Document:

Floating Pledge Agreement dated March 25, 2004

 Exhibit 10.60(d) 
  
 (Translation) 
  

  
 Floating Pledge Agreement 
  

  

			
	Agent:	    	Mizuho Corporate Bank, Ltd.
		
	Pledgee:	    	Financial Institutions specified in Exhibit 1
		
	Pledgor:	    	FASL JAPAN LIMITED

  
 March 25, 2004

 (Translation) 
  
 FLOATING PLEDGE AGREEMENT 
  
 FASL JAPAN LIMITED (the “Pledgor”), the financial institutions specified in Exhibit 1(1) as Pledgees A (All pledgees A shall be collectively referred to as
“Pledgees A” or “all Pledgees A,” and individual pledgees A shall, depending on the context, be referred to as “each Pledgee A.”), and the financial institutions specified in Exhibit 1(2) as Pledgees B (All pledgees B
shall be collectively referred to as “Pledgees B” or “all Pledgees B,” and individual pledgees B shall, depending on the context, be referred to as “each Pledgee B.” All Pledgees A and Pledgees B shall be collectively
referred to as “Pledgees” or “all Pledgees,” and individual pledgees shall, depending on the context, be referred to as “each Pledgee.”) hereby enter into this agreement (this “Agreement”) as follows with
respect to the creation of floating pledges on the Security Beneficial Interests (as defined below) held by the Pledgor, under which Mizuho Corporate Bank, Ltd. will act as the Agent, as of March 25, 2004. 
  

	1.	DEFINITIONS 

  
 Except as otherwise specifically defined herein, the terms in this Agreement shall have the meanings defined in (i) the Accounts Receivables Trust Agreement dated March 25, 2004 entered into by and between the Pledgor
and Mizuho Trust & Banking Co., Ltd. (the “Trustee”) (as amended, the “Trust Agreement”), (ii) the Revolving Line Agreement (A) dated March 25, 2004 entered into by and among Mizuho Corporate Bank, Ltd., Shinkin Central Bank,
The Bank of Yokohama, Ltd., The Toho Bank, Ltd., The Norinchukin Bank and the Pledgor (as amended, the “Loan Agreement A”), (iii) the Revolving Line Agreement (B) dated March 25, 2004 entered into by and between Mizuho Corporate Bank and
the Pledgor (as amended, the “Loan Agreement B,” and together with the Loan Agreement A, the “Loan Agreements”), and (iv) the Creditors’ Agreement dated March 25, 2004 entered into by and among Mizuho Corporate Bank, Ltd.,
Shinkin Central Bank, The Bank of Yokohama, Ltd., The Toho Bank, Ltd., The Norinchukin Bank and the Pledgor (as amended, the “Creditors’ Agreement”). 
  

	2.	CREATION OF FLOATING PLEDGE 

  

	2.1	The Pledgor shall create first-priority floating pledges (collectively, the “Floating Pledge A”) on its beneficial interests in trust under the Trust Agreement (the
“Security Beneficial Interests”) with respect to each Pledgee A as follows. 

  
 DESCRIPTION 
  

			
	Scope of Secured Receivables:	 	The right to claim for the payment of principal and interest and any other receivables held by each Pledgee A against the Pledgor under the Loan Agreement A (collectively the “Secured
Receivables A”)
		
	Maximum Amount:	 	JPY 9,000,000,000
		
	Date to crystallize the receivables to be secured by Floating Pledge A:	 	No date is fixed.

  

 2 

 (Translation) 
  

	2.2	The Pledgor shall create second-priority floating pledges (collectively the “Floating Pledge B,” and together with the Floating Pledge A, the “Floating Pledges”)
on the Security Beneficial Interests with respect to each Pledgee B as follows. 

  
 DESCRIPTION 
  

			
	Scope of Secured Receivables:	 	The right to claim for the payment of principal and interest and any other receivables held by each Pledgee B against the Pledgor under the Loan Agreement B (collectively the “Secured
Receivables B,” and together with the Secured Receivables A, the “Secured Receivables”)
		
	Maximum Amount:	 	JPY 6,000,000,000
		
	Date to crystallize the receivables to be secured by Floating Pledge B:	 	No date is fixed.

  

	2.3	Each Pledgee A shall, as a result of creation of the Floating Pledge A described in Clause 2.1, acquire a floating pledge on the Security Beneficial Interests that has the same
priority as those held by the other Pledgees A. Each Pledgee B shall, as a result of creation of the Floating Pledge B described in Clause 2.2, acquire a floating pledge on the Security Beneficial Interests that has the same priority as those held
by the other Pledgees B. 

  

	2.4	The Pledgees hereby authorize the Agent to exercise on behalf of the Pledgees the rights of the Pledgees under this Agreement to the extent such exercise does not breach applicable
laws or ordinances. Provided, however, that the specific time, method and terms of exercising the rights as a Pledgee shall be in accordance with the decision-making of the Majority Lenders under the provisions of the Creditors’
Agreement. 

  

	2.5	The Pledgees shall enforce the Floating Pledges only through the Agent and in accordance with the provisions of this Agreement, the Loan Agreements and the Creditors’
Agreement, and applicable laws and ordinances. Provided, however, that the Pledgees are able to receive appropriation for repayment of the Loans in accordance with the provisions of the Loan Agreements and the Creditors’ Agreement.

  

	2.6	The authority set forth in Clause 2.4 shall extinguish upon the resignation or dismissal of the Agent in accordance with Clause 28 of the Loan Agreements (or Clause 28 of the Loan
Agreements that has been replaced in accordance with the provisions of Clause 7 of the Creditor’s Agreement; hereinafter the same) and the provisions of the Creditors’ Agreement. Thereafter, the successor Agent assuming office in
accordance with Clause 28 of the Loan Agreements shall exercise the rights and bear the obligations under this Clause. Immediately after such change in Agents, the former Agent and the successor Agent shall notify the Pledgor thereof in writing in
their joint name. 

  

 3 

 (Translation) 
  

	3.	DELIVERY OF ORIGINAL COPY AND ACQUISITION OF TRUSTEE APPROVAL 

  

	3.1	On the date of this Agreement, the Pledgor shall deliver to the Agent original copies of a certificate for the Security Beneficial Interests (provided, however, that this shall only
apply if such certificate has been issued) and an agreement with respect to the Trust Agreement (such certificate and agreement shall be collectively referred to as “Trust Agreement and Certificate”). The Agent shall, upon receipt of the
Trust Agreement and Certificate pursuant to this Paragraph, immediately deliver to each Pledgee copies thereof with wording certifying that such copies are accurate copies of the Trust Agreement and Certificate 

  

	3.2	On the date of this Agreement, the Pledgor shall obtain the Trustee’s written approval of the creation of the Floating Pledge A on the Security Beneficial Interests with a
certified date substantially in the form set out in Exhibit 2, and deliver the original copy thereof to the Agent, to complete (i) perfection against debtors and third parties under Articles 364(1) and 467 of the Civil Code with respect to the
creation of the Floating Pledge A and (ii) prior perfection under Article 467 of the Civil Code with respect to acquisition of the Security Beneficial Interests as a result of enforcement by any Pledgee A of the Floating Pledge A pursuant to the
provisions of Clause 7.1(3) of this Agreement. The Agent shall, upon obtaining approval from the Trustee pursuant to this Paragraph, immediately deliver to each Pledgee A copies thereof with wording certifying that such copies are accurate copies of
the approval. 

  

	3.3	On the date of this Agreement and after carrying out the procedures provided in the preceding Paragraph, the Pledgor shall obtain the Trustee’s written approval of the creation
of the Floating Pledge B on the Security Beneficial Interests with a certified date substantially in the form set out in Exhibit 3, and deliver the original copy thereof to the Agent, to complete (i) perfection against debtors and third parties
under Articles 364(1) and 467 of the Civil Code with respect to the creation of the Floating Pledge B and (ii) prior perfection under Article 467 of the Civil Code with respect to acquisition of the Security Beneficial Interests as a result of
enforcement by any Pledgee B of the Floating Pledge B pursuant to the provisions of Clause 7.1(3) of this Agreement. The Agent shall, upon obtaining approval from the Trustee pursuant to this Paragraph, immediately deliver to each Pledgee B copies
thereof with wording certifying that such copies are accurate copies of the approval. 

  

	3.4	Upon receipt of the Trust Agreement and Certificate or the Trustee’s approval in accordance with the provisions of preceding three Paragraphs, the Agent shall exclusively
posses the Trust Agreement and Certificate or the Trustee’s approval for its own benefit and on behalf of each Pledgee for the benefit of each Pledgee, and each Pledgee agrees thereto. 

  

	3.5	Each Pledgee authorizes the Agent and the Agent agrees to receive the Trust Agreement and Certificate and the Trustee’s approval on behalf of each Pledgee.

  

	3.6	The Agent shall keep the original copies of the Trust Agreement and Certificate that are delivered by the Pledgor in accordance with Clause 3.1 for the benefit of each Pledgee with
the duty of care of a good administrator, until the Pledgor satisfies all of the Secured Receivables and the Agent returns to the Pledgor the original copies of the Trust Agreement and Certificate in accordance with Clause 15 of this Agreement.

  

 4 

 (Translation) 
  

	4.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR 

  

	4.1	The Pledgor represents and warrants that the following is true and correct as of the date of this Agreement. 

  

	 	(1)	The Trust Agreement is an agreement duly executed and effectively existing under the laws of Japan. 

  

	 	(2)	The Security Beneficial Interests solely belong to the Pledgor, and the Pledgor has the sole authority to dispose of the Security Beneficial Interests. 

  

	 	(3)	There are no encumbrances relating to real rights on the Security Beneficial Interests that have priority over or precede the Floating Pledge A, nor is there any other event that
will interfere with the rights or interests of the Pledgees A. 

  

	 	(4)	Other than the Floating Pledge A, there are no encumbrances relating to real rights on the Security Beneficial Interests that have priority over or precede the Floating Pledge B,
nor is there any other event that will interfere with the rights or interests of the Pledgees B. 

  

	 	(5)	No lawsuit, arbitration, mediation or other administrative procedure by a third party is pending with respect to the creation, continued existence, ownership or exercise of the
Security Beneficial Interests, nor is there any threat of the commencement of any of the foregoing. 

  

	 	(6)	The Security Beneficial Interests are legal, valid and binding, and enforceable in accordance with the terms of this Agreement. 

  

	 	(7)	No principal has been redeemed before the due date with respect to the Security Beneficial Interests. 

  

	 	(8)	Neither the Settlor nor the Trustee is in default of any obligations under the Trust Agreement. 

  

	 	(9)	There are no grounds for defense that interfere with the creation, continued existence or exercise of the Security Beneficial Interests. 

  

	 	(10)	No provisions of the Trust Agreement have been amended, released or waived, the Security Beneficial Interests have not been transferred to a third party, had a security interest
created thereon, or otherwise been disposed of in a way that adversely affects or is likely to adversely affect the rights of the Pledgees under this Agreement, nor is the Pledgor under any obligation to make such a disposition for the benefit of a
third party. 

  

	 	(11)	No petition for provisional attachment, preservative attachment, attachment or provisional disposition has been filed by any third party in respect of all or a part of the Security
Beneficial Interests, nor are there any rights or encumbrances in respect of all or a part of the Security Beneficial Interests that have or are likely to have an adverse effect on the rights of the Pledgees under this Agreement;

  

	 	(12)	Each of the Pledgor’s representations and warranties set out in the Trust Agreement are true and correct. 

  

 5 

 (Translation) 
  

	4.2	If it is found that any of the Pledgor’s representations and warranties set out in Clause 4.1 are false or incorrect in any material respect, the Pledgor shall immediately
notify the Agent thereof in writing, and shall compensate the Agent or each Pledgee for the losses incurred by them due to such breach of representations or warranties. 

  

	5.	PRESERVATION OF TRUST AGREEMENT 

  
 The Pledgor shall not, without the Agent’s prior written consent, amend any provision of the Trust Agreement, transfer the Security Beneficial Interests to a third
party, create a security interest on or otherwise dispose of or cancel the Security Beneficial Interests, or conduct any other act which is likely to adversely affect the Floating Pledges. 
  

	6.	CHANGES IN DETAILS OF FLOATING PLEDGES 

  
 If it becomes necessary to transfer all or a part of the Floating Pledges (including changing the scope of the secured receivables in connection with such transfer) or
otherwise change or dispose of the Floating Pledges (excluding the case where such change or disposal materially and adversely affects the Pledgor), the Pledgor shall agree to or approve the Agent’s requests or take other procedures necessary
therefor. If required by the Agent to change the scope of the secured receivables with respect to the Floating Pledges (excluding those in connection with the transfer of all or a part of the Floating Pledges), the Pledgor shall consult with the
Agent in good faith. 
  

	7.	ENFORCEMENT OF THE PLEDGE 

  

	7.1	If the obligations that the Pledgor owes with respect to any of the Secured Receivables become due or immediately payable, the Pledgees may enforce the Floating Pledges in
accordance with any of the following methods. In such case, each Pledgee may enforce the Floating Pledges only through the Agent by times, methods and terms determined in accordance with the decision-making of the Majority Lenders under Clause 2 of
the Creditors’ Agreement, and the Agent shall enforce the Floating Pledges on behalf of each Pledgee. The Agent shall, in enforcing the Floating Pledges, notify the Trustee, Pledgor and each Pledgee in writing of the enforcement of the Floating
Pledges under this Agreement (the “Floating Pledge Enforcement Notice”). 

  

	 	(1)	Method of (i) directly collecting money equal to the amount of the Trustee’s obligations to pay distributions and principal redemptions with respect to the Security Beneficial
Interests or any other obligation owed by the Trustee to the Pledgor under the Trust Agreement, and (ii) using such collected amount (the “Directly Collected Amount”) to repay the Secured Receivables. 

  

	 	(2)	Method of (i) disposing of the Security Beneficial Interests by times, methods, prices, etc., which are generally acknowledged as appropriate, and (ii) using the proceeds from such
disposal (the “Disposal Proceeds”) to repay the Secured Receivables. 

  

	 	(3)	Method of (i) acquiring the Security Beneficial Interests by evaluating them by times, methods, prices, etc., which are generally acknowledged as appropriate, and (ii) deeming that
the Secured Receivables cease to be effective at the same amount as such value of the Security Beneficial Interests (the “Valued Amount”). 

  

 6 

 (Translation) 
  

	7.2	Notwithstanding the provisions of the preceding Paragraph, if the Agent reasonably deems it necessary to urgently enforce the Floating Pledges, the Agent may immediately enforce the
Floating Pledges without following decision-making procedures of the Majority Lenders set forth in Clause 2 of the Creditors’ Agreement. Provided, however, that the Agent shall not be obliged to enforce the Floating Pledges unless instructed by
the Majority Lenders. 

  

	7.3	If the Agent enforces the Floating Pledges, the Agent shall simultaneously enforce all of the Floating Pledges held by the Pledgees. 

  

	7.4	If the Pledgees enforce the Floating Pledges in accordance with Clause 7.1(1) or (2), the Pledgees shall cause the party obliged to pay the Directly Collected Amount or the Disposal
Proceeds to transfer such Directly Collected Amount or Disposal Proceeds to an account designated and managed by the Agent (the “Agent’s Account”). Upon payment of the Directly Collected Amount or the Disposal Proceeds (the
“Directly Collected Amount, Etc.”) to the Agent’s Account, the Directly Collected Amount, Etc. shall be used to repay the Secured Receivables in the order and manner set forth in Clause 18 of the Loan Agreements (or Clause 18 of the
Loan Agreements that has been replaced in accordance with the provisions of Clause 4 of the Creditors’ Agreement; hereinafter the same), and the Agent shall distribute the Directly Collected Amount, Etc. to each Pledgee in accordance with
Clause 19 of the Loan Agreements (or Clause 19 of the Loan Agreements that has been replaced in accordance with the provisions of Clause 5 of the Creditors’ Agreement. 

  

	7.5	If the Pledgees enforce the Floating Pledges in accordance with Clause 7.1(3), an amount equivalent to the amount that would be appropriated if the money equal to the Valued Amount
was appropriated in the order and manner set forth in Clause 18 of the Loan Agreements, shall be used to repay the Secured Receivables at the time the Agent acquires the Security Beneficial Interests. If the Agent acquires money by exercising,
transferring or otherwise disposing of the Security Beneficial Interests acquired in accordance with Clause 7.1(3), the Agent shall cause the party obliged to pay such money to transfer such money to the Agent’s Account, and upon payment of
such money, the Agent shall immediately distribute such transferred money to each Pledgee in accordance with Clause 19 of the Loan Agreements. 

  

	7.6	If the Agent receives the trust principal, trust proceeds or other property upon enforcement of the Floating Pledgees and such property is not money (the “Receivables in
Kind”), the Majority Lenders shall determine the method to acquire or dispose of the Receivables in Kind. In this case, an amount equivalent to the amount that would be appropriated if the money equal to the Valued Amount of the Receivables in
Kind evaluated by times, methods, prices, etc., that are generally acknowledged as appropriate was appropriated in the order and manner set forth in Clause 18 of the Loan Agreements, shall be used to repay the Secured Receivables. In this case, if
the Agent acquires money by exercising, transferring or otherwise disposing of the Receivables in Kind, the Agent shall cause the party obliged to pay such money to transfer such money to the Agent’s Account, and upon payment of such money, the
Agent shall immediately distribute such transferred money to each Pledgee in accordance with Clause 19 of the Loan Agreements. 

  

 7 

 (Translation) 
  

	7.7	Each Pledgee acknowledges without objection that, notwithstanding the priority between the Floating Pledge A and the Floating Pledge B set forth in Clauses 2.1 and 2.2, the Directly
Collected Amount, the Disposal Proceeds, money equal to the Valued Amount and other money acquired through enforcing the Floating Pledges that are set forth in preceding three Paragraphs shall be used and distributed to each Pledgee in the order set
forth in Clauses 18 and 19 of the Loan Agreements, and no receivables or obligations will remain between each Pledgee and the Agent with respect to such money after the distribution thereof. 

  

	8.	INSTRUCTIONS TO TRUSTEE 

  
 The Pledgor shall follow the provisions of Clause 24.1 of the Trust Agreement with respect to instructing the Trustee, and (i) if no Repayment Formula Revision Event has
occurred, the Beneficiary and the Agent shall, upon consultation, give instructions in their joint name, and if the Beneficiary and the Agent do not come to an agreement though consultation, the Agent may independently give instructions, and (ii) if
a Repayment Formula Revision Event has occurred, the Agent may give instructions. 
  

	9.	COMMON SERVICE FEES 

  
 If the Agent pays any fees for the common benefit of the Pledgees pursuant to the provisions of this Agreement, notwithstanding the provisions of Clauses 7.5 through 7.7
(including the case where such provisions apply mutatis mutandis in accordance with the provisions of Clause 8), the Agent may receive priority distribution of an amount equal to such paid expenses from the Agent’s Account. 

 

	10.	RECEIPT BY PLEDGOR OF DISTRIBUTION OF PROCEEDS OR OTHER MONEYS 

  

Notwithstanding the creation of the Floating Pledges, the Pledgor is authorized to receive distributions of proceeds, principal redemptions and other money in respect
of the Security Beneficial Interests until the Floating Pledge Enforcement Notice is given. 
  

	11.	PRESERVATION OF PLEDGE 

  

	11.1	The Pledgor shall obtain the Agent’s written approval prior to conducting any act to collect the Trust Receivables by itself or any other acts that reduce or which are likely
to reduce the amount of the Trust Receivables or the Security Beneficial Interests. 

  

	11.2	If the Agent is requested by the Pledgor for the approval described in Clause 11.1, the Agent may, as a condition for giving such approval, request the Pledgor to entrust additional
funds in respect of the Trust Agreement, offer additional pledges, or repay all or a part of the Secured Receivables. 

  

	11.3	If requested by the Agent, the Pledgor shall deliver to the Agent all documents reasonably necessary for the preservation and exercise of the Pledgees’ rights hereunder, and
take all necessary steps for the preservation and exercise of the rights of the Pledgees hereunder in accordance with the Agent’s instructions. 

  

 8 

 (Translation) 
  

	12.	NO ASSUMPTION OF DEBT 

  
 The Pledgor acknowledges without objection that none of the Pledgees shall assume any debt in respect of the Trust Agreement due to the creation of the Floating Pledges
under this Agreement. 
  

	13.	EXEMPTION FROM LIABILITY WITH RESPECT TO OBLIGATION TO PRESERVE THE PLEDGE, ETC. 

  

	13.1	The Floating Pledge shall be created in addition to other pledges and guarantees held by the Pledgees in respect of the Secured Receivables, and shall not affect the validity of
such other pledges or guarantees. 

  

	13.2	The Pledgor shall not claim exemption from liability if any Pledgee changes or cancels other pledges or guarantees at such Pledgee’s discretion. 

  

	14.	INDEMNIFICATION 

  
 If the Agent or the Pledgees suffer damages due to breach by the Pledgor of the obligations under this Agreement, the Pledgor shall immediately compensate the Agent or
the Pledgees upon request from the Agent or the Pledgees for such damages. 
  

	15.	EXTINGUISHMENT OF FLOATING PLEDGES 

  
 If the Floating Pledges cease to exist, the Agent shall immediately return to the Pledgor the original copies of the Trust Agreement and Certificate with respect to such
extinguished Floating Pledges that have been delivered by the Pledgor in accordance with Clause 3.1 and kept for the benefit of each Pledgee. Upon receipt of the original copies of the Trust Agreement and Certificate pursuant to this Clause, the
Pledgor shall notify the Trustee thereof in joint names with the Pledgees. 
  

	16.	COSTS AND EXPENSES 

  
 The Pledgor shall bear any and all costs and expenses (including, but not limited to, taxes and public charges and attorney’s fees) required to exercise the rights
or perform the obligations under this Agreement. If the Agent or any Pledgees pays such costs or expenses, the Pledgor shall compensate the Agent or such Pledgee immediately after the Pledgor receives from the Agent or such Pledgee the details of
such costs and expenses. 
  

	17.	AGENT 

  
 The parties to this Agreement acknowledge that the services specified in this Agreement to be performed by the Agent shall constitute a part of the Agent Services set forth in Clause 27 of the Loan Agreements (or
Clause 27 of the Loan Agreements that has been replaced in accordance with the provisions of Clause 6 of the Creditor’s Agreement). It is acknowledged that the provisions concerning the Agent in the Creditors’ Agreement shall automatically
apply to the Agent’s authority, responsibility, obligations, exemption from liability and other matters with respect to the performance by the Agent of its services set forth in this Agreement. 
  

 9 

 (Translation) 
  

	18.	NO ASSIGNMENT 

  
 None of the Pledgees nor the Pledgor shall assign, create a security interest on or otherwise dispose of all or a part of their contractual status, rights or obligations hereunder. Provided, however, that this shall
not apply if such disposal is made as a result of the Pledgees assigning or otherwise disposing of the Secured Receivables in accordance with the Loan Agreements. 
  

	19.	AMENDMENTS TO THE AGREEMENT 

  
 The provisions of this Agreement may be amended only by the written consent of the Agent, the Pledgor and all Lenders (provided, however, amendments concerning matters
solely relating to the Floating Pledge A may be made with the consent of the Agent, the Pledgor and all Pledgees A, and amendments concerning matters solely relating to the Floating Pledge B may be made with the consent of the Agent, the Pledgor and
all Pledgees B). 
  

	20.	ADDITIONAL MEASURES 

  
 Each Pledgee and the Pledgor shall prepare, execute and deliver any agreements and other documents required by each Pledgee or the Pledgor as necessary or appropriate to
a reasonable extent for the purpose of attaining the object of this Agreement. 
  

	21.	GOVERNING LAW 

  
 This Agreement shall be governed by and construed in accordance with the laws of Japan. 
  

	22.	JURISDICTION 

  
 The Tokyo District Court shall have exclusive jurisdiction as the court of first instance with respect to any action arising out of or in connection with this Agreement. 
  

	23.	APPLICATION OF THE TRUST AGREEMENT 

  
 The provisions of the Loan Agreements and the Creditors’ Agreement shall apply mutatis mutandis to matters relating to the provisions of this Agreement among
those not provided for in this Agreement. 
  

	24.	CONSULTATION 

  
 The Agent, the Pledgees and the Pledgor shall resolve any matters not provided for in this Agreement or doubts arising from this Agreement upon mutual consultation. 
  

 10 

 (Translation) 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed and sealed, the Agent has kept the original and has delivered copies thereof to the Pledgor
and each of the Pledgees, other than the Agent, with a certificate confirming the original is kept by the Agent. 
  
 March 25, 2004 
  

	
	 First-Priority Pledgee,

	 Second-Priority Pledgee,

	 and Agent
  

	 /s/     HIROSHI SAITO
        

 Mizuho Corporate Bank,
Ltd.

  

 11 

 (Translation) 
  
 (Floating Pledge Agreement as of March 25, 2004) 
  

	
	 First-Priority Pledgee

	
	 /s/     YASUTAKA MIYAMOTO
        

	 Shinkin Central Bank

  

 12 

 (Translation) 
  
 (Floating Pledge Agreement as of March 25, 2004) 
  

	
	 First-Priority Pledgee

	
	 /s/     SHINOBU
SUZUKI        

	 The Bank of Yokohama, Ltd.

  

 13 

 (Translation) 
  
 (Floating Pledge Agreement as of March 25, 2004) 
  

	
	 First-Priority Pledge

	
	 /s/     YOSHIAKI
WASHIYAMA        

	 The Toho Bank, Ltd.

  

 14 

 (Translation) 
  
 (Floating Pledge Agreement as of March 25, 2004) 
  

	
	 First-Priority Pledgee

	
	 /s/     KOJI
WATANABE        

	 The Norinchukin Bank

  

 15 

 (Translation) 
  
 (Floating Pledge Agreement as of March 25, 2004) 
  

	
	 Pledgor

	
	 /s/    SHINJI
SUZUKI        

	 FASL JAPAN LIMITED

  

 16 

 (Translation) 
  

			
	List of Schedules
		
	Schedule 1	 	List of Pledgees
	Schedule 2	 	Application for Approval on Creating First-Priority Floating Pledge and Approval on Creating Floating Pledge
	Schedule 3	 	Application for Approval on Creating Second-Priority Floating Pledge and Approval on Creating Floating Pledge

  

 17 

 (Translation) 
  
 Schedule 1 List of Pledgees 
  

	(1)	Pledgees A 

  
 Mizuho Corporate Bank, Ltd. 
 Shinkin Central Bank 
 The Bank of Yokohama, Ltd. 
 The Toho Bank,
Ltd. 
 The Norinchukin Bank 
  

	(2)	Pledgees B 

  
 Mizuho Corporate Bank, Ltd. 
  

 18 

 (Translation) 
  

			
	Schedule 2	 	APPLICATION FOR APPROVAL ON CREATING FIRST-PRIORITY FLOATING PLEDGE AND APPROVAL ON CREATING FLOATING PLEDGE

  
 March 25, 2004

  

	To:	Mizuho Trust & Banking Co., Ltd. 

  
 Application for Approval 
 on Creating First-Priority Floating Pledge 
  
 FASL JAPAN LIMITED, as the Settlor in the Trust Agreement described in Item 1 below (the “Trust Agreement”), has recently created first-priority floating pledges on each beneficial interest in trust under the Trust Agreement (the
“Security Beneficial Interests”), in order to secure the obligations owed by FASL JAPAN LIMITED to Parties A-1 through A-5, who are the Pledgees described in Item 3 below, (collectively the “Secured Receivables”) in accordance
with the Floating Pledge Agreement described in Item 2 below (the “Floating Pledge Agreement”). 
  
 Accordingly, we would like to ask you to pay money directly to the Agent, an agent of the Pledgees, which is payable by you to FASL JAPAN LIMITED as a
delivery of distributions or redemption of principal in respect of the Security Beneficial Interests, if you receive a Floating Pledge Enforcement Notice under the Floating Pledge Agreement. 
  
 We make the above request under our joint name. The Settlor does not request
you exercise the right to terminate or agree to terminate the Trust Agreement without the consent of the Pledgees. 
  
 DESCRIPTION 
  

	1.	Trust Agreement 

  
 Accounts Receivables Trust Agreement entered into as of March 25, 2004 between you, as the Trustee, and FASL JAPAN LIMITED, as the Settlor. 
  

	2.	Floating Pledge Agreement 

  
 Floating Pledge Agreement entered into as of March 25, 2004 among Parties A-1 through A-5, as the first-priority pledgees, Mizuho Corporate Bank, Ltd., as
the second-priority pledgee, Party A-1, as the Agent, and FASL JAPAN LIMITED, as the Pledgor. 
  

	3.	Secured Receivables 

  
 Right to claim for principal and interest payments and other receivables held by each of Parties A-1 through A-5 against the Pledgor under the Revolving
Line Agreement (A) (as amended) entered into as of March 25, 2004 among Parties A-1 through A-5, as the Lenders, Party A-1 as the Agent, and FASL JAPAN LIMITED, as the Borrower. 
  

 19 

 (Translation) 
  
 The Agent hereby represents and acknowledges that the Agent has direct rights and obligations to you under the Trust Agreement, understands the details of such rights and
obligations, and has no objection thereto. We would like to request you confirm that you have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and obligations, and have no objection thereto.

  
 Party A-1: 
  

	
	 Agent and First-Priority Pledgee

	
	 /s/     HIROSHI
SAITO        

	 Mizuho Corporate Bank, Ltd.

  

 20 

 (Translation) 
  
 (Application for Approval on Creating First-Priority Floating Pledge dated March 25, 2004) 
  
 Party A-2: 
  

	
	 First-Priority Pledgee

	
	 /s/     YASUTAKA MIYAMOTO
        

	 Shinkin Central Bank

  

 21 

 (Translation) 
  
 (Application for Approval on Creating First-Priority Floating Pledge dated March 25, 2004) 
  
 Party A-3: 
  

	
	 First-Priority Pledgee

	
	 /s/     SHINOBU SUZUKI
        

	 The Bank of Yokohama, Ltd.

  

 22 

 (Translation) 
  
 (Application for Approval on Creating First-Priority Floating Pledge dated March 25, 2004) 
  
 Party A-4: 
  

	
	 First-Priority Pledgee

	
	 /s/     YOSHIAKI WASHIYAMA
        

	 The Toho Bank, Ltd.

  

 23 

 (Translation) 
  
 (Application for Approval on Creating First-Priority Floating Pledge dated March 25, 2004) 
  
 Party A-5: 
  

	
	 First-Priority Pledgee

	
	 /s/    KOJI WATANABE
        

	 The Norinchukin Bank

  

 24 

 (Translation) 
  
 (Application for Approval on Creating First-Priority Floating Pledge dated March 25, 2004) 
  
 FASL JAPAN LIMITED: 
  

	
	 Pledgor

	  
 /s/     SHINJI SUZUKI
        

	 FASL JAPAN LIMITED

  

 25 

 (Translation) 
  
 March 25, 2004 
  

	To:	Mizuho Corporate Bank, Ltd. 

 Shinkin Central Bank

 The Bank of Yokohama, Ltd. 
 The Toho Bank, Ltd. 
 The Norinchukin Bank 
 FASL JAPAN LIMITED 
  
 Approval on Creating First-Priority Floating Pledge 
  
 We
approve without objection the creation of the floating pledge on the Security Beneficial Interests. 
  
 We also represent and acknowledge that we have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and obligations, and have no objection thereto. 
  
 (Trustee) 
  

	
	 /s/     MASANORI WATANABE         

	 Mizuho Trust & Banking Co., Ltd

	
	 Date Certified by Notary Public

  

 26 

 (Translation) 
  

			
	Schedule 3	 	APPLICATION FOR APPROVAL ON CREATING SECOND-PRIORITY FLOATING PLEDGE AND APPROVAL ON CREATING FLOATING PLEDGE

  
 March 25, 2004

  

	To:	Mizuho Trust & Banking Co., Ltd. 

  
 Application for Approval 
 on Creating Second-Priority Floating Pledge 
  
 FASL JAPAN LIMITED, as the Settlor in the Trust Agreement described in Item 1 below (the “Trust Agreement”), has recently created second-priority floating pledges on each beneficial interest in trust under the Trust Agreement (the
“Security Beneficial Interests”), in order to secure the obligations owed by FASL JAPAN LIMITED to Parties A-1 through A-4, who are the Pledgees described in Item 3 below, (collectively the “Secured Receivables”) in accordance
with the Floating Pledge Agreement described in Item 2 below (the “Floating Pledge Agreement”). 
  
 Accordingly, we would like to ask you to pay money directly to the Agent, an agent of the Pledgees, which is payable by you to FASL JAPAN LIMITED as a
delivery of distributions or redemption of principal in respect of the Security Beneficial Interests, if you receive a Floating Pledge Enforcement Notice under the Floating Pledge Agreement. 
  
 We make the above request under our joint name. The Settlor does not request
you exercise the right to terminate or agree to terminate the Trust Agreement without the consent of the Pledgees. 
  
 DESCRIPTION 
  

	1.	Trust Agreement 

  
 Accounts Receivables Trust Agreement entered into as of March 25, 2004 between you, as the Trustee, and FASL JAPAN LIMITED, as the Settlor. 
  

	2.	Floating Pledge Agreement 

  
 Floating Pledge Agreement entered into as of March 25, 2004 among Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama, Ltd., The Toho
Bank, Ltd. and The Norinchukin Bank, as the first-priority pledgees, Mizuho Corporate Bank, Ltd., as the second-priority pledgee and the Agent, and FASL JAPAN LIMITED, as the Pledgor. 
  

	3.	Secured Receivables 

  
 Right to claim for principal and interest payments and other receivables held by Mizuho Corporate Bank, Ltd. against the Pledgor under the Revolving Line
Agreement (B) (as amended) entered into as of March 25, 2004 between Mizuho Corporate Bank, Ltd., as the Lender and the Agent, and FASL JAPAN LIMITED, as the Borrower. 
  

 27 

 (Translation) 
  
 The Agent hereby represents and acknowledges that the Agent has direct rights and obligations to you under the Trust Agreement, understands the details of such rights and
obligations, and has no objection thereto. We would like to request you confirm that you have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and obligations, and have no objection thereto.

  
 Mizuho Corporate Bank, Ltd.: 
  

	
	 Agent and Second-Priority Pledgee

	
	 /s/ Hiroshi Saito

	 President & CEO, Representative Director

	 Mizuho Corporate Bank, Ltd.

  
 (Application for Approval on
Creating Second-Priority Floating Pledge as of March 25, 2004) 
  
 FASL JAPAN: 
  

	
	 Pledgor

	
	 /s/ Shinji Suzuki

	 President, Representative Director

	 FASL JAPAN LIMITED

  

 28 

 (Translation) 
  
 March 25, 2004 
  

	To:	Mizuho Corporate Bank, Ltd. 

 FASL JAPAN LIMITED

  
 Approval on Creating Second-Priority Floating Pledge

  
 We approve without objection the creation of the floating pledge on the
Security Beneficial Interests. 
  
 We also represent and acknowledge that we have
direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and obligations, and have no objection thereto. 
  
 (Trustee) 
  

	
	 /s/ Masanori Watanabe

	 Managing Executive Officer

	 Mizuho Trust & Banking Co., Ltd.

	
	 Date Certified by Notary Public

  

 29AMENDED AND RESTATED 1999 STOCK PURCHASE PLAN

 Exhibit 10.25 
  
 SBA COMMUNICATIONS CORPORATION 
 AMENDED AND RESTATED 1999 EMPLOYEE STOCK PURCHASE PLAN 
  
 ARTICLE I. 
  
 PURPOSE,
SCOPE AND ADMINISTRATION OF THE PLAN 
  
 1.1.
Purpose and Scope 
  
 The purpose of the SBA Communications
Corporation Employee Stock Purchase Plan is to assist employees of SBA Communications Corporation and its subsidiaries in acquiring a stock ownership interest in the Company pursuant to a plan which is intended to qualify as an “employee stock
purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended. 
  
 1.2. Administration of Plan 
  
 The Plan shall be administered by the Committee. The Committee shall have the power to make, amend and repeal rules and regulations for the interpretation and administration of the Plan consistent with the qualification of the plan under
Section 423 of the Code, and the Committee also is authorized to change the Option Periods, Offering Dates and Exercise Dates under the Plan by providing written notice to all Employees at least 15 days prior to the date following which such changes
will take effect. The Committee may delegate administrative tasks under the Plan to one or more agents. The Committee’s interpretation and decisions in respect to the Plan shall be final and conclusive. 
  
 ARTICLE II. 
  
 DEFINITIONS 
  
 Whenever the following terms are used in this Plan, they shall have the
meaning specified below unless the context clearly indicates to the contrary. The singular pronoun shall include the plural where the context so indicates. 
  
 2.1. “Board” shall mean the Board of Directors of the Company. 
  
 2.2. “Class A Common Stock” shall mean shares of Class A common stock of the Company, par value $0.01 per
share. 
  
 2.3. “Code” shall mean the Internal
Revenue Code of 1986, as amended. 
  
 2.4.
“Committee” shall mean the Compensation Committee of the Board, which Committee shall administer the Plan as provided in Section 1.2 hereof. 
  
 2.5. “Company” shall mean SBA Communications Corporation, a Florida corporation. 
  

 2.6. “Compensation” shall mean the base salary, bonuses, overtime and commissions paid
to an Employee by the Company or a Subsidiary in accordance with established payroll procedures. 
  
 2.7. “Eligible Employee” shall mean an Employee who (a) has been continuously employed by the Company or Subsidiary for at least 90
consecutive days, (b) is customarily scheduled to work at least 20 hours per week, and (c) whose customary employment is more than five (5) months in a calendar year. 
  
 2.8. “Employee” shall mean any employee of the Company or a Subsidiary. 
  
 2.9. “Exercise Date” shall mean each May 31 and November 30.

  
 2.10. “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended. 
  
 2.11.
“Fair Market Value” of a share of Class A Common Stock as of a given date shall mean (i) the average of the closing prices of the sales of Class A Common Stock on the trading date previous to such date on all national securities
exchanges on which such securities may at the time be listed, or, if there have been no sales on any such exchange on the trading date previous to such date, the average of the highest bid and lowest asked prices on all such exchanges at the close
of business on the trading day previous to such date, or (ii) if on any date no such shares of Class A Common Stock are so listed, the last sales price quoted in the NASDAQ System as of 4:00 P.M., New York time on the trading date previous to such
date, or (iii) if on any date such securities are not quoted in the NASDAQ System, the average of the highest bid and lowest asked prices on the trading date previous to such date in the domestic over-the-counter market as reported by the National
Quotation Bureau Incorporated, or any similar successor organization, or (iv) if Class A Common Stock is not publicly traded or quoted or sold in the over-the-counter market, the fair market value of a share of Class A Common Stock as established by
the Committee acting in good faith. 
  
 2.12. “Offering
Date” shall mean initially January 1, 2002 and June 1, 2002 and thereafter December 1 and June 1 of each year. 
  
 2.13. “Option Period” shall mean the period beginning on an Offering Date and ending on the next succeeding Exercise Date. 
  
 2.14. “Option Price” shall mean the purchase price of a
share of Class A Common Stock hereunder as provided in Section 4.1 hereof. 
  
 2.15. “Participant” shall mean any Eligible Employee who elects to participate. 
  
 2.16. “Plan” shall mean this SBA Communications Corporation Employee Stock Purchase Plan, as the same may be amended from time to time.

  
 2.17. “Plan Account” shall mean a bookkeeping
account established and maintained by the Company in the name of each Participant. 
  

 2 

 2.18. “Subsidiary” shall mean any corporation in an unbroken chain of corporations
beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain. 
  
 ARTICLE III. 
  
 PARTICIPATION 
  
 3.1. Eligibility 
  
 An Eligible Employee may participate in the Plan if immediately after the
applicable Offering Date, such Employee would not be deemed for purposes of Section 423(b)(3) of the Code to possess 5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary. 
  
 3.2. Election to Participate; Payroll Deductions and Lump Sum Payments

  
 An Eligible Employee may participate in the Plan by means of
payroll deduction or by remitting payment in a lump sum prior to the relevant Exercise Date. An Eligible Employee may elect to participate in the Plan during an Option Period by delivering to the Company in the calendar month preceding the Offering
Date on which such Option Period commences a written payroll deduction authorization on a form prescribed by the Company or a written notice of election to participate in the Plan by lump sum payment, as applicable. Payroll deductions and lump sum
payments remitted by a Participant (a) must be equal to at least 1% of the Participant’s Compensation as of the Offering Date; (b) must be equal to at least five dollars ($5.00) per pay period, if the payroll deduction method is selected; and
(c) may be expressed either as (i) a whole number percentage or (ii) a fixed dollar amount, subject to the provisions of Sections 4.2 and 4.3 hereof. Amounts deducted from a Participant’s Compensation or lump sum payments remitted by the
Participant pursuant to this Section 3.2 shall be credited to the Participant’s Plan Account. 
  
 3.3. Leave of Absence 
  
 During leaves of absence approved by the Company and meeting the requirements of Regulation Section 1.421-7(h)(2) under the Code, a Participant may
continue participation in the Plan by making cash payments to the Company on his or her normal payday equal to his or her authorized payroll deduction or lump sum payment prior to the relevant Exercise Date as specified in the Participant’s
written notice to the Company, as applicable. 
  
 ARTICLE IV.

  
 PURCHASE OF SHARES 
  
 4.1. Option Price 
  
 The Option Price per share of the Class A Common Stock sold to Participants
hereunder shall be 85% of the Fair Market Value of such share on either the Offering Date or the Exercise 
  

 3 

 Date of the Option Period, whichever is lower, but in no event shall the Option Price per share be less than the par
value per share of the Class A Common Stock. 
  
 4.2. Purchase
of Shares 
  
 (a) On each Exercise Date on
which he or she is employed, each Participant will automatically and without any action on his or her part be deemed to have exercised his or her option to purchase at the Option Price the largest number of whole shares of Class A Common Stock which
can be purchased with the amount in the Participant’s Plan Account. The balance, if any, remaining in the Participant’s Plan Account (after exercise of his or her option) as of an Exercise Date shall be carried forward to the next Option
Period, unless the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof. 
  
 (b) As soon as practicable following each Exercise Date, the Company, pursuant to each Participant’s instructions, will
electronically deliver to the Participant’s designated brokerage account such number of shares purchased pursuant to subsection (a) above. Thereafter, if requested by the Participant, the Company will physically deliver to the Participant a
certificate issued in his or her name for such number of shares; or transfer such shares to another brokerage account. In the event the Company is required to obtain from any commission or agency authority to issue and deliver the shares, either
physically or electronically, the Company will seek to obtain such authority. Inability of the Company to obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance and delivery of the
shares, either physical or electronic, shall relieve the Company from liability to any Participant except to refund to him or her the amount withheld. 
  
 4.3. Limitations on Purchase 
  
 No Employee shall be granted an option under the Plan which permits his or her rights to purchase Class A Common Stock under the Plan or any other
employee stock purchase plan of the Company or any of its Subsidiaries to accrue at a rate which exceeds $25,000 (as measured by the Fair Market Value of such Class A Common Stock at the time the option is granted) for each calendar year such option
is outstanding. For purposes of this Section 4.3, the right to purchase Class A Common Stock under an option accrues when the option (or any portion thereof) becomes exercisable, and the right to purchase Class A Common Stock which has accrued under
one option under the Plan may not be carried over to any other option. 
  
 4.4. Transferability of Rights 
  
 An option
granted under the Plan shall not be transferable and is exercisable only by the Participant. No option or interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the Participant or his or her successors
in interest or shall be subject to disposition by alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or
any other legal or equitable proceedings (including bankruptcy), and any attempt at disposition thereof shall be null and void and of no effect. 
  

 4 

 ARTICLE V. 
  
 PROVISIONS RELATING TO CLASS A COMMON STOCK 
  
 5.1. Class A Common Stock Reserved 
  
 There shall be 1,500,000 authorized but unissued or reacquired shares of Class A Common Stock reserved for issuance pursuant
to this Plan, subject to adjustment in accordance with Section 5.2 hereof. 
  
 5.2. Adjustment for Changes in Class A Common Stock 
  
 In the event that adjustments are made in the number of outstanding shares of Class A Common Stock or the shares are exchanged for a different class of stock of the Company by reason of stock dividend, stock split or
other subdivision, the Committee shall make appropriate adjustments in (a) the number and class of shares or other securities that may be reserved for purchase hereunder and (b) the Option Price of outstanding options. 
  
 5.3. Merger, Acquisition or Liquidation 
  
 In the event of the merger or consolidation of the Company into another
corporation, the acquisition by another corporation of all or substantially all of the Company’s assets or 80% or more of the Company’s then outstanding voting stock or the liquidation or dissolution of the Company, the date of exercise
with respect to outstanding options shall be the business day immediately preceding the effective date of such merger, consolidation, acquisition, liquidation or dissolution unless the Committee shall, in its sole discretion, provide for the
assumption or substitution of such options in a manner complying with Section 424(a) of the Code. 
  
 5.4. Insufficient Shares 
  
 If the aggregate funds available for the purchase of Class A Common Stock on any Exercise Date would cause an issuance of shares in excess of the number
provided for in Section 5.1 hereof, (a) the Committee shall proportionately reduce the number of shares that would otherwise be purchased by each Participant in order to eliminate such excess, and (b) the Plan shall automatically terminate
immediately after such Exercise Date. 
  
 5.5. Rights as
Stockholders 
  
 With respect to shares of Class A Common
Stock subject to an option, a Participant shall not be deemed to be a stockholder and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges of a stockholder when, but not until, the
shares have been issued and either physically or electronically delivered, to him or her, following exercise of his or her option. 
  

 5 

 ARTICLE VI. 
  
 TERMINATION OF PARTICIPATION 
  
 6.1. Early Termination of Participation; Voluntary Withdrawal 
  
 (a) A Participant may terminate his or her obligation to
make any additional payments into the Plan, either by additional payroll deductions or by additional lump sum payments, at any time during an Option Period by delivering written notice of such early termination to the Company. Upon delivery of such
notice, all payroll deductions will cease and the Participant will be relieved from any future lump sum payment obligations. Upon any such early termination, such Participant may elect either to withdraw from the Plan pursuant to subsection (b)
below or to have amounts credited to his or her Plan Account held in the Plan for the purchase of Class A Common Stock pursuant to Section 4.2. A Participant who early terminates his or her participation in the Plan during any Option Period shall
not be permitted to resume making contributions or remitting lump sum payments to the Plan during such Option Period. 
  
 (b) A Participant may withdraw from the Plan at any time by written notice to the Company prior to the close of business on an Exercise
Date. Within 21 days after the notice of withdrawal is delivered, the Company shall refund the entire amount, if any, in a Participant’s Plan Account to him or her, and the following shall be deemed automatically terminated: (i) the
Participant’s payroll deduction authorization or written notice of election to participate in the Plan by remitting a lump sum payment, as applicable, (ii) his or her interest in the Plan and (iii) his or her option under the Plan. Any Eligible
Employee who withdraws from the Plan may again become a Participant in accordance with Section 3.2 hereof. 
  
 6.2. Termination of Eligibility 
  
 (a) If a Participant ceases to be eligible under Section 3.1 hereof for any reason, the amount in such Participant’s Plan Account
will be refunded to the Participant or his or her designated beneficiary or estate within 21 days of his or her termination of employment or other cessation of eligibility. 
  
 (b) Upon payment by the Company to the Participant or his or her beneficiary or estate of the remaining
balance, if any, in Participant’s Plan Account, the Participant’s interest in the Plan and the Participant’s option under the Plan shall terminate. 
  

 6 

 ARTICLE VII. 
  
 GENERAL PROVISIONS 
  
 7.1. Condition of Employment 
  
 Neither the creation of the Plan nor an Employee’s participation therein shall be deemed to create any right of continued employment or in any way
affect the right of the Company or a Subsidiary to terminate an Employee at any time with or without cause. 
  
 7.2. Amendment of the Plan 
  
 (a) The Board may amend, suspend or terminate the Plan at any time and from time to time; provided, however, that without approval of the
Company’s stockholders given within 12 months before or after action by the Board, the Plan may not be amended to increase the maximum number of shares subject to the Plan or change the designation or class of Eligible Employees. 
  
 (b) Upon termination of the Plan, the balance in each
Participant’s Plan Account shall be refunded within 21 days of such termination. 
  
 7.3. Use of Funds; No Interest Paid 
  
 All funds received by the Company by reason of purchase of Class A Common Stock hereunder will be included in the general funds of the Company free of any trust or other restriction and may be used for any corporate
purpose. No interest will be paid to any Participant or credited under the Plan. 
  
 7.4. Term; Approval by Stockholders 
  
 The Plan shall terminate on the tenth anniversary of the date of its initial approval by the stockholders of the Company, unless earlier terminated by action of the Board. No option may be granted during any period of
suspension of the Plan nor after termination of the Plan. The Plan will be submitted for the approval of the Company’s stockholders within 12 months after the date of the Board’s initial adoption of the Plan. Options may be granted prior
to such stockholder approval; provided, however, that such options shall not be exercisable prior to the time when the Plan is approved by the stockholders; provided further that if such approval has not been obtained by the end of said 12-month
period, all options previously granted under the Plan shall thereupon be canceled and become null and void. 
  
 7.5. Effect Upon Other Plans 
  
 The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company or any Subsidiary. Nothing in this Plan
shall be construed to limit the right of the Company or any Subsidiary (a) to establish any other forms of incentives or compensation for employees of the Company or any Subsidiary or (b) to grant or assume options 
  

 7 

 otherwise than under this Plan in connection with any proper corporate purpose, including, but not by way of limitation,
the grant or assumption of options in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or association. 
  
 7.6. Conformity to Securities Laws 
  
 Notwithstanding any other provision of this Plan, this Plan and the
participation in this Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule. 
  
 7.7. Governing Law 
  
 The Plan and all rights and obligations thereunder shall be construed and
enforced in accordance with the laws of the State of Delaware. 
  

 8

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