Document:

2010 Stock Award and Incentive Plan

EXHIBIT 10.35

ELIZABETH ARDEN, INC. 

2010 STOCK AWARD AND INCENTIVE PLAN

     Section 1.   Purpose. The purpose of the Elizabeth Arden, Inc. 2010 Stock Award and Incentive Plan is to attract and retain those employees, directors and other individuals who are expected to contribute significantly to the success of the Company and its Affiliates and to motivate such individuals to perform at the highest level, and, in general, to further the best interests of the Company and its shareholders. 

     Section 2.   Definitions.  As used in the Plan, the following terms shall have the meanings set forth below: 

     (a) "Act" shall mean the Securities Exchange Act of 1934, as amended. 

     (b) "Affiliate" shall mean any entity that, directly or indirectly, controls, is controlled by or is under common control with the Company, as determined by the Committee and provided, however, that such entity also satisfies the definition of an "affiliate" as such term is defined for purposes of Section 409A of the Code.  For purposes hereof, the term "control" shall mean the power to control, directly or indirectly, at least 50% of the combined voting power of the respective corporation or entity.  

     (c) "Award" shall mean any Option, Stock Appreciation Right, award of Restricted Stock, Restricted Stock Unit, Deferred Stock, annual or long-term Performance Award or Other Stock-Based Award granted under the Plan, which may be denominated or settled in Shares, cash or in such other forms as provided for herein. 

     (d) "Award Agreement" shall mean any written agreement, contract or other instrument or document evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

     (e) "Beneficiary" shall mean a person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant's death. If no such person is named by a Participant who is an individual, such individual's Beneficiary shall be the individual's estate. 

     (f) "Board" shall mean the board of directors of the Company. 

     (g) "Change in Control" shall mean the occurrence of any of the following events: 

	
(i)
	 	
any "person" (as defined in Section 13(d) of the Act) other than the Company, its Affiliates or an employee benefit plan or trust maintained by the Company or its Affiliates, directly or indirectly acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition)  ownership of  the Company's then outstanding securities (x) possessing 40% or more of the total voting power of the voting securities of the Company (excluding any "person" who becomes such a beneficial owner in connection with a transaction described in clause (A) of paragraph (iii) below), or  (y) that constitute more than 50% of the total fair market value of the voting securities of the Company;

	
	
	

	
(ii)
	 	
at any time during a period of twelve consecutive months, individuals who at the beginning of such period constituted the Board cease for any reason (other than due to death or voluntary resignation)  to constitute at least a majority thereof, unless the election by the Company's shareholders of each new director during such twelve-month period was endorsed or recommended by at least a majority of the directors then still in office who were directors at the beginning of such twelve-month period; or

	
	
	

	
(iii)
	 	
the consummation of (A) a merger, consolidation or other business combination of the Company with any other corporation, other than a merger, consolidation or other business combination which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power or the total fair market value of the securities of the Company or such surviving entity or any parent 

 

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thereof outstanding immediately after such merger, consolidation or other business combination, or (B) any sale, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of the Company.

     (h) "Code" shall mean the Internal Revenue Code of 1986, as amended from time to time. 

     (i) "Committee" shall mean the Compensation Committee of the Board or such other committee as may be designated by the Board. If the Board does not designate the Committee, references herein to the "Committee" shall refer to the Board. 

     (j) "Company" shall mean Elizabeth Arden, Inc. 

     (k) "Covered Employee" means an individual who is (i) a "covered employee" within the meaning of Section 162(m)(3) of the Code, or any successor provision thereto or (ii) designated by the Committee at the time of grant of a Performance Award that is intended to be qualified as "performance-based compensation" as likely to be a "covered employee" for the tax year of the Company with regard to which a deduction in respect of such individual's Award would be allowed. 

     (l) "Deferred Stock" shall mean a right to receive Shares or other Awards denominated or settled in Shares or a combination thereof at the end of a specified deferral period, granted under Section 9. 

     (m) "Dividend Equivalent" means the right to receive amounts equivalent to cash, stock or other property dividends on Shares as further described in Section 13(i).

     (n) "Fair Market Value" shall mean (i) with respect to Shares, (x) the closing price of a Share on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal stock exchange or any established over-the-counter trading system on which the Shares trade or are quoted, or (y) in the absence of a stock exchange or established trading system for the Shares of the type described in (x) above, the per Share Fair Market Value shall be determined by the Committee in good faith and in accordance with applicable provisions of Section 409A of the Code, and (ii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

     (o) "Full Value Award" shall mean an Award other than an Option or Stock Appreciation Right, and that is settled by the issuance of Shares.

     (p) "Incentive Stock Option" shall mean an option representing the right to purchase Shares from the Company, granted under and in accordance with the terms of Section 6, that meets the requirements of Section 422 of the Code, or any successor provision thereto.

     (q) "Non-Qualified Stock Option" shall mean an option representing the right to purchase Shares from the Company, granted under and in accordance with the terms of Section 6, that is not an Incentive Stock Option. 

     (r) "Option" shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 

     (s) "Other Stock-Based Award" means an Award granted pursuant to Section 11 of the Plan. 

     (t) "Participant" shall mean the recipient of an Award granted under the Plan. 

     (u) "Performance Award" means an Award granted pursuant to Section 10 of the Plan. 

     (v) "Performance Period" means the period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are measured. 

     (w) "Plan" shall mean the Elizabeth Arden, Inc. 2010 Stock Award and Incentive Plan, as the same may be amended from time to time. 

     (x) "Restricted Stock" shall mean any Share granted under Section 8. 

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     (y) "Restricted Stock Unit" shall mean a contractual right granted under Section 8 that is denominated in Shares. Each Unit represents a right to receive the value of one Share (or a percentage of such value) upon the terms and conditions set forth in the Plan and the applicable Award Agreement.

     (z) "SAR" or "Stock Appreciation Right" shall mean any right granted to a Participant pursuant to Section 7 to receive, upon exercise by the Participant, the excess of (i) the Fair Market Value of a specified number of Shares on the date of exercise, over (ii) the grant price of the right as determined in accordance with Section 7.

     (aa) "Service" shall mean the active performance of services for the Company or an Affiliate by a Participant. 

     (bb) "Shares" shall mean shares of the common stock of the Company. 

     (cc) "Subsidiary" shall mean any corporation of which stock representing at least 50% of the ordinary voting power is owned, directly or indirectly, by the Company. 

     (dd) "Substitute Awards" shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted by a company acquired by the Company or with which the Company combines.  

     Section 3.   Eligibility. 

     (a) Any employee or director of the Company or any Affiliate shall be eligible to be selected to receive an Award under the Plan. 

     (b) Holders of options and other types of Awards granted by a company acquired by the Company or with which the Company combines are eligible for grants of Substitute Awards hereunder. 

     Section 4.   Administration. 

     (a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than three directors.

     (b) Each Committee member shall be (i) an "independent director," within the meaning of and to the extent required by applicable rulings and interpretations of the applicable stock exchange on which the Shares trade or are quoted,  (ii) an "outside director" pursuant to Section 162(m) of the Code, and any regulations issued thereunder, and (iii) a "non-employee director" within the meaning of Rule 16b-3(b)(3) (or any successor rule) promulgated under the Act. The Board may designate one or more directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee. To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the authority to grant Awards except that such delegation shall not be applicable to any Award for a person then covered by Section 16 of the Act or any Award intended to constitute qualified "performance-based compensation" under Section 162(m) of the Code. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine.

     (c) Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan; (iii) determine, if applicable, the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances, cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper

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administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

     (d) All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, the shareholders and the Participants. 

     Section 5.   Shares Available for Awards and Award Limits.

     (a) Subject to adjustment as provided below, the maximum number of Shares available for issuance under the Plan is 1,100,000 (One Million One Hundred Thousand) Shares. The Shares available for issuance under the Plan shall not be reduced for Awards that are required to be settled in cash.

     (b) Notwithstanding anything contained herein to the contrary, and subject to adjustments made in accordance with Section 5(e) hereof:

	
(i)
	 	
no individual Participant may be granted in any fiscal year Awards that are denominated or to be settled in Shares that relate to more than 600,000 Shares;

	
	
	

	
(ii)
	 	
the number of Shares with respect to which Incentive Stock Options may be granted under the Plan shall not exceed 1,100,000 Shares; and

	
	
	

	
(iii)
	 	
in no event shall there be issued or awarded under this Plan, Full Value Awards with respect to more than 550,000 Shares, provided, however, that Shares underlying any Full Value Award that become available for issuance under the terms of the Plan because such Full Value Award is canceled, terminates, expires or lapses for any reason without the delivery of Shares or of other consideration, shall again be available for grant as a Full Value Award.

     (c) If any Shares covered by an Award that can be settled in Shares or to which such an Award relates, are forfeited, canceled, terminated, expire or lapse, or if such an Award is settled in cash or otherwise terminates without the delivery of Shares or of other consideration, then the Shares covered by such Award, or to which such Award relates, to the extent of any such cash settlement, forfeiture, cancellation, termination, expiration or lapse, shall again be, or shall become, available for issuance under the Plan. 

     (d) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or Shares acquired by the Company. 

     (e) If there shall be any change in the Shares or the capitalization of the Company through merger, consolidation, reorganization, recapitalization, stock dividend, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, dividend in kind or other like change in capital structure or distribution (other than normal cash dividends), in order to prevent dilution or enlargement of Participants' rights under the Plan, the Committee shall adjust, in an equitable manner, as applicable, the number and kind of shares that may be issued under the Plan, the individual limits, the number and kind of Shares subject to outstanding Awards (including Substitute Awards), the grant or exercise price applicable to outstanding Awards (including Substitute Awards), and the Fair Market Value of the Shares and other value determinations applicable to outstanding Awards (including Substitute Awards), or if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award (including Substitute Awards); provided, however, that subject to Section 10(d), the number of Shares subject to any Award (including Substitute Awards) denominated in Shares shall always be a whole number.  Notwithstanding the foregoing, (i) each such adjustment with respect to an Incentive Stock Option shall comply with the rules of Section 424(a) of the Code, and (ii) any such adjustment shall be made in a manner consistent with the requirements of Section 409A of the Code in order for any Options and SARs to remain exempt from the requirements of Section 409A of the Code.  The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan.

     (f) If, in accordance with the terms of the Plan, a Participant pays the option exercise price for an Option or satisfies any tax withholding requirement with respect to any taxable event arising as a result of this Plan by either tendering to the Company previously owned Shares or having the Company withhold Shares, then such Shares surrendered to pay the option exercise price for an Option or used to satisfy such tax withholding requirements shall not be added to the aggregate number of Shares available for 

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issuance under the Plan and shall no longer be available for grant or issuance under the Plan.  In addition, in the event that a Stock Appreciation Right is settled in Shares, the number of Shares subject to the Stock Appreciation Right that are not issued upon exercise of the Stock Appreciation Right shall not be added to the aggregate number of Shares available for issuance under Plan and shall no longer be available for grant or issuance under the Plan.

     Section 6.   Options. 

     The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions as the Committee shall determine: 

     (a) The purchase price per Share under an Option shall be determined by the Committee; provided, however, that, except in the case of Substitute Awards, such purchase price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. 

     (b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant thereof. 

     (c) The Committee shall determine the time or times at which an Option may be exercised in whole or in part. 

     (d) The Committee shall determine the method or methods by which, and the form or forms, including, without limitation, cash, Shares, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made.

     (e) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder.   Incentive Stock Options may be granted only to participants who are employees of the Company or one of its subsidiary corporations (within the meaning of Section 424(f) of the Code) at the date of grant.  The aggregate Fair Market Value (determined as of the time the Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all option plans of the Company and of any parent corporation or subsidiary corporation (as defined in Sections 424(e) and (f) of the Code, respectively)) shall not exceed $100,000.  For purposes of the preceding sentence, Incentive Stock Options will be taken into account in the order in which they are granted.  The per-share exercise price of an Incentive Stock Option shall not be less than 100% of the Fair Market Value of the Shares on the date of grant, and no Incentive Stock Option may be exercised later than ten years after the date it is granted; provided, however, Incentive Stock Options may not be granted to any Participant who, at the time of grant, owns stock possessing (after the application of the attribution rules of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company, unless the exercise price is fixed at not less than 110% of the Fair Market Value of the Shares on the date of grant and the exercise of such option is prohibited by its terms after the expiration of five years from the date of grant of such option.  In addition, no Incentive Stock Option may be issued to a Participant in tandem with a Nonqualified Stock Option.

     Section 7.   Stock Appreciation Rights. 

     (a) The Committee is hereby authorized to grant Stock Appreciation Rights ("SARs") to Participants with such terms and conditions as the Committee shall determine. 

     (b) SARs may be granted hereunder to Participants either alone ("freestanding") or in addition to other Awards granted under the Plan ("tandem") and may, but need not, relate to a specific Option granted under Section 6. 

     (c) Any tandem SAR related to an Option may be granted at the same time such Option is granted or at any time thereafter before exercise or expiration of such Option. In the case of any tandem SAR related to any Option, the SAR or applicable portion thereof shall not be exercisable until the related Option or applicable portion thereof is exercisable and shall terminate and no longer be exercisable upon the termination or exercise of the related Option, except that a SAR granted with respect to less than the full number of Shares covered by a related Option shall not be reduced until the exercise or termination of the

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related Option exceeds the number of Shares not covered by the SAR. Any Option related to any tandem SAR shall no longer be exercisable to the extent the related SAR has been exercised.

     (d) A freestanding SAR shall not have a term of greater than 10 years or, unless it is a Substitute Award, an exercise price less than 100% of Fair Market Value of a Share on the date of grant.

     (e) SARs may be settled in cash or stock, as determined by the Committee at the date of grant or thereafter.

     Section 8.   Restricted Stock and Restricted Stock Units. 

     (a) The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants.  

     (b) Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. 

     (c) Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may deem appropriate. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

     (d) The Committee may in its discretion, when it finds that a waiver would be in the best interests of the Company, waive in whole or in part any or all restrictions with respect to Shares of Restricted Stock or Restricted Stock Units. 

     (e) Restricted Stock Units may be settled in cash or stock, as determined by the Committee at the date of grant or thereafter.

     Section 9.   Deferred Stock. The Committee is authorized to grant Deferred Stock to Participants.   Issuance of Shares will occur upon expiration of the deferral period specified for an Award of Deferred Stock by the Committee (or, if and as permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise, and under such other circumstances as the Committee may determine at the date of grant or thereafter. Deferred Stock may be settled by delivery of cash, Shares, other Awards, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 

     Section 10.   Performance Awards. 

     (a) The Committee is hereby authorized to grant Performance Awards to Participants with such terms and conditions as the Committee shall determine. 

     (b) Performance Awards may be denominated as a cash amount, number of Shares, or a combination thereof and are Awards which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. 

     (c) Every Performance Award shall, if the Committee intends that such Award should constitute qualified "performance-based compensation" for purposes of Section 162(m) of the Code, include a pre-

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established formula, such that payment, retention or vesting of the Performance Award is subject to the achievement during one or more Performance Periods, as determined by the Committee, of various key performance targets based on one or more business criteria that apply to the individual Participant, one or more business units, operating or reporting segments, of the Company or its Affiliates, or the Company as a whole.  The business criteria shall be as follows, individually or in combination: (i) the attainment of certain target levels of, or a specified increase in, the Company's enterprise value or value creation targets; (ii) the attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax profits including, without limitation, that attributable to continuing and/or other operations; (iii) the attainment of certain target levels of, or a specified increase relating to, operational cash flow or working capital, or a component thereof including, without limitation, inventory and accounts receivable; (iv) the attainment of certain target levels of, or a specified decrease relating to, operational costs and other expense targets, or a component thereof or planning or forecasting accuracy; (v) the attainment of a certain level of reduction of, or other specified objectives with regard to limiting the level of increase in all or a portion of bank debt or other of long-term or short-term public or private debt or other similar financial obligations, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee; (vi) the attainment of a specified percentage increase in earnings per share or earnings per share from continuing operations; (vii) the attainment of certain target levels of, or a specified percentage increase in, net sales, revenues, market share, operating margin, net income, earnings before income tax or other exclusions, or segment profit; (viii) the attainment of certain target levels of, or a specified increase in, return on capital employed or return on invested capital; (ix) the attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax return on shareholders equity or total return to shareholders; (x) the attainment of certain target levels in the fair market value of the Shares; (xi) the growth in the value of an investment in the Shares assuming the reinvestment of dividends; and (xii) the attainment of certain target levels of, or a specified increase in EBITDA (earnings before interest, taxes, depreciation and amortization); in each case, unless otherwise specified by the Committee at the time of grant, as determined in accordance with generally accepted accounting principles, where applicable, as consistently applied by the Company.  Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis. Relative performance may be measured against a group of peer companies, a financial market index, or other acceptable objective and quantifiable indices. Except in the case of an Award intended to be qualified "performance-based compensation" under Section 162(m) of the Code, if the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance measures may vary from Performance Award to Performance Award, respectively, and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. For any Award subject to any pre-established formula described herein, the maximum number of shares subject to any such Award denominated in Shares granted in any fiscal year to a Participant shall be 600,000, subject to adjustment as provided in Section 5(e), and the maximum amount that may be paid in respect of a Performance Award denominated in cash or value other than Shares on an annualized fiscal year basis with respect to any Participant shall be $5,000,000. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 10(c) as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for qualified "performance-based compensation" within the meaning of Section 162(m)(4)(C) of the Code, or any successor provision thereto. 

When establishing performance goals for a Performance Period, the Committee may exclude any or all extraordinary items or non-recurring items as determined by the Committee including, without limitation, the charges or costs associated with asset write-downs, litigation judgments or settlements, restructurings, discontinued operations, debt extinguishment charges, reorganizations, acquisitions, divestitures, new licensing arrangements, other unusual or non-recurring items, changes in applicable law and the cumulative effects of accounting changes. 

With respect to awards intended to qualify as "performance-based compensation" under Section 162(m) of the Code, (i) the Committee shall establish in writing (x) the performance goals applicable to a given period, and such performance goals shall state, in terms of an objective formula or standard, the method for computing the amount of compensation payable to the Participant if such performance goals are obtained, which may exclude non-recurring or extraordinary items, and (y) the individual employees or class of employees to which such performance goals apply, in each case no later than 90 days after the commencement of such period (but in no event after 25% of such period has elapsed) and (ii) no awards 

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intended to qualify as "performance-based compensation" under Section 162(m) of the Code shall be payable to or vest with respect to, as the case may be, any Participant for a given period until the Committee certifies in writing that the objective performance goals (and any other material terms) applicable to such period have been satisfied. 

     (d) Settlement of Performance Awards; Other Terms. Settlement of Performance Awards shall be in cash, Shares, other Awards or other property, or a combination thereof, in the discretion of the Committee. Performance Awards will be settled only after the end of the relevant Performance Period. The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with such Performance Awards, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to paragraph (c) above. Any settlement which changes the form of payment from that originally specified shall be implemented in a manner such that the Performance Award and other related Awards do not, solely for that reason, fail to qualify as "performance-based compensation" for purposes of Section 162(m) of the Code.

     Section 11.   Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards, notes, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under the Plan, may also be granted pursuant to this Section 11. 

     Section 12.   Effect of Termination of Service on Awards. The Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, the circumstances in which Awards shall be exercised, vested, paid or forfeited in the event a Participant ceases to provide Service to the Company or any Affiliate prior to the end of a Performance Period or exercise or settlement of such Award, subject to compliance with Section 162(m) and/or Section 409A of the Code, as applicable. 

     Section 13.   General Provisions Applicable to Awards. 

     (a) Awards shall be granted for no cash consideration or for such cash consideration as may be required by applicable law. 

     (b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

     (c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be made in the form of cash, Shares, other securities or other Awards, or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or deferred payments.  Any payments made on a deferred basis shall comply with the requirements of Section 409A of the Code.

     (d) Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or the laws of descent and distribution, or pursuant to Section 13(e), and (ii) each Award, and each right under any Award, shall be exercisable during the Participant's lifetime 

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only by the Participant or, if permissible under applicable law, by the Participant's guardian or legal representative. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

     (e) A Participant may designate a Beneficiary or change a previous Beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. If no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant's death, the Beneficiary shall be the Participant's estate.

     (f) All certificates for Shares and/or Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

     (g) The Committee may impose restrictions on any Award with respect to non-competition, confidentiality and other restrictive covenants, as it deems appropriate in its sole discretion. 

     (h)  Subject to the provisions of the Plan and any Award Agreement, the recipient of an Award may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis, Dividend Equivalents with respect to the number of Shares covered by an Award, as determined by the Committee, in its sole discretion.  The Committee may provide that the Dividend Equivalents (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested and may provide that the Dividend Equivalents are subject to the same vesting or performance conditions as the underlying Award.  Notwithstanding the foregoing, Dividend Equivalents granted in connection with a Performance Award shall be subject to restrictions and risk of forfeiture to the same extent as the underlying Award.

     Section 14.   Amendments and Termination.

     (a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Committee may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such approval is required by the listed company rules of the stock exchange, if any, on which the Shares are principally traded or quoted or (ii) the consent of the affected Participant, if such action would adversely affect the rights of such Participant in any material respect under any outstanding Award denominated or to be settled in Shares, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary herein, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations. 

     (b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award, provided, however, that no such action shall adversely affect the rights of any affected Participant or holder or beneficiary in any material respect under any Award denominated or to be settled in Shares theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with applicable law, stock exchange rules and regulations or accounting or tax rules and regulations; and provided further that, the Committee's authority under this Section 14(b) is limited in the case of Awards subject to Section 10(c) of the Plan, as set forth in Section 10(d). 

     (c) Notwithstanding anything to the contrary herein, without the approval of shareholders, the Committee shall not amend or replace previously granted Options or SARs in a transaction that constitutes a "repricing," which for this purpose means any of the following or any other action that has the same effect, provided, however, that the following transactions shall not be deemed a repricing if pursuant to an adjustment authorized under Section 5(e) of the Plan: 

- 9 -

	
(i)
	 	
Lowering the exercise price of an Option or SAR after it is granted; and

	
	
	

	
(ii)
	 	
Canceling an Option or a SAR at a time when its exercise price exceeds the fair market value of the underlying Shares, in exchange for another Option or SAR, restricted stock, other equity, cash or property.

     (d) Notwithstanding anything to the contrary herein, the Committee may waive any conditions or rights under, amend any terms of, or suspend, discontinue or terminate any Award that is both denominated and payable in cash without the consent of any relevant Participant or holder or beneficiary of any such type of Award.

     (e) The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

     Section 15.   Effect of Change in Control.  

     (a) In the event of a Change in Control, notwithstanding any provision of the Plan to the contrary, all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with respect to 100 percent of the Shares subject to such Option or Stock Appreciation Right, and all restrictions applicable to 100 percent of any outstanding shares of Restricted Stock, Restricted Stock Units, shares of Deferred Stock, Other Stock-Based Awards (including Dividend Equivalents) and Performance Awards (whether payable in Shares or in cash) shall immediately lapse (and any applicable performance targets shall be deemed waived and any applicable performance or deferral periods shall immediately expire) and, to the extent practicable, such acceleration of exercisability, lapse of restrictions and expiration of performance or deferral periods (as applicable) shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control transaction with respect to any Shares subject to outstanding Awards.

     (b) In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days' advance notice to the affected persons, (i)  cancel any outstanding  Options or Stock Appreciation Rights and pay to the holders thereof in cash the value of such Awards based upon the price per Share received or to be received by other shareholders of the Company in the Change in Control event, and/or (ii) extend the termination date of any Options or Stock Appreciation Rights and/or determine that any unexercised Options or Stock Appreciation Rights shall convert into Options or Stock Appreciation Rights of the acquiring company on an equitable basis with regard to the number of unexercised Options and Stock Appreciation Rights and the exercise price and, in such circumstance, that all other provisions shall remain unchanged, or, with respect to clauses (i) and (ii) above, take any other action it deems appropriate in its sole and absolute discretion. 

     (c) The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other business combination of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.  The Company agrees that it will make appropriate provisions for the preservation of Participants' rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets.

     Section 16.   Miscellaneous.

     (a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time Award which does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants hereunder. 

     (b) The Company shall have the right and power to deduct from all amounts paid to a Participant in cash or Shares (whether under this Plan or otherwise) or to require a Participant to remit to the Company promptly upon notification of the amount due, an amount (which may include Shares) to satisfy the minimum federal, state or local or foreign taxes or other obligations required by law to be withheld with respect to any Award under this Plan. In the case of any Award satisfied in the form of Shares, no Shares shall be issued unless and until arrangements satisfactory to the Committee shall have been made to

- 10 -

satisfy the statutory minimum withholding tax obligations applicable with respect to such Award. The Company may defer (other than for tax purposes) payments of cash or issuance or delivery of Shares until such requirements are satisfied. Without limiting the generality of the foregoing, the Company shall have the right to retain, or the Committee may, subject to such terms and conditions as it may establish from time to time, permit Participants to elect to tender, Shares (including Shares issuable in respect of an Award) having a Fair Market Value equal to the amount required to be withheld (provided that such amount withheld by the Company shall not be in excess of the minimum amount required to satisfy the statutory withholding tax obligations) to satisfy, in whole or in part, such withholding obligation. 

     (c) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

     (d) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide Services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in such Award. 

     (e) If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

     (f) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

     (g) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 

     Section 17.   Effective Date of the Plan.  The Plan shall be effective as of August 9, 2010, the date on which the Plan was adopted by the Committee (the "Effective Date"), provided that the Plan is approved by the shareholders of the Company at an annual meeting, any special meeting or by written consent of shareholders of the Company within 12 months of the Effective Date, and such approval of shareholders shall be a condition to the right of each Participant to receive any Awards hereunder.  Any Awards granted under the Plan prior to such approval of shareholders shall be effective as of the date of grant (unless, with respect to any Award, the Committee specifies otherwise at the time of grant), but no such Award may be exercised or settled and no restrictions relating to any Award may lapse prior to such shareholder approval, and if shareholders fail to approve the Plan as specified hereunder, any such Award shall be cancelled.

     Section 18.   Term of the Plan. This Plan shall terminate on the tenth anniversary of the Effective Date (unless sooner terminated by the Committee), and no Award shall be granted under the Plan after such tenth anniversary. Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may, however, extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Committee to amend the Plan, shall extend beyond such date. 

- 11 -

     Section 19.   Section 409A and 457A of the Code. 

     (a) With respect to Awards subject to Section 409A of the Code and all regulations, guidance, compliance programs and other interpretive authority thereunder ("Section 409A"), the Plan is intended to comply with the requirements of Section 409A, and the provisions hereof shall be interpreted in a manner that satisfies the requirements of Section 409A, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict.

     (b) Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of nonqualified deferred compensation (within the meaning of Section 409A) that are otherwise required to be made under the Plan to a "specified employee" (as defined under Section 409A) as a result of his or her separation from service shall be delayed until the first day of the seventh month following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid in accordance with the Company's Section 409A -- Specified Employee Policy.  All such payments shall be subject to and governed by the Company's Section 409A -- Specified Employee Policy, as such may be amended from time to time, which is hereby incorporated herein by reference.

     (c) A termination of employment shall not be deemed to have occurred for purposes of any provision of the Plan or any Award Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of employment, unless such termination is also a "separation from service" within the meaning of Section 409A and the payment thereof prior to a "separation from service" would violate Section 409A.  For purposes of any such provision of the Plan or any Award Agreement relating to any such payments or benefits, references to a "termination," "termination of employment" or like terms shall mean "separation from service."

     (d) The Company intends that any Awards be structured in compliance with, or to satisfy an exemption from, Section 457A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder ("Section 457A"), such that there are no adverse tax consequences, interest, or penalties as a result of the payments. Notwithstanding the Company's intention, in the event any Award is subject to Section 457A, the Committee may, in its sole discretion and without a Participant's prior consent, amend the Plan and/or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and actions with retroactive effect) as are necessary or appropriate to (a) exempt the Plan and/or any Award from the application of Section 457A, (b) preserve the intended tax treatment of any such Award, or (c) comply with the requirements of Section 457A, including without limitation any such regulations, guidance, compliance programs and other interpretative authority that may be issued after the date of the grant. 

     Section 20.   Awards to Foreign Participants.  Awards may be granted to Participants who are foreign nationals or employees or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants providing services in the United States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law or tax policy.  The Committee may also impose conditions on the exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for Participants on assignments outside their home country.

     Section 21.   Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Florida. 

- 12 -TECHNE CORPORATION
                         2010 EQUITY INCENTIVE PLAN

                                 SECTION 1.
                                DEFINITIONS

	As used herein, the following terms shall have the meanings indicated
below:

       (a)  "Administrator" shall mean the Board of Directors of the Company,
or one or more Committees appointed by the Board, as the case may be.

       (b)  "Affiliate(s)" shall mean a Parent or Subsidiary of the Company.

       (c)  "Award" shall mean any grant of an Option, Restricted Stock Award,
Restricted Stock Unit Award, Stock Appreciation Right or Performance Award.

       (d)  "Change of Control" shall mean the occurrence, in a single
transaction or in a series of related transactions, of any one or more of the
events in subsections (i) through (iv) below.  For purposes of this
definition, a person, entity or group shall be deemed to "Own," to have
"Owned," to be the "Owner" of, or to have acquired "Ownership" of securities
if such person, entity or group directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting
power, which includes the power to vote or to direct the voting, with respect
to such securities.

       (i)  Any person, entity or group becomes the Owner, directly or
       indirectly, of securities of the Company representing more than fifty
       percent (50%) of the combined voting power of the Company's then
       outstanding securities other than by virtue of a merger, consolidation
       or similar transaction.  Notwithstanding the foregoing, a Change in
       Control shall not be deemed to occur (A) on account of the acquisition
       of securities of the Company by an investor, any affiliate thereof or
       any other person, entity or group from the Company in a transaction or
       series of related transactions the primary purpose of which is to
       obtain financing for the Company through the issuance of equity
       securities or (B) solely because the level of Ownership held by any
       person, entity or group (the "Subject Person") exceeds the designated
       percentage threshold of the outstanding voting securities as a result
       of a repurchase or other acquisition of voting securities by the
       Company reducing the number of shares outstanding, provided that if a
       Change in Control would occur (but for the operation of this sentence)
       as a result of the acquisition of voting securities by the Company, and
       after such share acquisition, the Subject Person becomes the Owner of
       any additional voting securities that, assuming the repurchase or other
       acquisition had not occurred, increases the percentage of the then
       outstanding voting securities Owned by the Subject Person over the
       designated percentage threshold, then a Change in Control shall be
       deemed to occur;

                                        1

       (ii) There is consummated a merger, consolidation or similar
       transaction involving (directly or indirectly) the Company and,
       immediately after the consummation of such merger, consolidation or
       similar transaction, the stockholders of the Company immediately prior
       thereto do not Own, directly or indirectly, either (A) outstanding
       voting securities representing more than fifty percent (50%) of the
       combined outstanding voting power of the surviving entity in such
       merger, consolidation or similar transaction or (B) more than fifty
       percent (50%) of the combined outstanding voting power of the parent of
       the surviving entity in such merger, consolidation or similar
       transaction, in each case in substantially the same proportions as
       their Ownership of the outstanding voting securities of the Company
       immediately prior to such transaction;

       (iii) There is consummated a sale, lease, exclusive license or other
       disposition of all or substantially all of the total gross value of the
       consolidated assets of the Company and its subsidiaries, other than a
       sale, lease, license or other disposition of all or substantially all
       of total gross value of the consolidated assets of the Company and its
       subsidiaries to an entity, more than fifty percent (50%) of the
       combined voting power of the voting securities of which are Owned by
       stockholders of the Company in substantially the same proportions as
       their Ownership of the outstanding voting securities of the Company
       immediately prior to such sale, lease, license or other disposition
       (for purposes of this Section 1(d)(iii), "gross value" means the value
       of the assets of the Company or the value of the assets being disposed
       of, as the case may be, determined without regard to any liabilities
       associated with such assets); or

       (iv) Individuals who, at the beginning of any consecutive twelve-month
       period, are members of the Board (the "Incumbent Board") cease for any
       reason to constitute at least a majority of the members of the Board at
       any time during that consecutive twelve-month period; (provided,
       however, that if the appointment or election (or nomination for
       election) of any new Board member was approved or recommended by a
       majority vote of the members of the Incumbent Board then still in
       office, such new member shall, for purposes of this Plan, be considered
       as a member of the Incumbent Board).

For the avoidance of doubt, the term Change in Control shall not include a
sale of assets, merger or other transaction effected exclusively for the
purpose of changing the domicile of the Company.  To the extent required, the
determination of whether a Change of Control has occurred shall be made in
accordance with Internal Revenue Code Section 409A and the regulations,
notices and other guidance of general applicability issued thereunder.

       (e)  "Committee" shall mean a Committee of two or more directors who
shall be appointed by and serve at the pleasure of the Board.  To the extent
necessary for compliance with Rule 16b-3, or any successor provision, each of
the members of the Committee shall be a "non-employee director."  Solely for
purposes of this Section 1(e), "non-employee director" shall have the same
meaning as set forth in Rule 16b-3, or any successor provision, as then in
effect, of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended.  Further, to the extent necessary for compliance
with the limitations set forth in Code Section 162(m), each of the members of
the Committee shall be an "outside director" within the meaning of Code
Section 162(m) and the regulations issued thereunder.

       (f)  The "Company" shall mean Techne Corporation, a Minnesota
corporation.

                                    2

       (g)  "Fair Market Value" as of any date shall mean (i) if such stock is
listed on the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq
Capital Market or an established stock exchange, the price of such stock at
the close of the regular trading session of such market or exchange on such
date, as reported by The Wall Street Journal or a comparable reporting
service, or, if no sale of such stock shall have occurred on such date, on
the next preceding date on which there was a sale of stock; (ii) if such
stock is not so listed on the Nasdaq Global Select Market, Nasdaq Global
Market, Nasdaq Capital Market, or an established stock exchange, the average
of the closing "bid" and "asked" prices quoted by the OTC Bulletin Board, the
National Quotation Bureau, or any comparable reporting service on such date
or, if there are no quoted "bid and "asked" prices on such date, on the next
preceding date for which there are such quotes; or (iii) if such stock is not
publicly traded as of such date, the per share value as determined by the
Board, or the Committee, in its sole discretion by applying principles of
valuation with respect to the Company's Common Stock.

       (h)  The "Internal Revenue Code" or "Code" is the Internal Revenue Code
of 1986, as amended from time to time.

       (i)  "Option" means an incentive stock option or nonqualified stock
option granted pursuant to the Plan.

       (j)  "Parent" shall mean any corporation which owns, directly or
indirectly in an unbroken chain, fifty percent (50%) or more of the total
voting power of the Company's outstanding stock.

       (k)  The "Participant" means (i) a key employee or officer of the
Company or any Affiliate to whom an incentive stock option has been granted
pursuant to Section 9; (ii) a consultant or advisor to, or director, key
employee or officer of, the Company or any Affiliate to whom a nonqualified
stock option has been granted pursuant to Section 10; (iii) a consultant or
advisor to, or director, key employee or officer of, the Company or any
Affiliate to whom a Restricted Stock Award or Restricted Stock Unit Award has
been granted pursuant to Section 11; (iv) a consultant or advisor to, or
director, key employee or officer of, the Company or any Affiliate to whom a
Performance Award has been granted pursuant to Section 12; or (v) a
consultant or advisor to, or director, key employee or officer of, the
Company or any Affiliate to whom a Stock Appreciation Right has been granted
pursuant to Section 13.

       (l)  "Performance Award" shall mean any Performance Shares or
Performance Units granted pursuant to Section 12 hereof.

       (m)  "Performance Objective(s)" shall mean one or more performance
objectives established by the Administrator, in its sole discretion, for
Awards granted under this Plan.  For any Awards that are intended to qualify
as "performance-based compensation" under Code Section 162(m), the
Performance Objectives shall be limited to any one, or a combination of, (i)
revenue, (ii) net income, (iii) earnings per share, (iv) return on equity,
(v) return on assets, (vi) increase in revenue, (vii) increase in share price
or earnings, (viii) return on investment, or (ix) increase in market share,
in all cases including, if selected by the Administrator, threshold, target
and maximum levels.

                                   3

       (n)  "Performance Period" shall mean the period, established at the
time any Performance Award is granted or at any time thereafter, during which
any Performance Objectives specified by the Administrator with respect to
such Performance Award are to be measured.

       (o)  "Performance Share" shall mean any grant pursuant to Section 12
hereof of an Award, which value, if any, shall be paid to a Participant by
delivery of shares of Common Stock of the Company upon achievement of such
Performance Objectives during the Performance Period as the Administrator
shall establish at the time of such grant or thereafter.

       (p)  "Performance Unit" shall mean any grant pursuant to Section 12
hereof of an Award, which value, if any, shall be paid to a Participant by
delivery of cash upon achievement of such Performance Objectives during the
Performance Period as the Administrator shall establish at the time of such
grant or thereafter.

       (q)  The "Plan" means the Techne Corporation 2010 Equity Incentive
Plan, as amended hereafter from time to time, including the form of
Agreements as they may be modified by the Administrator from time to time.

       (r)  "Restricted Stock Award" or "Restricted Stock Unit Award" shall
mean any grant of restricted shares of Stock of the Company or the grant of
any restricted stock units pursuant to Section 11 hereof.

       (s)  "Stock," "Option Stock" or "Common Stock" shall mean Common Stock
of the Company (subject to adjustment as described in Section 15).

       (t)  "Stock Appreciation Right" shall mean a grant pursuant to Section
13 hereof.

       (u)  A "Subsidiary" shall mean any corporation of which fifty percent
(50%) or more of the total voting power of the Company's outstanding Stock is
owned, directly or indirectly in an unbroken chain, by the Company.

                              SECTION 2.
                               PURPOSE

	The purpose of the Plan is to promote the success of the Company and
its Affiliates by facilitating the employment and retention of competent
personnel and by furnishing incentive to officers, directors, employees,
consultants, and advisors upon whose efforts the success of the Company and
its Affiliates will depend to a large degree.

                                  4

	It is the intention of the Company to carry out the Plan through the
granting of Options which will qualify as "incentive stock options" under the
provisions of Section 422 of the Internal Revenue Code, or any successor
provision, pursuant to Section 9 of this Plan; through the granting of
"nonqualified stock options" pursuant to Section 10 of this Plan; through the
granting of Restricted Stock Awards and Restricted Stock Unit Awards pursuant
to Section 11 of this Plan; through the granting of Performance Awards
pursuant to Section 12 of this Plan; and through the granting of Stock
Appreciation Rights pursuant to Section 13 of this Plan.  Adoption of this
Plan shall be and is expressly subject to the condition of approval by the
shareholders of the Company within twelve (12) months before or after the
adoption of the Plan by the Board of Directors.  Awards may be granted prior
to the date this Plan is approved by the shareholders of the Company;
provided, however, that any incentive stock options granted after adoption of
the Plan by the Board of Directors shall be treated as nonqualified stock
options if shareholder approval is not obtained within such twelve-month
period.

                             SECTION 3.
                     EFFECTIVE DATE OF PLAN

	The Plan shall be effective as of the date of adoption by the Board of
Directors, subject to approval by the shareholders of the Company as required
in Section 2.

                            SECTION 4.
                          ADMINISTRATION

	The Plan shall be administered by the Board of Directors of the Company
(hereinafter referred to as the "Board") or by a Committee which may be
appointed by the Board from time to time to administer the Plan (hereinafter
collectively referred to as the "Administrator").  Except as otherwise
provided herein, the Administrator shall have all of the powers vested in it
under the provisions of the Plan, including but not limited to exclusive
authority to determine, in its sole discretion, whether an Award shall be
granted; the individuals to whom, and the time or times at which, Awards
shall be granted; the number of shares subject to each Award; the option
price; and the performance criteria, if any, and any other terms and
conditions of each Award.  The Administrator shall have full power and
authority to administer and interpret the Plan, to make and amend rules,
regulations and guidelines for administering the Plan, to prescribe the form
and conditions of the respective agreements evidencing each Award (which may
vary from Participant to Participant), and to make all other determinations
necessary or advisable for the administration of the Plan.  The
Administrator's interpretation of the Plan, and all actions taken and
determinations made by the Administrator pursuant to the power vested in it
hereunder, shall be conclusive and binding on all parties concerned.

	No member of the Board or the Committee shall be liable for any action
taken or determination made in good faith in connection with the
administration of the Plan.  In the event the Board appoints a Committee as
provided hereunder, any action of the Committee with respect to the
administration of the Plan shall be taken pursuant to a majority vote of the
Committee members or pursuant to the written resolution of all Committee
members.

                                  5

                              SECTION 5.
                             PARTICIPANTS

	The Administrator shall from time to time, at its discretion and
without approval of the shareholders, designate those employees, officers,
directors, consultants, and advisors of the Company or of any Affiliate to
whom Awards shall be granted under this Plan; provided, however, that
consultants or advisors shall not be eligible to receive Awards hereunder
unless such consultant or advisor is a natural person, renders bona fide
services to the Company or any Affiliate and such services are not in
connection with the offer or sale of securities in a capital raising
transaction and do not directly or indirectly promote or maintain a market
for the Company's securities.  The Administrator shall, from time to time, at
its discretion and without approval of the shareholders, designate those
employees of the Company or any Affiliate to whom Awards, including incentive
stock options, shall be granted under this Plan.  The Administrator may grant
additional Awards, including incentive stock options, under this Plan to some
or all Participants then holding Awards, or may grant Awards solely or
partially to new Participants. In designating Participants, the Administrator
shall also determine the number of shares to be optioned or awarded to each
such Participant and the performance criteria applicable to each Performance
Award. The Administrator may from time to time designate individuals as being
ineligible to participate in the Plan.

                           SECTION 6.
                             STOCK

	The Stock to be optioned under this Plan shall consist of authorized
but unissued shares of Common Stock.  The maximum aggregate number of shares
of Stock reserved and available for Awards under the Plan is Three Million
(3,000,000); provided, however, that all shares of Stock reserved and
available under the Plan shall constitute the maximum aggregate number of
shares of Stock that may be issued through incentive stock options.  The
following shares of Stock shall continue to be reserved and available for
Awards granted pursuant to the Plan: (i) any outstanding Award that expires
for any reason, (ii) any portion of an outstanding Option or Stock
Appreciation Right that is terminated prior to exercise, (iii) any portion of
an Award that is terminated prior to the lapsing of the risks of forfeiture
on such Award, (iv) shares of Stock used to pay the exercise price under any
Award, (v) shares of Stock used to satisfy any tax withholding obligation
attributable to any Award, whether such shares are withheld by the Company or
tendered by the Participant, and (vi) shares of Stock covered by an Award to
the extent the Award is settled in cash.

	Notwithstanding anything in the Plan to the contrary, for any Awards
granted under the Plan that are intended to qualify as "performance-based
compensation" under Code Section 162(m), the following limits will apply:

	(a)  In no event shall a Participant be granted Options or Stock
Appreciation Rights during any fiscal year of the Company covering in the
aggregate more than One Hundred Thousand (100,000) shares of Stock, subject
to adjustment as provided in Section 15; provided, however, that a share of
Stock subject to a Stock Appreciation Right that is granted in tandem with an
Option shall count as one share against this limitation.

                                   6

	(b)  In no event shall a Participant be granted Restricted Stock Awards
or, to the extent payable in or measured by the value of shares of Stock,
Restricted Stock Unit Awards during any fiscal year of the Company covering
in the aggregate more than One Hundred Thousand (100,000) shares of Stock,
subject to adjustment as provided in Section 15.

	(c)  To the extent payable in or measured by the value of shares of
Stock, in no event shall a Participant be granted Performance Awards during
any fiscal year of the Company covering in the aggregate more than One
Hundred Thousand (100,000) shares of Stock, subject to adjustment as provided
in Section 15.

                              SECTION 7.
                           DURATION OF PLAN

	Incentive stock options may be granted pursuant to the Plan from time
to time during a period of ten (10) years from the effective date as defined
in Section 3.  Other Awards may be granted pursuant to the Plan from time to
time after the effective date of the Plan and until the Plan is discontinued
or terminated by the Administrator.

                             SECTION 8.
                              PAYMENT

	Participants may pay for shares upon exercise of Options granted
pursuant to this Plan (i) in cash, or with a personal check or certified
check, (ii) by the transfer from the Participant to the Company of previously
acquired shares of Common Stock, (iii) through the withholding of shares of
Stock from the number of shares otherwise issuable upon the exercise of the
Option (e.g., a net share settlement), (iv) through broker-assisted cashless
exercise, or (v) by a combination thereof.  Any stock tendered as part of
such payment shall be valued at such stock's then-current Fair Market Value,
or such other form of payment as may be authorized by the Administrator.  In
the event the Optionee elects to pay the exercise price in whole or in part
with previously acquired shares of Common Stock or through a net share
settlement, the Fair Market Value of the shares of Stock delivered or
withheld shall equal the total exercise price for the shares being purchased
in such manner.  The Administrator may, in its sole discretion, limit the
forms of payment available to the Participant and may exercise such
discretion any time prior to the termination of the Option granted to the
Participant or upon any exercise of the Option by the Participant.
"Previously-owned shares" means shares of the Company"s Common Stock which
the Participant has owned for at least six (6) months prior to the exercise
of the Option, or for such other period of time, if any, as may be required
by generally accepted accounting principles.

	With respect to payment in the form of Common Stock of the Company, the
Administrator may require advance approval or adopt such rules as it deems
necessary to assure compliance with Rule 16b-3, or any successor provision,
as then in effect, of the General Rules and Regulations under the Securities
Exchange Act of 1934, if applicable.

                                  7

                             SECTION 9.
            TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS

	Each incentive stock option granted pursuant to this Section 9 shall be
evidenced by a written incentive stock option agreement (the "Option
Agreement").  The Option Agreement shall be in such form as may be approved
from time to time by the Administrator and may vary from Participant to
Participant; provided, however, that each Participant and each Option
Agreement shall comply with and be subject to the following terms and
conditions:

	(a)  Number of Shares and Option Price.  The Option Agreement shall
state the total number of shares covered by the incentive stock option.
Except as permitted by Code Section 424(a), or any successor provision, the
option price per share shall not be less than one hundred percent (100%) of
the per share Fair Market Value of the Common Stock on the date the
Administrator grants the Option; provided, however, that if a Participant
owns stock possessing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or of its Parent or any
Subsidiary, the option price per share of an incentive stock option granted
to such Participant shall not be less than one hundred ten percent (110%) of
the per share Fair Market Value of the Company's Common Stock on the date of
the grant of the Option.  The Administrator shall have full authority and
discretion in establishing the option price and shall be fully protected in
so doing.

	(b)  Term and Exercisability of Incentive Stock Option.  The term
during which any incentive stock option granted under the Plan may be
exercised shall be established in each case by the Administrator.  Except as
permitted by Code Section 424(a), in no event shall any incentive stock
option be exercisable during a term of more than ten (10) years after the
date on which it is granted; provided, however, that if a Participant owns
stock possessing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or of its Parent or any
Subsidiary, the incentive stock option granted to such Participant shall be
exercisable during a term of not more than five (5) years after the date on
which it is granted.

       	The Option Agreement shall state when the incentive stock option
becomes exercisable and shall also state the maximum term during which the
Option may be exercised.  In the event an incentive stock option is
exercisable immediately, the manner of exercise of the Option in the event it
is not exercised in full immediately shall be specified in the Option
Agreement.  The Administrator may accelerate the exercisability of any
incentive stock option granted hereunder which is not immediately exercisable
as of the date of grant.

	(c)  Nontransferability.  No incentive stock option shall be
transferable, in whole or in part, by the Participant other than by will or
by the laws of descent and distribution.  During the Participant's lifetime,
the incentive stock option may be exercised only by the Participant.  If the
Participant shall attempt any transfer of any incentive stock option granted
under the Plan during the Participant's lifetime, such transfer shall be void
and the incentive stock option, to the extent not fully exercised, shall
terminate.

                                  8

	(d)  No Rights as Shareholder.  A Participant (or the Participant's
successor or successors) shall have no rights as a shareholder with respect
to any shares covered by an incentive stock option until the date of the
issuance of a stock certificate evidencing such shares.  No adjustment shall
be made for dividends (ordinary or extraordinary, whether in cash, securities
or other property), distributions or other rights for which the record date
is prior to the date such stock certificate is actually issued (except as
otherwise provided in Section 15 of the Plan).

	(e)  Withholding.  The Company or its Affiliate shall be entitled to
withhold and deduct from any future payments to the Participant all legally
required amounts necessary to satisfy any and all withholding and employment-
related taxes attributable to the Participant's exercise of an incentive
stock option or a "disqualifying disposition" of shares acquired through the
exercise of an incentive stock option as defined in Code Section 421(b).  In
the event the Participant is required under the Option Agreement to pay the
Company, or make arrangements satisfactory to the Company respecting payment
of, such withholding and employment-related taxes, the Administrator may, in
its discretion and pursuant to such rules as it may adopt, permit the
Participant to satisfy such obligation, in whole or in part, by delivering
shares of the Company's Common Stock or by electing to have the Company
withhold shares of Common Stock otherwise issuable to the Participant as a
result of the exercise of the incentive stock option.  Such shares shall have
a Fair Market Value equal to the minimum required tax withholding, based on
the minimum statutory withholding rates for federal and state tax purposes,
including payroll taxes, that are applicable to the supplemental income
resulting from such exercise or disqualifying disposition.  In no event may
the Participant deliver shares, nor may the Company or any Affiliate withhold
shares, having a Fair Market Value in excess of such statutory minimum
required tax withholding.  The Participant's election to have shares withheld
for this purpose shall be made on or before the later of (i) the date the
incentive stock option is exercised or the date of the disqualifying
disposition, as the case may be, or (ii) the date that the amount of tax to
be withheld is determined under applicable tax law.  Such election shall be
approved by the Administrator and otherwise comply with such rules as the
Administrator may adopt to assure compliance with Rule 16b-3, or any
successor provision, as then in effect, of the General Rules and Regulations
under the Securities Exchange Act of 1934, if applicable.

	(f)  Vesting Limitation.  Notwithstanding any other provision of the
Plan, the aggregate Fair Market Value (determined as of the date an Option is
granted) of the Stock with respect to which incentive stock options are
exercisable for the first time by a Participant during any calendar year
(under the Plan and any other "incentive stock option" plans of the Company,
any "subsidiary" of the Company within the meaning of Code Section 424(f),
and any "parent corporation" of the Company within the meaning of Code
Section 424(e)) shall not exceed $100,000 (or such other amount as may be
prescribed by the Code from time to time); provided, however, that if the
exercisability or vesting of an incentive stock option is accelerated as
permitted under the provisions of the Plan and such acceleration would result
in a violation of the limit imposed by this Section 9(f), such acceleration
shall be of full force and effect but the number of shares of Stock that
exceed such limit shall be treated as having been granted pursuant to a
nonqualified stock option; and provided, further, that the limits imposed by
this Section 9(f) shall be applied to all outstanding incentive stock options
(under the Plan and any other "incentive stock option" plans of the Company,
any "subsidiary" of the Company within the meaning of Code Section 424(f),
and any "parent corporation" of the Company within the meaning of Code
Section 424(e)), in chronological order according to the dates of grant.

                                    9

	(g)  Other Provisions.  The Option Agreement authorized under this
Section 9 shall contain such other provisions as the Administrator shall deem
advisable.  Any such Option Agreement shall contain such limitations and
restrictions upon the exercise of the Option as shall be necessary to ensure
that such Option will be considered an "incentive stock option" as defined in
Section 422 of the Internal Revenue Code or to conform to any change therein.

                               SECTION 10.
             TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTIONS

	Each nonqualified stock option granted pursuant to this Section 10
shall be evidenced by a written nonqualified stock option agreement (the
"Option Agreement").  The Option Agreement shall be in such form as may be
approved from time to time by the Administrator and may vary from Participant
to Participant; provided, however, that each Participant and each Option
Agreement shall comply with and be subject to the following terms and
conditions:

	(a)  Number of Shares and Option Price.  The Option Agreement shall
state the total number of shares covered by the nonqualified stock option.
Unless otherwise determined by the Administrator, the option price per share
shall be one hundred percent (100%) of the per share Fair Market Value of the
Common Stock on the date the Administrator grants the Option.

	(b)  Term and Exercisability of Nonqualified Stock Option.  The term
during which any nonqualified stock option granted under the Plan may be
exercised shall be established in each case by the Administrator.  The Option
Agreement shall state when the nonqualified stock option becomes exercisable
and shall also state the maximum term during which the Option may be
exercised.  In the event a nonqualified stock option is exercisable
immediately, the manner of exercise of the Option in the event it is not
exercised in full immediately shall be specified in the Option Agreement.
The Administrator may accelerate the exercisability of any nonqualified stock
option granted hereunder which is not immediately exercisable as of the date
of grant.

	(c)  Transferability.  A nonqualified stock option shall be
transferable, in whole or in part, by the Participant by will or by the laws
of descent and distribution.  In addition, the Administrator may, in its sole
discretion, permit the Participant to transfer any or all nonqualified stock
options to any member of the Participant"s "immediate family" as such term is
defined in Rule 16a-1(e) promulgated under the Securities Exchange Act of
1934, or any successor provision, or to one or more trusts whose
beneficiaries are members of such Participant's "immediate family" or
partnerships in which such family members are the only partners; provided,
however, that the Participant cannot receive any consideration for the
transfer and such transferred nonqualified stock option shall continue to be
subject to the same terms and conditions as were applicable to such
nonqualified stock option immediately prior to its transfer.

                                  10

	(d)  No Rights as Shareholder.  A Participant (or the Participant's
successor or successors) shall have no rights as a shareholder with respect
to any shares covered by a nonqualified stock option until the date of the
issuance of a stock certificate evidencing such shares.  No adjustment shall
be made for dividends (ordinary or extraordinary, whether in cash, securities
or other property), distributions or other rights for which the record date
is prior to the date such stock certificate is actually issued (except as
otherwise provided in Section 15 of the Plan).

	(e)  Withholding.  The Company or its Affiliate shall be entitled to
withhold and deduct from any future payments to the Participant all legally
required amounts necessary to satisfy any and all withholding and employment-
related taxes attributable to the Participant's exercise of a nonqualified
stock option.  In the event the Participant is required under the Option
Agreement to pay the Company, or make arrangements satisfactory to the
Company respecting payment of, such withholding and employment-related taxes,
the Administrator may, in its discretion and pursuant to such rules as it may
adopt, permit the Participant to satisfy such obligation, in whole or in
part, by delivering shares of the Company's Common Stock or by electing to
have the Company withhold shares of Common Stock otherwise issuable to the
Participant as a result of the exercise of the nonqualified stock option.
Such shares shall have a Fair Market Value equal to the minimum required tax
withholding, based on the minimum statutory withholding rates for federal and
state tax purposes, including payroll taxes, that are applicable to the
supplemental income resulting from such exercise.  In no event may the
Participant deliver shares, nor may the Company or any Affiliate withhold
shares, having a Fair Market Value in excess of such statutory minimum
required tax withholding.  The Participant's election to deliver shares or to
have shares withheld for this purpose shall be made on or before the later of
(i) the date the nonqualified stock option is exercised, or (ii) the date
that the amount of tax to be withheld is determined under applicable tax law.
Such election shall be approved by the Administrator and otherwise comply
with such rules as the Administrator may adopt to assure compliance with Rule
16b-3, or any successor provision, as then in effect, of the General Rules
and Regulations under the Securities Exchange Act of 1934, if applicable.

	(f)  Automatic Granting to Non-Employee Directors.  Each non-employee
director who, on and after the date this Plan is approved by the Company's
shareholders, is elected or re-elected as a director of the Company or, in
the event the Company adopts staggered terms for its directors, whose term of
office continues after a meeting of shareholders at which directors are
elected shall, as of the date of such re-election or shareholder meeting,
automatically be granted an option to purchase 5,000 shares of the Common
Stock at an option price per share equal to 100% of the Fair Market Value of
the Common Stock on the date of such election, re-election or shareholder
meeting; provided however, that if such non-employee director is elected
other than by shareholders at an annual meeting, the number of shares subject
to the option shall be determined by multiplying 5,000 by a fraction, the
numerator of which is the number of months until the next regular annual
meeting of shareholders and the denominator of which is 12.  Options granted
pursuant to this subsection (f) shall be immediately exercisable in full.

	(g)  Other Provisions.  The Option Agreement authorized under this
Section 10 shall contain such other provisions as the Administrator shall
deem advisable.

                                     11

                              SECTION 11.
             RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS

	Each Restricted Stock Award or Restricted Stock Unit Award granted
pursuant to the Plan shall be evidenced by a written restricted stock or
restricted stock unit agreement (the "Restricted Stock Agreement" or
"Restricted Stock Unit Agreement," as the case may be).  The Restricted Stock
Agreement or Restricted Stock Unit Agreement shall be in such form as may be
approved from time to time by the Administrator and may vary from Participant
to Participant; provided, however, that each Participant and each Restricted
Stock Agreement or Restricted Stock Unit Agreement shall comply with and be
subject to the following terms and conditions:

       (a)  Number of Shares.  The Restricted Stock Agreement or Restricted
Stock Unit Agreement shall state the total number of shares of Stock covered
by the Restricted Stock Award or Restricted Stock Unit Award.

       (b)  Risks of Forfeiture.  The Restricted Stock Agreement or Restricted
Stock Unit Agreement shall set forth the risks of forfeiture, if any,
including risks of forfeiture based on Performance Objectives, which shall
apply to the shares of Stock covered by the Restricted Stock Award or
Restricted Stock Unit Award, and shall specify the manner in which such risks
of forfeiture shall lapse.  The Administrator may, in its sole discretion,
modify the manner in which such risks of forfeiture shall lapse but only with
respect to those shares of Stock which are restricted as of the effective
date of the modification.

       (c)  Issuance of Shares; Rights as Shareholder.

       		(i)  With respect to a Restricted Stock Award, the Company
shall cause to be issued a stock certificate representing such shares of
Stock in the Participant's name, and shall deliver such certificate to the
Participant; provided, however, that the Company shall place a legend on such
certificate describing the risks of forfeiture and other transfer
restrictions set forth in the Participant's Restricted Stock Agreement and
providing for the cancellation and return of such certificate if the shares
of Stock subject to the Restricted Stock Award are forfeited.  Until the
risks of forfeiture have lapsed or the shares subject to such Restricted
Stock Award have been forfeited, the Participant shall be entitled to vote
the shares of Stock represented by such stock certificates and shall receive
all dividends attributable to such shares, but the Participant shall not have
any other rights as a shareholder with respect to such shares.

               (ii)  With respect to a Restricted Stock Unit Award, as the
risks of forfeiture on the restricted stock units lapse, the Participant
shall be entitled to payment of the Restricted Stock Units.  The
Administrator may, in its sole discretion, pay Restricted Stock Units in
cash, shares of Stock or any combination thereof.  If payment is made in
shares of Stock, the Administrator shall cause to be issued one or more stock
certificates in the Participant's name and shall deliver such certificates to
the Participant in satisfaction of such restricted stock units.  Until the
risks of forfeiture on the restricted stock units have lapsed, the
Participant shall not be entitled to vote any shares of stock which may be
acquired through the restricted stock units, shall not receive any dividends
attributable to such shares, and shall not have any other rights as a
shareholder with respect to such shares.

                                   12

       (d)  Withholding Taxes.  The Company or its Affiliate shall be entitled
to withhold and deduct from any future payments to the Participant all
legally required amounts necessary to satisfy any and all withholding and
employment-related taxes attributable to the Participant's Restricted Stock
Award or Restricted Stock Unit Award.  In the event the Participant is
required under the Restricted Stock Agreement or Restricted Stock Unit
Agreement to pay the Company, or make arrangements satisfactory to the
Company respecting payment of, such withholding and employment-related taxes,
the Administrator may, in its discretion and pursuant to such rules as it may
adopt, require the Participant to satisfy such obligations, in whole or in
part, by delivering shares of Common Stock, including shares of Stock
received pursuant to the Restricted Stock Award or Restricted Stock Unit
Award on which the risks of forfeiture have lapsed.  Such shares shall have a
Fair Market Value equal to the minimum required tax withholding, based on the
minimum statutory withholding rates for federal and state tax purposes,
including payroll taxes, that are applicable to the supplemental income
resulting from the lapsing of the risks of forfeiture on such restricted
stock or restricted stock unit.  In no event may the Participant deliver
shares having a Fair Market Value in excess of such statutory minimum
required tax withholding.  The Participant's election to deliver shares of
Common Stock for this purpose shall be made on or before the date that the
amount of tax to be withheld is determined under applicable tax law.  Such
election shall be approved by the Administrator and otherwise comply with
such rules as the Administrator may adopt to assure compliance with Rule
16b-3, or any successor provision, as then in effect, of the General Rules
and Regulations under the Securities Exchange Act of 1934, if applicable.

       (e)  Nontransferability.  No Restricted Stock Award or Restricted Stock
Unit Award shall be transferable, in whole or in part, by the Participant,
other than by will or by the laws of descent and distribution, prior to the
date the risks of forfeiture described in the Restricted Stock Agreement or
Restricted Stock Unit Agreement have lapsed.  If the Participant shall
attempt any transfer of any Restricted Stock Award or Restricted Stock Unit
Award granted under the Plan prior to such date, such transfer shall be void
and the Restricted Stock Award or Restricted Stock Unit Award shall
terminate.

	(f)  Other Provisions.  The Restricted Stock Agreement or Restricted
Stock Unit Agreement authorized under this Section 11 shall contain such
other provisions as the Administrator shall deem advisable.

                               SECTION 12.
                            PERFORMANCE AWARDS

	Each Performance Award granted pursuant to this Section 12 shall be
evidenced by a written performance award agreement (the "Performance Award
Agreement").  The Performance Award Agreement shall be in such form as may be
approved from time to time by the Administrator and may vary from Participant
to Participant; provided, however, that each Participant and each Performance
Award Agreement shall comply with and be subject to the following terms and
conditions:

                                    13

	(a)  Awards.  Performance Awards in the form of Performance Units or
Performance Shares may be granted to any Participant in the Plan. Performance
Units shall consist of monetary awards which may be earned or become vested
in whole or in part if the Company or the Participant achieves certain
Performance Objectives established by the Administrator over a specified
Performance Period.  Performance Shares shall consist of shares of Stock or
other Awards denominated in shares of Stock that may be earned or become
vested in whole or in part if the Company or the Participant achieves certain
Performance Objectives established by the Administrator over a specified
Performance Period.

	(b)  Performance Objectives, Performance Period and Payment.  The
Performance Award Agreement shall set forth:

		(i)  the number of Performance Units or Performance Shares subject
to the Performance Award, and the dollar value of each Performance Unit;

		(ii) one or more Performance Objectives established by the
Administrator;

		(iii) the Performance Period over which Performance Units or
Performance Shares may be earned or may become vested;

		(iv) the extent to which partial achievement of the Performance
Objectives may result in a payment or vesting of the Performance Award, as
determined by the Administrator; and

		(v)  the date upon which payment of Performance Units will be made
or Performance Shares will be issued, as the case may be, and the extent to
which such payment or the receipt of such Performance Shares may be deferred.

	(c)  Withholding Taxes.  The Company or its Affiliates shall be
entitled to withhold and deduct from any future payments to the Participant
all legally required amounts necessary to satisfy any and all withholding and
employment-related taxes attributable to the Participant's Performance Award.
In the event the Participant is required under the Performance Award
Agreement to pay the Company or its Affiliates, or make arrangements
satisfactory to the Company or its Affiliates respecting payment of, such
withholding and employment-related taxes, the Administrator may, in its
discretion and pursuant to such rules as it may adopt, permit the Participant
to satisfy such obligations, in whole or in part, by delivering shares of
Common Stock, including shares of Stock received pursuant to the Performance
Award.  Such shares shall have a Fair Market Value equal to the minimum
required tax withholding, based on the minimum statutory withholding rates
for federal and state tax purposes, including payroll taxes.  In no event may
the Participant deliver shares having a Fair Market Value in excess of such
statutory minimum required tax withholding.  The Participant's election to
deliver shares of Common Stock for this purpose shall be made on or before
the date that the amount of tax to be withheld is determined under applicable
tax law.  Such election shall be approved by the Administrator and otherwise
comply with such rules as the Administrator may adopt to assure compliance
with Rule 16b-3, or any successor provision, as then in effect, of the
General Rules and Regulations under the Securities Exchange Act of 1934, if
applicable.

                                      14

	(d)  Nontransferability.  No Performance Award shall be transferable,
in whole or in part, by the Participant, other than by will or by the laws of
descent and distribution.  If the Participant shall attempt any transfer of
any Performance Award granted under the Plan, such transfer shall be void and
the Performance Award shall terminate.

	(e)  No Rights as Shareholder.  A Participant (or the Participant's
successor or successors) shall have no rights as a shareholder with respect
to any shares covered by a Performance Award until the date of the issuance
of a stock certificate evidencing such shares.  No adjustment shall be made
for dividends (ordinary or extraordinary, whether in cash, securities or
other property), distributions or other rights for which the record date is
prior to the date such stock certificate is actually issued (except as
otherwise provided in Section 15 of the Plan).

	(f)  Other Provisions.  The Performance Award Agreement authorized
under this Section 12 shall contain such other provisions as the
Administrator shall deem advisable.

                              SECTION 13.
                       STOCK APPRECIATION RIGHTS

	Each Stock Appreciation Right granted pursuant to this Section 13 shall
be evidenced by a written stock appreciation right agreement (the "Stock
Appreciation Right Agreement").  The Stock Appreciation Right Agreement shall
be in such form as may be approved from time to time by the Administrator and
may vary from Participant to Participant; provided, however, that each
Participant and each Stock Appreciation Right Agreement shall comply with and
be subject to the following terms and conditions:

	(a)  Awards.  A Stock Appreciation Right shall entitle the Participant
to receive, upon exercise, cash, shares of Stock, or any combination thereof,
having a value equal to the excess of (i) the Fair Market Value of a
specified number of shares of Stock on the date of such exercise, over (ii) a
specified exercise price.  Unless otherwise determined by the Administrator,
the specified exercise price shall not be less than 100% of the Fair Market
Value of such shares of Stock on the date of grant of the Stock Appreciation
Right.  A Stock Appreciation Right may be granted independent of or in tandem
with a previously or contemporaneously granted Option.

	(b)  Term and Exercisability.  The term during which any Stock
Appreciation Right granted under the Plan may be exercised shall be
established in each case by the Administrator.  The Stock Appreciation Right
Agreement shall state when the Stock Appreciation Right becomes exercisable
and shall also state the maximum term during which such Stock Appreciation
Right may be exercised.  In the event a Stock Appreciation Right is
exercisable immediately, the manner of exercise of such Stock Appreciation
Right in the event it is not exercised in full immediately shall be specified
in the Stock Appreciation Right Agreement.  The Administrator may accelerate
the exercisability of any Stock Appreciation Right granted hereunder which is
not immediately exercisable as of the date of grant.  If a Stock Appreciation
Right is granted in tandem with an Option, the Stock Appreciation Right
Agreement shall set forth the extent to which the exercise of all or a
portion of the Stock Appreciation Right shall cancel a corresponding portion
of the Option, and the extent to which the exercise of all or a portion of
the Option shall cancel a corresponding portion of the Stock Appreciation
Right.

                                     15

	(c)  Withholding Taxes.  The Company or its Affiliate shall be entitled
to withhold and deduct from any future payments to the Participant all
legally required amounts necessary to satisfy any and all withholding and
employment-related taxes attributable to the Participant's Stock Appreciation
Right.  In the event the Participant is required under the Stock Appreciation
Right to pay the Company or its Affiliate, or make arrangements satisfactory
to the Company or its Affiliate respecting payment of, such withholding and
employment-related taxes, the Administrator may, in its discretion and
pursuant to such rules as it may adopt, permit the Participant to satisfy
such obligation, in whole or in part, by delivering shares of the Company's
Common Stock or by electing to have the Company withhold shares of Common
Stock otherwise issuable to the Participant as a result of the exercise of
the Stock Appreciation Right.  Such shares shall have a Fair Market Value
equal to the minimum required tax withholding, based on the minimum statutory
withholding rates for federal and state tax purposes, including payroll
taxes, that are applicable to the supplemental income resulting from such
exercise.  In no event may the Participant deliver shares, nor may the
Company or any Affiliate withhold shares, having a Fair Market Value in
excess of such statutory minimum required tax withholding.  The Participant's
election to deliver shares or to have shares withheld for this purpose shall
be made on or before the later of (i) the date the Stock Appreciation Right
is exercised, or (ii) the date that the amount of tax to be withheld is
determined under applicable tax law.  Such election shall be approved by the
Administrator and otherwise comply with such rules as the Administrator may
adopt to assure compliance with Rule 16b-3, or any successor provision, as
then in effect, of the General Rules and Regulations under the Securities
Exchange Act of 1934, if applicable.

	(d)  Nontransferability.  No Stock Appreciation Right shall be
transferable, in whole or in part, by the Participant, other than by will or
by the laws of descent and distribution.  If the Participant shall attempt
any transfer of any Stock Appreciation Right granted under the Plan, such
transfer shall be void and the Stock Appreciation Right shall terminate.

	(e)  No Rights as Shareholder.  A Participant (or the Participant's
successor or successors) shall have no rights as a shareholder with respect
to any shares covered by a Stock Appreciation Right until the date of the
issuance of a stock certificate evidencing such shares.  No adjustment shall
be made for dividends (ordinary or extraordinary, whether in cash, securities
or other property), distributions or other rights for which the record date
is prior to the date such stock certificate is actually issued (except as
otherwise provided in Section 15 of the Plan).

	(f)  Other Provisions.  The Stock Appreciation Right Agreement
authorized under this Section 13 shall contain such other provisions as the
Administrator shall deem advisable, including but not limited to any
restrictions on the exercise of the Stock Appreciation Right which may be
necessary to comply with Rule 16b-3 of the Securities Exchange Act of 1934,
as amended.

                              16

                          SECTION 14
                  PERFORMANCE-BASED COMPENSATION

	The Committee may specify that an Award or a portion of an Award is
intended to satisfy the requirements for "performance-based compensation" of
Code Section 162(m); provided that, notwithstanding anything in this Plan to
the contrary, the performance criteria for such Award or portion of an Award
(either, a "Section 162(m) Award") shall be a measure based on one or more
Performance Objectives selected by the Committee and established on or before
the time required to qualify such Performance Objective as a "preestablished
goal" under Code Section 162(m) and the regulations issued thereunder.  The
Committee shall certify the extent to which any Performance Objective has
been satisfied, and the amount payable as a result thereof, prior to the
payment, settlement or vesting of any Award that is intended to satisfy the
requirements for "performance-based compensation" under Code Section 162(m).
In determining the amounts earned by a Participant pursuant to a Section
162(m) Award, the Committee, in its discretion, will have the right to reduce
or eliminate (but not to increase) the amount payable at a given level of
performance on a formula or discretionary basis, or any combination thereof.

	Notwithstanding anything in this Plan to the contrary, if the vesting,
settlement or payment of any Award intended to be a Section 162(m) Award is
accelerated by reason of the Participant's termination of employment for any
reason other than death, disability or a Change of Control, such Award will
not be deemed to be "performance-based compensation" for purposes of Code
Section 162(m) to the extent prohibited by Code Section 162(m), or the
regulations, notices and other guidance of general applicability issued
thereunder.

                            SECTION 15.
              RECAPITALIZATION, SALE, MERGER, EXCHANGE
                         OR LIQUIDATION

	In the event of an increase or decrease in the number of shares of
Common Stock resulting from a stock dividend, stock split, reverse split,
combination or reclassification of the Common Stock, or any other increase or
decrease in the number of issued shares of Common Stock effected without
receipt of consideration by the Company, the Board may, in its sole
discretion, adjust the number of shares of Stock reserved under Section 6
hereof, the number of shares of Stock covered by each outstanding Award, and,
if applicable, the price per share thereof to reflect such change.
Additional shares which may become covered by the Award pursuant to such
adjustment shall be subject to the same restrictions as are applicable to the
shares with respect to which the adjustment relates.

	Unless otherwise provided in the agreement evidencing an Award, in the
event of a Change of Control, the Board may provide for one or more of the
following:

       (a)  the acceleration of the exercisability of any outstanding Options
or Stock Appreciation Rights, the vesting and payment of any Performance
Awards, or the lapsing of the risks of forfeiture on any Restricted Stock
Awards or Restricted Stock Unit Awards;

                                 17

       (b)  the complete termination of this Plan, the cancellation of
outstanding Options or Stock Appreciation Rights not exercised prior to a
date specified by the Board (which date shall give Participants a reasonable
period of time in which to exercise such Option or Stock Appreciation Right
prior to the effective date of such Change of Control), the cancellation of
any Performance Award and the cancellation of any Restricted Stock Awards or
Restricted Stock Unit Awards for which the risks of forfeiture have not
lapsed;

       (c)  that Participants holding outstanding Options and Stock
Appreciation Rights shall receive, with respect to each share of Stock
subject to such Option or Stock Appreciation Right, as of the effective date
of any such Change of Control, cash in an amount equal to the excess of the
Fair Market Value of such Stock on the date immediately preceding the
effective date of such Change of Control over the price per share of such
Options or Stock Appreciation Rights; provided that the Board may, in lieu of
such cash payment, distribute to such Participants shares of Common Stock of
the Company or shares of stock of any corporation succeeding the Company by
reason of such Change of Control, such shares having a value equal to the
amount specified in this Section 15(c);

       (d)  that Participants holding outstanding Restricted Stock Awards,
Restricted Stock Unit Awards and Performance Share Awards shall receive, with
respect to each share of Stock subject to such Awards, as of the effective
date of any such Change of Control, cash in an amount equal to the Fair
Market Value of such Stock on the date immediately preceding the effective
date of such Change of Control; provided that the Board may, in lieu of such
cash payment, distribute to such Participants shares of Common Stock of the
Company or shares of stock of any corporation succeeding the Company by
reason of such Change of Control, such shares having a value equal to the
amount specified in this Section 15(d);

       (e)  the continuance of the Plan with respect to the exercise of
Options or Stock Appreciation Rights which were outstanding as of the date of
adoption by the Board of such plan for such Change of Control and the right
to exercise such Options and Stock Appreciation Rights as to an equivalent
number of shares of stock of the corporation succeeding the Company by reason
of such Change of Control; and

       (f)  the continuance of the Plan with respect to Restricted Stock
Awards or Restricted Stock Unit Awards for which the risks of forfeiture have
not lapsed as of the date of adoption by the Board of such plan for such
Change of Control and the right to receive an equivalent number of shares of
stock of the corporation succeeding the Company by reason of such Change of
Control.

       (g)  the continuance of the Plan with respect to Performance Awards
and, to the extent applicable, the right to receive an equivalent number of
shares of stock of the corporation succeeding the Company by reason for such
Change of Control.

The Board may restrict the rights of or the applicability of this Section 15
to the extent necessary to comply with Section 16(b) of the Securities
Exchange Act of 1934, the Internal Revenue Code or any other applicable law
or regulation.  The grant of an Award pursuant to the Plan shall not limit in
any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure or to merge, exchange or consolidate or to dissolve, liquidate,
sell or transfer all or any part of its business or assets.

                                  18

                             SECTION 16.
                          INVESTMENT PURPOSE

	No shares of Stock shall be issued pursuant to the Plan unless and
until there has been compliance, in the opinion of Company's counsel, with
all applicable legal requirements, including without limitation, those
relating to securities laws and stock exchange listing requirements.  As a
condition to the issuance of Stock to Participant, the Administrator may
require Participant to (a) represent that the shares of Stock are being
acquired for investment and not resale and to make such other representations
as the Administrator shall deem necessary or appropriate to qualify the
issuance of the shares as exempt from the Securities Act of 1933 and any
other applicable securities laws, and (b) represent that Participant shall
not dispose of the shares of Stock in violation of the Securities Act of 1933
or any other applicable securities laws.

	As a further condition to the grant of any Option or the issuance of
Stock to Participant, Participant agrees to the following:

	(a)  In the event the Company advises Participant that it plans an
underwritten public offering of its Common Stock in compliance with the
Securities Act of 1933, as amended, and the underwriter(s) seek to impose
restrictions under which certain shareholders may not sell or contract to
sell or grant any option to buy or otherwise dispose of part or all of their
stock purchase rights of the Common Stock underlying Awards, Participant will
not, for a period not to exceed 180 days from the prospectus, sell or
contract to sell or grant an option to buy or otherwise dispose of any Option
granted to Participant pursuant to the Plan or any of the underlying shares
of Common Stock without the prior written consent of the underwriter(s) or
its representative(s).

	(b)  In the event the Company makes any public offering of its
securities and determines in its sole discretion that it is necessary to
reduce the number of issued but unexercised stock purchase rights so as to
comply with any state's securities or Blue Sky law limitations with respect
thereto, the Board of Directors of the Company shall have the right (i) to
accelerate the exercisability of any Option and the date on which such Option
must be exercised, provided that the Company gives Participant prior written
notice of such acceleration, and (ii) to cancel any Options or portions
thereof which Participant does not exercise prior to or contemporaneously
with such public offering.

	(c)  In the event of a Change of Control, Participant will comply with
Rule 145 of the Securities Act of 1933 and any other restrictions imposed
under other applicable legal or accounting principles if Participant is an
"affiliate" (as defined in such applicable legal and accounting principles)
at the time of the transaction, and Participant will execute any documents
necessary to ensure compliance with such rules.

	The Company reserves the right to place a legend on any stock
certificate issued in connection with an Award pursuant to the Plan to assure
compliance with this Section 16.

                                 19

                              SECTION 17.
                         AMENDMENT OF THE PLAN

	The Board may from time to time, insofar as permitted by law, suspend
or discontinue the Plan or revise or amend it in any respect; provided,
however, that no such revision or amendment, except as is authorized in
Section 15, shall impair the terms and conditions of any Award which is
outstanding on the date of such revision or amendment to the material
detriment of the Participant without the consent of the Participant.
Notwithstanding the foregoing, no such revision or amendment shall (i)
materially increase the number of shares subject to the Plan except as
provided in Section 15 hereof, (ii) change the designation of the class of
employees eligible to receive Awards, (iii) decrease the price at which
Options may be granted, or (iv) materially increase the benefits accruing to
Participants under the Plan without the approval of the shareholders of the
Company if such approval is required for compliance with the requirements of
any applicable law or regulation.  Furthermore, the Plan may not, without the
approval of the shareholders, be amended in any manner that will cause
incentive stock options to fail to meet the requirements of Code Section 422.
Notwithstanding anything in the Plan to the contrary, the Board may amend
this Plan to the extent necessary or desirable to comply with the
requirements of Code Section 409A and the regulations, notices and other
guidance of general applicability issued thereunder.

                               SECTION 18.
                   NO OBLIGATION TO EXERCISE OPTION

	The granting of an Option shall impose no obligation upon the
Participant to exercise such Option.  Further, the granting of an Award
hereunder shall not impose upon the Company or any Affiliate any obligation
to retain the Participant in its employ for any period.

                                   20

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