Document:

Employment Offer Letter to Ralph Henderson, dated August 1, 2007

 Exhibit 10.31 
  
 [LOGO OF AMN HEALTHCARE SERVICES, INC.] 
  
 Susan R. Nowakowski 
 Chief Executive Officer 
 and President 
  
 July 31, 2007 
  
 Mr. Ralph Henderson 

Via Facsimile 773-693-3164 
  
 PERSONAL AND CONFIDENTIAL 
  
 Dear Ralph:

  
 It is my pleasure to offer you the position of President, Nurse Staffing
Division of AMN Healthcare (“AMN”). Your projected start date is September 4, 2007. As we have discussed, you will report directly to me and will be responsible for leading the strategic direction and financial and operational performance
of AMN’s nurse staffing division. 
  
 Briefly, the terms of the offer
include: 
  

	 	•	 	 Annual Base Salary of $350,000; 

	 	•	 	 2007 Total potential Performance Incentive Bonus (PIB) of up to 100% of Base Salary as follows: 

	 	¡	 	 Guaranteed 2007 bonus of $175,000 (based on 50% of Base Salary at 100% of Target); 

	 	¡	 	 Potential of 100% of Base Salary at 110% of Target; 

	 	•	 	 Super Performance Incentive Bonus of an additional 30% of Base Salary at 115% of Target; 

  
 The PIB referenced above is based upon an objective performance Target (“Target”)
as set by AMN’s Compensation and Stock Plan Committee of the Board of Directors. Your 2007 PIB is guaranteed at 50% regardless of Actual Performance. For Actual Performance between 100% and 110% of the Target, the PIB shall be 50% of Base
Salary plus 5% of Base Salary for each whole percentage point by which the Actual Performance exceeds 100% of Target up to 110% of Target. Payout of your 2007 PIB will be in March 2008, subject to your employment with AMN on the payout date. The
potential additional 30% of Super Performance Incentive Bonus is conditioned upon the Company achieving Actual Performance of at least 115% of Target in 2007 and maintaining that level of performance the following calendar year. If applicable, the
Super Performance Bonus will be payable in 2009, conditioned upon your employment with the Company on the date of payout. 
  

	 	•	 	 Equity grant for 2007 valued at 1.8 x Base Salary as follows: 

	 	¡	 	 70% Restricted Stock Units (3 year cliff vesting); 

	 	¡	 	 30% Stock Appreciation Rights (3 year graded vesting); 

	 	¡	 	 Granted on Start Date 

	 	¡	 	 Adjusted on Annual basis by Compensation Committee of the Board of Directors; 

	 	•	 	 Sign-on Bonus of $75,000 payable within 30 days of start date, conditioned upon start date of no later than September 4, 2007; 

  
 (858) 509-3545 Direct      |
     (866) 871-8519 Toll Free      |      (877) 282 -0384 Fax      |      susan.nowakowski@amnhealthcare.com 
  

  
 Corporate Headquarters      |      12400 High Bluff Drive      |      San Diego, CA 92130      |
     www.amnhealthcare.com 

	 	•	 	 Retirement Benefits Eligibility as follows: 

	 	¡	 	 Participation in AMN’s 401 K Plan; 

	 	¡	 	 Participation in AMN’s Executive Nonqualified Excess Plan; 

	 	¡	 	 Company match of 50% on first 6% of Base Salary deferred; 

	 	•	 	 Relocation Benefits as follows: 

	 	¡	 	 12 Months of temporary housing provided by AMN (any unused amount will be paid as bonus to be applied to real estate / closing costs); 

	 	¡	 	 Reimbursement for reasonable costs associated with the move of household goods; Reimbursement for reasonable costs for family transport;

	 	¡	 	 $50,000 Relocation bonus upon purchase of home in San Diego County, conditioned upon home purchase closing within 18 months of start date;

	 	•	 	 Eligible for standard AMN employee benefits coverage, including Medical, Dental and Life Insurance; 

	 	•	 	 12 months base pay severance and standard employee insurance coverage plus prorated target bonus for termination without cause, (cause as defined in AMN standard
executive employment severance agreements). 

  
 This offer
letter of employment is conditional, subject to your ability to perform the essential functions of the job, with our without reasonable accommodation and a clear background check. This offer letter does not constitute an employment contract. As is
the case with all employees, employment is “at will” which means that either the employee or the employer may terminate the employment relationship at any time for any reason not prohibited by law, subject to the terms outlined above.

  
 Standard confidentiality and non-disclosure agreements, codes of ethics and
other corporate governance policies will be presented to you on your first day of employment. Agreement to and execution of the confidentiality and non-disclosure agreement is a requirement of your employment. Also, please be prepared to submit
documents to verify your eligibility to work in the United States, according to Federal Government requirements. 
  
 Ralph, I am anxious to confirm your acceptance of this offer and I look forward to working with you. Please acknowledge acceptance of this offer with your signature and
return the enclosed copy for our records. If I can be of any assistance or can provide additional information, please do not hesitate to call me at (858) 509-3545. 
  
 Sincerely, 
  
 /s/ Susan R. Nowakowski 
  
 Susan R. Nowakowski 
 Chief Executive Officer and President 
  
  
  
 I hereby accept AMN Healthcare’s offer of employment under the conditions outlined above. I understand that no contract of employment has been created.

  

									
					
	Signature:	 	/s/ Ralph Henderson	 	 	 	Date:	 	August 1, 2007
	 	 	Ralph HendersonThird Amended and Restated 1996 Qualified Employee Stock Purchase Plan

 Exhibit 4.3 
 WATSCO, INC. 
 THIRD AMENDED AND RESTATED 1996 QUALIFIED 
 EMPLOYEE STOCK PURCHASE PLAN 

 TABLE OF CONTENTS 
  

			
	 	  	 
		
	1.	  	Effective Date and Purpose of the Plan
		
	2.	  	Definitions
		
	3.	  	Eligibility
		
	4.	  	Participation
		
	5.	  	Common Stock Available Under the Plan
		
	6.	  	Purchases of Common Stock
		
	7.	  	Investing in the Plan
		
	8.	  	Limitation on Purchases
		
	9.	  	Changing Payroll Deductions; Refunds
		
	10.	  	Rights as a Shareholder
		
	11.	  	Accounts
		
	12.	  	Delivery of Share Certificates; Restriction on Transfer
		
	13.	  	No Transfer Rights
		
	14.	  	Administration
		
	15.	  	Designation of Beneficiary
		
	16.	  	Selling Stock
		
	17.	  	Shareholder Approval
		
	18.	  	Amendments
		
	19.	  	Termination of Plan
		
	20.	  	Laws and Regulations; Governing Law
		
	21.	  	Employment Termination; Participant Retirement; Death
		
	22.	  	Employment
		
	23.	  	Use of Funds; No Interest Paid
		
	24.	  	Additional Restrictions of Rule 16b-3
		
	25.	  	Adjustments Upon Changes in Capitalization

 WATSCO, INC. 
 THIRD AMENDED AND RESTATED 1996 QUALIFIED EMPLOYEE STOCK PURCHASE PLAN 
 1. Effective Date and Purpose of the
Plan 
 The effective date of the Watsco, Inc. 1996 Qualified Employee Stock Purchase Plan (the “Plan”) was July 1, 1996. The Plan was
amended and restated in 1997 to increase the number of shares available for purchase under the Plan from 600,000 shares to 800,000 shares. The Plan was subsequently amended and restated on April 1, 2005 to increase the number of shares
available for purchase under the Plan from 800,000 shares to 900,000 shares, subject to the voting results of the Company’s shareholders, and to modify certain other provisions of the Plan. The Plan was further amended, effective as of
January 1, 2006, to change the method for determining the purchase price for shares purchased pursuant to the Plan and to modify certain other provisions of the Plan. On February 26, 2007, the Plan was amended to increase the number of
shares available for purchase under the Plan from 900,000 shares to 1,000,000 shares. 
 The purpose of the Plan is to encourage ownership of Watsco, Inc.
Common Stock by eligible employees of the Company, thereby enhancing employee interest in the success and progress of Watsco. The Plan provides the opportunity to invest in such stock at a discounted price through payroll deductions or lump-sum cash
contributions. The Plan is intended to comply with Section 423 of the Code. 
 2. Definitions 
 For purposes of the Plan, the following terms used in this document have the meanings defined below: 
 “Account”—a separate account maintained by the Custodian for each Participant which reflects the number of shares of Common Stock purchased under the Plan by each Participant. 
 “Agent, Custodian and Recordkeeper”—American Stock Transfer & Trust Company 
 “Business Day”—a day on which there is trading on the New York Stock Exchange. 
 “Code”—the
Internal Revenue Code of 1986, including any amendments. 
 “Committee”—the Compensation Committee of the Board of Directors of Watsco.

 “Common Stock”—Watsco’s $.50 par value, Common Stock, presently traded on the NYSE. 
 “Company”—Watsco and any of its subsidiaries (within the meaning of Section 424(f) of the Code) whose employees are designated by the Committee as
being Eligible Employees. 
 “Compensation”—the amount of a Participant’s base wages, overtime, commissions and cash bonuses, before
giving effect to any reductions made in connection with any plans described in Section 401(k) or Section 125 of the Code. 
 “Custodian”—American Stock Transfer and Trust Company or such other custodial agent as may be appointed by the Committee. 
 “Eligible Employees”—an employee of the Company who is eligible to participate in the Plan in accordance with Section 3. 
 “Enrollment Date”—the first Business Day of each Purchase Period. 
 “Exchange Act”—The Securities Exchange Act of
1934, as amended. 

 “Fair Market Value”—the value of a share of Common Stock on any Business Day shall be the closing price of
the Common Stock as published in the NYSE listing for such day; in the event such prices are not published, the Fair Market Value shall be the most recent published price available. 
 “NYSE”—the New York Stock Exchange. 
 “Participant”—each Eligible Employee who has elected to
have amounts deducted from his or her Compensation to participate in this Employee Stock Purchase Plan. 
 “Purchase Date”—the first Business
Day after the month end of each Purchase Period on which it is administratively possible to execute the purchase, but no more than five business days after the end of each Purchase Period. 
 “Purchase Period”—each of the three month periods ending on the last day of March, June, September and December. 
 “Purchase Price”—the Fair Market Value of a share of Common Stock on the Purchase Date, less a discount of 5%. 
 “Watsco”—Watsco, Inc., a Florida corporation. 
 3.
Eligibility 
 Employees are eligible to participate in the Plan if, at the Enrollment Date, the employee has completed 90 days of continuous
employment and is regularly scheduled to work at least 20 hours per week and more than 5 months per year. No employee shall be eligible to participate in the Plan if, immediately after the Enrollment Date, the employee (or any other person whose
stock would be attributed to the employee pursuant to Section 424(d) of the Code) would own stock and/or options to purchase stock possessing 5% or more of the total combined voting power or value of all classes of stock of Watsco or any parent
company or subsidiaries thereof. 
 4. Participation 
 Participation in the Plan is voluntary. An eligible employee may elect to participate by completing an enrollment form and returning it to the payroll department of each subsidiary. The payroll deductions will start at the Enrollment Date,
subject to the receipt of a completed enrollment form by the payroll department no later than 15 days prior to such Enrollment Date. 
 Purchase Periods
begin on January 1, April 1, July 1 and October 1 of each year. The Committee shall have the power to change the duration of the Purchase Period with respect to any future Purchase Period without shareholder approval if
such change is announced at least fifteen (15) days prior to the scheduled beginning of the first Purchase Period to be affected. So long as the Plan remains in effect, once an employee enrolls, he/she will automatically continue participation
in subsequent Purchase Periods on the same basis, unless he/she elects to change deduction amounts, withdraws or becomes ineligible. 
 5. Common Stock
Available Under the Plan 
 The maximum number of shares of Common Stock which may be purchased under the Plan is 1,000,000, subject to adjustment in
the event of any capital change by reason of any stock dividend or split, recapitalization, merger in which Watsco is the surviving entity, combination or exchange of shares or similar corporate change. In such an event, the number and type of
shares of Watsco which Participants may purchase under the Plan, and the maximum number of shares which may be purchased under the Plan, will be adjusted, as appropriate, by the Board of Directors described in Section 25. 

 6. Purchases of Common Stock 
 On the Purchase Date for each Purchase Period, whole and fractional shares shall be purchased for each Participant with the accumulated Participant payroll deductions and/or with any additional lump-sum amounts
contributed by the Eligible Employee. The Purchase Price shall be equal to 95% of the Fair Market Value of a share of Common Stock on the Purchase Date. Additionally, commission charges relating to the purchase of Common Stock under the Plan shall
be paid by the Company. 
 7. Investing in the Plan 
 There are two methods for investing in the Plan: (1) payroll deductions and (2) lump-sum contributions. 
 Plan elections for payroll
deductions must be made in whole dollar amounts. The minimum dollar amount is $10.00 per payroll period for employees that are paid weekly and $20.00 per pay period for employees that are paid either bi-weekly or semi-monthly. 
 If an employee elects to make a lump-sum contribution, the minimum cash payment is $100 per Purchase Period. A completed lump-sum contribution form, together with the
applicable cash payment, shall be received by the payroll department prior to the Enrollment Date. 
 8. Limitation on Purchases 
 The Fair Market Value of Common Stock that a Participant has the right to Purchase under the Plan cannot exceed $25,000 in one calendar year. This limitation is based on
calculating the Fair Market Value at the beginning of each Purchase Period. 
 9. Changing Payroll Deductions; Refunds 
 A Participant’s elected payroll deduction may be increased or decreased effective with the next Purchase Period. The form must be received by the payroll department
no later than 15 days prior to the next Purchase Period. An elected payroll deduction may not be changed during a Purchase Period. 
 Participants may,
however, cease deductions or obtain a refund of his/her lump-sum contribution during a Purchase Period so long as notice is received by the payroll department prior to the Purchase Date. If a Participant ceases deductions during a Purchase Period or
wishes the refund of a lump-sum contribution, the deductions already taken or the amount of the lump-sum contribution will be refunded to the Participant as soon as practicable. The Participant would not be eligible to participate again until the
Purchase Period after the one in which he/she withdrew. In order to rejoin the Plan, a new enrollment form must be submitted. 
 10. Rights as a
Shareholder 
 From the initial Purchase Date of shares of Common Stock and thereafter (unless and until the Participant sells the Common Stock), the
Participant shall have all the rights and privileges of a stockholder of Watsco with respect to the shares of Common Stock purchased by the Participant. Proxy information will be provided for each stockholders meeting, so that each Participant may
have his/her full and fractional shares voted in accordance with their instructions. 
 11. Accounts 
 American Stock Transfer and Trust Company has been appointed Custodian for the Plan. The Custodian will maintain an Account for each Participant. A statement or
confirmation will be issued following the purchase of shares of Common Stock, which will include the number of full or fractional shares (rounded to three decimal places) purchased for the Participant at the end of each Purchase Period, the total
number of shares owned by the Participant under the Plan and the cost per share. 

 12. Delivery of Share Certificates; Restriction on Transfer 
 As soon as practicable after each Purchase Date, the Custodian shall issue a certificate representing the total number of whole shares of Common Stock for aggregate
purchases of all of the Participants hereunder. Any remaining amount, representing a fractional share that may not be certificated shall be carried forward to the next date of exercise for certification as a part of a whole share. 
 For each Purchase Period ending on or before December 31, 2005, except as hereinafter provided, for a period of 12 months after each Enrollment Date for each such
Purchase Period in which the Participant purchases stock (the “Restriction Period”), the shares of Common Stock purchased for that Purchase Period may not be sold, transferred or disposed of by the Participant other than upon death by will
or the laws of descent and distribution or to immediate family members or trusts established for their benefit. This restriction shall not apply with respect to shares of Common Stock purchased with respect to any Purchase Period beginning on or
after January 1, 2006. 
 The foregoing restriction shall not apply to the transfer of shares pursuant to a plan of reorganization of the Company, but
the stock, securities or other property received in exchange therefore shall also become subject to the same transfer restrictions applicable to the original shares of Common Stock, and shall be held by the Custodian pursuant to the provisions
hereof. 
 Upon expiration of the Restriction Period, the transfer restrictions shall cease to apply and the Participant may direct the sale of some or all
of the whole shares of Common Stock in his/her Account that are not then subject to transfer restrictions. 
 13. No Transfer Rights

 The rights granted under this Plan may not be assigned or transferred under any circumstances other than by will or the laws of descent and
distribution, and are exercisable during a Participant’s lifetime only by the Participant. 
 14. Administration 
 The Plan is administered by the Committee. The members of the Committee are not eligible to participate in the Plan. The Committee has the authority to interpret the Plan
and to establish rules and regulations for its administration, and the decisions and interpretations by the Committee shall be final, conclusive and binding upon all Participants. The Committee has the authority to delegate the day-to-day
administration of the Plan. 
 15. Designation of Beneficiary 
 A Participant may file a written designation of a beneficiary who is to receive any shares and cash in the Participant’s Account, as well as any uninvested cash, if any, in the event of such Participant’s
death. A Participant’s beneficiary designation may be changed by the Participant at any time by written notice. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at
the time of such Participant’s death, the Company shall deliver such shares and/or cash to the executor of the Participant’s estate, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company,
in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may
designate. 
 16. Selling Stock 
 Participants may
sell shares of Common Stock purchased under the Plan by completing and submitting the appropriate form to the payroll department or by notifying the Custodian. Participants will be responsible for payment of a commission equal to 5 cents per share
of Common Stock sold. 

 Restrictions may apply to the sale of shares of Common Stock by certain officers and executives of the Company and those
having similar responsibilities, who are subject to Watsco’s Code of Conduct for Senior Executives. 
 17. Shareholder Approval

 The Plan shall become effective on July 1, 1996, subject to approval by the shareholders of Watsco in accordance with applicable law and the
requirements of Section 423 of the Code. Participation in the Plan may commence on the effective date, prior to receipt of shareholder approval, provided that, if shareholder approval is not received, no shares of Common Stock shall be
purchased under the Plan until Participants are advised of SEC rules regarding the purchase of shares. Participants would have the option to remain in the Plan or have deducted amounts returned. In addition, to the extent necessary to comply with
Rule 16b-3 of the Exchange Act or under Section 423 of the Code or other applicable law, the Committee shall obtain approval of the shareholders of Watsco of any Plan or any Plan amendment in such a manner and to such a degree as required.

 18. Amendments 
 The Committee may at any time,
or from time to time, amend the Plan in any respect, except that, without approval of the shareholders of Watsco, no amendment may be made (a) increasing the number of shares which may be purchased under the Plan (other than provided in
Section 5 herein), (b) materially increasing the benefits accruing to Participants, or (c) materially modifying the requirements as to eligibility for participation in the Plan. 
 19. Termination of the Plan 
 The Plan and all rights hereunder
shall terminate on the earliest of: 
  

	 	•	 	 the date on which the maximum number of shares of Common Stock available for purchase under the Plan has been purchased; 

  

	 	•	 	 the termination of the Plan by the Committee; 

  

	 	•	 	 the effective date of any consolidation or merger in which Watsco is not the surviving entity, any exchange or conversion of outstanding shares of Watsco for or
into securities of another entity or other consideration, or any complete liquidation of Watsco. 

 Upon termination of the Plan, any full
shares in the Participant’s account together with a cash amount for any fractional shares shall be delivered by the Custodian to the Participant or his/her legal representative as soon as practicable following such termination. 
 20. Laws and Regulations; Governing Law 
 Notwithstanding any
other provision of the Plan, the rights of Participants to purchase Common Stock hereunder shall be subject to all applicable Federal, state, and foreign laws, rules and regulations and the rules of each stock exchange upon which the Common Stock is
from time to time listed. 
 As a condition to issuing any shares, the Company may require the Participant to represent and warrant at the time of any such
issuance that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned
applicable provisions of law. 
 The Company may make such provisions as it deems appropriate for withholding by the Company pursuant to federal or state tax
laws of such amounts as the Company determines it is required to withhold in connection with the purchase or sale by a Participant of any Common Stock acquired pursuant to the Plan. 

 
The Company may require a Participant to satisfy any relevant tax requirements before authorizing any issuance of Common Stock to such Participant.

 The Plan and purchase of Common Stock hereunder shall be subject to additional rules and regulations, not inconsistent with the Plan that may be
promulgated from time to time by the Committee regarding the purchases and sales of Common Stock. 
 The validity, construction and effect of the Plan and
any rules and regulations relating to the Plan will be determined in accordance with the laws of the State of Florida, without giving effect to principles of conflicts of laws, and applicable Federal law. 
 21. Employment Termination; Participant Retirement; Death 
 Disposition of Account Upon Termination of Employment Other Than Retirement or Death- 
 If the employment of a Participant terminates for any
reason other than retirement or death, his/her participation in the Plan terminates automatically as of the date of the termination of employment. The Company shall promptly refund the amount of any uninvested amounts held under the Plan. In
addition, upon termination of employment, for Participants with fewer than 100 restricted shares in his/her account, the Custodian, as soon as is practicable following notification, shall sell all whole shares of Common Stock in the
Participant’s Account and any fractional shares shall also be converted into cash. Such proceeds (less commissions and/or service charges) upon sale of the whole shares together with the cash from the conversion of such fractional shares shall
be delivered to the Participant. For participants with 100 shares or greater in his/her Account, the Participant may elect to request that the Custodian issue a share certificate for some or all of such shares in the Account or may request that such
shares be sold. Such disposition of shares shall not apply to Participants that are subject to Rule 16b-3 requirements; such participants may obtain certificates for any whole shares held in his/her Account upon notification to the Custodian.

 Disposition of Shares Upon Termination by Retirement- 
 A
Participant, upon attainment of age 65 and retirement from the Company, may by written notice to the Company, request a certificate for any whole shares held in the Account. Unless such a request is received upon notification of retirement, the
shares will be subject to sale upon termination of employment as described above. 
 Disposition of Shares Upon Death- 
 Upon the death of the Participant, shares will be disposed of in accordance with Section 16. 
 22. Employment 
 The Plan shall not confer any rights of continued employment upon any employee of the Company.

 23. Use of Funds; No Interest Paid 
 All funds
received by the Company under the Plan shall be included in the general funds of the Company and may be used for any corporate purpose. No interest shall be paid to any Participant or credited to his/her account under the Plan. 
 24. Additional Restrictions of Rule 16b-3 
 Persons subject to
Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3 of the Exchange Act or any successor provision. This Plan shall be deemed to contain such additional conditions and restrictions as may be required by Rule
16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. In the event that Rule 16b-3 provides specific requirements for the administrators of plans of this type, the Plan shall only be
administered by such 

 
body and in such a manner as to comply with the applicable requirements of Rule 16b-3. Unless permitted by Rule 16b-3, no discretion concerning decisions
regarding the Plan shall be afforded to any Committee or person that is not “disinterested” as that term is used in Rule 16b-3. 
 25.
Adjustments Upon Changes in Capitalization 
 Subject to any required action by the stockholders of Watsco, the number of shares of Common Stock
issued pursuant to the Plan and the number of shares of Common Stock which have been authorized but are unissued under the Plan (collectively, the “Reserves”), as well as the price per share of Common Stock at which such shares may be
purchased, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination, or reclassification of the Common Stock, or any
other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by Watsco; provided, however, that conversion of any convertible securities of Watsco shall not be deemed to have been “effected
without receipt of consideration.” Such adjustment shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issue by Watsco of shares of any class, or
securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject the Plan. 
 In the event of the proposed dissolution or liquidation of Watsco, the Purchase Period will terminate immediately prior to the consummation of such proposed action,
unless otherwise provided by the Committee. In the event of a proposed sale of all or substantially all of the assets of Watsco, or the merger of Watsco with or into another corporation, shares under the Plan shall be assumed or an equivalent share
shall be assumed or substituted by such successor corporation or a parent or subsidiary of such successor corporation. 
 The Committee may, if it so
determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per share of Common Stock covered by each outstanding option, in the event that Watsco effects one or more reorganizations,
recapitalization, rights offerings or other increases or reductions of shares of its outstanding Common Stock, and in the event of Watsco being consolidated with or merged into any other corporation.

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