Document:

Exhibit
10.4

 

SRS
Labs, Inc.

2005
Profit Sharing and Bonus Plan

(Adopted
by the SRS Labs, Inc. Board of

Directors on April 27, 2005)

 

This profit sharing and bonus plan shall be
known as the SRS Labs, Inc. 2005 Profit Sharing and Bonus Plan (the “Plan”).  The Plan is intended to qualify as a
compensation or bonus plan that is exempt from the application of the Employee
Retirement Income Security Act of 1974, as amended, by reason of Section 3 of
such Act.

 

1.             Applicability
Period

 

The Plan applies to the fiscal year of SRS
labs, Inc. (the “Company”) ending December 31, 2005 (the “Fiscal Year”).

 

2.             Components
of the Plan

 

The Plan has two components: Profit Sharing
and Bonus.

 

3.             Eligibility

 

All full-time, regular employees of the
Company and its subsidiaries are eligible to participate in the Plan.  Consultants, part-time employees, temporary
employees and non-employee directors are not eligible to participate in any
part of the Plan.

 

4.             Profit-Sharing
Awards

 

4.1           Eligibility for Profit-Sharing Awards. All eligible employees who were
employed by the Company or its subsidiaries from the first day of any fiscal quarter
in which the Company reports net income through the date the Company files its
Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the “SEC”)
for that quarter or, with respect to the fourth quarter, the date the Company
files with the SEC its Annual Report on Form 10-K for the Fiscal Year, will be
entitled to a profit-sharing payment determined in accordance with Sections 4.2
and 4.3 of the Plan.

 

4.2           Aggregate Profit-Sharing Awards. 
For each fiscal quarter, the Company shall allocate 5% of the
Company’s net income for the quarter for profit sharing payments.

 

4.3           Allocation and Distribution of Profit-Sharing Awards. The
profit sharing payments for a given fiscal quarter shall be allocated to the
eligible employees entitled thereto under Section 4.1 pro rata in proportion to
their respective base salaries.

 

5.             Quarterly
Bonus Awards

 

5.1           Eligibility for Quarterly Bonuses.  All
eligible employees who were employed by the Company from the first day of a
fiscal quarter (other than the fourth fiscal quarter) for which the

 

 

1

 

 Company achieved at least 80% of the Company’s
net income target for the quarter established determined by the Company’s Board
of Directors through the date the Company files its Quarterly Report on Form
10-Q with the SEC for that quarter will be entitled to a quarterly bonus payment.

 

5.2           Aggregate Bonus Pool.  For
each of the first three fiscal quarters, the aggregate bonus pool shall be determined
as follows:  using the table below, take
the applicable “% of Net Income Achieved” (actual net income for the applicable
quarter divided by target net income, rounded down to the nearest whole
percentage) then calculate the product of the corresponding “Award %”
multiplied by an amount equal to 8% of the Company’s net income for the
applicable quarter.

 

	
  % of Net Income Achieved

  	
   

  	
  Award %

  
	
  <80%

  	
   

  	
  0%

  
	
  80%

  	
   

  	
  25%

  
	
  90%

  	
   

  	
  50%

  
	
  91%

  	
   

  	
  55%

  
	
  92%

  	
   

  	
  60%

  
	
  93%

  	
   

  	
  65%

  
	
  94%

  	
   

  	
  70%

  
	
  95%

  	
   

  	
  75%

  
	
  96%

  	
   

  	
  80%

  
	
  97%

  	
   

  	
  85%

  
	
  98%

  	
   

  	
  90%

  
	
  99%

  	
   

  	
  95%

  
	
  100%

  	
   

  	
  100%

  

 

5.3           Allocation and Distribution of Quarterly Bonuses.  The aggregate quarterly bonuses
payments determined in accordance with Section 5.2 will be allocated and
distributed to eligible employees in accordance with Section 7 of the Plan.

 

6.             Annual
Bonus Awards

 

6.1           Eligibility for Annual Bonuses. All eligible employees who were employed by the Company from the
first day of the fourth fiscal quarter through the date the Company files its
Annual Report on Form 10-K with the SEC for the Fiscal Year will be entitled to
an annual bonus payment if the Company achieved at least 80% of the Company’s
net income target for the Fiscal Year established determined by the Company’s
Board of Directors.

 

 

2

 

6.2           Aggregate Bonus Pool.  The aggregate bonus pool for
annual bonuses shall be determined as follows: 
using the table below, take the applicable “% of Net Income Achieved”
(actual net income for the fiscal year divided by target net income, rounded
down to the nearest whole percentage) then calculate the product of the
corresponding “Award %” multiplied by an amount equal to the sum of (a) 10% of
the Company’s net income for the fourth quarter plus (b) 2% of the Company’s net
income for each of the first three fiscal quarters.

 

	
  % of Net Income Achieved

  	
   

  	
  Award %

  
	
  <80%

  	
   

  	
  0%

  
	
  80%

  	
   

  	
  25%

  
	
  90%

  	
   

  	
  50%

  
	
  91%

  	
   

  	
  55%

  
	
  92%

  	
   

  	
  60%

  
	
  93%

  	
   

  	
  65%

  
	
  94%

  	
   

  	
  70%

  
	
  95%

  	
   

  	
  75%

  
	
  96%

  	
   

  	
  80%

  
	
  97%

  	
   

  	
  85%

  
	
  98%

  	
   

  	
  90%

  
	
  99%

  	
   

  	
  95%

  
	
  100%

  	
   

  	
  100%

  
	
  110%

  	
   

  	
  120%

  
	
  125%

  	
   

  	
  150%

  

 

6.3           Allocation and Distribution of Annual Bonuses.  The aggregate annual bonuses
payments determined in accordance with Section 6.2 will be allocated and
distributed to eligible employees in accordance with Section 7 of the Plan; provided,
however, that (a) the annual bonus paid to any eligible employee who was
not a full-time, regular employee of the Company or one of its subsidiaries for
the entire Fiscal Year as determined by Section 7.2 shall be reduced pro rata based
upon the number of calendar days that the employee was a full-time, regular
employee of the Company or one of its subsidiaries during the Fiscal Year; and
(b) any portion of the annual bonus pool not distributed to eligible employees
pursuant to clause (a) shall be re-allocated to all eligible employees (whether
employed for the entire fiscal year or a portion thereof) as follows: each
eligible employee shall be entitled to a percentage of the total amount to be re-allocated
determined by dividing (1) the number of days the eligible employee was
employed as a full-time regular employee during the fiscal year multiplied by the
eligible employee’s base salary by (2) the total base salaries for all eligible
employees multiplied by 365.

 

7.             Bonus
Distribution

 

7.1           Allocation to Bonus Pools.  After
the total amount of quarterly or annual bonuses payable for a quarter or the
fiscal year has been determined in accordance with Paragraphs 5 or 6, the total
amount shall be divided into three distribution pools:

 

                7.1.1
— Broad-Based Employee Pool — 50%
of the total amount of the applicable bonus payable shall be allocated to a
Broad-Based Employee Pool.

 

 

3

 

7.1.2 — Executive Staff Pool — 42.5% of the total amount
of applicable bonus payable shall be allocated into an Executive Staff Pool.

 

                7.1.3
- Discretionary Pool — 7.5% of the
total amount of applicable bonus payable shall be allocated into a
Discretionary Pool.

 

7.2           Distribution of Bonus Pools. 
Quarterly and annual bonus payments shall be allocated to individual
employees entitled thereto under Sections 5 or 6 out of the applicable bonus
pools as follows:

 

                7.2.1
— Broad-Based Employee Pool — The
Broad-Based Employee Pool shall be distributed to eligible employees other than
Executive Staff (as defined in Section 7.2.2) and employees who are paid part
of their compensation in the form of commissions. This pool shall be paid out
to eligible employees pro rata in proportion to their respective base salaries.

 

7.2.2 — Executive Staff Pool —   The Executive Staff Pool shall be distributed to eligible members
of the Executive Staff pro rata in proportion to their respective base
salaries.  “Executive Staff” is defined
as the Chief Executive Officer, Chief Financial Officer, all vice presidents and
any other person identified by the Chief Executive Officer as part of the
Executive Staff.

 

                7.3
- Discretionary Pool — The
Discretionary Pool shall be distributed to eligible employees including
Executive Staff (other than the Chief Executive Officer) and employees who are
paid part of their compensation in the form of commissions in such manner and
amounts as determined by the Company’s Chief Executive Officer.  The Chief Executive Officer shall have
discretion to use any or all of the Discretionary Pool to reward selected
employees who exhibit exemplary performance during the applicable period (e.g., the first, second or third quarter, respectively, and
for the final Discretionary Pool distribution, the fourth quarter or the Fiscal
Year).  The Chief Executive Officer has
no obligation to use any of this pool for a given period if, in the Chief
Executive Officer’s discretion, there has been no exemplary performance.  Any amount not used with respect to a period carries
over into the next period.  Any amount
not used with respect to any quarter or the full Fiscal Year shall no longer be
subject to this Plan.

 

8.             Timing
of Payments

 

Immediately after the Company files its Form
10-Q or 10-K, as applicable, (a) the Company’s Chief Financial Officer shall calculate
the amounts, if any, to be paid to eligible employees under the Plan as
Profit-Sharing Awards and/or as bonuses from the Broad-Based Employee Pool and
the Executive Staff Pool, and (b) the Company’s Chief Executive Officer shall
determine the amounts, if any, to be paid to eligible employees under the Plan
as bonuses from the Discretionary Pool; provided, however, that no
bonuses from the Discretionary Pool to the Company’s executive officers shall
be paid without the prior approval of the Compensation Committee of the Company’s
Board of Directors.  The Company shall
include payments to which an eligible employee is entitled under the Plan in
such employee’s first regular payroll check following determination of the amounts
to which the employee is entitled.

 

 

4

 

9.             Corporate
Transactions and Change in Control

 

9.1           Effect of Change in
Control.  The obligations of
the Plan shall be binding on any employer that acquires, through a stock
purchase or merger, or through an asset purchase, or otherwise, part or all of
the Company following a Change in Control.

 

9.2           Definition of Change in
Control.  As used in this
Plan, the term “Change in Control”
shall mean the occurrence of any of the following events:

 

(a)           The Company is merged, consolidated or reorganized
into or with another corporation or other legal person and as a result of such
merger, consolidation or reorganization less than a majority of the combined
voting power of the then outstanding securities of such corporation or person
immediately after such transaction are held in the aggregate by the holders of
Voting Stock (as that term is defined in subsection (c) hereof) of the Company
immediately prior to such transaction;

 

(b)           The Company sells all or substantially all of its
assets to any other corporation or other legal person, less than a majority of
the combined voting power of the then-outstanding voting securities of
which are held directly or indirectly in the aggregate by the holders of Voting
Stock of the Corporation immediately prior to such sale;

 

(c)           Any person (as the term “person” is used in Section
13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange
Act”) has become the beneficial owner (as the term “beneficial owner” is
defined under Rule 13d-3 or any successor rule or regulation promulgated
under the Exchange Act) of securities representing more than 50% of the
combined voting power of the then-outstanding securities of the Company
entitled to vote generally in the election of directors of the Company (“Voting
Stock”);

 

(d)           The Company files a report or proxy statement with the
Securities and Exchange Commission pursuant to the Exchange Act disclosing in,
or in response to, Form 8-K or Schedule 14A (or any successor schedule, form or
report or item therein) that a Change in Control of the Company has occurred;

 

(e)           Notwithstanding the foregoing provisions of
(i) subsections (c) or (d) hereof, a “Change in Control” shall not be
deemed to have occurred for purposes of this Plan solely because the Company,
an entity in which the Company directly or indirectly beneficially owns 50% or
more of the voting securities of such entity (an “Affiliate”), any Company-sponsored
employee stock ownership plan or any other employee benefit plan of the Company
either files or becomes obligated to file a report or a proxy statement under
or in response to Schedule 13D, Schedule 14D-1, Form 8-K or
Schedule 14A (or any successor schedule, form or report or item therein) under
the Exchange Act, disclosing beneficial ownership by it of shares of voting
securities of the Company, whether in excess of 50% or otherwise, or because
the Company reports that a Change in Control of the Company has or may have
occurred or will or may occur in the future by reason of such beneficial
ownership or (ii) subsection (c) hereof, a “Change in Control” shall not
be deemed to have occurred for purposes of this Plan solely because a person
who is a holder of five percent (5%) or more of the Voting Stock and who also
is an officer and director of the Company on the initial effective date of this
Plan acquires more than 50% of the Voting Stock.

 

 

5

 

(f)            Notwithstanding the foregoing provisions of
subsections (a) and (b) hereof, a “Change in Control” shall not be deemed to
have occurred for purposes of this Plan solely because the Company engages in
an internal reorganization, which may include a transfer of assets to one or
more Affiliates, provided  that such transaction has been approved
by at least two-thirds of the Directors of the Company and as a result of
such transaction or transactions, at least 80% of the combined voting power of
the then-outstanding securities of the Company or its successor are held
in the aggregate by the holders of Voting Stock immediately prior to such
transactions.

 

10.          Source
of Payments  

 

All
payments under the Plan will be paid in cash from the general consolidated
funds of the Company.  No separate fund
will be established.

 

11.          Amendment
or Termination  

 

The
Plan may be amended, modified, suspended or terminated by the Board of
Directors of the Company at any time and without notice to or the consent of
any participant in the Plan.

 

12.          Severability  

 

If
any term or condition of the Plan shall be invalid or unenforceable, the
remainder of the Plan shall not be affected thereby and shall continue in
effect and application to the fullest extent permitted by law.

 

13.          No
Employment Rights 

 

Neither
the establishment nor the terms of the Plan shall be held or construed to
confer upon any employee the right to a continuation of employment by the
Company, nor constitute a contract of employment, express or implied.  Subject to any applicable employment
agreement, the Company reserves the right to dismiss or otherwise deal with any
employee, including eligible employees, to the same extent as though the Plan had
not been adopted.  Nothing in the Plan is
intended to alter the “AT-WILL” status of eligible employees, it being
understood that, except to the extent otherwise expressly set forth to the
contrary in a written employment agreement, the employment of any employee can
be terminated at any time by either the Company or the employee with or without
notice, with or without cause.

 

14.          Transferability
of Rights  

 

The Company shall have the right to transfer
its obligations under the Plan, with respect to one or more eligible employees,
to any person, including any purchaser of all or any part of the Company’s
business.  No eligible employee or spouse
shall have any right to commute, encumber, transfer or otherwise dispose of or
alienate any present or future right or expectancy which the eligible employee may
have at any time to receive payments of benefits hereunder, which benefits and
the rights thereto are expressly declared to be nonassignable and
nontransferable, except to the extent required by law.  Any attempt by a Participant to transfer or
assign a benefit or any rights granted hereunder shall (after consideration of
such facts as the Company deems pertinent) be grounds for terminating any
rights of the eligible employee to any portion of the Plan benefits not
previously paid.

 

 

6

 

15.          Governing
Law  

 

The Plan shall be construed, administered and
enforced according to the laws of the State of California.

 

16.          Administration

 

The Compensation Committee (the “Committee”)
of the Board of Directors shall administer the Plan in accordance with its terms.  The Committee shall have the discretion to
interpret or construe the terms of this Plan and to make any findings of fact
needed in the administration of this Plan. 
The Committee’s interpretation and construction of any provision of the
Plan shall be final, binding and conclusive.

 

 

7Exhibit
10.5

 

SRS LABS, INC.

AMENDED AND RESTATED 1996 LONG-TERM

INCENTIVE PLAN, AS AMENDED

 

1.             Purpose.  The purpose of this Plan is to attract and
retain directors, officers, key employees and consultants for SRS Labs, Inc., a
Delaware corporation (the “Corporation”), and its Subsidiaries and to provide
such persons with incentives and rewards for superior performance.

 

2.             Definitions.  As used in this Plan,

 

“Appreciation
Right” means a right granted pursuant to Section 5 of this Plan, including a
Free-standing Appreciation Right and a Tandem Appreciation Right.

 

“Authorizing
Officer” means any officer of the Corporation designated by the Board to take
action specified in Section 16(c) of this Plan.

 

“Award” means any
or all of the following: Appreciation Right, Deferred Shares, Free-Standing
Appreciation Right, Option Right, Performance Share, Performance Unit or
Restricted Shares.

 

“Base Price” means
the price to be used as the basis for determining the Spread upon the exercise
of a Free-standing Appreciation Right.

 

“Board” means the
Board of Directors of the Corporation.

 

“Code” means the
Internal Revenue Code of 1986, as amended from time to time.

 

“Committee” shall
have the meaning described in Section 16 of this Plan.

 

“Common Shares”
means (i) shares of the common stock of the Corporation, par value $.001 per
share, and (ii) any security into which Common Shares may be converted by
reason of any transaction or event of the type referred to in Section 10 of
this Plan.

 

“Compensation
Committee” means the Compensation Committee of the Board appointed from time to
time by the Board, composed of not less than two members of the Board, each of
whom shall be a “non-employee director” within the meaning of Rule 16b-3.

 

“Date of Grant”
means the date specified by the Committee on which a grant of Option Rights or
Appreciation Rights or Performance Shares or Performance Units or a grant or
sale of Restricted Shares or Deferred Shares shall become effective, which
shall not be earlier than the date on which the Committee takes action with
respect thereto.

 

“Deferral Period”
means the period of time during which Deferred Shares are subject to deferral
limitations under Section 7 of this Plan.

 

“Deferred Shares”
means an award pursuant to Section 7 of this Plan of the right to receive
Common Shares at the end of a specified Deferral Period.

 

“Designated
Participant” means a non-officer employee or consultant of the Corporation or
any Subsidiary who,  at
the time of the grant of an Award, is not (a) subject to Section 16 of the
Securities Exchange Act of 1934, as amended; (b) a covered person under Section
162(m) of the Code; or (c) a director of the Corporation or one of its
subsidiaries.

 

 

 

“Free-standing
Appreciation Right” means an Appreciation Right granted pursuant to Section 5
of this Plan that is not granted in tandem with an Option Right or similar
right.

 

“Incentive Stock
Options” means Option Rights that are intended to qualify as “incentive stock
options” under Section 422 of the Code or any successor provision.

 

“Less-Than-80-Percent
Subsidiary” means a Subsidiary with respect to which the Corporation directly
or indirectly owns or controls less than 80 percent of the total combined
voting or other decision-making power.

 

“Management
Objectives” means the achievement of a performance objective or objectives
established pursuant to this Plan for Participants who have received grants of
Performance Shares or Performance Units or, when so determined by the
Committee, Option Rights, Appreciation Rights, Restricted Shares and dividend
credits. Management Objectives may be described in terms of Corporation-wide
objectives or objectives that are related to the performance of the individual
Participant or of the Subsidiary, division, department or function within the
Corporation or Subsidiary in which the Participant is employed. The Management
Objectives applicable to any award to a Participant who is, or is determined by
the Committee to be likely to become, a “covered employee” within the meaning
of Section 162(m) of the Code (or any successor provision) shall be limited to
specified levels of or growth in:

 

	
  (i)

  	
   

  	
  return on invested capital;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  earnings per share;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  return on assets;

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  return on equity;

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  shareholder return;

  
	
   

  	
   

  	
   

  
	
  (vi)

  	
   

  	
  sales growth;

  
	
   

  	
   

  	
   

  
	
  (vii)

  	
   

  	
  productivity improvement; and/or

  
	
   

  	
   

  	
   

  
	
  (viii)

  	
   

  	
  net income.

  

 

Except in the case
of such a covered employee, if the Committee determines that a change in the
business, operations, corporate structure or capital structure of the
Corporation, or the manner in which it conducts its business, or other events
or circumstances render the Management Objectives unsuitable, the Committee may
modify such Management Objectives or the related minimum acceptable level of
achievement, in whole or in part, as the Committee deems appropriate and
equitable.

 

“Market Value per
Share” means, at any date, (i) the closing sales price for the Common Shares on
that date, if available, or, if there are no sales on that date or if a closing
sales price is not available, (ii) the average of the “bid” and “asked” prices
of the Common Shares on that date, in each case as reported by the National
Association of Securities Dealers Automated Quotation System or any national
securities exchange on which the Common Shares are then traded, or, if (i) or
(ii) are not available, the fair market value of the Common Shares as
determined by the Committee from time to time.

 

“Optionee” means
the person so designated in an agreement evidencing an outstanding Option Right.

 

“Option Price”
means the purchase price payable upon the exercise of an Option Right.

 

“Option Right”
means the right to purchase Common Shares upon exercise of an option granted
pursuant to Section 4 of this Plan.

 

 

2

 

“Participant”
means a person who is selected by the Committee to receive benefits under this
Plan and who is at that time an officer, any other key employee, a director or
a consultant of the Corporation or any Subsidiary, or who has agreed to
commence serving in any such capacity.

 

“Performance
Period” means, in respect of a Performance Share or Performance Unit, a period
of time established pursuant to Section 8 of this Plan within which the
Management Objectives relating thereto are to be achieved.

 

“Performance Share”
means a bookkeeping entry that records the equivalent of one Common Share
awarded pursuant to Section 8 of this Plan.

 

“Performance Unit”
means a bookkeeping entry that records a unit equivalent to $100.00 awarded
pursuant to Section 8 of this Plan.

 

“Reload Option
Rights” means additional Option Rights granted automatically to an Optionee
upon the exercise of Option Rights pursuant to Section 4(f) of this Plan.

 

“Restricted Shares”
mean Common Shares granted or sold pursuant to Section 6 of this Plan as to
which neither the substantial risk of forfeiture nor the restrictions on
transfer referred to in Section 6 hereof has expired.

 

“Rule 16b-3” means
Rule 16b-3 of the Securities and Exchange Commission (or any successor rule to
the same effect), as in effect from time to time.

 

“Spread” means, in
the case of a Free-standing Appreciation Right, the amount by which the Market
Value per Share on the date when any such right is exercised exceeds the Base
Price specified in such right or, in the case of a Tandem Appreciation Right,
the amount by which the Market Value per Share on the date when any such right
is exercised exceeds the Option Price specified in the related Option Right.

 

“Subsidiary” means
a corporation, partnership, joint venture, unincorporated association or other
entity in which the Corporation has a direct or indirect ownership or other
equity interest; provided, however, for purposes of determining whether any
person may be a Participant for purposes of any grant of Incentive Stock
Options, “Subsidiary” means any corporation in which the Corporation owns or
controls directly or indirectly more than 50 percent of the total combined
voting power represented by all classes of stock issued by such corporation at
the time of such grant.

 

“Tandem
Appreciation Right” means an Appreciation Right granted pursuant to Section 5
of this Plan that is granted in tandem with an Option Right or any similar
right granted under any other plan of the Corporation.

 

3.             Shares Available under the Plan.

 

(a)           Subject
to adjustment as provided in Section 10 of this Plan, the number of Common
Shares issued or transferred (i) upon the exercise of Option Rights or
Appreciation Rights, (ii) as Restricted Shares and released from all
substantial risks of forfeiture, (iii) as Deferred Shares, (iv) in payment of
Performance Shares or Performance Units that have been earned, or (v) in
payment of dividend equivalents paid with respect to awards made under this
Plan, shall not in the aggregate exceed 8,500,000 Common Shares, which may be
Common Shares of original issuance or Common Shares held in treasury or a
combination thereof. If any award terminates, expires or is cancelled with
respect to any Common Shares, new awards may thereafter be granted covering
such Common Shares.

 

(b)           Upon
the full or partial payment of any Option Price by the transfer to the
Corporation of Common Shares or upon satisfaction of tax withholding provisions
in connection with any such exercise or any other payment made or benefit
realized under this Plan by the transfer or relinquishment of Common Shares,
there shall be deemed to have been issued or transferred under this Plan only
the net number of Common Shares actually issued or transferred by the
Corporation.

 

 

3

 

c)             Upon
payment in cash of the benefit provided by any award granted under this Plan,
any Common Shares that were covered by that award shall again be available for
issuance or transfer hereunder.

 

(d)           Notwithstanding
any other provision of this Plan to the contrary, no Participant shall be
granted Option Rights for more than 750,000 Common Shares during any period of
three consecutive calendar years subject to adjustment as provided in Section
10 of this Plan.

 

(e)           Notwithstanding
any other provision of this Plan to the contrary, in no event shall any
Participant in any period of one calendar year receive awards of Performance
Shares and Performance Units having an aggregate value as of their respective
Dates of Grant in excess of $750,000.

 

4.             Option
Rights.  The Committee
may from time to time authorize grants to Participants of options to purchase
Common Shares upon such terms and conditions as the Committee may determine in
accordance with the following provisions:

 

(a)           Each
grant shall specify the number of Common Shares to which it pertains, subject
to the limitations set forth in Section 3 of this Plan.

 

(b)           Each
grant shall specify an Option Price per Common Share, which in the case of
Incentive Options, shall be equal to or greater than the Market Value per Share
on the Date of Grant and, in the case of other options, shall not be less than
eighty-five percent (85%) of the Market Value per Share on the Date of Grant.

 

(c)           Each
grant shall specify the form of consideration to be paid in satisfaction of the
Option Price and the manner of payment of such consideration, which may include
(i) cash in the form of currency or check or other cash equivalent acceptable
to the Corporation, (ii) non-forfeitable, unrestricted Common Shares, which are
already owned by the Optionee and have a value at the time of exercise that is
equal to the Option Price, (iii) any other legal consideration, including,
without limitation, promissory notes, that the Committee may deem appropriate,
including without limitation any form of consideration authorized under Section
4(d) below, on such basis as the Committee may determine in accordance with
this Plan and (iv) any combination of the foregoing.

 

(d)           Any
grant may provide that payment of the Option Price may also be made in whole or
in part in the form of Restricted Shares or other Common Shares that are
subject to risk of forfeiture or restrictions on transfer. Unless otherwise
determined by the Committee, whenever any Option Price is paid in whole or in
part by means of any of the forms of consideration specified in this Section
4(d), the Common Shares received by the Optionee upon the exercise of the
Option Rights shall be subject to the same risks of forfeiture or restrictions
on transfer as those that applied to the consideration surrendered by the
Optionee; provided, however, that such risks of forfeiture and restrictions on
transfer shall apply only to the same number of Common Shares received by the
Optionee as applied to the forfeitable or restricted Common Shares surrendered
by the Optionee.

 

(e)           Any
grant may provide for deferred payment of the Option Price from the proceeds of
sale through a bank or broker on the date of exercise of some or all of the
Common Shares to which the exercise relates.

 

(f)            Any
grant may provide for the automatic grant to the Optionee of Reload Option
Rights upon the exercise of Option Rights, including Reload Option Rights, for
Common Shares or any other non-cash consideration authorized under Sections 4(d)
and (e) above.

 

(g)           Successive
grants may be made to the same Participant regardless of whether any Option
Rights previously granted to such Participant remain unexercised.

 

(h)           Each
grant shall specify the period or periods of continuous employment of the
Optionee by the Corporation or any Subsidiary that are necessary before the
Option Rights or installments thereof shall become exercisable, and any grant
may provide for the earlier exercisability of such rights in the event of
retirement, death or disability of the Participant or a change in control of
the Corporation or other similar transaction or event.

 

 

4

 

(i)            Any
grant of Option Rights may specify Management Objectives that must be achieved
as a condition to the exercise of such rights.

 

(j)            Option
Rights granted under this Plan may be (i) options that are intended to qualify
under particular provisions of the Code, including without limitation Incentive
Stock Options, (ii) options that are not intended to so qualify or (iii)
combinations of the foregoing.

 

(k)           On
or after the Date of Grant of any Option Rights other than Incentive Stock
Options, the Committee may provide for the payment to the Optionee of dividend
equivalents thereon in cash or Common Shares on a current, deferred or
contingent basis.

 

(l)            No
Option Right granted under this Plan may be exercised more than 10 years from
the Date of Grant.

 

(m)          Each
grant shall be evidenced by an agreement, which shall be executed on behalf of
the Corporation by any officer thereof and delivered to and accepted by the
Optionee and shall contain such terms and provisions as the Committee may
determine consistent with this Plan.

 

5.             Appreciation
Rights.  The Committee
may also authorize grants to Participants of Appreciation Rights. An
Appreciation Right shall be a right of the Participant to receive from the
Corporation an amount, which shall be determined by the Committee and shall be
expressed as a percentage (not exceeding 100 percent) of the Spread at the time
of the exercise of such right. Any grant of Appreciation rights under this Plan
shall be upon such terms and conditions as the Committee may determine in
accordance with the following provisions:

 

(a)           Any
grant may specify that the amount payable upon the exercise of an Appreciation
Right may be paid by the Corporation in cash, Common Shares or any combination
thereof and may (i) either grant to the Participant or reserve to the Committee
the right to elect among those alternatives or (ii) preclude the right of the
Participant to receive and the Corporation to issue Common Shares or other
equity securities in lieu of cash; provided, however, that no form of
consideration or manner of payment that would cause Rule 16b-3 to cease to
apply to this Plan shall be permitted.

 

(b)           Any grant may
specify that the amount payable upon the exercise of an Appreciation Right
shall not exceed a maximum specified by the Committee on the Date of Grant.

(c)           Any grant may
specify (i) a waiting period or periods before Appreciation Rights shall become
exercisable and (ii) permissible dates or periods on or during which
Appreciation Rights shall be exercisable.

(d)           Any grant may
specify that an Appreciation Right may be exercised only in the event of
retirement, death or disability of the Participant or a change in control of
the Corporation or other similar transaction or event.

(e)           Any
grant may provide for the payment to the Participant of dividend equivalents
thereon in cash or Common Shares on a current, deferred or contingent basis.

 

(f)            Each
grant shall be evidenced by an agreement, which shall be executed on behalf of
the Corporation by any officer thereof and delivered to and accepted by the
Optionee and shall describe the subject Appreciation Rights, identify any
related Option Rights, state that the Appreciation Rights are subject to all of
the terms and conditions of this Plan and contain such other terms and
provisions as the Committee may determine consistent with this Plan.

 

(g)           Any
grant of Appreciation Rights may specify Management Objectives that must be
achieved as a condition of the exercise of such rights.

 

 

5

 

(h)           Regarding
Tandem Appreciation Rights only: Each grant shall provide that a Tandem
Appreciation Right may be exercised only (i) at a time when the related Option
Right (or any similar right granted under any other plan of the Corporation) is
also exercisable and the Spread is positive and (ii) by surrender of the
related Option Right (or such other right) for cancellation.

 

(i)            Regarding
Free-standing Appreciation Rights only:

 

(i)                                     Each
grant shall specify in respect of each Free-standing Appreciation Right a Base
Price per Common Share, which shall be equal to or greater than the Market
Value per Share on the Date of Grant;

 

(ii)                                  Successive
grants may be made to the same Participant regardless of whether any
Free-standing Appreciation Rights previously granted to such Participant remain
unexercised;

 

(iii)                               Each
grant shall specify the period or periods of continuous employment of the
Participant by the Corporation or any Subsidiary that are necessary before the
Free-standing Appreciation Rights or installments thereof shall become
exercisable, and any grant may provide for the earlier exercise of such rights
in the event of retirement, death or disability of the Participant or a change
in control of the Corporation or other similar transaction or event; and

 

(iv)                              No
Free-standing Appreciation Right granted under this Plan may be exercised more
than 10 years from the Date of Grant.

 

6.             Restricted
Shares.  The Committee
may also authorize grants or sales to Participants of Restricted Shares upon
such terms and conditions as the Committee may determine in accordance with the
following provisions:

 

(a)           Each
grant or sale shall constitute an immediate transfer of the ownership of Common
Shares to the Participant in consideration of the performance of services,
entitling such Participant to dividend, voting and other ownership rights,
subject to the substantial risk of forfeiture and restrictions on transfer
hereinafter referred to.

 

(b)           Each
grant or sale may be made without additional consideration from the Participant
or in consideration of a payment by the Participant that is less than the
Market Value per Share on the Date of Grant.

 

(c)           Each
grant or sale shall provide that the Restricted Shares covered thereby shall be
subject to a “substantial risk of forfeiture” within the meaning of Section 83
of the Code for a period to be determined by the Committee on the Date of
Grant, and any grant or sale may provide for the earlier termination of such
period in the event of retirement, death or disability of the Participant or a
change in control of the Corporation or other similar transaction or event.

 

(d)           Each
grant or sale shall provide that, during the period for which such substantial
risk of forfeiture is to continue, the transferability
of the Restricted Shares shall be prohibited or restricted in the manner and to
the extent prescribed by the Committee on the Date of Grant. Such restrictions
may include without limitation rights of repurchase or first refusal in the
Corporation or provisions subjecting the Restricted Shares to a continuing
substantial risk of forfeiture in the hands of any transferee.

 

(e)           Any
grant of Restricted Shares may specify Management Objectives which, if
achieved, will result in termination or early termination of the restrictions
applicable to such shares and each such grant shall specify in respect of such
specified Management Objectives, a minimum acceptable level of achievement and
shall set forth a formula for determining the number of Restricted Shares on
which restrictions will terminate if performance is at or above the minimum
level, but falls short of full achievement of the specified Management
Objectives.

 

 

6

 

(f)            Any
grant or sale may require that any or all dividends or other distributions paid
on the Restricted Shares during the period of such restrictions be automatically
sequestered. Such distribution may be reinvested on an immediate or deferred
basis in additional Common Shares, which may be subject to the same
restrictions as the underlying award or such other restrictions as the
Committee may determine.

 

(g)           Each
grant or sale shall be evidenced by an agreement, which shall be executed on
behalf of the Corporation by any officer thereof and delivered to and accepted
by the Participant and shall contain such terms and provisions as the Committee
may determine consistent with this Plan. Unless otherwise directed by the
Committee, all certificates representing Restricted Shares, together with a
stock power that shall be endorsed in blank by the Participant with respect to
such shares, shall be held in custody by the Corporation until all restrictions
thereon lapse.

 

7.             Deferred
Shares.  The Committee
may also authorize grants or sales of Deferred Shares to Participants upon such
terms and conditions as the Committee may determine in accordance with the
following provisions:

 

(a)           Each
grant or sale shall constitute the agreement by the Corporation to issue or
transfer Common Shares to the Participant in the future in consideration of the
performance of services, subject to the fulfillment during the Deferral Period
of such conditions as the Committee may specify.

 

(b)           Each
grant or sale may be made without additional consideration from the Participant
or in consideration of a payment by the Participant that is less than the
Market Value per Share on the Date of Grant.

 

(c)           Each
grant or sale shall provide that the Deferred Shares covered thereby shall be
subject to a Deferral Period, which shall be fixed by the Committee on the Date
of Grant, and any grant or sale may provide for the earlier termination of such
period in the event of retirement, death or disability of the Participant or a
change in control of the Corporation or other similar transaction or event.

 

(d)           During
the Deferral Period, the Participant shall not have any right to transfer any
rights under the subject award, shall not have any rights of ownership in the
Deferred Shares and shall not have any right to vote such shares, but the
Committee may on or after the Date of Grant authorize the payment of dividend
equivalents on such shares in cash or additional Common Shares on a current,
deferred or contingent basis.

 

(e)           Each
grant or sale shall be evidenced by an agreement, which shall be executed on
behalf of the Corporation by any officer thereof and delivered to and accepted
by the Participant and shall contain such terms and provisions as the Committee
may determine consistent with this Plan.

 

8.             Performance
Shares and Performance Units. 
The Committee may also authorize grants to Participants of Performance
Shares and Performance Units, which shall become payable to the Participant
upon the achievement of specified Management Objectives, upon such terms and
conditions as the Committee may determine in accordance with the following
provisions:

 

(a)           Each
grant shall specify the number of Performance Shares or Performance Units to
which it pertains, subject to the limitations in Section 3, which may be
subject to adjustment to reflect changes in compensation or other factors.

 

(b)           The
Performance Period with respect to each Performance Share or Performance Unit shall
be determined by the Committee on the Date of Grant and may be subject to
earlier termination in the event of retirement, death or disability of the
Participant or a change in control of the Corporation or other similar
transaction or event.

 

(c)           Each
grant shall specify the Management Objectives that are to be achieved by the
Participant and each grant shall specify in respect of the specified Management
Objectives a minimum acceptable level of achievement below which no payment
will be made and shall set forth a formula for determining the amount

 

 

7

 

of any payment to be made if
performance is at or above the minimum acceptable level but falls short of full
achievement of the specified Management Objectives.

 

(d)           Each
grant shall specify the time and manner of payment of Performance Shares or
Performance Units that shall have been earned, and any grant may specify that
any such amount may be paid by the Corporation in cash, Common Shares or any
combination thereof and may either grant to the Participant or reserve to the
Committee the right to elect among those alternatives.

 

(e)           Any
grant of Performance Shares may specify that the amount payable with respect
thereto may not exceed a maximum specified by the Committee on the Date of
Grant. Any grant of Performance Units may specify that the amount payable, or
the number of Common Shares issued, with respect thereto may not exceed
maximums specified by the Committee on the Date of Grant.

 

(f)            Any
grant may provide for the payment to the Participant of dividend equivalents
thereon in cash or in additional Common Shares on a current, deferred or
contingent basis.

 

(g)           Each
grant of Performance Shares or Performance Units shall be evidenced by an
agreement, which shall be executed on behalf of the Corporation by any officer
thereof and delivered to and accepted by the Participant and shall contain such
terms and provisions as the Committee may determine consistent with this Plan.

 

9.             Transferability.

 

(a)           No
Option Right or other derivative security (as that term is used in Rule 16b-3)
awarded under this Plan shall be transferable by a Participant other than by
will or the laws of descent and distribution or, other than with respect to an
Incentive Stock Option, a qualified domestic relations order, as defined in the
Code. Option Rights and Appreciation Rights shall be exercisable during a
Participant’s lifetime only by the Participant or, in the event of the
Participant’s legal incapacity, by his guardian or legal representative acting
in a fiduciary capacity on behalf of the Participant under state law and court
supervision. Notwithstanding the foregoing, the Committee, in its sole
discretion, may provide for transferability of particular awards under this
Plan so long as such provisions will not disqualify the exemption for other
awards under Rule 16b-3.

 

(b)           Any
award made under this Plan may provide that all or any part of the Common
Shares that are (i) to be issued or transferred by the Corporation upon the exercise
of Option Rights or Appreciation Rights or upon the termination of the Deferral
Period applicable to Deferred Shares, or in payment of Performance Shares or
Performance Units or (ii) no longer subject to the substantial risk of
forfeiture and restrictions on transfer referred to in Section 6 of this Plan,
shall be subject to further restrictions upon transfer.

 

10.          Adjustments.  The Committee may make or provide for such
adjustments in the (a) number of Common Shares covered by outstanding Option
Rights, Appreciation Rights, Deferred Shares and Performance Shares granted
hereunder, (b) prices per share applicable to such Option Rights and
Appreciation Rights, and (c) kind of shares (including shares of another
issuer) covered thereby, as the Committee in its sole discretion may in good
faith determine to be equitably required in order to prevent dilution or
enlargement of the rights of Participants that otherwise would result from (x)
any stock dividend, stock split, combination of shares, recapitalization or
other change in the capital structure of the Corporation, (y) any merger,
consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial
or complete liquidation or other distribution of assets, issuance of rights or
warrants to purchase securities or (z) any other corporate transaction or event
having an effect similar to any of the foregoing. In the event of any such
transaction or event, the Committee may provide in substitution for any or all
outstanding awards under this Plan such alternative consideration as it may in
good faith determine to be equitable under the circumstances and may require in
connection therewith the surrender of all awards so replaced. Moreover, the
Committee may on or after the Date of Grant provide in the agreement evidencing
any award under this Plan that the holder of the award may elect to receive an
equivalent award in respect of securities of the surviving entity of any
merger, consolidation or other transaction or event having a similar effect, or
the Committee may provide that the holder will automatically be entitled to
receive such an equivalent award. In any case, such substitution of securities
shall not require the consent of any person who is granted awards pursuant to
this Plan.

 

 

8

 

11.          Fractional
Shares.  The
Corporation shall not be required to issue any fractional Common Shares
pursuant to this Plan. The Committee may provide for the elimination of
fractions or for the settlement thereof in cash.

 

12.          Withholding
Taxes.  To the extent
that the Corporation is required to withhold federal, state, local or foreign
taxes in connection with any payment made or benefit realized by a Participant
or other person under this Plan, and the amounts available to the Corporation
for such withholding are insufficient, it shall be a condition to the receipt
of such payment or the realization of such benefit that the Participant or such
other person make arrangements satisfactory to the Corporation for payment of
the balance of such taxes required to be withheld. At the discretion of the
Committee, such arrangements may include relinquishment of a portion of such
benefit. The Corporation and any Participant or such other person may also make
similar arrangements with respect to the payment of any taxes with respect to
which withholding is not required.

 

13.          Participation
by Employees of a Less-Than-80-Percent Subsidiary.  As a condition to the effectiveness of any
grant or award to be made hereunder to a Participant who is an employee of a
Less-Than-80-Percent Subsidiary, regardless whether such Participant is also
employed by the Corporation or another Subsidiary, the Committee may require
the Less-Than-80-Percent Subsidiary to agree to transfer to the Participant
(as, if and when provided for under this Plan and any applicable agreement
entered into between the Participant and the Less-Than-80-Percent Subsidiary
pursuant to this Plan) the Common Shares that would otherwise be delivered by
the Corporation upon receipt by the Less-Than-80-Percent Subsidiary of any
consideration then otherwise payable by the Participant to the Corporation. Any
such award may be evidenced by an agreement between the Participant and the
Less-Than-80-Percent Subsidiary, in lieu of the Corporation, on terms
consistent with this Plan and approved by the Committee and the
Less-Than-80-Percent Subsidiary. All Common Shares so delivered by or to a
Less-Than-80-Percent Subsidiary will be treated as if they had been delivered
by or to the Corporation for purposes of Section 3 of this Plan, and all
references to the Corporation in this Plan shall be deemed to refer to the
Less-Than-80-Percent Subsidiary except with respect to the definitions of the
Board and the Committee and in other cases where the context otherwise
requires.

 

14.          Certain
Terminations of Employment, Hardship and Approved Leaves of Absence.  Notwith­standing any other provision of this
Plan to the contrary, in the event of termination of employment by reason of
death, disability, normal retirement, early retirement with the consent of the
Corporation, termination of employment to enter public service with the consent
of the Corporation or leave of absence approved by the Corporation, or in the
event of hardship or other special circumstances, of a Participant who holds an
Option Right or Appreciation Right that is not immediately and fully
exercisable, any Restricted Shares as to which the substantial risk of
forfeiture or the prohibition or restriction on transfer has not lapsed, any
Deferred Shares as to which the Deferral Period is not complete, any
Performance Shares or Performance Units that have not been fully earned, or any
Common Shares that are subject to any transfer restriction pursuant to Section
6(d) of this Plan, the Committee may in its sole discretion take any action
that it deems to be equitable under the circumstances or in the best interests
of the Corporation, including without limitation waiving or modifying any
limitation or requirement with respect to any award under this Plan.

 

15.          Foreign
Employees.  In order to
facilitate the making of any grant or combination of grants under this Plan,
the Committee may provide for such special terms for awards to Participants who
are foreign nationals, or who are employed by the Corporation or any Subsidiary
outside of the United States of America, as the Committee 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, this Plan as it may consider necessary
or appropriate for such purposes without thereby affecting the terms of this
Plan as in effect for any other purpose, and the Secretary or other appropriate
officer of the Corporation may certify any such document as having been
approved and adopted in the same manner as this Plan. No such special terms,
supplements, amendments, or restatements shall include any provisions that are
inconsistent with the terms of this Plan, as then in effect, unless this Plan
could have been amended to eliminate such inconsistency without further
approval by the shareholders of the Corporation.

 

 

9

 

16.          Administration of the Plan.

 

(a)           This
Plan shall be administered by the Compensation Committee.  A majority of the Compensation Committee
shall constitute a quorum, and the acts of the members of the Compensation
Committee who are present at any meeting thereof at which a quorum is present,
or acts unanimously approved by the members of the Compensation Committee in
writing, shall be the acts of the Compensation Committee. For purposes of this
Plan, the defined term “Committee” shall refer to the Compensation Committee.
In the absence of a Compensation Committee or in the event of grants to
non-employee directors, this Plan shall be administered by the Board, and, in
such cases, all references to the “Committee” herein shall be deemed to be
references to the Board.

 

(b)           Notwithstanding
anything to the contrary in Section 16(a) herein, in addition to the
Compensation Committee, the Board  may also appoint a Special Committee
of one or more members of the Board to make grants of Awards to Designated
Participants under this Plan (the “Special Committee”).  A majority of the Special Committee shall
constitute a quorum, and the acts of the members of the Special Committee who
are present at any meeting thereof at which a quorum is present, or acts
unanimously approved by the members of  Special Committee in writing, shall be
the acts of the Special Committee.  For
purposes of Sections 4, 5, 6, 7, 8 and 13 of this Plan, the defined term “Committee”
shall refer to the Board, the Compensation Committee or the Special Committee.

 

(c)           Notwithstanding
anything to the contrary in Section 16(a) herein, in addition to the
Compensation Committee and the Special Committee, the Board may by resolution
also appoint one or more Authorizing Officers 
to do one or both of the following: (i) designate Designated Participants
to be recipients of Option Rights under this Plan and (ii) determine the number
of such Option Rights to be received by any such Designated Participant;
provided, however, that the resolution so authorizing such officer or officers
shall (x) specify the total number of Option Rights such Authorized Officers
may so award; (y) set the price or prices at which such Option Rights shall be
granted (or provide a formula by which such price or prices may be determined)
and (z) establish the other terms and conditions for such Option Rights.  An Authorizing Officer shall not have the
authority to designate himself or herself to receive
Option Rights under this Plan.

 

(d)           Nothing
in this Sections 16(b) or 16(c) of this Plan shall be construed as diminishing
in any respect the authority of the Compensation Committee or the Board, as the
case may be, to administer this Plan, including but not limited to granting
Awards to Designated Participants.

 

(e)           The
interpretation and construction of this Plan shall be administered solely by
the Compensation Committee, or in the absence of a Compensation Committee, by
the Board of Directors. The interpretation and construction by the Compensation
Committee or the Board, as the case may be, of any provision of this Plan or of
any agreement, notification or document evidencing the grant of an Award and
any determination by the Compensation Committee pursuant to any provision of
this Plan or any such agreement, notification or document, shall be final and
conclusive.

 

(f)            No
member of the Compensation Committee, Special Committee, Board or any
Authorizing Officer shall be liable for any action taken or determination made
in good faith in connection with the administration of the Plan.

 

17.          Amendments
and Other Matters.

 

(a)           This
Plan may be amended from time to time by the Committee or the Board, but except
as expressly authorized by this Plan no such amendment shall increase the
maximum number of shares specified in Section 3(a) of this Plan, increase the
number of Performance Units specified in Section 3(e) of this Plan, or cause
Rule 16b-3 to become inapplicable to this Plan, without the further approval of
the shareholders of the Corporation, unless permitted by Rule 16b-3. Without
limiting the generality of the foregoing, the Committee or the Board may amend
this Plan to eliminate provisions which are no longer necessary as a result of
changes in tax or securities laws or regulations, or in the interpretation
thereof.

 

 

10

 

(b)           With
the concurrence of the affected Optionee, the Committee may cancel any
agreement evidencing Option Rights or any other award granted under this Plan.
In the event of such cancellation, the Committee may authorize the granting of
new Option Rights or other awards hereunder, which may or may not cover the
same number of Common Shares that had been the subject of the prior award, at
such Option Price and subject to such other terms, conditions and discretions
as would have been applicable under this Plan had the cancelled Option Rights
or other awards not been granted.

 

(c)           The
Committee also may permit Participants to elect to defer the issuance of Common
Shares or the settlement of awards in cash under the Plan pursuant to such
rules, procedures or programs as it may establish for purposes of this Plan.
The Committee also may provide that deferred settlements include the payment or
crediting of interest on the deferral amounts, or the payment or crediting of
dividend equivalents where the deferral amounts are denominated in Common
Shares.

 

(d)           This
Plan shall not confer upon any Participant any right with respect to
continuance of employment or other service with the Corporation or any
Subsidiary and shall not interfere in any way with any right that the Corporation
or any Subsidiary would otherwise have to terminate any Participant’s
employment or other service at any time.

 

(e)           (i)
To the extent that any provision of this Plan would prevent any Option Right
that was intended to qualify under particular provisions of the Code from so
qualifying, such provision of this Plan shall be null and void with respect to
such Option Right; provided, however, that such provision shall remain in
effect with respect to other Option Rights, and there shall be no further effect
on any provision of this Plan; and (ii) any award that may be made pursuant to
an amendment to this Plan that shall have been adopted without the approval of
the shareholders of the Corporation shall be null and void if it is
subsequently determined that such approval was required in order for Rule 16b-3
to remain applicable to this Plan.

 

 

11

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