Document:

Employment Letter dated November 1, 2004

 Exhibit 10.2 
  
 

 
  
 November 1, 2004 
  
 Mr. Mikel Williams 
 9630 Eagle Ridge Drive 
 Bethesda, MD 20817 
  
 Dear Mikel, 
  
 On behalf of DDi Corp. (“DDi” or the “Company”), subject to the provisions set forth below, I am pleased to offer you the position of Chief Financial
Officer (“CFO”) of DDi. This terms of this offer are subject to approval of both the DDi Board of Directors (the “Board”) and the Compensation Committee of the Board, which bodies are meeting on November 3 – 4, 2004 to
consider approval of this offer. Pending approval by the Board and the Committee, you will be employed as Senior Financial Advisor to the CEO commencing on November 1, 2004 and will receive a base salary at the rate specified below (under
“Salary”), but no other form of compensation. It is anticipated that appointment to the position of CFO will be effective at close of market on November 15, 2004. As CFO, you will report to the Chief Executive Officer. Compensation for the
position of CFO is as follows: 
  

			
	Salary:	  	earned daily and paid weekly (totaling $6,250.00 per week), which annualized equals $325,000, subject to standard payroll deductions.
		
	Performance Bonus:	  	beginning for the year 2005, and for each year thereafter, you will participate in a senior management bonus program under which you may be eligible to earn up to one-half of your base salary
upon the achievement of certain performance objectives, which have yet to be defined; provided, however, that for 2005, one half of that bonus will be paid to you not later than June 30, 2005, notwithstanding the achievement of those
performance objectives. The annual bonus will be earned daily and paid out according to the terms of the bonus program that are to be determined. In the event that the year’s employment is for less than the full annual bonus term, then the
prorated bonus for that period shall be paid as timely as possible after the termination of employment.
		
	Relocation Expenses:	  	the Company will reimburse out-of-pocket expenses incurred by you in connection with your relocation from Bethesda, Maryland to Orange County, California in an amount not to exceed, in the
aggregate, $50,000 upon presentation of reasonable documentation evidencing such expenses. In addition, the Company will pay closing and other transaction costs relating to the sale of your current residence in Maryland in an amount

							
	 	  	equal to $35,000. Further, during the period in which you are commuting between Maryland and California, the Company will bear the cost of i) a furnished apartment in the Anaheim,
California, ii) air and ground transportation costs for your travel between Maryland and California, iii) two round-trip airfares for your spouse to make househunting trips to California; and iv) airfare to enable your family to move to California.
The timing of the relocation is to be at your sole discretion.
		
	Severance Plan	  	You will be a participant in the DDi Corp. Key Employee Severance Plan (“KERP Plan”) under which, subject to the terms of that plan, you will be entitled to receive payment
of the sum of 12 months’ base salary plus $225,000 in the event of termination of your employment without Cause or resignation for Good Reason during the period commencing on the date of your appointment to the position of CFO and ending
December 19, 2006, unless the current plan expires and/or is succeeded by a plan of equal or greater benefits
		
	 	  	Options        On your start date, you will be awarded options in the Company’s common stock pursuant to the terms of the 2003 Management
Equity Incentive Plan (“MEIP”) as follows:
				
	 	  	Type	  	Number of options	  	Strike Price
				
	 	  	Tranche B options	  	        250,000	  	Fair Market Value (as defined in the MEIP) at date of grant.

  
 As a member of the DDi senior
management team, you are eligible to participate in the comprehensive benefit plans offered by the Company for employees at a similar level. These benefits currently include health, dental, and life insurance that are paid for by the Company. You
may also participate in the Company’s 401K plan and will receive a car allowance in the amount of $500 per month. You will be reimbursed for expenses properly incurred and for the benefit of DDI in accordance with the normal practices of
DDi’s employee expense reimbursement policies. 
  
 As an employee of DDi you
will be expected to abide by the Company rules and regulations. If you have not already done so, you will be required to sign and comply with the Employee Confidentiality and Invention Agreement, which requires, among other things, assignment of
patent rights to any invention made during your employment with DDi and nondisclosure of proprietary information. In order to ensure that the rights of your former employers are not violated, you agree that you will not bring with you to DDi or use
at DDi any of your former employers’ trade secrets or proprietary information or property (including, databases and customer lists). Further, you agree that you will not be violating any non-competition agreement or other contractual
restriction on your employment from a prior employer. Also, you agree that during the period of your employment with DDi, you will not, without the express written consent of DDi, engage in any employment or business activity other than for DDi. In
addition, as a condition to your employment with the Company, you will be required to provide us with proof of your right to work in the United States within three days after reporting for work. 
  

 Dynamic Details
Incorporated, 1220 Simon Circle, Anaheim, California 92806 
 714/688-7200 Direct, 714/688-7640 Facsimile 
  

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 As is customary with DDi employees, you will not have an employment agreement with DDi. Rather, either you or DDi may
terminate your employment at any time and for any reason whatsoever with or without notice. We do request that in the event of a resignation, you give the Company at least two weeks’ notice. Your employment will be “at will”. This
letter constitutes the entire agreement between DDi and you with respect to the terms of your offer of employment, supersedes all prior written and oral communication with you on the subject, and can only be modified by written agreement signed and
delivered by the Chief Executive Officer of DDi or his delegate. 
  
 If these
terms meet with your approval, please place your signature, the date and your start date below and return an executed original to me at your earliest convenience. 
  

	
	Sincerely,
	
	 /S/ BRUCE MCMASTER

	Bruce McMaster
	Chief Executive Officer
	DDi Corp.

  
 Acknowledgement 
  
 I hereby agree to the terms of my employment with DDi as set forth above; understand that
the foregoing is subject, among other things, to Board and Compensation Committee approval; acknowledge that my employment with DDi is “at will”; and understand that these terms cannot be altered other than by an express writing signed by
the Chief Executive Officer of DDi: 
  

			
	 /S/ MIKEL WILLIAMS

	 	11/17/2004
	Mikel Williams	 	Date

  

 Dynamic Details Incorporated, 1220 Simon Circle, Anaheim, California 92806 
 714/688-7200
Direct, 714/688-7640 Facsimile 
  

 3Dex Media, Inc. 2004 Incentive Award Plan

 Exhibit 4.5 
  

DEX MEDIA, INC. 
 2004 INCENTIVE
AWARD PLAN 
  
 ARTICLE 1 
  
 PURPOSE 
  
 The purpose of the Dex Media, Inc. 2004 Incentive Award Plan (the “Plan”) is to promote the success and
enhance the value of Dex Media, Inc. (the “Company”) by linking the personal interests of the members of the Board, Employees, and Consultants to those of Company stockholders and by providing such individuals with an incentive for
outstanding performance to generate superior returns to Company stockholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees, and
Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 
  
 ARTICLE 2 
  
 DEFINITIONS AND CONSTRUCTION 
  
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so
indicates. 
  
 2.1 “Affiliate” shall mean, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act. 

 
 2.2 “Award” means an Option, a Restricted Stock award, a
Stock Appreciation Right award, a Performance Share award, a Performance Stock Unit award, a Dividend Equivalents award, a Stock Payment award, a Deferred Stock award, a Restricted Stock Unit award, an Other Stock-Based Award, or a Performance-Based
Award granted to a Participant pursuant to the Plan. 
  
 2.3
“Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award. 
  
 2.4 “Board” means the Board of Directors of the Company. 
  
 2.5 “Change of Control” means and includes each of the following: 
  
 (a) A transaction or series of transactions (other than an
offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections
13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries, a Principal Stockholder or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company or a Principal Stockholder) 

  

 
directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more
than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 
  
 (b) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any
new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 2.5(a) or Section 2.5(c)) whose election by the Board or nomination for election by
the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two year period or whose election or nomination for election was previously so
approved, cease for any reason to constitute a majority thereof; or 
  
 (c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business
combination or (y) a sale or other disposition of all or substantially all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
  
 (i) Which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly,
the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at
least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
  
 (ii) After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.5(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power
held in the Company prior to the consummation of the transaction; or 
  
 (d) The Company’s stockholders approve a liquidation or dissolution of the Company. 
  
 The Committee shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change of Control of the Company has
occurred pursuant to the above definition, and the date of the occurrence of such Change of Control and any incidental matters relating thereto. 
  
 2.6 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 2.7 “Committee” means the committee of the Board described in Article 12. 
  
 2.8 “Consultant” means any consultant or adviser if:

  
 (a) The consultant or adviser renders bona
fide services to the Company; 
  

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 (b) The services rendered by the consultant or adviser are not in connection with the
offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and 
  
 (c) The consultant or adviser is a natural person who has contracted directly with the Company to render
such services. 
  
 2.9 “Covered Employee” means
an Employee who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code. 
  
 2.10 “Deferred Stock” means a right to receive a specified number of shares of Stock during specified time periods pursuant to Article 8.

  
 2.11 “Disability” means that the Participant
qualifies to receive long-term disability payments under the Company’s long-term disability insurance program, as it may be amended from time to time. 
  
 2.12 “Dividend Equivalents” means a right granted to a Participant pursuant to Article 8 to receive the equivalent value (in cash or
Stock) of dividends paid on Stock. 
  
 2.13 “Effective
Date” shall have the meaning set forth in Section 13.1. 
  
 2.14 “Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the Company or any Subsidiary. 
  
 2.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 2.16 “Fair Market Value” means, as of any given date, the
fair market value of a share of Stock on the immediately preceding date determined by such methods or procedures as may be established from time to time by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of a share
of Stock as of any date shall be the average of the high and low trading prices for a share of Stock as reported on the New York Stock Exchange (or on any national securities exchange on which the Stock is then listed) for the immediately preceding
date or, if no such prices are reported for that date, the average of the high and low trading prices on the next preceding date for which such prices were reported. 
  
 2.17 “Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of
the Code or any successor provision thereto. 
  
 2.18
“Independent Director” means a member of the Board who is not an Employee of the Company. 
  
 2.19 “Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule
16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 
  

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 2.20 “Non-Qualified Stock Option” means an Option that is not intended to be an
Incentive Stock Option. 
  
 2.21 “Option” means a
right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of shares of Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock
Option. 
  
 2.22 “Other Stock-Based Award”
means an Award granted or denominated in Stock or units of Stock pursuant to Section 8.7 of the Plan. 
  
 2.23 “Participant” means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the
Plan. 
  
 2.24 “Performance-Based Award”
means an Award granted to selected Covered Employees pursuant to Articles 6 and 8, but which is subject to the terms and conditions set forth in Article 9. All Performance-Based Awards are intended to qualify as Qualified Performance-Based
Compensation. 
  
 2.25 “Performance Criteria”
means the criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for a Participant for a Performance Period. The Performance Criteria that will be used to establish Performance Goals are limited to
the following: net earnings (either before or after interest, taxes, depreciation and amortization), economic value-added (as determined by the Committee), sales or revenue, net income (either before or after taxes), operating earnings, cash flow
(including, but not limited to, operating cash flow and free cash flow), cash flow return on capital, return on net assets, return on stockholders’ equity, return on assets, return on capital, stockholder returns, return on sales, gross or net
profit margin, productivity, expense, margins, operating efficiency, customer satisfaction, working capital, earnings per share, price per share of Stock, and market share, any of which may be measured either in absolute terms or as compared to any
incremental increase or as compared to results of a peer group. The Committee shall, within the time prescribed by Section 162(m) of the Code, define in an objective fashion the manner of calculating the Performance Criteria it selects to use for
such Performance Period for such Participant.  
  
 2.26
“Performance Goals” means, for a Performance Period, the goals established in writing by the Committee for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such
Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit, or an individual. The Committee, in its discretion, may, within the time prescribed by Section 162(m)
of the Code, adjust or modify the calculation of Performance Goals for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants (i) in the event of, or in anticipation of, any unusual or extraordinary
corporate item, transaction, event, or development, or (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or in response to, or in anticipation
of, changes in applicable laws, regulations, accounting principles, or business conditions. 
  

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 2.27 “Performance Period” means the one or more periods of time, which may be of varying
and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award.

  
 2.28 “Performance Share” means a right
granted to a Participant pursuant to Article 8, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee. 
  
 2.29 “Performance Stock Unit” means a right granted to a
Participant pursuant to Article 8, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee. 
  
 2.30 “Person” shall mean an individual, partnership,
corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 
  
 2.31 “Plan” means this Dex Media, Inc. 2004 Incentive Award Plan, as it may be amended from time to time.

  
 2.32 “Principal Stockholders” shall mean
Carlyle Partners III, L.P. a Delaware limited partnership; Welsh, Carson, Anderson & Stowe IX, L.P., a Delaware limited partnership; and each of their respective Affiliates. 
  
 2.33 “Public Trading Date” means the first date upon which Stock is listed (or approved for listing) upon
notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system. 
  
 2.34 “Qualified Performance-Based Compensation” means any compensation that is intended to qualify as
“qualified performance-based compensation” as described in Section 162(m)(4)(C) of the Code. 
  
 2.35 “Restricted Stock” means Stock awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be
subject to risk of forfeiture. 
  
 2.36 “Restricted Stock
Unit” means an Award granted pursuant to Section 8.6. 
  
 2.37 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 2.38 “Stock” means the common stock of the Company, par value $0.01 per share, and such other securities of the Company that may be
substituted for Stock pursuant to Article 11. 
  
 2.39
“Stock Appreciation Right” or “SAR” means a right granted pursuant to Article 7 to receive a payment equal to the excess of the Fair Market Value of a specified number of shares of Stock on the date the SAR is
exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award Agreement. 
  

 5 

 2.40 “Stock Payment” means (a) a payment in the form of shares of Stock, or (b) an
option or other right to purchase shares of Stock, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Article 8. 
  
 2.41 “Subsidiary” means any “subsidiary
corporation” as defined in Section 424(f) of the Code and any applicable regulations promulgated thereunder. 
  
 ARTICLE 3 
  
 SHARES SUBJECT TO THE PLAN 
  
 3.1 Number of
Shares. 
  
 (a) Subject to Article 11 and
Section 3.1(b), the aggregate number of shares of Stock which may be issued or transferred pursuant to Awards under the Plan shall be the sum of: (i) 100,000 shares; and (ii) any shares of Stock which (A) as of the Effective Date are available for
issuance under the Stock Option Plan of Dex Media Inc. (originally effective as of November 8, 2002) or (B) are subject to an option granted under such plan which expires or is otherwise cancelled or forfeited prior to exercise following the
Effective Date. In order that the applicable regulations under the Code relating to Incentive Stock Options be satisfied, the maximum number of shares of Stock that may be delivered upon exercise of Incentive Stock Options shall be the number
specified in Section 3.1(a)(i), and, if necessary to satisfy such regulations, such maximum limit shall apply to the number of shares of Stock that may be delivered in connection with each other type of Award under the Plan (applicable separately to
each type of Award). 
  
 (b) To the extent that
an Award terminates, expires, or lapses for any reason, any shares of Stock subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Additionally, any shares of Stock tendered or withheld to satisfy the grant or
exercise price or tax withholding obligation pursuant to any Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by applicable law or any exchange rule, shares of Stock issued in assumption of, or
in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary shall not be counted against shares of Stock available for grant pursuant to this Plan. The payment of Dividend
Equivalents in conjunction with any outstanding Awards shall not be counted against the shares available for issuance under the Plan. 
  
 3.2 Stock Distributed. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury
Stock or Stock purchased on the open market. 
  
 3.3 Limitation
on Number of Shares Subject to Awards. Notwithstanding any provision in the Plan to the contrary, and subject to Article 11, the maximum number of shares of Stock with respect to one or more Awards that may be granted to any one Participant
during a rolling three-year period (measured from the date of any grant) shall be 33,000; provided, however, that the foregoing limitation shall not apply prior to the Public Trading Date and, following the Public Trading Date, the foregoing
limitation shall not apply until the earliest of: 
  
 (a) the first material modification of the Plan (including any increase in the number of shares reserved for issuance under the Plan in accordance with Section 3.1); (b) the issuance of all of the shares of Stock reserved for issuance under
the Plan; (c) the expiration of the Plan; (d) the first meeting of stockholders at which members of the Board are to be elected that occurs after the close of the third calendar year following the calendar year in which occurred the first
registration of an equity security of the Company under Section 12 of the Exchange Act; or (e) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. 
  

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 ARTICLE 4 
  

ELIGIBILITY AND PARTICIPATION 
  
 4.1 Eligibility. 
  
 (a) General. Persons eligible to participate in this Plan include Employees, Consultants and all members of the Board, as
determined by the Committee. 
  
 (b) Foreign
Participants. In order to assure the viability of Awards granted to Participants employed in foreign countries, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law,
tax policy, or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of
the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Sections 3.1 and 3.3 of the Plan. 
  
 4.2 Participation. Subject to the provisions of the Plan, the
Committee may, from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this
Plan. 
  
 ARTICLE 5 
  
 STOCK OPTIONS 
  
 5.1 General. The Committee is authorized to grant Options to
Participants on the following terms and conditions: 
  
 (a) Exercise Price. The exercise price per share of Stock subject to an Option shall be determined by the Committee and set forth in the Award Agreement; provided that the exercise price for any Option shall not be less than
par value of a share of Stock on the date of grant. 
  
 (b) Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part; provided that the term of any Option granted under the Plan shall not exceed ten
years; and, provided, further, that in the case of a Non-Qualified Stock Option, such Option shall be exercisable for one year after the 

  

 7 

 
date of the Participant’s death. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or
part of an Option may be exercised. 
  
 (c)
Payment. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, promissory note bearing interest at no less than such rate as shall then
preclude the imputation of interest under the Code, shares of Stock held for longer than 6 months having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, or other property
acceptable to the Committee (including through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon exercise of the Option, and that the broker has been
directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company upon settlement of such sale), and the
methods by which shares of Stock shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the
Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. 
  
 (d) Evidence of Grant. All Options shall be evidenced
by a written Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 
  
 5.2 Incentive Stock Options. Incentive Stock Options may be granted only to Employees and the terms of any
Incentive Stock Options granted pursuant to the Plan must comply with the following additional provisions of this Section 5.2: 
  
 (a) Exercise Price. The exercise price per share of Stock shall be set by the Committee; provided that the exercise price
for any Incentive Stock Option shall not be less than 100% of the Fair Market Value on the date of grant. 
  
 (b) Expiration of Option. An Incentive Stock Option may not be exercised to any extent by anyone after the first to occur of the
following events: 
  
 (i) Ten years from the date
it is granted, unless an earlier time is set in the Award Agreement. 
  
 (ii) One year after the date of the Participant’s termination of employment or service on account of Disability or death. Upon the Participant’s Disability or death, any Incentive Stock Options exercisable
at the Participant’s Disability or death may be exercised by the Participant’s legal representative or representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the
Participant fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons entitled to receive the Incentive Stock Option pursuant to the applicable laws of descent and distribution. 
  

 8 

 (c) Individual Dollar Limitation. The aggregate Fair Market Value (determined as
of the time the Option is granted) of all shares of Stock with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00 or such other limitation as imposed by Section 422(d) of
the Code, or any successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 
  
 (d) Ten Percent Owners. An Incentive Stock Option
shall be granted to any individual who, at the date of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of Stock of the Company only if such Option is granted at a price that is not less than 110%
of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant. 
  
 (e) Transfer Restriction. The Participant shall give the Company prompt notice of any disposition of shares of Stock acquired by
exercise of an Incentive Stock Option within (i) two years from the date of grant of such Incentive Stock Option or (ii) one year after the transfer of such shares of Stock to the Participant. 
  
 (f) Expiration of Incentive Stock Options. No Award
of an Incentive Stock Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date. 
  
 (g) Right to Exercise. During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant.

  
 5.3 Substitution of Stock Appreciation Rights.
The Committee may provide in the Award Agreement evidencing the grant of an Option that the Committee, in its sole discretion, shall have to right to substitute a Stock Appreciation Right for such Option at any time prior to or upon exercise of such
Option, subject to the provisions of Section 7.2 hereof; provided that such Stock Appreciation Right shall be exercisable for the same number of shares of Stock as such substituted Option would have been exercisable for. 
  
 5.4 Granting of Options to Independent Directors. The Board may
from time to time, in its sole discretion, and subject to the limitations of the Plan: 
  
 (a) Select from among the Independent Directors (including Independent Directors who have previously been granted Options under the Plan)
such of them as in its opinion should be granted Options; 
  
 (b) Subject to Section 3.3, determine the number of shares of Stock that may be purchased upon exercise of the Options granted to such selected Independent Directors; and 
  
 (c) Subject to the provisions of this Article 5, determine
the terms and conditions of such Options, consistent with the Plan. 
  
 Options
granted to Independent Directors shall be Non-Qualified Stock Options. 
  

 9 

 ARTICLE 6 
  

RESTRICTED STOCK AWARDS 
  
 6.1 Grant of Restricted Stock. The Committee is authorized to make Awards of Restricted Stock to any Participant selected by the Committee
in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Stock shall be evidenced by a written Restricted Stock Award Agreement. 
  
 6.2 Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and
other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at
such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 
  

6.3 Forfeiture. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of
employment or service during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited; provided, however, that, the Committee may (a) provide in any Restricted Stock Award Agreement
that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture
conditions relating to Restricted Stock. 
  
 6.4
Certificates for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing shares of Restricted Stock are registered in the name of
the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, at its discretion, retain physical possession of the certificate until such
time as all applicable restrictions lapse. 
  
 ARTICLE 7

  
 STOCK APPRECIATION RIGHTS 
  
 7.1 Grant of Stock Appreciation Rights. A Stock Appreciation
Right may be granted to any Participant selected by the Committee. A Stock Appreciation Right may be granted (a) in connection and simultaneously with the grant of an Option, (b) with respect to a previously granted Option, or (c) independent of an
Option. A Stock Appreciation Right shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose and shall be evidenced by an Award Agreement. 
  
 7.2 Coupled Stock Appreciation Rights. 
  
 (a) A Coupled Stock Appreciation Right
(“CSAR”) shall be related to a particular Option and shall be exercisable only when and to the extent the related Option is exercisable. 
  

 10 

 (b) A CSAR may be granted to a Participant for no more than the number of shares subject
to the simultaneously or previously granted Option to which it is coupled. 
  
 (c) A CSAR shall entitle the Participant (or other person entitled to exercise the Option pursuant to the Plan) to surrender to the Company the unexercised portion of the Option to which the CSAR relates (to the
extent then exercisable pursuant to its terms) and to receive from the Company in exchange therefor an amount determined by multiplying the difference obtained by subtracting the Option exercise price from the Fair Market Value of a share of Stock
on the date of exercise of the CSAR by the number of shares of Stock with respect to which the CSAR shall have been exercised, subject to any limitations the Committee may impose. 
  
 7.3 Independent Stock Appreciation Rights. 
  
 (a) An Independent Stock Appreciation Right (“ISAR”) shall be unrelated to any Option and
shall have a term set by the Committee. An ISAR shall be exercisable in such installments as the Committee may determine. An ISAR shall cover such number of shares of Stock as the Committee may determine. The exercise price per share of Stock
subject to each ISAR shall be set by the Committee; provided, however, that, the Committee in its sole and absolute discretion may provide that the ISAR may be exercised subsequent to a termination of employment or service, as applicable, or
following a Change of Control of the Company, or because of the Participant’s retirement, death or disability, or otherwise. 
  
 (b) An ISAR shall entitle the Participant (or other person entitled to exercise the ISAR pursuant to the Plan) to exercise all or a
specified portion of the ISAR (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the ISAR from the Fair
Market Value of a share of Stock on the date of exercise of the ISAR by the number of shares of Stock with respect to which the ISAR shall have been exercised, subject to any limitations the Committee may impose. 
  
 7.4 Payment and Limitations on Exercise. 
  
 (a) Payment of the amounts determined under Sections 7.2(c)
and 7.3(b) above shall be in cash, in Stock (based on its Fair Market Value as of the date the Stock Appreciation Right is exercised) or a combination of both, as determined by the Committee. 
  
 (b) To the extent any payment under Section 7.2(c) or 7.3(b)
is effected in Stock it shall be made subject to satisfaction of all provisions of Article 5 above pertaining to Options. 
  
 ARTICLE 8 
  
 OTHER TYPES OF AWARDS 
  
 8.1 Performance Share Awards. Any Participant selected by the Committee may be granted one or more Performance Share awards which shall be denominated in a number of 

  

 11 

 
shares of Stock and which may be linked to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the
Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such other factors as it deems relevant in light of the specific type
of award) the contributions, responsibilities and other compensation of the particular Participant. 
  
 8.2 Performance Stock Units. Any Participant selected by the Committee may be granted one or more Performance Stock Unit awards which
shall be denominated in units of value including dollar value of shares of Stock and which may be linked to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the Committee, in each case on a
specified date or dates or over any period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such other factors as it deems relevant in light of the specific type of award) the contributions,
responsibilities and other compensation of the particular Participant. 
  
 8.3 Dividend Equivalents. 
  
 (a) Any Participant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the shares of Stock that are subject to any Award, to be credited as of dividend payment dates, during the period between
the date the Award is granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalents shall be converted to cash or additional shares of Stock by such formula and at such time and subject to
such limitations as may be determined by the Committee. 
  
 (b) Dividend Equivalents granted with respect to Options or SARs that are intended to be Qualified Performance-Based Compensation shall be payable, with respect to pre-exercise periods, regardless of whether such
Option or SAR is subsequently exercised. 
  
 8.4 Stock
Payments. Any Participant selected by the Committee may receive Stock Payments in the manner determined from time to time by the Committee. The number of shares shall be determined by the Committee and may be based upon the Performance Criteria
or other specific performance criteria determined appropriate by the Committee, determined on the date such Stock Payment is made or on any date thereafter. 
  
 8.5 Deferred Stock. Any Participant selected by the Committee may be granted an award of Deferred Stock in the manner determined from time
to time by the Committee. The number of shares of Deferred Stock shall be determined by the Committee and may be linked to the Performance Criteria or other specific performance criteria determined to be appropriate by the Committee, in each case on
a specified date or dates or over any period or periods determined by the Committee. Stock underlying a Deferred Stock award will not be issued until the Deferred Stock award has vested, pursuant to a vesting schedule or performance criteria set by
the Committee. Unless otherwise provided by the Committee, a Participant awarded Deferred Stock shall have no rights as a Company stockholder with respect to such Deferred Stock until such time as the Deferred Stock Award has vested and the Stock
underlying the Deferred Stock Award has been issued. 
  

 12 

 8.6 Restricted Stock Units. The Committee is authorized to make Awards of Restricted Stock Units
to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Restricted Stock Units shall
become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted Stock Units which shall be no
earlier than the vesting date or dates of the Award and may be determined at the election of the grantee. On the maturity date, the Company shall transfer to the Participant one unrestricted, fully transferable share of Stock for each Restricted
Stock Unit scheduled to be paid out on such date and not previously forfeited. The Committee shall specify the purchase price, if any, to be paid by the grantee to the Company for such shares of Stock. 
  
 8.7 Other Stock-Based Awards. Any Participant selected by the
Committee may be granted one or more Awards that provide Participants with shares of Stock or the right to purchase shares of Stock or that have a value derived from the value of, or an exercise or conversion privilege at a price related to, or that
are otherwise payable in shares of Stock and which may be linked to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the Committee, in each case on a specified date or dates or over any
period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such other factors as it deems relevant in light of the specific type of Award) the contributions, responsibilities and other
compensation of the particular Participant. 
  
 8.8 Term.
Except as otherwise provided herein, the term of any Award of Performance Shares, Performance Stock Units, Dividend Equivalents, Stock Payments, Deferred Stock, Restricted Stock Units or Other Stock-Based Award shall be set by the Committee in its
discretion. 
  
 8.9 Exercise or Purchase Price. The
Committee may establish the exercise or purchase price, if any, of any Award of Performance Shares, Performance Stock Units, Deferred Stock, Stock Payments, Restricted Stock Units or Other Stock-Based Award; provided, however, that such price
shall not be less than the par value of a share of Stock on the date of grant, unless otherwise permitted by applicable state law. 
  
 8.10 Exercise Upon Termination of Employment or Service. An Award of Performance Shares, Performance Stock Units, Dividend Equivalents, Deferred
Stock, Stock Payments, Restricted Stock Units and Other Stock-Based Award shall only be exercisable or payable while the Participant is an Employee, Consultant or a member of the Board, as applicable; provided, however, that the Committee in
its sole and absolute discretion may provide that an Award of Performance Shares, Performance Stock Units, Dividend Equivalents, Stock Payments, Deferred Stock, Restricted Stock Units or Other Stock-Based Award may be exercised or paid subsequent to
a termination of employment or service, as applicable, or following a Change of Control of the Company, or because of the Participant’s retirement, death or disability, or otherwise; provided, however, that any such provision with
respect to Performance Shares or Performance Stock Units shall be subject to the requirements of Section 162(m) of the Code that apply to Qualified Performance-Based Compensation. 
  

 13 

 8.11 Form of Payment. Payments with respect to any Awards granted under this Article 8 shall be
made in cash, in Stock or a combination of both, as determined by the Committee. 
  
 8.12 Award Agreement. All Awards under this Article 8 shall be subject to such additional terms and conditions as determined by the Committee and shall be evidenced by a written Award Agreement. 
  
 ARTICLE 9 
  
 PERFORMANCE-BASED AWARDS 
  
 9.1 Purpose. The purpose of this Article 9 is to provide the Committee the ability to qualify Awards other than Options and SARs and that
are granted pursuant to Articles 6 and 8 as Qualified Performance-Based Compensation. If the Committee, in its discretion, decides to grant a Performance-Based Award to a Covered Employee, the provisions of this Article 9 shall control over any
contrary provision contained in Articles 6 or 8; provided, however, that the Committee may in its discretion grant Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do not satisfy the
requirements of this Article 9. 
  
 9.2
Applicability. This Article 9 shall apply only to those Covered Employees selected by the Committee to receive Performance-Based Awards. The designation of a Covered Employee as a Participant for a Performance Period shall not in any
manner entitle the Participant to receive an Award for the period. Moreover, designation of a Covered Employee as a Participant for a particular Performance Period shall not require designation of such Covered Employee as a Participant in any
subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of any other Covered Employees as a Participant in such period or in any other period. 
  
 9.3 Procedures with Respect to Performance-Based Awards. To the
extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Articles 6 and 8 which may be granted to one or more Covered Employees, no later
than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal period or period of service (or such other time as may be required or permitted by Section 162(m) of the Code), the Committee shall, in
writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria applicable to the Performance Period, (c) establish the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such Performance
Period, and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of each
Performance Period, the Committee shall certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the amount earned by a Covered Employee, the Committee shall have the right to reduce
or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate performance for the Performance Period.

  

 14 

 9.4 Payment of Performance-Based Awards. Unless otherwise provided in the applicable Award
Agreement, a Participant must be employed by the Company or a Subsidiary on the day a Performance-Based Award for such Performance Period is paid to the Participant. Furthermore, a Participant shall be eligible to receive payment pursuant to a
Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved. 
  
 9.5 Additional Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee and is
intended to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued
thereunder that are requirements for qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to such requirements.

  
 ARTICLE 10 
  
 PROVISIONS APPLICABLE TO AWARDS 
  
 10.1 Stand-Alone and Tandem Awards. Awards granted pursuant to the
Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same
time as or at a different time from the grant of such other Awards. 
  
 10.2 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the
Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
  
 10.3 Limits on Transfer. No right or interest of a Participant in any Award may be pledged, encumbered, or
hypothecated to or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except as otherwise provided by
the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution. The Committee by express provision in the Award or an amendment thereto may permit an Award
(other than an Incentive Stock Option) to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions, or trusts
or other entities whose beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions
and procedures as the Committee may establish. Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes (or to a
“blind trust” in connection with the Participant’s termination of employment or service with the Company or a Subsidiary to assume a position with a governmental, charitable, educational or 

  

 15 

 
similar non-profit institution) and on a basis consistent with the Company’s lawful issue of securities. 
  
 10.4 Beneficiaries. Notwithstanding Section 10.3, a Participant may,
in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide,
and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her
beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant,
payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided
the change or revocation is filed with the Committee. 
  
 10.5
Stock Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing shares of Stock pursuant to the exercise of any Award, unless and until the Board has
determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of
Stock are listed or traded. All Stock certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction,
securities or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate to reference
restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable
in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a
window-period limitation, as may be imposed in the discretion of the Committee. 
  
 ARTICLE 11 
  
 CHANGES IN
CAPITAL STRUCTURE 
  
 11.1 Adjustments. 
  
 (a) In the event of any stock dividend, stock split,
combination or exchange of shares, merger, consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Stock or the share price of
the Stock, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with 

  

 16 

 
respect to (i) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in
Sections 3.1 and 3.3); (ii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (iii) the grant or exercise price per share for any outstanding
Awards under the Plan. Any adjustment affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent with the requirements of Section 162(m) of the Code. 
  
 (b) In the event of any transaction or event described in
Section 11.1(a) or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in applicable laws, regulations or accounting
principles, the Committee, in its sole and absolute discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event and either
automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Committee determines that such action is appropriate in order to prevent dilution or enlargement of the benefits
or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles: 
  
 (i) To provide for either (A) termination of any such Award
in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the
transaction or event described in this Section 11.1(b) the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated
by the Company without payment) or (B) the replacement of such Award with other rights or property selected by the Committee in its sole discretion; 
  
 (ii) To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; 
  
 (iii) To make adjustments in the number and type of shares
of Common Stock (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Restricted Stock or Deferred Stock and/or in the terms and conditions of (including the grant or exercise price), and the
criteria included in, outstanding options, rights and awards and options, rights and awards which may be granted in the future; 
  
 (iv) To provide that such Award shall be exercisable or payable or fully vested with respect to all shares covered thereby,
notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 
  
 (v) To provide that the Award cannot vest, be exercised or become payable after such event. 
  

 17 

 11.2 Acceleration Upon a Change of Control. Except as may otherwise be provided in any applicable
Award Agreement or other written agreement entered into between the Company and a Participant, if a Change of Control occurs and a Participant’s Awards are not converted, assumed, or replaced by a successor, such Awards shall become fully
exercisable and all forfeiture restrictions on such Awards shall lapse. Upon, or in anticipation of, a Change of Control, the Committee may cause any and all Awards outstanding hereunder to terminate at a specific time in the future, including but
not limited to the date of such Change of Control, and shall give each Participant the right to exercise such Awards during a period of time as the Committee, in its sole and absolute discretion, shall determine. 
  
 11.3 No Other Rights. Except as expressly provided in the Plan, no
Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation,
merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of stock 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 of shares of Stock subject to an Award or the grant or exercise price of any Award. 
  
 ARTICLE 12 
  
 ADMINISTRATION 
  
 12.1 Committee. Unless and until the Board delegates administration to
a Committee as set forth below, the Plan shall be administered by the Board. The Board may delegate administration of the Plan to a Committee or Committees of one or more members of the Board, and the term “Committee” shall apply to any
person or persons to whom such authority has been delegated. Notwithstanding the foregoing, the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to
Independent Directors and for purposes of such Awards the term “Committee” as used in this Plan shall be deemed to refer to the Board. If administration is delegated to a Committee, the Committee shall have, in connection with the
administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall
thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Notwithstanding the foregoing, however, from and after the
Public Trading Date, a Committee of the Board shall administer the Plan and the Committee shall consist solely of two or more members of the Board each of whom is both an “outside director,” within the meaning of Section 162(m) of the
Code, and a Non-Employee Director. Within the scope of such authority, the Board or the Committee may (i) delegate to a committee of one or more members of the Board who are not “outside directors,” within the meaning of Section 162(m) of
the Code the authority to grant awards under the Plan to eligible persons who are either (1) not then “covered employees,” within the meaning of Section 162(m) of the Code and are not expected to be “covered employees” at the
time of recognition of income resulting from such award or (2) not persons with respect to whom the Company wishes to comply with Section 162(m) of the 

  

 18 

 
Code and/or (ii) delegate to a committee of one or more members of the Board who are not Non-Employee Directors, the authority to grant awards under the Plan
to eligible persons who are not then subject to Section 16 of the Exchange Act. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. Appointment of Committee members shall be effective upon
acceptance of appointment. Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may only be filled by the Board. 
  
 12.2 Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the
members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith,
rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or
other professional retained by the Company to assist in the administration of the Plan. 
  
 12.3 Authority of Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to: 
  
 (a) Designate Participants to receive Awards; 
  
 (b) Determine the type or types of Awards to be granted to each Participant; 
  
 (c) Determine the number of Awards to be granted and the
number of shares of Stock to which an Award will relate; 
  
 (d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or purchase price, any reload provision, any restrictions or
limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based
in each case on such considerations as the Committee in its sole discretion determines; provided, however, that the Committee shall not have the authority to accelerate the vesting or waive the forfeiture of any Performance-Based Awards;

  
 (e) Determine whether, to what extent, and
pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
  
 (f) Prescribe the form of each Award Agreement, which need
not be identical for each Participant; 
  
 (g)
Decide all other matters that must be determined in connection with an Award; 
  
 (h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 
  

 19 

 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award
Agreement; and 
  
 (j) Make all other decisions
and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan. 
  
 12.4 Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all
decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 
  
 12.5 Delegation of Authority. To the extent permitted by applicable law, the Committee may from time to time delegate to a committee of one or more
members of the Board or one or more officers of the Company the authority to grant or amend Awards to Participants other than (a) senior executives of the Company who are subject to Section 16 of the Exchange Act, (b) Covered Employees, or (c)
officers of the Company (or members of the Board) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such
delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 12.5 shall serve in such capacity at the pleasure of the Committee. 
  
 ARTICLE 13 
  
 EFFECTIVE AND EXPIRATION DATE 
  
 13.1 Effective Date. The Plan is effective as of the date the Plan is
approved by the Company’s stockholders (the “Effective Date”). The Plan will be deemed to be approved by the stockholders if it receives the affirmative vote of the holders of a majority of the shares of stock of the Company
present or represented and entitled to vote at a meeting duly held in accordance with the applicable provisions of the Company’s Bylaws. 
  
 13.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the earlier of the tenth anniversary of (i)
the Effective Date or (ii) the date this Plan is approved by the Board. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

  
 ARTICLE 14 
  
 AMENDMENT, MODIFICATION, AND TERMINATION 
  
 14.1 Amendment, Modification, And Termination. With the approval of
the Board, at any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the
Company shall obtain stockholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) stockholder approval is required for any amendment to the Plan that (i) increases the number of shares available under the
Plan (other than any adjustment as provided by Article 11), (ii) permits the Committee to 

  

 20 

 
grant Options with an exercise price that is below Fair Market Value on the date of grant, or (iii) permits the Committee to extend the exercise period for
an Option beyond ten years from the date of grant. 
  
 14.2
Awards Previously Granted. No termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

 
 ARTICLE 15 
  
 GENERAL PROVISIONS 
  
 15.1 No Rights to Awards. No Participant, employee, or other person
shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 
  
 15.2 No Stockholders Rights. No Award gives the Participant any of the rights of a stockholder of the Company unless
and until shares of Stock are in fact issued to such person in connection with such Award. 
  
 15.3 Withholding. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state,
local and foreign taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in
satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold shares of Stock otherwise issuable under an Award (or allow the return of shares of Stock) having a Fair Market Value equal to the sums required to
be withheld. Notwithstanding any other provision of the Plan, the number of shares of Stock which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award
within six months after such shares of Stock were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting,
exercise or payment of the Award shall be limited to the number of shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for
federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 
  
 15.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the
Company or any Subsidiary to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of the Company or any Subsidiary. 
  
 15.5 Unfunded Status of Awards. The Plan is intended to be an
“unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than
those of a general creditor of the Company or any Subsidiary. 
  

 21 

 15.6 Indemnification. To the extent allowable pursuant to applicable law, each member of the
Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit,
or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such
action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that
the Company may have to indemnify them or hold them harmless. 
  
 15.7 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan
of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 
  
 15.8 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 
  
 15.9 Titles and Headings. The titles and headings of the Sections in
the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
  
 15.10 Fractional Shares. No fractional shares of Stock shall be issued and the Committee shall determine, in its discretion, whether cash shall be
given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 
  
 15.11 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded to
any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the
Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule. 
  
 15.12 Government and Other Regulations.
The obligation of the Company to make payment of awards in Stock or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation
to register pursuant to the Securities Act of 1933, as amended, any of the shares of Stock paid pursuant to the Plan. If the shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act of
1933, as 

  

 22 

 
amended, the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption.

  
 15.13 Governing Law. The Plan and all Award Agreements
shall be construed in accordance with and governed by the laws of the State of Delaware. 
  
 * * * * * 
  
 I hereby certify
that the foregoing Plan was duly adopted by the Board of Directors of Dex Media, Inc. on May 13, 2004. 
  
 I hereby certify that the foregoing Plan was approved by the stockholders of Dex Media, Inc. on May 13, 2004. 
  
 Executed on this
             day of                     , 2004. 
  

	
	
	 
	Corporate Secretary

  

 23

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