Document:

MERRIAMN HOLDINGS, INC.

 

VOTING AGREEMENT

 

This Voting Agreement is made as of March ___, 2013 by and among
Merriman Holdings, Inc., a Delaware corporation (the “Company”), Ronald L. Chez (“Chez”), an individual,
Ronald L. Chez, Inc. (“Chez Inc.”), an Illinois corporation, and Ronald L. Chez IRA (“Chez IRA,” and collectively
with Chez and Chez, Inc., the “Chez Investors”).

 

RECITALS

 

WHEREAS, the Investors
are parties to the Common Stock Purchase Agreement of even date herewith, among the Company and the Investors listed on the Schedule
of Investors thereto (the “Purchase Agreement”), and it is a condition to the Closing that the Investors and
the Company execute and deliver this Agreement.

 

WHEREAS, the Company
and the Chez Investors are parties to the Investors Rights Agreement dated September 9, 2009 and the Chez Investors are a majority
of the “Holders” as defined in that agreement.

 

NOW, THEREFORE,
in consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt and adequacy of which
is hereby acknowledged, the parties hereto agree as follows:

 

Section 1

Prior Investor Rights Agreement

 

1.1           Termination.
The Investors Rights Agreement dated September 9, 2009 is hereby terminated in its entirety and is of no further force or effect.

 

Section 2

Subject Shares

 

2.1           All
shares of Common Stock purchased by Ronald L. Chez in the Purchase Agreement in excess of 24.99% of the outstanding stock of the
Company at the closing of the transaction contemplated by the Purchase Agreement are subject to the voting provisions contained
in Section 3 hereof (the “Shares”). No other shares of Common Stock held by the Investors shall be subject to the provisions
of Section 3 hereof.

 

    	1

    	 

    

 

Section 3

Voting

 

3.1           Voting.
During the term of this Agreement, each time a matter is submitted to the Company’s stockholders for a vote or written consent,
Chez agrees to vote, or to execute a written consent in lieu of voting, all Shares in such manner and in the same proportion as
all shares of Common Stock other than the Shares are voted in the matter at hand. For example if 65% of the shares of Common Stock
excluding the Shares are voted in favor of a particular proposition and 35% against, Chez agrees to vote the Shares 65% in favor
and 35% against the proposition.

 

3.2           Proxy. Chez
agrees to sign a execute and deliver a proxy authorizing the voting of the Shares as provided for herein whenever requested by
the Company’s Chief Executive Officer or Secretary in order to facilitate and evidence voting.

 

3.3           Authorization.
Chez authorizes the Company’s secretary and any Inspector of Elections to enter votes for the Shares as provided for herein
notwithstanding his failure to execute and deliver a proxy in any matter submitted to the Company’s stockholders for a vote.

 

Section 4

Miscellaneous

 

4.1           Amendment. 
Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument referencing this Agreement and signed by the Company and each Investor.

 

4.2           Notices. 
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand or by messenger addressed:

 

(a)          if
to a Chez Investor, at the Chez Investor’s address, facsimile number or electronic mail address as shown in the Company’s
records, as may be updated in accordance with the provisions hereof;

 

(b)          if
to the Company, one copy should be sent to Merriman Holdings., 600 California Street, 9th Floor, San Francisco, CA 94108,
Attn: Chief Executive Officer, or at such other address as the Company shall have furnished to the Investors, with a copy to Merriman
Holdings, Inc., 600 California Street, 9th Floor, San Francisco, CA 94108, Attn: General Counsel.

 

Each such notice or
other communication shall for all purposes of this Agreement be treated as effective or having been given when delivered if delivered
personally, or, if sent by mail, at the earlier of its receipt or 3 business days after the same has been deposited in a regularly
maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid or, if sent by facsimile, the
business day following confirmation of facsimile transfer or, if sent by electronic mail, the business day following confirmation
of delivery when directed to the electronic mail address provided pursuant hereto, or, if sent by nationally recognized overnight
delivery service, on the date when delivered.

 

    	2

    	 

    

 

4.3           Governing
Law.  This Agreement shall be governed in all respects by the internal laws of the State of Delaware, without regard to
principles of conflicts of law.

 

4.4           Transfer.
Chez agrees that any transfer of the Shares will be subject to the provisions of this agreement, and that he may not transfer the
Shares unless the transferee executes a document reasonably satisfactory to the Company agreeing to be bound by the provisions
of this Agreement.

 

4.5           Successors
and Assigns.  Except as set forth herein, this Agreement, and any and all rights, duties and obligations hereunder, shall
not be assigned or transferred, by any Investor without the prior written consent of the Company. Any attempt by an Investor without
such permission to assign or transfer any rights, duties or obligations that arise under this Agreement shall be void. Subject
to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

4.6           Entire
Agreement.  This Agreement and the exhibits hereto constitute the full and entire understanding and agreement between
the parties with regard to the subjects hereof.

 

4.7           Delays
or Omissions.  Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right,
power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any
party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement,
shall be cumulative and not alternative.

 

4.8           Severability. 
If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement,
and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable
provision. The balance of this Agreement shall be enforceable in accordance with its terms.

 

4.9           Titles
and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless
otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.

 

4.10         Counterparts. 
This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute
such counterparts, and all of which together shall constitute one instrument.

 

    	3

    	 

    

 

4.11         Telecopy
Execution and Delivery.  A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more
parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature
of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all
purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as
well as any facsimile, telecopy or other reproduction hereof.

 

4.12         Jurisdiction;
Venue.  With respect to any disputes arising out of or related to this Agreement, the parties consent to the exclusive
jurisdiction of, and venue in, the state federal courts in the borough of Manhattan, New York, NY. EACH OF THE PARTIES KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY WITH AND UPON THE ADVICE OF COMPETENT COUNSEL IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY. The Investors agree
and acknowledges that any violation or breach of its covenants, agreements and undertakings contained in this Agreement shall cause
the Company irreversible injury and, in addition to any other right or remedy available to a party at law or in equity, the Company
shall be entitled to enforcement by court injunction for specific performance of the obligations of the other party hereunder (without
the requirement of posting a bond). Notwithstanding the foregoing sentence, but subject to the provisions of this Agreement, nothing
herein shall be construed as prohibiting a party from also pursuing any other rights, remedies or defenses, for such breach or
threatened breach, including receiving damages and attorneys’ fees. The election of any remedy shall not be construed as
a waiver on the part of any party of any rights such party might otherwise have at law or in equity. Said rights and remedies shall
be cumulative.

 

4.13         Further
Assurances.  Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability
company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things
as may be necessary to more fully effectuate this Agreement.

 

4.14         Attorneys’
Fees.  In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party
in such dispute shall be entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants,
which shall include, without limitation, all fees, costs and expenses of appeals.

 

4.15         Construction.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement. When used in this Agreement, the word “including” means “including, without limitation”, and
the word “person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, governmental authority, or other entity.

 

[Remainder of Page Intentionally Left
Blank

 

    	4

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Voting Agreement effective as of the day and year first above written.

 

	 	MERRIMAN HOLDINGS, INC.,
	 	a Delaware corporation
	 	 
	 	 

 

    	5

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Voting Agreement effective as of the day and year first above written.

 

	 	CHEZ:
	 	 
	 	By:	 
	 	 
	 	By:
	 	 
	 	Its:
	 	 
	 	RONALD L. CHEZ, INC :
	 	 
	 	By:	 
	 	 
	 	By:
	 	 
	 	Its:
	 	 
	 	CHEZ IRA:
	 	 
	 	By:	 
	 	 
	 	By:
	 	 
	 	Its:

 

    	6a50603547ex10_1.htm

Exhibit 10.1

 

 

Layne Christensen Company

Long-Term Incentive Plan

 

SECTION I.                                EFFECTIVE DATE.  

This Layne Christensen Company Long-Term Incentive Plan (the "LTI Plan" or "Plan") is effective as of February 1, 2013.  This Plan supersedes and replaces the Layne Christensen Company Long-Term Incentive Compensation Plan in effect on January 1, 2013.

SECTION II.                               PURPOSE OF PLAN AND PLAN OVERVIEW.  

Layne Christensen Company ("Company") has created the LTI Plan to provide a general framework for the Company's Compensation Committee to use in determining annual equity incentive awards to selected employees ("Participants"). The LTI Plan is structured to provide incentive compensation in line with the Company's stated pay philosophy.  Awards of equity under the LTI Plan relate to the Company's common stock ("Company Stock"), and are made pursuant to a separate, shareholder-approved Company equity plan (the "Company Equity Plan").

During the first 90 days of each fiscal year (the "Award Year") the Company's Board of Directors (the "Board") will establish an annual equity pool ("Annual Equity Pool") for the LTI Plan. The Annual Equity Pool represents the total value of awards for the Award Year to be granted to LTI Plan participants.  The total value of each Annual Equity Pool is based on and expressed as a percentage of the Company's market capitalization.  The Annual Equity Pool is allocated among eligible Participants based on each eligible Participant's long-term incentive target percentage ("LTI Percentage"), which is a percentage of a Participant's base salary in effect on LTI award determination date.  The product of each eligible Participant's LTI Percentage and base salary is that Participant's "LTI Target Opportunity." Each eligible Participant receives a grant from the Annual Equity Pool with an approximate value equal to that Participant's LTI Target Opportunity.  Such equity grant will be composed of a mix of the following equity awards, each in percentages as determined by the Committee: time-vested nonqualified stock option awards (a "Time-Vested Options"); time-vested restricted stock unit awards ("Time-Vested RSUs"); and performance-vested performance shares award ("Performance Shares").  The applicable Time-Vested Options, Time-Vested RSUs and Performance Shares award percentages shall total 100% of the Participant's LTI Target Opportunity and collectively, all such awards are referred to herein as the “LTI Awards.”  The term “Grant” or “Granting” as used herein shall refer to the Committee’s act of issuing or Granting the LTI Awards under the Company Equity Plan.

SECTION III.                              ADMINISTRATION.

The administration of this Plan shall be established and overseen by the Compensation Committee (the "Committee") of the Board.  Subject to the terms of the Company Equity Plan, the Committee, with the approval of the Board, shall have complete discretion to determine the terms of all LTI Awards, including the amount and vesting conditions thereof.  LTI Percentages shall initially be determined by the Chief Executive Officer ("CEO") of the Company, recommended by the CEO to the Committee, and, if recommended and approved by the Committee, approved by the Board.  The Board may accept or may elect to change any LTI Percentage for any eligible Participant.  The Committee shall have full power to delegate to one or more members of senior management of the Company, or a committee thereof, all or a part of the Committee's power and authority to calculate and track actual financial performance of one or more targeted goals and validation of other non-financial measures.  All audited financial results and any performance measurement related thereto will be presented to the Committee for review and approval and, if approved by the Committee, submitted for approval by the Board.  Subject to the approval of the Board, the Committee shall have the full power, in its sole discretion, to interpret, construe and administer this Plan and to adopt rules and regulations relating to this Plan.  Decisions made by the Board (or its designee) in good faith and in the exercise of its powers and duties hereunder shall be final and binding upon all parties concerned.  No member of the Board (or its designee) shall be liable to anyone for any action taken or decision made in good faith pursuant to the power or discretion vested in such member or the Board or any designee under this Plan.

 

  

  

  

 

SECTION IV.                              ELIGIBILITY.

Eligibility for participation in this Plan is limited solely to those persons selected by the Committee and recommended for approval by the Board.  Eligibility shall initially be limited to the Company's executives and division presidents.  Selection as a Participant does not guarantee receipt of any LTI Award and participation for an Award Year does not entitle such person to be a Participant for any future Award Year.  Generally, the Board shall select and designate the Participants who will be eligible for an LTI Award for a specific Award Year no later than the ninetieth (90th) day of such Award Year; provided, however, the Board may, in its sole discretion be permitted to add new Participants at any time during such Award Year.

SECTION V.                               DETERMINATION OF ANNUAL EQUITY POOL.

For each Award Year the Board shall establish that year's Annual Equity Pool and such Annual Equity Pool shall generally have a value equal to 1% of the Company's average market capitalization for the 30-day period ending January 31 of that Award Year.  For each Award Year, the total value of LTI Awards Granted to eligible Participants (such LTI Awards' value determined pursuant to Section VII) shall not exceed the value of that Award Year's Annual Equity Pool.  Advance Board approval must be obtained if LTI Awards having a value in excess of the Annual Equity Pool are to be Granted to Participants at any point during the Award Year.

SECTION VI.                              DETERMINATION OF PARTICIPANT'S TARGET LTI OPPORTUNITY.

Subject to and in accordance with the conditions set forth in this Section VI, for any Award Year the Board allocates the Annual Equity Pool by Granting a combination of Options, Restricted Stock and Performance Shares to selected Participants.  The manner in which each Award Year's Annual Equity Pool is allocated among Participants, and the  number of shares underlying the LTI Awards, shall be based upon each Participant's Target LTI Opportunity calculated as follows:

(A)           First, each Participant's LTI Percentage will be determined based on the Participant's Title and Level and as outlined in Appendix A to this Plan; and

 

  

  

  

 

 (B)            Second, each Participant's LTI Target Opportunity will be determined by multiplying the Participant's LTI Percentage by the Participant's then current base salary.

Notwithstanding the above, if either the Plan is revised to include additional Participants or the size of the Annual Equity Pool increases or decreases due to changes in the Company's market capitalization, and the calculated Participant LTI Target Opportunities exceed or are below the Annual Equity Pool, the Participants' LTI Percentages will be adjusted up or down to meet the Annual Equity Pool for that year.

SECTION VII.                            FORM AND TIMING OF LTI AWARDS.

Each Participant's LTI Target Opportunity shall be converted into LTI Awards in accordance with this Section VII.  In all cases, a Participant must be employed by the Company or one of its subsidiaries on the date the LTI Awards for that Award Year are Granted (the "Grant Date") to be eligible to receive the LTI Awards.

	
(A)

	
Shares Subject to LTI Awards.  For each Award Year:

(i)           A Committee-determined percentage of each Participant's LTI Target Opportunity shall be granted in the form of a Time-Vested Option.  The percentage is generally expected to be 40% of each Participant's LTI Target Opportunity, but the Committee has sole discretion to increase or decrease this percentage recognizing that circumstances surrounding annual LTI grants will change from year to year.  Accordingly, the number of Shares covered by the Time-Vested Option shall be the quotient of (A) the Committee-determined percentage of the Participant's LTI Target Opportunity allocated for a Time-Vested Option Award, divided by (B) the Grant Date per share fair value (determined using a lattice valuation model selected by the Board or Committee) of a 10-year stock option to purchase a share of Company Stock with an exercise price equal to the closing price of the Company Stock on the date of grant of the LTI Awards.  The option exercise price for the Time-Vested Option shall, in all cases, be the "Fair Market Value" (as determined under the Company Equity Plan) of a share of Company Stock on the Time-Vested Option's Grant Date;

(ii)           A Committee-determined percentage, if any, of each Participant's LTI Target Opportunity shall be granted in the form of Time-Vested RSUs.  The percentage is generally expected to be 10% of each Participant's LTI Target Opportunity, but the Committee has sole discretion to increase or decrease this percentage recognizing that circumstances surrounding annual LTI grants will change from year to year.  Accordingly, the number of Shares subject to the Time-Vested RSU award shall be the quotient of (A) the Committee-determined percentage of the Participants' LTI Target Opportunity allocated for a Time-Vested RSU Award, divided by (B) the Grant Date "Fair Market Value" (as determined under the Company Equity Plan) of a share of Company Stock on the Time-Vested RSU's Grant Date; and

(iii)           A Committee-determined percentage of each Participant's LTI Target Opportunity shall be granted in the form of Performance Shares. The percentage is generally expected to be 50% of each Participant's LTI Target Opportunity, but the Committee has sole discretion to increase or decrease this percentage recognizing that circumstances surrounding annual LTI grants will change from year to year.  Accordingly, the number of Performance Shares covered by the Performance Shares award shall be the quotient of (A) the Committee-determined percentage of the Participant's LTI Target Opportunity allocated for a Time-Vested Performance Share Award, divided by (B) the Grant Date per share value of a Performance Share award (as determined by the Board or Committee) as of the Performance Shares' Grant Date.

 

  

  

  

 

All fractional Shares subject to any LTI Award may be rounded up or down as determined by the Board.

(B)           General Vesting/Payment Terms.  The LTI Awards shall become exercisable, vest and be settled as set forth below in this Section VII (B).  All LTI Awards will also be subject to the terms and conditions of the Company Equity Plan and the respective LTI Award agreement.

(i)           Time-Vested Option. Provided the Participant has remained continuously employed by the Company through the applicable vesting date, the Time-Vested Option shall vest (i.e., become exercisable) in ratable 1/3 increments on the first, second and third anniversaries of the option's Grant Date.

(ii)           Time-Vested RSUs.  Provided the Participant has remained continuously employed by the Company through the applicable vesting date, the Time-Vested RSU's shall vest and be settled upon the earliest to occur of (a) the fifth (5th) anniversary of the Time-Vested RSUs Grant Date, or (b) subject to Section XI(C), the Participant's separation from service with the Company after attaining the age of 60 and after having been employed by the Company or one of its affiliates for five years or more (a "Retirement").  The Time-Vested RSUs shall remain nontransferable and subject to forfeiture restrictions until such vesting; provided, however, if upon a Participant's separation from service all or a portion of the Time-Vested RSUs would otherwise be forfeited, the Board may, in its sole discretion, agree to vest all or a portion of such Time-Vested RSUs if in its judgment the performance of Participant has warranted such vesting and/or such vesting is in the best interests of the Company.  Any such accelerated vesting and issuance of shares of Company Stock shall be subject to potential delay in accordance with Section XI(C).  All shares of Company Stock received in connection with the settlement of a vested RSU shall be subject to a transferability restriction such that no such shares may be sold or transferred until the Participant's separation from service with the Company; provided, however, the Committee may elect to withhold shares of Company Stock at the time a vested RSU is settled to the extent necessary to satisfy the Company's payroll and tax withholding obligations.

(iii)           Performance Shares.   Provided the Participant has remained continuously employed by the Company through the end of applicable three (3) year performance period upon which the payment of the Performance Shares will be based, Performance Shares will vest and be payable based on the level of achievement of one or more performance goals eligible to be used for equity awards granted under a Company Equity Plan (the "Performance Goal") for such performance period, as set forth in the Performance Shares' award agreement.

(C)          Other Equity Grants. Nothing in this Plan shall prevent or restrict the Board from making additional equity award grants to the extent permissible under the Company Equity Plan.

 

  

  

  

 

SECTION VIII.                           RIGHTS TO LTI BONUSES ARE UNSECURED.

A Participant's potential right to an LTI Award does not constitute an equity or other ownership interest in the Company.  The Company shall not be required to and shall not segregate any funds representing any LTI Award and nothing in this Plan shall be construed as providing for such segregation.  Nothing in this Plan and no action taken pursuant to its terms, shall create or be construed to create a trust or escrow account of any kind, or a fiduciary relationship between the Company, on the one hand, and a Participant, or any other person, on the other hand.  Employee has no preferred claim on, or any beneficial ownership in, any assets of the Company.

SECTION IX.                              AMENDMENT AND TERMINATION OF PLAN; TERM OF PLAN.

The Board may, at any time or times, amend this Plan, pursuant to written resolution adopted by the Board.  The Board may, with respect to any Award Year, terminate this Plan by written resolution adopted by the Board.  In the event this Plan is terminated, no further LTI Awards will be Granted under this Plan except that all LTI Awards Granted before the termination of this Plan shall continue in accordance with this Plan until such LTI Award either becomes exercised, vested and payable, or is forfeited.

SECTION X.                               NON-ASSIGNABILITY.

A Participant's rights pursuant to this Plan may not be transferred, alienated, assigned, pledged, hypothecated or otherwise disposed of other than by will or by the laws of descent and distribution.  If a Participant attempts to alienate, assign, pledge, hypothecate, or otherwise dispose of the Participant's rights to any LTI Award or any other right pursuant to this Plan, or in the event of any levy, attachment, execution, or similar process upon the right or interest conferred by this Plan, the Board may terminate all of the Participant's rights under this Plan and all LTI Awards granted to such Participant, and all of such Participant's rights under this Plan will thereupon become null and void.

SECTION XI.                             MISCELLANEOUS.

(A)           The Company's obligation to make any payment, or deliver any shares of Company Stock, pursuant to this Plan shall be subject to the Participant's satisfaction of all applicable federal, state and local income and other tax withholding requirements.

(B)            Nothing in this Plan shall be construed to give any person any benefit, right or interest except as expressly provided herein, and nothing in this Plan shall be construed as establishing any right of continued employment by the Company.

 

  

  

  

 

 (C)             Notwithstanding any provision in this Plan or any LTI Award to the contrary, this Plan and all LTI Awards shall be interpreted and administered in accordance with Section 409A of the Internal Revenue Code and regulations and other guidance issued thereunder.  For purposes of determining whether any payment made pursuant to this Plan or an LTI Award results in a "deferral of compensation" within the meaning of Treasury Regulation §1.409A-1(b), the Company shall maximize the exemptions described in such section, as applicable.  Any reference to a “termination of employment” or similar term or phrase shall be interpreted as a “separation from service” within the meaning of Section 409A and the regulations issued thereunder. If any deferred compensation payment is payable due to a "specified employee" under Section 409A on account of a separation from service for any reason other than death, then such payment shall be delayed for a period of six months and paid immediately following the expiration of such six month period.  A Participant or beneficiary, as applicable, shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Participant or beneficiary in connection with any payments to such Participant or beneficiary pursuant to this Plan, including but not limited to any taxes, interest and penalties under Section 409A, and neither the Company nor any of its subsidiaries shall have any obligation to indemnify or otherwise hold a Participant or beneficiary harmless from any and all of such taxes and penalties.

(D)           The provisions of this Plan, except where otherwise required by law, will be governed, construed, enforced, and administered in accordance with the laws of the State of Delaware.

 

  

  

  

 

Appendix A – Target LTI Percentages

	
Title / Band

	
Level

	
Target LTI

Percentage

 

	
 

CEO

 

	
0

	
200%

	
 

Corporate Executives (COO, CFO, GC, CAO)

 

	
1 Corp.

	
100%

	
 

Division Presidents

 

	
1 Div.

	
60%

	
 

Non-Executive Corporate Officers

 

	
2 Corp.

	
30%

	
 

Corporate VPs

 

	
3 Corp.

	
30%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]