Document:

United Rentals, Inc. Restricted Stock Unit Deferral Plan

 EXHIBIT 10(g) 
  
 UNITED RENTALS, INC. 
 RESTRICTED STOCK UNIT DEFERRAL PLAN 
  
 Preamble 
  
 This United
Rentals, Inc. Restricted Stock Unit Deferral Plan (the “Plan”) is an unfunded deferred compensation arrangement designed to attract and retain a select group of employees of United Rentals, Inc. (the “Company”). 
  
 The Company maintains the United Rentals, Inc. 2001 Senior Stock Plan which
allows for the grant of restricted stock unit awards (“Awards”) to officers and directors of the Company. The purpose of this Plan is to enable personnel who receive such Awards to elect to defer receipt of the voting common stock of the
Company (the “Company Stock”) payable upon the vesting and settlement of such Award. 
  
 1. Definitions 
  
 1.1. “Award Proceeds” means the cash or Company Stock distributed upon the vesting of an Award. 
  
 1.2. The “Computation Date” shall mean for any particular Subaccount, each Credit Date with respect thereto, each date, as determined by the
Company, preceding a distribution date as necessary to calculate the distribution amount and any other date as determined by the Company. 
  
 1.3. The “Credit Date” for any deferred Award Proceeds shall mean the date, determined by the Company, within five(5) business days following
the vesting date for an Award with respect to which the Award Proceeds have been deferred hereunder on which the Company shall credit such deferred amounts to a Subaccount pursuant to Section 3 herein. 
  
 1.4. “Deferral Election Form” shall mean a written notice to be
completed by a potential Participant and delivered to the Company indicating a desire to defer all or a portion of such potential Participant’s Award Proceeds for an Award and setting forth the information described in subsection 2.3 herein (a
form of which is attached hereto as Exhibit A). 
  
 1.5.
“Deferral Period” shall mean the period commencing on the applicable vesting date for any particular Award, delineated in full one-year increments not longer than ten (10) years, with respect to which a Participant has chosen to defer any
portion of his or her Award Proceeds. 
  
 1.6. “Deferred
Stock Units” shall mean the stock units into which the deferred amounts credited to a Subaccount are delineated pursuant to Section 4 herein. 
  
 1.7. The “Distribution Date,” with respect to any Participant’s deferred Award Proceeds for any Award, shall mean the date determined by
the Company, in its sole discretion, that is within five (5) business days following the end of the Deferral Period chosen by such Participant pursuant to subsections 2.2 and 2.3 hereof. 
  
 1.8. The “Election Date” for deferral of any Award Proceeds shall mean the date that is at least one year prior to
the vesting date with respect to such Award Proceeds; provided, however, that an Award recipient eligible to participate in the Plan may elect to defer all or part of the Award Proceeds for any Award within thirty (30) days following the date
the Award is granted to such recipient, but in no event on or later than the vesting date for such Award Proceeds. 
  
 1.9. “Fair Market Value” of the Company Stock with respect to any date shall mean the average of the high and low sale prices of one share of
Company Stock as reported on the principal national securities exchange on which the Company Stock is listed and traded or the NASDAQ Stock Market on the date of determination, or, if there is no such sale on that date, then on the last preceding
date on which such a sale was reported. If the 

 
Company Stock is not listed on an exchange or quoted on the NASDAQ Stock Market, or representative quotes are not otherwise available, the “Fair Market
Value” of the Company Stock shall mean the amount determined by the Board of Directors of the Company to be the fair market value based upon a good faith attempt to value the Company Stock accurately. 
  
 1.10. A “Participant” shall mean an Award recipient (i) who is a
member of a select group of management or highly compensated employees of the Company for the Performance Period, (ii) who is designated by the Company as being eligible to make a deferral election hereunder with respect to such Award, and (iii) who
has made a voluntary election hereunder to defer all or part of his or her Award Proceeds for such Award. 
  
 1.11. A “Subaccount” shall mean a deferral subaccount for a Participant established by the Company under subsection 3.1 hereof. 
  
 1.12. A “Terminating Event” shall mean an event described in
section 6 hereof. 
  
 1.13. A “Termination Date” shall
mean the date of any Terminating Event. 
  
 2. Voluntary
Deferral 
  
 2.1. As part of the Award agreement
or at any time prior to any potential Election Date with respect to any Award Proceeds, the Company shall inform each potential Participant that he or she may elect to defer receipt of all or part of the Award Proceeds which may become payable for
any such Award by an election made pursuant to this Plan and the maximum percentage of such Award Proceeds that may be voluntarily deferred hereunder. 
  
 2.2. Subject to the maximum percentage established by the Company under subsection 2.1 herein, a potential Participant may elect to defer all or any part
of his or her Award Proceeds for a particular Award. An election to defer receipt of all or part of the Award Proceeds for a particular Award shall be made by completing and delivering a Deferral Election Form to the Company on or before the
Election Date for such Award Proceeds. A Participant’s deferred Award Proceeds shall be automatically deferred and credited to a Subaccount on the Credit Date following the vesting date with respect to such Award Proceeds. 
  
 2.3. Each notice of deferral made pursuant to subsection 2.2 hereof shall
state (a) the percentage of the Award Proceeds (subject to the maximum percentage established by the Company for each Participant for such Award) for such Award which a Participant elects to defer into a Subaccount established in the name of such
Participant, (b) the length of the Deferral Period after which such deferred amount is to be distributed, and (c) if desired, the name of one or more beneficiaries to whom the deferred amounts are to be distributed upon the Participant’s death.

  
 2.4. Any portion of the Award Proceeds that is voluntarily
deferred pursuant to this Section 2 shall be distributed in a lump sum distribution on the respective Distribution Date, unless distributed earlier on account of a Terminating Event. 
  
 2.5. Each notice of deferral made pursuant to subsection 2.2 hereof shall be irrevocable and, with respect to the portion of
any Award Proceeds which a Participant elects to defer, the Participant shall have no right to distribution thereof otherwise than on account of a Distribution Date or a Terminating Event. 
  
 2.6. Notwithstanding anything herein to the contrary, upon application by a
Participant, the Company may, in its sole discretion, allow for a redeferral election upon such terms and conditions that it deems appropriate. 
  
 3. Establishment of Subaccounts 
  
 3.1. Immediately following each Election Date, the Company shall establish, for bookkeeping purposes only, a separate Subaccount for each Participant. A
Participant’s deferred Award Proceeds attributable to each 

  

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Award, minus any amount required to be withheld pursuant to Section 3121(v) of the Internal Revenue Code of 1986, as amended from time to time (“Section
3121(v)”), shall be provisionally credited to the appropriate Subaccount on the Credit Date following the applicable vesting date. Deferred amounts shall be delineated in the form of Deferred Stock Units, with each Deferred Stock Unit having a
value equal to the Fair Market Value of one share of Company Stock as of the Credit Date. At the time of such provisional crediting, the Company shall subtract from the amount to be credited the appropriate amount to be withheld for purposes of
Section 3121(v) and shall remit an amount equal to such withholding amount to the appropriate taxing authorities in satisfaction of the requirements of Section 3121(v). 
  
 4. Investment of Deferred Amounts 
  
 4.1. Any part of the Award Proceeds which a Participant elects to defer, as provided in Section 2 hereof, and which is
provisionally credited to a Subaccount established in the name of such Participant, shall be deemed invested in Company Stock and delineated in Deferred Stock Units. Each Deferred Stock Unit shall appreciate or depreciate in value from the Credit
Date through the Distribution Date or earlier Termination Date in the same manner and at the same rate as one share of Company Stock. To the extent that dividends are paid on shares of Company Stock, each Deferred Stock Unit shall accrue dividend
equivalents having equal value to the value of the dividends paid on one share of Company Stock (such value to be based on the Fair Market Value of Company Stock on the date the dividend is declared). Such dividend equivalents shall be credited to
each Participants’ Subaccount on the regular dividend payment date for the Company Stock and delineated in full or partial Deferred Stock Units. 
  
 5. Payment of Deferred Amounts 
  
 5.1. The Deferred Stock Units shall be paid out in a lump sum to the respective Participants, or their chosen beneficiaries (or estate if no beneficiaries
are chosen or if no such chosen beneficiaries survive the Participant) in the event of death, (i) on the respective Distribution Date or (ii) following a Termination Date as stipulated in Section 6 below. 
  
 5.2. Deferred Stock Units will be distributed in shares of Company Stock on a
one to one ratio. Any deferred amount distributed hereunder is compensation income to the respective Participant and is subject to applicable tax withholding. The Company may deduct from any distribution hereunder an amount up to the minimum amount
necessary to satisfy all federal, state and local taxes as required by law to be withheld with respect to such distribution. In addition or in the alternative, the Company may require a Participant to pay to the Company an amount up to the minimum
amount necessary for the Company to satisfy all federal, state and local taxes as required by law to be withheld and in such event the Company may condition distribution on payment of such withholding amount and postpone distribution of the deferred
amounts until such withholding amounts are paid to the Company by the Participant. Partial Deferred Stock Units, whether created through the crediting of dividend equivalents or as a result of tax withholding, shall be distributed in cash having a
value equal to the value of the partial Deferred Stock Unit based on the Fair Market Value of the Company Stock on the date of distribution. 
  
 6. Termination 
  
 6.1. As soon as practicable following the Termination Date with respect to a Terminating Event, the corresponding amounts attributable to Deferred Stock
Units credited to Participants’ Subaccounts established hereunder shall be distributed to Participants or their beneficiaries, as the case may be. 
  
 6.2. The following events shall constitute Terminating Events with respect to all Subaccounts: 
  
 (a) the final determination of a court of competent
jurisdiction from which no appeal is or can be taken or, in the event that no litigation is pursued, the final determination of the U.S. Department of Labor that this Plan is subject to Parts 2 or 3 of Subtitle B of Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) (but only with respect to the amount so affected); or 
  
 (b) the dissolution or liquidation of the Company. 
  

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 6.3. The following events shall constitute Terminating Events with respect to each individual Subaccount
maintained in the name of a Participant: 
  
 (a)
the death of the Participant; 
  
 (b) the
termination of the Participant’s employment or service with the Company; provided, however, that, in the event a Participant indicates on a timely delivered Deferral Election Form that the Participant desires the Award Proceeds to be
deferred until the Distribution Date, irrespective of whether such Participant’s employment or service with the Company terminates prior to such Distribution Date, then solely with respect to the Participant’s Award Proceeds attributable
to such Deferral Election Form and maintained in such Participant’s Subaccount, this Section 6.3(b) shall not constitute a Terminating Event; or 
  
 (c) the presentation by any Participant to the Board of Directors of the Company of satisfactory evidence of a final determination by a
court of competent jurisdiction from which no appeal is or can be taken, or, in the event that no litigation is pursued, the final determination by the United States Internal Revenue Service, or analogous taxing authority of another jurisdiction,
that all or a portion of such Subaccount is currently taxable or taxable in any prior year to the Participant, or a change in the tax laws of the United States, or any other applicable jurisdiction, having the same effect (but only the amount
necessary to cover any such taxes, penalties and/or interest due to the applicable taxing authority shall be distributed). 
  
 7. Right to Deferral Account 
  
 7.1. No Participant shall have any property interest whatsoever in any Subaccount. Nothing contained herein and no action taken pursuant to the provisions
of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between any Participant and the Company. Any amounts which may be set aside by the Company for the purpose of satisfying the Company’s
obligations hereunder shall continue for all purposes to be a part of the general assets of the Company and subject to the claims of its general creditors, and no person other than the Company shall have, by virtue of the provisions of this Plan,
any interest in such amounts. To the extent that a Participant acquires a right to receive a distribution of Deferred Stock Units, such right shall create no right of action by the Participant against the Company greater than the right of any
unsecured general creditor of the Company. 
  
 7.2.
Notwithstanding any provision to the contrary contained herein, no provision in this Plan shall create or be construed to create any claim, right or cause of action against the Company arising from any diminution in the value of any of the
Subaccounts in connection with the deemed investment of such Subaccount in accordance with Section 4 hereof. The liability of the Company under this Plan shall be limited to the value of each of the Subaccounts as computed in accordance with Section
4 hereof. 
  
 8. Prohibition of Transfer and
Assignment 
  
 8.1. The right of a Participant or
any other person to any payment under this Plan shall not be assigned, transferred, pledged or encumbered except by will or by the laws of descent and distribution, and any attempted assignment or transfer shall be null and void. 
  
 9. Authority to Construe Plan; Claims Procedures

  
 9.1. Administration. The Compensation Committee of
the Board of Directors of the Company shall act as the Plan administrator and shall have full power and authority to interpret, construe, administer and make determinations under the Plan (the “Administrator”), and the Administrator’s
interpretations and construction thereof, and actions thereunder, including any determination of the amount of any deferred Award Proceeds shall be binding and conclusive on all persons for all purposes. Neither the Administrator, the Company, nor
any officer or employee thereof shall be liable to any person for any action taken or omitted in connection with the interpretation and administration of this Plan unless attributable to his or its own willful violation of the terms of 

  

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the Plan. The Administrator, and any employee or officer thereof, shall be indemnified by the Company for any liabilities costs and expenses (including
without limitation reasonable attorneys’ fees) incurred by him or her as a result of actions taken, or not taken, in good faith and without gross negligence or willful misconduct in connection with the administration of the Plan. 
  
 9.2. Claim. A Participant or his beneficiary or authorized
representative (each one being hereinafter referred to as a “Claimant”) who expects a benefit under the Plan which he has not received may file a formal claim for benefits under the Plan with the Administrator. The Administrator shall
review the claim and render a determination relating to the claim based on this Plan document (including the Administrator’s power and authority to interpret and construe the Plan and to make rules relating to the administration of the Plan)
and consistent with prior determinations rendered with respect to similarly situated claims. The Administrator shall notify the Claimant within 90 days of the receipt of the claim of the Administrator’s determination relating to the claim,
unless the Administrator determines that special circumstances require an extension of time for processing a claim, in which case the Administrator shall notify the Claimant of the extension within 90 days of receipt of the claim, specifying the
special circumstances requiring an extension and the date by which it expects to render a determination on the claim, which determination must be rendered and notice given to the Claimant no later than the 180th day following the receipt of the claim. If an extension is required because the Claimant failed to submit the information necessary to decide a
claim, the time period for making a benefit determination set forth in the prior sentence shall be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request
for additional information. The determination notice shall be in writing, sent by regular mail to the address specified by the Claimant or if none is specified to the Claimant’s last known address, and must contain the following information:

  
 (a) The specific reasons for a determination
adverse to the Claimant, if applicable; 
  
 (b)
The specific reference to the pertinent Plan provision(s) on which the determination is based; 
  
 (c) If applicable, a description of any additional information or material necessary to perfect the claim, and an explanation of why such
information or material is necessary; and 
  
 (d)
An explanation of the claims review procedure and the time limitations of the review procedure applicable thereto, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an appeal of any
adverse benefit determination, if applicable. 
  
 For purposes of the claims
procedures in this Section 9, claims, notifications and determinations shall be deemed to be received when actually received and parties shall be deemed to be notified and a notification shall be deemed to be sent or submitted on the date that such
notification is postmarked or actually delivered by courier if not mailed. 
  
 9.3. Appeal Procedure. A Claimant is entitled to request an appeal of any adverse determination of his claim by the Administrator. The request for appeal must be submitted in writing within 60 days of the
receipt by the Claimant of the notification of an adverse claim determination. Absent a request for appeal within the 60-day period, the determination of the Administrator regarding the claim will be deemed to be final and conclusive. During the
appeal process, the Claimant shall have a reasonable opportunity to submit written comments, documents, records and other information relating to the claim and shall be entitled, free of charge, to reasonable access to and copies of all documents,
records and other information relevant to the claim. The Administrator shall review the appeal of the initial claim determination (including all comments, documents, records and other information submitted by the Claimant, regardless of whether such
information was submitted with the original claim) and render a final determination. 
  
 9.4. Final Determination. Within 60 days following receipt by the Administrator of the Claimant’s request for appeal, the Administrator shall render a final determination relating to the claim, unless the
Administrator determines that special circumstances (such as the need to hold a hearing) require an extension of time for processing the appeal, in which case the Administrator shall notify the Claimant of such extension within 60 days following
receipt by the Administrator of the request for appeal, specifying the special 

  

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circumstances requiring an extension and the date by which it expects to render a final determination on the appeal, which determination must be rendered and
notice given to the Claimant no later than the 120th day following the receipt by the Administrator of the request
for appeal. If an extension is required because the Claimant failed to submit the information necessary to decide a claim, the time period for making a benefit determination set forth in the prior sentence shall be tolled from the date on which the
extension notification is sent to the Claimant until the date on which the Claimant responds to the request for additional information. The final determination shall be made in writing to the Claimant. The final determination shall (i) recite the
specific reasons for a determination adverse to the Claimant, if applicable, with specific reference to the pertinent Plan provision(s) on which the determination is based, (ii) state that the Claimant is entitled to receive, upon request and free
of charge, reasonable access to and copies of all documents, records and other information relevant to the claim and (iii) state that the Claimant has a right to bring an action under Section 502(a) of ERISA, if applicable. 
  
 10. General Provisions 
  
 10.1. This Plan shall be binding upon and inure to the benefit of the
Company, its successors and assigns and any Participant, his heirs, executors, administrators and legal representatives. 
  
 10.2. This Plan is established with the intention that compensation deferred pursuant to its terms will not be treated as income to any Participant under
the Internal Revenue Code of 1986, as amended, until and to the extent that such Participant actually receives payment of any deferred amounts; provided, however, that nothing herein shall create any right on the part of a Participant to have
any amount of Award Proceeds deferred hereunder unless and until such Participant has been notified of his or her eligibility to defer receipt such Award Proceeds and a deferral election pursuant to subsections 2.2 and 2.3 herein has been properly
made and is approved by the Company. 
  
 10.3. This Plan does not
create an employment relationship between the Company and any Participant, and does not create in any Participant any right or obligation to continue to provide services to the Company for any length of time, and does not create in or on the part of
any Participant or the Company any rights except those set forth herein. 
  
 10.4. The Company may terminate or amend this Plan in whole or in part at any time. Specifically, this Plan, as it relates to amounts previously deferred hereunder and to future deferrals, (i) may be amended by the
Company at any time (without the consent of Participants) to take advantage of any tax deferral methods or strategies allowed by or liberalized by, and (ii) shall be amended (without the consent of Participants) to eliminate or amend any provision
of this Plan that is proscribed by, in either case, any legislative changes relating to or regulatory, administrative or judicial action interpreting the law governing non-qualified deferred compensation for deferral arrangements similar to this
Plan enacted, promulgated or decided following the execution of this Plan. 
  
 10.5. Illegality of any provision hereunder shall not affect enforceability of any other provision hereunder. 
  
 10.6. This Plan shall be construed in accordance with and governed by the laws of the State of Connecticut without reference to the conflict of laws
provisions thereof. 
  
 10.7. Any controversy, claim or dispute
arising out of or relating in any way, directly or indirectly, to the Plan, including the amount due any Participant hereunder, or the terms of the payment thereof, shall be finally resolved by arbitration in Fairfield County, Connecticut in
accordance with the rules of the American Arbitration Association then in effect relating to commercial arbitration. 
  

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 IN WITNESS WHEREOF, this Plan has been adopted as of the         
day of May, 2004. 
  

			
	 UNITED RENTALS, INC.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 7AMENDED AND RESTATED 1996 EQUITY COMPENSATION PLAN

 EXHIBIT 10.1 
  
 CLOSURE MEDICAL CORPORATION 
 AMENDED AND RESTATED 1996 EQUITY COMPENSATION PLAN 
  
 As Amended Effective as of June 16, 2004 
  
 The purpose of the Closure Medical Corporation 1996 Equity Compensation Plan (the “Plan”) is to provide (i) designated officers and other employees of Closure Medical Corporation (the “Company”)
and its subsidiaries, (ii) non-employee members of the board of directors of the Company (the “Board”), and (iii) independent contractors and consultants who perform valuable services for the Company or its subsidiaries, with the
opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights and restricted stock. The Company believes that the Plan will cause the participants to contribute materially to the growth of the
Company, thereby benefiting the Company’s stockholders, and will align the economic interests of the participants with those of the stockholders. 
  
 1. Administration 
  
 The Plan shall be administered and interpreted by a committee (the “Committee”), which shall consist of two or more persons appointed by the
Board. The Committee may consist of “outside directors” as defined under section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) and related Treasury regulations, and may be “non-employee directors”
as defined under Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). 
  
 Other than grants to Non-Employee Directors (as hereinafter defined), whose grants shall be determined by the Committee and be subject to the approval of
the Board, the Committee shall have the sole authority to (i) determine the individuals to whom grants shall be made under the Plan, (ii) determine the type, size and terms of the grants to be made to each such individual, (iii) determine the time
when the grants will be made and the duration of any applicable exercise or restriction period, including the criteria for vesting and the acceleration of vesting and (iv) deal with any other matters arising under the Plan. 
  
 The Committee shall have full power and authority to administer and interpret
the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion. The
Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interests in the Plan or in any awards granted
hereunder. All powers of the Committee shall be executed in its sole discretion (except with respect to grants to Non-Employee Directors), in the best interest of the Company and in keeping with the objectives of the Plan and need not be uniform as
to similarly situated individuals. 
  
 2. Grants

  
 Incentives under the Plan shall consist of grants of
incentive stock options, nonqualified stock options, stock appreciation rights and restricted stock (hereinafter collectively referred to as “Grants”). All Grants shall be subject to the terms and conditions set forth herein and to those
other terms and conditions consistent with this Plan as the Committee deems appropriate and as are specified in writing by the Committee to the individual (the “Grant Letter”). All Grants to Non-Employee Directors shall be subject to
approval of the Board. The Committee shall approve the form and provisions of each Grant Letter to an individual. Grants under a particular Section of the Plan need not be uniform as among the grantees. 
  
 3. Shares Subject to the Plan 
  
 (a) Subject to the adjustment specified below, the aggregate number of
shares of common stock of the Company (the “Company Stock”) that may be issued or transferred under the Plan is 7,000,000 shares in the 

 aggregate. Notwithstanding anything in the Plan to the contrary, the maximum aggregate number of shares of Company Stock
that shall be subject to Grants made under the Plan to any individual during any calendar year shall be 500,000 shares. The shares may be authorized but unissued shares of Company Stock or reacquired shares of Company Stock, including shares
purchased by the Company on the open market for purposes of the Plan. If and to the extent options or stock appreciation rights granted under the Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been
exercised or if any shares of restricted stock are forfeited, the shares subject to such Grants shall again be available for purposes of the Plan. 
  
 (b) If there is any change in the number or kind of shares of Company Stock outstanding by reason of a stock dividend, recapitalization, stock split, or
combination or exchange of shares, or a merger, reorganization or consolidation in which the Company is the surviving corporation, reclassification or change in par value or by reason of any other extraordinary or unusual events affecting the
outstanding Company Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is substantially reduced due to the Company’s payment of an extraordinary dividend or distribution,
then (i) the maximum number of shares of Company Stock available for Grants, (ii) the maximum number of shares of Company Stock which any one individual participating in the Plan may be granted during the term of the Plan, (iii) the number of shares
covered by outstanding Grants, and (iv) the price per share or the applicable market value of such Grants shall be proportionately adjusted by the Committee to reflect any increase or decrease in the number or kind of issued shares of Company Stock
to preclude the enlargement or dilution of rights and benefits under such Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. The adjustments determined by the Committee shall be final, binding
and conclusive. Notwithstanding the foregoing, no adjustment shall be authorized or made pursuant to this Section to the extent that such authority or adjustment would cause any incentive stock option to fail to comply with section 422 of the Code.

  
 4. Eligibility for Participation 
  
 All employees of the Company and its subsidiaries (“Employees”),
including Employees who are officers or members of the Board, shall be eligible to participate in the Plan. Any independent contractors or consultants who perform valuable services to the Company or any of its subsidiaries (“Consultants”)
and Non-Employee Directors shall be eligible to participate in the Plan, but shall not be eligible to receive incentive stock options. 
  
 The Committee shall select the Employees and Consultants to receive Grants and determine the number of shares of Company Stock subject to a particular
Grant in such manner as the Committee determines. The Committee, subject to the approval of the Board, shall select the Non-Employee Directors to receive grants and determine the number of shares of Company Stock subject to a particular Grant in
such manner as the Committee, subject to the approval of the Board, determines. Employees, Consultants, and Non-Employee Directors who receive Grants under this Plan shall hereinafter be referred to as “Grantees”. 
  
 Nothing contained in this Plan shall be construed to (i) limit the right of
the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any corporation, firm or association, including options granted to employees
thereof who become Employees of the Company, or for other proper corporate purpose, or (ii) limit the right of the Company to grant stock options or make other awards outside of this Plan. 
  
 5. Granting of Options 
  
 (a) Number of Shares. The Committee, in its sole discretion, shall
determine the number of shares of Company Stock that will be subject to each Grant of stock options to any Employee or Consultant. The Committee, subject to approval by the Board, shall determine the number of shares of Company Stock that will be
subject to each Grant of stock options to any Non-Employee Director. 
  
 (b) Type of Option and Price. The Committee may grant options intended to qualify as “incentive stock options” within the meaning of section 422 of the Code (“Incentive Stock Options”) or options which are not
intended to so qualify (“Nonqualified Stock Options”) or any combination of Incentive Stock Options and Nonqualified Stock Options (hereinafter collectively the “Stock Options”), all in accordance with the terms and conditions
set forth herein. 
  

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 The purchase price of Company Stock subject to a Stock Option shall be determined by the Committee,
subject to approval by the Board in the case of Grants to Non-Employee Directors and may be equal to, greater than, or less than the Fair Market Value (as defined below) of a share of such Stock on the date such Stock Option is granted; provided,
however, that (i) the purchase price of Company Stock subject to an Incentive Stock Option shall be equal to, or greater than, the Fair Market Value of a share of such Stock on the date such Stock Option is granted and (ii) an Incentive Stock Option
may not be granted to an Employee who, at the time of grant, owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company, unless the option price per
share is not less than 110% of the Fair Market Value of Company Stock on the date of grant. 
  
 If the Company Stock is traded in a public market, then the Fair Market Value per share shall be (i) if the principal trading market for the Company Stock is a national securities exchange or the National Market
segment of the Nasdaq Stock Market, the last reported sale price thereof on the relevant date or (if there were no trades on that date) the latest preceding date upon which a sale was reported, or (ii) if the Company Stock is not principally traded
on such exchange or market, the mean between the last reported “bid” and “asked” prices thereof on the relevant date, as reported on Nasdaq, or, if not so reported, as reported by the National Daily Quotation Bureau, Inc. or as
reported in a customary financial reporting service, as applicable and as the Committee determines. If the Company Stock is not traded in a public market or subject to reported transactions or “bid” or “ask” quotations as set
forth above, the Fair Market Value per share shall be as determined by the Committee. 
  
 (c) Option Term. The Committee shall determine the term of each Stock Option, subject to approval by the Board in the case of Grants to Non-Employee Directors. The term of any Stock Option shall not exceed ten
years from the date of grant. Notwithstanding the foregoing, an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock possessing more than 10 percent of the total combined voting power of all classes of stock
of the Company or any parent or subsidiary of the Company, unless the option term does not exceed five years from the date of grant. 
  
 (d) Exercisability of Options. Stock Options shall become exercisable in accordance, subject to approval by the Board in the case of Grants to
Non-Employee Directors, with the terms and conditions determined by the Committee, in its sole discretion, and specified in the Grant Letter. The Committee, in its sole discretion, may accelerate the exercisability of any or all outstanding Stock
Options at any time for any reason. A Grantee’s outstanding Stock Options shall become fully exercisable if the Grantee dies while employed by or providing services to the Company. In addition, all outstanding Stock Options automatically shall
become fully and immediately exercisable upon a Change of Control (as defined herein) in accordance with the provisions of Section 10. 
  
 (e) Manner of Exercise. A Grantee may exercise a Stock Option which has become exercisable, in whole or in part, by delivering a notice of exercise
to the Committee with accompanying payment of the option price in accordance with Subsection (g) below. Such notice may instruct the Company to deliver shares of Company Stock due upon the exercise of the Stock Option to any registered broker or
dealer designated by the Committee in lieu of delivery to the Grantee. Such instructions must designate the account into which the shares are to be deposited. 
  

(f) Termination of Employment, Disability or Death. 
  
 (i) Except as provided below, a Stock Option may only be exercised while the Grantee is employed by the Company as an Employee, Consultant or member of
the Board. In the event that a Grantee ceases to be employed by the Company for any reason other than a “disability”, death, or “termination for cause”, any Stock Option which is otherwise exercisable by the Grantee shall
terminate unless exercised within 90 days after the date on which the Grantee ceases to be employed by the Company (or within such other period of time as may be specified in the Grant Letter), but in any event no later than the date of expiration
of the option term. Any of the Grantee’s Stock Options which are not otherwise exercisable as of the date on which the Grantee ceases to be employed by the Company as described in this subsection (i) shall terminate as of such date. 

 

 3 

 (ii) In the event the Grantee ceases to be employed by the Company on account of a “termination for
cause” by the Company, any Stock Option held by the Grantee shall terminate as of the date the Grantee ceases to be employed by the Company. 
  
 (iii) In the event the Grantee ceases to be employed by the Company because the Grantee is “disabled”, any Stock Option which is otherwise
exercisable by the Grantee shall terminate unless exercised within one year after the date on which the Grantee ceases to be employed by the Company (or within such other period of time as may be specified in the Grant Letter), but in any event no
later than the date of expiration of the option term. Any of the Grantee’s Stock Options which are not otherwise exercisable as of the date on which the Grantee ceases to be employed by the Company as described in this subsection (iii) shall
terminate as of such date. 
  
 (iv) If the Grantee dies while
employed by the Company or within 90 days after the date on which the Grantee ceases to be employed by the Company on account of a termination of employment specified in Section 5(f)(i) above (or within such other period of time as may be specified
in the Grant Letter), any Stock Option which is otherwise exercisable by the Grantee (subject to the provisions of Section 5(d)) shall terminate unless exercised within one year after the date on which the Grantee ceases to be employed by the
Company (or within such other period of time as may be specified in the Grant Letter), but in any event no later than the date of expiration of the option term. Except as provided in Section 5(d), any of the Grantee’s Stock Options which are
not otherwise exercisable as of the date on which the Grantee ceases to be employed by the Company shall terminate as of such date. 
  
 (v) For purposes of this Section 5(f), the term “Company” shall include the Company’s subsidiaries, and the following terms shall be
defined as follows: (A) “disability” shall mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the Code and (B) “termination for cause” shall mean, except to the extent otherwise provided in a
Grantee’s Grant Letter, a finding by the Committee, after full consideration of the facts presented on behalf of both the Company and the Grantee, that the Grantee has breached his or her employment or service contract with the Company, or has
been engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his or her employment or service, or has disclosed trade secrets or confidential
information of the Company to persons not entitled to receive such information. In such event, in addition to the immediate termination of the Stock Option, the Grantee shall automatically forfeit all option shares for any exercised portion of a
Stock Option for which the Company has not yet delivered the share certificates upon refund by the Company of the option price paid by the Grantee for such shares. 
  
 (g) Satisfaction of Option Price. The Grantee shall pay the option price specified in the Grant Letter in (i) cash,
(ii) with the approval of the Committee, by delivering shares of Company Stock owned by the Grantee (including Company Stock acquired in connection with the exercise of a Stock Option, subject to such restrictions as the Committee deems appropriate)
and having a Fair Market Value on the date of exercise equal to the option price or (iii) through any combination of (i) and (ii). The Grantee shall pay the option price and the amount of withholding tax due, if any, at the time of exercise. Shares
of Company Stock shall not be issued or transferred upon exercise of a Stock Option until the option price is fully paid and any required withholding is made. 
  

(h) Limits on Incentive Stock Options. Each Incentive Stock Option shall provide that, to the extent that the aggregate Fair Market Value of the
stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Grantee during any calendar year under the Plan or any other stock option plan of the Company or a parent or subsidiary exceeds
$100,000, then such option as to the excess shall be treated as a Nonqualified Stock Option. An Incentive Stock Option shall not be granted to any participant who is not an Employee of the Company or any parent or subsidiary (within the meaning of
section 424(f) of the Code). 
  
 6. Restricted Stock Grants

  
 The Committee may issue or transfer shares of Company Stock
to an Employee or Consultant under a Grant of restricted stock (a “Restricted Stock Grant”), upon such terms as the Committee deems appropriate. The following provisions are applicable to Restricted Stock Grants: 
  
 (a) General Requirements. Shares of Company Stock issued pursuant to
Restricted Stock Grants may be issued for consideration or for no consideration, at the sole discretion of the Committee. The Committee shall establish conditions under which restrictions on the transfer of shares of Company Stock shall lapse over a
period of time or according to such other criteria as the Committee deems appropriate. The period of years during which the Restricted Stock Grant will remain subject to restrictions will be designated in the Grant Letter as the “Restriction
Period.” 
  

 4 

 (b) Number of Shares. The Committee shall grant to each Grantee a number of shares of Company
Stock pursuant to a Restricted Stock Grant in such manner as the Committee determines. 
  
 (c) Requirement of Employment. If the Grantee ceases to be employed by the Company (as an Employee or Consultant) during a period designated in the Grant Letter as the Restriction Period, or if other specified
conditions are not met, the Restricted Stock Grant shall terminate as to all shares covered by the Grant as to which restrictions on transfer have not lapsed and those shares of Company Stock must be immediately returned to the Company. The
Committee may, however, provide for complete or partial exceptions to this requirement as it deems equitable. 
  
 (d) Restrictions on Transfer and Legend on Stock Certificate. During the Restriction Period, a Grantee may not sell, assign, transfer, pledge or
otherwise dispose of the shares of Company Stock to which such Restriction Period applies except to a Successor Grantee (as defined below) under Section 9. Each certificate for a share issued or transferred under a Restricted Stock Grant shall
contain a legend giving appropriate notice of the restrictions in the Grant. The Grantee shall be entitled to have the legend removed from the stock certificate covering any of the shares subject to restrictions when all restrictions on such shares
have lapsed. 
  
 (e) Right to Vote and to Receive
Dividends. During the Restriction Period, unless the Committee determines otherwise, the Grantee shall have the right to vote shares subject to the Restricted Stock Grant and to receive any dividends or other distributions paid on such shares,
subject to any restrictions deemed appropriate by the Committee. 
  
 (f) Lapse of Restrictions. All restrictions imposed under the Restricted Stock Grant shall lapse upon the expiration of the applicable Restriction Period and the satisfaction of any conditions imposed by the Committee. The Committee
may determine, as to any or all Restricted Stock Grants, that all the restrictions shall lapse without regard to any Restriction Period. The restrictions on a Grantee’s outstanding Restricted Stock Grants shall automatically and immediately
lapse if the Grantee dies while employed by or providing services to the Company. All restrictions under all outstanding Restricted Stock Grants shall automatically and immediately lapse upon a Change of Control. 
  
 7. Stock Appreciation Rights 
  
 (a) General Requirements. The Committee may grant stock appreciation
rights (“SARs”) to any Grantee in tandem with any Stock Option, for all or a portion of the applicable Stock Option, either at the time the Stock Option is granted or at any time thereafter while the Stock Option remains outstanding;
provided, however, that in the case of an Incentive Stock Option, such rights may be granted only at the time of the Grant of such Stock Option. Unless the Committee determines otherwise, the base price of each SAR shall be equal to the greater of
(i) the exercise price of the related Stock Option or (ii) the Fair Market Value of a share of Company Stock as of the date of Grant of such SAR. 
  
 (b) Number of SARs. The number of SARs granted to a Grantee which shall be exercisable during any given period of time shall not exceed the number
of shares of Company Stock which the Grantee may purchase upon the exercise of the related Stock Option during such period of time. Upon the exercise of a Stock Option, the SARs relating to the Company Stock covered by such Stock Option shall
terminate. Upon the exercise of the SARs, the related Stock Option shall terminate to the extent of an equal number of shares of Company Stock. 
  
 (c) Value of SARs. Upon a Grantee’s exercise of some or all of the Grantee’s SARs, the Grantee shall receive in settlement of such SARs
an amount equal to the value of the stock appreciation for the number of SARs exercised, payable in cash, Company Stock or a combination thereof. The stock appreciation for an SAR is the amount by which the Fair Market Value of the underlying
Company Stock on the date of exercise of the SAR exceeds the base price of the SAR as described in subsection (a). 
  

 5 

 (d) Form of Payment. At the time of such exercise, the Grantee shall have the right to elect the
portion of the amount to be received that shall consist of cash and the portion that shall consist of shares of Company Stock, which for purposes of calculating the number of shares of Company stock to be received, shall be valued at their Fair
Market Value on the date of exercise of such SARs. The Committee shall have the right to disapprove a Grantee’s election to receive cash in full or partial settlement of the SARs exercised and to require that shares of Company Stock be
delivered in lieu of cash. If shares of Company Stock are to be received upon exercise of an SAR, cash shall be delivered in lieu of any fractional share. 
  
 (e) Certain Restrictions. An SAR is exercisable only during the period when the Stock Option to which it is related is also exercisable.

  
 8. Transferability of Grants 
  
 Only the Grantee or his or her authorized representative may exercise rights
under a Grant. Such persons may not transfer those rights except by will or by the laws of descent and distribution or, with respect to Grants other than Incentive Stock Options, if permitted in any specific case by the Committee in its sole
discretion pursuant to a qualified domestic relations order (as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder). When a Grantee dies, the representative or other
person entitled to succeed to the rights of the Grantee (“Successor Grantee”) may exercise such rights. A Successor Grantee must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Grantee’s
will or under the applicable laws of descent and distribution. 
  
 Notwithstanding the foregoing, the Committee may provide, in a Grant Letter, that a Grantee may transfer Nonqualified Stock Options to his or her children, grandchildren or spouse or to one or more trusts for the benefit of such family
members or to partnerships in which such family members are the only partners (a “Family Transfer”), provided that the Grantee receives no consideration for a Family Transfer and the Grant Letters relating to Nonqualified Stock Options
transferred in a Family Transfer continue to be subject to the same terms and conditions that were applicable to such Nonqualified Stock Options immediately prior to the Family Transfer. 
  
 9. Change of Control of the Company 
  
 As used herein, a “Change of Control” shall be deemed to have occurred if: 
  
 (a) As a result of a tender offer, stock purchase, other stock acquisition,
merger, consolidation, recapitalization, reverse split, or sale or transfer of assets, any person or group (as such terms are used in and under Section 13(d) of the Exchange Act), but excluding Rolf D. Schmidt and F. William Schmidt or any entity
controlled by either or both of them, becomes the beneficial owner (as defined in Rule 13-d under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50.1% of the common stock of the Company or the combined
voting power of the Company’s then outstanding securities; 
  
 (b) A liquidation or dissolution of the Company, or a sale (excluding transfers to subsidiaries) of all or substantially all of the Company’s assets occurs; or 
  
 (c) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board cease
for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by the Company’s stockholders, of at least two-thirds of the directors who were not directors at the beginning of such period was
approved by a vote of at least two-thirds of the directors then still in office who were either directors at the beginning of the period or who, in connection with their election or nomination, received the foregoing two-thirds approval. 

 

 6 

 10. Consequences of a Change of Control 
  
 (a) Notice. 
  
 (i) If a Change of Control described in Section 9(a) or (b) will occur, then,
not later than 10 days after the approval by the stockholders of the Company (or approval by the Board, if stockholder action is not required) of such Change of Control, the Company shall give each Optionee with any outstanding Stock Options written
notice of such proposed Change of Control. 
  
 (ii) If a Change of
Control described in Section 9(a) may occur without approval by the stockholders (or approval by the Board) and does so occur, or if a Change of Control described in Section 9(c) occurs, then, not later than 10 days after such Change of Control, the
Company shall give each Optionee with any outstanding Stock Options written notice of the Change of Control. 
  
 (b) Election Period. In connection with the Change of Control and effective only upon such Change of Control: 
  
 (i) All outstanding Stock Options shall be fully exercisable and the
restrictions on all outstanding Restricted Stock shall immediately lapse; and 
  
 (ii) Each Grantee shall thereupon have the right, within 20 days after such written notice is sent by the Company (the “Election Period”), to make an election as described in Subsection (c) with respect to
all of his or her outstanding Stock Options (whether the right to exercise such Stock Options has then accrued or the right to exercise such Stock Options will occur or has occurred upon the Change of Control). 
  
 (c) Election Right. Effective upon a Change of Control, the Grantees
shall have the right to exercise Stock Options as described in Subsection (i) below, and the Committee may determine, in its sole discretion, that Grantees will have the right described in Subsection (ii) below. During the Election Period, subject
to the preceding sentence, each Grantee shall have the right to elect: 
  
 (i) To exercise in full any installments of such Stock Options not previously exercised, or 
  
 (ii) If so determined by the Committee, to surrender all or part of such outstanding Stock Options, in exchange for a payment by the Company, in cash or
Company Stock as determined by the Committee, in an amount equal to the excess over the purchase price of the then Fair Market Value of the shares of Company Stock subject to the Grantee’s outstanding Stock Options. 
  
 (d) Termination of Stock Options. If a Grantee does not make a timely
election in accordance with Subsection (c) in connection with a Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary of another corporation), the Grantee’s Stock Options shall terminate as of
the Change of Control. Notwithstanding the foregoing, a Stock Option will not terminate if assumed by the surviving or acquiring corporation, or its parent, upon a merger or consolidation and, with respect to an Incentive Stock Option, the
assumption of the Option shall occur under circumstances which are not deemed a modification of the Option within the meaning of sections 424(a) and 424(h)(3)(A) of the Code. 
  
 (e) Tax Limitations. Notwithstanding the foregoing, if the right described in Subsection (c)(ii) would make the
applicable Change of Control ineligible for desired tax treatment with respect to such Change of Control and, but for those provisions, the Change of Control would otherwise qualify for such treatment, and if the Committee determines that Subsection
(c)(ii) shall be effective, the Grantee shall receive shares of Company Stock with a Fair Market Value equal to the cash that would otherwise be payable pursuant to Subsection (c)(ii) in substitution for such cash. 
  
 11. Amendment and Termination of the Plan 
  
 (a) Amendment. The Board may amend or terminate the Plan at any time;
provided, however, that any amendment that increases the aggregate number (or individual limit for any single Grantee) of shares of Company Stock that may be issued or transferred under the Plan (other than by operation of Section 3(b)), or modifies
the requirements as to eligibility for participation in the Plan, shall be subject to approval by the stockholders of the Company and provided, further, that the Board shall not amend the Plan without stockholder approval if such approval is
required by section 162(m) of the Code. 
  

 7 

 (b) Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth
anniversary of its effective date unless terminated earlier by the Board or unless extended by the Board with the approval of the stockholders. 
  
 (c) Termination and Amendment of Outstanding Grants. A termination or amendment of the Plan that occurs after a Grant is made shall not materially
impair the rights of a Grantee unless the Grantee consents or unless the Committee acts under Section 20(b). The termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant. Whether or not
the Plan has terminated, an outstanding Grant may be terminated or amended under Section 20(b) or may be amended by agreement of the Company and the Grantee consistent with the Plan. 
  
 (d) Governing Document. The Plan shall be the controlling document. No other statements, representations, explanatory
materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its successors and assigns. 
  
 12. Funding of the Plan 
  
 This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to
assure the payment of any Grants under this Plan. In no event shall interest be paid or accrued on any Grant, including unpaid installments of Grants. 
  
 13. Rights of Participants 
  
 Nothing in this Plan shall entitle any Employee, Consultant or other person to any claim or right to be granted a Grant under this Plan. Neither this Plan
nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employ of the Company or any other employment rights. 
  
 14. No Fractional Shares 
  
 No fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant. The Committee shall determine whether cash, other
awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
  
 15. Withholding of Taxes 
  
 (a) Required Withholding. The Company shall have the right to deduct from all Grants paid in cash, or from other wages paid to the Grantee, any
federal, state or local taxes required by law to be withheld with respect to such cash awards and, in the case of Grants paid in Company Stock, the Grantee or other person receiving such shares shall be required to pay to the Company the amount of
any such taxes which the Company is required to withhold with respect to such Grants or the Company shall have the right to deduct from other wages paid by the Company the amount of any withholding due with respect to such Grants. 
  
 (b) Election to Withhold Shares. A Grantee may make an election to
satisfy the Company income tax withholding obligation with respect to a Stock Option, SAR or Restricted Stock by having shares withheld up to an amount that does not exceed the Grantee’s maximum marginal tax rate for federal (including FICA),
state and local tax liabilities. Such election must be in the form and manner prescribed by the Committee and is subject to the prior approval of the Committee. 
  

16. Requirements for Issuance of Shares 
  
 No Company Stock shall be issued or transferred in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance
or transfer of such Company Stock have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any Grant made to any Grantee 
  

 8 

 hereunder on such Grantee’s undertaking in writing to comply with such restrictions on his or her subsequent
disposition of such shares of Company Stock as the Committee shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation thereof and certificates representing such shares may be legended to reflect any
such restrictions. Certificates representing shares of Company Stock issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations and other obligations of the Company,
including any requirement that a legend or legends be placed thereon. 
  
 17. Headings 
  
 Section headings are for
reference only. In the event of a conflict between a title and the content of a Section, the content of the Section shall control. 
  
 18. Effective Date of the Plan. 
  
 This Plan shall be effective, as amended and restated on June 16, 2004. 
  
 19. Miscellaneous 
  
 (a) Substitute Grants. The Committee may make a Grant to an employee of another corporation who becomes an Employee by reason of a corporate
merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company or any of its subsidiaries in substitution for a stock option or restricted stock grant made by such corporation (“Substituted Stock
Incentives”). The terms and conditions of the substitute grant may vary from the terms and conditions required by the Plan and from those of the Substituted Stock Incentives. The Committee shall prescribe the provisions of the substitute
grants. 
  
 (b) Compliance with Law. The Plan, the exercise
of Stock Options and the obligations of the Company to issue or transfer shares of Company Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With respect to
persons subject to Section 16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. The Committee may
revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments to Grantees. The Committee
may, in its sole discretion, agree to limit its authority under this Section. 
  
 (c) Ownership of Stock. A Grantee or Successor Grantee shall have no rights as a stockholder with respect to any shares of Company Stock covered by a Grant until the shares are issued or transferred to the
Grantee or Successor Grantee on the stock transfer records of the Company. 
  
 (d) Governing Law. The validity, construction, interpretation and effect of the Plan and Grant Letters issued under the Plan shall exclusively be governed by and determined in accordance with the law of the
State of Delaware. 
  

 9

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