Document:

WisdomTree Investments, Inc. 1996 Performance Equity Plan

 Exhibit 10.5 
 Approved by Board of Directors March 18, 1996 
 Approved by
Stockholders on: June 19, 1996 
 INDIVIDUAL INVESTOR GROUP, INC. 

1996 Performance Equity Plan 
 Section 1. Purpose; Definitions. 
 1.1 Purpose. The purpose of the
Individual Investor Group, Inc. (the “Company”) 1996 Performance Equity Plan (the “Plan”) is to enable the Company to offer to its key employees, officers, directors and consultants whose past, present and/or potential
contributions to the Company and its Subsidiaries have been, are or will be important to the success of the Company, an opportunity to acquire a proprietary interest in the Company. The various types of long-term incentive awards which may be
provided under the Plan will enable the Company to respond to changes in compensation practices, tax laws, accounting regulations and the size and diversity of its businesses. 
 1.2 Definitions. For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a) “Agreement” means the agreement between the Company and the Holder setting forth the terms and conditions of an award under the Plan. 

(b) “Board” means the Board of Directors of the Company. 

(c) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto and
the regulations promulgated thereunder. 
 (d) “Committee” means the Stock Option Committee of the
Board or any other committee of the Board, which the Board may designate to administer the Plan or any portion thereof. If no Committee is so designated, then all references in this Plan to “Committee” shall mean the Board. 

(e) “Common Stock” means the Common Stock of the Company, par value $.01 per share. 

(f) “Company” means Individual Investor Group, Inc., a corporation organized under the laws of the State of
Delaware. 
 (g) “Deferred Stock” means Stock to be received, under an award made pursuant to Section
8, below, at the end of a specified deferral period. 
 (h) “Disability” means disability as determined
under procedures established by the Committee for purposes of the Plan. 
 (i) “Effective Date” means
the date set forth in Section 12.1, below. 
 (j) “Fair Market Value”, unless otherwise required
by any applicable provision of the Code or any regulations issued thereunder, means, as of any given date: (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market or Nasdaq SmallCap Market,
the last sale price of the Common Stock in the principal trading market for the Common Stock on the last trading day preceding the date of grant of an award hereunder, as reported by the exchange or Nasdaq, as the case may be; (ii) if the
Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market or Nasdaq SmallCap Market, but is traded in the over-the-counter market, the closing bid 

 
price for the Common Stock on the last trading day preceding the date of grant of an award hereunder for which such quotations are reported by the OTC Bulletin Board or the National Quotation
Bureau, Incorporated or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Committee shall determine, in good
faith. 
 (k) “Holder” means a person who has received an award under the Plan. 

(l) “Incentive Stock Option” means any Stock Option intended to be and designated as an “incentive stock
option” within the meaning of Section 422 of the Code. 
 (m) “Nonqualified Stock Option”
means any Stock Option that is not an Incentive Stock Option. 
 (n) “Normal Retirement” means
retirement from active employment with the Company or any Subsidiary on or after age 65. 
 (o) “Other
Stock-Based Award” means an award under Section 9, below, that is valued in whole or in part by reference to, or is otherwise based upon, Stock. 
 (p) “Parent” means any present or future parent corporation of the Company, as such term is defined in Section 424(e) of the Code. 

(q) “Plan” means the Individual Investor Group, Inc. 1996 Performance Equity Plan, as hereinafter amended from
time to time. 
 (r) “Restricted Stock” means Stock, received under an award made pursuant to
Section 7, below, that is subject to restrictions under said Section 7. 
 (s) “SAR Value”
means the excess of the Fair Market Value (on the exercise date) of the number of shares for which the Stock Appreciation Right is exercised over the exercise price that the participant would have otherwise had to pay to exercise the related Stock
Option and purchase the relevant shares. 
 (t) “Stock” means the Common Stock of the Company, par
value $.01 per share. 
 (u) “Stock Appreciation Right” means the right to receive from the Company, on
surrender of all or part of the related Stock Option, without a cash payment to the Company, a number of shares of Common Stock equal to the SAR Value divided by the exercise price of the Stock Option. 

(v) “Stock Option” or “Option” means any option to purchase shares of Stock which is granted pursuant
to the Plan. 
 (w) “Stock Reload Option” means any option granted under Section 5.3, below, as a
result of the payment of the exercise price of a Stock Option and/or the withholding tax related thereto in the form of Stock owned by the Holder or the withholding of Stock by the Company. 

(x) “Subsidiary” means any present or future subsidiary corporation of the Company, as such term is defined in
Section 424(f) of the Code. 
 Section 2. Administration. 

2.1 Committee Membership. The Plan shall be administered by the Board or a Committee. Committee members shall serve for such term as the
Board may in each case determine, and shall be subject to removal at any time by the Board. 

 2.2 Powers of Committee. The Committee shall have full authority to award, pursuant to the
terms of the Plan: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Deferred Stock, (v) Stock Reload Options and/or (vi) Other Stock-Based Awards. For purposes of illustration and not of
limitation, the Committee shall have the authority (subject to the express provisions of this Plan): 
 (a) to
select the officers, key employees, directors and consultants of the Company or any Subsidiary to whom Stock Options, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Reload Stock Options and/or Other Stock-Based Awards may from time to
time be awarded hereunder. 
 (b) to determine the terms and conditions, not inconsistent with the terms of the
Plan, of any award granted hereunder (including, but not limited to, number of shares, share price, any restrictions or limitations, and any vesting, exchange, surrender, cancellation, acceleration, termination, exercise or forfeiture provisions, as
the Committee shall determine); 
 (c) to determine any specified performance goals or such other factors or
criteria which need to be attained for the vesting of an award granted hereunder; 
 (d) to determine the terms
and conditions under which awards granted hereunder are to operate on a tandem basis and/or in conjunction with or apart from other equity awarded under this Plan and cash awards made by the Company or any Subsidiary outside of this Plan;

 (e) to permit a Holder to elect to defer a payment under the Plan under such rules and procedures as the
Committee may establish, including the crediting of interest on deferred amounts denominated in cash and of dividend equivalents on deferred amounts denominated in Stock; 

(f) to determine the extent and circumstances under which Stock and other amounts payable with respect to an award
hereunder shall be deferred which may be either automatic or at the election of the Holder; and 
 (g) to
substitute (i) new Stock Options for previously granted Stock Options, which previously granted Stock Options have higher option exercise prices and/or contain other less favorable terms, and (ii) new awards of any other type for
previously granted awards of the same type, which previously granted awards are upon less favorable terms. 
 2.3 Interpretation
of Plan. 
 (a) Committee Authority. Subject to Section 11, below, the Committee shall have the authority to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any award issued under the Plan (and to determine
the form and substance of all Agreements relating thereto), and to otherwise supervise the administration of the Plan. Subject to Section 11, below, all decisions made by the Committee pursuant to the provisions of the Plan shall be made in the
Committee’s sole discretion and shall be final and binding upon all persons, including the Company, its Subsidiaries and Holders. 
 (b) Incentive Stock Options. Anything in the Plan to the contrary notwithstanding, no term or provision of the Plan relating to Incentive Stock Options (including but limited to Stock Reload Options or
Stock Appreciation rights granted in conjunction with an Incentive Stock Option) or any Agreement providing for Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so
exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of the Holder(s) affected, to disqualify any Incentive Stock Option under such Section 422. 

Section 3. Stock Subject to Plan. 
 3.1 Number of Shares. The total number of shares of Common Stock reserved and available for 

 
distribution under the Plan shall be 1,000,000 shares. Shares of Stock under the Plan may consist, in whole or in part, of authorized and unissued shares or treasury shares. If any shares of
Stock that have been granted pursuant to a Stock Option cease to be subject to a Stock Option, or if any shares of Stock that are subject to any Stock Appreciation Right, Restricted Stock, Deferred Stock award, Reload Stock Option or Other
Stock-Based Award granted hereunder are forfeited, or any such award otherwise terminates without a payment being made to the Holder in the form of Stock, such shares shall again be available for distribution in connection with future grants and
awards under the Plan. Only net shares issued upon a stock-for-stock exercise (including stock used for withholding taxes) shall be counted against the number of shares available under the Plan. 

3.2 Adjustment Upon Changes in Capitalization, Etc. In the event of any merger, reorganization, consolidation, recapitalization, dividend
(other than a cash dividend), stock split, reverse stock split, or other change in corporate structure affecting the Stock, such substitution or adjustment shall be made in the aggregate number of shares reserved for issuance under the Plan, in the
number and exercise price of shares subject to outstanding Options, in the number of shares and Stock Appreciation Right price relating to Stock Appreciation Rights, and in the number of shares subject to, and in the related terms of, other
outstanding awards (including but not limited to awards of Restricted Stock, Deferred Stock, Reload Stock Options and Other Stock-Based Awards) granted under the Plan as may be determined to be appropriate by the Committee in order to prevent
dilution or enlargement of rights, provided that the number of shares subject to any award shall always be a whole number. 
 Section 4.
Eligibility. 
 4.1 General. Awards may be made or granted to key employees, officers, directors and consultants who are
deemed to have rendered or to be able to render significant services to the Company or its Subsidiaries and who are deemed to have contributed or to have the potential to contribute to the success of the Company. No Incentive Stock Option shall be
granted to any person who is not an employee of the Company or a Subsidiary at the time of grant. 
 4.2 Directors’ Awards.
Notwithstanding anything contained herein to the contrary: 
 (a) The only awards that may be granted to a
director of the Company hereunder (even if such person also acts in other capacities for the Company in addition to being a director) shall be Stock Options with the terms set forth below and in Section 6, below. If there is an inconsistency
between the provisions of this Section 4 and Section 6, the provisions of this Section 4 shall control. 
 (b) During the term of the Plan, if there are shares then available for grant as Stock Options on the initial election or appointment to the Board of Directors of a director and upon each subsequent
re-election, and if the director is not employed by the Company or a Subsidiary, then the director shall be awarded a Stock Option to purchase 30,000 shares of Stock at the Fair Market Value of a share of Stock on the date of election, appointment
or re-election of the director to the Board of Directors. The Stock Option shall become exercisable by the director as to 10,000 shares of Stock on each anniversary of his election, appointment or re-election as a director, provided the person is a
director of the Company on such anniversary, and once exercisable that portion of the Stock Option will remain exercisable until the tenth anniversary of the election, appointment or re-election, as the case may be; provided if the director ceases
to be a director of the Company or a Subsidiary for any reason other than death, the portion of the Stock Option, if any that was exercisable as of the date of termination may be exercised for period of six months or until the expiration of the
exercise period, whichever is shorter. The portion of the Stock Option that was not exercisable as of the date of termination shall terminate immediately. In the event of a director’s death, the portion, if any, of the Stock Option exercisable
at the date of death may be exercised by the legal representative or legatee of the director for one year from the date of death or the expiration of the exercise period, whichever is shorter. Notwithstanding the foregoing, if the director eligible
for an award of a Stock Option under this Section 4.2 is re-elected as a director and has not yet served as a director of the Company for a term of three full years, the award of the Stock Option provided in this Section 4.2 will be
modified as follows: (i) the number of shares of Stock that may be acquired under the Stock Option will be reduced to (A) 20,000 shares of Stock if the director has served as a director more than two years but less than three years,

 
(B) 10,000 shares of Stock if the director has served as a director more than one year, but less than two years, and (C) if the director has served less than one year as a director, no Stock
Option will be awarded, and (ii) the Stock Option will be exercisable by the director as to 10,000 shares of Stock on each of the second and third anniversaries of his re-election or re-appointment as a director if the Stock Option represents
the right to acquire 20,000 shares of Stock and the Stock Option will be exercisable by the director as to 10,000 shares of Stock on the third anniversary of his re-election or re-appointment as a director if the Stock Option represents the right to
acquire 10,000 shares of Stock. 
 (c) This Section 4.2 shall not be amended more than once every twelve
months, other than to comply with any changes in the Code or the Employment Retirement Income Security Act or the rules and regulations promulgated under either of those statutes. 
 Section 5. Required Six Month Holding Period. 
 A period of not less
than six months must elapse from the date of grant of an award under the Plan, (i) before any disposition by a Holder of a derivative security (as defined in Rule 16a-1 promulgated under the Securities Exchange Act of 1934, as amended) issued
under this Plan or (ii) before any disposition by a Holder of any Stock purchased or granted pursuant to an award under this Plan. 

Section 6. Stock Options. 
 6.1 Grant and Exercise. Stock Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Nonqualified Stock Options. Any Stock Option granted under the Plan shall
contain such terms, not inconsistent with this Plan, or with respect to Incentive Stock Options, not inconsistent with the Code, as the Committee may from time to time approve. The Committee shall have the authority to grant Incentive Stock Options,
Non-Qualified Stock Options, or both types of Stock Options and which may be granted alone or in addition to other awards granted under the Plan. To the extent that any Stock Option intended to qualify as an Incentive Stock Option does not so
qualify, it shall constitute a separate Nonqualified Stock Option. An Incentive ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years in the case of an Incentive Stock
Option granted to an optionee (“10% Stockholder”) who, at the time of grant, owns Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 

6.2 Terms and Conditions. Stock Options granted under the Plan shall be subject to the following terms and conditions: 

(a) Exercise Price. The exercise price per share of Stock purchasable under a Stock Option shall be determined by the
Committee at the time of grant and may be less than 100% of the Fair Market Value of the Stock as defined above; provided, however, that the exercise price of an Incentive Stock Option shall not be less than 100% of the Fair Market Value of the
Stock if granted to a person other than a 10% Stockholder and, if granted to a 10% Stockholder, the exercise price shall not be less than 110% of the Fair Market Value of the Stock. 

(b) Option Term. Subject to the limitations in Section 6.1, above, the term of each Stock Option shall be fixed by
the Committee. 
 (c) Exercisability. Stock Options shall be exercisable at such time or times, and subject
to such terms and conditions as shall be determined by the Committee. If the Committee provides, in its discretion, that any Stock Option is exercisable only in installments, i.e., that it vests over time, the Committee may waive such installment
exercise provisions at any time at or after the time of grant in whole or in part, based upon such factors as the Committee shall determine. 
 (d) Method of Exercise. Subject to whatever installment, exercise and waiting period provisions are applicable in a particular case, Stock Options may be exercised in whole or in part at any time during
the term of the Option, by giving written notice of exercise to the Company specifying the number of shares of Stock to be purchased. Such notice shall be accompanied by payment in full of the purchase price, which shall be in cash or, unless
otherwise provided in the Agreement, in shares of Stock (including Restricted Stock and other contingent awards under this Plan) or, partly in cash and partly in such Stock, or such other means which the Committee determines are consistent with the
Plan’s purpose and applicable law. Cash payments shall be made by wire transfer, certified or bank check or personal 

 
check, in each case payable to the order of the Company; provided, however, that the Company shall not be required to deliver certificates for shares of Stock with respect to which an Option is
exercised until the Company has confirmed the receipt of good and available funds in payment of the purchase price thereof. Payments in the form of Stock shall be valued at the Fair Market Value of a share of Stock on the date prior to the date of
exercise. Such payments shall be made by delivery of stock certificates in negotiable form which are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Subject to the terms of the Agreement, the
Committee may, in its sole discretion, at the request of the Holder, deliver upon the exercise of a Nonqualified Stock Option a combination of shares of Deferred Stock and Common Stock; provided that, notwithstanding the provisions of Section 9
of the Plan, such deferred Stock shall be fully vested and not subject to forfeiture. A Holder shall have none of the rights of a stockholder with respect to the shares subject to the Option until such shares shall be transferred to the Holder upon
the exercise of the Option. 
 (e) Transferability. Except as may be set forth in the Agreement, no Stock Option
shall be transferable by the Holder other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Holder’s lifetime, only by the Holder. 

(f) Termination by Reason of Death. If a Holder’s employment by the Company or a Subsidiary terminates by reason of
death, any Stock Option held by such Holder, unless otherwise determined by the Committee at the time of grant and set forth in the Agreement, shall be fully vested and may thereafter be exercised by the legal representative of the estate or by the
legatee of the Holder under the will of the Holder, for a period of one year (or such other greater or lesser period as the Committee may specify at grant) from the date of such death or until the expiration of the stated term of such Stock Option,
whichever period is the shorter. 
 (g) Termination by Reason of Disability. If a Holder’s employment by the
Company or any Subsidiary terminates by reason of Disability, any Stock Option held by such Holder, unless otherwise determined by the Committee at the time of grant and set forth in the Agreement, shall be fully vested and may thereafter be
exercised by the Holder for a period of one year (or such other greater or lesser period as the Committee may specify at the time of grant) from the date of such termination of employment or until the expiration of the stated term of such Stock
Option, whichever period is the shorter. 
 (h) Other Termination. Subject to the provisions of
Section 13.3, below, and unless otherwise determined by the Committee at the time of grant and set forth in the Agreement, if a Holder is an employee of the Company or a Subsidiary at the time of grant and if such Holder’s employment by
the Company or any Subsidiary terminates for any reason other than death or Disability, the Stock Option shall thereupon automatically terminate, except that if the Holder’s employment is terminated by the Company or a Subsidiary without cause
or due to Normal Retirement, then the portion of such Stock Option which has vested on the date of termination of employment may be exercised for the lesser of three months after termination of employment or the balance of such Stock Option’s
term. 
 (i) Additional Incentive Stock Option Limitation. In the case of an Incentive Stock Option, the
aggregate Fair Market Value of Stock (determined at the time of grant of the Option) with respect to which Incentive Stock Options become exercisable by a Holder during any calendar year (under all such plans of the Company and its Parent and
Subsidiary) shall not exceed $100,000. 
 (j) Buyout and Settlement Provisions. The Committee may at any
time, in its sole discretion, offer to buy out a Stock Option previously granted, based upon such terms and conditions as the Committee shall establish and communicate to the Holder at the time that such offer is made. 

(k) Stock Option Agreement. Each grant of a Stock Option shall be confirmed by, and shall be subject to the terms
of, the Agreement executed by the Company and the Holder. 
 6.3 Stock Reload Option. The Committee may also
grant to the Holder (concurrently with the grant of an Incentive Stock Option and at or after the time of grant in the case of a Nonqualified Stock Option) a Stock Reload Option up to the amount of shares of Stock held by the Holder for at least six
months and used to pay all or part of the exercise price of an Option and, if any, withheld by the Company as payment for withholding taxes. Such Stock Reload Option shall have an exercise price equal to the Fair Market Value as of the date of the
Stock Reload Option grant. Unless the Committee 

 
determines otherwise, a Stock Reload Option may be exercised commencing one year after it is granted and shall expire on the date of expiration of the Option to which the Reload Option is
related. 
 Section 7. Stock Appreciation Rights. 
 7.1 Grant and Exercise. The Committee may grant Stock Appreciation Rights to participants who have been, or are being granted, Options under the Plan as a means of allowing such participants to exercise
their Options without the need to pay the exercise price in cash. In the case of a Nonqualified Stock Option, a Stock Appreciation Right may be granted either at or after the time of the grant of such Nonqualified Stock Option. In the case of an
Incentive Stock Option, a Stock Appreciation Right may be granted only at the time of the grant of such Incentive Stock Option. 

7.2 Terms and Conditions. Stock Appreciation Rights shall be subject to the following terms and conditions: 

(a) Exercisability. Stock Appreciation Rights shall be exercisable as shall be determined by the Committee and set forth
in the Agreement, subject to the limitations, if any, imposed by the Code, with respect to related Incentive Stock Options. 
 (b) Termination. A Stock Appreciation Right shall terminate and shall no longer be exercisable upon the termination or exercise of the related Stock Option. 

(c) Method of Exercise. Stock Appreciation Rights shall be exercisable upon such terms and conditions as shall be
determined by the Committee and set forth in the Agreement and by surrendering the applicable portion of the related Stock Option. Upon such exercise and surrender, the Holder shall be entitled to receive a number of Option Shares equal to the SAR
Value divided by the Fair Market Value (on the exercise date). 
 (d) Shares Affected Upon Plan. The granting of
a Stock Appreciation Right shall not affect the number of shares of Stock available for awards under the Plan. The number of shares available for awards under the Plan will, however, be reduced by the number of shares of Stock acquirable upon
exercise of the Stock Option to which such Stock Appreciation Right relates. 
 Section 8. Restricted Stock. 

8.1 Grant. Shares of Restricted Stock may be awarded either alone or in addition to other awards granted under the Plan. The Committee
shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be awarded, the number of shares to be awarded, the price (if any) to be paid by the Holder, the time or times within which such awards may
be subject to forfeiture (the “Restriction Period”), the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the awards. 
 8.2 Terms and Conditions. Each Restricted Stock award shall be subject to the following terms and conditions: 
 (a) Certificates. Restricted Stock, when issued, will be represented by a stock certificate or certificates registered in the name of the Holder to whom such Restricted Stock shall have been awarded.
During the Restriction Period, certificates representing the Restricted Stock and any securities constituting Retained Distributions (as defined below) shall bear a legend to the effect that ownership of the Restricted Stock (and such Retained
Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms and conditions provided in the Plan and the Agreement. Such certificates shall be deposited by the Holder with the Company, together with
stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Stock and any securities constituting Retained Distributions that shall be forfeited or that
shall not become vested in accordance with the Plan and the Agreement. 

 (b) Rights of Holder. Restricted Stock shall constitute issued and
outstanding shares of Common Stock for all corporate purposes. The Holder will have the right to vote such Restricted Stock, to receive and retain all regular cash dividends and other cash equivalent distributions as the Board may in its sole
discretion designate, pay or distribute on such Restricted Stock and to exercise all other rights, powers and privileges of a holder of Common Stock with respect to such Restricted Stock, with the exceptions that (i) the Holder will not be
entitled to delivery of the stock certificate or certificates representing such Restricted Stock until the Restriction Period shall have expired and unless all other vesting requirements with respect thereto shall have been fulfilled; (ii) the
Company will retain custody of the stock certificate or certificates representing the Restricted Stock during the Restriction Period; (iii) other than regular cash dividends and other cash equivalent distributions as the Board may in its sole
discretion designate, pay or distribute, the Company will retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted Stock (and such Retained Distributions will be subject to the same
restrictions, terms and conditions as are applicable to the Restricted Stock) until such time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested and
with respect to which the Restriction Period shall have expired; (iv) a breach of any of the restrictions, terms or conditions contained in this Plan or the Agreement or otherwise established by the Committee with respect to any Restricted
Stock or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained Distributions with respect thereto. 
 (c) Vesting; Forfeiture. Upon the expiration of the Restriction Period with respect to each award of Restricted Stock and the satisfaction of any other applicable restrictions, terms and conditions
(i) all or part of such Restricted Stock shall become vested in accordance with the terms of the Agreement, and (ii) any Retained Distributions with respect to such Restricted Stock shall become vested to the extent that the Restricted
Stock related thereto shall have become vested. Any such Restricted Stock and Retained Distributions that do not vest shall be forfeited to the Company and the Holder shall not thereafter have any rights with respect to such Restricted Stock and
Retained Distributions that shall have been so forfeited. 
 Section 9. Deferred Stock. 

9.1 Grant. Shares of Deferred Stock may be awarded either alone or in addition to other awards granted under the Plan. The Committee shall
determine the eligible persons to whom, and the time or times at which, grants of Deferred Stock will be awarded, the number of shares of Deferred Stock to be awarded to any person, the duration of the period (the “Deferral Period”) during
which, and the conditions under which, receipt of the shares will be deferred, and all the other terms and conditions of the awards. 
 9.2 Terms and Conditions. Each Deferred Stock award shall be subject to the following terms and conditions: 
 (a) Certificates. At the expiration of the Deferral Period (or the Additional Deferral Period referred to in Section 9.2 (d) below, where applicable), share certificates shall be issued and
delivered to the Holder, or his legal representative, representing the number equal to the shares covered by the Deferred Stock award. 
 (b) Rights of Holder. A person entitled to receive Deferred Stock shall not have any rights of a stockholder by virtue of such award until the expiration of the applicable Deferral Period and the issuance
and delivery of the certificates representing such Stock. The shares of Stock issuable upon expiration of the Deferral Period shall not be deemed outstanding by the Company until the expiration of such Deferral Period and the issuance and delivery
of such Stock to the Holder. 
 (c) Vesting; Forfeiture. Upon the expiration of the Deferral Period with respect
to each award of Deferred Stock and the satisfaction of any other applicable restrictions, terms and conditions all or part of such Deferred Stock shall become vested in accordance with the terms of the Agreement. Any such Deferred Stock that does
not vest shall be forfeited to the Company and the Holder shall not thereafter have any rights with respect to such Deferred Stock. 

 (d) Additional Deferral Period. A Holder may request to, and the Committee
may at any time, defer the receipt of an award (or an installment of an award) for an additional specified period or until a specified event (the “Additional Deferral Period”). Subject to any exceptions adopted by the Committee, such
request must generally be made at least one year prior to expiration of the Deferral Period for such Deferred Stock award (or such installment). 
 Section 10. Other Stock-Based Awards. 
 10.1 Grant and Exercise. Other
Stock-Based Awards may be awarded, subject to limitations under applicable law, that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of Common Stock, as deemed by the Committee
to be consistent with the purposes of the Plan, including, without limitation, purchase rights, shares of Common Stock awarded which are not subject to any restrictions or conditions, convertible or exchangeable debentures, or other rights
convertible into shares of Common Stock and awards valued by reference to the value of securities of or the performance of specified Subsidiaries. Other Stock-Based Awards may be awarded either alone or in addition to or in tandem with any other
awards under this Plan or any other plan of the Company. 
 10.2 Eligibility for Other Stock-Based Awards. The Committee shall
determine the eligible persons to whom and the time or times at which grants of such other stock-based awards shall be made, the number of shares of Common Stock to be awarded pursuant to such awards, and all other terms and conditions of the
awards. 
 10.3 Terms and Conditions. Each Other Stock-Based Award shall be subject to such terms and conditions as may be
determined by the Committee. 
 Section 11. Amendment and Termination. 

The Board may at any time, and from time to time, amend alter, suspend or discontinue any of the provisions of the Plan, but no amendment,
alteration, suspension or discontinuance shall be made which would impair the rights of a Holder under any Agreement theretofore entered into hereunder, without the Holder’s consent. 
 Section 12. Term of Plan. 
 12.1 Effective Date. The Plan shall be
effective as of March 18, 1996 (“Effective Date”), subject to the approval of the Plan by the Company’s stockholders within one year after the Effective Date. Any awards granted under the Plan prior to such approval shall be
effective when made (unless otherwise specified by the Committee at the time of grant), but shall be conditioned upon, and subject to, such approval of the Plan by the Company’s stockholders and no awards shall vest or otherwise become free of
restrictions prior to such approval. 
 12.2 Termination Date. Unless terminated by the Board, this Plan shall continue to
remain effective until such time no further awards may be granted and all awards granted under the Plan are no longer outstanding. Notwithstanding the foregoing, grants of Incentive Stock Options may only be made during the ten year period following
the Effective Date. 
 Section 13. General Provisions. 
 13.1 Written Agreements. Each award granted under the Plan shall be confirmed by, and shall be subject to the terms of the Agreement executed by the Company and the Holder. The Committee may terminate any
award made under the Plan if the Agreement relating thereto is not executed and returned to the Company within ten days after the Agreement has been delivered to the Holder for his or her execution. 

13.2 Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Holder by the Company, 

 
nothing contained herein shall give any such Holder any rights that are greater than those of a general creditor of the Company. 

13.3 Employees. 
 (a) Engaging in Competition With the Company. In the event a Holder’s employment with the Company or a Subsidiary is terminated for any reason whatsoever, and within eighteen months after the date
thereof such Holder accepts employment with any competitor of, or otherwise engages in competition with, the Company, the Committee, in its sole discretion, may require such Holder to return to the Company the economic value of any award which was
realized or obtained by such Holder at any time during the period beginning on that date which is six months prior to the date of such Holder’s termination of employment with the Company. 

(b) Termination for Cause. The Committee may, in the event a Holder’s employment with the Company or a Subsidiary is
terminated for cause, annul any award granted under this Plan to such employee and, in such event, the Committee, in its sole discretion, may require such Holder to return to the Company the economic value of any award which was realized or obtained
by such Holder at any time during the period beginning on that date which is six months prior to the date of such Holder’s termination of employment with the Company. 

(c) No Right of Employment. Nothing contained in the Plan or in any award hereunder shall be deemed to confer upon any
Holder who is an employee of the Company or any Subsidiary any right to continued employment with the Company or any Subsidiary, nor shall it interfere in any way with the right of the Company or any Subsidiary to terminate the employment of any
Holder who is an employee at any time. 
 13.4 Investment Representations. The Committee may require each person acquiring
shares of Stock pursuant to a Stock Option or other award under the Plan to represent to and agree with the Company in writing that the Holder is acquiring the shares for investment without a view to distribution thereof. 

13.5 Additional Incentive Arrangements. Nothing contained in the Plan shall prevent the Board from adopting such other or additional
incentive arrangements as it may deem desirable, including, but not limited to, the granting of Stock Options and the awarding of stock and cash otherwise than under the Plan; and such arrangements may be either generally applicable or applicable
only in specific cases. 
 13.6 Withholding Taxes. Not later than the date as of which an amount must first be included in the
gross income of the Holder for Federal income tax purposes with respect to any option or other award under the Plan, the Holder shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment of, any Federal, state
and local taxes of any kind required by law to be withheld or paid with respect to such amount. If permitted by the Committee, tax withholding or payment obligations may be settled with Common Stock, including Common Stock that is part of the award
that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditioned upon such payment or arrangements and the Company or the Holder’s employer (if not the Company) shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Holder from the Company or any Subsidiary. 
 13.7 Governing Law. The Plan and all awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York (without regard to choice of law
provisions). 
 13.8 Other Benefit Plans. Any award granted under the Plan shall not be deemed compensation for purposes of
computing benefits under any retirement plan of the Company or any Subsidiary and shall not affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of
compensation (unless required by specific reference in any such other plan to awards under this Plan). 
 13.9
Non-Transferability. Except as otherwise expressly provided in the Plan or the Agreement, no right or benefit under the Plan may be alienated, sold, assigned, hypothecated, pledged, exchanged, transferred, encumbranced or charged, and any attempt to
alienate, sell, assign, hypothecate, pledge, 

 
exchange, transfer, encumber or charge the same shall be void. 
 13.10
Applicable Laws. The obligations of the Company with respect to all Stock Options and awards under the Plan shall be subject to (i) all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required,
including, without limitation, the Securities Act of 1933, as amended, and (ii) the rules and regulations of any securities exchange on which the Stock may be listed. 
 13.11 Conflicts. If any of the terms or provisions of the Plan or an Agreement (with respect to Incentive Stock Options) conflict with the requirements of Section 422 of the Code, then such terms or
provisions shall be deemed inoperative to the extent they so conflict with the requirements of said Section 422 of the Code. Additionally, if this Plan or any Agreement does not contain any provision required to be included herein under
Section 422 of the Code, such provision shall be deemed to be incorporated herein and therein with the same force and effect as if such provision had been set out at length herein and therein. If any of the terms or provisions of any Agreement
conflict with any terms or provision of the Plan, then such terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of the Plan. Additionally, if any Agreement does not contain any provision required to
be included therein under the Plan, such provision shall be deemed to be incorporated therein wit the same force and effect as if such provision had been set out at length therein. 

13.12 Non-Registered Stock. The shares of Stock to be distributed under this Plan have not been, as of the Effective Date, registered
under the Securities Act of 1933, as amended, or any applicable state or foreign securities laws and the Company has no obligation to any Holder to register the Stock or to assist the Holder in obtaining an exemption from the various registration
requirements, or to list the Stock on a national securities exchange.WisdomTree Investments, Inc. 1996 Management Incentive Plan

 Exhibit 10.6 
 Approved by Board of Directors November 4, 1996 
 Approved by
Stockholders on: _ 
 INDIVIDUAL INVESTOR GROUP, INC. 

1996 Management Incentive Plan 
 Section 1. Purpose; Definitions. 
 1.1 Purpose. The purpose of the
Individual Investor Group, Inc. (the “Company”) 1996 Management Incentive Plan (the “Plan”) is to enable the Company to offer to the executive officers of the Company and its subsidiaries as determined by the Committee (as
hereinafter defined) an opportunity to acquire a proprietary interest in the Company. The various types of long-term incentive awards which may be provided under the Plan will enable the Company to respond to changes in compensation practices, tax
laws, accounting regulations and the size and diversity of its businesses. 
 1.2 Definitions. For purposes of the Plan, the
following terms shall be defined as set forth below: 
 (a) “Agreement” means the agreement between the
Company and the Holder setting forth the terms and conditions of an award under the Plan. 
 (b)
“Board” means the Board of Directors of the Company. 
 (c) “Code” means the Internal Revenue
Code of 1986, as amended from time to time, and any successor thereto and the regulations promulgated thereunder. 
 (d) “Committee” means any committee of the Board, which the Board may designate to administer the Plan or any portion thereof. If no Committee is so designated, then all references
in this Plan to “Committee” shall mean the Board. 
 (e) “Common Stock” means the Common
Stock of the Company, par value $.01 per share. 
 (f) “Company” means Individual Investor Group,
Inc., a corporation organized under the laws of the State of Delaware. 
 (g) “Deferred Stock”
means Stock to be received, under an award made pursuant to Section 8, below, at the end of a specified deferral period. 
 (h) “Disability” means disability as determined under procedures established by the Committee for purposes of the Plan. 

(i) “Effective Date” means the date set forth in Section 12.1, below. 

(j) “Fair Market Value”, unless otherwise required by any applicable provision of the Code or any regulations
issued thereunder, means, as of any given date: (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market or Nasdaq SmallCap Market, the last sale price of the Common Stock in the principal
trading market for the Common Stock on the last trading day preceding the date of grant of an award hereunder, as reported by the exchange or Nasdaq, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange
or quoted on the Nasdaq National Market or Nasdaq SmallCap Market, but is traded in the over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date of grant of an award hereunder for which such
quotations are reported by the OTC Bulletin Board or the National Quotation Bureau, Incorporated or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or
(ii) above, such price as the Committee shall determine, in good faith. 
 (k) “Holder” means a
person who has received an award under the Plan. 
 (1) “Incentive Stock Option” means any Stock Option
intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code. 

 (m) “Nonqualified Stock Option” means any Stock Option that is not
an Incentive Stock Option. 
 (n) “Normal Retirement” means retirement from active employment with the
Company or any Subsidiary on or after age 65. 
 (o) “Other Stock-Based Award” means an award under
Section 9, below, that is valued in whole or in part by reference to, or is otherwise based upon, Stock. 

(p) “Parent” means any present or future parent corporation of the Company, as such term is defined in
Section 424(e) of the Code. 
 (q) “Plan” means the Individual Investor Group, Inc. 1996
Management Incentive Plan, as here after amended from time to time. 
 (r) “Restricted Stock” means
Stock, received under an award made .pursuant to Section 7, below, that is subject to restrictions under said Section 7. 
 (s) “SAR Value” means the excess of the Fair Market Value (on the exercise date) of the number of shares for which the Stock Appreciation Right is exercised over the exercise price that the
participant would have otherwise had to pay to exercise the related Stock Option and purchase the relevant shares. 
 (t) “Stock” means the Common Stock of the Company, par value $.01 per share. 
 (u) “Stock Appreciation Right” means the right to receive from the Company, on surrender of all or part of the related Stock Option, without a cash payment to the Company, a number of shares of
Common Stock equal to the SAR Value divided by the exercise price of the Stock Option. 
 (v) “Stock
Option” or “Option” means any option to purchase shares of Stock which is granted 
 (w)
“Stock Reload Option” means any option granted under Section 5.3, below, as a result of the payment of the exercise price of a Stock Option and/or the withholding tax related thereto in the form of Stock owned by the Holder or the
withholding of Stock by the Company. 
 (x) “Subsidiary” means any present or future subsidiary
corporation of the Company, as such term is defined in Section 424(f) of the Code. 
 Section 2. Administration. 

2.1 Committee Membership. The Plan shall be administered by the Board or a Committee. Committee members shall serve for such term as the
Board may in each case determine, and shall be subject to removal at any time by the Board. 
 2.2 Powers of Committee. The
Committee shall have full authority to award, pursuant to the terms of the Plan: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Deferred Stock, (v) Stock Reload Options and/or (vi) Other
Stock-Based Awards. For purposes of illustration and not of limitation, the Committee shall have the authority (subject to the express provisions of this Plan): 
 (a) to select the executive officers of the Company or any Subsidiary to whom Stock Options, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Reload Stock Options and/or Other Stock-Based
Awards may from time to time be awarded hereunder. 
 (b) to determine the terms and conditions, not inconsistent
with the terms of the Plan, of any award granted hereunder (including, but not limited to, number of shares, share price, any restrictions or limitations, and any vesting, exchange, surrender, cancellation, acceleration, termination, exercise or
forfeiture provisions, as the Committee shall determine); 

 (c) to determine any specified performance goals or such other factors or
criteria which need to be attained for the vesting of an award granted hereunder; 
 (d) to determine the terms
and conditions under which awards granted hereunder are to operate on a tandem basis and/or in conjunction with or apart from other equity awarded under this Plan and cash awards made by the Company or any Subsidiary outside of this Plan;

 (e) to permit a Holder to elect to defer a payment under the Plan under such rules and procedures as the
Committee may establish, including the crediting of interest on deferred amounts denominated in cash and of dividend equivalents on deferred amounts denominated in Stock; 

(f) to determine the extent and circumstances under which Stock and other amounts payable with respect to an award
hereunder shall be deferred which may be either automatic or at the election of the Holder; and 
 (g) to
substitute (i) new Stock Options for previously granted Stock Options, which previously granted Stock Options have higher option exercise prices and/or contain other less favorable terms, and (ii) new awards of any other type for
previously granted awards of the same type, which previously granted awards are upon less favorable terms. 
 2.3 Interpretation
of Plan. 
 (a) Committee Authority. Subject to Section 11, below, the Committee shall have the authority to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any award issued under the Plan (and to determine
the form and substance of all Agreements relating thereto), and to otherwise supervise the administration of the Plan. Subject to Section 11, below, all decisions made by the Committee pursuant to the provisions of the Plan shall be made in the
Committee’s sole discretion and shall be final and binding upon all persons, including the Company, its Subsidiaries and Holders. 
 (b) Incentive Stock Options. Anything in the Plan to the contrary notwithstanding, no term or provision of the Plan relating to Incentive Stock Options (including but limited to Stock Reload Options or
Stock Appreciation rights granted in conjunction with an Incentive Stock Option) or any Agreement providing for Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so
exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of the Holder(s) affected, to disqualify any Incentive Stock Option under such Section 422. 

Section 3. Stock Subject to Plan. 
 3.1 Number of Shares. The total number of shares of Common Stock reserved and available for distribution under the Plan shall be 500,000 shares. Shares of Stock under the Plan may consist, in whole or in
part, of authorized and unissued shares or treasury shares. If any shares of Stock that have been granted pursuant to a Stock Option cease to be subject to a Stock Option, or if any shares of Stock that are subject to any Stock Appreciation Right,
Restricted Stock, Deferred Stock award, Reload Stock Option or Other Stock-Based Award granted hereunder are forfeited, or any such award otherwise terminates without a payment being made to the Holder in the form of Stock, such shares shall again
be available for distribution in connection with future grants and awards under the Plan. Only net shares issued upon a stock-for-stock exercise (including stock used for withholding taxes) shall be counted against the number of shares available
under the Plan. 
 3.2 Adjustment Upon Changes in Capitalization, Etc. In the event of any change in the number of outstanding
shares of Common Stock of the Company occurring as the result of a stock split, reverse stock split or stock dividend on the Common Stock, after the grant of an Award, the Company shall proportionately adjust the number of shares of Stock subject to
the Award and the price to be paid on exercise of an Award as well as the aggregate number of shares reserved for issuance under the Plan. Any 

 
right to acquire a fractional share of Stock resulting from any adjustments will be rounded to the nearest whole share of Stock. If the Company shall be the surviving corporation in any merger,
combination or consolidation, any outstanding Award shall pertain and apply to the shares of Stock to which the Holder is entitled, without adjustment for issuance by the Company of any securities in the merger, combination or consolidation. In the
event of a change in the par value of the Common Stock of the Company which is subject to any outstanding Award, such Award will be deemed to pertain to the shares of Stock resulting from any such change. To the extent that the foregoing adjustments
relate to the Common Stock of the Company, the adjustments will be made by the Committee whose determination will be final, binding and conclusive. 
 Section 4. Eligibility. 
 4.1 General. Awards may be made or granted to
executive officers of the Company and its subsidiaries as selected by the Committee who are deemed to have rendered or to be able to render significant services to the Company or its Subsidiaries an who are deemed to have contributed or to have the
potential to contribute to the success of the Company. No Incentive Stock Option shall be granted to any person who is not an employee of the Company or a Subsidiary at the time of grant. 
 Section 5. Required Six Month Holding Period. 
 A period of not less
than six months must elapse from the date of grant of an award under the Plan, (i) before any disposition by a Holder of a derivative security (as defined in Rule 16a-1 promulgated under the Securities Exchange Act of 1934, as amended) issued
under this Plan or (ii) before any disposition by a Holder of any Stock purchased or granted pursuant to an award under this Plan. 

Section 6. Stock Options. 
 6.1 Grant and Exercise. Stock Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Nonqualified Stock Options. Any Stock Option granted under the Plan shall
contain such terms, not inconsistent with this Plan, or with respect to Incentive Stock Options, not inconsistent with the Code, as the Committee may from time to time approve. The Committee shall have the authority to grant Incentive Stock Options,
Non-Qualified Stock Options, or both types of Stock Options and which may be granted alone or in addition to other awards granted under the Plan. To the extent that any Stock Option intended to qualify as an Incentive Stock Option does not so
qualify, it shall constitute a separate Nonqualified Stock Option. An Incentive Stock Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five
years in the case of an Incentive Stock Option granted to an optionee (“10% Stockholder”) who, at the time of grant, owns Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 

6.2 Terms and Conditions. Stock Options granted under the Plan shall be subject to the following terms and conditions: 

(a) Exercise Price. The exercise price per share of Stock purchasable under a Stock Option shall be determined by the
Committee at the time of grant and may be less than 100% of the Fair Market Value of the Stock as defined above; provided, however, that the exercise price of an Incentive Stock Option shall not be less than 100% of the Fair Market Value of the
Stock if granted to a person other than a 10% Stockholder and, if granted to a 10% Stockholder, the exercise price shall not be less than 110% of the Fair Market Value of the Stock. 

(b) Option Term. Subject to the limitations in Section 6.1, above, the term of each Stock Option shall be fixed by
the Committee. 
 (c) Exercisability. Stock Options shall be exercisable at such time or times, and subject to
such terms and conditions as shall be determined by the Committee. If the Committee provides, in its discretion, that any Stock Option is exercisable only in installments, i.e., that it vests over time, the

 
Committee may waive such installment exercise provisions at any time at or after the time of grant in whole or in part, based upon such factors as the Committee shall determine 

(d) Method of Exercise. Subject to whatever installment, exercise and waiting period provisions are applicable in a
particular case, Stock Options may be exercised in whole or in part at any time during the term of the Option, by giving written notice of exercise to the Company specifying the number of shares of Stock to be purchased. Such notice shall be
accompanied by payment in full of the purchase price, which shall be in cash or, unless otherwise provided in the Agreement, in shares of Stock (including Restricted Stock and other contingent awards under this Plan) or, partly in cash and partly in
such Stock, or such other means which the Committee determines are consistent with the Plan’s purpose and applicable law. Cash payments shall be made by wire transfer, certified or bank check or personal check, in each case payable to the order
of the Company; provided, however, that the Company shall not be required to deliver certificates for shares of Stock with respect to which an Option is exercised until the Company has confirmed the receipt of good and available funds in payment of
the purchase price thereof. Payments in the form of Stock shall be valued at the Fair Market Value of a share of Stock on the date prior to the date of exercise. Such payments shall be made by delivery of stock certificates in negotiable form which
are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Subject to the terms of the Agreement, the Committee may, in its sole discretion, at the request of the Holder, deliver upon the exercise of a
Nonqualified Stock Option a combination of shares of Deferred Stock and Common Stock; provided that, notwithstanding the provisions of Section 9 of the Plan, such Deferred Stock shall be fully vested and not subject to forfeiture. A Holder
shall have none of the rights of a stockholder with respect to the shares subject to the Option until such shares shall be transferred to the Holder upon the exercise of the Option. 

(e) Transferability. Except as may be set forth in the Agreement, no Stock Option shall be transferable by the Holder
other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Holder’s lifetime, only by the Holder. 

(f) Termination by Reason of Death. If a Holder’s employment by the Company or a Subsidiary terminates by reason of
death, any Stock Option held by such Holder, unless otherwise determined by the Committee at the time of grant and set forth in the Agreement, shall be fully vested and may thereafter be exercised by the legal representative of the estate or by the
legatee of the Holder under the will of the Holder, for a period of one year (or such other greater or lesser period as the Committee may specify at grant) from the date of such death or until the expiration of the stated term of such Stock Option,
whichever period is the shorter. 
 (g) Termination by Reason of Disability. If a Holder’s employment by the
Company or any Subsidiary terminates by reason of Disability, any Stock Option held by such Holder, unless otherwise determined by the Committee at the time of grant and set forth in the Agreement, shall be fully vested and may thereafter be
exercised by the Holder for a period of one year (or such other greater or lesser period as the Committee may specify at the time of grant) from the date of such termination of employment or until the expiration of the stated term of such Stock
Option, whichever period is the shorter. 
 (h) Other Termination. Subject to the provisions of
Section 13.3, below, and unless otherwise determined by the Committee at the time of grant and set forth in the Agreement, if a Holder is an employee of the Company or a Subsidiary at the time of grant and if such Holder’s employment by
the Company or any Subsidiary terminates for any reason other than death or Disability, the Stock Option shall thereupon automatically terminate, except that if the Holder’s employment is terminated by the Company or a Subsidiary without cause
or due to Normal Retirement, then the portion of such Stock Option which has vested on the date of termination of employment may be exercised for the lesser of three months after termination of employment or the balance of such Stock Option’s
term. 
 (i) Additional Incentive Stock Option Limitation. In the case of an Incentive Stock Option,

 
the aggregate Fair Market Value of Stock (determined at the time of grant of the Option) with respect to which Incentive Stock Options become exercisable by a Holder during any calendar year
(under all such plans of the Company and its Parent and Subsidiary) shall not exceed $100,000. 
 (j) Buyout and
Settlement Provisions. The Committee may at any time, in its sole discretion, offer to buyout a Stock Option previously granted, based upon such terms and conditions as the Committee shall establish and communicate to the Holder at the time that
such offer is made. 
 (k) Stock Option Agreement. Each grant of a Stock Option shall be confirmed by, and shall
be subject to the terms of, the Agreement executed by the Company and the Holder. 
 6.3 Stock Reload Option. The Committee may
also grant to the Holder (concurrently with the grant of an Incentive Stock Option and at or after the time of grant in the case of a Nonqualified Stock Option) a Stock Reload Option up to the amount of shares of Stock held by the Holder for at
least six months and used to pay all or part of the exercise price of an Option and, if any, withheld by the Company as payment for withholding taxes. Such Stock Reload Option shall have an exercise price equal to the Fair Market Value as of the
date of the Stock Reload Option grant. Unless the Committee determines otherwise, a Stock Reload Option may be exercised commencing one year after it is granted and shall expire on the date of expiration of the Option to which the Reload Option is
related. 
 Section 7. Stock Appreciation Rights. 
 7. 1 Grant and Exercise. The Committee may grant Stock Appreciation Rights to participants who have been, or are being granted, Options under the Plan as a means of allowing such participants to exercise
their Options without the need to pay the exercise price in cash. In the case of a Nonqualified Stock Option, a Stock Appreciation Right may be granted either at or after the time of the grant of such Nonqualified Stock Option. In the case of an
Incentive Stock Option, a Stock Appreciation Right may be granted only at the time of the grant of such Incentive Stock Option. 

7.2 Terms and Conditions. Stock Appreciation Rights shall be subject to the following terms and 

(a) Exercisability. Stock Appreciation Rights shall be exercisable as shall be determined by the Committee and set forth
in the Agreement, subject to the limitations, if any, imposed by the Code, with respect to related Incentive Stock Options. 
 (b) Termination. A Stock Appreciation Right shall terminate and shall no longer be exercisable upon the termination or exercise of the related Stock Option. 

(c) Method of Exercise. Stock Appreciation Rights shall be exercisable upon such terms and conditions as shall be
determined by the Committee and set forth in the Agreement and by surrendering the applicable portion of the related Stock Option. Upon such exercise and surrender, the Holder shall be entitled to receive a number of Option Shares equal to the SAR
Value divided by the Fair Market Value (on the exercise date). 
 (d) Shares Affected Upon Plan. The granting of
a Stock Appreciation Right shall not affect the number of shares of Stock available for awards under the Plan. The number of shares available for awards under the Plan will, however, be reduced by the number of shares of Stock acquirable upon
exercise of the Stock Option to which such Stock Appreciation Right relates. 
 Section 8. Restricted Stock. 

8.1 Grant. Shares of Restricted Stock may be awarded either alone or in addition to other awards granted under the Plan. The Committee
shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be awarded, the number of shares to be awarded, the price (if any) to be paid by the Holder, the time or times within which such awards may
be subject to forfeiture (the 

 
“Restriction Period”), the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the awards. 

8.2 Terms and Conditions. Each Restricted Stock award shall be subject to the following terms and conditions: 

(a) Certificates. Restricted Stock, when issued, will be represented by a stock certificate or certificates registered in
the name of the Holder to whom such Restricted Stock shall have been awarded. During the Restriction Period, certificates representing the Restricted Stock and any securities constituting Retained Distributions (as defined below) shall bear a legend
to the effect that ownership of the Restricted Stock (and such Retained Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms and conditions provided in the Plan and the Agreement. Such
certificates shall be deposited by the Holder with the Company, together with stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Stock and any
securities constituting Retained Distributions that shall be forfeited or that shall not become vested in accordance with the Plan and the Agreement. 
 (b) Rights of Holder. Restricted Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes. The Holder will have the right to vote such Restricted Stock, to receive
and retain all regular cash dividends and other cash equivalent distributions as the Board may in its sole discretion designate, pay or distribute on such Restricted Stock and to exercise all other rights, powers and privileges of a holder of Common
Stock with respect to such Restricted Stock, with the exceptions that (i) the Holder will not be entitled to delivery of the stock certificate or certificates representing such Restricted Stock until the Restriction Period shall have expired and
unless all other vesting requirements with respect thereto shall have been fulfilled; (ii) the Company will retain custody of the stock certificate or certificates representing the Restricted Stock during the Restriction Period;
(iii) other than regular cash dividends and other cash equivalent distributions as the Board may in its sole discretion designate, payor distribute, the Company will retain custody of all distributions (“Retained Distributions”) made
or declared with respect to the Restricted Stock (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted Stock) until such time, if ever, as the Restricted Stock with
respect to which such Retained Distributions shall have been made, paid or declared shall have become vested and with respect to which the Restriction Period shall have expired; (iv) a breach of any of the restrictions, terms or conditions
contained in this Plan or the Agreement or otherwise established by the Committee with respect to any Restricted Stock or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained Distributions with respect thereto.

 (c) Vesting; Forfeiture. Upon the expiration of the Restriction Period with respect to each award of
Restricted Stock and the satisfaction of any other applicable restrictions, terms and conditions (i) all or part of such Restricted Stock shall become vested in accordance with the terms of the Agreement, and (ii) any Retained
Distributions with respect to such Restricted Stock shall become vested to the extent that the Restricted Stock related thereto shall have become vested. Any such Restricted Stock and Retained Distributions that do not vest shall be forfeited to the
Company and the Holder shall not thereafter have any rights with respect to such Restricted Stock and Retained Distributions that shall have been so forfeited. 
 Section 9. Deferred Stock. 
 9.1 Grant. Shares of Deferred Stock may be
awarded either alone or in addition to other awards granted under the Plan. The Committee shall determine the eligible persons to whom, and the time or times at which, grants of Deferred Stock will be awarded, the number of shares of Deferred Stock
to be awarded to any person, the duration of the period (the “Deferral Period”) during which, and the conditions under which, receipt of the shares will be deferred, and all the other terms and conditions of the awards. 

9.2 Terms and Conditions. Each Deferred Stock award shall be subject to the following terms and conditions: 

 (a) Certificates. At the expiration of the Deferral Period (or the
Additional Deferral Period referred to in Section 9.2 (d) below, where applicable), share certificates shall be issued and delivered to the Holder, or his legal representative, representing the number equal to the shares covered by the
Deferred Stock award. 
 (b) Rights of Holder. A person entitled to receive Deferred Stock shall not have any
rights of a stockholder by virtue of such award until the expiration of the applicable Deferral Period and the issuance and delivery of the certificates representing such Stock. The shares of Stock issuable upon expiration of the Deferral Period
shall not be deemed outstanding by the Company until the expiration of such Deferral Period and the issuance and delivery of such Stock to the Holder. 
 (c) Vesting; Forfeiture. Upon the expiration of the Deferral Period with respect to each award of Deferred Stock and the satisfaction of any other applicable restrictions, terms and conditions all or part
of such Deferred Stock shall become vested in accordance with the terms of the Agreement. Any such Deferred Stock that does not vest shall be forfeited to the Company and the Holder shall not thereafter have any rights with respect to such Deferred
Stock. 
 (d) Additional Deferral Period. A Holder may request to, and the Committee may at any time, defer the
receipt of an award (or an installment of an award) for an additional specified period or until a specified event (the “Additional Deferral Period”). Subject to any exceptions adopted by the Committee, such request must generally be made
at least one year prior to expiration of the Deferral Period for such Deferred Stock award (or such installment). 
 Section 10. Other
Stock-Based Awards. 
 10.1 Grant and Exercise. Other Stock-Based Awards may be awarded, subject to limitations under
applicable law, that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of Common Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including,
without limitation, purchase rights, shares of Common Stock awarded which are not subject to any restrictions or conditions, convertible or exchangeable debentures, or other rights convertible into shares of Common Stock and awards valued by
reference to the value of securities of or the performance of specified Subsidiaries. Other Stock-Based Awards may be awarded either alone or in addition to or in tandem with any other awards under this Plan or any other plan of the Company.

 10.2 Eligibility for Other Stock-Based Awards. The Committee shall determine the eligible persons to whom and the time or
times at which grants of such other stock-based awards shall be made, the number of shares of Common Stock to be awarded pursuant to such awards, and all other terms and conditions of the awards. 

10.3 Terms and Conditions. Each Other Stock-Based Award shall be subject to such terms and conditions as may be determined by the
Committee. 
 Section 11. Amendment and Termination. 
 The Board may at any time, and from time to time, amend alter, suspend or discontinue any of the provisions of the Plan, but no amendment, alteration; suspension or discontinuance shall be made which
would impair the rights of a Holder under any Agreement theretofore entered into hereunder, without the Holder’s consent. 

Section 12. Term of Plan. 
 12.1 Effective Date. The Plan shall be effective as of November 4, 1996 (“Effective Date”), subject to the approval of the Plan by the Company’s stockholders within one year after the
Effective Date. Any awards granted under the Plan prior to such approval shall be effective when made (unless otherwise specified by the Committee at the time of grant), but shall be conditioned upon, and subject to, such

 
approval of the Plan by the Company’s stockholders and no awards shall vest or otherwise become free of restrictions prior to such approval. 

12.2 Termination Date. Unless terminated by the Board, this Plan shall continue to remain effective until such time no further awards may
be granted and all awards granted under the Plan are no longer outstanding. Notwithstanding the foregoing, grants of Incentive Stock Options may only be made during the ten year period following the Effective Date. 

Section 13. General Provisions. 
 13.1 Written Agreements. Each award granted under the Plan shall be confirmed by, and shall be subject to the terms of the Agreement executed by the Company and the Holder. The Committee may terminate any
award made under the Plan if the Agreement relating thereto is not executed and returned to the Company within ten days after the Agreement has been delivered to the Holder for his or her execution. 

13.2 Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Holder by the Company, nothing contained herein shall give any such Holder any rights that are greater than those of a general creditor of the Company. 

13.3 Employees. 
 (a) Engaging in Competition With the Company. In the event a Holder’s employment with the Company or a Subsidiary is terminated for any reason whatsoever, and within eighteen months after the date
thereof such Holder accepts employment with any competitor of, or otherwise engages in competition with, the Company, the Committee, in its sole discretion, may require such Holder to return to the Company the economic value of any award which was
realized or obtained by such. Holder at any time during the period beginning on that date which is six months prior to the date of such Holder’s termination of employment with the Company. 

(b) Termination for Cause. The Committee may, in the event a Holder’s employment with the Company or a Subsidiary is
terminated for cause, annul any award granted under this Plan to such employee and, in such event, the Committee, in its sole discretion, may require such Holder to return to the Company the economic value of any award which was realized or obtained
by such Holder at any time during the period beginning on that date which is six months prior to the date of such Holder’s termination of employment with the Company. 

(c) No Right of Employment. Nothing contained in the Plan or in any award hereunder shall be deemed to confer upon any
Holder who is an employee of the Company or any Subsidiary any right to continued employment with the Company or any Subsidiary, nor shall it interfere in any way with the right of the Company or any Subsidiary to terminate the employment of any
Holder who is an employee at any time. 
 13.4 Investment Representations. The Committee may require each person acquiring
shares of Stock pursuant to a Stock Option or other award under the Plan to represent to and agree with the Company in writing that the Holder is acquiring the shares for investment without a view to distribution thereof. 

13.5 Additional Incentive Arrangements. Nothing contained in the Plan shall prevent the Board from adopting such other or additional
incentive arrangements as it may deem desirable, including, but not limited to, the granting of Stock Options and the awarding of stock and cash otherwise than under the Plan; and such arrangements may be either generally applicable or applicable
only in specific cases. 
 13.6 Withholding Taxes. Not later than the date as of which an amount must first be included in the
gross income of the Holder for Federal income tax purposes with respect to any option or other award under the Plan, the Holder shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment of, any Federal, state
and local taxes of any kind required by law to be withheld or 

 
paid with respect to such amount. If permitted by the Committee, tax withholding or payment obligations may be settled with Common Stock, including Common Stock that is part of the award that
gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditioned upon such payment or arrangements and the Company or the Holder’s employer (if not the Company) shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment of any kind otherwise due to the Holder from the Company or any Subsidiary. 
 13.7 Governing Law. The Plan and all awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York (without regard to choice of law
provisions). 
 13.8 Other Benefit Plans. Any award granted under the Plan shall not be deemed compensation for purposes of
computing benefits under any retirement plan of the Company or any Subsidiary and shall not affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of
compensation (unless required by specific reference in any such other plan to awards under this Plan). 
 13.9
Non-Transferability. Except as otherwise expressly provided in the Plan or the Agreement, no right or benefit under the Plan may be alienated, sold, assigned, hypothecated, pledged, exchanged, transferred, encumbranced or charged, and any attempt to
alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be void. 
 13.10 Applicable
Laws. The obligations of the Company with respect to all Stock Options and awards under the Plan shall be subject to (i) all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required, including,
without limitation, the Securities Act of 1933, as amended, and (ii) the rules and regulations of any securities exchange on which the Stock may be listed. 
 13.11 Conflicts. If any of the terms or provisions of the Plan or an Agreement (with respect to Incentive Stock Options) conflict with the requirements of Section 422 of the Code, then such terms or
provisions shall be deemed inoperative to the extent they so conflict with the requirements of said Section 422 of the Code. Additionally, if this Plan or any Agreement does not contain any provision required to be included herein under
Section 422 of the Code, such provision shall be deemed to be incorporated herein and therein with the same force and effect as if such provision had been set out at length herein and therein. If any of the terms or provisions of any Agreement
conflict with any terms or provision of the Plan, then such terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of the Plan. Additionally, if any Agreement does not contain any provision required to
be included therein under the Plan, such provision shall be deemed to be incorporated therein with the same force and effect as if such provision had been set out at length therein. 

13.12 Non-Registered Stock. The shares of Stock to be distributed under this Plan have not been, as of the Effective Date, registered
under the Securities Act of 1933, as amended, or any applicable state or foreign securities laws and the Company has no obligation to any Holder to register the Stock or to assist the Holder in obtaining an exemption from the various registration
requirements, or to list the Stock on a national securities exchange.

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