

     The purpose of this Xylem Annual Incentive Plan for Executive Officers is to provide incentive
compensation in the form of a cash award to executive officers of Xylem Inc. (the “Company”) for
achieving specific pre-established performance objectives and to continue to motivate participating
executive officers to achieve their business goals, while tying a portion of their compensation to
measures affecting shareholder value; provided, however, that for purposes of grants made under the
Predecessor Plan, the term “Company” shall include the ITT Corporation (the “Predecessor
Corporation”) as the original grantor. The Incentive Plan seeks to enable the Company to continue
to be competitive in its ability to attract and retain executive officers of the highest caliber.

     The Xylem Annual Incentive Plan (the “Incentive Plan”) first became effective as of October
31, 2011 following the spin-off of Xylem Inc. from the Predecessor Corporation on October 31, 2011;
provided, however, that for purposes of grants made under the Predecessor Plan, the term “Incentive
Plan” shall include shall include the Predecessor Plan as it existed at the time of the grant. The
Predecessor Corporation maintained a similar plan prior to the spin-off (the “Predecessor Plan”),
and the Incentive Plan was created to govern the awards under the Predecessor Plan, as revised to
reflect the spin-off from the Predecessor Corporation. The Incentive Plan shall remain in effect
as provided in Article IX hereof, and participants shall receive full credit for their service and
participation with the Predecessor Corporation as provided in Article IX hereof.

     It is intended that compensation payable under the Incentive Plan will qualify as
“performance-based compensation,” within the meaning of Section 162(m) of the Internal Revenue Code
of 1986, as amended (the “Code”) and regulations promulgated thereunder, if such qualification is
desired.

2. Plan Administration

     The Compensation and Personnel Committee (the “Committee”) of the Board of Directors (the
“Board”) of the Company, as constituted by the Board from time to time, shall be comprised
completely of “outside directors” as defined under Section 162(m) of the Code.

     The Committee shall have full power and authority to administer, construe and interpret the
provisions of the Incentive Plan and to adopt and amend administrative rules and regulations,
agreements, guidelines and instruments for the administration of the Incentive Plan and for the
conduct of its business as the Committee considers appropriate.

     Except with respect to matters which under Section 162 (m) of the Code are required to be
determined in the sole and absolute discretion of the Committee, the Committee shall have

 

2

full power, to the extent permitted by law, to delegate its authority to any officer or
employee of the Company to administer and interpret the procedural aspects of the Incentive Plan,
subject to the terms of the Incentive Plan, including adopting and enforcing rules to decide
procedural and administrative issues.

     The Committee may rely on opinions, reports or statements of officers or employees of the
Company and of counsel to the Company (inside or retained counsel), public accountants and other
professional or expert persons.

     The Board reserves the right to amend or terminate the Incentive Plan in whole or in part at
any time; provided, however, that except as necessary to maintain an outstanding incentive award’s
qualification as performance-based compensation under Section 162(m) of the Code
(“Performance-Based Compensation”), no amendments shall adversely affect or impair the rights of
any participant that have previously accrued hereunder, without the written consent of the
participant. Unless otherwise prohibited by applicable law, any amendment required to cause an
incentive award to qualify as Performance-Based Compensation may be made by the Committee. No
amendment to the Incentive Plan may be made to alter the class of individuals who are eligible to
participate in the Incentive Plan, the performance criteria specified in Section 4 hereof or the
maximum incentive award payable to any participant without shareholder approval unless shareholder
approval of the amendment is not required in order for incentive awards paid to participants to
constitute Performance-Based Compensation.

     No member of the Committee shall be liable for any action taken or omitted to be taken or for
any determination made by him or her in good faith with respect to the Incentive Plan, and the
Company shall indemnify and hold harmless each member of the Committee against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of a claim with the
approval of the Committee) arising out of any act or omission in connection with the administration
or interpretation of the Incentive Plan, unless arising out of such person’s own fraud or bad
faith.

3. Eligible Executives

     Executive officers of the Company and its subsidiaries, as defined by the Securities Exchange
Act of 1934, Rule 3b-7, as that definition may be amended from time to time, shall be eligible to
participate in the Incentive Plan. The Committee shall select from all eligible executive officers,
those to whom incentive awards shall be granted under the Incentive Plan.

4. Plan Year, Performance Periods, Performance Measures and Performance Targets

     Each fiscal year of the Incentive Plan (the “Plan Year”) shall begin on January 1 and end on
December 31. The performance period (the “Performance Period”) with respect to which incentive
awards may be payable under the Incentive Plan shall be the Plan Year unless the Committee
designates one or more different Performance Periods.

     The Committee shall establish the performance measures (the “Performance Measures”) to be used
which may include, one or more of the following criteria: (i) consolidated earnings before or after
taxes (including earnings before interest, taxes, depreciation and amortization);

 

3

(ii) net income; (iii) operating income; (iv) earnings per share; (v) book value per share;
(vi) return on shareholders’ equity; (vii) expense management; (viii) return on investment; (ix)
improvements in capital structure; (x) profitability of an identifiable business unit or product;
(xi) maintenance or improvement of profit margins; (xii) stock price; (xiii) market share; (xiv)
revenues or sales (including organic revenue); (xv) costs; (xvi) cash flow; (xvii) working capital
(xviii) return on assets; (xix) total shareholder return; (xx) return on invested or total capital
and (xxi) economic value added.

     In addition, to the extent consistent with Section 162(m) of the Code, Performance Measures
may be based upon other objectives such as negotiating transactions or sales, implementation of
Company policy, development of long-term business goals or strategic plans, negotiation of
significant corporate transactions, meeting specified market penetration goals, productivity
measures, geographic business expansion goals, cost targets, customer satisfaction or employee
satisfaction goals, goals relating to merger synergies, management of employment practices and
employee benefits, or supervision of litigation and information technology, and goals relating to
acquisitions or divestitures of subsidiaries and/or other affiliates or joint ventures; provided
however, that the measurement of any such Performance Measures must be objectively determinable.

     All Performance Measures shall be objectively determinable and, to the extent they are
expressed in standard accounting terms, shall be according to generally accepted accounting
principles as in existence on the date on which the applicable Performance Period is established
and without regard to any changes in such principles after such date (unless the modification of a
Performance Measure to take into account such a change is pre-established in writing at the time
the Performance Measures are established in writing by the Committee and/or the modification would
not affect the ability of the incentive award to qualify as Performance-Based Compensation).

     Notwithstanding the foregoing, incentive awards that are not intended to qualify as
Performance-Based Compensation may be based on the Performance Measures described above or such
other measures as the Committee may determine.

     The Committee shall establish the performance targets (the “Performance Targets”) to be
achieved which shall be based on one or more Performance Measures relating to the Company as a
whole or to the specific businesses of the Company, subsidiaries, operating groups, or operating
units, as determined by the Committee. Performance Targets may be established on such terms as the
Committee may determine, in its discretion, including in absolute terms, as a goal relative to
performance in prior periods, or as a goal compared to the performance of one or more comparable
companies or an index covering multiple companies. The Committee also shall establish with respect
to each incentive award an objective formula to be used in calculating the amount of incentive
award each participant shall be eligible to receive. There may be a sliding scale of payment
dependent upon the percentage levels of achievement of Performance Targets.

     The Performance Measures and Performance Targets, which may be different with respect to each
participant and each Performance Period, must be set forth in writing by the Committee within the
first ninety (90) days of the applicable Performance Period or, if sooner, prior to the time when
25 percent of the relevant Performance Period has elapsed.

 

4

5. Certification of Performance Targets and Calculation of Incentive Awards

     After the end of each Performance Period, and prior to the payment for such Performance
Period, the Committee must certify in writing the degree to which the Performance Targets for the
Performance Period were achieved, including the specific target objective or objectives and the
satisfaction of any other material terms of the incentive award. The Committee shall calculate the
amount of each participant’s incentive award for such Performance Period based upon the Performance
Measures and Performance Targets for such participant. In establishing Performance Targets and
Performance Measures and in calculating the degree of achievement thereof, the Committee may ignore
extraordinary items, property transactions, changes in accounting standards and losses or gains
arising from discontinued operations. The Committee shall have no authority or discretion to
increase the amount of any participant’s incentive award as so determined to the extent such
incentive award is intended to qualify as Performance-Based Compensation, but it may reduce the
amount or totally eliminate any such incentive award if it determines in its absolute and sole
discretion that such action is appropriate in order to reflect the participant’s performance or
unanticipated factors during the Performance Period. The Committee shall have the authority to
increase or decrease the amount of an incentive award to the extent the incentive award is not
intended to qualify as Performance-Based Compensation.

     The maximum payment that may be made with respect to incentive awards under the Plan to any
participant in any one calendar year shall be $8,000,000; provided, however, that this limitation
shall not apply with respect to any incentive award that is paid in a calendar year prior to the
year it would ordinarily be paid because of an Acceleration Event or other transaction or event
that provides for accelerated payment of an incentive award.

6. Payment of Awards

     Approved incentive awards shall be payable by the Company in cash to each participant, or to
the participant’s estate in the event of the participant’s death, as soon as practicable (and in
any event no later than 21/2 months) after the end of each Performance Period. No incentive award
that is intended to qualify as Performance-Based Compensation may be paid under the Incentive Plan
until the Committee has certified in writing that the relevant Performance Targets were achieved.
If a participant is not an employee on the last day of the Performance Period, the Committee shall
have sole discretion to determine what portion, if any, the participant shall be entitled to
receive with respect to any award for the Performance Period. The Committee shall have the
authority to adopt appropriate rules and regulations for the administration of the Incentive Plan
in such termination cases.

     The Company retains the right to deduct from any incentive awards paid under the Incentive
Plan any Federal, state, local or foreign taxes required by law to be withheld with respect to such
payment.

     Notwithstanding the above, no incentive awards shall be paid under the Incentive Plan unless
the Incentive Plan is approved by the requisite shareholders of the Company.

 

5

7. Other Terms and Conditions

     Any award made under this Incentive Plan shall be subject to the discretion of the Committee.
No person shall have any legal claim to be granted an award under the Incentive Plan and the
Committee shall have no obligation to treat participants uniformly. Except as may be otherwise
required by law, incentive awards under the Incentive Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment,
execution, or levy of any kind, either voluntary or involuntary. Incentive awards granted under the
Incentive Plan shall be payable from the general assets of the Company, and no participant shall
have any claim with respect to any specific assets of the Company.

     Nothing contained in the Incentive Plan shall give any participant the right to continue in
the employment of the Company or affect the right of the Company to terminate the employment of a
participant.

8. Acceleration Event.

     An “Acceleration Event” shall occur if (i) a report on Schedule 13D shall be filed with the
Securities and Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act of 1934
(the “Act”) disclosing that any person (within the meaning of Section 13(d) of the Act), other than
the Company or a subsidiary of the Company or any employee benefit plan sponsored by the Company or
a subsidiary of the Company, is the beneficial owner directly or indirectly of twenty percent (20%)
or more of the outstanding Common Stock $1 par value, of the Company (the “Stock”); (ii) any person
(within the meaning of Section 13(d) of the Act), other than the Company or a subsidiary of the
Company, or any employee benefit plan sponsored by the Company or a subsidiary of the Company,
shall purchase shares pursuant to a tender offer or exchange offer to acquire any Stock (or
securities convertible into Stock) for cash, securities or any other consideration, provided that
after consummation of the offer, the person in question is the beneficial owner (as such term is
defined in Rule 13d-3 under the Act), directly or indirectly, of twenty percent (20%) or more of
the outstanding Stock (calculated as provided in paragraph (d) of Rule 13d-3 under the Act in the
case of rights to acquire Stock); (iii) the consummation of (A) any consolidation, business
combination or merger involving the Company, other than a consolidation, business combination or
merger involving the Company in which holders of Stock immediately prior to the consolidation,
business combination or merger (x) hold fifty percent (50%) or more of the combined voting power of
the Company (or the corporation resulting from the merger or consolidation or the parent of such
corporation) after the merger and (y) have the same proportionate ownership of common stock of the
Company (or the corporation resulting from the merger or consolidation or the parent of such
corporation), relative to other holders of Stock immediately prior to the merger, business
combination or consolidation, immediately after the merger as immediately before, or (B) any sale,
lease, exchange or other transfer (in one transaction or a series of related transactions) of all
or substantially all the assets of the Company, (iv) there shall have been a change in a majority
of the members of the Board within a 12-month period unless the election or nomination for election
by the Company’s stockholders of each new director during such 12-month period was approved by the
vote of two-thirds of the directors then still in office who (x) were directors at the beginning of
such 12-month period or (y) whose nomination for election or election as directors was recommended
or approved by a majority of the directors who were directors at the beginning of such 12-month
period or (v) any person (within the meaning of Section 13(d) of the Act) (other than the Company
or any subsidiary of the Company or any employee benefit plan

 

6

(or related trust) sponsored by the Company or a subsidiary of the Company) becomes the
beneficial owner (as such term is defined in Rule 13d-3 under the Act) of twenty percent (20%) or
more of the Stock.

     Upon the occurrence of such Acceleration Event, the Performance Measures for each Performance
Period with respect to which incentive awards may be payable under the Incentive Plan shall be
deemed to be achieved at the greater of (i) the Performance Target established for such Performance
Measures or (ii) the Company’s actual achievement of such Performance Measures as of the
Acceleration Event. Payment of the incentive awards, for the full year, will be made to each
participant, in cash, within five (5) business days following such Acceleration Event.

9. Miscellaneous.

     The Incentive Plan shall be effective October 31, 2011 subject to the approval of the
requisite shareholders of the Company. Once approved, the Incentive Plan shall remain in effect
unless/until terminated by the Board; provided, however, that if an Acceleration Event has occurred
no amendment or termination shall impair the rights of any participant with respect to any prior
award.

     This Incentive Plan shall be construed and governed in accordance with the laws of the State
of New York.

     Notwithstanding any other provision of the Incentive Plan to the contrary, all prior service
and participation by a participant with the Predecessor Corporation shall be credited in full
towards a participant’s service and participation with the Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]